Document:

Exhibit 4.1.2

                                                             EXECUTION VERSION

                             Dated 24 January, 2007

                        GRANITE FINANCE FUNDING 2 LIMITED
                                 as Funding 2

                            GRANITE MASTER ISSUER PLC
                                as Master Issuer

                              THE BANK OF NEW YORK
                          as Funding 2 Security Trustee

                                 CITIBANK, N.A.
                                  as Agent Bank

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

                             LOAN TRANCHE SUPPLEMENT

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

                             SIDLEY AUSTIN (UK) LLP
                                WOOLGATE EXCHANGE
                              25 BASINGHALL STREET
                                 LONDON EC2V 5HA
                             TELEPHONE 020 7360 3600
                             FACSIMILE 020 7626 7937

<PAGE>

THIS LOAN TRANCHE SUPPLEMENT is dated 24 January, 2007 between:

(1)   GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387) a private
      limited liability company incorporated under the laws of England and
      Wales whose registered office is at Fifth Floor, 100 Wood Street, London
      EC2V 7EX as Funding 2;

(2)   GRANITE MASTER ISSUER PLC (registered number 5250668) 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
      Master Issuer;

(3)   THE BANK OF NEW YORK, acting through its office at 40th Floor, One
      Canada Square, London E14 5AL in its capacity as the Funding 2 Security
      Trustee; and

(4)   CITIBANK, N.A., acting through its office at Citigroup Centre, Canada
      Square, Canary Wharf, London E14 5LB in its capacity as the Agent Bank.

This document constitutes the Loan Tranche Supplement relating to the Loan
Tranches described herein. Terms used herein shall be deemed to be defined as
such for the purposes of the Global Intercompany Loan Agreement entered into
between the parties hereto on 19 January, 2005. This Loan Tranche Supplement
contains the final terms of the Loan Tranches identified and described herein,
is supplemental to and must be read in conjunction with the Global
Intercompany Loan Agreement.

<PAGE>

Loan Tranche: The Series 2007-1 Class 1A1 Notes will fund the Series 2007-1
AAA (Class 1A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)688,775,510
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Interest Reset Loan Tranche
             Dates:                             Date, the Loan Tranche Interest Commencement Date and,
                                                for each subsequent Loan Tranche Interest Reset Date
                                                each Monthly Payment Date falling in March, June,
                                                September and December of each year beginning in
                                                March 2007 (or, if such date is not a London Business
                                                Day, the next following London Business Day), up to,
                                                and including, the Final Repayment Date.

6.     Final Repayment Date:                    The Loan Payment Date falling in December 2030.

7.     Loan Payment Dates:                      Each Monthly Payment Date in each year (or, if such
                                                date is not a London Business Day and a New York
                                                Business Day, the next following day that is a London
                                                Business Day and a New York Business Day) up to and
                                                including the Final Repayment Date.

8.     Initial Relevant Screen Rate:            The linear interpolation of one-month sterling LIBOR
                                                and two-month sterling LIBOR.

9.     Relevant Screen Rate:                    LIBOR for three-month sterling deposits or,
                                                following the earlier to occur of the Step-Up Date
                                                in relation to this Loan Tranche or a Pass-Through
                                                Trigger Event, LIBOR for one-month sterling deposits.

                                      2
<PAGE>

10.    Loan Reference Rate:                     LIBOR for three-month sterling deposits or,
                                                following the earlier to occur of the Step-Up Date
                                                in relation to this Loan Tranche or a Pass-Through
                                                Trigger Event, LIBOR for one-month sterling deposits.

11.    Relevant Margin:                         0.0161 per cent. per annum

12.    Step-Up Date:                            The Loan Payment Date occurring in June 2010.

13.    Relevant Margin following Step-Up Date:  0.1822 per cent. per annum

14.    Redemption/Payment Basis:                Controlled Amortisation

15.    Change of Redemption/Payment             Not Applicable
       Basis:

16.    Details relating to Bullet Loan          Not Applicable
       Tranche:

17.    Details relating to Scheduled            Not Applicable
       Repayment Loan Tranche:

18.    Details relating to Controlled           Applicable
       Repayment Loan Tranche:

       Controlled Repayment Dates                    Target Balance:
       Loan Payment Date occurring in:

                                                           (GBP)

            January 2007                               688,775,510

             March 2007                                688,775,510

             June 2007                                 550,885,756

           September 2007                              418,139,581

           December 2007                               291,708,234

             March 2008                                169,942,738

             June 2008                                  51,406,540

           September 2008                                    0

           December 2008                                     0

             March 2009                                      0

                                      3
<PAGE>

             June 2009                                       0

           September 2009                                    0

           December 2009                                     0

             March 2010                                      0

             June 2010                                       0

           September 2010                                    0

           December 2010                                     0

             March 2011                                      0

             June 2011                                       0

           September 2011                                    0

           December 2011                                     0

             March 2012                                      0

             June 2012                                       0

           September 2012                                    0

           December 2012                                     0

             March 2013                                      0

             June 2013                                       0

           September 2013                                    0

           December 2013                                     0

19.    Details relating to Pass-through         Not Applicable
       Loan Tranches:

20.    Other terms and special conditions:      Not Applicable
</TABLE>

                                       4
<PAGE>

Loan Tranche: The Series 2007-1 Class 1A3 Notes will fund the Series 2007-1
AAA (Class 1A3) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)450,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2030.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                       5
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.03 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up Date:   0.06 per cent. per annum

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable Loan
      Repayment Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

         Controlled Repayment Dates                            Target Balance:
      Loan Payment Date occurring in:

                                                                     (GBP)

              January 2007                                        450,000,000

               March 2007                                         450,000,000

                June 2007                                         359,912,027

             September 2007                                       273,184,526

              December 2007                                       190,582,713

               March 2008                                         111,029,255

                June 2008                                         33,585,606

                                       6
<PAGE>

             September 2008                                            0

              December 2008                                            0

               March 2009                                              0

                June 2009                                              0

             September 2009                                            0

              December 2009                                            0

               March 2010                                              0

                June 2010                                              0

             September 2010                                            0

              December 2010                                            0

               March 2011                                              0

                June 2011                                              0

             September 2011                                            0

              December 2011                                            0

               March 2012                                              0

                June 2012                                              0

             September 2012                                            0

              December 2012                                            0

               March 2013                                              0

                June 2013                                              0

             September 2013                                            0

              December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                       7
<PAGE>

Loan Tranche: The Series 2007-1 Class 2A1 Notes will fund the Series 2007-1
AAA (Class 2A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)739,795,918
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                       8
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.0708 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         0.2916 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

         Controlled Repayment Dates                             Target Balance:
      Loan Payment Date occurring in:

                                                                      (GBP)

             January 2007                                        739,795,918

              March 2007                                         739,795,918

               June 2007                                         739,795,918

            September 2007                                       739,795,918

             December 2007                                       739,795,918

              March 2008                                         739,795,918

               June 2008                                         739,795,918

                                       9
<PAGE>

            September 2008                                       739,795,918

             December 2008                                       739,795,918

              March 2009                                         588,397,455

               June 2009                                         444,292,559

            September 2009                                       312,405,911

             December 2009                                       196,488,066

              March 2010                                         100,486,293

               June 2010                                              0

            September 2010                                            0

             December 2010                                            0

              March 2011                                              0

               June 2011                                              0

            September 2011                                            0

             December 2011                                            0

              March 2012                                              0

               June 2012                                              0

            September 2012                                            0

             December 2012                                            0

              March 2013                                              0

               June 2013                                              0

            September 2013                                            0

             December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      10
<PAGE>

Loan Tranche: The Series 2007-1 Class 3A1 Notes will fund the Series 2007-1
AAA (Class 3A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)765,306,122
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      11
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.1083 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.3666 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                              Target Balance:
      Loan Payment Date occurring in:

                                                                       (GBP)

              January 2007                                        765,306,122

               March 2007                                         765,306,122

                June 2007                                         765,306,122

             September 2007                                       765,306,122

              December 2007                                       765,306,122

               March 2008                                         765,306,122

                June 2008                                         765,306,122

                                      12
<PAGE>

             September 2008                                       765,306,122

              December 2008                                       765,306,122

               March 2009                                         754,864,849

                June 2009                                         742,539,878

             September 2009                                       727,845,192

              December 2009                                       709,840,786

               March 2010                                         686,719,458

                June 2010                                         624,875,718

             September 2010                                       568,688,419

              December 2010                                       515,173,989

               March 2011                                         483,007,781

                June 2011                                         451,002,993

             September 2011                                       419,848,708

              December 2011                                       389,837,386

               March 2012                                         360,597,991

                June 2012                                              0

             September 2012                                            0

              December 2012                                            0

               March 2013                                              0

19.   Details relating to Pass-through          Not Applicable
      Loan  Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      13
<PAGE>

Loan Tranche: The Series 2007-1 Class 3A2 Notes will fund the Series 2007-1
AAA (Class 3A2) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)1,085,526,316
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a TARGET Business Day,
                                                the next following day that is a London Business Day and
                                                a TARGET Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      14
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.0767 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.3034 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                              Target Balance:
      Loan Payment Date occurring in:

                                                                       (GBP)

              January 2007                                       1,085,526,316

               March 2007                                        1,085,526,316

                June 2007                                        1,085,526,316

             September 2007                                      1,085,526,316

              December 2007                                      1,085,526,316

               March 2008                                        1,085,526,316

                June 2008                                        1,085,526,316

                                      15
<PAGE>

             September 2008                                      1,085,526,316

              December 2008                                      1,085,526,316

               March 2009                                        1,070,716,194

                June 2009                                        1,053,234,196

             September 2009                                      1,032,390,944

              December 2009                                      1,006,853,114

               March 2010                                         974,057,337

                June 2010                                         886,336,873

             September 2010                                       806,639,625

              December 2010                                       730,733,631

               March 2011                                         685,108,406

                June 2011                                         639,712,141

             September 2011                                       595,522,246

              December 2011                                       552,953,555

               March 2012                                         511,479,782

                June 2012                                              0

             September 2012                                            0

              December 2012                                            0

               March 2013                                              0

                June 2013                                              0

             September 2013                                            0

              December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      16
<PAGE>

Loan Tranche: The Series 2007-1 Class 4A1 Notes will fund the Series 2007-1
AAA (Class 4A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)510,204,082
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      17
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.1215 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.3930 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                               Target Balance:
      Loan Payment Date occurring in:

                                                                        (GBP)

               January 2007                                        510,204,082

                March 2007                                         510,204,082

                 June 2007                                         510,204,082

              September 2007                                       510,204,082

               December 2007                                       510,204,082

                March 2008                                         510,204,082

                 June 2008                                         510,204,082

                                      18
<PAGE>

              September 2008                                       510,204,082

               December 2008                                       510,204,082

                March 2009                                         510,204,082

                 June 2009                                         510,204,082

              September 2009                                       510,204,082

               December 2009                                       510,204,082

                March 2010                                         510,204,082

                 June 2010                                         510,204,082

              September 2010                                       510,204,082

               December 2010                                       510,204,082

                March 2011                                         464,695,655

                 June 2011                                         420,707,941

              September 2011                                       379,191,411

               December 2011                                       340,469,859

                March 2012                                         303,988,961

                 June 2012                                              0

              September 2012                                            0

               December 2012                                            0

                March 2013                                              0

                 June 2013                                              0

              September 2013                                            0

               December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      19
<PAGE>

Loan Tranche: The Series 2007-1 Class 5A1 Notes will fund the Series 2007-1
AAA (Class 5A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)650,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      20
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.11 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.22 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-Through

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 AAA Class 5A1 Loan Tranche will become
                                                due on the Note Payment Date falling in June 2012 and
                                                each Loan Payment Date thereafter

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      21
<PAGE>

Loan Tranche: The Series 2007-1 Class 6A1 Notes will fund the Series 2007-1
AAA (Class 6A1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AAA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)500,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

9.    Relevant Screen Rate:                     Following the earlier to occur of the Step-Up Date (if
                                                any) and a Pass-Through Trigger Event, one-month sterling
                                                LIBOR

                                      22
<PAGE>

10.   Loan Reference Rate:                      Following the earlier to occur of the Step-Up Date (if
                                                any) and a Pass-Through Trigger Event, one-month sterling
                                                LIBOR

11.   Relevant Margin:                          0.07769 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in December 2013.

13.   Relevant Margin following Step-Up         0.19 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-Through

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 AAA Class 6A1 Loan Tranche will become
                                                due on the Note Payment Date falling in December 2013 and
                                                each Loan Tranche Payment Date thereafter

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      23
<PAGE>

Loan Tranche: The Series 2007-1 Class 1B1 Notes will fund the Series 2007-1 AA
(Class 1B1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal Balance:    (GBP)42,857,143

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      24
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.0698 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up Date:   0.2896 per cent. per annum

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                               Target Balance:
      Loan Payment Date occurring in:

                                                                     (GBP)

              January 2007                                        42,857,143

               March 2007                                         42,857,143

                June 2007                                         42,857,143

             September 2007                                       42,857,143

              December 2007                                       42,857,143

               March 2008                                         42,857,143

                June 2008                                         42,857,143

                                      25
<PAGE>

             September 2008                                       42,857,143

              December 2008                                            0

               March 2009                                              0

                June 2009                                              0

             September 2009                                            0

              December 2009                                            0

               March 2010                                              0

                June 2010                                              0

             September 2010                                            0

              December 2010                                            0

               March 2011                                              0

                June 2011                                              0

             September 2011                                            0

              December 2011                                            0

               March 2012                                              0

                June 2012                                              0

             September 2012                                            0

              December 2012                                            0

               March 2013                                              0

                June 2013                                              0

             September 2013                                            0

              December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      26
<PAGE>

Loan Tranche: The Series 2007-1 Class 2B1 Notes will fund the Series 2007-1 AA
(Class 2B1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)40,816,327
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      27
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.1289 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         0.4078 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 AA Class 2B1 Loan Tranche will become
                                                due on the Note Payment Date falling in June 2010 and
                                                each Loan Tranche Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      28
<PAGE>

Loan Tranche: The Series 2007-1 Class 3B1 Notes will fund the Series 2007-1 AA
(Class 3B1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)109,868,421
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a TARGET Business Day,
                                                the next following day that is a London Business Day and
                                                a TARGET Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      29
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.1584 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.4668 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 AA Class 3B1 Loan Tranche will become
                                                due on the Note Payment Date falling in June 2012 and
                                                each Loan Tranche Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      30
<PAGE>

Loan Tranche: The Series 2007-1 Class 3B2 Notes will fund the Series 2007-1 AA
(Class 3B2) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               AA

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)25,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      31
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.17 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.34 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 AA Class 3B2 Loan Tranche will become
                                                due on the Note Payment Date falling in June 2012 and
                                                each Loan Tranche Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      32
<PAGE>

Loan Tranche: The Series 2007-1 Class 1M1 Notes will fund the Series 2007-1 A
(Class 1M1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               A

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)42,857,143
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      33
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.1589 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         0.4678 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                              Target Balance:
      Loan Payment Date occurring in:

                                                                       (GBP)

              January 2007                                        42,857,143

               March 2007                                         42,857,143

                June 2007                                         42,857,143

             September 2007                                       42,857,143

              December 2007                                       42,857,143

               March 2008                                         42,857,143

                June 2008                                         42,857,143

                                      34
<PAGE>

             September 2008                                       42,857,143

              December 2008                                            0

               March 2009                                              0

                June 2009                                              0

             September 2009                                            0

              December 2009                                            0

               March 2010                                              0

                June 2010                                              0

             September 2010                                            0

              December 2010                                            0

               March 2011                                              0

                June 2011                                              0

             September 2011                                            0

              December 2011                                            0

               March 2012                                              0

                June 2012                                              0

             September 2012                                            0

              December 2012                                            0

               March 2013                                              0

             September 2013                                            0

              December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      35
<PAGE>

Loan Tranche: The Series 2007-1 Class 2M1 Notes will fund the Series 2007-1 A
(Class 2M1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               A

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)40,816,327
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      36
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.2724 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         0.6948 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 A Class 2M1 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2010 and
                                                each Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      37
<PAGE>

Loan Tranche: The Series 2007-1 Class 3M1 Notes will fund the Series 2007-1 A
(Class 3M1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               A

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)86,184,211
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a TARGET Business Day,
                                                the next following day that is a London Business Day and
                                                a TARGET Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      38
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.2715 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.6930 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 A Class 3M1 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2012 and
                                                each Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      39
<PAGE>

Loan Tranche: The Series 2007-1 Class 3M2 Notes will fund the Series 2007-1 A
(Class 3M2) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               A

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)40,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      40
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.27 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         0.54 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 A Class 3M2 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2012 and
                                                each Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      41
<PAGE>

Loan Tranche: The Series 2007-1 Class 1C1 Notes will fund the Series 2007-1
BBB (Class C1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               BBB

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)48,265,306
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      42
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.3146 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         0.7792 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Controlled Amortisation

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Applicable
      Repayment Loan Tranche:

        Controlled Repayment Dates                               Target Balance:
      Loan Payment Date occurring in:

                                                                        (GBP)

               January 2007                                        48,265,306

                March 2007                                         48,265,306

                 June 2007                                         48,265,306

              September 2007                                       48,265,306

               December 2007                                       48,265,306

                March 2008                                         48,265,306

                 June 2008                                         48,265,306

                                      43
<PAGE>

              September 2008                                       48,265,306

               December 2008                                            0

                March 2009                                              0

                 June 2009                                              0

              September 2009                                            0

               December 2009                                            0

                March 2010                                              0

                 June 2010                                              0

              September 2010                                            0

               December 2010                                            0

                March 2011                                              0

                 June 2011                                              0

              September 2011                                            0

               December 2011                                            0

                March 2012                                              0

                 June 2012                                              0

              September 2012                                            0

               December 2012                                            0

                March 2013                                              0

                 June 2013                                              0

              September 2013                                            0

               December 2013                                            0

19.   Details relating to Pass-through          Not Applicable
      Loan Tranches:

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      44
<PAGE>

Loan Tranche: The Series 2007-1 Class 2C1 Notes will fund the Series 2007-1
BBB (Class 2C1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               BBB

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)15,306,122
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a New York Business Day,
                                                the next following day that is a London Business Day and
                                                a New York Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      45
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.4637 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         1.0774 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 BBB Class 2C1 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2010 and any
                                                Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      46
<PAGE>

Loan Tranche: The Series 2007-1 Class 2C2 Notes will fund the Series 2007-1
BBB (Class 2C2) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               BBB

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)19,736,842
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054.

