Exhibit 4.1.2
EXECUTION VERSION
Dated 24 May, 2006
GRANITE FINANCE FUNDING 2 LIMITED
as Funding 2
GRANITE MASTER ISSUER PLC
as Master Issuer
THE BANK OF NEW YORK
as Funding 2 Security Trustee
CITIBANK, N.A.
as Agent Bank
----------------------------------------------------------------
LOAN TRANCHE SUPPLEMENT
----------------------------------------------------------------
SIDLEY AUSTIN
WOOLGATE EXCHANGE
00 XXXXXXXXXX XXXXXX
XXXXXX XX0X 0XX
TELEPHONE 000 0000 0000
FACSIMILE 020 7626 7937
THIS LOAN TRANCHE SUPPLEMENT is dated 24 May, 2006 between:
(1) GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387) a private
limited liability company incorporated under the laws of England and Wales
whose registered office is at Xxxxx Xxxxx, 000 Xxxx Xxxxxx, Xxxxxx XX0X
0XX as Funding 2;
(2) GRANITE MASTER ISSUER PLC (registered number 5250668) a public limited
company incorporated under the laws of England and Wales whose registered
office is at Xxxxx Xxxxx, 000 Xxxx Xxxxxx, Xxxxxx XX0X 0XX as Master
Issuer;
(3) THE BANK OF NEW YORK, acting through its office at 00xx Xxxxx, Xxx Xxxxxx
Xxxxxx, Xxxxxx X00 0XX in its capacity as the Funding 2 Security Trustee;
and
(4) CITIBANK, N.A., acting through its office at Citigroup Centre, Canada
Square, Xxxxxx Xxxxx, Xxxxxx X00 0XX in its capacity as the Agent Bank.
This document constitutes the Loan Tranche Supplement relating to the Loan
Tranches described herein. Terms used herein shall be deemed to be defined as
such for the purposes of the Global Intercompany Loan Agreement entered into
between the parties hereto on 19 January, 2005. This Loan Tranche Supplement
contains the final terms of the Loan Tranches identified and described herein,
is supplemental to and must be read in conjunction with the Global Intercompany
Loan Agreement.
Loan Tranche: The Series 2006-2 Class A1 Notes will fund the Series 2006-2 AAA
(Class A1) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)430,851,064
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date each Monthly Payment Date falling in
April, July, October and January of each
year beginning in July 2006 (or, if such
date is not a London Business Day, the
next following London Business Day), up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in April
2031.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
9. Relevant Screen Rate: LIBOR for three-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits.
11. Relevant Margin: -0.0117 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
2
13. Relevant Margin following +0.1266 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 381,864,725
October 2006 310,828,734
January 2007 242,621,069
April 2007 177,129,121
July 2007 114,244,762
October 2007 53,864,169
January 2008 0
April 2008 0
July 2008 0
October 2008 0
January 2009 0
April 2009 0
July 2009 0
October 2009 0
January 2010 0
April 2010 0
3
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
4
Loan Tranche: The Series 2006-2 Class A2 Notes will fund the Series 2006-2 AAA
(Class A2) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)204,359,673
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan
Reset Dates: Tranche Interest Reset Date, the Loan
Tranche Interest Commencement Date and,
for each subsequent Loan Tranche Interest
Reset Date, the Monthly Payment Date
falling in January, April, July and
October of each year (or, if such date is
not a London Business Day, the next
following London Business Day) or,
following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
each Monthly Payment Date of each year
(or, if such date is not a London
Business Day, the next following London
Business Day), in each case, up to, and
including, the Final Repayment Date.
6. Final Repayment Date: The Loan Payment Date falling in April
2031.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
5
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: -0.0064 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011.
