Document:

EXHIBIT 4.6

C L I F F O R D                                    LIMITED LIABILITY PARTNERSHIP
C H A N C E

                       GRACECHURCH CARD FUNDING (NO.2) PLC
                                    as Issuer

                              THE BANK OF NEW YORK
                    as Principal Paying Agent and Agent Bank

                              THE BANK OF NEW YORK
        as New York Paying Agent, Custodian, Registrar and Transfer Agent

                              THE BANK OF NEW YORK
                                 as Note Trustee

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                     PAYING AGENCY AND AGENT BANK AGREEMENT
                               in respect of up to
            $[___] Class A Asset-Backed Floating Rate Notes due [___]
            $[___] Class B Asset-Backed Floating Rate Notes due [___]
            $[___] Class C Asset-Backed Floating Rate Notes due [___]

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                                    CONTENTS

CLAUSE                                                                     PAGE

1.  Interpretation............................................................2

2.  Appointment Of The Agents.................................................3

3.  The Notes.................................................................4

4.  Transfers Of Notes........................................................6

5.  Replacement Note Certificates.............................................7

6.  Payments To The New York Paying Agent.....................................8

7.  Payments To Noteholders...................................................9

8.  Custody Arrangements.....................................................12

9.  Miscellaneous Duties Of The Agents.......................................14

10. Fees And Expenses........................................................16

11. Terms Of Appointment.....................................................17

12. Termination Of Appointment...............................................18

13. Non-Petition.............................................................21

14. Time.....................................................................21

15. Notices..................................................................22

16. Counterparts.............................................................23

17. Governing Law And Jurisdiction...........................................23

18. Contract (Third Parties Right) Act.......................................24

Schedule 1 SPECIFIED OFFICES OF THE AGENTS...................................25

Schedule 2 CUSTODY ACCOUNT DETAILS...........................................26

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THIS AGREEMENT is made on ______________ the of [___] 2002

BETWEEN

(1)   GRACECHURCH CARD FUNDING (NO. 2) PLC a public limited company incorporated
      under the laws of England and Wales with registered number 4497894 whose
      registered office is at 54 Lombard Street, London EC3P 3AH (hereinafter
      called the "ISSUER");

(2)   THE BANK OF NEW YORK a New York banking corporation acting through its
      London Branch at One Canada Square, London E14 5AL as principal paying
      agent and as agent bank (in such respective capacities hereafter the
      "PRINCIPAL PAYING AGENT" or the "AGENT BANK");

(3)   THE BANK OF NEW YORK a New York banking corporation acting through its
      office at 101 Barclay Street, New York, New York USA 10286 as paying
      agent, custodian and registrar in such respective capacities hereafter
      (the "NEW YORK PAYING AGENT", the "CUSTODIAN" and the "REGISTRAR") (the
      Principal Paying Agent and the New York Paying Agent together hereinafter
      the "PAYING AGENTS") and, in the event that Definitive Notes are issued,
      as transfer agent (the "TRANSFER AGENT" respectively); and

(4)   THE BANK OF NEW YORK a New York banking corporation acting through its
      London Branch at One Canada Square, London E14 5AL (in its capacity as
      note trustee hereinafter called the "NOTE TRUSTEE", which expression shall
      include such company and all other persons for the time being acting as
      the trustee or trustees under the Trust Deed).

WHEREAS

(A)   The Issuer has pursuant to a resolution of its board of directors passed
      on [___] duly authorised the issue by the Issuer of $[___] Class A
      Asset-Backed Floating Rate Notes due [___] (the "CLASS A NOTES"), $[___]
      Class B Asset-Backed Floating Rate Notes due [___] (the "CLASS B NOTES")
      and $[___] Class C Asset-Backed Floating Rate Notes due [___] (the "CLASS
      C NOTES" and together with the Class A Notes, and the Class B Notes the
      "NOTES").

(B)   The Class A Notes, the Class B Notes and the Class C Notes will be
      initially be represented in registered form in an Authorised Denomination
      and will be sold in a public offering in the United States.

(C)   The Notes of each class will be represented by one or more global note
      certificates in registered form (the "GLOBAL NOTE CERTIFICATES") and will
      be deposited with and registered in the name of, a nominee for a common
      depositary of the Clearing Systems on or about the Closing Date.

(D)   The Notes will be subject to and be constituted by a trust deed of even
      date herewith (the "TRUST DEED") between the Issuer and the Note Trustee.

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(E)   Beneficial interests in the Global Note Certificates will only be
      exchangeable for individual note certificates (the "INDIVIDUAL NOTE
      CERTIFICATES" and together with the Global Note Certificates, the "NOTE
      CERTIFICATES") in the limited circumstances specified in the Trust Deed
      and such Global Note Certificates.

(F)   The Issuer, the Agents, the Agent Bank and the Note Trustee wish to record
      certain arrangements which they have made in relation to the Notes.

IT IS AGREED as follows:

1.    INTERPRETATION

1.1   In this Agreement (and the recitals):

      "AGENTS" means the Paying Agents, the Registrar, the Agent Bank and the
      Transfer Agent and "AGENT" means any of them;

      "AUTHORISED DENOMINATION" means, with respect to the Class A Notes, the
      Class B Notes and the Class C Notes, $[___];

      "DUE DATE" means the due date for any payment in respect of the Notes;

      "EXCHANGE DATE" means the first Business Day following the expiry of 40
      days after the issue of the Notes;

      "INTEREST AMOUNT", "INTEREST DETERMINATION DATE", "INTEREST PAYMENT DATE",
      "INTEREST PERIOD" and "RATE OF INTEREST" have the respective meanings
      ascribed thereto in the Note Conditions;

      "NOTE CONDITIONS" means the Terms and Conditions applicable to the Notes
      in the form or substantially in the form set out in the Seventh Schedule
      of the Trust Deed, as the same may from time to time be modified in
      accordance with the terms of the Trust Deed and any reference in this
      Agreement to a particular numbered Condition shall be construed
      accordingly;

      "REGISTER" means the register maintained by the Registrar in accordance
      with Clause 4.1;

      "SEC" means the United States Securities and Exchange Commission;

      "SECURITIES ACT" means the United States Securities Act 1933, as amended;

      "SPECIFIED OFFICE" means, in relation to any Agent, the office specified
      against the name of the relevant Agent in the Schedule or such other
      office in the same city as such office as such Agent may specify by notice
      to the Issuer, the Note Trustee and (in the case of a Paying Agent other
      than the Principal Paying Agent) the Principal Paying Agent; and

      "TRANSFER AGENT" means the Bank of New York and any transfer agent
      appointed in relation to the Individual Note Certificates.

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1.2   CURRENCY

      1.2.1 "(POUND)" and "STERLING" denote the lawful currency for the time
            being of the United Kingdom of Great Britain and Northern Ireland.

      1.2.2 "$" and "DOLLARS" denote the lawful currency for the time being of
            the United States of America.

1.3   CLAUSES AND SCHEDULES

      Any reference in this Agreement to a Clause or a Schedule is, unless
      otherwise stated, to a clause hereof or a schedule hereto.

1.4   HEADINGS

      Headings and sub-headings are for ease of reference only and shall not
      affect the construction of this Agreement.

1.5   CONSTRUCTION

      All capitalised terms used and not otherwise defined herein shall have the
      same meanings as in the Trust Deed.

2.    APPOINTMENT OF THE AGENTS

2.1   APPOINTMENT

      The Issuer appoints each Agent acting through its Specified Office as its
      agent in relation to the Notes for the purposes specified in this
      Agreement and in the Note Conditions.