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a TARGET Business Day,
                                                the next following day that is a London Business Day and
                                                a TARGET Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      47
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.4735 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2010.

13.   Relevant Margin following Step-Up         1.0970 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment Basis:       Not Applicable

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 BBB Class 2C2 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2010 and any
                                                Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      48
<PAGE>

Loan Tranche: The Series 2007-1 Class 3C1 Notes will fund the Series 2007-1
BBB (Class 3C1) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               BBB

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)174,342,105
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day and a TARGET Business Day,
                                                the next following day that is a London Business Day and
                                                a TARGET Business Day) up to and including the Final
                                                Repayment Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      49
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.5330 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         1.2160 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 BBB Class 3C1 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2012 and any
                                                Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      50
<PAGE>

Loan Tranche: The Series 2007-1 Class 3C2 Notes will fund the Series 2007-1
BBB (Class 3C2) Loan Tranche which shall have the following terms:

<TABLE>
<CAPTION>
<S>                                             <C>
1.    Borrower:                                 Granite Finance Funding 2 Limited

2.    Lender:                                   Granite Master Issuer plc

3.    (i)    Loan Tranche Rating:               BBB

      (ii)   Series Number:                     Series 2007-1

4.    Initial Outstanding Principal             (GBP)36,000,000
      Balance:

5.    (i)    Closing Date:                      24 January, 2007

      (ii)   Loan Tranche Interest              24 January, 2007
             Commencement Date:

      (iii)  Loan Tranche Interest Reset        In respect of the first Loan Tranche Interest Reset Date,
             Dates:                             the Loan Tranche Interest Commencement Date and, for each
                                                subsequent Loan Tranche Interest Reset Date, the Monthly
                                                Payment Date falling in March, June, September and
                                                December of each year (or, if such date is not a London
                                                Business Day, the next following London Business Day) or,
                                                following the earlier to occur of the Step-Up Date in
                                                relation to this Loan Tranche or a Pass-Through Trigger
                                                Event, each Monthly Payment Date of each year (or, if
                                                such date is not a London Business Day, the next
                                                following London Business Day), in each case, up to, and
                                                including, the Final Repayment Date.

6.    Final Repayment Date:                     The Loan Payment Date falling in December 2054

7.    Loan Payment Dates:                       Each Monthly Payment Date in each year (or, if such date
                                                is not a London Business Day, the next following London
                                                Business Day) up to and including the Final Repayment
                                                Date.

8.    Initial Relevant Screen Rate:             The linear interpolation of one-month sterling LIBOR and
                                                two-month sterling LIBOR.

                                      51
<PAGE>

9.    Relevant Screen Rate:                     LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

10.   Loan Reference Rate:                      LIBOR for three-month sterling deposits or, following the
                                                earlier to occur of the Step-Up Date in relation to this
                                                Loan Tranche or a Pass-Through Trigger Event, LIBOR for
                                                one-month sterling deposits.

11.   Relevant Margin:                          0.5 per cent. per annum

12.   Step-Up Date:                             The Loan Payment Date occurring in June 2012.

13.   Relevant Margin following Step-Up         1.0 per cent. per annum
      Date:

14.   Redemption/Payment Basis:                 Pass-through

15.   Change of Redemption/Payment              Not Applicable
      Basis:

16.   Details relating to Bullet Loan           Not Applicable
      Tranche:

17.   Details relating to Scheduled             Not Applicable
      Repayment Loan Tranche:

18.   Details relating to Controlled            Not Applicable
      Repayment Loan Tranche:

19.   Details relating to Pass-through          Applicable
      Loan Tranches:

                                                The Series 2007-1 BBB Class 3C2 Loan Tranche will become
                                                due on the Loan Payment Date falling in June 2012 and any
                                                Loan Payment Date thereafter.

20.   Other terms and special conditions:       Not Applicable
</TABLE>

                                      52
<PAGE>

Confirmations:

Funding 2 confirms that:

(a)   no Funding 2 Intercompany Loan Event of Default has occurred and is
      continuing which has not been waived, or would result from the making of
      each Loan Tranche set out in this Loan Tranche Supplement;

(b)   the representations and warranties set out in Clause 13 (Representations
      and Warranties of Funding 2) of the Global Intercompany Loan Agreement
      are true on and as of the Closing Date specified in this Loan Tranche
      Supplement by reference to the facts and circumstances then existing;
      and

(c)   as of the Closing Date specified in this Loan Tranche Supplement, there
      is no debit balance on the Funding 2 Principal Deficiency Ledger.

The Master Issuer confirms that:

(a)   no Issuer Event of Default has occurred and is continuing which has not
      been waived, or would result from the making of each Loan Tranche set
      out in this Loan Tranche Supplement; and

(b)   the aggregate amount of the Loan Tranches to be made on the Closing Date
      specified in this Loan Tranche Supplement and any Loan Tranches
      outstanding on such Closing Date do not exceed the Total Credit
      Commitment.

                                      53
<PAGE>

                                EXECUTION PAGE
                          for Loan Tranche Supplement

as Funding 2
EXECUTED for and on behalf of                   )
GRANITE FINANCE FUNDING 2 LIMITED               )
by                                              )

/s/ Sharon Tyson
-------------------------
Representing L.D.C. Securitisation Director No. 2 Limited
Name:  Sharon Tyson

as Master Issuer
EXECUTED for and on behalf of                   )
GRANITE MASTER ISSUER PLC                       )
by                                              )

/s/ Sharon Tyson
-------------------------
Representing L.D.C. Securitisation Director No. 2 Limited
Name:  Sharon Tyson

as Funding 2 Security Trustee
EXECUTED for and on behalf of                   )
THE BANK OF NEW YORK                            )
by                                              )

/s/ Helen Kim
-------------------------
Name: Helen Kim
Vice President
The Bank of New York

as Agent Bank
EXECUTED for and on behalf of                   )
CITIBANK, N.A.                                  )
by                                              )

/s/ Georgia Mitchell
-------------------------
Name:  Georgia Mitchell

                                      54Exhibit 4.2

                                                             EXECUTION VERSION

                            Dated 19 January, 2007

                               NORTHERN ROCK PLC
                   as Seller, Cash Manager and a Beneficiary

                       GRANITE FINANCE TRUSTEES LIMITED
                             as Mortgages Trustee

                        GRANITE FINANCE FUNDING LIMITED
                         as Funding and a Beneficiary

                                    - and -

                       GRANITE FINANCE FUNDING 2 LIMITED
                        as Funding 2 and a Beneficiary

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

                               ELEVENTH AMENDED
                             MORTGAGES TRUST DEED

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

                            SIDLEY AUSTIN (UK) LLP
                               WOOLGATE EXCHANGE
                             25 BASINGHALL STREET
                               LONDON, EC2V 5HA
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

<PAGE>

<TABLE>
<CAPTION>

                                                  CONTENTS

<S>                                                                                                     <C>
1.   Definitions and Construction........................................................................2

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

3.   Conditions Precedent................................................................................4

4.   Consideration.......................................................................................5

5.   Increasing and Decreasing the Seller Share of the Trust Property...................................10

6.   Increasing the Funding Share and the Funding 2 Share of the Trust Property.........................11

7.   Initial Funding Share, Initial Seller Share and Initial Funding 2 Share............................14

8.   Adjustment of Funding Share Percentage, Funding 2 Share Percentage and Seller Share
     Percentage.........................................................................................15

9.   Minimum Seller Share...............................................................................29

10.  Distribution of Revenue Receipts...................................................................30

11.  Distribution of Principal Receipts.................................................................33

12.  Allocation of Losses...............................................................................38

13.  Overpayments.......................................................................................39

14.  Arrears............................................................................................39

15.  Ledgers............................................................................................39

16.  Fees and Expenses of the Mortgages Trustee.........................................................40

17.  Beneficiary Directions.............................................................................41

18.  Early Termination of the Mortgages Trust...........................................................43

19.  Audit of Mortgage Loans Constituting the Trust Property............................................43

20.  Transfers..........................................................................................43

21.  Representations and Covenants......................................................................44

22.  Power to Delegate..................................................................................45

23.  Power of Investment................................................................................45

24.  Other Provisions Regarding the Mortgages Trustee...................................................46

25.  No Retirement of Mortgages Trustee.................................................................47

                                                     i
<PAGE>

26.  Termination........................................................................................47

27.  Further Assurances.................................................................................48

28.  No Partnership or Agency...........................................................................48

29.  Calculations.......................................................................................48

30.  Confidentiality....................................................................................48

31.  Non Petition Covenant; Limited Recourse............................................................49

32.  Amendments and Waiver..............................................................................50

33.  Notices............................................................................................51

34.  Third Party Rights.................................................................................52

35.  Execution in Counterparts; severability............................................................52

36.  Governing Law and Submission to Jurisdiction.......................................................52

SCHEDULE 1 REPRESENTATIONS AND WARRANTIES...............................................................54

</TABLE>

                                                     ii
<PAGE>

THIS MORTGAGES TRUST DEED WAS MADE ON 26 MARCH, 2001 AND AMENDED AND RESTATED
PURSUANT TO THE DEEDS OF AMENDMENT AND RESTATEMENT DATED 23 JULY, 2001, 28
SEPTEMBER, 2001, 20 MARCH, 2002, 23 SEPTEMBER, 2002, 27 JANUARY, 2003, 21 MAY,
2003, 24 SEPTEMBER, 2003, 26 JANUARY, 2004, 26 MAY, 2004, 19 JANUARY, 2005 AND
19 JANUARY, 2007 BETWEEN:

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

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

(3)   GRANITE FINANCE FUNDING LIMITED (registered number 79308), a private
      limited company incorporated under the laws of Jersey, but acting out of
      its office established in England (registered overseas company number
      FC022999 and branch number BR005916) at 68 King William Street, London
      EC4N 7DZ, in its capacity as a Beneficiary; and

(4)   GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387), a private
      limited company incorporated under the laws of England and Wales, whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX,
      in its capacity as a Beneficiary.

WHEREAS:

(A)   The Mortgages Trustee wishes to declare the following trusts in respect
      of the Trust Property (being on 26 March, 2001, the sum of (GBP)100
      which monies have been received by and are presently held by the
      Mortgages Trustee or to its order).

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

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

<PAGE>

NOW THIS DEED WITNESSES:

1.    DEFINITIONS AND CONSTRUCTION

1.1   The provisions of the Programme Master Definitions Schedule signed for
      identification purposes by Sidley Austin Brown & Wood and Allen & Overy
      LLP on 19 January, 2005 (as the same have been and may be amended,
      varied or supplemented from time to time with the consent of the parties
      hereto) are expressly and specifically incorporated into and shall apply
      to this Deed.

2.    CREATION OF MORTGAGES TRUST

2.1   Initial Trust Property

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

2.2   Closing Trust Property

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

2.3   New Trust Property

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

2.4   Other Trust Property

      (A)   In accordance with this Deed, from time to time Funding and the
            Seller shall, subject to and in accordance with Clause 4
            (Consideration), Clause 5 (Increasing and Decreasing the Seller
            Share of the Trust Property) and/or Clause 6 (Increasing the
            Funding Share and the Funding 2 Share of the Trust Property)
            provide consideration to the Mortgages Trustee in the form of
            Contributions to be applied by the Mortgages Trustee as set out in
            this Deed. Any Contribution so provided to the Mortgages Trustee
            shall, on receipt by the Mortgages Trustee and until it has been
            applied by the Mortgages Trustee in accordance with the terms of
            this Deed, form part of the Trust Property.

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

                                      2
<PAGE>

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

      (D)   If the Seller subsequently decides not to repurchase any Mortgage
            Loan (which is the subject of a Further Advance) within the Trust
            Property and/or to sell and assign the Further Advance to the
            Mortgages Trustee in accordance with the Mortgage Sale Agreement,
            any Further Advance made in respect of a Mortgage Loan in the
            Trust Property will also form part of the Trust Property.

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

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

      (G)   Any Further Draws under a Personal Secured Loan which is included
            in the Trust Property will also form part of the Trust Property.

2.5   Payments of Early Repayment Charges

      Subject to and in accordance with the Mortgage Sale Agreement, the
      Mortgages Trustee will agree to pay to the Seller any Early Repayment
      Charge Receipts received by the Mortgages Trustee in respect of any
      Mortgage Loan included in the Initial Mortgage Portfolio or any New
      Mortgage Portfolio which the Seller sells and assigns to the Mortgages
      Trustee. Upon any such payment to the Seller, the benefit of such Early
      Repayment Charges will no longer form part of the Trust Property.

2.6   Trust Property/Declaration of Trust

      Subject to Clause 3 (Conditions Precedent), the Mortgages Trustee shall
      hold the Trust Property as to both capital and income on trust
      absolutely for Funding, Funding 2 and for the Seller as tenants in
      common upon, with and subject to all the trusts, powers and provisions
      of this Deed (such that each Beneficiary shall have an undivided
      beneficial interest in the Trust Property). For the purposes of Clause
      2.1 (Initial Trust Property) to Clause 2.6 (Trust Property/Declaration
      of Trust) (inclusive), "Trust Property" means the Initial Trust
      Property, the Closing Trust Property, any New Trust Property (but
      excludes any Early Repayment Charge Receipts which have been paid to the
      Seller and any Mortgage Loans which have been purchased or repurchased
      (as applicable) by the Seller pursuant to the Mortgage Sale Agreement)
      and all Other Trust Property referred to under Clause 2.4 (Other Trust
      Property) less (a) any actual Losses in relation to Mortgage Loans and
      any actual redemptions occurring in respect of the Mortgage Loans as
      described in Clause 8.5 (Adjustments to Trust Property) and (b)
      distributions of principal made from time to time to the Beneficiaries.

                                      3
<PAGE>

2.7   Additional Trust Property/Declaration of Trust

      With effect on and from the Funding 2 Programme Date, the Mortgages
      Trustee hereby declares itself as trustee of all rights, title, interest
      and benefit of all property and assets held by it at any time (to the
      extent that such rights, title, interest and benefit in such property
      and assets do not form part of the Initial Trust Property, the Closing
      Trust Property, the New Trust Property and/or any Trust Property
      referred to in Clause 2.4 (Other Trust Property)) which rights, title,
      interest and benefit (the "Additional Trust Property") shall be held on
      trust by the Mortgages Trustee absolutely as to both capital and income
      for the benefit of the Seller, Funding and Funding 2 as tenants in
      common upon, with and subject to all of the trusts, powers and
      provisions of this Deed (such that each Beneficiary shall have an
      individual beneficial interest in the Additional Trust Property).

