Loan Tranche Supplement between Granite Finance Funding 2 Limited, Granite Master Issuer PLC, The Bank of New York, and Citibank, N.A. (January 24, 2007)

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Summary

This agreement supplements a prior loan agreement between Granite Finance Funding 2 Limited and Granite Master Issuer PLC, with The Bank of New York as Security Trustee and Citibank, N.A. as Agent Bank. It sets out the specific terms for two loan tranches funded by note issuances, including principal amounts, interest rates based on LIBOR, payment schedules, and final repayment dates through December 2030. The document details how and when payments are made, interest resets, and the conditions for repayment, providing a framework for the administration of these loans.

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EX-4.1.2 4 efc7-0299_ex412.txt Exhibit 4.1.2 EXECUTION VERSION Dated 24 January, 2007 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 (UK) LLP WOOLGATE EXCHANGE 25 BASINGHALL STREET LONDON EC2V 5HA TELEPHONE 020 7360 3600 FACSIMILE 020 7626 7937 THIS LOAN TRANCHE SUPPLEMENT is dated 24 January, 2007 between: (1) GRANITE FINANCE FUNDING 2 LIMITED (registered number ###-###-####) a private limited liability company incorporated under the laws of England and Wales whose registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Funding 2; (2) GRANITE MASTER ISSUER PLC (registered number ###-###-####) a public limited company incorporated under the laws of England and Wales whose registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX as Master Issuer; (3) THE BANK OF NEW YORK, acting through its office at 40th Floor, One Canada Square, London E14 5AL in its capacity as the Funding 2 Security Trustee; and (4) CITIBANK, N.A., acting through its office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB 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 2007-1 Class 1A1 Notes will fund the Series 2007-1 AAA (Class 1A1) 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 2007-1 4. Initial Outstanding Principal (GBP)688,775,510 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Interest Reset Loan Tranche Dates: Date, the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date each Monthly Payment Date falling in March, June, September and December of each year beginning in March 2007 (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 and a New York Business Day, the next following day that is a London Business Day and a New York 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. 2 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: 0.0161 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up Date: 0.1822 per cent. per annum 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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) January 2007 688,775,510 March 2007 688,775,510 June 2007 550,885,756 September 2007 418,139,581 December 2007 291,708,234 March 2008 169,942,738 June 2008 51,406,540 September 2008 0 December 2008 0 March 2009 0 3 June 2009 0 September 2009 0 December 2009 0 March 2010 0 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
4 Loan Tranche: The Series 2007-1 Class 1A3 Notes will fund the Series 2007-1 AAA (Class 1A3) 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 2007-1 4. Initial Outstanding Principal (GBP)450,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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: 0.03 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up Date: 0.06 per cent. per annum 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable Tranche: 17. Details relating to Scheduled Not Applicable Loan Repayment Tranche: 18. Details relating to Controlled Applicable Repayment Loan Tranche: Controlled Repayment Dates Target Balance: Loan Payment Date occurring in: (GBP) January 2007 450,000,000 March 2007 450,000,000 June 2007 359,912,027 September 2007 273,184,526 December 2007 190,582,713 March 2008 111,029,255 June 2008 33,585,606 6 September 2008 0 December 2008 0 March 2009 0 June 2009 0 September 2009 0 December 2009 0 March 2010 0 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
7 Loan Tranche: The Series 2007-1 Class 2A1 Notes will fund the Series 2007-1 AAA (Class 2A1) 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 2007-1 4. Initial Outstanding Principal (GBP)739,795,918 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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: 0.0708 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 0.2916 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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) January 2007 739,795,918 March 2007 739,795,918 June 2007 739,795,918 September 2007 739,795,918 December 2007 739,795,918 March 2008 739,795,918 June 2008 739,795,918 9 September 2008 739,795,918 December 2008 739,795,918 March 2009 588,397,455 June 2009 444,292,559 September 2009 312,405,911 December 2009 196,488,066 March 2010 100,486,293 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
