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ALBA 2007 – 1 plc - Irish Stock Exchange

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Contract and the Corporate Services Provider and the Share Trustee under the<br />

Corporate Services Agreement;<br />

(iii)<br />

(iv)<br />

third, in payment in or towards payment of interest, principal and any other amounts<br />

due and payable to the Liquidity Facility Provider pursuant to the Liquidity Facility<br />

Agreement;<br />

fourth, pro rata and pari passu in payment in or towards amounts due and payable to:<br />

(a)<br />

(b)<br />

the Interest Rate Swap Counterparty pursuant to the Interest Rate Swap<br />

Agreement to the extent not satisfied from any collateral provided by the<br />

Interest Rate Swap Counterparty and any amounts received by the Issuer from a<br />

replacement interest rate swap counterparty in respect of a replacement interest<br />

rate swap transaction, if any, (except for any relevant Interest Rate Swap<br />

Counterparty Default Payment); and<br />

the Cap Provider pursuant to the Interest Rate Cap Agreement to the extent not<br />

satisfied from any collateral provided by the Cap Provider and any amounts<br />

received by the Issuer from a replacement cap provider in respect of a<br />

replacement cap transaction, if any, (except for any relevant Cap Provider<br />

Default Payment);<br />

(v)<br />

fifth, to pay pro rata and pari passu:<br />

(a)<br />

(b)<br />

(c)<br />

amounts (other than in respect of principal) payable in respect of the A Notes<br />

(such amounts to be paid pro rata according to the respective interest<br />

entitlements of the A Noteholders);<br />

amounts pari passu to the holders of the A Notes in respect of principal of the<br />

A Notes until no A Notes remain outstanding; and<br />

amounts payable to the Cross Currency Swap Counterparty pursuant to the<br />

Cross Currency Swap Agreement to the extent not satisfied from any collateral<br />

provided by the Cross Currency Swap Counterparty and any amounts received<br />

by the Issuer from a replacement swap counterparty in respect of a replacement<br />

cross currency swap transaction, if any, (except for any relevant Cross<br />

Currency Swap Counterparty Default Payment);<br />

(vi)<br />

sixth, to pay pro rata and pari passu:<br />

(a)<br />

(b)<br />

amounts (other than in respect of principal) payable in respect of the B Notes<br />

(such amounts to be paid pro rata according to the respective interest<br />

entitlements of the B Noteholders); and<br />

amounts pari passu to the holders of the B Notes in respect of principal of the<br />

B Notes until no B Notes remain outstanding;<br />

(vii)<br />

seventh, to pay pro rata and pari passu:<br />

(a)<br />

amounts (other than in respect of principal) payable in respect of the C Notes<br />

(such amounts to be paid pro rata according to the respective interest<br />

entitlements of the C Noteholders); and

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