2.8   Funding 2 Contributions

      The consideration in the form of Contributions provided by Funding 2 to
      the Mortgages Trustee subject to and in accordance with Clause 4
      (Consideration) and/or Clause 6 (Increasing the Funding Share and the
      Funding 2 Share of the Trust Property) to be applied by the Mortgages
      Trustee as set out in this Deed shall, until such Contributions form
      part of the Trust Property referred to in Clause 2.4 (Other Trust
      Property), form part of Additional Trust Property.

3.    CONDITIONS PRECEDENT

3.1   Closing Trust Property

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

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

      (B)   the due execution and delivery of this Deed by all parties to it
            on the Initial Closing Date;

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

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

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

                                      4
<PAGE>

3.2   New Trust Property

      Subject to the satisfaction or waiver, in accordance with the terms of
      the Mortgage Sale Agreement, of the conditions referred to in Clause 4
      (Sale and Purchase of New Mortgage Loan Portfolios) of the Mortgage Sale
      Agreement for the transfer of New Mortgage Loan Portfolios to the
      Mortgages Trustee, any New Trust Property sold and assigned to the
      Mortgages Trustee, shall be held by the Mortgages Trustee on the
      Mortgages Trust .

3.3   Funding 2 Share

      The requirement for the Mortgages Trustee to hold the Trust Property on
      trust for Funding 2 shall be subject to and conditional upon the
      acquisition by Funding 2, by way of assignment, from the Seller of a
      portion of the Seller's beneficial interest in the Mortgages Trust in
      accordance with the terms of the Seller (Mortgages Trust) Assignment
      Agreement.

4.    CONSIDERATION

4.1   Consideration provided by Seller

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

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

      (B)   on each date after the Initial Closing Date on which (i) New
            Mortgage Loans are acquired by the Mortgages Trustee from the
            Seller in accordance with the Mortgage Sale Agreement and (ii) the
            consideration provided to the Seller for that sale is or includes
            the covenant of the Mortgages Trustee to hold the Trust Property
            on trust for Funding, the Seller and, upon the acquisition by
            Funding 2, by way of assignment, from the Seller of a portion of
            the Seller's beneficial interest in the Mortgages Trust in
            accordance with the terms of the Seller (Mortgages Trust)
            Assignment Agreement, Funding 2, in accordance with the terms of
            this Deed, by the sale on such date by the Seller of such New
            Mortgage Loans either for the payment by the Mortgages Trustee of
            the Initial Purchase Price paid on such date or (if no Initial
            Purchase Price is paid) without payment on such date; and

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

4.2   Consideration provided by Funding

      Funding in its capacity as a Beneficiary shall provide consideration to
      the Mortgages Trustee for the Funding Share of the Trust Property:

                                      5
<PAGE>

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

      (B)   on each Distribution Date, by paying to the Mortgages Trustee a
            Deferred Contribution equal to the amount (if any) of:

            (1)   Mortgages Trustee Available Revenue Receipts to which
                  Funding is entitled on such date in accordance with
                  paragraph (D)(i) of Clause 10.2 (Distribution of Mortgages
                  Trustee Available Revenue Receipts); and

            (2)   the Funding Proportion of the amount of any Early Repayment
                  Charge Receipts payable by the Mortgages Trustee to the
                  Seller under the Mortgage Sale Agreement.

            The amounts listed under sub-clauses (B)(1) and (B)(2) are,
            together, referred to as the "Funding Relevant Distribution". The
            Funding Relevant Distribution and the Funding 2 Relevant
            Distribution (as defined in Clause 4.3(A) below) are calculated as
            at such Distribution Date, and shall be equal to (and from which
            the Mortgages Trustee shall or shall procure that the Cash Manager
            on its behalf shall pay) such amount of Deferred Purchase Price as
            is payable by the Mortgages Trustee to the Seller pursuant to the
            Mortgage Sale Agreement on such date. The parties to this Deed
            agree that on any Distribution Date, the Funding Relevant
            Distribution and the Deferred Contribution payable by Funding (as
            calculated pursuant to this sub-clause (B)) to the Mortgages
            Trustee shall be set off against each other such that, as between
            the Mortgages Trustee and Funding, no amount shall be payable in
            respect of such Funding Relevant Distribution or such Deferred
            Contribution on such date and the Cash Manager on behalf of the
            Mortgages Trustee shall pay to the Seller (in satisfaction (in
            part) of the Mortgages Trustee's obligation to pay Deferred
            Purchase Price to the Seller under the Mortgage Sale Agreement)
            those funds which, were it not for such set-off, would have been
            payable to Funding as the Funding Relevant Distribution;

      (C)   on each date after the Initial Closing Date on which (i) an amount
            of the Initial Purchase Price is payable in respect of New
            Mortgage Loans which are sold and assigned by the Seller to the
            Mortgages Trustee on such date and (ii) Funding receives the net
            proceeds of a Funding Intercompany Loan from a Funding Issuer, by
            paying to the Mortgages Trustee an Initial Contribution in respect
            of the Funding Share of the Trust Property which shall be equal to
            (and from which the Mortgages Trustee shall or shall procure that
            the Cash Manager on its behalf shall pay) the Initial Purchase
            Price in respect of such New Mortgage Loans payable by the
            Mortgages Trustee to the Seller pursuant to the Mortgage Sale
            Agreement on such date unless, in either case, Funding has given
            notice to each relevant Funding Issuer of its intention to use the
            proceeds of a Funding Intercompany Loan to repay one or more of
            the Funding Intercompany Loans from such Funding Issuers, and
            subject to

                                      6
<PAGE>

            Clause 6 (Increasing the Funding Share and the Funding 2 Share of
            the Trust Property) below;

      (D)   on each other date after the Initial Closing Date on which Funding
            receives the net proceeds of a Funding Intercompany Loan from a
            Funding Issuer, by paying to the Mortgages Trustee a Further
            Contribution in respect of the Funding Share of the Trust Property
            which shall be equal to (and from which the Mortgages Trustee
            shall or shall procure that the Cash Manager on its behalf shall
            pay) the Special Distribution payable to the Seller in accordance
            with Clause 4.4 (Application by Mortgages Trustee) unless Funding
            has given notice to each relevant Funding Issuer of its intention
            to use the proceeds of a Funding Intercompany Loan to repay one or
            more of the Funding Intercompany Loans from such Funding Issuers
            subject to Clause 6 (Increasing the Funding Share and the Funding
            2 Share of the Trust Property) below; and

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

4.3   Consideration provided by Funding 2

      Funding 2 in its capacity as a Beneficiary shall provide consideration
      to the Mortgages Trustee for the Funding 2 Share of the Trust Property:

      (A)   on each Distribution Date, by paying to the Mortgages Trustee a
            Deferred Contribution equal to the amount (if any) of:

            (1)   Mortgages Trustee Available Revenue Receipts to which
                  Funding 2 is entitled on such date in accordance with
                  paragraph (D)(ii) of Clause 10.2 (Distribution of Mortgages
                  Trustee Available Revenue Receipts); and

            (2)   the Funding 2 Proportion of the amount of any Early
                  Repayment Charge Receipts payable by the Mortgages Trustee
                  to the Seller under the Mortgage Sale Agreement.

                                      7
<PAGE>

            The amounts listed under sub-clauses (A)(1) and (A)(2) are,
            together, referred to as the "Funding 2 Relevant Distribution".
            Together with the Funding Relevant Distribution, the Funding 2
            Relevant Distribution shall be applied in accordance with Clause
            4.2(B). The parties to this Deed agree that on any Distribution
            Date, the Funding 2 Relevant Distribution and the Deferred
            Contribution payable by Funding 2 (as calculated pursuant to this
            sub-clause (A)) to the Mortgages Trustee shall be set off against
            each other such that, as between the Mortgages Trustee and Funding
            2, no amount shall be payable in respect of such Funding 2
            Relevant Distribution or such Deferred Contribution on such date
            and the Cash Manager on behalf of the Mortgages Trustee shall pay
            to the Seller (in satisfaction (in part) of the Mortgages
            Trustee's obligation to pay Deferred Purchase Price to the Seller
            under the Mortgage Sale Agreement) those funds which, were it not
            for such set-off, would have been payable to Funding 2 as the
            Funding 2 Relevant Distribution;

      (B)   on each date after the Funding 2 Programme Date on which (i) an
            amount of Initial Purchase Price is payable in respect of New
            Mortgage Loans which are sold and assigned by the Seller to the
            Mortgages Trustee on such date and (ii) Funding 2 receives the net
            proceeds of a Loan Tranche under the Global Intercompany Loan, by
            paying to the Mortgages Trustee an Initial Contribution in respect
            of the Funding 2 Share of the Trust Property which shall be equal
            to (and from which the Mortgages Trustee shall or shall procure
            that the Cash Manager on its behalf shall pay) the Initial
            Purchase Price in respect of such New Mortgage Loans payable by
            the Mortgages Trustee to the Seller pursuant to the Mortgage Sale
            Agreement on such date unless Funding 2 has given notice to the
            Funding 2 Issuer of its intention to use the proceeds of a Loan
            Tranche under the Global Intercompany Loan to repay (in part or in
            full) one or more of the Loan Tranches under the Global
            Intercompany Loan from the Funding 2 Issuer and subject to Clause
            6 (Increasing the Funding Share and the Funding 2 Share of the
            Trust Property) below;

      (C)   on each other date after the Funding 2 Programme Date on which
            Funding 2 receives the net proceeds of a Loan Tranche from the
            Funding 2 Issuer, by paying to the Mortgages Trustee a Further
            Contribution in respect of the Funding 2 Share of the Trust
            Property which shall be equal to (and from which the Mortgages
            Trustee shall pay or shall procure that the Cash Manager on its
            behalf shall pay):

            (1)   the Special Distribution payable to the Seller in accordance
                  with Clause 4.4 (Application by Mortgages Trustee); and/or

            (2)   the Special Distribution payable to Funding in accordance
                  with Clause 4.4 (Application by Mortgages Trustee),

            unless Funding 2 has given notice to the Funding 2 Issuer of its
            intention to use the proceeds of a Loan Tranche to repay (in part
            or in full) one or more of the Loan Tranches each relating to a
            series and class of notes of the Funding 2 Issuer being refinanced
            and subject to Clause 6 (Increasing the Funding Share and the
            Funding 2 Share of the Trust Property) below.

                                      8
<PAGE>

      (D)   following the Final Repayment Date of the latest maturing Loan
            Tranche made under the Funding 2 Intercompany Loan Agreement by
            the Funding 2 Issuer to Funding 2 and provided that there are no
            further claims outstanding in respect of the Funding 2 Deed of
            Charge or on such earlier date provided that all Funding 2 Secured
            Obligations have either been repaid in full or there are no
            further claims outstanding under the Funding 2 Deed of Charge,
            Funding 2 will make a final payment of Deferred Contribution to
            the Mortgages Trustee (the "Funding 2 Final Deferred
            Contribution") in an amount equal to the aggregate amount standing
            to the credit of the Funding 2 Bank Accounts after making any
            payments ranking in priority thereto, subject to and in accordance
            with the relevant Funding 2 Priority of Payments. The Funding 2
            Final Deferred Contribution shall be in an amount equal to (and
            from the Funding 2 Final Deferred Contribution the Mortgages
            Trustee shall or shall procure that the Cash Manager shall on its
            behalf pay) an amount of Deferred Purchase Price payable by the
            Mortgages Trustee to the Seller pursuant to and in accordance with
            the Mortgage Sale Agreement.

      Funding 2 shall pay or shall procure the payment of the amount of any
      Initial Contribution or Further Contribution to be made by it to the
      Mortgages Trustee into the Mortgages Trustee Transaction Account.

4.4   Application by Mortgages Trustee

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

      (B)   If the Mortgages Trustee receives a Further Contribution from any
            Beneficiary, the parties hereto direct the Mortgages Trustee to,
            and the Mortgages Trustee covenants that it shall, or shall
            procure that the Cash Manager on its behalf shall:

            (1)   where such Further Contribution is made by Funding 2:

                  (a)   if Funding 2 so elects, in its sole discretion, pay
                        all or part of such Further Contribution as a Special
                        Distribution to Funding in accordance with the terms
                        of this Deed provided that the amounts of such Special
                        Distribution shall not exceed the aggregate
                        outstanding principal balance of all Funding
                        Intercompany Loans, and

                  (b)   if Funding 2 so elects, pay all or part of such
                        Further Contribution as a Special Distribution to the
                        Seller in accordance with the terms of this Deed;

                                      9
<PAGE>

            (2)   where such Further Contribution is made by Funding, pay such
                  funds as a Special Distribution to the Seller in accordance
                  with the terms of this Deed; and

            (3)   where such Further Contribution is made by the Seller, pay
                  such funds in accordance with the terms of this Deed.

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

5.1   Re-draws under Flexible Mortgage Loans

      (A)   If, in respect of any Flexible Mortgage Loan which is included in
            the Mortgage Portfolio, the relevant Borrower requests a Cash
            Re-draw and the Administrator (on behalf of the Seller) grants
            such request pursuant to and in accordance with the terms of the
            Administration Agreement, the Seller as Beneficiary shall fund
            that Cash Re-draw in the Mortgages Trust by making payment to the
            Borrower, in accordance with the terms and conditions of the
            relevant Mortgage Loan, of the Cash Re-draw Amount. Upon payment
            by the Seller to the relevant Borrower of the Cash Re-draw Amount,
            the aggregate Current Balance of the Mortgage Loans included in
            the Mortgage Portfolio and the amount of the Seller Share of the
            Trust Property shall be increased by an amount equal to the Cash
            Re-draw Amount.

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

5.2   Further Advances

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

                                      10
<PAGE>

5.3   Together Connections Mortgage Loans and Connections Mortgage Loans

      If, in respect of any Together Connections Mortgage Loan or any
      Connections Mortgage Loan which is included in the Mortgage Portfolio,
      there has been a reduction in the outstanding balance of such Mortgage
      Loan from the relevant Borrower being allocated a portion of the
      Together Connections Mortgage Benefit or Connections Benefit (as the
      case may be) under such Mortgage Loan, the aggregate Current Balance of
      the Mortgage Loans included in the Mortgage Portfolio and the amount of
      the Seller Share of the Trust Property shall be decreased by an amount
      equal to the portion of the Together Connections Benefit or Connections
      Benefit (as the case may be) allocated to such Mortgage Loan.

5.4   Further Draws under Personal Secured Loans

      If, in respect of any Personal Secured Loan included in the Mortgage
      Portfolio which permits Further Draws, the relevant Borrower requests a
      Further Draw and the Administrator grants such request, the Seller will
      as Beneficiary fund such Further Draw in the Mortgages Trust by making
      payment to the Borrower of the Further Draw in accordance with the terms
      and conditions of the relevant Personal Secured Loan. Upon payment by
      the Seller to the relevant Borrower of such Further Draw, the aggregate
      Current Balance of the Mortgage Loans included in the Mortgage Portfolio
      and the amount of the Seller Share of the Trust Property shall be
      increased by an amount equal to the amount of the Further Draw paid to
      the relevant Borrower.

