ALBA 2007 – 1 plc - Irish Stock Exchange

The amount of "Actual Redemption Funds" as at any Calculation Date is an amount calculated by the
Master Servicer as the aggregate of:
(a)
(b)
(c)
principal exchange amounts received under the Cross Currency Swap Agreement;
the amount standing to the credit of the Principal Ledger and the amount (if any) standing to the
credit of each of the Further Advances Ledger and the Ported Mortgage Loans Ledger as at
such Calculation Date; and
the amount (if any) calculated by the Master Servicer on such Calculation Date to be the amount
by which the debit balance on any Principal Deficiency Sub-Ledger is expected to be reduced
pursuant to the Pre-Enforcement Interest Priority of Payments by the application of Available
Revenue Funds on the immediately succeeding Payment Date;
less
(d)
(e)
the Committed Further Advances calculated on such Calculation Date; and
the Committed Ported Mortgage Loans calculated on such Calculation Date.
For the purpose of the foregoing:
"Available Capital Funds" means, on any day during an Interest Period (including on a Calculation
Date), an amount represented by the amount standing to the credit of the Principal Ledger at the close
of business on the preceding day, less, in the period between the Calculation Date and the application of
Actual Redemption Funds on the related Payment Date, the amount of such Actual Redemption Funds
calculated on the relevant Calculation Date.
Actual Redemption Funds will, to the extent sufficient, be used by the Cash Manager to redeem the
Notes in accordance with the relevant Pre-Enforcement Principal Priority of Payments.
(a)
Post-Enforcement Priority of Payments
After enforcement of the Security by the Trustee, the Trustee shall apply all funds received by or on
behalf of the Issuer and from the proceeds of enforcement of the Security (excluding amounts in respect
of Mortgage Early Repayment Charges) to make payments in the following order of priority (the "Post-
Enforcement Priority of Payments" and together with the Pre-Enforcement Priorities of Payments,
the "Priorities of Payments") pursuant to, in accordance with and as set out in the Issuer Security
Deed:
(i)
(ii)
first, to pay pro rata and pari passu any remuneration then due to any liquidator or
receiver and all amounts due in respect of legal fees and other costs, charges,
liabilities, losses, damages, proceedings, claims and demands then incurred by such
liquidator or receiver together with interest thereon and to pay the fees, costs,
expenses and liabilities due to the Trustee (plus value added tax, if any) in acting
pursuant to the Trust Deed and the Issuer Security Deed;
second, to pay pro rata and pari passu the fees, costs, interest, expenses and liabilities
due to the Servicer under the Servicing Agreement, the Cash Manager, the Master
Servicer and the Account Bank under the Cash Management, Master Servicing and
Account Bank Agreement, the Special Servicer under the Special Servicer Agreement,
the Paying Agents, the Agent Bank, the Registrar and the Transfer Agent under the
Paying Agency Agreement, the GIC Provider under the Guaranteed Investment