ALBA 2007 â 1 plc - Irish Stock Exchange
ALBA 2007 â 1 plc - Irish Stock Exchange
ALBA 2007 â 1 plc - Irish Stock Exchange
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and the R Certificates but after the A Notes in point of security; the C Notes will rank pari passu<br />
without preference or priority amongst themselves and will rank in priority to the D Notes, the E<br />
Notes, the F Notes, the MERCs, the Subordinated Notes and the R Certificates but after the A Notes<br />
and the B Notes in point of security; the D Notes will rank pari passu without preference or priority<br />
amongst themselves and in priority to the E Notes, the F Notes, the MERCs, the Subordinated Notes<br />
and the R Certificates but after the A Notes, the B Notes and the C Notes in point of security; the E<br />
Notes will rank pari passu without preference or priority amongst themselves and will rank in priority<br />
to the F Notes, the MERCs, the Subordinated Notes and the R Certificates but after the A Notes, the B<br />
Notes, the C Notes and the D Notes in point of security; the F Notes will rank pari passu without<br />
preference or priority amongst themselves and will rank in priority to the MERCs, the Subordinated<br />
Notes and the R Certificates but after the A Notes, the B Notes, the C Notes, the D Notes and the E<br />
Notes in point of security; the MERCs will rank pari passu without preference or priority amongst<br />
themselves and will rank in priority to the Subordinated Notes and the R certificates but after the A<br />
Notes, the B Notes, the C Notes, the D notes, the E Notes and the F Notes in point of security; the<br />
Subordinated Notes will rank pari passu without preference or priority amongst themselves and will<br />
rank in priority to the R Certificates but after the A Notes, the B Notes, the C Notes, the D Notes, the<br />
E Notes, the F Notes and the MERCs in point of security; and the R Certificates will rank pari passu<br />
without preference or priority amongst themselves and will rank after the A Notes, the B Notes, the C<br />
Notes, the D Notes, the E Notes, the F Notes, the MERCs and the Subordinated Notes in point of<br />
security. See "Ranking of the Instruments" below for a description of the ranking of the MERCs prior<br />
to and after the enforcement of the Security by the Trustee.<br />
Prior to the enforcement of the Security by the Trustee, the A1 Notes will rank in priority to the A2<br />
Notes and the A3 Notes and, other than when the Pro Rata Redemption Conditions are satisfied, the B<br />
Notes, the C Notes, the D Notes, the E Notes and the F Notes as to payment of principal; the A2 Notes<br />
will rank behind the A1 Notes but in priority to the A3 Notes and, other than when the Pro Rata<br />
Redemption Conditions are satisfied, the B Notes, the C Notes, the D Notes, the E Notes and the F<br />
Notes as to payment of principal; the A3 Notes will rank behind the A1 Notes and the A2 Notes and,<br />
other than when the Pro Rata Redemption Conditions are satisfied, in priority to the B Notes, the C<br />
Notes, the D Notes, the E Notes and the F Notes as to payment of principal, all to the extent described<br />
in Condition 2. The A Notes will, prior to the enforcement of the Security by the Trustee, rank pari<br />
passu without preference or priority amongst themselves, and will rank in priority to the B Notes, the C<br />
Notes, the D Notes, the E Notes and the F Notes as to payment of interest, to the extent described in<br />
Condition 2.<br />
Prior to the enforcement of the Security by the Trustee and, in respect of the payment of principal other<br />
than when the Pro Rata Redemption Conditions are satisfied, the B Notes will rank behind the A Notes<br />
but in priority to the C Notes, the D Notes, the E Notes and the F Notes as to payment of principal and<br />
interest; the C Notes will rank behind the A Notes and the B Notes but in priority to the D Notes, the E<br />
Notes and the F Notes as to payment of principal and interest; the D Notes will rank behind the A<br />
Notes, the B Notes and the C Notes but in priority to the E Notes and the F Notes as to payment of<br />
principal and interest; the E Notes will rank behind the A Notes, the B Notes, the C Notes and the D<br />
Notes but in priority to the F Notes as to payment of principal and interest; and the F Notes will rank<br />
behind the A Notes, the B Notes, the C Notes, the D Notes and the E Notes as to payment of principal<br />
and interest, all to the extent described in Condition 2.<br />
Prior to the enforcement of the Security by the Trustee and provided that the Pro Rata Redemption<br />
Conditions are satisfied, the A Notes, the B Notes, the C Notes, the D Notes, the E Notes and the F<br />
Notes will rank pari passu and pro rata as to payment of principal, as described in Condition 2 save<br />
that, in such circumstances, the A1 Notes will rank in priority to the A2 Notes and the A3 Notes; the
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