6.    INCREASING THE FUNDING SHARE AND THE FUNDING 2 SHARE OF THE TRUST
      PROPERTY

6.1   Conditions precedent to the increase of the Funding Share

      Subject as provided below, Funding may increase the Funding Share (as
      defined in Clause 7.1 (Initial Funding Share) below) of the Trust
      Property, subject to satisfaction of the following conditions precedent:

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

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

      (C)   the Rating Agencies have confirmed in writing to the Mortgages
            Trustee, the Security Trustee, the Funding 2 Security Trustee and
            each Issuer that the proposed increase in the Funding Share of the
            Trust Property would not cause the then-current ratings by the
            Rating Agencies (or any of them) of the existing Notes of any
            Issuer to be reduced, withdrawn or qualified;

      (D)   the New Notes have been issued by a Funding Issuer, the
            subscription proceeds received on behalf of such Funding Issuer
            and advanced by such Funding Issuer to Funding pursuant to a
            Funding Intercompany Loan Agreement (which proceeds Funding will
            pay to the Mortgages Trustee to increase the Funding Share of the
            Trust Property on the relevant date in accordance with Clause 6.3
            (Completion));

                                      11
<PAGE>

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

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

      (G)   as of the last day of the immediately preceding Trust Calculation
            Period the Moody's Portfolio Variation Test Value of the Mortgage
            Loans in the Mortgage Portfolio on such date (calculated by
            applying the Moody's Portfolio Variation Test to such Mortgage
            Loans on such date) does not exceed the most recently determined
            Moody's Portfolio Variation Test Threshold Value (as calculated in
            relation to the Mortgage Loans in the Mortgage Portfolio on the
            most recent date on which Moody's performed a full pool analysis
            on the Mortgage Portfolio) plus 0.30 per cent.;

      (H)   in respect of each Funding Issuer, each Issuer Reserve Fund is
            fully funded on the relevant date up to the relevant Issuer
            Reserve Required Amount; and

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

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

6.2   Conditions precedent to the increase of the Funding 2 Share

      Subject as provided below, Funding 2 may increase the Funding 2 Share of
      the Trust Property, subject to satisfaction of the following conditions
      precedent:

      (A)   no Funding 2 Event of Default under the Transaction Documents
            shall have occurred which is continuing at the relevant date;

      (B)   no Intercompany Loan Enforcement Notice has been served in respect
            of any Funding 2 Intercompany Loan;

      (C)   the Rating Agencies have confirmed in writing to the Mortgages
            Trustee, the Security Trustee, the Funding 2 Security Trustee and
            each Funding 2 Issuer that the proposed increase in the Funding 2
            Share of the Trust Property would not cause the then-current
            ratings by the Rating Agencies (or any of them) of the existing
            Notes of any Issuer to be reduced, withdrawn or qualified;

      (D)   the New Notes have been issued by the Funding 2 Issuer, the
            subscription proceeds received on behalf of the Funding 2 Issuer
            and advanced by the Funding 2 Issuer to Funding 2 pursuant to a
            Funding 2 Intercompany Loan Agreement (which proceeds Funding 2
            will pay to the Mortgages Trustee to

                                      12
<PAGE>

            increase the Funding 2 Share of the Trust Property on the relevant
            date in accordance with Clause 6.3 (Completion));

      (E)   if necessary, Funding 2 and/or the Funding 2 Issuer have entered
            into appropriate hedging arrangements;

      (F)   as of the last day of the immediately preceding Trust Calculation
            Period the aggregate Current Balance of Mortgage Loans in the
            Mortgage Portfolio which were at such time in arrears for at least
            3 months is less than 4 per cent. of the aggregate Current Balance
            of all Mortgage Loans in the Mortgage Portfolio at such time
            unless the Rating Agencies have confirmed that the then-current
            ratings of the existing Notes of the Funding 2 Issuer will not be
            adversely affected;

      (G)   as of the last day of the immediately preceding Trust Calculation
            Period the Moody's Portfolio Variation Test Value of the Mortgage
            Loans in the Mortgage Portfolio on such date (calculated by
            applying the Moody's Portfolio Variation Test to such Mortgage
            Loans on such date) does not exceed the most recently determined
            Moody's Portfolio Variation Test Threshold Value (as calculated in
            relation to the Mortgage Loans in the Mortgage Portfolio on the
            most recent date on which Moody's performed a full pool analysis
            on the Mortgage Portfolio) plus 0.30 per cent.;

      (H)   as at the most recent Monthly Payment Date no deficiency was
            recorded on the Funding 2 Principal Deficiency Ledger,

      provided always that Funding 2 shall not be entitled to increase the
      Funding 2 Share of the Trust Property after the date falling 12 months
      after the occurrence of a Step-Up Date (the "twelve-month date") in
      respect of any Series and Class of Notes of a Funding 2 Issuer, if the
      option to redeem such Notes by such twelve-month date pursuant to the
      terms and conditions of such Notes is not exercised.

6.3   Completion

      Subject to satisfaction of the conditions precedent set out in Clause
      6.1 (Conditions precedent to the Increase of the Funding Share) or
      Clause 6.2 (Conditions precedent to the Increase of the Funding 2 Share)
      above, Funding or Funding 2, as applicable, shall pay to the Mortgages
      Trustee the consideration for such increase in the Funding Share or the
      Funding 2 Share, as applicable, in accordance with Clause 4
      (Consideration) and the Current Funding Share, the Current Funding Share
      Percentage, the Current Funding 2 Share and the Current Funding 2 Share
      Percentage (as applicable) shall be recalculated in accordance with
      Clause 8.2 (Current Funding Share Percentage and Current Funding 2 Share
      Percentage) and Clause 8.4 (Current Funding Share and Current Funding 2
      Share).

6.4   Distribution

      The parties hereto agree that any Initial Contribution or Further
      Contribution received by the Mortgages Trustee from a Funding
      Beneficiary in accordance with Clause 4 (Consideration) on any date
      shall be allocable and payable by the Mortgages Trustee to:

                                      13
<PAGE>

      (A)   the Seller (in its capacity as a Beneficiary of the Mortgages
            Trust) as Initial Purchase Price or as a Special Distribution;
            and/or

      (B)   Funding (in its capacity as a Beneficiary of the Mortgages Trust)
            as a Special Distribution (in respect of Further Contributions
            made by Funding 2),

      in each case, on such date whether or not such date is a Distribution
      Date. Any such Initial Purchase Price or Special Distribution shall
      reduce the Seller Share or the Funding Share of the Trust Property (as
      applicable) by the amount of such Initial Purchase Price or Special
      Distribution received by it.

7.    INITIAL FUNDING SHARE, INITIAL SELLER SHARE AND INITIAL FUNDING 2 SHARE

7.1   Initial Funding Share

      The "Initial Funding Share" of the Trust Property shall be (GBP)86.61 at
      26 March, 2001 and (GBP)1,500,000,000 at the Initial Closing Date and
      the "Initial Funding Share Percentage" shall be the Initial Funding
      Share expressed as a percentage of the Trust Property at such date, that
      is to say, 86.61 per cent. References herein to the "Funding Share"
      shall mean, prior to the first Distribution Date, the Initial Funding
      Share and thereafter shall mean the Current Funding Share (as defined
      below).

7.2   Initial Seller Share

      The "Initial Seller Share" of the Trust Property shall be the sum which
      remains of the Trust Property after deduction of the Initial Funding
      Share. The Initial Seller Share of the Trust Property will be (GBP)13.39
      at 26 March, 2001 and (GBP)232,000,000 at the Initial Closing Date and
      the "Initial Seller Share Percentage" shall be equal to 100 per cent.
      minus the Initial Funding Share Percentage, that is to say, 13.39 per
      cent. The amount of the Initial Seller Share and the Initial Seller
      Share Percentage on the Initial Closing Date will be determined
      immediately after the Initial Closing Date. References herein to the
      "Seller Share" shall mean, prior to the first Distribution Date, the
      Initial Seller Share and thereafter shall mean the Current Seller Share
      (as defined below).

7.3   Initial Funding 2 Share

      The "Initial Funding 2 Share" of the Trust Property shall, following the
      acquisition by Funding 2, by way of assignment, from the Seller of a
      portion of the Seller's beneficial interest in the Mortgages Trust in
      accordance with the Seller (Mortgages Trust) Assignment Agreement, be
      (GBP)100. References herein to the "Funding 2 Share" shall, from (and
      including) the Funding 2 Programme Date to (but excluding) the first
      Closing Date in relation to the issue of Notes by a Funding 2 Issuer,
      mean the Initial Funding 2 Share and thereafter shall mean the Current
      Funding 2 Share.

7.4   Rounding of percentage shares

      Except for the Initial Closing Date on which the Funding Share
      Percentage and the Seller Share Percentage shall be calculated to two
      decimal places, and unless otherwise agreed by the Beneficiaries, the
      Current Funding Share Percentage, the

                                      14
<PAGE>

      Current Funding 2 Share Percentage and the Current Seller Share
      Percentage shall be calculated to five decimal places.

8.    ADJUSTMENT OF FUNDING SHARE PERCENTAGE, FUNDING 2 SHARE PERCENTAGE AND
      SELLER SHARE PERCENTAGE

8.1   Effective Periods

      (A)   Subject to Clause 8.1(B) below, the Cash Manager will (on behalf
            of the Beneficiaries) recalculate the Funding Share, the Funding
            Share Percentage, the Funding 2 Share, the Funding 2 Share
            Percentage, the Seller Share and the Seller Share Percentage in
            respect of each Trust Calculation Period on the Distribution Date
            occurring in such Trust Calculation Period, based on the aggregate
            Current Balance of the Mortgage Loans in the Mortgage Portfolio
            (as adjusted from time to time) on the last day of the Trust
            Calculation Period immediately preceding such Distribution Date.

      (B)   Notwithstanding Clause 8.1(A) above, if during any Trust
            Calculation Period the Seller sells and assigns New Mortgage Loans
            to the Mortgages Trustee or if a Funding Beneficiary makes a
            Contribution (excluding any Deferred Contribution) to the
            Mortgages Trustee to increase its respective share of the Trust
            Property, the recalculation of the Funding Share, the Funding
            Share Percentage, the Funding 2 Share, the Funding 2 Share
            Percentage, the Seller Share and the Seller Share Percentage made
            by the Cash Manager on the Distribution Date occurring in such
            Trust Calculation Period will be effective only in respect of the
            period beginning on (and including) the first day of such Trust
            Calculation Period and ending on (but excluding) the first
            Assignment Date or Contribution Date, as applicable, to occur
            during such Trust Calculation Period (such period in respect of
            such Distribution Date, an "Interim Calculation Period"), based on
            the aggregate Current Balance of the Mortgage Loans in the
            Mortgage Portfolio (as adjusted from time to time) on the last day
            of the Trust Calculation Period immediately preceding such
            Distribution Date.

      (C)   In addition to the foregoing, if during any Trust Calculation
            Period the Seller sells and assigns New Mortgage Loans to the
            Mortgages Trustee or if a Funding Beneficiary makes a Contribution
            (excluding any Deferred Contribution) to the Mortgages Trustee to
            increase its respective share of the Trust Property, the Cash
            Manager will (on behalf of the Mortgages Trustee and the
            Beneficiaries) recalculate the Funding Share, the Funding Share
            Percentage, the Funding 2 Share, the Funding 2 Share Percentage,
            the Seller Share and the Seller Share Percentage on such
            Assignment Date or Contribution Date, as applicable, in respect of
            the period beginning on (and including) such Assignment Date or
            Contribution Date, as applicable, and ending on the last day of
            such Trust Calculation Period (and including such last day of such
            Trust Calculation Period) (each such period in respect of each
            Assignment Date or Contribution Date, as applicable, an "Interim
            Calculation Period"), based on the aggregate Current Balance of
            the Mortgage Loans in the Mortgage Portfolio (as adjusted from
            time to time) on such Assignment Date or Contribution Date, as
            applicable.

                                      15
<PAGE>

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

8.2   Current Funding Share Percentage and Current Funding 2 Share Percentage

      I.    Current Funding Share Percentage:

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

                               A - B - C + D
                               -------------  x 100
                                     G

            where,

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

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

            C =   the amount of any Losses sustained on the Mortgage Loans
                  during the Trust Calculation Period immediately preceding
                  such Relevant Distribution Date and the amount of any
                  reductions occurring in respect of the Mortgage Loans as
                  described in paragraph (A) of Clause 8.5 (Adjustments to
                  Trust Property) below which have been allocated to Funding
                  in the Trust Calculation Period ending on the Relevant
                  Distribution Date (based on (a) the Current Funding Share
                  Percentage thereof calculated on the Distribution Date
                  immediately preceding such Relevant Distribution Date
                  (provided that the Seller had not sold and assigned New
                  Mortgage Loans to the Mortgages Trustee or that Funding had
                  not paid a Further Contribution to the Mortgages Trustee in
                  the Trust Calculation Period immediately preceding such
                  Relevant Distribution Date), or (b) to the extent that the
                  Seller had sold and assigned New Mortgage Loans to the
                  Mortgages Trustee or that Funding had paid a Further
                  Contribution to the Mortgages Trustee during the Trust
                  Calculation Period immediately preceding such Relevant
                  Distribution Date, the Weighted Average Funding Share

                                      16
<PAGE>

                  Percentage (as defined below) thereof calculated on such
                  Relevant Distribution Date prior to the distribution to be
                  made on such Relevant Distribution Date, or (c) in the case
                  of the first Distribution Date, the Initial Funding Share
                  Percentage);

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

            G =   the amount of the Mortgages Trustee Retained Principal
                  Receipts (if any) plus the aggregate Current Balance of all
                  the Mortgage Loans in the Mortgage Portfolio as at the last
                  day of the Trust Calculation Period immediately preceding
                  such Relevant Distribution Date or, if applicable, on the
                  relevant Assignment Date or Contribution Date, after making
                  the distributions, allocations and additions referred to in
                  (B), (C) and (D) above and after taking account of the
                  following (being "Trust Property Calculation Adjustments")
                  (i) any distribution of Principal Receipts to the Seller,
                  Funding and Funding 2, (ii) the amount of any Losses or
                  Capitalised Arrears allocated to the Seller, Funding and
                  Funding 2, (iii) the adjustments referred to in paragraphs
                  (A) through (E) of Clause 8.5 (Adjustments to Trust
                  Property) (inclusive) below (or, if the Seller Share is
                  zero, the adjustments referred to in paragraph (A) only);
                  (iv) the amount of any other additions to or removals from
                  the Trust Property during such Trust Calculation Period,
                  including without limitation, any additions to the Trust
                  Property resulting from Cash Re-draws, Non-Cash Redraws and
                  Further Draws by Borrowers under Flexible Mortgage Loans
                  which are in the Trust Property or (if the Seller
                  subsequently elects not to purchase Mortgage Loans which are
                  the subject of Further Advances from the Mortgages Trustee)
                  Further Advances sold and assigned by the Seller; but
                  excluding the addition of Mortgage Loans on an Assignment
                  Date and any Initial Contribution or Further Contribution
                  made by Funding or Funding 2 during such Trust Calculation
                  Period and (v) any reduction in the outstanding principal
                  balances of Together Connections Mortgage Loans and
                  Connections Mortgage Loans resulting from Borrowers being
                  allocated a portion of the related Together Connections
                  Benefit and Connections Benefit, respectively, under such
                  Mortgage Loans.

      (B)   If during any Trust Calculation Period the Seller sells and
            assigns New Mortgage Loans to the Mortgages Trustee, the Cash
            Manager will recalculate the Current Funding Share Percentage on
            each such Assignment Date which is not also a Contribution Date
            (the "Relevant Assignment Date") in respect of the related Interim
            Calculation Period, for the purposes of calculating the
            distributions to be made from the Trust Property on the
            immediately succeeding Distribution Date and determining the
            amount of Losses to be allocated to Funding, and such Current
            Funding Share Percentage will be an

                                      17
<PAGE>

            amount, expressed as a percentage (calculated to an accuracy of
            five decimal places (rounded upwards)), equal to:

                                    A + E
                                    -----  x 100
                                      H

            where,

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

            E =   an amount equal to any Initial Contribution paid by
                  Funding to the Mortgages Trustee on such Relevant Assignment
                  Date in relation to the Funding Share of any New Mortgage
                  Loans assigned to the Mortgages Trustee on such Relevant
                  Assignment Date (which amount the Mortgages Trustee is
                  required pursuant to Clause 4.4 (Application by Mortgages
                  Trustee) to pay to the Seller in satisfaction (in part) of
                  the Mortgages Trustee's obligation to pay to the Seller the
                  Initial Purchase Price in respect of New Mortgage Loans sold
                  and assigned to the Mortgages Trustee on such Relevant
                  Assignment Date); and

            H =   the amount of the Mortgages Trustee Retained Principal
                  Receipts (if any), plus the aggregate Current Balance of all
                  the Mortgage Loans in the Trust Property as at the
                  Distribution Date immediately preceding such Relevant
                  Assignment Date (after making the distributions, allocations
                  and additions on that preceding Distribution Date), plus the
                  aggregate Current Balance of the New Mortgage Loans sold and
                  assigned to the Mortgages Trustee on such Relevant
                  Assignment Date and after taking account of Trust Property
                  Calculation Adjustments.

