ALBA 2007 – 1 plc - Irish Stock Exchange

Trustee will not be responsible for any loss, expense or liability which may be suffered as a
result of, inter alia, any assets comprised in the Security, or any deeds or documents of title
thereto, being uninsured or inadequately insured or being held by or to the order of the Servicer
or by a clearing organisation or their operators or by intermediaries such as banks, brokers or
other similar persons on behalf of the Trustee.
(b)
(c)
(d)
(e)
The Trust Deed provides that the Trustee shall be under no obligation to make any searches,
enquiries, or independent investigations of title in relation to any of the properties secured by
the Mortgages.
In acting under the Paying Agency Agreement and in connection with the Subordinated Notes,
the Paying Agents act solely as agents of the Issuer and (to the extent provided therein) the
Trustee and do not assume any obligations towards or relationship of agency or trust for or with
any of the Subordinated Noteholders.
The initial Paying Agents and their initial Specified Offices are listed below. The Issuer
reserves the right (with the prior written approval of the Trustee) to vary or terminate the
appointment of any Agent and to appoint a successor principal paying agent or agent bank and
additional or successor paying agents at any time, having given not less than 30 days notice to
such Agent.
The Issuer shall at all times maintain a Paying Agent, a principal paying agent and an agent
bank. Notice of any change in any of the Agents or in their Specified Offices shall promptly be
given to the Subordinated Noteholders in accordance with Subordinated Note Condition 15.
Condition 13: Definitive Subordinated Notes
Definitive Subordinated Notes will only be issued if 40 days or more after the Issue Date any of the
following apply:
(a)
(b)
either Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of
14 days (other than by reason of legal holidays) or announces an intention permanently to cease
business or does in fact do so; or
by reason of any amendment to, or change in, the laws or regulations of England and Wales,
the Issuer is or will be required to make any deduction or withholding from any payment in
respect of the Subordinated Notes which would not be required if the Subordinated Notes were
in definitive form.
If Definitive Subordinated Notes are issued, the beneficial interests represented by the Global
Subordinated Note shall be exchanged in whole (but not in part) by the Issuer for Definitive
Subordinated Notes in the aggregate amount equal to the Principal Amount Outstanding of the Global
Subordinated Note, subject to and in accordance with the detailed provisions of the Paying Agency
Agreement, the Trust Deed and the Global Subordinated Note.
Condition 14: Replacement of Global Subordinated Notes and Definitive Subordinated Notes
If any Global Subordinated Note or Definitive Subordinated Note is mutilated, defaced, lost, stolen or
destroyed, it may be replaced at the specified office of any Paying Agent or the Registrar.
Replacement of any mutilated, defaced, lost, stolen or destroyed Subordinated Note will only be made
on payment of such costs as may be incurred in connection therewith and on such terms as to evidence
and indemnity as the Issuer may reasonably require. Mutilated or defaced Global Subordinated Notes
or Definitive Subordinated Notes must be surrendered before new ones will be issued.