Document:

Exhibit
10.5
EXECUTION VERSION

CREDIT SUPPORT ANNEX

Elections and Variables dated as of 22 November
2006
 between
 HSBC USA Inc.
 (‘‘Party
A’’)
 and
 Turquoise Card Backed Securities
plc
 (‘‘Party B’’)

Paragraph 11.
Elections and Variables

		
	(a) 	Base
Currency and Eligible
Currency.

			
		(i) 	‘‘Base
Currency’’ means GBP.

			
		(ii) 	‘‘Eligible
Currency’’ means the Base Currency and USD.

It is agreed by the parties that where the Credit Support
Amount is transferred in a currency other than the Base Currency, the
Valuation Percentage specified in Paragraph 11(b)(ii) shall be reduced
by a percentage agreed by the parties and approved by the relevant
rating agency (‘‘Additional Valuation
Percentage’’). For the purpose of this Annex,
references to the ‘‘relevant rating agency’’
shall mean the rating agency whose Ratings Criteria will be used to
determine the amount of Eligible Credit Support that Party A is
required to transfer to Party B following a credit ratings downgrade of
Party A.

		
	(b) 	Credit Support
Obligations.

			
		(i) 	Delivery
Amount, Return Amount and Credit Support
Amount.

			
		(A) 	‘‘Delivery
Amount’’ has the meaning specified in Paragraph 2(a),
except that the words, ‘‘upon a demand made by the
Transferee’’ shall be deleted and the word
‘‘that’’ on the second line of Paragraph 2(a)
shall be replaced with the word
‘‘a’’.

			
		(B) 	‘‘Return
Amount’’ has the meaning as specified in Paragraph
2(b), provided it is understood that in no circumstances shall the
Transferee be required to transfer a Return Amount in excess of the
Credit Support
Balance.

			
		(C) 	‘‘Credit
Support Amount’’ has the meaning specified under the
relevant definition of Ratings Criteria. Where there is more than one
rating agency whose requirements under Part 5 of the Schedule to the
Agreement requires Party A to post collateral, the Ratings Criteria
shall be used which would result in Party A transferring the greatest
amount of Eligible Credit Support. Under no circumstances will Party A
be required to transfer more Eligible Credit Support than the greatest
amount calculated in accordance with the Ratings Criteria set out
below.

			
		(ii) 	Eligible Credit
Support. On any date, the following items will qualify as
‘‘Eligible Credit Support’’ for Party
A:

							
	 			 			Valuation
Percentage
	(A)			cash in an
Eligible
Currency			100%
	(B)			negotiable
debt obligations issued after 18 July 1984 by the U.S. Treasury
Department having a residual maturity on such date of less than 1 year
(with local and foreign currency issuer ratings of Aa2 or
above)			[•]%
	

1

							
	 			 			Valuation
Percentage
	(C)			negotiable debt
obligations issued after 18 July 1984 by the U.S. Treasury Department
having a residual maturity on such date equal to or greater than 1 year
but less than 5 years (with local and foreign currency issuer ratings
of Aa2 or above)			For the purposes of Moody's,
[•]%; for the purposes of S&P, such
Valuation Percentage as may be agreed between Party A and S&P from
time to time.
	(D)			negotiable debt
obligations issued after 18 July 1984 by the U.S. Treasury Department
having a residual maturity on such date equal to or greater than 5
years but less than 10 years (with local and foreign currency issuer
ratings of Aa2 or above)			For the purposes of Moody's,
[•]%; for the purposes of S&P, such
Valuation Percentage as may be agreed between Party A and S&P from
time to time.
	(E)			negotiable debt
obligations of the Federal Republic of Germany (with local and foreign
currency issuer ratings of Aa2 or above) with a residual maturity of
less than 10 years at the date of their transfer to the Secured
Party.			For the purposes of Moody's,
[•]%; for the purposes of S&P, such
Valuation Percentage as may be agreed between Party A and S&P from
time to time.
	(F)			negotiable debt
obligations of the Republic of France (with local and foreign currency
issuer ratings of Aa2 or above) with a residual maturity of less than
10 years at the date of their transfer to the Secured
Party.			For the purposes of Moody's,
[•]%; for the purposes of S&P, such
Valuation Percentage as may be agreed between Party A and S&P from
time to time.
	(G)			negotiable debt
obligations of Belgium (with local and foreign currency issuer ratings
of Aa2 or above) with a residual maturity of less than 10 years at the
date of their transfer to the Secured Party.			For the purposes
of Moody's, [•]%; for the purposes of
S&P, such Valuation Percentage as may be agreed between Party A and
S&P from time to time.
	(H)			negotiable
debt obligations of the United Kingdom (with local and foreign currency
issuer ratings of Aa2 or above) with a residual maturity of less than
10 years at the date of their transfer to the Secured
Party.			For the purposes of Moody's,
[•]%; for the purposes of S&P, such
Valuation Percentage as may be agreed between Party A and S&P from
time to time.
	(I)			negotiable debt
obligations of Switzerland (with local and foreign currency issuer
ratings of Aa2 or above) with a residual maturity of less than 10 years
at the date of their transfer to the Secured Party.			For the
purposes of Moody's, [ [•]%; for
the purposes of S&P, such Valuation Percentage as may be agreed
between Party A and S&P from time to
time.
	(J)			negotiable debt obligations of
Italy(with local and foreign currency issuer ratings of Aa2 or above)
with a residual maturity of less than 10 years at the date of their
transfer to the Secured Party.			For the purposes of
Moody's, [•]%; for the purposes of
S&P, such Valuation Percentage as may be agreed between Party A and
S&P from time to time.
	

