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
00 XXXXXXXXXX XXXXXX
XXXXXX XX0X 0XX
TELEPHONE 000 0000 0000
FACSIMILE 020 7626 7937
THIS LOAN TRANCHE SUPPLEMENT is dated 24 January, 2007 between:
(1) GRANITE FINANCE FUNDING 2 LIMITED (registered number 5249387) a private
limited liability company incorporated under the laws of England and
Wales whose registered office is at Xxxxx Xxxxx, 000 Xxxx Xxxxxx, Xxxxxx
XX0X 0XX as Funding 2;
(2) GRANITE MASTER ISSUER PLC (registered number 5250668) a public limited
company incorporated under the laws of England and Wales whose
registered office is at Xxxxx Xxxxx, 000 Xxxx Xxxxxx, Xxxxxx XX0X 0XX as
Master Issuer;
(3) THE BANK OF NEW YORK, acting through its office at 00xx Xxxxx, Xxx
Xxxxxx Xxxxxx, Xxxxxx X00 0XX in its capacity as the Funding 2 Security
Trustee; and
(4) CITIBANK, N.A., acting through its office at Citigroup Centre, Canada
Square, Xxxxxx Xxxxx, Xxxxxx X00 0XX in its capacity as the Agent Bank.
This document constitutes the Loan Tranche Supplement relating to the Loan
Tranches described herein. Terms used herein shall be deemed to be defined as
such for the purposes of the Global Intercompany Loan Agreement entered into
between the parties hereto on 19 January, 2005. This Loan Tranche Supplement
contains the final terms of the Loan Tranches identified and described herein,
is supplemental to and must be read in conjunction with the Global
Intercompany Loan Agreement.
Loan Tranche: The Series 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 0000-0 XX
(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 0000-0 XX
(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 0000-0 XX
(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 0000-0 XX
(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/ Xxxxxx Xxxxx
-------------------------
Representing L.D.C. Securitisation Director No. 2 Limited
Name: Xxxxxx Xxxxx
as Master Issuer
EXECUTED for and on behalf of )
GRANITE MASTER ISSUER PLC )
by )
/s/ Xxxxxx Xxxxx
-------------------------
Representing L.D.C. Securitisation Director No. 2 Limited
Name: Xxxxxx Xxxxx
as Funding 2 Security Trustee
EXECUTED for and on behalf of )
THE BANK OF NEW YORK )
by )
/s/ Xxxxx Xxx
-------------------------
Name: Xxxxx Xxx
Vice President
The Bank of New York
as Agent Bank
EXECUTED for and on behalf of )
CITIBANK, N.A. )
by )
/s/ Xxxxxxx Xxxxxxxx
-------------------------
Name: Xxxxxxx Xxxxxxxx
54
