ALBA 2007 – 1 plc - Irish Stock Exchange

the Agent Bank in its absolute discretion) are quoting, as at or about 11.00 am
(Brussels time) on the relevant Euro 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 currency lending rates
which leading banks in London (selected by the Agent Bank in its absolute
discretion) are quoting on the relevant Euro 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 Euro Reserve Interest Rate shall be the Note
EURIBOR in effect for the Interest Period ending on the relevant Euro Interest
Determination Date; and
(e)
the Rate of Interest for any Interest Period will be equal to the Relevant Margin
(as defined below) above Note EURIBOR (as determined in the manner
provided above).
"Relevant Margin" for the A1a Notes shall be 0.08 per cent. per annum; for the A1b Notes shall be
0.06 per cent. per annum; for the A2 Notes shall be 0.13 per cent. per annum; for the A3 Notes shall
be 0.17 per cent. per annum; for the B Notes shall be 0.24 per cent. per annum; for the C Notes shall
be 0.29 per cent. per annum; for the D Notes shall be 0.50 per cent. per annum; for the E Notes shall
be 1.20 per cent. per annum; and for the F Notes shall be 3.25 per cent. per annum.
(d)
Determination of Rates of Interest and Calculation of Interest Amounts
The Agent Bank shall, on each Interest Determination Date, determine and notify the Issuer, the Cash
Manager, the Master Servicer, the Trustee, the Principal Paying Agent of (i) the Rate of Interest
applicable to the Interest Period beginning on and including such Interest Determination Date in respect
of each Note and (ii) the amount of interest (the "Interest Amount") payable in respect of such Interest
Period in respect of each Note. The Interest Amount will be calculated by applying the Rate of Interest
in respect of: (a) each Sterling Note multiplied by the Principal Amount Outstanding of such Sterling
Note and then multiplied by the actual number of days elapsed in the Interest Period and divided by 365
(or 366, where the last day of such period falls in a leap year) rounded to the nearest penny with half a
penny being rounded upwards and (b) each Euro Note multiplied by the Principal Amount Outstanding
of such Euro Note and then multiplied by the actual number of days elapsed in the latest revised and
divided by 360 rounded to the nearest penny with half a penny being rounded upwards.
(e)
Publication of Rate of Interest, Interest Amount
As soon as practicable after receiving notification thereof, the Issuer will cause the Rate of Interest and
the Interest Amount for each Interest Period and the immediately succeeding Payment Date to be
notified to each stock exchange (if any) on which notice is to be given in accordance with Condition 13.
The Interest Amount and Payment Date so notified may subsequently be amended (or appropriate
alternative arrangements made by way of adjustment) without notice in the event of any extension or
shortening of the Interest Period.
(f)
Deferral of Interest
Interest on the Notes shall be payable in accordance with this Condition 4 and Condition 6 subject to
the terms of this paragraph (f):