2

							
	 			 			Valuation
Percentage
	(K)			negotiable debt
obligations of the Netherlands (with local and foreign currency issuer
ratings of Aa2 or above) with a residual maturity of less than 10 years
at the date of their transfer to the Secured Party.			For the
purposes of Moody's, [•]%; for the
purposes of S&P, such Valuation Percentage as may be agreed between
Party A and S&P from time to time.
	

The
Valuation Percentage shall be that required by the relevant rating
agency only where the ratings of Party A, of that rating agency have
triggered the requirement to post collateral pursuant to this
Annex.

Where the ratings and/or the Valuation
Percentages of the relevant rating agencies differ with respect to the
same negotiable debt obligation, for the purposes of B to K above, the
lower of the ratings and or Valuation Percentages, as the case may be,
shall
apply.

		
	(iii) 	Thresholds.

			
		(A) 	‘‘Independent
Amount’’ means, for Party A and Party B, with respect
to each Transaction,
zero.

			
		(B) 	‘‘Threshold’’
means, for Party B infinity and for Party A: infinity, unless
either:

			
		(1) 	an Initial S&P Rating
Event has occurred and the action set out in Part 5(f)(i)(B), (C) or
(D) of the Schedule to the Agreement has not occurred in relation to
such Initial S&P Rating Event;
and/or

			
		(2) 	a Subsequent S&P Rating
Event has occurred and the action set out in Part 5(f)(ii)(A) or (B) of
the Schedule to the Agreement has not occurred in relation to such
Subsequent S&P Rating Event;
and/or

			
		(3) 	an Initial Moody's
Rating Event has occurred and the action set out in Part 5(f)(iii)(A),
(B) or (C) of the Schedule to the Agreement has not occurred in
relation to such Initial Moody's Rating Event;
and/or

			
		(4) 	a Subsequent Moody's
Rating Event has occurred and the action set out in Part
5(f)(iv)(A)(1), (2) or (3) of the Schedule to the Agreement has not
occurred in relation to such Subsequent Moody's Rating Event;

in which case its Threshold shall be
zero;

			
		(F) 	‘‘Minimum
Transfer Amount’’ means, with respect to Party A and
Party B, EUR [•]; provided, that if (1) an Event of
Default has occurred and is continuing with respect to Party A, or (2)
an Additional Termination Event has occurred in respect of which Party
A is an Affected Party, the Minimum Transfer Amount with respect to
Party A shall be
zero.

			
		(G) 	‘‘Rounding’’.
The Delivery Amount and the Return Amount will be rounded up and down
to the nearest integral multiple of EUR [•]
respectively, subject to the maximum Return Amount being equal to the
Credit Support
Balance.

		
	(c) 	Valuation and
Timing.

			
		(i) 	‘‘Valuation
Agent’’ means, Party A in all circumstances.

			
		(ii) 	‘‘Valuation
Date’’ means Tuesday of each calendar week; provided
that if such day is not a Local Business Day then the Valuation Date
shall be the next following day that is a Local Business Day.

			
		(iii) 	‘‘Valuation
Time’’ means the close of business on the Local
Business Day immediately preceding the Valuation Date or date of
calculation, as applicable; provided that the calculations of Value and
Exposure will be made at approximately the same time on the same
date.

			
		(iv) 	‘‘Notification
Time’’ means by 2.00p.m., London time, on a Local
Business Day.

3

		
	(d) 	Exchange
Date. ‘‘Exchange Date’’ has the meaning
specified below:

For the purposes of this Annex,
‘‘Exchange Date’’ means the same Settlement Day
on which the Transferee receives the New Credit Support and the
Transferor receives Equivalent Credit Support in respect of the
Original Credit Support.

		
	(e) 	Dispute
Resolution.

			
		(i) 	‘‘Resolution
Time’’ means close of business in London, on the Local
Business Day following the date on which notice is given that gives
rise to a dispute under Paragraph
4.