13. Relevant Margin following +0.1436 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 181,124,655
October 2006 147,431,128
January 2007 115,079,123
April 2007 84,015,226
July 2007 54,188,150
October 2007 25,548,652
January 2008 0
April 2008 0
July 2008 0
October 2008 0
6
January 2009 0
April 2009 0
July 2009 0
October 2009 0
January 2010 0
April 2010 0
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
7
Loan Tranche: The Series 2006-2 Class A3 Notes will fund the Series 2006-2 AAA
(Class A3) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)70,000,000
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in April
2031.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
8
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.03 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.06 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 62,041,232
October 2006 50,500,076
January 2007 39,418,435
April 2007 28,778,015
July 2007 18,561,248
October 2007 8,751,265
January 2008 0
April 2008 0
July 2008 0
October 2008 0
9
January 2009 0
April 2009 0
July 2009 0
October 2009 0
January 2010 0
April 2010 0
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
10
Loan Tranche: The Series 2006-2 Class A4 Notes will fund the Series 2006-2 AAA
(Class A4) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)678,191,489
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
11
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.0311 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.2122 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 678,191,489
October 2006 678,191,489
January 2007 678,191,489
April 2007 678,191,489
July 2007 678,191,489
October 2007 678,191,489
January 2008 678,191,489
12
April 2008 616,528,210
July 2008 535,710,506
October 2008 458,110,591
January 2009 383,600,349
April 2009 312,056,762
July 2009 243,361,713
October 2009 177,401,786
January 2010 114,068,080
April 2010 53,256,031
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
13
Loan Tranche: The Series 2006-2 Class A5 Notes will fund the Series 2006-2 AAA
(Class A5) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)926,430,518
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
14
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: + 0.0695 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.2890 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 926,430,518
October 2006 926,430,518
January 2007 926,430,518
April 2007 926,430,518
July 2007 926,430,518
October 2007 926,430,518
January 2008 926,430,518
15
April 2008 926,430,518
July 2008 926,430,518
October 2008 926,430,518
January 2009 926,430,518
April 2009 926,430,518
July 2009 926,430,518
October 2009 926,430,518
January 2010 926,430,518
April 2010 926,430,518
July 2010 919,310,065
October 2010 841,562,550
January 2011 766,910,583
April 2011 695,230,916
July 2011 632,660,133
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
16
Loan Tranche: The Series 2006-2 Class A6 Notes will fund the Series 2006-2 AAA
(Class A6) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AAA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)500,000,000
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
17
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.11 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2013
13. Relevant Margin following +0.22 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 AAA Class A6 Loan
Tranche will become due on the Loan
Payment Date falling in July 2013 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
18
Loan Tranche: The Series 2006-2 Class B1 Notes will fund the Series 0000-0 XX
(Class B1) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)15,425,532
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
19
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.0651 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.2802 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 15,425,532
October 2006 15,425,532
January 2007 15,425,532
April 2007 15,425,532
July 2007 15,425,532
October 2007 15,425,532
January 2008 12,086,361
20
April 2008 0
July 2008 0
October 2008 0
January 2009 0
April 2009 0
July 2009 0
October 2009 0
January 2010 0
April 2010 0
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
21
Loan Tranche: The Series 2006-2 Class B2 Notes will fund the Series 0000-0 XX
(Class B2) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)19,148,936
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
22
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.1386 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.4272 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 AA Class B2 Loan
Tranche will become due on the Loan
Payment Date falling in July 2011 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable conditions:
23
Loan Tranche: The Series 2006-2 Class B3 Notes will fund the Series 0000-0 XX
(Class B3) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: AA
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)25,544,959
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
24
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.1160 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.3820 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 AA Class B3 Loan
Tranche will become due on the Loan
Payment Date falling in July 2011 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
25
Loan Tranche: The Series 2006-2 Class M1 Notes will fund the Series 2006-2 A
(Class M1) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: A
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)13,297,872
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
26
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.1753 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.5006 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Controlled Amortisation
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Applicable
Repayment Loan Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
July 2006 13,297,872
October 2006 13,297,872
January 2007 13,297,872
April 2007 13,297,872
July 2007 13,297,872
October 2007 13,297,872
January 2008 10,419,277
27
April 2008 0
July 2008 0
October 2008 0
January 2009 0
April 2009 0
July 2009 0
October 2009 0
January 2010 0
April 2010 0
July 2010 0
October 2010 0
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
January 2013 0
April 2013 0
July 2013 0
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
28
Loan Tranche: The Series 2006-2 Class M2 Notes will fund the Series 2006-2 A
(Class M2) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: A
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)13,297,872
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
29
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.2434 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.6368 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 A Class M2 Loan Tranche
will become due on the Loan Payment Date
falling in July 2011 and any Loan Payment
Date thereafter.
20. Other terms and special Not Applicable
conditions:
30
Loan Tranche: The Series 2006-2 Class M3 Notes will fund the Series 2006-2 A
(Class M3) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: A
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)23,841,962
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
31
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.2210 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.5920 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 A Class M3 Loan Tranche
will become due on the Loan Payment Date
falling in July 2011 and any Loan Payment
Date thereafter.
20. Other terms and special Not Applicable
conditions:
32
Loan Tranche: The Series 2006-2 Class M4 Notes will fund the Series 2006-2 A
(Class M4) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: A
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)10,000,000
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054.
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
33
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.23 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.46 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 A Class M4 Loan Tranche
will become due on the Loan Payment Date
falling in July 2011 and any Loan Payment
Date thereafter.