2.2   ACCEPTANCE OF APPOINTMENT BY PAYING AGENTS

      Each of the Paying Agents accepts its appointment as agent of the Issuer
      in relation to the Notes and shall comply with the provisions of this
      Agreement.

2.3   ACCEPTANCE OF APPOINTMENT BY AGENT BANK

      The Agent Bank accepts its appointment as agent of the Issuer for the
      purpose, inter alia, of calculating the Rate of Interest on the Notes in
      accordance with the provisions of the Note Conditions and this Agreement.

2.4   ACCEPTANCE OF APPOINTMENT BY CUSTODIAN

      The Custodian accepts its appointment as agent of the Issuer for the
      purpose, inter alia, of holding the MTN and performing the tasks set out
      in Clause 8, in accordance with the provisions of this Agreement.

                                      -3-
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2.5   ACCEPTANCE OF APPOINTMENT BY REGISTRAR

      The Registrar accepts its appointment as agent of the Issuer for the
      purpose, inter alia, of establishing and maintaining the Register, all in
      accordance with the provisions of the Note Conditions and this Agreement.

2.6   TRANSFER AGENT

      The Transfer Agent accepts its appointment as agent of the Issuer for the
      purpose of enabling certain transfers in connection with any Individual
      Note Certificates issued by the Issuer.

3.    THE NOTES

3.1   GLOBAL NOTE CERTIFICATES

      Each Global Note Certificate shall:

      3.1.1 be in substantially the form set out in the First Schedule of the
            Trust Deed in respect of the Class A Notes, in the Second Schedule
            of the Trust Deed in respect of the Class B Notes and in the Third
            Schedule of the Trust Deed in respect of the Class C Notes; and

      3.1.2 be executed manually or in facsimile by or on behalf of the Issuer
            and authenticated manually by or on behalf of the Registrar upon
            receipt of written instruction from the Issuer.

3.2   INDIVIDUAL NOTE CERTIFICATES

      Each Individual Note Certificate shall:

      3.2.1 be in substantially the form set out in the Fourth Schedule of the
            Trust Deed in respect of each Definitive Class A Note, in the Fifth
            Schedule of the Trust Deed in respect of each Definitive Class B
            Note and in the Sixth Schedule of the Trust Deed in respect of each
            Definitive Class C Note;

      3.2.2 be security printed in accordance with all applicable legal and
            stock exchange requirements;

      3.2.3 have a unique certificate number printed thereon;

      3.2.4 be executed manually or in facsimile by two Directors of the Issuer
            and authenticated by or on behalf of an authorised signatory of the
            Registrar; and

      3.2.5 otherwise be in accordance with the customary practice of the
            international Eurobond market.

3.3   SIGNATURES

      Any signature on a Note Certificate on behalf of the Issuer shall be that
      of a person who at the date of printing of the Note Certificates is a
      Director of the Issuer

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      notwithstanding that at the time of issue of any of the Note Certificates
      he may have ceased for any reason to be the holder of such office.

3.4   AVAILABILITY

      3.4.1 GLOBAL NOTE CERTIFICATES

            The Global Note Certificates shall be deposited with and registered
            in the name of, a nominee for a common depositary of the Clearing
            Systems.

      3.4.2 INDIVIDUAL NOTES

            If the Issuer is required to deliver Individual Note Certificates
            pursuant to the terms of the Global Note Certificates, the Issuer
            shall arrange for $[___] of Class A Individual Note Certificates,
            $[___] of Class B Individual Note Certificates and $[___] of Class C
            Individual Note Certificates to be made available to or to the order
            of the Registrar by the later of the expiry of 30 days after the
            date hereof and the date falling 25 days after the occurrence of the
            relevant event as set out in Clause 3.2 of the Trust Deed. Such
            Individual Note Certificates will be in registered form each in an
            Authorised Denomination. The Individual Note Certificates will be
            held to the Issuer's order pending delivery. The Issuer shall also
            arrange, on request, for such Individual Note Certificates as are
            required to enable the Registrar to perform its obligations under
            Clause 4 to be made available to or to the order of the Registrar
            from time to time.

3.5   DUTIES OF THE AGENT BANK

      3.5.1 On each Quotation Date, the Agent Bank shall establish the Rate of
            Interest on the Notes and the Interest Amount (together with any
            Additional Interest and/or Deferred Interest) applicable to the next
            Interest Period in accordance with the provisions of the Notes.
            Further, the Agent Bank shall notify promptly, and in no event later
            than the seventh Business Day following each such Quotation Date,
            the Issuer, the Note Trustee, the other Agents and the London Stock
            Exchange plc (the "LONDON STOCK EXCHANGE") of the Rate of Interest
            so established, the Interest Amount payable in respect of interest
            for such Interest Period and the Interest Payment Date in respect of
            such Interest Period. The Agent Bank's notification shall also
            specify the quotations upon which the Rate of Interest is based.

      3.5.2 The Notes, on issue, are expected to be listed on the London Stock
            Exchange and registered with the United States Securities and
            Exchange Commission. The Issuer will advise the Agent Bank, if such
            listing or registration is withdrawn or if the Notes become listed
            on any other stock exchange.

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3.6   PUBLICATION OF RATE OF INTEREST

      It shall be the responsibility of the Agent Bank to cause notice of such
      Rate of Interest, Interest Amount and Interest Payment Date to be
      published in accordance with Condition [___] of the Notes.

3.7   AUTHORITY TO AUTHENTICATE

      The Registrar or its designated agent is authorised and instructed by the
      Issuer to authenticate such Note Certificates as may be required to be
      authenticated hereunder by the signature of any of its officers or any
      other person duly authorised for the purpose by the Registrar.

3.8   DUTIES OF THE REGISTRAR

      It shall be a term of the appointment of the Registrar that the Registrar
      or its designated agent shall:

      3.8.1 hold in safe custody all unauthenticated Note Certificates delivered
            to it in accordance with Clause 3.4.2;

      3.8.2 ensure that such Note Certificates are authenticated and delivered
            only in accordance with the terms hereof, of the Trust Deed and of
            the Note Conditions; and

      3.8.3 establish and maintain the Register at its Specified Office.

4.    TRANSFERS OF NOTES

4.1   MAINTENANCE OF THE REGISTER

      The Registrar shall maintain the Register in relation to the Notes, which
      shall be kept at its Specified Office and be made available by the
      Registrar to the Issuer, the Trustee and the other Agents for inspection
      and for the taking of copies or extracts therefrom at all reasonable
      times. The Register shall show the aggregate principal amount, serial
      numbers and dates of issue of each Note Certificate, the names and
      addresses of the initial holders thereof and the dates of all transfers
      to, and the names and addresses of, all subsequent holders thereof, all
      cancellations of Note Certificates and all replacements of Note
      Certificates.

4.2   REGISTRATION OF TRANSFERS IN THE REGISTER

      The Registrar shall receive requests for the transfer of Notes in
      accordance with the Conditions and the Regulations and shall make the
      necessary entries in the Register.

