MASTER ISSUER BANK ACCOUNT AGREEMENT

                                                                    Exhibit 4.13

                                                                 EXECUTION COPY

                     MASTER ISSUER BANK ACCOUNT AGREEMENT

                                17 OCTOBER 2006

                          PERMANENT MASTER ISSUER PLC
                              (as Master Issuer)

                                      and

                                  HALIFAX PLC
                        (as Master Issuer Cash Manager)

                                      and

               THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND
                        (as Master Issuer Account Bank)

                                      and

                             THE BANK OF NEW YORK
                      (as Master Issuer Security Trustee)

                                      and

                          HBOS TREASURY SERVICES PLC

                                 ALLEN & OVERY
                               ALLEN & OVERY LLP

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                                   CONTENTS

CLAUSE                                                                     PAGE

1.    Definitions and Interpretation..........................................1
2.    The Master Issuer Transaction Account...................................1
3.    Additional Master Issuer Accounts.......................................2
4.    Payments................................................................3
5.    Mandates and Statements.................................................4
6.    Acknowledgement by the Master Issuer Account Bank.......................4
7.    Certification, Indemnity and Acceleration Notice........................6
8.    Change of Master Issuer Security Trustee or Master Issuer Account Bank..7
9.    Termination.............................................................7
10.   Further Assurance......................................................10
11.   Confidentiality........................................................10
12.   Costs..................................................................11
13.   Notices................................................................11
14.   Interest...............................................................12
15.   Withholding............................................................12
16.   Tax Status.............................................................12
17.   Entire Agreement.......................................................13
18.   Variation and Waiver...................................................13
19.   Assignment.............................................................13
20.   The Master Issuer Security Trustee.....................................13
21.   Exclusion of Third Party Rights........................................14
22.   Counterparts...........................................................14
23.   Governing Law..........................................................14
24.   Submission to Jurisdiction.............................................14

SCHEDULES

1.    Form of Master Issuer Transaction Account Mandate......................15
2.    Form of Notice of Assignment and Acknowledgement of Assignment.........16
      Part 1    Notice of Assignment - Master Issuer Accounts................16
      Part 2    Acknowledgement - Master Issuer Accounts.....................18

Signatories..................................................................19

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THIS MASTER ISSUER BANK ACCOUNT AGREEMENT is made on 17 October 2006

BETWEEN:

(1)   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 (the MASTER
      ISSUER);

(2)   THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND, a company established
      by an Act of Parliament of Scotland in 1695 and acting through its
      offices at 116 Wellington Street, Leeds, LS1 4LT (in its capacity as
      MASTER ISSUER ACCOUNT BANK);

(3)   HALIFAX PLC (registered number 02367076), a public limited company
      incorporated under the laws of England and Wales whose registered office
      is at Trinity Road, Halifax, West Yorkshire HX1 2RG (in its capacity as
      MASTER ISSUER CASH MANAGER);

(4)   THE BANK OF NEW YORK, a New York banking corporation, acting through its
      offices at 48th Floor, One Canada Square, London E14 5AL (in its capacity
      as MASTER ISSUER SECURITY TRUSTEE); and

(5)   HBOS TREASURY SERVICES PLC, (registered number 02692890) a public limited
      company incorporated under the laws of England and Wales whose registered
      office is at 33 Old Broad Street, London EC2N 1HZ.

IT IS HEREBY AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

      The amended and restated master definitions and construction schedule
      signed by, amongst others, the parties to this Agreement and dated 17
      October 2006 (as the same may be amended, varied or supplemented from
      time to time with the consent of the parties to this Agreement) (the
      MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE) and the master issuer
      master definitions and construction schedule signed for the purposes of
      identification by Allen & Overy LLP and Sidley Austin on 17 October 2006
      (as the same may be amended, varied or supplemented from time to time
      with the consent of the parties to this Agreement) (the MASTER ISSUER
      MASTER DEFINITIONS AND CONSTRUCTION SCHEDULE) are expressly and
      specifically incorporated into this Agreement and, accordingly, the
      expressions defined in the Master Definitions and Construction Schedule
      and the Master Issuer Master Definitions and Construction Schedule shall,
      except where the context otherwise requires and save where otherwise
      defined herein, have the same meanings in this Agreement, and this
      Agreement shall be construed in accordance with the interpretation
      provisions set out in clause 2 of the Master Definitions and Construction
      Schedule and in Clause 2 of the Master Issuer Master Definitions and
      Construction Schedule.