10 Loan Tranche: The Series 2007-1 Class 3A1 Notes will fund the Series 2007-1 AAA (Class 3A1) 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 2007-1 4. Initial Outstanding Principal (GBP)765,306,122 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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: 0.1083 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.3666 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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) January 2007 765,306,122 March 2007 765,306,122 June 2007 765,306,122 September 2007 765,306,122 December 2007 765,306,122 March 2008 765,306,122 June 2008 765,306,122 12 September 2008 765,306,122 December 2008 765,306,122 March 2009 754,864,849 June 2009 742,539,878 September 2009 727,845,192 December 2009 709,840,786 March 2010 686,719,458 June 2010 624,875,718 September 2010 568,688,419 December 2010 515,173,989 March 2011 483,007,781 June 2011 451,002,993 September 2011 419,848,708 December 2011 389,837,386 March 2012 360,597,991 June 2012 0 September 2012 0 December 2012 0 March 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
13 Loan Tranche: The Series 2007-1 Class 3A2 Notes will fund the Series 2007-1 AAA (Class 3A2) 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 2007-1 4. Initial Outstanding Principal (GBP)1,085,526,316 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a TARGET Business Day, the next following day that is a London Business Day and a TARGET 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: 0.0767 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.3034 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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) January 2007 1,085,526,316 March 2007 1,085,526,316 June 2007 1,085,526,316 September 2007 1,085,526,316 December 2007 1,085,526,316 March 2008 1,085,526,316 June 2008 1,085,526,316 15 September 2008 1,085,526,316 December 2008 1,085,526,316 March 2009 1,070,716,194 June 2009 1,053,234,196 September 2009 1,032,390,944 December 2009 1,006,853,114 March 2010 974,057,337 June 2010 886,336,873 September 2010 806,639,625 December 2010 730,733,631 March 2011 685,108,406 June 2011 639,712,141 September 2011 595,522,246 December 2011 552,953,555 March 2012 511,479,782 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
16 Loan Tranche: The Series 2007-1 Class 4A1 Notes will fund the Series 2007-1 AAA (Class 4A1) 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 2007-1 4. Initial Outstanding Principal (GBP)510,204,082 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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: 0.1215 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.3930 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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) January 2007 510,204,082 March 2007 510,204,082 June 2007 510,204,082 September 2007 510,204,082 December 2007 510,204,082 March 2008 510,204,082 June 2008 510,204,082 18 September 2008 510,204,082 December 2008 510,204,082 March 2009 510,204,082 June 2009 510,204,082 September 2009 510,204,082 December 2009 510,204,082 March 2010 510,204,082 June 2010 510,204,082 September 2010 510,204,082 December 2010 510,204,082 March 2011 464,695,655 June 2011 420,707,941 September 2011 379,191,411 December 2011 340,469,859 March 2012 303,988,961 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
19 Loan Tranche: The Series 2007-1 Class 5A1 Notes will fund the Series 2007-1 AAA (Class 5A1) 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 2007-1 4. Initial Outstanding Principal (GBP)650,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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: 0.11 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.22 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-Through 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 AAA Class 5A1 Loan Tranche will become due on the Note Payment Date falling in June 2012 and each Loan Payment Date thereafter 20. Other terms and special conditions: Not Applicable
21 Loan Tranche: The Series 2007-1 Class 6A1 Notes will fund the Series 2007-1 AAA (Class 6A1) 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 2007-1 4. Initial Outstanding Principal (GBP)500,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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. 9. Relevant Screen Rate: Following the earlier to occur of the Step-Up Date (if any) and a Pass-Through Trigger Event, one-month sterling LIBOR 22 10. Loan Reference Rate: Following the earlier to occur of the Step-Up Date (if any) and a Pass-Through Trigger Event, one-month sterling LIBOR 11. Relevant Margin: 0.07769 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2013. 13. Relevant Margin following Step-Up 0.19 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-Through 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 AAA Class 6A1 Loan Tranche will become due on the Note Payment Date falling in December 2013 and each Loan Tranche Payment Date thereafter 20. Other terms and special conditions: Not Applicable
23 Loan Tranche: The Series 2007-1 Class 1B1 Notes will fund the Series 2007-1 AA (Class 1B1) 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 2007-1 4. Initial Outstanding Principal Balance: (GBP)42,857,143 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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: 0.0698 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up Date: 0.2896 per cent. per annum 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable Tranche: 17. Details relating to Scheduled Not Applicable Repayment Tranche: 18. Details relating to Controlled Applicable Repayment Loan Tranche: Controlled Repayment Dates Target Balance: Loan Payment Date occurring in: (GBP) January 2007 42,857,143 March 2007 42,857,143 June 2007 42,857,143 September 2007 42,857,143 December 2007 42,857,143 March 2008 42,857,143 June 2008 42,857,143 25 September 2008 42,857,143 December 2008 0 March 2009 0 June 2009 0 September 2009 0 December 2009 0 March 2010 0 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