			
		(ii) 	‘‘Value’’.
For the purpose of Paragraph 4(a)(4)(i)(C) and 4(a)(4)(ii), the Value
of the outstanding Credit Support Balance or of any transfer of
Eligible Credit Support or Equivalent Credit Support, as the case may
be, will be calculated as
follows:

			
		(A) 	For Eligible Credit
Support comprised in a Credit Support Balance that is an amount of
cash, the Base Currency Equivalent of such amount;
and

			
		(B) 	with respect to any Eligible
Credit Support or Equivalent Credit Support comprising securities
(‘‘Securities’’) the Base Currency Equivalent
of the sum of (a) (x) the close of business mid price on such date for
such Securities on the principal national securities exchange on which
such Securities are listed, multiplied by the applicable Valuation
Percentage; or (y) where any Securities are not listed on a national
securities exchange, the mid price for such Securities quoted as at the
close of business on such date by any principal market maker (which
shall not be and shall be independent from the Valuation Agent) for
such Securities chosen by the Valuation Agent, multiplied by the
applicable Valuation Percentage; or (z) if no such mid price is listed
or quoted for such date, the last mid price listed or quoted (as the
case may be), as of the next preceding date on which such quotes were
available, multiplied by the applicable Valuation Percentage; plus (b)
the accrued interest where applicable on such Securities (except to the
extent that such interest shall have been paid to the Transferor
pursuant to Paragraph 5(c)(ii) or included in the applicable price
referred to in subparagraph (a) above) as of such date;
and

			
		(C) 	with respect to any Eligible
Credit Support or Equivalent Credit Support other than Securities and
Cash, the Base Currency Equivalent of the fair market value thereof on
such date, as determined in any reasonable manner chosen by the
Valuation Agent, multiplied by the applicable Valuation
Percentage.

			
		(iii) 	‘‘Alternative’’.
The provisions of Paragraph 4 will apply.

4

		
	(f) 	Distribution
and Interest Amount.

Interest Rate.
The ‘‘Interest Rate’’ will be in
relation to each Eligible Currency specified below will be:

							
	(i)			Eligible Currency			Interest
Rate
	 			GBP			‘‘SONIA’’
for any day means the reference rate equal to the overnight rate as
calculated by the Wholesale Market Brokers Association which appears on
Telerate Page 3937 under the heading ‘‘Sterling Overnight
Index’’ as of 9.00 a.m., London time, on the first London
Banking Day following that day.
	 			 			If
Telerate is not available to Party A, the then the SONIA rate appearing
opposite SONIO/N on Bloomberg Page ‘‘SONIO
Index’’.
	 			USD			Federal
Funds Overnight Rate means, for any day, an interest rate per annum
equal to the rate published as the Federal Funds Effective Rate which
appears on Telerate Page 118 for such
day.
	 			 			 
	

			
		(ii) 	‘‘Transfer
of Interest Amount’’. The transfer of the Interest
Amount will be made on the first Local Business Day following the end
of each calendar month to the extent that Party B has earned and
received such amount of interest and that a Delivery Amount would not
be created or increased by that transfer, and on any other Local
Business Day on which Equivalent Credit Support is transferred to the
Transferor pursuant to Paragraph 2(b), provided that Party B shall only
be obliged to transfer any Interest Amount to Party A to the extent
that it has received such
amount.

			
		(iii) 	‘‘Alternative
to Interest Amount’’. The provisions of Paragraph
5(c)(ii) will apply. For the purposes of calculating the Interest
Amount the amount of interest calculated for each day of the Interest
Period shall, with respect to any Eligible Currency, be compounded
daily.

			
		(iv) 	‘‘Interest
Amount’’ The definition of ‘‘Interest
Amount’’ shall be deleted and replaced with the
following:

‘‘Interest
Amount’’ means, with respect to an Interest Period and
each portion of the Credit Support Balance comprised of cash in an
Eligible Currency, the sum of the amounts of interest determined for
each day in that Interest Period by the Valuation Agent as follows:

			
		(x) 	the amount of such currency comprised
in the Credit Support Balance at the close of business for general
dealings in the relevant currency on such day (or, if such day is not a
Local Business Day, on the immediately preceding Local Business Day);
multiplied by

			
		(y) 	the relevant
Interest Rate; divided by

			
		(z) 	360 (or
in the case of Sterling,
365).

			
		(v) 	‘‘Interest
Period’’ means the period from and including the first
day of each calendar month, to and including the last day of each
calendar
month.

			
		(vi) 	‘‘Distributions’’
means, with respect to any Eligible Credit Support comprised in the
Credit Support Balance consisting of securities, all principal,
interest and other payments and distributions of cash or other property
to which a holder of securities of the same type, nominal value,
description and amount as such Eligible Credit Support would have
received from time to time.

