MASTER ISSUER CORPORATE SERVICES AGREEMENT

                                                                
                                                                    Exhibit 10.9

                                                                  EXECUTION COPY

                  MASTER ISSUER CORPORATE SERVICES AGREEMENT

                                17 OCTOBER 2006

                     STRUCTURED FINANCE MANAGEMENT LIMITED
                (as Master Issuer Corporate Services Provider)

                                      and

                          PERMANENT HOLDINGS LIMITED
                                  (Holdings)

                                      and

                          PERMANENT MASTER ISSUER PLC
                              (as Master Issuer)

                                      and

                                  HALIFAX PLC
                                   (Halifax)

                                      and

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

                                 ALLEN & OVERY
                               ALLEN & OVERY LLP

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                                   CONTENTS

CLAUSE                                                                     PAGE
1.     Definitions and Interpretation.........................................1
2.     Nomination of Directors Prior to Service of a Note
       Acceleration Notice....................................................2
3.     Nomination of Directors After Service of a Note Acceleration Notice....3
4.     Provision of Corporate Administrative Services.........................4
5.     Additional Services....................................................5
6.     Confidentiality........................................................5
7.     Remuneration, Costs and Expenses.......................................6
8.     Engagement of Third Parties............................................7
9.     Covenant by Holdings...................................................7
10.    Undertakings by the Master Issuer......................................7
11.    Indemnity..............................................................7
12.    Termination............................................................8
13.    Non-Assignment.........................................................8
14.    Permitted Enforcement..................................................8
15.    The Master Issuer Security Trustee.....................................8
16.    Notices................................................................9
17.    Amendments.............................................................9
18.    Invalidity.............................................................9
19.    Non-Exclusive Appointment..............................................9
20.    Contracts (Rights of Third Parties) Act 1999...........................9
21.    Counterparts and severability.........................................10
22.    Delegation............................................................10
23.    Governing Law.........................................................10
24.    Submission to Jurisdiction............................................10

Signatories..................................................................11

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THIS MASTER ISSUER CORPORATE SERVICES AGREEMENT is made on 17 October 2006
BETWEEN:

(1)    STRUCTURED FINANCE MANAGEMENT LIMITED (registered number 3853947) whose
       business address is at 35 Great St. Helen's, London EC3A 6AP (in its
       capacity as the MASTER ISSUER CORPORATE SERVICES PROVIDER);

(2)    PERMANENT HOLDINGS LIMITED (registered number 4267664) whose registered
       office is at 35 Great St. Helen's, London EC3A 6AP (HOLDINGS); (3)
       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);

(4)    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 (HALIFAX);
       and

(5)    THE BANK OF NEW YORK, a New York banking corporation whose London branch
       office is at 48th Floor, One Canada Square, London E14 5AL (in its
       capacities as the MASTER ISSUER SECURITY TRUSTEE and as the NOTE
       TRUSTEE).

WHEREAS:

The Master Issuer Corporate Services Provider has agreed with the other parties
to this Agreement to provide various corporate administration and personnel
services to the Master Issuer on the terms and conditions contained in this
Agreement.

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, restated 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 meanings in this Agreement, including
       the Recitals hereto, and this Agreement shall be construed in accordance
       with the interpretation provisions set out in Clause 2 (Interpretation
       and Construction) of the Master Definitions and Construction Schedule
       and the Master Issuer Master Definitions and Construction Schedule.

       In this Agreement each reference to a party shall be deemed to include
       its successors and permitted assigns. For this purpose SUCCESSOR means
       in relation to a party an assignee or successor in title of such party
       or any person who, under the laws of its jurisdiction of incorporation
       or domicile has assumed the rights and/or obligations of such party or
       to whom under such laws the same have been transferred.

                                       1

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2.     NOMINATION OF DIRECTORS PRIOR TO SERVICE OF A NOTE ACCELERATION NOTICE

2.1    ENTITLEMENT TO NOMINATE

       Prior to the service of a Note Acceleration Notice and for so long as
       this Agreement remains in force:

       (a)    Halifax is entitled to, and shall, nominate one person willing to
              serve in the capacity of director of the Master Issuer (and, in
              each case, Halifax has nominated David Balai as its first nominee
              in such capacity);

       (b)    the Master Issuer Corporate Services Provider is entitled to, and
              shall, nominate two persons willing to serve in the capacity of
              director of the Master Issuer (and, in each case, has nominated
              SFM Directors Limited (registered number 3920254) and SFM
              Directors (No. 2) Limited (registered number 4017430) as its
              first nominees in such capacity) and nothing herein shall prevent
              the Master Issuer Corporate Services Provider from nominating
              itself as a corporate director of the Master Issuer; and

       (c)    the Master Issuer Corporate Services Provider will be entitled
              to, and shall, nominate one person willing to serve in the
              capacity of Company Secretary of the Master Issuer and has
              nominated SFM Corporate Services Limited (registered number
              3920255) as its first nominee in such capacity.

2.2    APPOINTOR

       In relation to any person nominated or deemed to be nominated under
       Clause 2.1 above or Clause 2.3 below, whichever of Halifax or the Master
       Issuer Corporate Services Provider nominated that person is referred to
       below as that person's APPOINTOR.

