Exhibit 4.1.2
EXECUTION VERSION
Dated 19 September, 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
REF: PR/30507-30130/1034377
THIS LOAN TRANCHE SUPPLEMENT is dated 19 September, 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 2006-3 Class A1 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)533,902,830
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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
October 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
December 2030.
7. Loan Payment Dates: Each Monthly Payment Date in each
year (or, if such date is not a
London Business Day, the next
following London Business Day) up to
and including the Final Repayment
Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
9. Relevant Screen Rate: LIBOR for three-month sterling
deposits.
10. Loan Reference Rate: LIBOR for three-month sterling
deposits.
11. Relevant Margin: -0.0095 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
2
13. Relevant Margin following 0.1500 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 410,000,000
April 2007 330,000,000
July 2007 260,000,000
October 2007 190,000,000
January 2008 120,000,000
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
3
January 2011 0
April 2011 0
July 2011 0
October 2011 0
January 2012 0
April 2012 0
July 2012 0
October 2012 0
19. Details relating Not Applicable
to Pass-through
Loan Tranches:
20. Other terms and special Not Applicable
conditions:
4
Loan Tranche: The Series 2006-3 Class A2 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)563,475,900
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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 2030.
7. Loan Payment Dates: Each Monthly Payment Date in each
year (or, if such date is not a
London Business Day, the next
following London Business Day) up to
and including the Final Repayment
Date.
8. Initial Relevant Screen Rate: The linear interpolation of one month
sterling LIBOR and two month sterling
LIBOR.
5
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: 0.0114 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012.
13. Relevant Margin following 0.2024 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 432,710,048
April 2007 348,278,819
July 2007 274,401,494
October 2007 200,524,168
January 2008 126,646,843
April 2008 90,000,000
July 2008 0
6
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
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
7
Loan Tranche: The Series 2006-3 Class A3 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)961,025,094
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
8
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: 0.0275 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.2051 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 961,025,094
April 2007 961,025,094
July 2007 961,025,094
October 2007 961,025,094
January 2008 961,025,094
April 2008 961,025,094
July 2008 910,000,000
9
October 2008 820,000,000
January 2009 660,000,000
April 2009 510,000,000
July 2009 370,000,000
October 2009 230,000,000
January 2010 90,000,000
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
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
10
Loan Tranche: The Series 2006-3 Class A4 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)533,902,830
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.0836 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.2337 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 533,902,830
April 2007 533,902,830
July 2007 533,902,830
October 2007 533,902,830
January 2008 533,902,830
April 2008 533,902,830
July 2008 533,902,830
12
October 2008 533,902,830
January 2009 533,902,830
April 2009 533,902,830
July 2009 533,902,830
October 2009 533,902,830
January 2010 533,902,830
April 2010 527,000,000
July 2010 505,000,000
October 2010 485,000,000
January 2011 465,000,000
April 2011 445,625,261
July 2011 427,778,395
October 2011 410,371,716
January 2012 393,589,166
April 2012 377,587,327
July 2012 362,152,896
October 2012 307,829,961
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
13
Loan Tranche: The Series 2006-3 Class A5 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)848,608,283
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.0834 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.3492 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 848,608,283
April 2007 848,608,283
July 2007 848,608,283
October 2007 848,608,283
January 2008 848,608,283
April 2008 848,608,283
July 2008 848,608,283
15
October 2008 848,608,283
January 2009 848,608,283
April 2009 848,608,283
July 2009 848,608,283
October 2009 848,608,283
January 2010 848,608,283
April 2010 837,636,626
July 2010 802,668,873
October 2010 770,880,007
January 2011 739,091,141
April 2011 708,296,091
July 2011 679,929,510
October 2011 652,262,580
January 2012 625,587,668
April 2012 600,153,653
July 2012 575,621,499
October 2012 489,278,274
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
16
Loan Tranche: The Series 2006-3 Class A6 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)700,000,000
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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
October 2012
13. Relevant Margin following 0.22 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 700,000,000
April 2007 700,000,000
July 2007 700,000,000
October 2007 700,000,000
January 2008 700,000,000
April 2008 700,000,000
July 2008 700,000,000
18
October 2008 700,000,000
January 2009 700,000,000
April 2009 700,000,000
July 2009 700,000,000
October 2009 700,000,000
January 2010 700,000,000
April 2010 690,949,700
July 2010 662,105,500
October 2010 635,883,500
January 2011 609,661,500
April 2011 584,259,279
July 2011 560,860,254
October 2011 538,038,357
January 2012 516,034,756
April 2012 495,054,745
July 2012 474,818,662
October 2012 403,595,863
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
19
Loan Tranche: The Series 2006-3 Class A7 Notes will fund the Series 2006-3 AAA
(Class A7) 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 2006-3
4. Initial Outstanding (GBP)934,329,952