5

			
		(vii) 	‘‘Distribution
Date’’ means, with respect to any Eligible Credit
Support comprised in the Credit Support Balance other than cash, each
date on which a holder of such Eligible Credit Support is entitled to
receive Distributions or, if that date is not a Local Business Day, the
next following Local Business
Day.

		
	(g) 	Addresses for
Transfers.

Party A: To be advised

Party B: To be
advised

		
	(h) 	Other
Provisions.

			
		(i) 	Transfer
Timing

			
		1) 	The final paragraph of
Paragraph 3(a) shall be deleted and replaced with the following:

‘‘Subject to Paragraph 4, and unless otherwise
specified, any transfer of Eligible Credit Support or Equivalent Credit
Support (whether by the Transferor pursuant to Paragraph 2(a) or by the
Transferee pursuant to Paragraph 2(b)) shall be made not later than the
close of business on the Settlement Day.’’

			
		2) 	The definition of Settlement Day shall
be deleted and replaced with the following:

‘‘Settlement Day’’ means
(i) in respect of cash, the next Local Business Day after the Demand
Date and (ii) in respect of securities, the first Local Business Day
after such date on which settlement of a trade in the relevant
securities, if effected on the Demand Date, would have been settled in
accordance with customary practice when settling through the clearance
system agreed between the parties for delivery of such securities or,
otherwise, on the market in which such securities are principally
traded (or, in either case, if there is no such customary practice, on
the first Local Business Day after such date on which it is reasonably
practicable to deliver such securities).

			
		3) 	For the purposes of this Paragraph
11(h)(i):

‘‘Demand
Date’’ means, with respect to a transfer by a
party:

			
		(i) 	in the case of a transfer
pursuant to Paragraph 2, Paragraph 3 or Paragraph 4(a)(2), the relevant
Valuation Date. For the avoidance of doubt, for the purposes of
Paragraph 2 and Paragraph 4(a)(2), the Transferor will be deemed to
receive notice of the demand by the Transferee to make a transfer of
Eligible Credit Support; and

			
		(ii) 	in
the case of a transfer pursuant to Paragraph 3(c)(ii)(A), the date on
which the Transferee has given its consent to the proposed
exchange.

For the avoidance of doubt, on each Demand
Date the Transferor shall deliver to the Transferee and the Trustee a
statement showing the amount of Eligible Credit Support to be
delivered.

		
	(ii) 	Costs of Transfer
on Exchange

Notwithstanding Paragraph 8, the
Transferor will be responsible for, and will reimburse the Transferee
for, all transfer and other taxes and other costs in relation to the
transfer of Eligible Credit Support either from the Transferor to the
Transferee or from the Transferee to the Transferor
hereto.

		
	(iii) 	Cumulative
Rights

The rights, powers and remedies of the
Transferee under this Annex shall be in addition to all rights, powers
and remedies given to the Transferee by this Agreement or by virtue of
any statute or rule of law, all of which rights, powers and remedies
shall be cumulative and may be exercised successively or concurrently
without impairing the rights of the Transferee in the Credit Support
Balance created pursuant to this
Annex.

		
	(iv) 	Single Transferor and
Single Transferee

Party A and Party B agree that,
notwithstanding anything to the contrary in this Annex, (including,
without limitation, the recital hereto, Paragraph 2 or the definitions
in Paragraph 10), (a) the term 

6

‘‘Transferee’’
as used in this Annex means only Party B, (b) the term
‘‘Transferor’’ as used in this Annex
means only Party A, (c) only Party A will be required to make Transfers
of Eligible Credit Support hereunder; and (d) in the calculation of any
Credit Support Amount, where the Transferee's Exposure would be
expressed as a negative number, such Exposure shall be deemed to be
zero.

		
	(v) 	Ratings Criteria

‘‘Ratings Criteria’’ means,
the criteria used by S&P (‘‘S&P
Criteria’’) and the criteria used by Moody's
(‘‘Moody's Criteria’’) for the
purposes of determining the amount of Eligible Credit Support Party A
is required to transfer hereunder following a credit ratings downgrade
where Party A has opted to transfer Eligible Credit Support in support
of its obligations under this Agreement pursuant to Part 5(f) of the
Schedule to this Agreement.

