Loan Tranche Supplement among Granite Finance Funding 2 Limited, Granite Master Issuer PLC, The Bank of New York, and Citibank, N.A. (29 Nov 2006)

Summary

This agreement supplements a prior loan agreement between Granite Finance Funding 2 Limited (the borrower) and Granite Master Issuer PLC (the lender), with The Bank of New York as security trustee and Citibank, N.A. as agent bank. It sets out the final terms for several loan tranches funded by specific note issuances, including principal amounts, interest rates based on LIBOR, payment schedules, and maturity dates through December 2030. The agreement details how and when repayments are to be made and specifies the interest margins and conditions for each tranche.

EX-4.1.2 3 efc6-2833_ex412.txt Exhibit 4.1.2 EXECUTION VERSION Dated 29 November, 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 25 BASINGHALL STREET LONDON EC2V 5HA TELEPHONE 020 7360 3600 FACSIMILE 020 7626 7937 THIS LOAN TRANCHE SUPPLEMENT is dated 29 November, 2006 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 2006-4 Class A1 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)341,028,332 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 March, June, September and December of each year beginning in December 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 two-week sterling LIBOR and one 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: 0.0207 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 2 13. Relevant Margin following 0.1914 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: Details relating to Applicable 18. Controlled Repayment Loan Tranche: Controlled Repayment Dates Target Balance: Loan Payment Date occurring in: (GBP) March 2007 276,435,227 June 2007 225,265,885 September 2007 176,150,277 December 2007 129,508,098 March 2008 84,718,011 June 2008 41,243,432 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 3 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 4 Loan Tranche: The Series 2006-4 Class A2 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)135,226,504 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.0102 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011. 13. Relevant Margin following 0.1703 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) March 2007 109,613,677 June 2007 89,323,717 September 2007 69,848,115 December 2007 51,353,292 March 2008 33,592,870 June 2008 16,354,082 September 2008 0 6 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 7 Loan Tranche: The Series 2006-4 Class A3 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)350,000,000 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.04 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.08 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) March 2007 283,707,600 June 2007 231,192,111 September 2007 180,784,384 December 2007 132,915,157 March 2008 86,946,747 June 2008 42,328,452 September 2008 0 9 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 10 Loan Tranche: The Series 2006-4 Class A4 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)369,517,314 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.0527 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.2554 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) March 2007 369,517,314 June 2007 369,517,314 September 2007 369,517,314 December 2007 369,517,314 March 2008 369,517,314 June 2008 369,517,314 September 2008 369,517,314 12 December 2008 354,120,171 March 2009 290,494,326 June 2009 228,037,017 September 2009 168,086,496 December 2009 111,155,043 March 2010 57,073,075 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 13 Loan Tranche: The Series 2006-4 Class A5 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)160,440,064 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 two-week sterling LIBOR and one 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: 0.0614 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.2728 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) March 2007 160,440,064 June 2007 160,440,064 September 2007 160,440,064 December 2007 160,440,064 March 2008 160,440,064 June 2008 160,440,064 September 2008 160,440,064 15 December 2008 153,754,806 March 2009 126,129,214 June 2009 99,010,986 September 2009 72,981,176 December 2009 48,262,210 March 2010 24,780,457 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 16 Loan Tranche: The Series 2006-4 Class A6 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)592,864,638 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.1020 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.3540 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) March 2007 592,864,638 June 2007 592,864,638 September 2007 592,864,638 December 2007 592,864,638 March 2008 592,864,638 June 2008 592,864,638 September 2008 592,864,638 18 December 2008 592,864,638 March 2009 592,864,638 June 2009 592,864,638 September 2009 592,864,638 December 2009 592,864,638 March 2010 592,864,638 June 2010 592,864,638 September 2010 566,849,358 December 2010 542,144,191 March 2011 518,675,545 June 2011 495,637,919 September 2011 473,524,932 December 2011 452,525,540 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 19 Loan Tranche: The Series 2006-4 Class A7 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)767,410,412 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.0999 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.3500 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) March 2007 767,410,412 June 2007 767,410,412 September 2007 767,410,412 December 2007 767,410,412 March 2008 767,410,412 June 2008 767,410,412 September 2008 767,410,412 21 December 2008 767,410,412 March 2009 767,410,412 June 2009 767,410,412 September 2009 767,410,412 December 2009 767,410,412 March 2010 767,410,412 June 2010 767,410,412 September 2010 733,735,952 December 2010 701,757,316 March 2011 671,379,247 June 2011 641,559,094 September 2011 612,935,803 December 2011 585,753,962 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 22 Loan Tranche: The Series 2006-4 Class A8 Notes will fund the Series 2006-4 AAA (Class A8) 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 2006-4 4. Initial Outstanding (GBP)300,000,000 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.11 