      (C)   If during any Trust Calculation Period a Funding Beneficiary pays
            a Contribution (excluding a Deferred Contribution) to the
            Mortgages Trustee to increase its share of the Trust Property or
            receives from the Mortgages Trustee a Special Distribution (where
            such Special Distribution is not made on a Distribution Date) in
            accordance with Clause 11 (Distribution of Principal Receipts),
            the Cash Manager will recalculate the Current Funding Share
            Percentage on each such Contribution Date (the "Relevant
            Contribution Date") in respect of the related Interim Calculation
            Period, for the purposes of calculating the distributions to be
            made from the Trust Property and determining the amount of Losses
            to be allocated to Funding on the immediately succeeding
            Distribution Date, and such Current Funding Share Percentage will
            be an amount, expressed as a percentage (calculated to an accuracy
            of five decimal places (rounded upwards)), equal to:

                                    A + E + F - 1
                                    -------------  x 100
                                          J

            where,

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

                                      18
<PAGE>

            E =   (1) if that Relevant Contribution Date is also an
                  Assignment Date, the amount of any Initial Contribution paid
                  by Funding to the Mortgages Trustee on that Contribution
                  Date in respect of the Funding Share of any New Trust
                  Property, and (2) in all other cases, zero;

            F =   an amount equal to any Further Contribution paid by
                  Funding to the Mortgages Trustee on such Relevant
                  Contribution Date to increase Funding's beneficial interest
                  in the Trust Property;

            I =   the amount of the Special Distribution distributed to
                  Funding on such date in accordance with the provisions
                  described in Clause 11 (Distribution of Principal Receipts);
                  and

            J =   the amount of the Mortgages Trustee Retained Principal
                  Receipts (if any) plus the aggregate Current Balance of all
                  the Mortgage Loans in the Trust Property as at the
                  Distribution Date immediately preceding such Relevant
                  Contribution Date (after making the distributions,
                  allocations and additions on that preceding Distribution
                  Date) plus the aggregate Current Balance of the New Mortgage
                  Loans sold and assigned to the Mortgages Trustee on that
                  Relevant Assignment Date and after taking account of Trust
                  Property Calculation Adjustments.

      II.   Current Funding 2 Share Percentage

      (A)   On each Relevant Distribution Date falling after the Funding 2
            Programme Date, the "Current Funding 2 Share Percentage" will be
            calculated by the Cash Manager in respect of the then-current
            Trust Calculation Period or related Interim Calculation Period, as
            applicable, for the purpose of calculating the distributions to be
            made from the Trust Property on the immediately succeeding
            Distribution Date, and such Current Funding 2 Share Percentage
            will be an amount, expressed as a percentage (calculated to an
            accuracy of five decimal places (rounded upwards)), equal to:

                                    A - B - C + D
                                    -------------  x 100
                                          G

            where, "A", "B", "C", "D" and "G" have the meanings specified in
            Clause 8.2(I)(A), provided however that:

            (1)   references to Funding (including references in any defined
                  term) are to be read as references to Funding 2;

            (2)   references to the first Distribution Date are to be read as
                  the first Distribution Date following the Funding 2
                  Programme Date; and

            (3)   references to the Initial Closing Date are to be read as the
                  Funding 2 Programme Date;

            (4)   prior to the Funding 2 Programme Date, each of the Current
                  Funding 2 Share and the Current Funding 2 Share Percentage
                  shall be zero.

                                      19
<PAGE>

      (B)   On each Relevant Assignment Date, the Cash Manager will
            recalculate the Current Funding 2 Share Percentage in respect of
            the related Interim Calculation Period, for the purposes of
            calculating the distributions to be made from the Trust Property
            on the immediately succeeding Distribution Date and determining
            the amount of Losses to be allocated to Funding 2, and such
            Current Funding 2 Share Percentage will be an amount, expressed as
            a percentage (calculated to an accuracy of five decimal places
            (rounded upwards)), equal to:

                                        A + E
                                        -----  x 100
                                          H

            where, "A", "E" and "H" have the meanings specified in clause
            8.2(I)(B), provided, however that references to Funding (including
            references in any defined term) are to be read as references to
            Funding 2.

      (C)   On each Relevant Contribution Date, the Cash Manager will
            recalculate the Current Funding 2 Share Percentage in respect of
            the related Interim Calculation Period, for the purposes of
            calculating the distributions to be made from the Trust Property
            and determining the amount of Losses to be allocated to Funding 2
            on the immediately succeeding Distribution Date, and such Current
            Funding 2 Share Percentage will be an amount, expressed as a
            percentage (calculated to an accuracy of five decimal places
            (rounded upwards)), equal to:

                                     A + E + F
                                     ---------  x 100
                                         J

            where, "A", "E", "F" and "J" have the meanings specified in clause
            8.2(I)(C), provided, however that references to Funding (including
            references in any defined term) are to be read as references to
            Funding 2.

      (D)   For the purposes of Clauses 8.2(II)(A), 8.2(II)(B) and 8.2(II)(C)
            above, in respect of the earliest to occur, following the Funding
            2 Programme Date, of (a) a Distribution Date, (b) a Contribution
            Date or (c) an Assignment Date, item "A" shall be the Initial
            Funding 2 Share.

8.3   Weighted Average Funding Share Percentage and Weighted Average Funding 2
      Share Percentage

      (A)   Weighted Average Funding Share Percentage:

            On any Distribution Date in respect to which:

            (1)   the Seller had sold and assigned New Mortgage Loans to the
                  Mortgages Trustee; or

            (2)   a Funding Beneficiary had made a Contribution (excluding any
                  Deferred Contribution) to the Mortgages Trustee to increase
                  its share of the Trust Property; or

                                      20
<PAGE>

            (3)   Funding or the Seller had received a Special Distribution
                  from the Mortgages Trustee,

            during the Trust Calculation Period immediately preceding such
            Distribution Date, the Cash Manager (on behalf of the
            Beneficiaries) will calculate (for the sole purpose of making the
            distributions to be made on such Distribution Date) the Weighted
            Average of the Current Funding Share Percentages that were
            calculated previously in respect of each Interim Calculation
            Period occurring in such immediately preceding Trust Calculation
            Period based on the amount of Revenue Receipts and Principal
            Receipts received and Losses sustained during each such Interim
            Calculation Period. The "Weighted Average Funding Share
            Percentage" for any such Distribution Date will be equal to:

            (i)   in respect of the distribution of Revenue Receipts to be
                  made on such Distribution Date, an amount determined in
                  accordance with the formula set forth below:

                                     (AxB)+(CxD)

                  where,

                  A =   the related Current Funding Share Percentage for
                        Interim Calculation Period 1;

                  B =   the number of days in Interim Calculation Period 1
                        divided by the number of days in the Trust Calculation
                        Period;

                  C =   the related Current Funding Share Percentage for
                        Interim Calculation Period 2; and

                  D =   the number of days in Interim Calculation Period 2
                        divided by the number of days in the Trust Calculation
                        Period;

            (ii)  in respect of the distribution of Principal Receipts to be
                  made on such Distribution Date, an amount determined in
                  accordance with the formula set forth below:

                                     (AxB)+(CxD)

                  where, "A", "B", "C" and "D" have the meanings specified in
                  Clause 8.3(A)(i) above.

            (iii) in respect of the allocation of Losses to be made on such
                  Distribution Date, an amount determined in accordance with
                  the formula set forth below:

                                     (AxB)+(CxD)

                  where, "A", "B", "C" and "D" have the meanings specified in
                  Clause 8.3(A)(i) ITTED] above.

                                      21
<PAGE>

      (B)   Weighted Average Funding 2 Share Percentage

            On any Distribution Date in respect to which:

            (1)   the Seller had sold and assigned New Mortgage Loans to the
                  Mortgages Trustee; or

            (2)   a Funding Beneficiary had made a Contribution (excluding any
                  Deferred Contribution) to the Mortgages Trustee to increase
                  its share of the Trust Property; or

            (3)   Funding or the Seller had received a Special Distribution
                  from the Mortgages Trustee,

            during the Trust Calculation Period immediately preceding such
            Distribution Date, the Cash Manager (on behalf of the
            Beneficiaries) will calculate (for the sole purpose of making the
            distributions to be made on such Distribution Date) the Weighted
            Average of the Current Funding 2 Share Percentages that were
            calculated previously in respect of each Interim Calculation
            Period occurring in such immediately preceding Trust Calculation
            Period based on the amount of Revenue Receipts and Principal
            Receipts received and Losses sustained during each such Interim
            Calculation Period. The "Weighted Average Funding 2 Share
            Percentage" for any such Distribution Date will be equal to:

            (i)   in respect of the distribution of Revenue Receipts to be
                  made on such Distribution Date, an amount determined in
                  accordance with the formula set forth below:

                                     (AxB)+(CxD)

                  where, "A", "B", "C" and "D" have the meanings specified in
                  Clause 8.3(A)(i) above; provided however that the references
                  to Current Funding Share Percentage are to be read as
                  references to Current Funding 2 Share Percentage.

            (ii)  in respect of the distribution of Principal Receipts to be
                  made on such Distribution Date, an amount determined in
                  accordance with the formula set forth below:

                                     (AxB)+(CxD)

                  where, "A", "B", "C" and "D" have the meanings specified in
                  Clause 8.3(A)(i) above; provided however that the references
                  to Current Funding Share Percentage are to be read as
                  references to Current Funding 2 Share Percentage.

            (iii) in respect of the allocation of Losses to be made on such
                  Distribution Date, an amount determined in accordance with
                  the formula set forth below:

                                      22
<PAGE>

                                     (AxB)+(CxD)

                  where, "A", "B", "C" and "D" have the meanings specified in
                  Clause 8.3(A)(i) ITTED] above; provided however that the
                  references to Current Funding Share Percentage are to be
                  read as references to Current Funding 2 Share Percentage.

8.4   Current Funding Share and Current Funding 2 Share

      I.    Current Funding Share

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

                                     A - B - C + D

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

      (B)   On each Assignment Date (which is not also a Contribution Date),
            the Current Funding Share will be calculated by the Cash Manager
            in respect of the related Interim Calculation Period and will be
            an amount equal to:

                                          A + E

            where "A" and "E" have the meanings specified in Clause 8.2(I)(B)
            above.

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

                                     A + E + F - I

            where "A", "E" and "F" and "I" have the meanings specified in
            Clause 8.2(I)(C) above. C OMITTED]

      II.   Current Funding 2 Share

      (A)   On each Distribution Date, the "Current Funding 2 Share" will be
            calculated by the Cash Manager in respect of the then-current
            Trust Calculation Period or the related Interim Calculation
            Period, as applicable, and will be an amount equal to:

                                     A - B - C + D

            where (subject to Clause 8.2(II)(D)) "A", "B", "C" and "D" have
            the meanings specified ED] in Clause 8.2(II)(A) above.

                                      23
<PAGE>

      (B)   On each Assignment Date (which is not also a Contribution Date),
            the Current Funding 2 Share will be calculated by the Cash Manager
            in respect of the related Interim Calculation Period and will be
            an amount equal to:

                                        A + E

            where (subject to Clause 8.2(II)(D)) "A" and "E" have the meanings
            specified in Clause 8.2(II)(B).

      (C)   On each Contribution Date, the Current Funding 2 Share will be
            calculated by the Cash Manager in respect of the related Interim
            Calculation Period and will be an amount equal to:

                                      A + E + F

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

8.5   Adjustments to Trust Property

      If any of the following events has occurred during a Trust Calculation
      Period, then (subject to the Cash Manager receiving notice or otherwise
      being aware of the occurrence of the event) for the purposes of making
      the Trust Property Calculation Adjustments, the aggregate Current
      Balance of the Mortgage Loans in the Mortgage Portfolio shall be reduced
      or, as the case may be, deemed to be reduced:

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

      (B)   a Mortgage Loan or (as applicable) its Related Security (i) was
            assigned to the Mortgages Trustee in breach of the Representations
            and Warranties in the Mortgage Sale Agreement as at the Initial
            Closing Date or, as the case may be, the relevant Assignment Date
            or (ii) is the subject of a Product Switch or a Further Advance or
            in respect of which the Borrower has accepted an offer by the
            Seller of a Personal Secured Loan and the Seller has elected to
            purchase the relevant Mortgage Loan or Mortgage Loans and Related
            Security, and in the case of (i) above the Seller fails to
            repurchase and in the case of (ii) above the Seller fails to
            purchase, the relevant Mortgage Loan or Mortgage Loans under the
            relevant Mortgage Account and their Related Security as required
            by the terms of the Mortgage Sale Agreement; in which event the
            aggregate Current Balance of the Mortgage Loans in the Mortgage
            Portfolio shall be deemed to be reduced for the purposes of making
            the Trust Property Calculation Adjustments by an amount equal to
            the Current Balance of the relevant Mortgage Loan or Mortgage
            Loans under the relevant Mortgage Account (together with Arrears
            of Interest and Accrued Interest) which the Seller has failed to
            repurchase or purchase, as applicable; and/or

                                      24
<PAGE>

      (C)   both the Security Trustee and the Funding 2 Security Trustee are
            notified that a Flexible Mortgage Loan or part thereof has been
            determined by a court judgment on the point or as a result of a
            determination by a relevant regulatory authority (whether or not
            in relation to an analogous flexible mortgage loan product of
            another UK mortgage lender):

            (1)   to be unenforceable; and/or

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

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

      (D)   (i) in respect of breaches of Representations and Warranties in
            the Mortgage Sale Agreement, the Seller would be required to
            repurchase a Mortgage Loan and its Related Security and (ii) in
            respect of a Mortgage Loan subject to a Further Advance or a
            Product Switch or in respect of which the Borrower has accepted an
            offer by the Seller of a Personal Secured Loan, the Seller elects
            to purchase the relevant Mortgage Loan or Mortgage Loans under the
            relevant Mortgage Account (including any Personal Secured Loans
            and any Further Draws made thereunder secured over the same
            Mortgaged Property) and their Related Security in accordance with
            the terms of the Mortgage Sale Agreement, but such Mortgage Loan
            and its Related Security are not capable of being repurchased or
            purchased, as applicable; in which event the aggregate Current
            Balance of the Mortgage Loans in the Mortgage Portfolio shall be
            deemed to be reduced for the purposes of making the Trust Property
            Calculation Adjustments by an amount equal to the Current Balance
            of the relevant Mortgage Loan (together with Arrears of Interest
            and Accrued Interest) which is not capable of being repurchased or
            purchased, as applicable; and/or

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

            The reductions and deemed reductions set out in paragraphs (A),
            (B), (C), (D) and (E) (including any resulting loss in respect
            thereof) of this Clause and any losses arising in respect of any
            Personal Secured Loans shall, subject to Clause 9.1 (Initial
            Minimum Seller Share), be allocated on the relevant Distribution

                                      25
<PAGE>

            Date, Assignment Date or Contribution Date (as applicable) first
            to the Seller Share of the Trust Property (or for the purposes of
            calculating the Seller Share of the Trust Property as the case may
            be) until the Seller Share is zero and thereafter (in respect of
            paragraph (A) only) shall be allocated to the Funding Share and
            the Funding 2 Share of the Trust Property pro rata in accordance
            with the Funding Proportion and the Funding 2 Proportion. If at,
            or any time after the Initial Closing Date the Mortgages Trustee
            holds, or there is held to its order, or it receives, or there is
            received to its order, any property, interest, right or benefit
            relating to the whole or that portion of any Mortgage Loan and its
            Related Security which is or has been subject to any matter
            described in paragraphs (A) through (E) above or any Personal
            Secured Loan in respect of which losses have arisen and in respect
            of which the Seller Share of the Trust Property has been reduced
            or deemed reduced such property, interest, right or benefit will
            constitute a Revenue Receipt and the Mortgages Trustee will remit,
            assign or transfer the same to Funding and to Funding 2 pro rata
            in accordance with the Funding Proportion and the Funding 2
            Proportion (but only if and to the extent that the related
            reductions or deemed reductions were applied against the Funding
            Share and the Funding 2 Share of the Trust Property) and
            thereafter to the Seller, as the case may require, and until it
            does so or to the extent that the Mortgages Trustee is unable to
            effect such remittance, assignment or transfer, the Mortgages
            Trustee will hold such property, interest, right or benefit and/or
            the proceeds thereof upon trust absolutely for Funding and/or
            Funding 2 and/or the Seller (separate from the Mortgages Trust),
            as the case may require.