Moody's
Criteria

‘‘Credit Support
Amount’’ shall be calculated in accordance with the
meaning specified in Paragraph 10 provided however that the words
‘‘plus the Additional Collateral Amount’’ shall
be added after the words ‘‘Transferee's
Exposure’’ in the second line thereof. For such purposes
‘‘Additional Collateral Amount’’ means, with
respect to a Valuation Date the sum of (i) the Transferee's
Exposure multiplied by A and (ii) the product of B multiplied by the
sum of the Notional Amount(s) as defined in the Confirmation for each
outstanding Transaction under this Agreement, where:

1.    ‘‘A’’ shall be equal to
2% and ‘‘B’’ means 2% if the
long-term, unsecured and unsubordinated debt obligations or the
short-term, unsecured and unsubordinated debt obligation of Party A (or
its successor) and, if relevant, any Credit Support Provider of Party A
cease to be rated as high as ‘‘A1’’ or cease to
be rated as high as ‘‘Prime-1’’ by
Moody's; or

2.    ‘‘A’’
shall be equal to 2% and ‘‘B’’ means
4% if the long-term, unsecured and unsubordinated debt
obligations or the short-term, unsecured and unsubordinated debt
obligation of Party A (or its successor) and, if relevant, any Credit
Support Provider of Party A cease to be rated as high as
‘‘A3’’ or cease to be rated as high as
‘‘Prime-2’’ by Moody's.

S&P Criteria:

‘‘Credit Support Amount’’
shall mean, for the purposes of the S&P Criteria with respect to a
Transferor on a Valuation Date, the sum of the MTM and the VB
multiplied by the notional balance of the swap.

Where:

‘‘MTM’’ means Transferees
Exposure;

‘‘VB’’ means
the relevant percentage set out in relevant table for Cross Currency
Swaps (Fixed/Fixed, Fixed/Floating, and Floating/Floating) of
S&P's Global Interest Rate and Currency Swaps: Calculating
the Collateral Required Amount published 26th February 2004, as
applicable, for the relevant currency
pairs;

		
	(vi) 	Calculations.

Paragraph 3(b) of this Annex shall be amended by inserting
the words ‘‘and shall provide each party (or the other
party, if the Valuation Agent is a party) with a description in
reasonable detail of how such calculations were made, upon
request’’ after the word
‘‘calculations’’ in the third line
thereof.

		
	(vii) 	Independent
Party.

If Party A is at any time rated below A1 or
Prime-1 by Moody's, Party A shall (i) on a weekly basis (on the
same date that the Valuation Agent makes its Calculation), obtain a
Calculation from a party which is independent to Party A's
trading desk (or the equivalent) (for example the middle office or
market risk department of Party A, Party A's auditors or a
consulting firm in derivative products appointed by Party A) to
validate the calculation of any Calculation by Party A's trading
desk (or the equivalent); and (ii) upon the written request of
Moody's, on a monthly basis, use it's best efforts to seek
two quotations from Reference Market-makers; provided that if 2
Reference Market-makers 

7

are not available to provide a quotation, then
fewer than 2 Reference Market-makers may be used for such purpose, and
if no Reference Market-makers are available, the Trustee will determine
an alternative source, for the purpose of Calculations. Where more than
one quotation is obtained, the quotation representing the greatest
amount of Exposure shall be used by the Valuation
Agent.’’

		
	(viii) 	Definitions.
As used in this Annex, the following terms shall mean:

‘‘Moody's’’ means
Moody's Investors Service Inc. and includes any successors
thereto.

‘‘Rating
Agencies’’ means S&P and Moody's.

‘‘S&P’’ means Standard
& Poor's Rating Services, a division of The McGraw-Hill
Companies, Inc.

		
	(ix) 	Early
Termination. The heading of Paragraph 6 shall be deleted
and replaced with ‘‘Early Termination’’ and the
following shall be added after the word
‘‘party’’ in the second line of Paragraph 6,
‘‘or a Termination Event where all Transactions are
Affected Transactions’’.

IN WITNESS
WHEREOF the parties have signed this Annex as of the date first
above
written.

				
	 			HSBC
USA Inc.
	 			 
	 			By:                                                
	 			               Title:    Director
	 			               Date:        
	 			Turquoise
Card Backed Securities plc
	 			 
	 			By:                                                
	 			               Title:    Director
	 			               Date:        
	 			  
	 			 
	 			By:    (for
Wilmington Trust SP Services (London)
Limited)
	 			               Title:    Director
	 			               Date:        
	

8CURRENCY SWAP
CONFIRMATION

Exhibit 10.6

EXECUTION
VERSION

Confirmation to the
 1992 ISDA
Master® Agreement
 dated as of 22 November  2006

		
	To: 	Turquoise Card Backed Securities plc
(‘‘Party
B’’)

		
	From: 	HSBC USA
Inc. (‘‘Party
A’’)

		
	Re: 	USD
[•] Class [•] Floating Rate
Notes

		
	Ref:
 	[•]

		
	Date: 	22
November  2006

Dear Sirs

Currency Swap
Confirmation for Class [•] Notes

The
purpose of this communication is to confirm the terms and conditions of
the Swap Transaction entered into between us on the Trade Date
specified below (the ‘‘Transaction’’).
This communication constitutes a
‘‘Confirmation’’ as referred to in the
Agreement specified below.