4.3   TRANSFER AGENTS TO RECEIVE REQUESTS FOR TRANSFERS OF NOTES

      Each Transfer Agent appointed in respect of the Definitive Notes shall
      receive requests for the transfer of Notes in accordance with the
      Conditions and the Regulations and assist, if required, in the issue of
      new Individual Note Certificates to give effect to such

                                      -6-
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      transfers and, in particular, upon any such request being duly made, shall
      promptly notify the Registrar of:

      4.3.1 the aggregate principal amount of the Definitive Notes to be
            transferred;

      4.3.2 the name(s) and addresses to be entered on the Register of the
            holder(s) of the new Definitive Notes(s) to be issued in order to
            give effect to such transfer; and

      4.3.3 the place and manner of delivery of the new Individual Note
            Certificates to be delivered in respect of such transfer

      and shall forward the Individual Note Certificates relating to the Notes
      to be transferred (with the relevant form(s) of transfer duly completed)
      to the Registrar with such notification.

5.    REPLACEMENT NOTE CERTIFICATES

5.1   DELIVERY OF REPLACEMENTS

      The Registrar shall, upon and in accordance with the instructions of the
      Issuer (which instructions may, without limitation, include such terms as
      to the payment of expenses and as to evidence, security and indemnity as
      the Issuer, the Principal Paying Agent and the Registrar may reasonably
      require) complete, authenticate and deliver a Note Certificate as a
      replacement for any Note Certificate which has been mutilated or defaced
      or which is alleged to have been destroyed, stolen or lost; provided,
      however, the Registrar shall not deliver any Note Certificate as a
      replacement for any Note Certificate which has been mutilated or defaced
      otherwise than against surrender of the same.

5.2   REPLACEMENTS TO BE NUMBERED

      Each replacement Note Certificate delivered hereunder shall bear a unique
      serial number.

5.3   CANCELLATION AND DESTRUCTION

      The Registrar shall cancel and destroy each mutilated or defaced Note
      Certificate surrendered to it and in respect of which a replacement has
      been delivered.

5.4   NOTIFICATION

      The Registrar shall notify the Issuer of the delivery by it in accordance
      herewith of any replacement Note Certificate, specifying the serial number
      thereof and the serial number (if any and if known) of the Note
      Certificate which it replaces and confirming (if such be the case) that
      the Note Certificate which it replaces has been cancelled or destroyed and
      the Registrar shall as promptly as is practicable, enter such details in
      the Register.

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6.    PAYMENTS TO THE NEW YORK PAYING AGENT

6.1   ISSUER TO PAY NEW YORK PAYING AGENT

      In order to provide for the payment of interest and principal in respect
      of the Notes as the same becomes due and payable, the Issuer shall pay to
      the New York Paying Agent or otherwise cause it to receive on or before
      the date on which such payment becomes due, an amount which is equal to
      the amount of principal or interest then falling due in respect of the
      Notes on such date.

6.2   MANNER AND TIME OF PAYMENT

      Each amount payable by the Issuer under Clause 6.1 shall be paid
      unconditionally by credit transfer in Dollars in immediately available,
      freely transferable funds not later than 11.00 a.m. (New York time) on the
      relevant day to such account with such bank in New York as the New York
      Paying Agent has by notice to the Issuer and the Note Trustee specified
      for the purpose. The Issuer shall, before 2.00 p.m. (New York time) on the
      second Business Day before the due date of each payment by it under Clause
      6.1, notify the New York Paying Agent by tested telex or authenticated
      SWIFT message (or such other method as shall be agreed) of its irrevocable
      payment instructions to such bank in New York through which such payment
      to the New York Paying Agent is to be made.

6.3   EXCLUSION OF LIENS AND INTEREST

      The Agents shall not:

      6.3.1 exercise any lien, right of set-off or similar claim in respect of
            monies received by the New York Paying Agent in connection with its
            activities hereunder;

      6.3.2 be liable to any person for interest thereon; and

      6.3.3 be obliged to hold any funds received by it hereunder in a
            segregated account or accounts.

6.4   APPLICATION BY NEW YORK PAYING AGENT

      The New York Paying Agent shall apply (or direct or cause application of)
      each amount paid to it hereunder in accordance with Clauses 7.1 and 7.2 in
      respect of the Note Certificates (if any) and shall not be obliged to
      repay any such amount other than as provided herein or unless the claim
      for the relevant payment becomes void under the Note Conditions in which
      event it shall repay to the Issuer such portion of such amount as relates
      to such payment by paying the same by credit transfer in to such account
      with such bank as the Issuer has by notice to the New York Paying Agent
      specified for the purpose.

                                      -8-
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6.5   FAILURE TO NOTIFY PAYMENT INSTRUCTIONS

      If the New York Paying Agent has not, by 5.00 p.m. (New York Time) on the
      second Business Day before the due date of any payment to it under Clause
      6.1, received notification of the relevant irrevocable payment
      instructions referred to in Clause 6.2 it shall forthwith notify the
      Principal Paying Agent, the Note Trustee and the Issuer. If the New York
      Paying Agent subsequently receives notification of such payment
      instructions, it shall forthwith notify the Principal Paying Agent, the
      Note Trustee and the Issuer.

6.6   NOTIFICATION OF PARTIAL REDEMPTIONS

      In the event there is to be any partial redemption of the Notes pursuant
      to Note Condition [___] on any Interest Payment Date, the Issuer shall
      give each of the Principal Paying Agent and the New York Paying Agent five
      days notice of the amount of the Principal Amount Outstanding of each Note
      to be redeemed on such Interest Payment Date.

7.    PAYMENTS TO NOTEHOLDERS

7.1   PAYMENTS BY NEW YORK PAYING AGENT

      The New York Paying Agent acting through its Specified Office in New York
      shall make payments of interest and principal in respect of the Notes in
      accordance with the Note Conditions (and, in the case of the Note
      Certificates, the terms thereof) provided, however, that:

      7.1.1 the New York Paying Agent shall not be obliged (but shall be
            entitled) to make payments of interest or principal in respect of
            the Notes:

            (a)   if it has not received the full amount of any payment due to
                  it under Clause 6.1; or

            (b)   if it has been notified in accordance with Clause 6.5 that the
                  relevant irrevocable payment instructions have not been
                  received, unless it is subsequently notified that such payment
                  instructions have been received;

      7.1.2 the Registrar shall cancel each Note Certificate against surrender
            of which it has made full payment and shall, if necessary, deliver
            each Note Certificate so cancelled by it to or to the order of the
            Registrar; and

            The New York Paying Agent shall notify the Note Trustee forthwith in
            the event that it does not, on or before the due date for any
            payment of principal or interest in respect of any of the Notes,
            receive unconditionally the full amount in Dollars and/or there are
            not sufficient funds in Dollars available to the New York Paying
            Agent to discharge the amount of the moneys payable thereon in
            accordance with the Note Conditions and/or the provisions of the
            Trust Deed on such due date.

                                      -9-
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7.2   PAYMENTS IN RESPECT OF NOTE CERTIFICATES:

      7.2.1 The Registrar will notify the New York Paying Agent, not later than
            5 days after each Record Date, whether any Noteholder has elected to
            receive payments by transfer to a bank account and, if so, the
            relevant details of such bank account. For those Noteholders who
            have chosen not to receive payments by transfer to a bank account,
            the Registrar will notify the New York Paying Agent of the address
            of such Noteholder appearing in the Register to which cheques should
            be posted.

      7.2.2 The New York Paying Agent shall make or shall procure payments of
            interest and principal in respect of the Note Certificates in
            accordance with the Conditions by mailing U.S. dollar cheque drawn
            on a bank in New York respectively to the address of the Noteholder
            appearing in the Register on the Record Date or, if the Noteholder
            has elected to do so, by transfer to a U.S. dollar account (as the
            case may be).