2.    THE MASTER ISSUER TRANSACTION ACCOUNT

2.1   INSTRUCTIONS FROM MASTER ISSUER CASH MANAGER TO MASTER ISSUER ACCOUNT
      BANK

      Subject to Clause 7.3, the Master Issuer Account Bank shall comply with
      any direction of the Master Issuer Cash Manager to effect a payment by
      debiting the Master Issuer Transaction Account if such direction (a) is
      in writing, is given by telephone and confirmed in writing not later than
      close of business on the day on which such direction is given or is given
      by the internet banking service

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      provided by the Master Issuer Account Bank or otherwise (b) complies with
      the Master Issuer Transaction Account Mandate.

2.2   TIMING OF PAYMENT

      The Master Issuer Account Bank agrees that if directed pursuant to Clause
      2.1 to make any payment, then, subject to Clauses 2.4 and 7.3 below, it
      will do so prior to close of business on the London Business Day on which
      such direction is received and for value that day, provided that, if any
      direction is received later than 2:30 p.m. (London time) or, in the case
      of a payment to another account with the Master Issuer Account Bank at
      the same branch, 4.00 p.m. (London time) on any London Business Day, the
      Master Issuer Account Bank shall make such payment at the commencement of
      business on the following London Business Day for value that day.

2.3   MASTER ISSUER TRANSACTION ACCOUNT CHARGES

      The charges of the Master Issuer Account Bank for the operation of the
      Master Issuer Transaction Account shall be debited to the Master Issuer
      Transaction Account only on the first day of each month (or, if such day
      is not a London Business Day, the next succeeding London Business Day) in
      accordance with the order of priority set out in the Master Issuer Cash
      Management Agreement, or, following the service of a Note Acceleration
      Notice (that is not withdrawn), the Master Issuer Deed of Charge, and the
      Master Issuer by its execution hereof irrevocably agrees that this shall
      be done. The charges shall be payable at the same rates as are generally
      applicable to the business customers of the Master Issuer Account Bank.

2.4   NO OVERDRAWN BALANCE

      Notwithstanding the provisions of Clause 2.1, amounts shall only be
      withdrawn from the Master Issuer Transaction Account to the extent that
      such withdrawal does not cause the Master Issuer Transaction Account to
      become overdrawn.

3.    ADDITIONAL MASTER ISSUER ACCOUNTS

3.1   TERMINATION OF MASTER ISSUER SWAPS

      If any or all of the Master Issuer Swap Agreements terminate and the
      Master Issuer is unable to enter into replacement hedging arrangements,
      the Master Issuer shall instruct the Master Issuer Cash Manager to open,
      as necessary, the relevant Additional Master Issuer Account at the Master
      Issuer Account Bank. The Master Issuer shall deliver a mandate to the
      Master Issuer Account Bank relating to such Additional Master Issuer
      Account in accordance with this Agreement and the Master Issuer Deed of
      Charge.

3.2   OPERATION OF ADDITIONAL MASTER ISSUER ACCOUNTS

      In the event that an Additional Master Issuer Account is created pursuant
      to Clause 3.1, the relevant account shall be operated in accordance with
      the following provisions:

      (a)    subject to Clause 7.3, the Master Issuer Account Bank shall comply
             with any direction of the Master Issuer Cash Manager to effect a
             payment by debiting the relevant Additional Master Issuer Account
             if such direction (i) is in writing or is given by the internet
             banking service provided by the Master Issuer Account Bank or
             otherwise (ii) complies with the mandates of such Additional
             Master Issuer Account;

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      (b)    the Master Issuer Account Bank shall be entitled to rely on any
             direction given by telephone which, in its opinion (acting
             reasonably and in good faith), purports to be given by any
             Authorised Signatory referred to in the mandates of the relevant
             Additional Master Issuer Account, from time to time and in respect
             of which the person giving the direction quotes a code reference
             notified in writing by the Master Issuer Cash Manager from time to
             time to the Master Issuer Account Bank and no delay in giving (or
             the absence of giving) the written confirmation of any such
             direction shall affect the validity of, or time of giving, the
             relevant telephone direction;

      (c)    the Master Issuer Account Bank agrees that if directed pursuant to
             Clause 3.2(a) to make any payment then, subject to Clauses 3.2(e)
             and 7.3 below, it will do so prior to close of business on the
             London Business Day on which such direction is received and for
             value that day, provided that, if any direction is received later
             than 2.30 p.m. (London time) or, in the case of a payment to
             another account with the Master Issuer Account Bank at the same
             branch, 4.00 p.m. (London time) on any London Business Day, the
             Master Issuer Account Bank shall make such payment at the
             commencement of business on the following London Business Day for
             value that day;

      (d)    the charges of the Master Issuer Account Bank for the operation of
             the Additional Master Issuer Accounts (if established) shall be
             debited to the relevant Additional Master Issuer Account on each
             Interest Payment Date in accordance with the order of priority set
             out in the Master Issuer Cash Management Agreement or following
             enforcement of the Master Issuer Security, the Master Issuer Deed
             of Charge, and the Master Issuer by its execution hereof
             irrevocably agrees that this shall be done. The charges shall be
             payable at the same rates as are generally applicable to the
             business customers of the Master Issuer Account Bank; and

      (e)    notwithstanding the provisions of Clause 3.2(a), and subject to
             the Master Issuer Deed of Charge, amounts shall only be withdrawn
             from an Additional Master Issuer Account to the extent that such
             withdrawals do not cause that Additional Master Issuer Account to
             become overdrawn.