It is agreed that upon the
execution of this Confirmation, we shall be deemed to have entered into
an agreement relating to the Notes on the terms of the Agreed Form
Agreement (the ‘‘Agreement’’) dated as
of the Trade Date specified below.

‘‘Agreed
Form Agreement’’ means the form of 1992 ISDA Master
Agreement (Multicurrency Cross Border) (including the Schedule thereto
and the ISDA Credit Support Annex (Bilateral Form — Transfer)
forming part of the Schedule) dated as of 22 November  2006
between Party A and Party B.

The definitions and
provisions contained in the 2000 ISDA Definitions as published by the
International Swaps and Derivatives Association, Inc. (the
‘‘Definitions’’) are incorporated into
this Confirmation. In the event of any inconsistency between the
Definitions and this Confirmation, this Confirmation will govern.
References herein to a ‘‘Transaction’’ shall be
deemed to be references to a ‘‘Swap
Transaction’’ for the purposes of the Definitions.

Unless otherwise defined herein, terms defined in (i) the
base prospectus dated 30 October  2006 in respect of the
Programme, (ii) the Final Terms dated 15 November  2006 in
respect of the Notes and (iii) the Note Trust Deed Supplement
supplemental to the Note Trust Deed dated 23 May  2006 in respect
of the Notes will have the same meaning where used herein.

All provisions contained in the Agreement shall govern this
Confirmation except as expressly modified
below.

		
	1. 	The terms of the particular
Transaction to which this Confirmation relates are as
follows:

			
	Party A:		HSBC USA
Inc.
			

			
	Party B:		Turquoise Card Backed
Securities plc
			

			
	Calculation Agent:		Party
A
			

			
	Trade Date:		15 November
2006
			

			
	Effective Date:		22 November
2006
			

			
	Termination Date:		The Scheduled
Redemption Date specified in respect of the 
			

1

			
			
Notes, subject to adjustment in accordance
with clause 2.2 below.
			

			
	Business
Days:		London, New York, Jersey (Channel
Islands)
			

			
	Exchange Rate		USD
[•] = GBP
1
			

Initial Exchange Amounts and Final
Exchange Amounts

			
	Initial
Exchange		
			

			
	Initial Exchange
Date:		Effective Date
			

			
	Party A Initial
Exchange Amount:		GBP
[•]
			

			
	Party B Initial Exchange
Amount:		USD
[•]
			

			
	Final
Exchange		
			

			
	Final Exchange
Date		Termination Date
			

			
	Party A Final
Exchange Amount:		Party A Currency Amount on the Termination
Date
			

			
	Party B Final Exchange
Amount:		Party B Currency Amount on the Termination
Date
			

			
	Party A Floating Rate
Amounts		
			

			
	Party A Floating Rate
Payer:		Party A
			

			
	Party A Currency
Amount:		USD [•] (subject to adjustment
in accordance with the provisions of clause 2.2 below following the
occurrence of an Amortisation Event).
			

			
	Party A
Floating Rate Payer Payment Dates:		Each 15th day
of each calendar month, from and including 15 January  2007 to
and including the Termination Date, in each case subject to adjustment
in accordance with the Modified Following Business Day
Convention.
			

			
	Party A Floating Rate
Option:		LIBOR as calculated in accordance with Condition
7(b) of the Notes.
			

			
	Party A Designated
Maturity:		1 month, other than with respect to the initial
Calculation Period in respect of which Linear Interpolation shall be
applicable. If Linear Interpolation is applicable then it shall be
applied in respect of 1 month and 2 month
rates.
			

			
	Spread
A:		[•]
			

			
	Party A
Floating Rate Day Count
Fraction:		Actual/360
			

			
	Reset
Dates:		The first day of each Calculation
Period.
			

2

			
	Party B Floating Rate
Amounts		
			

			
	Party B Floating Rate
Payer:		Party B
			

			
	Party B Currency
Amount:		An amount in GBP equal to the Party A Currency
Amount (as adjusted in accordance with the provisions of clause 2.2
below following the occurrence of an Amortisation Event) converted into
GBP at the Exchange Rate.
			

			
	Party B Floating Rate
Payer Payment Dates:		Each 15th    day of
each calendar month, from and including 15 January  2007 to and
including the Termination Date, in each case subject to adjustment in
accordance with the Modified Following Business Day
Convention.
			

			
	Party B Floating Rate
Option:		GBP-LIBOR-BBA
			

			
	Party B
Designated Maturity:		1 month, other than with respect to
the initial Calculation Period in respect of which Linear Interpolation
shall be applicable. If Linear Interpolation is applicable then it
shall be applied in respect of 1 month and 2 month
rates.
			

