EX-4 4 ex4-1_2.txt Exhibit 4.1.2 EXECUTION COPY AMENDED AND RESTATED LOAN TRANCHE SUPPLEMENT DATED 17 OCTOBER 2006 AS AMENDED AND RESTATED ON 1 MARCH 2007 PERMANENT FUNDING (NO. 2) LIMITED as Funding 2 PERMANENT MASTER ISSUER PLC as Master Issuer THE BANK OF NEW YORK as Funding 2 Security Trustee and CITIBANK, N.A. as Agent Bank ALLEN & OVERY Allen & Overy LLP THIS AMENDED AND RESTATED LOAN TRANCHE SUPPLEMENT is dated 17 October 2006 between: (1) PERMANENT FUNDING (NO. 2) LIMITED (registered number 4441772), a private limited company incorporated under the laws of England and Wales whose registered office is at 35 Great St. Helen's, London EC3A 6AP (as FUNDING 2); (2) PERMANENT MASTER ISSUER PLC (registered number 5922774), a public limited company incorporated under the laws of England and Wales whose registered office is at 35 Great St. Helen's, London EC3A 6AP (as MASTER ISSUER); (3) THE BANK OF NEW YORK, acting through its office at 48th Floor, One Canada Square, London E14 5AL in its capacity as FUNDING 2 SECURITY TRUSTEE which expression shall include such company and all other persons or companies for the time being acting as security trustee (or co-trustee) pursuant to the terms of the Funding 2 Deed of Charge; and (4) CITIBANK, N.A., acting through its office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB in its capacity as 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 Master Intercompany Loan Agreement entered into between the parties hereto on 17 October 2006 as amended and restated on 1 March 2006 (the MASTER INTERCOMPANY LOAN AGREEMENT). 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 Master Intercompany Loan Agreement. LOAN TRANCHE: The Series 1 Class A Notes will fund the Series 1 AAA (Class A) Loan Tranche which shall have the following terms:
1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AAA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}535,050,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in October 2007 7. Loan Payment Dates Bullet Repayment Date (see below)
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8. Relevant Margin: -0.0189% 9. Relevant Screen Rate: Three-month Sterling-LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: Not Applicable 11. Relevant Margin following Step-Up Date: Not Applicable 12. Redemption/Payment Basis: Bullet Redemption 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Applicable (i) Relevant Accumulation Amount: {pound-sterling}535,050,000 (ii) Bullet Repayment Date: Funding 2 Interest Payment Date occurring in October 2007 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Not Applicable 17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 2 Class A Notes will fund the Series 2 AAA (Class A) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AAA (ii) Issuer Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}936,330,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in October 2015 7. Loan Payment Dates: Bullet Repayment Date (see below) 8. Relevant Margin: +0.05% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.35% 12. Redemption/Payment Basis: Bullet Redemption 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Applicable (i) Relevant Accumulation Amount: {pound-sterling}936,330,000 (ii) Bullet Repayment Date: The Funding 2 Interest Payment Date falling in October 2009 15.Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16.Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 3 Class A Notes will fund the Series 3 AAA (Class A) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AAA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}166,120,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2033 7. Loan Payment Dates: Scheduled Repayment Dates (see below) 8. Relevant Margin: +0.0427% 9. Relevant Screen: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.3354% 12. Redemption/Payment Basis: Scheduled Amortisation 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Applicable (i) Relevant Accumulation Amounts: {pound-sterling}83,060,000/ {pound-sterling}83,060,000 (ii) Scheduled Repayment Dates: Funding 2 Interest Payment Dates occurring in October 2009 and January 2010 16. Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 4 Class A1 Notes will fund the Series 4 AAA (Class A1) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AAA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}336,600,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in October 2015 7. Loan Payment Dates: Bullet Repayment Date (see below) 8. Relevant Margin: +0.0519% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10.Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11.Relevant Margin following Step-Up Date: +0.3538% 12.Redemption/Payment Basis: Bullet Redemption 13.Change of Redemption/Payment Basis: Not Applicable 14.Details relating to Bullet Loan Tranche: Applicable (i) Relevant Accumulation Amount: {pound-sterling}336,600,000 (ii) Bullet Repayment Date: The Funding 2 Interest Payment Date falling in October 2008 15.Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 4 Class A2 Notes will fund the Series 4 AAA (Class A2) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AAA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}1,178,100,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2033 7. Loan Payment Dates: Scheduled Repayment Dates (see below) 8. Relevant Margin: +0.1051% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.4602% 12. Redemption/Payment Basis: Scheduled Amortisation 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranch: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Applicable (i) Relevant Accumulation Amounts: {pound-sterling}589,050,000/ {pound-sterling}589,050,000 (iii) Scheduled Repayment Dates: Funding 2 Interest Payment Dates occurring in July 2011 and October 16. Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 5 Class A Notes will fund the Series 5 AAA (Class A) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}802,570,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2033 7. Loan Payment Dates: Scheduled Repayment Dates (see below) 8. Relevant Margin: +0.1232% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.4964% 12. Redemption/Payment Basis: Scheduled Amortisation 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Applicable (i) Relevant Accumulation Amounts: {pound-sterling}401,285,000/ {pound-sterling}401,285,000 (iii) Scheduled Repayment Dates: Funding 2 Interest Payment Dates occurring in July 2012 and October 2012
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16. Details relating to Pass-through Loan Tranches: Not Applicable 17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 6 Class A1 Notes will fund the Series 6 AAA (Class A1) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}500,000,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in April 2020 7. Loan Payment Dates: Bullet Repayment Date (see below) 8. Relevant Margin: +0.12% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two- month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.24% 12. Redemption/Payment Basis: Bullet Redemption 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Applicable (i) Relevant Accumulation Amount: {pound-sterling}500,000,000 The Funding 2 Interest Payment Date (ii) Bullet Repayment Date: falling in April 2013 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 6 Class A2 Notes will fund the Series 6 AAA (Class A2) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AAA/Aaa/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}600,000,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in April 2020 7. Loan Payment Dates: Bullet Repayment Date (see below) 8. Relevant Margin: +0.12% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.24% 12. Redemption/Payment Basis: Bullet Redemption 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Applicable (i) Relevant Accumulation Amount: {pound-sterling}600,000,000 (ii) Bullet Repayment Date: The Funding 2 Interest Payment Date falling in April 2013 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Not Applicable
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 1 Class B Notes will fund the Series 1 AA (Class B) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AA/Aa3/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}19,160,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date Falling in July 2042 7. Loan Payment Dates: Pass Through Repayment Date (see below) 8. Relevant Margin: +0.0976% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.4452 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of
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the Series 1 AAA (Class A) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge. 17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 2 Class B Notes will fund the Series 2 AA (Class B) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AA/Aa3/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}72,180,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranch Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2042 7. Loan Payment Dates: Pass Through Repayment Date (see below) 8. Relevant Margin: +0.1413% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.5326% 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of
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the Series 2 AAA (Class A) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge 17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 4 Class B Notes will fund the Series 4 AA (Class B) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: AA/Aa3/AA (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}87,050,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2042 7. Loan Payment Dates: Pass-Through Repayment Date (see below) 8. Relevant Margin: +0.1500% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.5500% 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of the Series 4 AAA (Class A) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge.
