ALBA 2007 – 1 plc - Irish Stock Exchange

close of business on the sixth Business Day before the due date for payment (the "Record
Date"). A record of each payment so made on the Global Subordinated Note distinguishing
between any payment of principal and/or payment of interest, will be noted on the Register and
endorsed on the schedule to the Global Subordinated Note by or on behalf of the Principal
Paying Agent, which record shall be prima facie evidence that such payment has been made.
Payments in respect of the Global Subordinated Note will be made by sterling cheque drawn on
a bank in London or by transfer to a sterling account maintained by the payee with a bank in
London.
(b)
Definitive Subordinated Notes
Payments of principal and interest (except where, after such payment, the unpaid principal
amount of the relevant Subordinated Notes would be reduced to zero (including as a result of
any other payment of principal due in respect of such Subordinated Notes), in which case the
relevant payment of principal or interest, as the case may be, will be made against surrender of
such Subordinated Notes) in respect of Definitive Subordinated Notes will be made by sterling
cheque drawn on a bank in London mailed to the holder (or to the first-named of joint holders)
of such Definitive Subordinated Note at the address shown in the Register not later than the due
date for such payment. If any payment due in respect of any Definitive Subordinated Note is
not paid in full, the Registrar will annotate the Register with a record of the amount (if any) so
paid. For the purposes of this Subordinated Note Condition 6, the holder of a Definitive
Subordinated Note will be deemed to be the person shown as the holder (or the first named of
joint holders) on the Register on the Record Date.
Upon application by the holder of a Definitive Subordinated Note to the specified office of the
Registrar not later than the Record Date for any payment in respect of such Definitive
Subordinated Note, such payment will be made by transfer to a sterling account maintained by
the payer with a bank in London. Any such application for transfer to such an account shall be
deemed to relate to all future payments in respect of such Definitive Subordinated Note until
such time as the Registrar is notified in writing to the contrary by the holder thereof.
(c)
(d)
(e)
(f)
Payments of principal and interest in respect of the Subordinated Notes are subject in all cases
to any fiscal or other laws and regulations applicable thereto.
If payment of principal is improperly withheld or refused on or in respect of any Subordinated
Note or part thereof, the interest which continues to accrue in respect of such Subordinated
Note in accordance with Subordinated Note Condition 4(a) will be paid to the extent received
against presentation of such Subordinated Notes at the specified office of the Paying Agents (in
respect of the Global Subordinated Note) and in accordance with this Subordinated Note
Condition 6 (in respect of any Definitive Subordinated Note). If any payment due in respect of
the Global Subordinated Note is not paid in full, the Principal Paying Agent will endorse a
record of the amount (if any) so paid on the Global Subordinated Note.
The initial Paying Agents and their initial specified offices are listed at the end of these
Subordinated Note Conditions. The Issuer reserves the right, subject to the prior written
approval of the Trustee, at any time to vary or terminate the appointment of the Principal
Paying Agent and to appoint additional or other Paying Agents.
If the Global Subordinated Note is presented for payment on a day which is not a business day,
no further payments of additional amounts by way of interest, principal or otherwise shall be
due in respect of such Global Subordinated Note. For the purpose of this Subordinated Note