8.6   Current Seller Share Percentage

      (A)   On each Relevant Distribution Date, the "Current Seller Share
            Percentage" will be calculated by the Cash Manager in respect of
            the then-current Trust Calculation Period or the related Interim
            Calculation Period, as applicable, and the distributions to be
            made from the Trust Property on the immediately succeeding
            Distribution Date, and will be a percentage equal to:

            100% minus the sum of the Current Funding Share Percentage and the
            Current Funding 2 Share Percentage

            where the Current Funding Share Percentage and the Current Funding
            2 Share Percentage are calculated on such Relevant Distribution
            Date in accordance with Clause 8.2(I)(A) and (subject to Clause
            8.2(II)(D)) Clause 8.2(II)(A) respectively.

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

            100% minus the sum of the Current Funding Share Percentage and the
            Current Funding 2 Share Percentage

            where the Current Funding Share Percentage and the Current Funding
            2 Share Percentage are as calculated on such Relevant Assignment
            Date in accordance

                                      26
<PAGE>

            with Clause 8.2(I)(B) and (subject to Clause 8.2(II)(D)) Clause
            8.2(II)(B) respectively.

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

            100% minus the sum of the Current Funding Share Percentage and the
            Current Funding 2 Share Percentage

            where the Current Funding Share Percentage and the Current Funding
            2 Share Percentage are as calculated on such Relevant Contribution
            Date in accordance with Clause 8.2(I)(C) and (subject to Clause
            8.2(II)(D)) Clause 8.2(II)(C) respectively.

8.7   Weighted Average Seller Share Percentage

      On any Distribution Date in respect to which:

      (1)   the Seller has assigned New Mortgage Loans to the Mortgages
            Trustee; or

      (2)   a Funding Beneficiary has made a Contribution (excluding a
            Deferred Contribution) to the Mortgages Trustee to increase its
            share of the Trust Property; or

      (3)   Funding or the Seller had received a Special Distribution from the
            Mortgages Trustee,

      during the Trust Calculation Period immediately preceding such
      Distribution Date, the Cash Manager will calculate (for the sole purpose
      of making the distributions to be made on such Distribution Date) the
      Weighted Average of the Seller Share Percentages that were calculated
      previously in respect of the Revenue Receipts and Principal Receipts
      received, and Losses sustained, during each Interim Calculation Period
      occurring in such immediately preceding Trust Calculation Period and
      will be a percentage equal to:

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

            100% minus the sum of the Weighted Average Funding Share
            Percentage and the Weighted Average Funding 2 Share Percentage

            where such Weighted Average Funding Share Percentage and Weighted
            Average Funding 2 Share Percentage are as calculated on such
            Distribution Date in accordance with Clauses 8.3(A)(i) and
            8.3(B)(i) respectively;

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

            100% minus the sum of the Weighted Average Funding Share
            Percentage and the Weighted Average Funding 2 Share Percentage

                                      27
<PAGE>

            where such Weighted Average Funding Share Percentage and Weighted
            Average Funding 2 Share Percentage are as calculated on such
            Distribution Date in accordance with Clauses 8.3(A)(ii) and
            8.3(B)(ii) respectively; and

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

            100% minus the sum of the Weighted Average Funding Share
            Percentage and the Weighted Average Funding 2 Share Percentage

            where such Weighted Average Funding Share Percentage and Weighted
            Average Funding 2 Share Percentage are as calculated on such
            Distribution Date in accordance with Clauses 8.3(A)(iii) and
            8.3(B)(iii) respectively.

8.8   Current Seller Share

      (A)   On each Relevant Distribution Date, the "Current Seller Share"
            will be calculated by the Cash Manager in respect of the
            then-current Trust Calculation Period or the related Interim
            Calculation Period, as applicable, and will be an amount equal to:

            The aggregate amount of the Trust Property (excluding Revenue
            Receipts) as at the Relevant Distribution Date minus the sum of
            the Current Funding Share and the Current Funding 2 Share

            where "Current Funding Share" and "Current Funding 2 Share" are as
            calculated on such Relevant Distribution Date in accordance with
            Clauses 8.4(I)(A) and 8.4(II)(A) respectively.

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

            The aggregate amount of the Trust Property (excluding Revenue
            Receipts) as at an Assignment Date minus the sum of the Current
            Funding Share and the Current Funding 2 Share

            where "Current Funding Share" and "Current Funding 2 Share" are as
            calculated on such Relevant Assignment Date in accordance with
            Clauses 8.4(I)(B) and 8.4(II)(B) above.

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

            The aggregate amount of the Trust Property (excluding Revenue
            Receipts) as at a Contribution Date minus the sum of the Current
            Funding Share and the Current Funding 2 Share

            where "Current Funding Share" and "Current Funding 2 Share" are as
            calculated on such Relevant Contribution Date in accordance with
            Clauses 8.4(I)(C) and 8.4(II)(C) respectively.

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<PAGE>

8.9   Funding Share/Funding 2 Share/Seller Share

      The Funding Share, the Funding 2 Share and the Seller Share may not be
      reduced below zero. At all times the sum of the Funding Share
      Percentage, the Funding 2 Share Percentage and the Seller Share
      Percentage shall be equal to 100 per cent. of the Trust Property.

9.    MINIMUM SELLER SHARE

9.1   Initial Minimum Seller Share

      The Seller Share of the Trust Property includes an amount equal to the
      Minimum Seller Share. Unless and until both the Funding Share and the
      Funding 2 Share of the Trust Property are in an amount equal to zero or
      following the occurrence of an Asset Trigger Event, the Seller will not
      be entitled to receive Mortgages Trustee Principal Receipts which would
      reduce the Seller Share of the Trust Property to an amount less than the
      Minimum Seller Share and the Seller consents and directs the Mortgages
      Trustee accordingly.

9.2   Fluctuation of Minimum Seller Share on each Distribution Date

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

                                 W + X + Y + Z

      where:

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

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

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

            p =   8%;

            q =   the sum of (i) the "Flexible Cash Re-Draw Capacity", being
                  an amount equal to the difference between (1) the maximum
                  amount of Cash Re-draws that Borrowers may draw under
                  Flexible Mortgage Loans included in the Mortgage Portfolio
                  (whether or not drawn) as at the last day of the immediately
                  preceding Trust Calculation Period and (2) the aggregate
                  Current Balance of Cash Re-draws in respect of Mortgage
                  Loans included in the Mortgage Portfolio as at the last day
                  of the immediately preceding Trust Calculation Period; and
                  (ii) the "Further Draw Capacity", being an amount equal to
                  the difference between (1) the maximum amount of Further
                  Draws that Borrowers

                                      29
<PAGE>

                  may make in respect of Personal Secured Loans included in
                  the Mortgage Portfolio (whether or not drawn) as at the last
                  day of the immediately preceding Trust Calculation Period
                  and (2) the aggregate Current Balance of Personal Secured
                  Loans which are included in the Mortgage Portfolio as at the
                  last day of the immediately preceding Trust Calculation
                  Period; and

            r =   3; and

      Z =   the aggregate Current Balance of (i) Re-Draws and (ii) Personal
            Secured Loans in the Mortgage Portfolio, in each case as at the
            last day of the immediately preceding Trust Calculation Period.

9.3   Recalculation of Minimum Seller Share following occurrence of
      exceptional events

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

10.   DISTRIBUTION OF REVENUE RECEIPTS

10.1  Distribution of Third Party Amounts

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

10.2  Distribution of Mortgages Trustee Available Revenue Receipts

      Subject as provided in Clause 8.5 (Adjustments to Trust Property), on
      each Distribution Date the Cash Manager (at the direction of the
      Mortgages Trustee acting on behalf of the Beneficiaries at their
      direction and with their consent which is hereby given) will distribute
      Mortgages Trustee Available Revenue Receipts in the following order of
      priority:

      (A)   first, in no order of priority between them but in proportion to
            the respective amounts due of:

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

                                      30
<PAGE>

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

      (B)   second, in no order of priority between them but in proportion to
            the respective amounts due of:

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

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

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

            (1)   the Seller in an amount determined by multiplying the total
                  amount of the remaining Mortgages Trustee Available Revenue
                  Receipts by the Current Seller Share Percentage of the Trust
                  Property, as determined on the immediately preceding
                  Distribution Date or, in the case of the first Distribution
                  Date immediately following the relevant Closing Date, as of
                  such Closing Date; and

            (2)   Funding, in an amount which is equal to the lesser of:

                  (i)   the aggregate of the amounts to be applied on the
                        immediately succeeding Payment Date for Group 1
                        Issuers and the immediately succeeding Payment Date
                        for Group 2 Issuers as set forth under the Funding
                        Pre-Enforcement Revenue Priority of Payments or, as
                        the case may be, the Funding Post-Enforcement Priority
                        of Payments (but excluding any principal amount due
                        under any Funding Intercompany Loan (save that, for
                        the avoidance of doubt, such exclusion shall not apply
                        in respect of any Funding Available Revenue Receipts
                        which are applied by a Funding Issuer to credit that
                        Funding Issuer's Principal Deficiency Ledger and
                        thereby reduce the principal payable under that
                        Funding Issuer's Intercompany Loan) and any amount of
                        Deferred Contribution due under paragraph (p) of the
                        Funding Pre-Enforcement Revenue Priority of Payments
                        and/or paragraph (F) of the Funding Post-Enforcement
                        Priority of Payments), less all other amounts (not
                        derived from the

                                      31
<PAGE>

                        distribution of Mortgages Trustee Available Revenue
                        Receipts under this Deed) which will constitute
                        Funding Available Revenue Receipts on the immediately
                        succeeding Payment Date, such amount not to be less
                        than zero; and

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

            (3)   Funding 2 in an amount which is equal to the lesser of:

                  (i)   the aggregate of the amounts to be applied on the
                        immediately succeeding Monthly Payment Date as set
                        forth under the Funding 2 Pre-Enforcement Revenue
                        Priority of Payments or, as the case may be, the
                        Funding 2 Post-Enforcement Priority of Payments (but
                        excluding any principal amount due under the Global
                        Intercompany Loan Agreement (save that, for the
                        avoidance of doubt, such exclusion shall not apply in
                        respect of any Funding 2 Available Revenue Receipts
                        which are applied by Funding 2 to credit any Principal
                        Deficiency Subledgers and thereby reduce the principal
                        payable under the related Loan Tranches) and any
                        amount of Deferred Contribution under paragraph (X) of
                        the Funding 2 Pre-Enforcement Revenue Priority of
                        Payments and/or paragraph (O) of the Funding 2
                        Post-Enforcement Priority of Payments), less all other
                        amounts (not derived from the distribution of
                        Mortgages Trustee Available Revenue Receipts under
                        this Deed) which will constitute Funding 2 Available
                        Revenue Receipts on the immediately succeeding Monthly
                        Payment Date, such amount not to be less than zero;
                        and

                  (ii)  an amount determined by multiplying the total amount
                        of the remaining Mortgages Trustee Available Revenue
                        Receipts by the Current Funding 2 Share Percentage of
                        the Trust Property, as determined on the immediately
                        preceding Distribution Date;

      (D)   fourth, to allocate:

            (i)   to Funding but pay at the direction of Funding to the Seller
                  an amount equal to the Funding Proportion of YY - ZZ; and

            (ii)  to Funding 2 but pay at the direction of Funding 2 to the
                  Seller an amount equal to the Funding 2 Proportion of YY -
                  ZZ,

            where "YY" is the amount of the Mortgages Trustee Available
            Revenue Receipts and "ZZ" is the amount of such Mortgages Trustee
            Available Revenue Receipts applied and/or allocated under items
            (A) to (C) above, such

                                      32
<PAGE>

            amount to be in satisfaction of amounts of Deferred Purchase Price
            due to the Seller under the terms of the Mortgage Sale Agreement;

      PROVIDED THAT if an Assignment Date or a Contribution Date has occurred
      during the Trust Calculation Period immediately preceding such
      Distribution Date, then the Cash Manager will use (i) the Weighted
      Average Seller Share Percentage (instead of the Current Seller Share
      Percentage) as calculated pursuant to Clause 8.7(A) above in determining
      the amount of Mortgages Trustee Available Revenue Receipts to distribute
      to the Seller pursuant to Clause 10.2(C)(1) above, (ii) the Weighted
      Average Funding Share Percentage (instead of the Current Funding Share
      Percentage) as calculated pursuant to Clause 8.3(A) above in determining
      the Funding (Mortgages Trust) Revenue Amounts pursuant to Clause
      10.2(C)(2) and Clause 10.3 (Calculation of Funding (Mortgages Trust)
      Revenue Amount and Funding 2 (Mortgages Trust) Revenue Amount) and (iii)
      the Weighted Average Funding 2 Share Percentage (instead of the Current
      Funding 2 Share Percentage) as calculated pursuant to Clause 8.3(B)
      above in determining the amount of Funding 2 (Mortgages Trust) Revenue
      Amounts pursuant to Clause 10.2(C)(2) and Clause 10.3 (Calculation of
      Funding (Mortgages Trust) Revenue Amount and Funding 2 (Mortgages Trust)
      Revenue Amount).

11.   DISTRIBUTION OF PRINCIPAL RECEIPTS

11.1  Distribution of Principal Receipts prior to the occurrence of a Trigger
      Event

      Subject as provided in Clause 8.6 (Adjustments to Trust Property), prior
      to the occurrence of a Trigger Event (and whether or not there has been
      an enforcement of the Funding Security, the Funding 2 Security, any
      Funding Issuer Security or any Funding 2 Issuer Security), on each
      Distribution Date (or, in respect of any Initial Purchase Price or
      Special Distribution, on any Contribution Date), the Cash Manager (at
      the direction of the Mortgages Trustee acting on behalf of the
      Beneficiaries at their direction and with their consent which is hereby
      given) shall, subject to the provisos below, allocate and distribute
      Mortgages Trustee Principal Receipts as follows:

      (A)   first, to the Seller an amount in respect of any Initial Purchase
            Price (if any) or Special Distribution which is then allocable and
            payable to the Seller under Clause 6.4 (Distribution) above;

      (B)   second, to Funding the amount of any Special Distribution which is
            then allocable and payable to Funding in accordance with Clause
            6.4 (Distribution) above;

      (C)   third, in no order of priority between them but in proportion to
            the respective amounts due:

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

                  (a)   (i)   prior to the occurrence of an ACA Trigger Event,
                              the principal amount due on the Funding
                              Intercompany Loan of such Funding Issuer equal
                              to the Controlled Amortisation Amounts due, if
                              any, on such Funding

                                      33
<PAGE>

                              Issuer's Payment Date immediately succeeding
                              such Distribution Date (in each case determined
                              on the assumption that the Issuer Reserve
                              Requirement, the Issuer Arrears Test and the
                              Subordinated Principal Test (as applicable) are
                              satisfied on such date; that the Controlled
                              Amortisation Amount is the relevant amount as
                              set forth in the tables contained in Schedule 4
                              to the Current Issuer Cash Management Agreement;
                              and that the proviso appearing at the end of
                              such tables does not apply); and

                        (ii)  upon and after the occurrence of an ACA Trigger
                              Event, (x) in respect of each Funding Issuer
                              that is not an ACA Issuer, an amount as set
                              forth in (1)(a)(i) above; and (y) in respect of
                              each ACA Issuer, up to an amount equal to the
                              ACA Limit Amount in respect of such ACA Issuer;
                              and

                  (b)   an amount in respect of each Funding Issuer equal to:

<TABLE>
<CAPTION>

                  <S>                     <C>                             <C>
                                             Current Funding Share         Outstanding Principal
                                          Percentage as calculated on     Balance on such Funding
                                           the immediately preceding          Issuer's Funding
                                           Distribution Date (or, in         Intercompany Loan
                                             the case of the first        -------------------------
                           Mortgages      Distribution Date following       Aggregate Outstanding
                             Trustee  x   the Closing Date in respect   x    Principal Balance on
                  Principal Receipts       of such Issuer, as of the             all Funding
                                             relevant Closing Date)          Intercompany Loans

</TABLE>

            (2)   to Funding 2 in an amount equal to the lesser of:

                  (a)   if Funding 2 has a Repayment Requirement on that
                        Distribution Date, the amount of such Repayment
                        Requirement; and

                  (b)   an amount determined by multiplying the total amount
                        of remaining Mortgages Trustee Principal Receipts by
                        the Current Funding 2 Share Percentage of the Trust
                        Property;

      (D)   fourth, in no order between them but in proportion to the
            respective amounts due to Funding and Funding 2, to the extent not
            already paid pursuant to item (C) above, up to the amounts set
            forth in item (C)(1)(a) and item (C)(2)(a) above, respectively;
            and

      (E)   fifth, if such Distribution Date is not a Seller Share Event
            Distribution Date, to allocate to the Seller an amount equal to AA
            - BB, where "AA" is the amount of Mortgages Trustee Principal
            Receipts and "BB" is the amount of such Mortgages Trustee
            Principal Receipts applied and/or allocated under (A) through (D)
            above;

                                      34
<PAGE>

      provided that, if an Assignment Date or a Contribution Date has occurred
      during the Trust Calculation Period immediately preceding that
      Distribution Date, then the Cash Manager will use (i) the Weighted
      Average Funding 2 Share Percentage (instead of the Funding 2 Share
      Percentage) in determining the amount of Mortgages Trustee Principal
      Receipts to distribute to Funding 2 on that Distribution Date and (ii)
      the Weighted Average Funding Share Percentage in determining the amount
      of Mortgages Trustee Principal Receipts to distribute to Funding on that
      Distribution Date.

