ALBA 2007 – 1 plc - Irish Stock Exchange

(ii)
(iii)
a first fixed charge over the Issuer's right, title, interest and benefit in the Issuer
Transaction Account and any other bank account of the Issuer from time to time;
an assignment over all the Issuer's right, title, interest and benefit in:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
(m)
(n)
(o)
the Mortgage Sale Agreement;
the Servicing Agreement;
the Special Servicer Agreement;
the Cash Management, Master Servicing and Account Bank Agreement;
the Paying Agency Agreement
the Liquidity Facility Agreement;
the Guaranteed Investment Contract;
the Interest Rate Cap Agreement;
the Interest Rate Swap Agreement;
the Cross Currency Swap Agreement;
the Collection Accounts Declaration of Trust;
the Corporate Services Agreement;
the Incorporated Terms Memorandum (together with the documents listed at
paragraphs (a) to (l), and the Post Enforcement Call Option Deed and the Trust
Deed, the "Transaction Documents");
the Insurance Policies; and
all other contracts, agreements, deeds and documents entered into by the Issuer
from time to time; and
(iv)
a floating charge (ranking after the fixed security referred to above) over the whole of
the undertaking, property, assets and rights of the Issuer which are not, at any time,
covered by the fixed security described above.
(c)
Pre-Enforcement Interest Priority of Payments
Prior to enforcement of the Security by the Trustee, the Cash Manager, on behalf of the Issuer, is
required to apply Available Revenue Funds on each Payment Date in making the following payments or
provisions in the following order of priority (in each case only to the extent that payments or provisions
of a higher priority have been made in full) after which the Liquidity Drawn Amount (if any) will be
applied in or towards the Revenue Shortfalls only (the "Pre-Enforcement Interest Priority of
Payments") (in each case only to the extent that the payments or provisions of a higher priority have
been made in full) on each Payment Date:
(i)
first, to pay the remuneration due and payable to the Trustee (plus value added tax, if any) and
any costs, charges, liabilities and expenses incurred by it in acting pursuant to the Trust Deed