7.3   EXCLUSION OF LIENS AND COMMISSIONS

      The New York Paying Agent shall not exercise any lien, right of set-off or
      similar claim against any person to whom it makes any payment under Clause
      7.1 in respect thereof, nor shall any commission or expense be charged by
      it to any such person in respect thereof.

7.4   APPROPRIATION BY NEW YORK PAYING AGENT

      If the New York Paying Agent makes any payment in accordance with Clause
      7.1, it shall be entitled to appropriate for its own account out of the
      funds received by it under Clause 6.1 an amount equal to the amount so
      paid by it.

7.5   REIMBURSEMENT BY ISSUER

      If the New York Paying Agent makes a payment in respect of the Notes at a
      time at which the New York Paying Agent has not received the full amount
      of the relevant payment due to it from the Issuer under Clause 6.1, the
      Issuer shall from time to time on demand pay to the New York Paying Agent:

      7.5.1 the amount so paid out by the New York Paying Agent and not so
            reimbursed to it; and

      7.5.2 interest on such amount from the date on which the New York Paying
            Agent made such payment until the date of reimbursement of such
            amount,

      provided, however, that any payment made under Clause 7.5.1 above shall
      satisfy pro tanto the Issuer's obligations under Clause 6.1.

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7.6   PARTIAL PAYMENTS

      If at any time and for any reason the New York Paying Agent makes a
      partial payment in respect of any Note the Registrar shall annotate the
      Register with such details. In addition, if, on any due date for payment,
      less than the full amount of any principal or interest is paid in respect
      of the Notes, the Registrar will note on the Register a memorandum of the
      amount and date of any payment then made and, if the Global Note
      Certificate or any Individual Note Certificate is presented for payment in
      accordance with the Conditions and no payment is then made, the date of
      presentation of the Global Note Certificate or (as the case may be) such
      Individual Note Certificate.

7.7   AGENTS TO ACT FOR NOTE TRUSTEE

      At any time after an Event of Default in respect of the Notes shall have
      occurred or at any time after Individual Note Certificates have not been
      issued when so required in accordance with the terms of the Trust Deed or
      the Note Trustee shall have received any money which it proposes to pay
      under Clause 8 of the Trust Deed to the Noteholders or the Notes shall
      otherwise have become due and repayable:

      7.7.1 the Paying Agents and the Registrar shall, if so required by notice
            in writing given by the Note Trustee to the Issuer, the Paying
            Agents and the Registrar:

            (a)   thereafter act as Paying Agents or Registrar, as the case may
                  be, of the Note Trustee in relation to payments in respect of
                  the Notes to be made by or on behalf of the Note Trustee under
                  the terms of the Trust Deed on the terms mutatis mutandis
                  contained herein (save that the Note Trustee's liability under
                  any provisions herein contained for the indemnification of any
                  Paying Agent or the Registrar shall be limited to the amount
                  for the time being held by the Note Trustee on the trusts of
                  the Trust Deed which is available to be applied by the Note
                  Trustee for such purpose) and thereafter hold all Note
                  Certificates and all sums, documents and records held by them
                  in their capacities as Principal Paying Agent, Paying Agent or
                  (as the case may be) Registrar in respect of the Notes on
                  behalf of the Note Trustee; and/or

            (b)   deliver up all Note Certificates and all sums, documents and
                  records held by them in respect of the Notes to the Note
                  Trustee or as the Note Trustee shall direct in such notice,

            provided that such notice shall be deemed not to apply to any
            document or record which the Principal Paying Agent or (as the case
            may be) the relevant Agent is obliged not to release by any
            applicable law or regulation; and/or

      7.7.2 the Agent Bank shall, if so required by notice in writing given by
            the Note Trustee to the Agent Bank and until such appointment is
            terminated by the Note Trustee by notice in writing:

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            (a)   thereafter act as Agent Bank of the Note Trustee in relation
                  to calculations and other related functions to be made or
                  performed by, or on behalf of, the Note Trustee under the
                  terms of the Trust Deed mutatis mutandis on the terms
                  contained herein (save that the Note Trustee's liability under
                  any provision hereof for the indemnification of the Agent Bank
                  shall be limited to the amounts for the time being held by the
                  Note Trustee in respect of principal and interest on the Notes
                  on the trusts of the Trust Deed which are available to be
                  applied by the Note Trustee for such purposes) and thereafter
                  to hold on behalf of the Note Trustee all documents and
                  records held by it in respect of principal and interest on the
                  Notes; and/or

            (b)   deliver up all documents and records held by it in respect of
                  principal and interest on the Notes to the Note Trustee or as
                  the Note Trustee shall direct in such notice,

            provided that such notice shall be deemed not to apply to any
            document or record which the Agent Bank is obliged to retain or not
            to release by any applicable law or regulation.

8.    CUSTODY ARRANGEMENTS

8.1   CUSTODY ACCOUNTS

      8.1.1 The Custodian shall maintain a securities custody account in respect
            of the MTN, the details of which shall be set out in Schedule 2 (the
            "CUSTODY SECURITIES ACCOUNT").

      8.1.2 The Custodian shall maintain the cash proceeds of the MTN in a cash
            custody account the details of which will be set out in Schedule 2
            (the "CUSTODY CASH ACCOUNT") which the Custodian will credit with
            income received pursuant to Clause 8.3 and debit with payments made
            pursuant to Clause 8.4.

      8.1.3 The Custodian shall accept for safekeeping and deposit to the credit
            of the Custody Securities Account the MTN which may from time to
            time be delivered to it for such purpose.

      8.1.4 At all times while the MTN is credited to the Custody Securities
            Account, the Custodian shall deal with the MTN or book entry
            interests in accordance with the terms of this Agreement and the
            Deed of Charge.

8.2   INCOME FROM THE MTN

      The Custodian shall, on behalf of the Issuer, endeavour to collect any
      income from the MTN and may execute ownership and other certificates and
      affidavits for all fiscal and tax purposes from time to time required in
      connection with the collection of such income and pay any taxes which it
      is required to pay in connection therewith. For the

                                      -12-
<PAGE>

      avoidance of doubt, nothing in this Clause shall make the Custodian liable
      for any failure of any other person to pay or remit any sum referred to
      herein.

8.3   PAYMENTS

      The Custodian may from time to time pay from the Custody Cash Account to
      the relevant party all sums due to that party under the terms of the
      relevant document. The Custodian shall only be bound to make payments
      pursuant to this clause to the extent that it is satisfied that it has
      received funds in accordance with Clause 8.2 hereof.

8.4   EXCHANGE OF MTNS

      The Custodian is hereby authorised without further instruction to present
      and surrender, or procure the presentation and surrender of, the MTN which
      is under the direct control of the Custodian on maturity to the issuer
      thereof or (as the case may be) the appropriate paying agent on each date
      on which such presentation is required in order to receive payment in
      respect thereof.

8.5   DOCUMENTS NECESSARY FOR CUSTODY

      Subject as herein provided, the Custodian may execute as agent for the
      Issuer all declarations, affidavits and certificates of ownership now or
      hereafter required in respect of the MTN held in the Custody Securities
      Account; PROVIDED THAT, prior to the occurrence of Event of Default, the
      Custodian shall not under any circumstances execute any declaration,
      affidavit or certificate which might be construed to mean or imply that it
      is the ultimate beneficial owner of the MTN or that it is acting in any
      capacity other than as Custodian of the MTN.