20. Other terms and special Not Applicable
conditions:
34
Loan Tranche: The Series 2006-2 Class C1 Notes will fund the Series 2006-2 BBB
(Class C1) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: BBB
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)39,893,617
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii)Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
35
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.5032 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +1.1564 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 BBB Class C1 Loan
Tranche will become due on the Loan
Payment Date falling in July 2011 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
36
Loan Tranche: The Series 2006-2 Class C2 Notes will fund the Series 2006-2 BBB
(Class C2) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: BBB
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)37,465,940
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
37
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.4770 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +1.0000 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 BBB Class C2 Loan
Tranche will become due on the Loan
Payment Date falling in July 2011 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
38
Loan Tranche: The Series 2006-2 Class C3 Notes will fund the Series 2006-2 BBB
(Class C3) Loan Tranche which shall have the following terms:
1. Borrower: Granite Finance Funding 2 Limited
2. Lender: Granite Master Issuer plc
3. (i) Loan Tranche Rating: BBB
(ii) Series Number: Series 2006-2
4. Initial Outstanding Principal (GBP)12,000,000
Balance:
5. (i) Closing Date: 24 May, 2006
(ii) Loan Tranche Interest 24 May, 2006
Commencement Date:
(iii) Loan Tranche Interest In respect of the first Loan Tranche
Reset Dates: Interest Reset Date, the Loan Tranche
Interest Commencement Date and, for each
subsequent Loan Tranche Interest Reset
Date, the Monthly Payment Date falling in
January, April, July and October of each
year (or, if such date is not a London
Business Day, the next following London
Business Day) or, following the earlier
to occur of the Step-Up Date in relation
to this Loan Tranche or a Pass-Through
Trigger Event, each Monthly Payment Date
of each year (or, if such date is not a
London Business Day, the next following
London Business Day), in each case, up
to, and including, the Final Repayment
Date.
6. Final Repayment Date: The Loan Payment Date falling in December
2054
7. Loan Payment Dates: Each Monthly Payment Date in each year
(or, if such date is not a London
Business Day, the next following London
Business Day) up to and including the
Final Repayment Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
39
9. Relevant Screen Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
10. Loan Reference Rate: LIBOR for three-month sterling deposits
or, following the earlier to occur of the
Step-Up Date in relation to this Loan
Tranche or a Pass-Through Trigger Event,
LIBOR for one-month sterling deposits.
11. Relevant Margin: +0.47 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in July
2011
13. Relevant Margin following +0.94 per cent. per annum
Step-Up Date:
14. Redemption/Payment Basis: Pass-through
15. Change of Redemption/Payment Not Applicable
Basis:
16. Details relating to Bullet Not Applicable
Loan Tranche:
17. Details relating to Scheduled Not Applicable
Repayment Loan Tranche:
18. Details relating to Controlled Not Applicable
Repayment Loan Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-2 BBB Class C3 Loan
Tranche will become due on the Loan
Payment Date falling in July 2011 and any
Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
40
Confirmations:
Funding 2 confirms that:
(a) no Funding 2 Intercompany Loan Event of Default has occurred and is
continuing which has not been waived, or would result from the making of
each Loan Tranche set out in this Loan Tranche Supplement;
(b) the representations and warranties set out in Clause 13 (Representations
and Warranties of Funding 2) of the Global Intercompany Loan Agreement are
true on and as of the Closing Date specified in this Loan Tranche
Supplement by reference to the facts and circumstances then existing; and
(c) as of the Closing Date specified in this Loan Tranche Supplement, there is
no debit balance on the Funding 2 Principal Deficiency Ledger.
The Master Issuer confirms that:
(a) no Issuer Event of Default has occurred and is continuing which has not
been waived, or would result from the making of each Loan Tranche set out
in this Loan Tranche Supplement; and
(b) the aggregate amount of the Loan Tranches to be made on the Closing Date
specified in this Loan Tranche Supplement and any Loan Tranches
outstanding on such Closing Date do not exceed the Total Credit
Commitment.
41
EXECUTION PAGE
for Loan Tranche Supplement
as Funding 2
EXECUTED for and on behalf of )
GRANITE FINANCE FUNDING 2 LIMITED )
by )
/s/ X. Xxxxx
-------------------------
Name: Xxxxxx Xxxxx
Representing L.D.C. Securitisation Director No. 2 Limited
as Master Issuer
EXECUTED for and on behalf of )
GRANITE MASTER ISSUER PLC )
by )
/s/ X. Xxxxx
-------------------------
Name: Xxxxxx Xxxxx
Representing L.D.C. Securitisation Director No. 2 Limited
as Funding 2 Security Trustee
EXECUTED for and on behalf of )
THE BANK OF NEW YORK )
by )
/s/ Xxxx Xxxxxxx
-------------------------
Name: Xxxx Xxxxxxx
Vice President
as Agent Bank
EXECUTED for and on behalf of )
CITIBANK, N.A. )
by )
/s/ Xxxxxxx Xxxxxxxx
-------------------------
Name: Xxxxxxx Xxxxxxxx
42