			
	Spread
B:		[•]
			

			
	Party B
Floating Rate Day Count Fraction:		Actual/365
(Fixed)
			

			
	Reset Dates:		The first day of
each Calculation
Period    
			

		
	2. 	Details
of Variation to Agreement:

		
	2.1 	Deferral of Floating Rate
Amounts

			
		(A) 	Deferral of Party
A Floating Rate Amount

In the event that, in respect of
any Party A Floating Rate Payer Payment Date, there is a Deferred Party
B Floating Rate Amount (as defined below) on the corresponding Party B
Floating Rate Payer Payment Date (as set out in the paragraph entitled
‘‘Deferral of Party B Floating Rate Amount’’
below), then the Party A Floating Rate Amount (before taking into
account any deferred amounts) for that Party A Floating Rate Payment
Date which would, but for this provision, have been due (the
‘‘Gross Party A Floating Rate Amount’’)
shall be reduced by an amount equal to the proportion thereof which the
Deferred Party B Floating Rate Amount (before taking into account any
deferred amounts) bears to the Gross Party B Floating Rate Amount
(before taking into account any deferred amounts).

The
difference between the Gross Party A Floating Rate Amount and the
reduced Party A Floating Rate Amount (that difference being the
‘‘Deferred Party A Floating Rate
Amount’’) shall be deferred and shall be payable
(together with interest accruing thereon from, and including, such
Party A Floating Rate Payer Payment Date to, but excluding, the Party A
Floating Rate Payer Payment Date upon which such Deferred Party A
Floating Rate Amount is paid by Party A at the Party A Floating Rate
Option) on the next Party A Floating Rate Payer Payment Date. The
Deferred Party A Floating Rate Amount plus interest shall be treated as
part of the Party A Floating Rate Amount for the next Party A Floating
Rate Payer Payment Date and shall be paid 

3

in the same proportion (if any) as the
corresponding Deferred Party B Floating Rate Amount is paid on that
next Party A Floating Rate Payer Payment Date and this provision shall
apply mutatis
mutandis.

			
		(B) 	Deferral of
Party B Floating Rate Amount

If the Party B Floating
Rate Amount (including any deferred amounts) for any Party B Floating
Rate Payment Date would otherwise exceed the Class
[•] Monthly Distribution Amount which is available
to be applied in payment of that Party B Floating Rate Amount in
accordance with the terms and conditions of the Notes, the Party B
Floating Rate Amount (including any deferred amounts) shall be reduced
to the amount of available Class [•] Monthly
Distribution Amount. The difference between the Party B Floating Rate
Amount which would, but for this provision, have been due (the
‘‘Gross Party B Floating Rate Amount’’)
and the reduced Party B Floating Rate Amount which is payable (that
difference being the ‘‘Deferred Party B Floating Rate
Amount’’) shall be deferred and shall be payable
(together with interest accruing thereon from, and including, such
Party B Floating Rate Payer Payment Date to, but excluding, the Party B
Floating Rate Payer Payment Date upon which such Deferred Party B
Floating Rate Amount is paid by Party B at the Party B Floating Rate
Option) on the next Party B Floating Rate Payer Payment Date. The
Deferred Party B Floating Rate Amount plus interest thereon shall be
treated as part of the Party B Floating Rate Amount for that next Party
B Floating Rate Payer Payment Date and this provision shall apply
mutatis mutandis.

		
	2.2 	Amortisation
Events

In the event that the Regulated Amortisation
Period or the Rapid Amortisation Period (either such period an
‘‘Amortisation Period’’ and the
occurrence of such Amortisation Period being an
‘‘Amortisation Trigger Event’’)
commences prior to or on the Scheduled Redemption Date of the Notes
then the following provisions shall apply.

			
		2.2.1 	Party B will, as soon as
practicable, notify Party A of the occurrence of such Amortisation
Trigger Event or procure that Party A is notified of such occurrence
and will provide Party A with such information as Party A may require
or reasonably request (to the extent that Party B has or is able to
obtain such information) in order to determine the likely future
amortisation of the Notes;

			
		2.2.2 	The
Termination Date shall be extended to the date which is the earlier of
(1) the Final Redemption Date and (2) the date on which the Notes
issued by Party B are redeemed in
full;

			
		2.2.3 	On each Party B Floating
Rate Payer Payment Date occurring after an Amortisation Trigger
Event:

			
		(a) 	The Party B Currency
Amount shall be reduced (for the next following Calculation Period for
Party B) by an amount equal to the amount of available redemption funds
credited to the Class [•] Distribution Ledger for
distribution on such Party B Floating Rate Payer Payment Date
(immediately prior to any distributions being made on that date) (the
amount of such reduction, the ‘‘Party B Redemption
Amount’’);
and

			
		(b) 	Party B shall pay to Party A
an amount in GBP equal to the Party B Redemption Amount.