8.6   APPOINTMENT OF SUB-CUSTODIANS

      Notwithstanding the provisions of Clause 11 and subject to receipt of an
      opinion of legal counsel that such appointment will not give rise to any
      adverse tax consequences, the Custodian may, having given the Issuer and
      each relevant Rating Agency at least ten Business Days' prior written
      notice, appoint any financial institution with an office in any
      jurisdiction other than the United Kingdom (including any reputable
      financial institution in the same group as the Custodian) to act as
      sub-custodian (a "SUB-CUSTODIAN") of an MTN located in that jurisdiction
      on substantially the same terms as the Agreement (except that there shall
      be no equivalent to this Clause 8.6). The Custodian shall not at any time
      be liable to the Issuer or any other person for the proper safekeeping of
      the MTN and the due performance of the obligations assumed by any
      Sub-Custodian but the Custodian accepts the same level of responsibility
      for any nominee company controlled by the Custodian or by any of its
      affiliated companies as it accepts for itself.

      8.6.1 The Custodian may change the appointment of a Sub-Custodian in any
            jurisdiction having given at least ten Business Days prior written
            notice to the Issuer and each relevant Rating Agency.

                                      -13-
<PAGE>

      8.6.2 The Custodian hereby warns the Issuer that in relation to the MTN
            held by the Custodian pursuant to this Clause 8 or any Sub-Custodian
            outside the United Kingdom, there may be settlement, legal and
            regulatory requirements in the relevant overseas jurisdictions which
            are different from those applying in New York, and different
            practices for separate identification of such MTNs.

9.    MISCELLANEOUS DUTIES OF THE AGENTS

9.1   MAINTENANCE OF RECORDS

      Each of the Agents shall maintain records of all documents received by it
      in connection with its duties hereunder and shall make such records
      available for inspection at all reasonable times by the Issuer, the
      Trustee and the other Agents and, in particular the Registrar shall (a)
      maintain a record of all Note Certificates delivered hereunder and of
      their redemption, payment, cancellation, mutilation, defacement, alleged
      destruction, theft, loss and replacement; (b) make such records available
      for inspection at all reasonable times by the Issuer, the Trustee and the
      other Agents; and (c) give to the Trustee and the other Agents such
      further information with regard to its activities hereunder as may
      reasonably be required of them for the proper carrying out of their
      respective duties.

9.2   CANCELLATION

      The Issuer may from time to time deliver to, or to the order of, the
      Registrar Note Certificates for cancellation whereupon the Registrar shall
      cancel the same and shall make the corresponding entries in the Register.

9.3   NOTES IN ISSUE

      As soon as practicable (or in any event within three months) after each
      date for the payment of principal or interest in relation to the Notes,
      after each date on which Note Certificates are cancelled in accordance
      with Clause 9.3 and after the date on which the Notes fall due for
      redemption in accordance with the Conditions, the Registrar shall notify
      the Issuer, the other Paying Agents and the Note Trustee (on the basis of
      the information available to it) of the number of any Note Certificates
      against surrender of which payment in full has been made and of the number
      of any Note Certificates (and the names and addresses of the Holders
      thereof) which have not yet been surrendered for payment and the details
      of all Notes redeemed and cancelled.

9.4   FORWARDING OF COMMUNICATIONS

      The Principal Paying Agent shall promptly forward to the Issuer, the Note
      Trustee and the New York Paying Agent a copy of any notice or
      communication addressed to the Issuer by any Noteholder which is received
      by the Principal Paying Agent. The New York Paying Agent or Registrar
      shall promptly notify the Principal Paying Agent in the event that it
      receives any such notice or communication and promptly forward such notice
      or communication to the Principal Paying Agent.

                                      -14-
<PAGE>

9.5   PUBLICATION OF NOTICES

      The Registrar shall, upon and in accordance with the instructions, and at
      the expense, of the Issuer but not otherwise, arrange for the publication
      in accordance with Note Condition [___] of the Notes of any notice which
      is to be given to the Noteholders and shall promptly supply two copies
      thereof to the Note Trustee and a copy thereof to each other Agent.

9.6   DESTRUCTION

      The Registrar may destroy each Note Certificate delivered to or cancelled
      by it in accordance with Clause 9.2, in which case it shall promptly
      furnish the Issuer and the Note Trustee with a certificate as to such
      destruction and specifying the reason for such destruction and the
      certificate or serial numbers of the Note Certificates so destroyed.

9.7   FORMS OF PROXY AND BLOCK VOTING INSTRUCTIONS

      The Registrar shall, at the request of any Noteholder in accordance with
      the Trust Deed, make available uncompleted and unexecuted forms of proxy
      and issue block voting instructions in a form and manner which comply with
      the provisions of the Eighth Schedule of the Trust Deed. The Registrar
      shall keep a full record of completed and executed forms of proxy received
      by it and will give to the Issuer, not less than twenty-four hours before
      the time appointed for any meeting or adjourned meeting, full particulars
      of all duly completed forms of proxy received by it in respect of such
      meeting or adjourned meeting.

9.8   ADDITIONAL DUTIES

      The Registrar shall carry out such other acts as may reasonably be
      necessary to give effect to the relevant Note Conditions, this Agreement
      and the Regulations. In carrying out its functions the Registrar shall act
      in accordance with the terms of this Agreement, the Regulations and the
      relevant Note Conditions.

9.9   REGULATIONS FOR THE DUTIES OF THE TRANSFER AGENTS AND THE REGISTRAR

      The Issuer may from time to time with the approval of the Principal Paying
      Agent, the Transfer Agents, the Registrar and the Trustee (such approval
      in no case to be unreasonably withheld) promulgate reasonable regulations
      concerning the carrying out of their respective duties and the forms and
      evidence to be proved (the "REGULATIONS").

9.10  NOTIFICATION OF THE PRINCIPAL AMOUNT OUTSTANDING

      The Registrar shall, on the third Business Day prior to each due date for
      payment in respect of the Notes, notify the Principal Paying Agent of the
      aggregate Principal Amount Outstanding of Notes evidenced by Individual
      Note Certificates.

                                      -15-
<PAGE>

9.11  COPY DOCUMENTS AVAILABLE FOR INSPECTION

      The Registrar shall make copies of this Agreement, the Trust Deed and the
      Regulations available for inspection at its specified office at all
      reasonable times.

9.12  PROCEEDS HELD ON TRUST

      Each Paying Agent shall hold in trust for the benefit of Noteholders or
      the Note Trustee all money held by such Paying Agent for the payment of
      principal or interest on the Securities.

9.13  NOTICE OF DEFAULT

      Each Paying Agent shall give the Note Trustee notice of any default by the
      Issuer in the making of any payment of principal of or interest on the
      Notes.

10.   FEES AND EXPENSES

10.1  FEES

      The Issuer shall pay to the New York Paying Agent for its own account and
      for the account of the Agents such fees as may have been agreed between
      the Issuer and the relevant Agent in respect of the services of the Agents
      hereunder (plus any applicable value added tax).

10.2  FRONT-END EXPENSES

      The Issuer shall after receipt of an account of such expenses reimburse
      the New York Paying Agent for its own account and for the account of the
      Agents for all reasonable out-of-pocket expenses incurred by them in the
      negotiation, preparation and execution of this Agreement and for its own
      account for all reasonable out-of-pocket expenses (including, without
      limitation, legal fees and any publication, advertising, communication,
      courier, postage and other out-of-pocket expenses) properly incurred in
      connection with its services hereunder (plus any applicable value added
      tax). The New York Paying Agent will be responsible for distributing the
      remuneration of the Agents and the relevant expenses of Agents and the
      Issuer shall not be responsible for the apportionment of such payments
      between the Paying Agents, the Registrar and the Agent Bank.