PROVIDED THAT in relation to (A) through (E) above the following rules (the
"Rules for the application of Mortgages Trustee Principal Receipts") shall
apply:

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

            (b)   If the Notes of any Funding 2 Issuer have become immediately
                  due and payable as a result of the service of an Issuer
                  Enforcement Notice or if the Loan Tranches under any Funding
                  2 Intercompany Loan Agreement have become immediately due
                  and payable as a result of the service of a Funding 2
                  Intercompany Loan Enforcement Notice, principal payments in
                  respect of the Funding 2 Intercompany Loan may be made in
                  excess of any Bullet Repayment Loan Amount, Scheduled
                  Repayment Loan Amount or Controlled Repayment Loan Amount
                  and paragraph (C)(2)(a) above shall no longer apply and,
                  except following a Non-Asset Trigger Event, the amount of
                  Mortgages Trustee Principal Receipts to be distributed to
                  Funding 2 on that Distribution Date may not exceed the
                  amount determined under paragraph (C)(2)(b) above.

      (2)   (a)   If the Notes of any Funding 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
                  Funding Issuer has (and the other Intercompany Loans of any
                  other Funding Issuers have) become immediately due and
                  payable as a result of the service of an Intercompany Loan
                  Enforcement Notice on Funding, then for the purpose of
                  calculating the amount in respect of that Funding Issuer
                  under paragraph (C)(1)(b) above, that amount may be reduced
                  to the extent of any remaining amounts standing to the
                  credit of the Issuer Reserve Ledger and/or the Issuer
                  Liquidity Reserve Ledger (if any) for

                                      35
<PAGE>

                  that Funding Issuer which are to be utilised on the
                  immediately succeeding Payment Date to repay principal on
                  that Funding Issuer's Intercompany Loan, but only to the
                  extent that those amounts would not otherwise be payable on
                  that Funding Intercompany Loan on that Payment Date.

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

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

            (b)   The amount of Mortgages Trustee Principal Receipts payable
                  to Funding 2 on a Distribution Date will be reduced in
                  proportion to the aggregate of Mortgages Trustee Available
                  Revenue Receipts allocable to Funding 2 on such Distribution
                  Date which are to be applied on the immediately succeeding
                  Monthly Payment Date in reduction of deficiencies recorded
                  on the Funding 2 Principal Deficiency Ledger, but only to
                  the extent that the Mortgages Trustee Available Revenue
                  Receipts which are to be so applied on that Monthly Payment
                  Date would not otherwise be payable as principal of the
                  relevant Notes to be paid on that Monthly Payment Date.

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

                                      36
<PAGE>

            (a)   any deficiency recorded on the Issuer Principal Deficiency
                  Ledger of that Issuer as at that Distribution Date, but only
                  to the extent that such deficiency has arisen 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 Distribution
                  Date of any Special Repayment Notes issued by that Issuer

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

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

      (7)   On a Seller Share Event Distribution Date, the Cash Manager shall
            not distribute the remaining Mortgages Trustee Principal Receipts
            to the Seller and shall deposit all Mortgages Trustee Retained
            Principal Receipts in the Mortgages Trustee GIC Account and make a
            corresponding credit to the Mortgages Trustee Principal Ledger.

11.2  Distribution of Mortgages Trustee Principal Receipts on or after the
      occurrence of an Asset Trigger Event

      On or after the occurrence of an Asset Trigger Event, the Cash Manager
      (at the direction of the Mortgages Trustee acting on behalf of the
      Beneficiaries at their direction and with their consent which is hereby
      given) shall, on each Distribution Date (including, if applicable, any
      Distribution Date on which an Asset Trigger Event occurs), allocate and
      distribute all Mortgages Trustee Principal Receipts as follows:

      (a)   if the immediately preceding Distribution Date was a Seller Share
            Event Distribution Date, all of the Mortgages Trustee Retained
            Principal Receipts to Funding and Funding 2 in no order of
            priority among them and pro rata in accordance with the Funding
            Proportion and the Funding 2 Proportion; and then

                                      37
<PAGE>

      (b)   among Funding, Funding 2 and the Seller, in no order of priority
            among them and pro rata according to their respective Shares of
            the Trust Property until the Funding Share and the Funding 2 Share
            of the Trust Property are reduced to zero (and, for the avoidance
            of doubt, such payments may reduce the Seller Share of the Trust
            Property to an amount less than the Minimum Seller Share).
            Notwithstanding the foregoing, if an Assignment Date or a
            Contribution Date has occurred during the Trust Calculation Period
            immediately preceding any such Distribution Date, the Cash Manager
            will apply all Mortgages Trustee Principal Receipts remaining
            after (a) above among Funding, Funding 2 and the Seller in no
            order of priority between them but in proportion to the Weighted
            Average Funding Share Percentage, the Weighted Average Funding 2
            Share Percentage and the Weighted Average Seller Share Percentage,
            each in respect of Mortgages Trustee Principal Receipts, for that
            Distribution Date until the Funding Share and Funding 2 Share of
            the Trust Property is zero.

11.3  Distribution of Principal Receipts on or after the occurrence of a
      Non-Asset Trigger Event

      On or after the occurrence of a Non-Asset Trigger Event and until the
      occurrence of an Asset Trigger Event, the Cash Manager (at the direction
      of the Mortgages Trustee acting on behalf of the Beneficiaries at their
      direction and with their consent which is hereby given) shall, on each
      Distribution Date (including, if applicable, any Distribution Date on
      which a Non-Asset Trigger Event occurs), apply all Mortgages Trustee
      Principal Receipts to Funding and Funding 2 in no order of priority
      among them and pro rata in accordance with the Funding Proportion and
      the Funding 2 Proportion until the Funding Share and the Funding 2 Share
      of the Trust Property have been reduced to zero and shall thereafter, on
      each Distribution Date, apply all Mortgages Trustee Principal Receipts
      to the Seller.

12.   ALLOCATION OF LOSSES

12.1  Subject as provided otherwise herein (including Clause 8.5 (Adjustments
      to Trust Property) of this Deed), all Losses sustained on the Mortgage
      Loans (other than any Personal Secured Loans) during a Trust Calculation
      Period shall be applied in reducing pro rata the Funding Share of the
      Trust Property, the Funding 2 Share of the Trust Property and the Seller
      Share of the Trust Property on the Distribution Date immediately
      succeeding such Trust Calculation Period by multiplying the Losses
      sustained in the relevant Trust Calculation Period by the Funding Share
      Percentage and the Funding 2 Share Percentage, respectively, (in each
      case as calculated on the Distribution Date immediately preceding such
      Trust Calculation Period) until the Funding Share of the Trust Property
      and the Funding 2 Share of the Trust Property are both zero, PROVIDED
      THAT if during the Trust Calculation Period immediately preceding a
      Distribution Date the Seller has sold and assigned New Mortgage Loans to
      the Mortgages Trustee or if Funding or Funding 2 made a Further
      Contribution to the Mortgages Trustee to increase the Funding Share or
      the Funding 2 Share of the Trust Property, such Losses shall be
      multiplied by the Weighted Average Funding Share Percentage and the
      Weighted Average Funding 2 Share Percentage, as applicable (in each case
      as calculated on such Distribution Date pursuant to Clause 8.3(A)(3) or
      8.3(B)(3) above) rather than the Funding Share Percentage and/or the
      Funding 2 Share Percentage. The remainder of such Losses shall be
      allocated to the Seller.

                                      38
<PAGE>

12.2  All losses sustained during a Trust Calculation Period on Personal
      Secured Loans in the Mortgage Portfolio shall be applied first to reduce
      the Seller Share of the Trust Property (including, for the avoidance of
      doubt, that portion of the Seller Share which represents the Minimum
      Seller Share) on the Distribution Date immediately succeeding such Trust
      Calculation Period until the Seller Share is zero and thereafter shall
      be applied to reduce the Funding Share and the Funding 2 Share of the
      Trust Property on a pro rata basis in accordance with the Funding
      Proportion and the Funding 2 Proportion.

13.   OVERPAYMENTS

13.1  Non-Flexible Mortgage Loans

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

13.2  Flexible Mortgage Loans

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

14.   ARREARS

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

15.   LEDGERS

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

                                      39
<PAGE>

      (a)   the Principal Ledger, which shall record (i) all receipts of
            Principal Receipts and distribution of the same to Funding,
            Funding 2 and the Seller and (ii) any Mortgages Trustee Retained
            Principal Receipts;

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

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

      (d)   the Funding Share/Funding 2 Share/Seller Share Ledger which shall
            record the Funding Share, the Funding 2 Share and the Seller Share
            of the Trust Property, and the Funding Share Percentage, the
            Funding 2 Share Percentage and the Seller Share Percentage;

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

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

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

      (h)   the Contributions Ledger, which will be divided into sub ledgers
            to record (i) the making by Funding of Contributions to the
            Mortgages Trust, (ii) the making by Funding 2 of Contributions to
            the Mortgages Trust, (iii) the making by the Seller of
            Contributions to the Mortgages Trust and the application of such
            Contributions by the Mortgages Trustee in payment to the Seller of
            (a) amounts of Initial Purchase Price for the sale of any New
            Mortgage Portfolio which is acquired by the Mortgages Trustee from
            the Seller under the provisions of the Mortgage Sale Agreement or
            (b) amounts of Deferred Purchase Price in accordance with the
            Mortgage Sale Agreement or (c) any Special Distribution in
            accordance with the terms of this Deed and the application of such
            Contributions by the Mortgages Trustee in payment to Funding of
            any Special Distribution in accordance with the terms of this
            Deed; and

      (i)   the Further Draw Ledger, which shall record all Further Draws in
            relation to Personal Secured Loans.

16.   FEES AND EXPENSES OF THE MORTGAGES TRUSTEE

16.1  Remuneration

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

                                      40
<PAGE>

16.2  Expenses and Liabilities

      Each Beneficiary shall indemnify the Mortgages Trustee from time to time
      with such regularity as is reasonably agreed between the parties, in
      respect of the Funding Share, the Funding 2 Share and the Seller Share,
      respectively, of the documentable costs, expenses and/or liabilities
      directly and properly incurred by the Mortgages Trustee in performing
      its obligations hereunder or otherwise in acting as trustee in
      accordance with the terms of this Deed and the other Transaction
      Documents to which the Mortgages Trustee is a party inclusive (if
      applicable) of any amounts in respect of Irrecoverable VAT incurred in
      respect of such costs and expenses.

17.   BENEFICIARY DIRECTIONS

17.1  Administration Agreement and Cash Management Agreement

      On the Initial Closing Date the Mortgages Trustee shall enter into the
      Administration Agreement and the Cash Management Agreement.

17.2  Directions from Beneficiaries

      Subject to Clause 17.3 (No Breach), Clause 17.7 (Controlling Directions)
      and to any agreement between the Beneficiaries, the Mortgages Trustee
      covenants with the Beneficiaries that the Mortgages Trustee shall take
      all necessary steps and do everything which the Funding Beneficiaries
      and the Seller (acting together) may reasonably request or direct it to
      do in order to give effect to the terms of this Deed or the other
      Transaction Documents to which the Mortgages Trustee is a party;
      provided that at any time after the Funding Share and the Funding 2
      Share have both been reduced to zero the Mortgages Trustee shall not be
      required to act at the direction of the Funding Beneficiaries and the
      Seller (acting together) and shall instead act in accordance with any
      direction given solely by the Seller.

17.3  No breach

      Each of Funding, Funding 2 and the Seller covenants with each other and
      with the Mortgages Trustee that none of them shall direct or request the
      Mortgages Trustee to do any act or thing which breaches the terms of, or
      is otherwise expressly dealt with (such that the Mortgages Trustee has
      no discretion) under any of the Transaction Documents.

17.4  Mortgages Trustee entitled to decline to follow directions

      The Mortgages Trustee shall have the right to decline to follow any such
      direction if the Mortgages Trustee, being advised by counsel, determines
      that the proceedings, actions or steps may not be lawfully taken or if
      the Mortgages Trustee in good faith determines that the proceedings,
      actions or steps so directed would be illegal or involve it in personal
      liability (save where it has been indemnified and/or secured to its
      satisfaction against such liability).

17.5  Mortgages Trustee to provide information

      When the Mortgages Trustee is required to take any proceedings, actions
      or steps under or in connection with the Transaction Documents for which
      it requires

                                      41
<PAGE>

      directions from the Funding Beneficiaries and the Seller, it shall as
      soon as reasonably practicable, provide sufficient information to the
      Funding Beneficiaries and the Seller as they may require in order to be
      able to give such directions.

17.6  Timing of directions

      Where a Beneficiary directs the Mortgages Trustee as to any matter, such
      Beneficiary shall give written particulars of such direction to the
      Mortgages Trustee and each other Beneficiary.

17.7  Controlling Directions

      Except in the case of Clause 18 (Early Termination of the Mortgages
      Trust), in which case the terms of Clause 18 (Early Termination of the
      Mortgages Trust) shall prevail, in the event of any conflict between the
      directions of the Beneficiaries then each Beneficiary irrevocably agrees
      that the Controlling Directions shall apply and as such, the Mortgages
      Trustee is to follow the Controlling Directions as if it were the
      direction of all Beneficiaries but if there is no Controlling Directions
      the Mortgages Trustee shall not act.

17.8  No requirement to act

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

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

      (b)   it shall have been indemnified to its satisfaction against all
            liabilities, proceedings, claims and demands to which it may be or
            become liable and all costs, charges and expenses which may be
            incurred by it in connection therewith and the terms of such
            indemnity may include the provision of a fighting fund,
            non-recourse loan or other similar arrangement.

17.9  Covenant of the Mortgages Trustee

      Subject to the foregoing provision of this Clause 17 (Beneficiary
      Directions) the Mortgages Trustee covenants with each of the Seller,
      Funding and Funding 2 to exercise all of its rights arising under or in
      respect of the Trust Property (including without limitation any rights
      of enforcement) for the benefit of and on behalf of the Beneficiaries.

17.10 Mortgages Trustee not liable

      Provided that the Mortgages Trustee has complied with the provisions of
      this Clause 17 (Beneficiary directions), the Mortgages Trustee shall not
      be liable to the Beneficiaries notwithstanding that the way in which the
      relevant discretion, trust, power or remedy was exercised by the
      Mortgages Trustee did not reflect the particular wishes of any
      Beneficiary.

                                      42
<PAGE>

18.   EARLY TERMINATION OF THE MORTGAGES TRUST

      Prior to its termination in accordance with Clause 26 (Termination),
      provided that all amounts due from Funding to the Funding Secured
      Creditors have been repaid in full and the Funding Share of the Trust
      Property has been reduced to zero, and further provided that all amounts
      due from Funding 2 to the Funding 2 Secured Creditors have been repaid
      in full and the Funding 2 Share of the Trust Property has been reduced
      to zero, the Mortgages Trust constituted by this Deed may be terminated
      at the option of the Seller, following a request in writing by the
      Seller to the Mortgages Trustee (which shall be copied to Funding,
      Funding 2 and the Cash Manager) at any time on or after the date on
      which all of the Intercompany Loans have been repaid in full or there is
      no further claim under any Intercompany Loan or such other date as may
      be agreed in writing between the Mortgages Trustee, Funding, Funding 2
      and the Seller.

