ALBA 2007 – 1 plc - Irish Stock Exchange

(e)
the Rate of Interest for any Interest Period will be equal to the Relevant Margin
(as defined below) above Note LIBOR (as determined in the manner provided
above); and
(ii)
in the case of the Euro Notes:
(a)
(b)
(c)
(d)
for the purpose of determining the Euro-zone Interbank Offered Rate
("EURIBOR") for three month euro deposits (or, in respect of the first Interest
Period, an annual rate obtained by linear interpolation of EURIBOR for two
month euro deposits and EURIBOR for three month euro deposits) ("Note
EURIBOR"), two Business Days before each Payment Date, or in respect of
the first Interest Period, on the Issue Date (each a "Euro Interest
Determination Date"), the Agent Bank will determine the offered quotation to
leading banks in the London interbank market for three month euro deposits (or
in respect of the first Interest Period, an annual rate obtained by linear
interpolation of EURIBOR for two month euro deposits and EURIBOR for
three month euro deposits) by reference to the display page designated as
"EURIBOR01" on the Reuters service (or (A) such other page as may replace
EURIBOR01 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 EURIBOR01) as at or about 11.00 am
(Brussels time) on that date (the "EURIBOR Screen Rate"). Note EURIBOR
in relation to the Euro Notes for such Interest Period shall be the EURIBOR
Screen Rate;
if the EURIBOR 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 EURIBOR 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 Euro Interest Determination Date, the EURIBOR Screen Rate
is unavailable and only two of the Reference Banks provide such quotations, the
applicable Note EURIBOR for the relevant Euro Interest Period shall be
determined (in accordance with (c)(ii)(a) above) on the basis of the quotations of
the two quoting Reference Banks;
if, on the relevant Euro Interest Determination Date, the EURIBOR Screen Rate
is unavailable and only one or none of the Reference Banks provides such a
quotation, then the applicable Note EURIBOR for the relevant Interest Period
shall be the Euro Reserve Interest Rate. The "EURIBOR 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