26 Loan Tranche: The Series 2007-1 Class 2B1 Notes will fund the Series 2007-1 AA (Class 2B1) 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 2007-1 4. Initial Outstanding Principal (GBP)40,816,327 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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. 27 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: 0.1289 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 0.4078 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 AA Class 2B1 Loan Tranche will become due on the Note Payment Date falling in June 2010 and each Loan Tranche Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
28 Loan Tranche: The Series 2007-1 Class 3B1 Notes will fund the Series 2007-1 AA (Class 3B1) 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 2007-1 4. Initial Outstanding Principal (GBP)109,868,421 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a TARGET Business Day, the next following day that is a London Business Day and a TARGET 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: 0.1584 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.4668 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 AA Class 3B1 Loan Tranche will become due on the Note Payment Date falling in June 2012 and each Loan Tranche Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
30 Loan Tranche: The Series 2007-1 Class 3B2 Notes will fund the Series 2007-1 AA (Class 3B2) 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 2007-1 4. Initial Outstanding Principal (GBP)25,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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: 0.17 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.34 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 AA Class 3B2 Loan Tranche will become due on the Note Payment Date falling in June 2012 and each Loan Tranche Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
32 Loan Tranche: The Series 2007-1 Class 1M1 Notes will fund the Series 2007-1 A (Class 1M1) 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 2007-1 4. Initial Outstanding Principal (GBP)42,857,143 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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: 0.1589 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 0.4678 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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) January 2007 42,857,143 March 2007 42,857,143 June 2007 42,857,143 September 2007 42,857,143 December 2007 42,857,143 March 2008 42,857,143 June 2008 42,857,143 34 September 2008 42,857,143 December 2008 0 March 2009 0 June 2009 0 September 2009 0 December 2009 0 March 2010 0 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
35 Loan Tranche: The Series 2007-1 Class 2M1 Notes will fund the Series 2007-1 A (Class 2M1) 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 2007-1 4. Initial Outstanding Principal (GBP)40,816,327 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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. 36 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: 0.2724 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 0.6948 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 A Class 2M1 Loan Tranche will become due on the Loan Payment Date falling in June 2010 and each Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
37 Loan Tranche: The Series 2007-1 Class 3M1 Notes will fund the Series 2007-1 A (Class 3M1) 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 2007-1 4. Initial Outstanding Principal (GBP)86,184,211 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a TARGET Business Day, the next following day that is a London Business Day and a TARGET 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. 38 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: 0.2715 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 0.6930 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 A Class 3M1 Loan Tranche will become due on the Loan Payment Date falling in June 2012 and each Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
39 Loan Tranche: The Series 2007-1 Class 3M2 Notes will fund the Series 2007-1 A (Class 3M2) 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 2007-1 4. Initial Outstanding Principal (GBP)40,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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. 40 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 June 2012. 13. Relevant Margin following Step-Up 0.54 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 A Class 3M2 Loan Tranche will become due on the Loan Payment Date falling in June 2012 and each Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