10.3  TAXES AND EXPENSES OCCASIONED BY DEFAULT

      The Issuer shall pay all stamp, registration and other taxes and duties
      (including any interest and penalties thereon or in connection therewith)
      which are payable upon or in connection with the execution and delivery of
      this Agreement and shall indemnify each Agent against any claim, demand,
      action, liability, damages, cost, loss or expense (including, without
      limitation, legal fees and any applicable value added tax) which it incurs
      as a result or arising out of or in relation to any failure to pay or
      delay in paying any of the same.

                                      -16-
<PAGE>

11.    TERMS OF APPOINTMENT

11.1   RIGHTS AND POWERS

       Each Paying Agent, any Transfer Agent or Registrar and, in relation to
       sub-clauses 11.1.2 and 11.1.3 the Agent Bank may, in connection with its
       services hereunder:

       11.1.1 except as ordered by a court of competent jurisdiction or as
              required by law (whether or not the relevant Note shall be overdue
              and notwithstanding any notice to the contrary or writing shown
              thereon or any notice of previous loss or theft or of trust or
              other interest therein) be entitled to treat the person registered
              in the Register as the absolute owner of such Note for all
              purposes and make payments thereon accordingly PROVIDED THAT where
              the Registrar has notified the Issuer of the presentation or
              surrender of any Note in accordance with Clause 7.1.1, it shall
              not make payment thereon until so instructed by the Issuer;

       11.1.2 rely upon the terms of any notice, communication or other document
              believed by it to be genuine;

       11.1.3 engage, at the expense of the Issuer (pursuant to Clause 10.2),
              the advice or services of any lawyers or other experts (being an
              appointee who shall have been appointed by the Note Trustee after
              prior consultation by the Note Trustee with the Issuer and after
              consideration in good faith by the Note Trustee of any
              representations made by the Issuer concerning the proposed
              appointee except where, in the opinion of the Note Trustee, such
              consultation and consideration was not practicable) whose advice
              or services it considers necessary and rely upon any advice so
              obtained (and such Agent shall be protected and shall incur no
              liability as against the Issuer in respect of any action taken, or
              suffered to be taken, in accordance with such advice except to the
              extent that such liability arises out of any breach of contract or
              trust, bad faith, misconduct or negligence on the part of any such
              Agent or its officers, directors or employees);

       11.1.4 assume that the terms of each Note Certificate as issued are
              correct;

       11.1.5 refer any question relating to the ownership of any Note or the
              adequacy or sufficiency of any evidence supplied in connection
              with the replacement, transfer or exchange of any Note Certificate
              to the Issuer for determination by the Issuer and conclusively
              rely upon any determination so made; and

       11.1.6 whenever in the administration of this Agreement it shall deem it
              desirable that a matter be proved or established prior to taking,
              suffering or omitting any action hereunder, in the absence of bad
              faith or negligence on its part, accept a certificate signed by
              any person duly authorised on behalf of the Issuer as to any fact
              or matter prima facie within the knowledge of the Issuer as
              sufficient evidence thereof.

                                      -17-
<PAGE>

11.2   EXTENT OF DUTIES

       Each Agent shall only be obliged to perform the duties set out herein and
       such other duties as are necessarily incidental thereto. No Agent shall
       (i) be under any fiduciary duty towards any person other than the Issuer
       or, to the extent provided for in Clauses 7.9, 9.1 and 9.3, the Note
       Trustee, (ii) (except to the extent that such liability arises out of any
       breach of contract or trust, bad faith, misconduct or negligence on the
       part of any such Agent or its officers, directors or employees) be
       responsible for or liable in respect of any act or omission of any other
       person including, without limitation, any other Agent or (iii) be under
       any obligation towards any person other than the Issuer, the other Agents
       and the Note Trustee.

11.3   FREEDOM TO TRANSACT

       Each Agent may purchase, hold and dispose of a beneficial interest in a
       Note and may enter into any transaction (including, without limitation,
       any depository, trust or agency transaction) with any holders or owners
       of any Notes or with any other party hereto in the same manner as if it
       had not been appointed as the agent of the Issuer or the Note Trustee in
       relation to the Notes.

11.4   INDEMNITY

       The Issuer shall indemnify each Agent against any claim, demand, action,
       liability, damages, cost, loss or expense (including, without limitation,
       legal fees and any applicable value added tax) which it incurs, other
       than such costs and expenses as are (i) separately agreed to be
       reimbursed out of the fees payable under Clause 10.1; or (ii) incurred by
       reason of the relevant Agent's own negligence, breach of contract or
       trust, bad faith or misconduct (or that of its directors, officers or
       employees).

11.5   AGENT COMMITMENTS

       No provisions of this Agreement shall require any Agent to expend its own
       funds or assume a financial commitment to a person not party to this
       Agreement (other than in the ordinary course of its business) in the
       performance of any of its duties hereunder, or in the exercise of any of
       its rights or powers hereunder, if it shall have reasonable grounds for
       believing that repayment of such funds or adequate indemnity against such
       commitment is not reasonably assured to it and, in particular, no Agent
       shall be obliged to incur any expenditure in connection with the
       publication of any notices required to be given hereunder unless the
       Issuer has given its prior approval.

12.    TERMINATION OF APPOINTMENT

12.1   RESIGNATION

       Any Agent may resign its appointment upon not less than 60 days' written
       notice to the Issuer (with a copy to the Note Trustee and, in the case of
       an Agent other than the Principal Paying Agent, to the Principal Paying
       Agent) provided, however, that:

                                      -18-
<PAGE>

       12.1.1 if such resignation would otherwise take effect less than 10 days
              before the maturity date of the Notes or any Interest Payment Date
              in relation to the Notes, it shall not take effect until the first
              day following such maturity date; and

       12.1.2 such resignation shall not take effect until a successor (approved
              in writing by the Note Trustee) has been duly appointed by the
              Issuer and notice of such appointment has been given to the
              Noteholders.

12.2   REVOCATION

       The Issuer may revoke its appointment of any Agent as its agent in
       relation to the Notes by not less than 60 days' notice to such Agent
       (with a copy to the Note Trustee and, in the case of an Agent other than
       the Principal Paying Agent) provided, however, that in the case of the
       Principal Paying Agent, the Agent Bank, the Paying Agent with its
       Specified Office in London or the only remaining Paying Agent with its
       Specified Office outside the United Kingdom, such revocation shall not
       take effect until a successor has been duly appointed with the prior
       written consent of the Note Trustee and notice of such appointment has
       been given to the Noteholders.

12.3   AUTOMATIC TERMINATION

       The appointment of any Agent shall terminate forthwith if:

       12.3.1 a secured party takes possession, or a receiver, manager or other
              similar officer is appointed, of the whole or any part of the
              undertaking, assets and revenues of such Agent;

       12.3.2 such Agent admits in writing its insolvency or inability to pay
              its debts as they fall due;

       12.3.3 an administrator or liquidator of such Agent or the whole or any
              part of the undertaking, assets and revenues of such Agent is
              appointed (or application for any such appointment is made);

       12.3.4 such Agent takes any action for a readjustment or deferment of any
              of its obligations or makes a general assignment or an arrangement
              or composition with or for the benefit of its creditors or
              declares a moratorium in respect of any of its indebtedness;

       12.3.5 an order is made or an effective resolution is passed for the
              winding up of such Agent; or

       12.3.6 any event occurs which has an analogous effect to any of the
              foregoing.