			
		2.2.4 	On each Party A Floating Rate Payer
Payment Date occurring after an Amortisation Trigger
Event:

			
		(a) 	The Party A Currency Amount
shall be reduced (for the next following Calculation Period for Party
A) by an amount (the ‘‘Party A Redemption
Amount’’) equal to the Party B Redemption Amount
converted into U.S. Dollars at the Exchange Rate;
and

			
		(b) 	Party A shall pay to Party B
an amount in US dollars equal to the Party A Redemption Amount
converted into US dollars at the Exchange Rate.

4

		
	3. 	Account
Details:

Account for Payments to Party A in
GBP:

			
	Beneficiary
		[•]
			

			
	Agent Bank:
		[•]
			

			
	Account:
		[•]
			

			
	Sort Code:
		[•]
			

    

Account
for Payments to Party A in USD:

			
	Beneficiary:		[•]
			

			
	Agent
Bank:		[•]
			

			
	Account:
		[•]
			

			
	SWIFT		[•]
			

    

Account
for Payments to Party B in GBP:

			
	Bank:
		[•]
			

			
	For:		[•]
			

			
	SWIFT:		[•]
			

			
	Sort
Code:		[•]
			

			
	Account
number: 		[•]
			

			
	Account
Name:
		[•]
			

    

    

Account
for Payments to Party B in USD:

			
	Bank:
		[•]
			

			
	For:		Turquoise
Card Backed Securities
plc
			

			
	SWIFT:		[•]
			

			
	Sort
Code:		[•]
			

			
	Account
number: 		[•]
			

			
	Account
Name: 		[•]
			

5

 

		
	4. 	Contact
for Party A Documentation and Operations:

			
		Address: 	457 Fifth Avenue
 New
York
 NY 10018, USA

			
		Attention: 	General Counsel

			
		Fax No.: 	To be advised.

			
		Telephone No.: 	To be
advised.

    

		
	5. 	Contacts
for Party B Documentation and Operations:

			
		Address: 	c/o Wilmington Trust SP Services
(London) Limited,
 Tower 42 (Level 11), 25 Old Broad Street,

London EC2N 1HQ
 United Kingdom

			
		Attention:
 	The Directors

			
		Fax
No: 	+44 (0) 20 7614
1122

		
	6. 	Definitions

‘‘Class
[•] Distribution Ledger’’ means the
ledger so named with respect to the Series 2006-2 Issuer Distribution
Account.

‘‘Class [•] Monthly
Distribution Amount’’ shall bear the meaning given to
it in the Series 2006-2
Supplement.

‘‘Conditions’’
means the terms and conditions (each a
‘‘Condition’’) of the Notes as set out
in the base prospectus dated 30 October  2006 in respect of the
Programme.

‘‘Final Redemption
Date’’ shall bear the meaning given to it in the Final
Terms.

‘‘Final Terms’’
means the prospectus supplement/final terms dated 15 November
2006 to the base prospectus dated 30 October  2006 in relation to
the issue of the Notes under the
Programme.

‘‘Issuer Distribution Account
Bank Agreement’’ means the issuer distribution account
bank agreement dated 23 May  2006 between Party B, Law Debenture
Trust Company of New York and HSBC Bank plc (in its capacity as issuer
account bank).

‘‘Notes’’
means USD [•] Series 2006-2 Class [•]
Notes issued by Party B under the
Programme.

‘‘Programme’’
means the $10,000,000,000 Turquoise Card Backed Securities Medium Term
Note Programme.

‘‘Receivables Trust Deed
and Servicing Agreement’’ means the receivables trust
deed and servicing agreement dated 23 May  2006 between Turquoise
Receivables Trustee Limited, Turquoise Funding 1 Limited and
others.

‘‘Scheduled Redemption
Date’’ shall bear the meaning given to it in the Final
Terms.

‘‘Series 2006-2 Issuer Distribution
Account’’ means the account so named in relation to
Series 2006-2 opened pursuant to the Issuer Distribution Account Bank
Agreement.

‘‘Series 2006-2
Supplement’’ means the supplement dated 22
November  2006 to the Receivables Trust Deed and Servicing
Agreement relating to Series 2006-2.

		
	7. 	Governing Law: England
and Wales

6

Please confirm that the foregoing
correctly sets forth the terms of our agreement by executing the copy
of this Confirmation enclosed for that purpose and returning it to
us.

HSBC USA Inc.

By:

Name:

Title:

Date:

TURQUOISE CARD BACKED
SECURITIES PLC

By:

Name:

Title:

Date:

7

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