ALBA 2007 – 1 plc - Irish Stock Exchange

Condition 15: Notice to Subordinated Noteholders
Any notice to the Subordinated Noteholders shall be validly given if either published in The Irish Times
or, if such newspaper shall cease to be published or timely publication therein shall not be practicable,
in such English language newspaper or newspapers as the Trustee shall approve having a general
circulation in Dublin or published on the Relevant Screen. Any such notice shall be deemed to have
been given to the Subordinated Noteholders and they shall be deemed to have notice of the content of
any such notice, in each case, on the date of such publication or, if published more than once or on
different dates, on the first date on which publication shall have been made in the newspaper or
newspapers in which (or on the Relevant Screen on which) publication is required.
The Trustee shall be at liberty to sanction some other method of giving notice to the Subordinated
Noteholders or any class of them if, in its opinion, such other method is reasonable having regard to
market practice then prevailing and to the requirements of the stock exchange on which the
Subordinated Notes are then listed and provided that notice of such other method is given to the
Subordinated Noteholders in such manner as the Trustee shall require.
For so long as the Subordinated Notes are represented by a Global Subordinated Note, notices to
Subordinated Noteholders may be given by delivery of the relevant notice to Euroclear and
Clearstream, Luxembourg for communication to the relative Accountholders rather than by publication
as required by this Subordinated Note Condition 15.
Condition 16: Non Petition
The Subordinated Noteholders shall not be entitled to take any steps (otherwise than in accordance with
the Issuer Security Deed):
(a)
(b)
(c)
(d)
to direct the Trustee to enforce the Security other than when expressly permitted to do so under
Subordinated Note Condition 10; or
to take or join any person in taking steps against the Issuer for the purpose of obtaining payment
of any amount due from the Issuer to it; or
to initiate or join any person in initiating any Insolvency Proceedings in relation to the Issuer or
the appointment of an Insolvency Official in relation to the Issuer or in relation to the whole or
any substantial part of the undertakings or assets of the Issuer; or
to take any steps or proceedings which would result in the Priorities of Payments not being
observed.
Condition 17: Rights of Third Parties
No rights are conferred on any third person (except the Subordinated Noteholders) under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of the Subordinated Notes, but this does not
affect any right or remedy of any person which exists or is available apart from that Act.
Condition 18: European Economic and Monetary Union
(a)
The Issuer may, without the consent of the Subordinated Noteholders on giving at least 30 days'
prior notice to the Trustee and the Paying Agents designate a date (the "Redenomination
Date"), being a Payment Date falling on or after the date on which the United Kingdom
becomes a Participating Member State.