41 Loan Tranche: The Series 2007-1 Class 1C1 Notes will fund the Series 2007-1 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 2007-1 4. Initial Outstanding Principal (GBP)48,265,306 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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. 42 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: 0.3146 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 0.7792 per cent. per annum Date: 14. Redemption/Payment Basis: Controlled Amortisation 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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) January 2007 48,265,306 March 2007 48,265,306 June 2007 48,265,306 September 2007 48,265,306 December 2007 48,265,306 March 2008 48,265,306 June 2008 48,265,306 43 September 2008 48,265,306 December 2008 0 March 2009 0 June 2009 0 September 2009 0 December 2009 0 March 2010 0 June 2010 0 September 2010 0 December 2010 0 March 2011 0 June 2011 0 September 2011 0 December 2011 0 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 June 2013 0 September 2013 0 December 2013 0 19. Details relating to Pass-through Not Applicable Loan Tranches: 20. Other terms and special conditions: Not Applicable
44 Loan Tranche: The Series 2007-1 Class 2C1 Notes will fund the Series 2007-1 BBB (Class 2C1) 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 2007-1 4. Initial Outstanding Principal (GBP)15,306,122 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a New York Business Day, the next following day that is a London Business Day and a New York 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. 45 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: 0.4637 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 1.0774 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 BBB Class 2C1 Loan Tranche will become due on the Loan Payment Date falling in June 2010 and any Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
46 Loan Tranche: The Series 2007-1 Class 2C2 Notes will fund the Series 2007-1 BBB (Class 2C2) 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 2007-1 4. Initial Outstanding Principal (GBP)19,736,842 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a TARGET Business Day, the next following day that is a London Business Day and a TARGET 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. 47 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: 0.4735 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2010. 13. Relevant Margin following Step-Up 1.0970 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Basis: Not Applicable 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 BBB Class 2C2 Loan Tranche will become due on the Loan Payment Date falling in June 2010 and any Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
48 Loan Tranche: The Series 2007-1 Class 3C1 Notes will fund the Series 2007-1 BBB (Class 3C1) 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 2007-1 4. Initial Outstanding Principal (GBP)174,342,105 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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 and a TARGET Business Day, the next following day that is a London Business Day and a TARGET 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. 49 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: 0.5330 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 1.2160 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 BBB Class 3C1 Loan Tranche will become due on the Loan Payment Date falling in June 2012 and any Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
50 Loan Tranche: The Series 2007-1 Class 3C2 Notes will fund the Series 2007-1 BBB (Class 3C2) 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 2007-1 4. Initial Outstanding Principal (GBP)36,000,000 Balance: 5. (i) Closing Date: 24 January, 2007 (ii) Loan Tranche Interest 24 January, 2007 Commencement Date: (iii) Loan Tranche Interest Reset In respect of the first Loan Tranche Interest Reset Date, Dates: the Loan Tranche Interest Commencement Date and, for each subsequent Loan Tranche Interest Reset Date, the Monthly Payment Date falling in March, June, September and December 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. 51 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: 0.5 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in June 2012. 13. Relevant Margin following Step-Up 1.0 per cent. per annum Date: 14. Redemption/Payment Basis: Pass-through 15. Change of Redemption/Payment Not Applicable Basis: 16. Details relating to Bullet Loan Not Applicable 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 Pass-through Applicable Loan Tranches: The Series 2007-1 BBB Class 3C2 Loan Tranche will become due on the Loan Payment Date falling in June 2012 and any Loan Payment Date thereafter. 20. Other terms and special conditions: Not Applicable
52 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. 53 EXECUTION PAGE for Loan Tranche Supplement as Funding 2 EXECUTED for and on behalf of ) GRANITE FINANCE FUNDING 2 LIMITED ) by ) /s/ Sharon Tyson - ------------------------- Representing L.D.C. Securitisation Director No. 2 Limited Name: Sharon Tyson as Master Issuer EXECUTED for and on behalf of ) GRANITE MASTER ISSUER PLC ) by ) /s/ Sharon Tyson - ------------------------- Representing L.D.C. Securitisation Director No. 2 Limited Name: Sharon Tyson as Funding 2 Security Trustee EXECUTED for and on behalf of ) THE BANK OF NEW YORK ) by ) /s/ Helen Kim - ------------------------- Name: Helen Kim Vice President The Bank of New York as Agent Bank EXECUTED for and on behalf of ) CITIBANK, N.A. ) by ) /s/ Georgia Mitchell - ------------------------- Name: Georgia Mitchell 54