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
20
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: 0.0936 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.3337 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 934,329,952
April 2007 934,329,952
July 2007 934,329,952
October 2007 934,329,952
January 2008 934,329,952
April 2008 934,329,952
July 2008 934,329,952
21
October 2008 934,329,952
January 2009 934,329,952
April 2009 934,329,952
July 2009 934,329,952
October 2009 934,329,952
January 2010 934,329,952
April 2010 922,250,000
July 2010 883,750,000
October 2010 848,759,000
January 2011 813,750,000
April 2011 779,844,206
July 2011 748,612,192
October 2011 718,150,503
January 2012 688,781,041
April 2012 660,777,823
July 2012 633,767,567
October 2012 538,702,433
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
22
Loan Tranche: The Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)37,373,198
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
23
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: 0.0744 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.2988 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 37,373,198
April 2007 37,373,198
July 2007 37,373,198
October 2007 37,373,198
January 2008 37,373,198
April 2008 37,373,198
July 2008 37,373,198
24
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
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
25
Loan Tranche: The Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)97,170,315
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.1686 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.4875 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 AA Class B2 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
27
Loan Tranche: The Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)20,366,599
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
28
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: 0.1369 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.4555 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 AA Class B3 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
29
Loan Tranche: The Series 2006-3 Class M1 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)48,051,255
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
30
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: 0.1765 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.5030 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Applicable
Controlled Repayment Loan
Tranche:
Controlled Repayment Dates Target Balance:
Loan Payment Date occurring
in:
(GBP)
January 2007 48,051,255
April 2007 48,051,255
July 2007 48,051,255
October 2007 48,051,255
January 2008 48,051,255
April 2008 48,051,255
July 2008 48,051,255
31
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
19. Details relating to Not Applicable
Pass-through Loan Tranches:
20. Other terms and special Not Applicable
conditions:
32
Loan Tranche: The Series 2006-3 Class M2 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)53,390,283
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.2934 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.7368 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 A Class M2 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
34
Loan Tranche: The Series 2006-3 Class M3 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)31,907,672
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.2549 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.6894 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 A Class M3 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
36
Loan Tranche: The Series 2006-3 Class M4 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)10,000,000
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.27 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 0.54 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 A Class M4 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
38
Loan Tranche: The Series 2006-3 Class C2 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)32,034,170
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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: 0.5250 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 1.2000 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 BBB Class C2 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
40
Loan Tranche: The Series 2006-3 Class C3 Notes will fund the Series 2006-3 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 2006-3
4. Initial Outstanding (GBP)93,007,468
Principal Balance:
5. (i) Closing Date: 19 September, 2006
(ii) Loan Tranche 19 September, 2006
Interest
Commencement Date:
(iii) Loan Tranche In respect of the first Loan Tranche
Interest Reset Interest Reset Date, the Loan Tranche
Dates: 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.
41
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: 0.5013 per cent. per annum
12. Step-Up Date: The Loan Payment Date occurring in
October 2012
13. Relevant Margin following 1.1782 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 Not Applicable
Scheduled Repayment Loan
Tranche:
18. Details relating to Not Applicable
Controlled Repayment Loan
Tranche:
19. Details relating to Applicable
Pass-through Loan Tranches:
The Series 2006-3 BBB Class C3 Loan
Tranche will become due on the Loan
Payment Date falling in October 2012
and any Loan Payment Date thereafter.
20. Other terms and special Not Applicable
conditions:
42
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.
43
EXECUTION PAGE
for Loan Tranche Supplement
as Funding 2
EXECUTED for and on behalf of )
GRANITE FINANCE FUNDING 2 LIMITED )
by )
/s/ S Tyson
-------------------------
Name: Xxxxxx Xxxxx
as Master Issuer
EXECUTED for and on behalf of )
GRANITE MASTER ISSUER PLC )
by )
/s/ S Tyson
-------------------------
Name: Xxxxxx Xxxxx
as Funding 2 Security Trustee
EXECUTED for and on behalf of )
THE BANK OF NEW YORK )
by )
/s/ H Xxx
-------------------------
Name:
as Agent Bank
EXECUTED for and on behalf of )
CITIBANK, N.A. )
by )
X. Xxxxxxxx
-------------------------
Name: XXXXXXX XXXXXXXX
44