2.3    RESIGNATION OR RETIREMENT OF DIRECTOR

       Each appointor hereby confirms to the other that, if the person
       nominated or deemed to be nominated by it should resign or retire or for
       any other reason cease to act as director of the Master Issuer, it will
       promptly:

       (a)    procure that such director shall acknowledge in writing that he
              has no claim of any nature whatsoever against the Master Issuer;

       (b)    nominate another person willing to act in the relevant capacity;
              and

       (c)    procure the consent of that other person to act in that capacity.

2.4    ACCEPTANCE OF APPOINTMENT AND PAYMENT

       Each appointor shall procure that each of the persons respectively
       nominated or deemed to be nominated by it from time to time as provided
       above accepts the relevant appointment and acts in the relevant capacity
       without fee or remuneration (including, for the avoidance of doubt, upon
       resignation or retirement) from the Master Issuer, save that nothing in
       this Agreement shall prejudice the right of the Master Issuer Corporate
       Services Provider to be remunerated for its services under Clause 7
       (Remuneration, Costs and Expenses) below.

                                       2

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2.5 COMPOSITION OF BOARDS

       Holdings undertakes and agrees:

       (a)    subject to Clause 3.3 (Requests of the Master Issuer Security
              Trustee) that it shall exercise its rights as a shareholder of
              the Master Issuer and all rights and powers vested in it under
              the Articles of Association of the Master Issuer so as to procure
              that the board of directors of the Master Issuer comprises at all
              times one nominee of Halifax (provided that Halifax shall have
              nominated a person to such office) and two nominees of the Master
              Issuer Corporate Services Provider, as provided under Clause 2.1
              above; and

       (b)    the Master Issuer Corporate Services Provider and Halifax shall
              procure that at all times all of the directors nominated by them
              under Clause 2.1 above above, for the Master Issuer will be
              resident in the UK (and not in any other jurisdiction) for the
              purposes of UK income tax.

3.     NOMINATION OF DIRECTORS AFTER SERVICE OF A NOTE ACCELERATION NOTICE

3.1    RIGHTS AND POWERS UPON SERVICE OF A NOTE ACCELERATION NOTICE

       In the event that a Note Acceleration Notice is served on the Master
       Issuer, Holdings shall exercise its rights as the sole beneficial owner
       of all of the shares in the Master Issuer, and the rights and powers
       vested in it under the Articles of Association of the Master Issuer so
       as to procure that:

       (a)    such new or additional directors of the Master Issuer as the
              Master Issuer Security Trustee shall direct shall be duly
              appointed; and

       (b)    such of the directors nominated pursuant to Clauses 2.1
              (Entitlement to Nominate) or 2.3 (Resignation or Retirement of
              Director) above as the Master Issuer Security Trustee requests
              shall tender their resignation, if so requested by the Master
              Issuer Security Trustee,

       and nothing shall prevent the Master Issuer Security Trustee from
       nominating itself for appointment as a director of the Master Issuer.

3.2    TERMS OF APPOINTMENT

       Any director nominated or appointed pursuant to Clause 3.1 above above
       shall be appointed upon such terms (including reasonable remuneration)
       as may be agreed in writing between the appointees and the Issuer
       Security Trustee.

3.3    REQUESTS OF THE MASTER ISSUER SECURITY TRUSTEE

       For so long as Holdings is the beneficial holder of the whole of the
       issued share capital of the Master Issuer, and in the event (but only in
       the event) that the provisions of Clause 3.1 above apply Holdings
       undertakes and agrees to comply with all requests of the Master Issuer
       Security Trustee as to:

       (a)    the exercise of its rights as shareholder of the Master Issuer;
              and

       (b)    all rights and powers vested in it under the Articles of
              Association of the Master Issuer,

       in relation to the appointment and/or removal from office by Holdings of
       any of the directors of the Master Issuer.

                                       3

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3.4    RESIGNATION

       In the event that a Note Acceleration Notice is served on the Master
       Issuer, any appointment of a director in office at such time validly
       made pursuant to Clauses 2.1 (Entitlement to Nominate) or 2.3
       (Resignation or Retirement of Director) above shall continue to be
       effective in accordance with the provisions of this Agreement unless and
       until such director has resigned pursuant to Clause 3.1(b) above.

3.5    NO RECOURSE

       The obligations of the parties hereto under this Agreement are solely
       the corporate obligations of each of the parties.

       No recourse shall be had in respect of any obligation or claim arising
       out of or based upon this Agreement against any employee, officer or
       director of any of the parties hereto, save where the claim, demand,
       liability, cost or expense in connection therewith arises from the gross
       negligence, wilful default or breach of duty of such employee, officer
       or director of the respective party.

4.     PROVISION OF CORPORATE ADMINISTRATIVE SERVICES

       Until termination of this Agreement pursuant to Clause 12 (Termination),
       the Master Issuer Corporate Services Provider shall provide all general
       company secretarial, registrar and company administration services (the
       CORPORATE SERVICES) required by the Master Issuer including, without
       limitation, the following:

       (a)    procuring the preparation an