       On the occurrence of any of the above the relevant Agent shall forthwith
       notify the Issuer and the remaining Agents and the Issuer shall give
       notice thereof to the Note Trustee and to the Noteholders in accordance
       with Note Condition [___].

                                      -19-
<PAGE>

12.4   ADDITIONAL AND SUCCESSOR AGENTS

       The Issuer may with the prior written approval of the Note Trustee
       appoint additional or successor Paying Agents, a successor Agent Bank or
       a successor Registrar provided that such additional or successor Paying
       Agent, Agent Bank or Registrar shall execute and deliver to its
       predecessor (if any), the Issuer, the Note Trustee and (unless its
       predecessor is the Principal Paying Agent) the Principal Paying Agent an
       instrument accepting appointment on the terms and conditions of this
       Agreement and the Issuer shall forthwith give notice of any such
       appointment to the continuing Agents and the Noteholders, whereupon the
       Issuer, the continuing Agents and the additional or successor agent shall
       acquire and become subject to the same rights and obligations between
       themselves as if they then entered into an agreement in the form mutatis
       mutandis of this Agreement.

12.5   AGENT MAY APPOINT SUCCESSOR

       If any Agent gives notice of its resignation in accordance with Clause
       12.1 and by the tenth day before the expiration of such notice a
       successor has not been duly appointed, such Agent may itself, following
       such consultation with the Issuer as is practicable in the circumstances
       and with the prior written approval of the Note Trustee and the Issuer
       (provided such failure to appoint was not due to default by the Issuer),
       appoint as its successor any reputable and experienced bank or financial
       institution and give notice of such appointment to the Issuer, the
       remaining Agents and the Noteholders. Such successor shall execute and
       deliver to the relevant Agent, the Issuer, the Note Trustee and (unless
       the relevant Agent is the Principal Paying Agent) the Principal Paying
       Agent an instrument accepting appointment on the terms and conditions of
       this Agreement whereupon the Issuer, the remaining Agents and such
       successor agent shall acquire and become subject to the same rights and
       obligations between themselves as if they had entered into an agreement
       in the form mutatis mutandis of this Agreement.

12.6   RESIGNATION AND REVOCATION

       Upon any resignation or revocation taking effect under Clause 12.1 or
       12.2 or any termination under Clause 12.3, the relevant Agent shall:

       12.6.1 without prejudice to any accrued liabilities and obligations, be
              released and discharged from any further obligations under this
              Agreement (save that it shall remain entitled to the benefit of,
              and subject to, Clauses 11.3, 12 and 13);

       12.6.2 repay to the Issuer following any resignation taking effect under
              Clause 12.1 or any termination under Clause 12.3, such part of any
              fee paid to it in accordance with Clause 10.1 as shall relate to
              any period thereafter;

       12.6.3 in the case of the Registrar, the Principal Paying Agent or the
              Agent Bank, deliver to the Issuer and to its successor a copy,
              certified as true and up-to-date by an officer of the Registrar,
              the Principal Paying Agent or (as the case

                                      -20-
<PAGE>

              may be) the Agent Bank, of the records maintained by it in
              accordance with Clause 9.1; and

       12.6.4 forthwith (upon payment to it of any amount due to it in
              accordance with Clause 10 or Clause 11.4) transfer all moneys and
              papers (including any unissued Definitive Notes held by it
              hereunder) to its successor in that capacity and, upon appropriate
              notice, provide reasonable assistance to its successor for the
              discharge by it of its duties and responsibilities hereunder.

12.7   MERGER

       Any legal entity into which any Agent is merged or converted or any legal
       entity resulting from any merger or conversion to which such Agent is a
       party shall, to the extent permitted by applicable law, be the successor
       to such Agent without any further formality, whereupon the Issuer, the
       Note Trustee, the other Agents and such successor shall acquire and
       become subject to the same rights and obligations between themselves as
       if they had entered into an agreement in the form mutatis mutandis of
       this Agreement. Notice of any such merger or conversion shall forthwith
       be given by such successor to the Issuer, the Note Trustee and the other
       Agents.

13.    NON-PETITION

13.1   NON-PETITION

       Each of the Paying Agents, the Registrar, the Note Trustee, the Agent
       Bank and any Transfer Agent undertakes to the Issuer that until one year
       and one day has elapsed since the last day on which the Issuer has
       discharged all of its obligations in relation to the Notes, none of them
       will petition or commence proceedings for the administration or
       winding-up of the Issuer (nor join any person in such proceedings or
       commencement of proceedings) nor commence any legal proceedings against
       the Issuer.

13.2   LIMITED RECOURSE

       Each of the Paying Agents, the Registrar, the Note Trustee, the Agent
       Bank and any Transfer Agent shall have recourse only to the Charged
       Property subject always to the charges set out in the Deed of Charge and
       the priority of payments set out in the Deed of Charge. Upon final
       realisation of the Charged Property, none of the Paying Agents, the
       Registrar, the Note Trustee, the Agent Bank or such Transfer Agent or any
       person acting on its behalf shall be entitled to take any further steps
       against the Issuer to recover any sums due to each of the Paying Agents,
       the Registrar, the Note Trustee, the Agent Bank and such Transfer Agent
       but still unpaid and all claims in respect of such sums due but still
       unpaid shall be extinguished.

14.    TIME

       Any date or period specified herein may be postponed or extended by
       mutual agreement among the parties but, as regards any date or period
       originally fixed or so postponed or extended, time shall be of the
       essence.

                                      -21-
<PAGE>

15.    NOTICES

15.1   Any notice under or in connection with the Agreement shall be in writing
       and shall be delivered by hand or sent by first class post, telex,
       courier or facsimile transmission to the address or facsimile number
       specified below in respect of the relevant party (or to such other
       address or facsimile number as may be notified in writing by any party to
       the others from time to time):

       15.1.1 if to the Issuer, to it at:

              54 Lombard Street
              London EC3P 3AH

              Fax:
              Attn: Company Secretary

       15.1.2 if to the Principal Paying Agent or Agent Bank, to it at:

              One Canada Square
              London E14 5AL

              Fax:  020 7893 6259
              Attn: Operations Department

       15.1.3 if to the New York Paying Agent, the Registrar or the Transfer
              Agent, to it at:

              The Bank of New York
              101 Barclay Street
              New York
              NY 10286 USA

              Fax:  001 212 815 5915
              Attn: Corporate Trust Administration

       15.1.4 if to the Note Trustee, to it at:

              The Bank of New York
              48th Floor, 1 Canada Square
              Canary Wharf
              London E14 5AL

              Fax:  020 7893 6259
              Attn: Operations Department

15.2   Every notice or communication sent in accordance with Clause 15.1 shall
       be effective as follows:

       15.2.1 if sent by letter, courier or fax, upon receipt by the addressee;
              and

                                      -22-
<PAGE>

       15.2.2 if sent by telex, upon receipt by the sender of its addressee's
              answer back at the end of transmission;

       provided, however, that any such notice or communication which would
       otherwise take effect on a day which is not a business day in the place
       of receipt or after 4.00 p.m. on any such business day shall not take
       effect until 10.00 a.m. on the immediately succeeding business day in the
       place of receipt.

16.    COUNTERPARTS

       This Agreement may be executed in any number of counterparts and by
       different parties hereto on separate counterparts each of which, when
       executed and delivered, shall constitute an original, but all the
       counterparts shall together constitute but one and the same instrument
       Provided, however, that this Agreement shall have no force or effect
       until it is executed by the last party to execute the same and shall be
       deemed to have been executed as delivered in the place where such last
       party executed this Agreement.

