Start-Up Loan Tranche Supplement among Northern Rock plc, Granite Master Issuer plc, and The Bank of New York (May 23, 2007)

Summary

Northern Rock plc is providing a start-up loan tranche of £54,288,000 to Granite Master Issuer plc, with The Bank of New York acting as security trustee. The loan carries an interest rate of one-month sterling LIBOR plus 0.90% per year, with payments due on each monthly payment date or the next London business day. This supplement is part of a broader Start-Up Loan Agreement dated January 19, 2005, and outlines the specific terms for this tranche.

EX-10.4.2 21 efc7-1485_exh1042.txt Exhibit 10.4.2 CONFORMED COPY START-UP LOAN TRANCHE SUPPLEMENT This Start-Up Loan Tranche Supplement is made between Northern Rock plc (the "Issuer Start-Up Loan Provider"), Granite Master Issuer plc ("Master Issuer") and The Bank of New York (the "Issuer Security Trustee") in relation to the provision of a Start-Up Loan Tranche by the Issuer Start-Up Loan Provider to the Master Issuer on the following terms: o Closing Date - 23 May, 2007 o Principal amount - (GBP)54,288,000 o Interest rate - LIBOR for one month sterling deposits plus 0.90 per cent. per annum o Payment Dates - Each Monthly Payment Date or, if such date is not a London Business Day, then the next following London Business Day This Start-Up Loan Tranche Supplement is supplemental to the Start-Up Loan Agreement dated 19 January, 2005, as the same may be amended from time to time, between the parties hereto (the "Start-Up Loan Agreement"). Capitalised terms used and not otherwise defined herein shall have the meanings assigned to them in the Start-Up Loan Agreement. This Start-Up Loan Tranche Supplement is made on 23 May, 2007. as Master Issuer EXECUTED for and on behalf of ) GRANITE MASTER ISSUER PLC ) acting by a director ) /s/ S Tyson Name: Sharon Tyson Representing L.D.C. Securitisation Director No 2 Limited as Issuer Start-Up Loan Provider EXECUTED for and on behalf of ) NORTHERN ROCK PLC ) by ) /s/ D Johnson Name: DAVID JOHNSON as Issuer Security Trustee EXECUTED for and on behalf of ) THE BANK OF NEW YORK ) by ) /s/ H Kim Name: 2