ALBA 2007 – 1 plc - Irish Stock Exchange

Agreement, the Cash Management, Master Servicing and Account Bank Agreement, the Liquidity
Facility Agreement, the Swap Agreements, the Interest Rate Cap Agreement, the GIC, the Special
Servicer Agreement, the Corporate Services Agreement and the Paying Agency Agreement according
to their respective interests (such parties, together with the Noteholders and the Instrumentholders, the
"Secured Parties").
Prior to termination of the Interest Rate Swap Agreement, the Cross Currency Swap Agreement or the
Interest Rate Cap Agreement (as the case may be), any collateral (including any income in respect
thereof) provided to the Issuer by the Interest Rate Swap Counterparty, the Cross Currency Swap
Counterparty or the Cap Provider (as the case may be) will not form part of the Charged Assets but will
be held by the Issuer on trust for itself and the Interest Rate Swap Counterparty, the Cross Currency
Swap Counterparty or the Cap Provider, as appropriate, and will be applied in accor dance with the
terms of the relevant collateral agreement providing for the payment of such collateral. Following
termination of the Interest Rate Swap Agreement, the Cross Currency Swap Agreement or the Interest
Rate Cap Agreement (as the case may be), the collateral provided by the Interest Rate Swap
Counterparty, the Cross Currency Swap Counterparty or the Cap Provider (as the case may be), shall
be available to (a) satisfy any termination payment due to the Interest Rate Swap Counterparty, the
Cross Currency Swap Counterparty or the Cap Provider (as appropriate); (b) meet the cost of entering
into any replacement transaction(s); or (c) form part of the Issuer's Available Revenue Funds, in such
order of priority.
The Issuer Security Deed will contain provisions regulating the priority of application of the Charged
Assets (and proceeds thereof) among the persons entitled thereto after the enforcement of the Security
by the Trustee. Such priorities are described in Condition 2.
Credit Structure
Cash Management and Master Servicing
The Cash Manager will be appointed under the terms of the Cash Management, Master Servicing and
Account Bank Agreement to manage all cash transactions and maintain cash management ledgers on
behalf of, and as agent for, the Issuer and, if so appointed following the service of an Enforcement
Notice, the Trustee. The Master Servicer will be appointed under the terms of the Cash Management,
Master Servicing and Account Bank Agreement to provide bond administration, investor and portfolio
reporting and the related calculations on behalf of, and as agent for, the Issuer and, if so appointed
following the service of an Enforcement Notice, the Trustee. The Account Bank will be appointed as
account bank under the terms of the Cash Management, Master Servicing and Account Bank Agreement
to provide to the Issuer certain account bank services. The appointment of each of the Cash Manager,
the Master Servicer and/or the Account Bank may be terminated by the Issuer (with the consent of the
Trustee) or the Trustee with effect from the date in the notice provided by the Issuer and/or the Trustee
upon an event of default by such terminating party under the Cash Management, Master Servicing and
Account Bank Agreement and provided that a substitute cash manager, substitute master servicer and/or
substitute account bank has been appointed (as the case may be). Any of the Cash Manager, the Master
Servicer and/or the Account Bank may resign, or the Issuer (or following the delivery of an
Enforcement Notice, the Trustee) may terminate the appointment of the Cash Manager, the Master
Servicer and/or the Account Bank, with three months' prior written notice and provided that a
substitute cash manager, substitute master servicer and/or substitute account bank has been appointed
(as the case may be).
Bank Accounts