ALBA 2007 – 1 plc - Irish Stock Exchange

In giving any consent to the foregoing, the Trustee may require the Issuer to make such modifications
or additions to the provisions of any of the Transaction Documents or may impose such other
conditions or requirements as the Trustee may deem expedient in the interests of the R
Certificateholders.
The Trustee shall not be responsible for monitoring, nor liable for any failure to monitor compliance by
the Issuer with the above covenants and will be entitled to rely upon certificates signed on behalf of the
Issuer as to compliance.
Condition 4: Residual Payments
(a)
Entitlement
Each R Certificate bears a pro rata entitlement to receive a payment ("Residual Payment") in
respect of amounts equal to the residual amount available for such purpose in accordance with
the Pre-Enforcement Interest Priority of Payments or Post- Enforcement Priority of Payments,
as applicable, following payment of or provision for all higher ranking items and, if the Notes
are to be redeemed in full on a Payment Date or in the event that the Post-Enforcement Priority
of Payments are to be applied, following provision of (i) an amount equal to such amount that
Holdings is obliged to pay to the Share Trustee (by way of principal and/or interest) on such
date in respect of the Capitalisation Loan and (ii) an amount of not greater than £1,000 to the
Issuer as profit. The Residual Payment shall be equal to the residual amount available for such
purpose in accordance with the Pre-Enforcement Interest Priority of Payments or Post-
Enforcement Priority of Payments, as applicable, (following payment of or provision for all
higher ranking items and, if the Notes are to be redeemed in full on a Payment Date or in case
the Post-Enforcement Priority of Payments are to be applied, following provision of (i) an
amount equal to such amount that Holdings is obliged to pay to the Share Trustee (by way of
principal and/or interest) on such date in respect of the Capitalisation Loan and (ii) an amount of
not greater than £1,000 to the Issuer as profit) divided by the number of R Certificates existing
on the third Business Day prior to a Payment Date (each such date a "Calculation Date").
Following payment of or provision for all higher ranking items and, if the Notes are to be
redeemed in full on a Payment Date or in case the Post-Enforcement Priority of Payments are to
be applied, following provision of (i) an amount equal to such amount that Holdings is obliged
to pay to the Share Trustee (by way of principal and/or interest) on such date in respect of the
Capitalisation Loan in the Pre-Enforcement Interest Priority of Payments or Post-Enforcement
Priority of Payments, as applicable, and (ii) an amount of no greater than £1,000 to the Issuer
as profit in the Post-Enforcement Priority of Payments, if there are no available amounts to be
applied as Residual Payments the R Certificateholders will have no further claim against the
Issuer.
(b)
Payment
Subject to R Certificate Condition 5, Residual Payments, to the extent there are amounts
available for such purpose, are payable in sterling on 17 th September 2007, and thereafter
quarterly in arrear on the 17 th day in December, March, June and September in each year or on
the following Business Day if such day is not a Business Day (each such date a "Payment
Date"). "Business Day" means a day which is both a day (i) other than Saturday or Sunday on
which banks are open for business in London and (ii) a TARGET Business Day. "TARGET
Business Day" means a day (other than a Saturday or Sunday) on which TARGET (the Trans-
European Automated Real-time Gross settlement Express Transfer system) is open.