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17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 1 Class C Notes will fund the Series 1 BBB (Class C) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: BBB/Baa2/BBB (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}19,160,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2042 7. Loan Payment Dates: Pass-Through Repayment Date (see below) 8. Relevant Margin: +0.2542% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +0.7584% 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of
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the Series 1 AA (Class B) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge 17. Other terms and special conditions: Not Applicable/give details
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LOAN TRANCHE: The Series 2 Class C Notes will fund the Series 2 BBB (Class C) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: BBB/Baa2/BBB (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}72,180,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche InterestDetermination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2042 7. Loan Payment Dates: Pass-Through Repayment Date (see below) 8. Relevant Margin: +0.4608% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling LIBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant following Step-Up Date: Margin+1.1716% 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of
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Series 2 AA (Class B) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge 17. Other terms and special conditions: Not Applicable
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LOAN TRANCHE: The Series 4 Class C Notes will fund the Series 4 BBB (Class C) Loan Tranche which shall have the following terms: 1. Borrower: Permanent Funding (No. 2) Limited 2. Lender: Permanent Master Issuer plc 3. (i) Loan Tranche Rating: BBB/Baa2/BBB (ii) Issue Number: 2006-1 4. Initial Outstanding Principal Balance: {pound-sterling}87,050,000 5. (i) Closing Date: 17 October 2006 (ii) Loan Tranche Interest Commencement Date: 17 October 2006 (iii) Loan Tranche Interest Determination Dates: The first day of each Interest Period 6. Final Repayment Date: The Funding 2 Interest Payment Date falling in July 2033 7. Loan Payment Dates:Pass Through Repayment Date (see below) 8. Relevant Margin: +0.4707% 9. Relevant Screen Rate: Three-month Sterling LIBOR (or, in respect of the first Interest Period, the linear interpolation of two-month Sterling IBOR and three-month Sterling LIBOR) 10. Step-Up Date: The Funding 2 Interest Payment Date occurring in April 2013 11. Relevant Margin following Step-Up Date: +1.1914% 12. Redemption/Payment Basis: Pass-through 13. Change of Redemption/Payment Basis: Not Applicable 14. Details relating to Bullet Loan Tranche: Not Applicable 15. Details relating to Scheduled Amortisation Loan Tranche: Not Applicable 16. Details relating to Pass-through Loan Tranches: Applicable (i) Pass Through Repayment Date: The Funding 2 Interest Payment Dates occurring on and after repayment in full of the Series 4 AA (Class B) Loan Tranche, subject to and in accordance with Part 2 of Schedule 4 of the Funding 2 Deed of Charge.
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17. Other terms and special conditions: Not Applicable
28 CONFIRMATIONS: Funding 2 confirms that: (a) no Master Intercompany Loan Event of Default has occurred and is continuing which has not been waived, or would result from the making of such Loan Tranche; (b) the representations and warranties set out in CLAUSE 13 of the Master 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 will be no debit balance on the Funding 2 Principal Deficiency Ledger after the application of the Funding 2 Available Revenue Receipts on the next Funding 2 Interest Payment Date. The Master Issuer confirms that no Note Event of Default has occurred and is continuing which has not been waived, or would result from the making of such Loan Tranche. 29 EXECUTION PAGE FOR LOAN TRANCHE SUPPLEMENT FUNDING 2 EXECUTED for and on behalf of ) /s/ Claudia Wallace PERMANENT FUNDING (NO. 2) LIMITED ) by: ) _________________________ Name: MASTER ISSUER EXECUTED for and on behalf of ) /s/ Claudia Wallace PERMANENT MASTER ISSUER PLC ) by: ) _________________________ Name: FUNDING 2 SECURITY TRUSTEE EXECUTED for and on behalf of ) /s/ Vincent Giraud THE BANK OF NEW YORK ) by: ) _________________________ Name: AGENT BANK EXECUTED for and on behalf of ) /s/ Georgia Mitchell CITIBANK, N.A. ) by ) _________________________ Name: 30