3.3   MASTER ISSUER SWAP COLLATERAL ACCOUNT

      In the event that any collateral is posted by a Master Issuer Currency
      Swap Provider pursuant to a Master Issuer Currency Swap Agreement, the
      Master Issuer shall instruct the Master Issuer Cash Manager to open a
      bank account (which, for the avoidance of doubt, shall include any Master
      Issuer Swap Collateral Securities Account) with HBOS Treasury Services
      plc for the purposes of holding such collateral (any such account, a
      MASTER ISSUER SWAP COLLATERAL ACCOUNT). A Master Issuer Swap Collateral
      Account shall be opened in respect of each Master Issuer Currency Swap
      Provider that is required to post collateral pursuant to a Master Issuer
      Currency Swap Agreement. In the event that any such Master Issuer
      Currency Swap Account is opened with HBOS Treasury Services plc, the
      parties to this Agreement, not including the Master Issuer Account Bank,
      will enter into an agreement on substantially the same terms as this
      Agreement (with such amendments as shall be deemed necessary) in respect
      of such Master Issuer Swap Collateral Account.

4.    PAYMENTS

4.1   INSTRUCTIONS FROM THE MASTER ISSUER CASH MANAGER

(a)   The Master Issuer Cash Manager shall, before the date upon which any
      payment is due to be made from a Master Issuer Account (including the
      payments due to be made on each Interest Payment Date), submit to the
      Master Issuer Account Bank irrevocable written instructions, or
      instructions by way

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      of the internet banking service provided by the Master Issuer Account
      Bank, as to the payments to be made out of the relevant Master Issuer
      Account on such date.

(b)   The Master Issuer Account Bank shall comply with the instructions
      described in Clause 4.1(a) and shall effect the payments specified in
      such instructions not later than the time specified for payment therein
      (provided that the Master Issuer Account Bank shall not have any
      liability to any person if it fails to effect timely payment by reason of
      strike, computer failure, power cut or other matters beyond its control)
      on the relevant date if the instructions comply with the relevant Master
      Issuer Account Mandate.

5.    MANDATES AND STATEMENTS

5.1   SIGNING AND DELIVERY OF MANDATES

      The Master Issuer has delivered to the Master Issuer Account Bank prior
      to the Programme Date the Master Issuer Transaction Account Mandate in or
      substantially in the form set out in Schedule 1 hereto duly executed and
      relating to the Master Issuer Transaction Account, and the Master Issuer
      Account Bank hereby confirms to the Master Issuer Security Trustee that
      the Master Issuer Transaction Account Mandate has been provided to it,
      that the Master Issuer Transaction Account is open and that the Master
      Issuer Transaction Account Mandate is operative. The Master Issuer agrees
      that, if an Additional Master Issuer Account is opened pursuant to Clause
      3.1 or a Master Issuer Swap Collateral Account is opened pursuant to
      Clause 3.3, it will deliver to the Master Issuer Account Bank a duly
      executed mandate relating to such Additional Master Issuer Account or, as
      the case may be, Master Issuer Swap Collateral Account. The Master Issuer
      Account Bank acknowledges that the Master Issuer Transaction Account
      Mandate and any other mandates delivered from time to time pursuant
      hereto shall be subject to the terms of the Master Issuer Deed of Charge
      and this Agreement.

5.2   AMENDMENT OR REVOCATION

      The Master Issuer Account Bank agrees that it shall notify the Master
      Issuer Security Trustee as soon as is reasonably practicable and in
      accordance with Clause 13 if it receives any amendment to or revocation
      of any Master Issuer Account Mandate that it holds (other than a change
      of Authorised Signatory) and shall require the prior written consent of
      the Master Issuer Security Trustee to any such amendment or revocation
      (other than a change of Authorised Signatory), but, unless a Master
      Issuer Account Mandate is revoked, the Master Issuer Account Bank may
      continue to comply with that amended Master Issuer Account Mandate (as it
      may from time to time be amended in accordance with the provisions of
      this Clause 5.2) unless it receives notice in writing from the Master
      Issuer Security Trustee to the effect that a Note Acceleration Notice has
      been served or that the appointment of Halifax plc as Master Issuer Cash
      Manager under the Master Issuer Cash Management Agreement has been
      terminated and shall, thereafter, act solely on the instructions of the
      Master Issuer Security Trustee and in accordance with the terms thereof
      as provided in Clause 7.3 of this Agreement.

