ALBA 2007 – 1 plc - Irish Stock Exchange

for three month sterling deposits) ("Note LIBOR"), on each Payment Date, or in
respect of the first Interest Period, on the Issue Date (each an "Interest
Determination Date"), the Agent Bank will determine the offered quotation to leading
banks in the London interbank market for three month sterling deposits (or in respect
of the first Interest Period, an annual rate obtained by linear interpolation of LIBOR
for two month sterling 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 Notes for such Interest Period shall be the
Sterling Screen Rate;
(ii)
(iii)
(iv)
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 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 Interest Period shall be determined (in accordance with (c)(i)
above) on the basis of the quotations of the two quoting Reference Banks;
if, on the relevant 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 Reserve Interest
Rate. The "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 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
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 Reserve Interest Rate shall be the Note