19.   AUDIT OF MORTGAGE LOANS CONSTITUTING THE TRUST PROPERTY

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

20.   TRANSFERS

20.1  Funding shall not assign

      Subject to the right of Funding to assign by way of security its right,
      title, benefit and interest in the Trust Property and/or under this Deed
      to the Security Trustee under the Funding Deed of Charge and subject to
      the right of the Security Trustee or a Receiver to sell the Funding
      Share of the Trust Property and/or such right and interest under this
      Deed following the service on Funding of an Intercompany Loan
      Enforcement Notice (which right is hereby conferred), Funding covenants
      with each of the Seller and Funding 2 that it shall not, and shall not
      purport to, sell, assign, transfer, convey, charge, declare a trust
      over, create any beneficial interest in, or otherwise dispose of the
      Funding Share in the Trust Property, or any of Funding's rights, title,
      interest or benefit in any of the Mortgage Portfolio or the Trust
      Property.

20.2  Funding 2 shall not assign

      Subject to the right of Funding 2 to assign by way of security its
      right, title, benefit and interest in the Trust Property and/or under
      this Deed to the Funding 2 Security Trustee under the Funding 2 Deed of
      Charge and subject to the right of the Funding 2 Security Trustee or a
      Receiver to sell the Funding 2 Share of the Trust Property and/or such
      right and interest under this Deed following the service on Funding 2 of
      an Intercompany Loan Enforcement Notice (which right is hereby
      conferred), Funding 2 covenants with each of the Seller and Funding that
      it shall not, and shall not purport

                                      43
<PAGE>

      to, sell, assign, transfer, convey, charge, declare a trust over, create
      any beneficial interest in, or otherwise dispose of the Funding 2 Share
      in the Trust Property, or any of Funding 2's rights, title, interest or
      benefit in any of the Mortgage Portfolio or the Trust Property.

20.3  Seller shall not assign

      The Seller covenants with each of Funding and Funding 2 that it shall
      not, and shall not purport to, sell, assign, transfer, convey, charge,
      declare a trust over, create any beneficial interest in, or otherwise
      dispose of the Seller Share in the Trust Property or any of the Seller's
      rights, title, interest or benefit in the Trust Property, other than
      pursuant to the Transaction Documents.

21.   REPRESENTATIONS AND COVENANTS

21.1  Representations

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

21.2  Covenants of the Mortgages Trustee

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

      (a)   Negative Pledge: create or permit to subsist any mortgage,
            standard security, pledge, lien, charge or other security interest
            whatsoever (unless arising by operation of law), upon the whole or
            any part of its assets (including any uncalled capital) or its
            undertakings (present or future) or (to the extent that it is
            within the control of the Mortgages Trustee) upon the whole or any
            part of the Trust Property;

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

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

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

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

                                      44
<PAGE>

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

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

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

      (i)   Further shares: issue any further shares;

      (j)   United States activities: engage in any activities in the United
            States (directly or through agents) or derive any income from
            United States sources as determined under United States income tax
            principles or hold any property if doing so would cause it to be
            engaged or deemed to be engaged in a trade or business within the
            United States as determined under United States tax principles;

      (k)   Conduct of affairs: take any management decisions or direct the
            conduct of its affairs in any Member State of the European Union,
            including holding any board meetings in any Member State of the
            European Union.

22.   POWER TO DELEGATE

22.1  Power to delegate

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

22.2  No further appointments

      Notwithstanding the provisions of Clause 22.1 (Power to delegate), the
      Mortgages Trustee shall not appoint any agent, attorney or other
      delegate having power to act in respect of the Trust Property unless it
      is directed in writing to do so by the Beneficiaries. The appointment of
      any agent, attorney or other delegate hereunder above shall terminate
      immediately upon the occurrence of a Trigger Event.

23.   POWER OF INVESTMENT

      The Mortgages Trustee may invest, and may appoint the Cash Manager to
      invest on its behalf, any amounts standing to the credit of the
      Mortgages Trustee Transaction Account in Authorised Investments. Save as
      expressly provided in this Deed, the Mortgages Trustee Guaranteed
      Investment Contract and the Bank Account Agreement, the Mortgages
      Trustee shall have no further or other powers of investment with respect
      to the Trust Property and (to the extent permitted by

                                      45
<PAGE>

      applicable law) the Trustee Act 2000 shall not nor shall any other
      provision relating to trustee powers of investment implied by statute or
      general law shall apply to the Mortgages Trust.

24.   OTHER PROVISIONS REGARDING THE MORTGAGES TRUSTEE

24.1  No action to impair Trust Property

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

24.2  Litigation

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

24.3  No Implied Duties

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

24.4  No Liability

      Neither the Mortgages Trustee, Funding (in its capacity as a Beneficiary
      hereunder), Funding 2 (in its capacity as a Beneficiary hereunder) nor
      the Seller (in its capacity as a Beneficiary hereunder) shall be liable
      to each other, in the absence of wilful default, gross negligence or
      breach of the terms of this Deed, in respect of any loss or damage which
      arises out of the exercise or attempted or purported exercise or failure
      to exercise any of their respective powers.

24.5  Reliance on Certificates

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

24.6  Reliance on Third Parties

      The Mortgages Trustee may, in relation to these presents, act on the
      opinion or advice of or a certificate or any information obtained from
      any lawyer, banker, valuer,

                                      46
<PAGE>

      broker, accountant, financial adviser, securities dealer, merchant bank,
      computer consultant or other expert in the United Kingdom or elsewhere
      and shall not, provided that it shall not have acted fraudulently or in
      breach of any of the provisions of the Transaction Documents, be
      responsible for any loss occasioned by so acting. Any such opinion,
      advice, certificate or information may be sent or obtained by letter,
      telemessage, telex, cable or facsimile device and the Mortgages Trustee
      shall not be liable for acting on any opinion, advice, certificate or
      information purporting to be so conveyed although the same shall contain
      some error or shall not be authentic, provided that such error or lack
      of authenticity shall not be manifest.

24.7  MIG Policies

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

25.   NO RETIREMENT OF MORTGAGES TRUSTEE

25.1  No Retirement

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

25.2  No Replacement

      Neither the Seller, Funding nor Funding 2 shall at any time remove or
      purport to remove and/or replace the Mortgages Trustee as the trustee of
      the Mortgages Trust.

25.3  No Termination

      Prior to the payment by Funding and Funding 2 of all amounts owing under
      the Funding Intercompany Loan Agreements and/or the Funding 2
      Intercompany Loan Agreements, as applicable, and under the other
      Transaction Documents, neither the Seller, Funding nor Funding 2 shall
      at any time, except in accordance with the provisions of Clause 18
      (Early Termination of the Mortgages Trust) and Clause 26 (Termination),
      terminate or purport to terminate the Mortgages Trust and, in
      particular, but without prejudice to the generality of the foregoing,
      the Seller, Funding and Funding 2 shall not in reliance on their
      absolute beneficial interests in the Trust Property call for the
      transfer to them or vesting in them of the legal estate in all or any
      part of the Trust Property.

26.   TERMINATION

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

                                      47
<PAGE>

27.   FURTHER ASSURANCES

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

28.   NO PARTNERSHIP OR AGENCY

      Nothing in this Deed shall be taken to constitute or create a
      partnership between any of the parties to this Deed or to make or
      appoint the Seller the agent of Funding (or vice versa) or the agent of
      Funding 2 (or vice versa) or Funding the agent of Funding 2 (or vice
      versa).

29.   CALCULATIONS

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

30.   CONFIDENTIALITY

30.1  General Obligation of Confidentiality

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

30.2  Exceptions

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

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

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

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

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

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

                                      48
<PAGE>

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

      (g)   to the disclosure of any information disclosed to a prospective
            assignee of Funding or Funding 2 (provided that it is disclosed on
            the basis that the recipient will hold it confidential); or

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

31.   NON PETITION COVENANT; LIMITED RECOURSE

31.1  Non Petition Covenant

      Each of the parties hereto hereby agrees that it shall not institute
      against either Funding, Funding 2 or the Mortgages Trustee any
      winding-up, administration, insolvency or similar proceedings so long as
      any sum is outstanding under any Intercompany Loan Agreement of any
      Issuer or for two years plus one day since the last day on which any
      such sum was outstanding.

31.2  Limited Recourse

      Each of the parties hereto agrees that:

      (a)   in relation to the Mortgages Trustee, any amount payable by the
            Mortgages Trustee to any other party to this Deed under this Deed
            not being an amount payable out of the Trust Property in
            accordance with the terms of this Deed shall only be payable to
            the extent that on that date the Mortgages Trustee has sufficient
            funds to pay such amount out of fees paid to it under this Deed;
            and

      (b)   in relation to Funding:

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

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

                                      49
<PAGE>

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

      (c)   in relation to Funding 2:

            (A)   only the Funding 2 Security Trustee may enforce the security
                  created in favour of the Funding 2 Security Trustee under
                  the Funding 2 Deed of Charge in accordance with the
                  provisions thereof;

            (B)   notwithstanding any other provision of this Deed or any
                  other Transaction Document, no sum due or owing to any party
                  to this Deed from or by Funding 2 under this Deed shall be
                  payable by Funding 2 except to the extent that Funding 2 has
                  sufficient funds available or (following enforcement of the
                  Funding 2 Security) the Funding 2 Security Trustee has
                  realised sufficient funds from the Funding 2 Security to pay
                  such sum subject to and in accordance with the relevant
                  Funding 2 Priority of Payments and provided that all
                  liabilities of Funding 2 required to be paid in priority
                  thereto or pari passu therewith pursuant to such Funding 2
                  Priority of Payments have been paid, discharged and/or
                  otherwise provided for in full; and

            (C)   it shall not take any steps for the purpose of recovering
                  any amount payable by Funding 2 or enforcing any rights
                  arising out of this Deed against Funding 2 otherwise than in
                  accordance with the Funding 2 Deed of Charge.

31.3  Corporate Obligations

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

32.   AMENDMENTS AND WAIVER

32.1  Entire Agreement

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

                                      50
<PAGE>

32.2  Amendments and Waiver

      No amendment or waiver of any provision of this Deed nor consent to any
      departure by any of the parties therefrom shall in any event be
      effective unless the same shall be in writing and signed by each of the
      parties hereto. In the case of a waiver or consent, such waiver or
      consent shall be effective only in the specific instance and as against
      the party or parties giving it for the specific purpose for which it is
      given.

32.3  Rights cumulative

      The respective rights of each of the parties to this Deed are cumulative
      and may be exercised as often as they consider appropriate. No failure
      on the part of any party to exercise, and no delay in exercising, any
      right hereunder shall operate as a waiver thereof, nor shall any single
      or partial exercise of any such right preclude any other or further
      exercise thereof or the exercise of any other right. The remedies in
      this Deed are cumulative and not exclusive of any remedies provided by
      law.

33.   NOTICES

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

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

      (b)   in the case of the Mortgages Trustee, to Granite Finance Trustees
            Limited, 22 Grenville Street, St. Helier, Jersey JE4 8PX, Channel
            Islands (facsimile number 01534 609 333) for the attention of the
            Company Secretary (with a copy to the Seller in accordance with
            (a) above);

      (c)   in the case of Funding, to Granite Finance Funding Limited, 68
            King William Street, London EC4N 7DZ (facsimile number 020 8409
            8911) for the attention of the Company Secretary (with a copy to
            the Seller in accordance with (a) above);

      (d)   in the case of the Security Trustee, to The Bank of New York, 40th
            Floor, One Canada Square, London E14 5AL (facsimile number 020
            7964 6399) for the attention of the Global Structured Finance
            (Corporate Trust);

      (e)   in the case of Funding 2, to Granite Finance Funding 2 Limited
            situated at Fifth Floor, 100 Wood Street, London EC2V 7EX
            (facsimile number 020 7606 0643) for the attention of The Company
            Secretary (with a copy to the Seller in accordance with (a)
            above);

                                      51
<PAGE>

      (f)   in the case of the Funding 2 Security Trustee, to The Bank of New
            York, 40th Floor, One Canada Square, London, E14 5AL (facsimile
            number 020 7964 6399) for the attention of the Global Structured
            Finance (Corporate Trust);

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

      (h)   in the case of Moody's, to Moody's, 1st Floor, 2 Minster Court,
            Mincing Lane, London EC3R 7XB (facsimile number 020 7772 5400) for
            the attention of Head of Monitoring Group, Structured Finance
            (with a copy to the Seller in accordance with (a) above);

      (i)   in the case of Standard & Poor's, to Standard & Poor's, 20 Cannon
            Square, Canary Wharf, London E14 5LH (facsimile number 020 7826
            3598) for the attention of Structured Finance Surveillance Group
            (with a copy to the Seller in accordance with (a) above),

      or to such other address or facsimile number or for the attention of
      such other person or entity as may from time to time be notified by any
      party to the others by fifteen days prior written notice in accordance
      with the provisions of this Clause 33.

34.   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.

35.   EXECUTION IN COUNTERPARTS; SEVERABILITY

35.1  Counterparts

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

35.2  Severability

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

36.   GOVERNING LAW AND SUBMISSION TO JURISDICTION

36.1  Governing Law

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

36.2  Submission to Jurisdiction

                                      52
<PAGE>

      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.

36.3  Process Agent

      The Mortgages Trustee irrevocably and unconditionally appoints Mourant &
      Co. Capital (SPV) Limited at 68 King William Street, London EC4N 7DZ or
      otherwise at its registered office for the time being as its agent for
      service of process in England in respect of any proceedings in respect
      of this Agreement and undertakes that in the event of Mourant & Co.
      Capital (SPV) Limited ceasing so to act it will appoint another person
      with a registered office in London as its agent for service of process.

36.4  Forum

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

                                      53
<PAGE>

                                  SCHEDULE 1
                        REPRESENTATIONS AND WARRANTIES

1.    Status

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

2.    Powers and authority

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

3.    Legal validity

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

4.    Non-conflict

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

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

      (b)   conflict with its constitutional documents; or

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

5.    No litigation

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

6.    Consents and Licences

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

                                      54
<PAGE>

                                EXECUTION PAGE

IN WITNESS WHEREOF this Deed has been executed as a deed and delivered by the
parties hereto on the day and year first above written.

as Beneficiary, Cash Manager and Seller
EXECUTED AND DELIVERED AS A DEED                  )
for and on behalf of                              )
NORTHERN ROCK PLC                                 )
by its duly authorised attorney                   )

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

Name:

in the presence of:
                                 Signature      ______________________________
                                                            Witness
                                 Full name
                                 Occupation     Trainee Solicitor
                                 Address        c/o Sidley Austin Brown & Wood
                                                Woolgate Exchange
                                                25 Basinghall Street
                                                London EC2V 5HA

                                      55
<PAGE>

as Mortgages Trustee
EXECUTED AND DELIVERED AS A DEED                            )
for and on behalf of                                        )
GRANITE FINANCE TRUSTEES LIMITED                            )
a company incorporated in Jersey, Channel Islands, by       )
              and                    , being persons        )
who, in accordance with the laws of that territory are      )
acting under the authority of the company                   )

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

Name:

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

Name:

in the presence of:
                                 Signature      ______________________________
                                                           Witness
                                 Full name
                                 Occupation
                                 Address

                                      56
<PAGE>

as Funding and a Beneficiary

EXECUTED AND DELIVERED AS A DEED                            )
for and on behalf of                                        )
GRANITE FINANCE FUNDING LIMITED                             )
a company incorporated in Jersey, Channel Islands, by       )
               and                   , being persons        )
who, in accordance with the laws of that territory are      )
acting under the authority of the company                   )

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

Name:

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

Name:

in the presence of:
                                 Signature      ______________________________
                                                             Witness
                                 Full name
                                 Occupation
                                 Address

                                      57
<PAGE>

as Funding 2 and a Beneficiary
EXECUTED AND DELIVERED AS A DEED                            )
for and on behalf of                                        )
GRANITE FINANCE FUNDING 2 LIMITED                           )
acting by two directors                                     )

-------------------------------
for and on behalf of
LDC Securitisation Director No. 1 Limited
Director

Name:

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

Name:

                                      58

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