ALBA 2007 – 1 plc - Irish Stock Exchange

deposits and LIBOR for three month sterling deposits) by reference to the
display designated as the British Bankers Association's Interest Settlement Rate
as quoted on the Telerate Screen Page No. 3750 (or (A) such other page as may
replace Telerate Screen Page No. 3750 on that service for the purpose of
displaying such information or (B) if that service ceases to display such
information, such page as displays such information on such service (or, if more
than one, that one previously approved in writing by the Trustee) as may
replace Telerate Screen Page No. 3750) as at or about 11.00 am (London time)
on that date (the "Sterling Screen Rate"). Note LIBOR in relation to the
Sterling Notes for such Interest Period shall be the Sterling Screen Rate;
(b)
(c)
(d)
if the Sterling Screen Rate is unavailable, the Agent Bank will request the
principal London office of each of the Reference Banks (as defined in paragraph
(i) below) to provide the Agent Bank with its offered quotation as at or about
11.00 am (London time) on that date to leading banks for the applicable
currency deposits for a period of three months (or in the case of the first Interest
Period, such rate shall be obtained by linear interpolation of the rate for two
month and three month applicable currency deposits respectively). The
applicable Note LIBOR for such Interest Period shall, subject as provided
below, be the arithmetic mean (rounded if necessary to the nearest 0.0001 per
cent., 0.00005 per cent. being rounded upwards) of the quotations of the
Reference Banks;
if, on the relevant Sterling Interest Determination Date, the Sterling Screen Rate
is unavailable and only two of the Reference Banks provide such quotations, the
applicable Note LIBOR for the relevant Sterling Interest Period shall be
determined (in accordance with (c)(i)(a) above) on the basis of the quotations of
the two quoting Reference Banks;
if, on the relevant Sterling Interest Determination Date, the Sterling Screen Rate
is unavailable and only one or none of the Reference Banks provides such a
quotation, then the applicable Note LIBOR for the relevant Interest Period shall
be the Sterling Reserve Interest Rate. The "Sterling Reserve Interest Rate"
shall be either (A) the arithmetic mean (rounded if necessary to the nearest
0.0001 per cent., 0.00005 per cent. being rounded upwards) of the applicable
currency lending rates which leading banks in London (selected by the Agent
Bank in its absolute discretion) are quoting, as at or about 11.00 am (London
time) on the relevant Sterling Interest Determination Date, for the relevant
Interest Period to the Reference Banks or those of them (being at least two in
number) to which such quotations are in the sole opinion of the Agent Bank
being so made or (B) if the Agent Bank certifies that it cannot determine such
arithmetic means, the average of the applicable currenc y lending rates which
leading banks in London (selected by the Agent Bank in its absolute discretion)
are quoting on the relevant Sterling Interest Determination Date to leading
banks which have their head offices in London for the relevant Interest Period
provided that if the Agent Bank certifies as aforesaid and further certifies that
none of the banks selected as provided in (B) above is quoting to leading banks
as aforesaid, then the Sterling Reserve Interest Rate shall be the Note LIBOR in
effect for the Interest Period ending on the relevant Sterling Interest
Determination Date;