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 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) March 2007 300,000,000 June 2007 300,000,000 September 2007 300,000,000 December 2007 300,000,000 March 2008 300,000,000 June 2008 300,000,000 September 2008 300,000,000 24 December 2008 300,000,000 March 2009 300,000,000 June 2009 300,000,000 September 2009 300,000,000 December 2009 300,000,000 March 2010 300,000,000 June 2010 300,000,000 September 2010 286,835,808 December 2010 274,334,556 March 2011 262,459,006 June 2011 250,801,560 September 2011 239,611,996 December 2011 228,985,932 March 2012 0 June 2012 0 September 2012 0 December 2012 0 March 2013 0 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 25 Loan Tranche: The Series 2006-4 Class B1 Notes will fund the Series 2006-4 AA (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 2006-4 4. Initial Outstanding (GBP)31,794,334 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.0948 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.3396 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) March 2007 31,794,334 June 2007 31,794,334 September 2007 31,794,334 December 2007 31,794,334 March 2008 31,794,334 June 2008 31,794,334 September 2008 31,794,334 27 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 28 Loan Tranche: The Series 2006-4 Class B3 Notes will fund the Series 2006-4 AA (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 2006-4 4. Initial Outstanding (GBP)42,258,283 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.1865 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.5230 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 2006-4 AA Class B3 Loan Tranche will become due on the Loan Payment Date falling in December 2011 and any Loan Payment Date thereafter. 20. Other terms and special Not Applicable conditions: 30 Loan Tranche: The Series 2006-4 Class M1 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)25,078,699 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.1774 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.5048 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) March 2007 25,078,699 June 2007 25,078,699 September 2007 25,078,699 December 2007 25,078,699 March 2008 25,078,699 June 2008 25,078,699 September 2008 25,078,699 32 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 33 Loan Tranche: The Series 2006-4 Class M2 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)5,246,590 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four month sterling LIBOR. 34 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: 0.3178 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.7856 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 2006-4 A Class M2 Loan Tranche will become due on the Loan Payment Date falling in December 2011 and any Loan Payment Date thereafter. 20. Other terms and special Not Applicable conditions: 35 Loan Tranche: The Series 2006-4 Class M3 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)57,065,585 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.2937 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.7373 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 2006-4 A Class M3 Loan Tranche will become due on the Loan Payment Date falling in December 2011 and any Loan Payment Date thereafter. 20. Other terms and special Not Applicable conditions: 37 Loan Tranche: The Series 2006-4 Class C1 Notes will fund the Series 2006-4 BBB (Class C1) Loan Tranche which shall have the following terms: 1. Borrower: Granite Finance Funding 2 Limited 2. Lender: Granite Master Issuer plc 3. (i) Loan Tranche Rating: BBB (ii) Series Number: Series 2006-4 4. Initial Outstanding (GBP)17,103,882 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.3991 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 0.9481 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) March 2007 17,103,882 June 2007 17,103,882 September 2007 17,103,882 December 2007 17,103,882 March 2008 17,103,882 June 2008 17,103,882 September 2008 17,103,882 39 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 19. Details relating to Not Applicable Pass-through Loan Tranches: 20. Other terms and special Not Applicable conditions: 40 Loan Tranche: The Series 2006-4 Class C2 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)7,869,885 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four 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: 0.5243 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 1.1986 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 2006-4 BBB Class C2 Loan Tranche will become due on the Loan Payment Date falling in December 2011 and any Loan Payment Date thereafter. 20. Other terms and special Not Applicable conditions: 42 Loan Tranche: The Series 2006-4 Class C3 Notes will fund the Series 2006-4 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 2006-4 4. Initial Outstanding (GBP)42,461,122 Principal Balance: 5. (i) Closing Date: 29 November, 2006 (ii) Loan Tranche 29 November, 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 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 three month sterling LIBOR and four month sterling LIBOR. 43 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: 0.4925 per cent. per annum 12. Step-Up Date: The Loan Payment Date occurring in December 2011 13. Relevant Margin following 1.1350 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 2006-4 BBB Class C3 Loan Tranche will become due on the Loan Payment Date falling in December 2011 and any Loan Payment Date thereafter. 20. Other terms and special Not Applicable conditions: 44 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. 45 EXECUTION PAGE for Loan Tranche Supplement as Funding 2 EXECUTED for and on behalf of ) GRANITE FINANCE FUNDING 2 LIMITED ) by ) /s/ Michael Hutchinson - ------------------------- Name: Michael Hutchinson Representing L.D.C. Securitisation Director No 2 Limited as Master Issuer EXECUTED for and on behalf of ) GRANITE MASTER ISSUER PLC ) by ) /s/ Michael Hutchinson - ------------------------- Name: Michael Hutchinson Representing L.D.C. Securitisation Director No 2 Limited as Funding 2 Security Trustee EXECUTED for and on behalf of ) THE BANK OF NEW YORK ) by ) /s/ 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 46