6.    ACKNOWLEDGEMENT BY THE MASTER ISSUER ACCOUNT BANK

6.1   RESTRICTION ON MASTER ISSUER ACCOUNT BANK'S RIGHTS

      Notwithstanding anything to the contrary in any Master Issuer Account
      Mandate, the Master Issuer Account Bank hereby:

      (a)    waives any right it has or may hereafter acquire to combine,
             consolidate or merge any Master Issuer Account with any other
             account of the Master Issuer Cash Manager, the

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             Master Issuer, the Mortgages Trustee, Funding 2, the Seller, the
             Master Issuer Security Trustee or any other person or any
             liabilities of the Master Issuer Cash Manager, the Master Issuer,
             the Mortgages Trustee, Funding 2, the Seller, the Master Issuer
             Security Trustee or any other person owing to it;

      (b)    agrees that it may not exercise any lien or, to the extent
             permitted by law, any set-off or transfer any sum standing to the
             credit of or to be credited to any Master Issuer Account in or
             towards satisfaction of any liabilities of the Master Issuer Cash
             Manager, the Master Issuer, the Mortgages Trustee, Funding 2, the
             Seller, the Master Issuer Security Trustee or any other person
             owing to it;

      (c)    in addition to and without prejudice to its rights and obligations
             as a Master Issuer Secured Creditor, agrees that it will not take,
             and shall not take, any steps whatsoever to recover any amount due
             or owing to it pursuant to this Agreement or any other debts
             whatsoever owing to it by the Master Issuer, or procure the
             winding-up or liquidation of the Master Issuer or the making of an
             administration order in relation to the Master Issuer or the
             filing of documents with the court in relation to the Master
             Issuer or the service of a notice of intention to appoint an
             administrator in relation to the Master Issuer in respect of any
             of the liabilities of the Master Issuer whatsoever other than to
             the extent expressly permitted under the Master Issuer Deed of
             Charge;

      (d)    agrees that it shall have recourse only to sums paid to or
             received by (or on behalf of) the Master Issuer pursuant to the
             Transaction Documents, subject always to and in accordance with
             the order of priority set out in the Master Issuer Cash Management
             Agreement or, as applicable, the Master Issuer Deed of Charge;

      (e)    agrees that it will notify, in accordance with Clause 13, the
             Master Issuer Cash Manager, the Master Issuer and the Master
             Issuer Security Trustee if compliance with any instruction would
             cause any Master Issuer Account to have a negative balance, such
             notification to be given on the same London Business Day that it
             determines that compliance with such instruction would cause any
             such account to have a negative balance; and

      (f)    acknowledges that the Master Issuer has, pursuant to the Master
             Issuer Deed of Charge, inter alia, assigned by way of security all
             its rights, title, interest and benefit, present and future, in
             and to all sums from time to time standing to the credit of the
             Master Issuer Accounts and all of its rights under this Agreement
             to the Master Issuer Security Trustee.

6.2   NOTICE OF ASSIGNMENT AND ACKNOWLEDGEMENT

      The Master Issuer Account Bank agrees that promptly upon receipt of a
      notice of assignment signed by the Master Issuer in (or substantially in)
      the form of notice set out in Part 1 of Schedule 2 hereto, the Master
      Issuer Account Bank shall sign and duly return to the Master Issuer, with
      a copy to the Master Issuer Security Trustee, an acknowledgement in (or
      substantially in) the form of acknowledgement set out in Part 2 of
      Schedule 2.

6.3   MONTHLY STATEMENT

      Unless and until directed otherwise by the Master Issuer Security Trustee
      in accordance with Clause 13, the Master Issuer Account Bank shall
      provide the Master Issuer Cash Manager with a written statement setting
      out the amounts standing to the credit of the Master Issuer Accounts as
      at the close of business on the London Business Day immediately preceding
      the relevant statement date or such other relevant date set out in a
      statement request (i) on a monthly basis and, in any event, within three
      London Business Days of the relevant statement date and (ii) as soon as
      reasonably

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      practicable after receipt of a request for a statement. The Master Issuer
      Account Bank is hereby authorised by the Master Issuer to provide
      statements in respect of the Master Issuer Accounts to the Master Issuer
      Cash Manager and the Master Issuer Security Trustee.

7.    CERTIFICATION, INDEMNITY AND ACCELERATION NOTICE

7.1   MASTER ISSUER ACCOUNT BANK TO COMPLY WITH MASTER ISSUER CASH MANAGER'S
      INSTRUCTIONS

      Unless otherwise directed in writing by the Master Issuer Security
      Trustee pursuant to Clause 7.3, in making any transfer or payment from
      the Master Issuer Accounts in accordance with this Agreement, the Master
      Issuer Account Bank shall be entitled to act as directed by the Master
      Issue