ALBA 2007 – 1 plc - Irish Stock Exchange

(g)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o)
the Guaranteed Investment Contract;
the Interest Rate Cap Agreement;
the Interest Rate Swap Agreement;
the Cross Currency Swap Agreement;
the Collection Accounts Declaration of Trust;
the Corporate Services Agreement;
the Incorporated Terms Memorandum (together with the documents listed at
paragraphs (a) to (l), and the Post Enforcement Call Option Deed and the Trust
Deed, the "Transaction Documents");
the Insurance Policies; and
all other contracts, agreements, deeds and documents entered into by the Issuer
from time to time; and
(iv)
a floating charge (ranking after the fixed security referred to above) over the whole of
the undertaking, property, assets and rights of the Issuer which are not, at any time,
covered by the fixed security described above.
(c)
Pre-Enforcement Interest Priority of Payments
Prior to the enforcement of the Security by the Trustee, the Cash Manager, on behalf of the Issuer, is
required to apply Available Revenue Funds on each Payment Date in making the following payments or
provisions in the following order of priority (in each case only to the extent that payments or provisions
of a higher priority have been made in full) after which the Liquidity Drawn Amount (if any) will be
applied in or towards the Revenue Shortfalls only (the "Pre-Enforcement Interest Priority of
Payments") (in each case only to the extent that the payments or provisions of a higher priority have
been made in full) on each Payment Date:
(i)
(ii)
(iii)
first, to pay the remuneration due and payable to the Trustee (plus value added tax, if any) and
any costs, charges, liabilities and expenses incurred by it in acting pursuant to the Trust Deed
and/or the Issuer Security Deed together with interest thereon as provided in the Trust Deed
and/or the Issuer Security Deed;
second, to pay amounts, including audit fees and company secretarial expenses (plus value
added tax, if any), which are due and payable by the Issuer to third parties and incurred without
breach by the Issuer pursuant to the Trust Deed or the Issuer Security Deed and not provided
for payment elsewhere and to provide for any such amounts expected to become due and
payable by the Issuer after that Payment Date and to provide for the Issuer's liability or possible
liability for corporation tax;
third, to pay pari passu and pro rata:
(A)
the servicing fee due and payable to the Servicer (plus value added tax, if any) during
the Calculation Period immediately prior to the relevant Calculation Date or if the
appointment of the Servicer is terminated and a substitute is appointed, the servicing
fee above will reflect the fee schedule agreed with such substitute servicer in
accordance with the procedures set out in the Servicing Agreement;