Issuer Trust Deed (2004)Full Document 

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                                Dated [o] 2005






                           GRANITE MASTER ISSUER plc
                               as Master Issuer






                                      and






                             THE BANK OF NEW YORK
                                as Note Trustee









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

                               ISSUER TRUST DEED


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



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











                            CROSS-REFERENCE TABLE*

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

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

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







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                               Table of Contents
Clause                                                                    Page

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

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

3.    Form, Issue and Deposit of Note Certificates...........................7

4.    Covenant of Compliance................................................10

5.    Covenants by the Master Issuer........................................10

6.    Enforcement...........................................................17

7.    Proceedings, Actions and Indemnification..............................18

8.    Application of Moneys etc.............................................20

9.    Remuneration and Indemnification of Note Trustee......................21

10.   Supplement to the Trustee Acts........................................23

11.   Modification and Waiver...............................................35

12.   Entitlement to Treat holder as owner..................................37

13.   Currency Indemnity....................................................37

14.   Appointment, Removal and Retirement of Note Trustee...................38

15.   Trust Indenture Act Prevails..........................................40

16.   Certificates and Opinions.............................................40

17.   Release of Collateral.................................................41

18.   Rights Cumulative.....................................................42

19.   Notices...............................................................42

20.   Third Party Rights....................................................43

21.   Execution in Counterparts; Severability...............................43

22.   Governing Law and Jurisdiction; Appropriate Forum.....................43

      SCHEDULE 1 FORMS OF GLOBAL NOTE CERTIFICATE...........................44

      SCHEDULE 2 FORM OF INDIVIDUAL NOTE CERTIFICATES.......................53

      SCHEDULE 3 ISSUER CONDITIONS OF THE NOTES.............................58


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      SCHEDULE 4 PROVISIONS FOR MEETINGS OF NOTEHOLDERS.....................59



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THIS ISSUER TRUST DEED is made on [o] 2005

BETWEEN:

(1)  GRANITE MASTER ISSUER plc, (registered number [o]) a public limited
     company incorporated under the laws of England and Wales, whose
     registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX, as
     Master Issuer; and

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

WHEREAS:

(A)  By a resolution of a duly authorised Board of Directors of the Master
     Issuer passed on [o] 2005 the Master Issuer resolved to establish a
     programme pursuant to which the Master Issuer may, from time to time,
     issue Issuer Notes as set out herein.

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

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

1.   Definitions

     1.1  The provisions of:

          (a)  the Master Definitions Schedule as amended and restated by (and
               appearing as Appendix 1 to) the Master Definitions Schedule
               Tenth Amendment Deed made on [o] 2005 between, among others,
               the Seller, Funding 2 and the Mortgages Trustee, and

          (b)  the Issuer Master Definitions Schedule signed for the purposes
               of identification by Sidley Austin Brown & Wood and Allen &
               Overy LLP on [o] 2005,

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

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

          1.2  All references in these presents:

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

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

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

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

          (e)  to taking proceedings against the Master Issuer shall be deemed
               to include references to proving in the winding up of the
               Master Issuer; and

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

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

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

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