17.    GOVERNING LAW AND JURISDICTION

17.1   GOVERNING LAW

       This Agreement shall be governed by and construed in accordance with
       English law.

17.2   JURISDICTION

       Each of the parties hereto agrees for the benefit of the others that the
       courts of England shall have jurisdiction to hear and determine any suit,
       action or proceedings, and to settle any disputes, which arise out of or
       in connection with this Agreement (respectively, "PROCEEDINGS" and
       "DISPUTES") and, for such purposes, irrevocably submits to the
       jurisdiction of such courts.

17.3   APPROPRIATE FORUM

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

17.4   NON-EXCLUSIVITY

       The submission to the jurisdiction of the courts of England shall not
       (and shall not be construed so as to) limit the right of any party to
       take Proceedings in any court of competent jurisdiction, nor shall the
       taking of Proceedings in any one or more jurisdictions preclude the
       taking of Proceedings in any other jurisdiction (whether concurrently or
       not) if and to the extent permitted by law.

                                      -23-
<PAGE>

17.5   POST MATURITY CALL OPTION

       Pursuant to a post maturity call option made between the Issuer,
       Gracechurch Card (Holdings) Limited and the Note Trustee dated the date
       hereof the Principal Paying Agent (upon receipt of the notice referred to
       therein) agrees to arrange for the delivery of such notice to the holder
       of the Notes and further agrees to make payment of the Exercise Price (as
       defined therein) to each holder of a beneficial interest in the Notes.

18.    CONTRACT (THIRD PARTIES RIGHT) ACT

       A person who is not a party to any Document has no right under the
       Contract (Rights of Third Parties) Act 1999 to enforce any term of any
       Document but this does not affect any right or remedy of a third party
       which exists or is available apart from that Act.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.

                                      -24-
<PAGE>

                                   SCHEDULE 1

                         SPECIFIED OFFICES OF THE AGENTS

THE PRINCIPAL PAYING AGENT AND AGENT BANK

The Bank of New York
One Canada Square
London E14 5AL

Fax:       020 7893 6259
Attention: Operations Department

THE NEW YORK PAYING AGENT, REGISTRAR AND TRANSFER AGENT

The Bank of New York
101 Barclay Street,
New York, New York,
USA 10286

Fax:       001 212 815 5915
Attention: Corporate Trust Administration

                                      -25-
<PAGE>

                                   SCHEDULE 2

                             CUSTODY ACCOUNT DETAILS

CUSTODY SECURITIES ACCOUNT

Account Bank: The Bank of New York
Account Number:

CUSTODY CASH ACCOUNT

Account Bank: The Bank of New York
Account Number:

                                      -26-
<PAGE>

ISSUER

GRACECHURCH CARD FUNDING (NO.2) PLC

By:

AGENT BANK

THE BANK OF NEW YORK

By:

PRINCIPAL PAYING AGENT
REGISTRAR AND TRANSFER AGENT

THE BANK OF NEW YORK

By:

NEW YORK PAYING AGENT

THE BANK OF NEW YORK

By:

NOTE TRUSTEE

THE BANK OF NEW YORK

By:

                                      -27-EXHIBIT 4.7

                   FORM OF INDIVIDUAL CLASS A NOTE CERTIFICATE

Serial Number: ............

                      GRACECHURCH CARD FUNDING (NO. 2) PLC
                   (incorporated with limited liability under
                         the laws of England and Wales)

                                      $[___]

               CLASS A ASSET-BACKED FLOATING RATE NOTES DUE [___]

This Class A Note Certificate is issued in respect of the $[___] Class A
Asset-Backed Floating Rate Notes due [maturity] (the "NOTES") of Gracechurch
Card Funding (No. 2) PLC (the "ISSUER"). The Class A Notes are constituted by,
are subject to, and have the benefit of, a trust deed dated [___] (as amended or
supplemented from time to time, the "TRUST DEED") between the and The Bank of
New York as trustee (the "TRUSTEE", which expression includes all persons for
the time being appointed trustee or trustees under the Trust Deed) and are the
subject of a Paying Agency and Agent Bank Agreement (as amended or supplemented
from time to time, the "PAYING AGENCY AND AGENT BANK AGREEMENT") dated [___] and
made between the Issuer, The Bank of New York as registrar (the "REGISTRAR",
which expression includes any successor registrar appointed from time to time in
connection with the Class A Notes), The Bank of New York as principal paying
agent, the other paying agents and the transfer agents named therein and the
Trustee.

Any reference herein to the "CONDITIONS" is to the terms and conditions of the
Class A Notes endorsed hereon and any reference to a numbered "CONDITION" is to
the correspondingly numbered provision thereof.

This is to certify that:

              .....................................................

              of ..................................................

              .....................................................

is the person registered in the register maintained by the Registrar in relation
to the Class A Notes (the "REGISTER") as the duly registered holder or, if more
than one person is so registered, the first-named of such persons (the "HOLDER")
of:

                                     $[___]

                                 ([___] DOLLARS)

in aggregate principal amount of the Class A Notes.

The Issuer, for value received, hereby promises to pay such principal sum to the
Holder on [final maturity date] or on such earlier date or dates as the same may
become payable in

<PAGE>

accordance with the Conditions, and to pay interest on such principal sum in
arrear on the dates and at the rate specified in the Conditions, together with
any additional amounts payable in accordance with the Conditions, all subject to
and in accordance with the Conditions.

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

This Class A Note Certificate shall not be valid for any purpose until it has
been authenticated for and on behalf of The Bank of New York as registrar.

AS WITNESS the manual or facsimile signature of a duly authorised person on
behalf of the Issuer.

GRACECHURCH CARD FUNDING (NO. 2) PLC

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

ISSUED as of [issue date]

AUTHENTICATED for and on behalf of
The Bank of New York
as registrar without recourse, warranty
or liability

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

                                      -2-
<PAGE>

                                FORM OF TRANSFER

FOR VALUE RECEIVED ..............................., being the registered holder
of this Class A Note Certificate, hereby transfers

to .............................................................................

of..............................................................................

.................................................................................

$ ....................... in principal amount of the $ [___] Class A
Asset-Backed Floating Rate Notes due [maturity] (the "CLASS A NOTES") of
Gracechurch Card Funding (No. 2) PLC (the "ISSUER") and irrevocably requests and
authorises The Bank of New York, in its capacity as registrar in relation to the
Class A Notes (or any successor to The Bank of New York, in its capacity as
such) to effect the relevant transfer by means of appropriate entries in the
register kept by it.

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

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

NOTES

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

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

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

(d)   Any transfer of Class A Notes shall be in an amount equal to $[___] or any
      integral multiple of $[___] in excess thereof.

                                      -3-
<PAGE>

            [Terms and Conditions as set out in the seventh Schedule]

     PRINCIPAL PAYING AGENT                     REGISTRAR, NEW YORK PAYING
                                                 AGENT AND TRANSFER AGENT

     THE BANK OF NEW YORK                          THE BANK OF NEW YORK
      ONE CANADA SQUARE                             101 BARCLAY STREET
       LONDON E14 5AL                                     NEW YORK
            UK                                            NEW YORK
                                                          USA 10286

                        PAYING AGENTS AND TRANSFER AGENTS

          [NAME]                                            [NAME]
         [ADDRESS]                                         [ADDRESS]

                                      -4-

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