ALBA 2007 – 1 plc - Irish Stock Exchange

(c) the Liquidity Facility is not renewed or, as the case may be, an alternative liquidity facility is not
renewed such that the then current ratings of the Notes are not adversely affected, the Issuer will
forthwith draw down the entirety of the undrawn portion of the Liquidity Facility and credit such
amount to the Liquidity Ledger (the "Standby Drawing"). The date upon which such amount is drawn
down is the "Liquidity Drawdown Date".
Any Standby Drawing will, on the Liquidity Drawdown Date, be deposited by the Issuer into a deposit
account (the "Standby Drawing Account") with a bank whose short-term, unsecured, unsubordinated
and unguaranteed credit rating is at least the Required Liquidity Facility Provider Rating or such other
rating as would maintain the then current ratings of the Notes. If the short-term, unsecured,
unsubordinated and unguaranteed credit rating of the Liquidity Facility Provider is restored to the
Required Liquidity Facility Provider Rating by the Rating Agencies or an Enforcement Notice is served
by the Trustee, any Standby Drawing will be repaid to the Liquidity Facility Provider. A Standby
Drawing may be utilised by the Issuer in the same circumstances in which the Issuer would have been
able to utilise the Liquidity Facility prior to such Standby Drawing being made.
If a Standby Drawing is made, the Issuer shall pay to the Liquidity Facility Provider all interest earned
on the Standby Drawing Account and the Issuer shall pay commitment fees in respect of the Liquidity
Facility as if the Standby Drawing had not been made. If the Standby Drawing is used for liquidity
purposes, the Issuer shall pay the Liquidity Facility Provider interest on the utilised amount (as if such
amount were a drawing under the Liquidity Facility) but shall cease to pay the commitment fees in
relation to the utilised amount (as if such amount were a drawing under the Liquidity Facility) and shall
only pay the commitment fee on the unutilised portion of the Standby Drawing. In the event that the
Liquidity Facility Amount is reduced, a corresponding amount will be released to the Liquidity Facility
Provider from the Standby Drawing Account to the extent available.
Amounts paid to the Liquidity Facility Provider in accordance with item (iv) of the Pre-Enforcement
Interest Priority of Payments will be capable of being redrawn under the Liquidity Facility (together, as
the case may be, with other undrawn amounts under the Liquidity Facility prior to the Liquidity
Drawdown Date) or from the Liquidity Ledger (on or after the Liquidity Drawdown Date) on any
Payment Date to the extent set out above in this section. All amounts drawn under the Liquidity
Facility will rank in point of priority ahead of payments of interest on the Notes. Upon enforcement of
the Security by the Trustee, all amounts drawn under the Liquidity Facility will rank in priority to all
payments on the Notes.
"Available Commitment" means the Liquidity Facility Amount less the outstanding advances, taking
into account any repayment thereof.
"Liquidity Drawn Amount" means, on any Calculation Date: (a) at any time prior to any Liquidity
Drawdown Date, the amount then drawn under the Liquidity Facility and not repaid together with all
accrued interest up to (but excluding) the related Payment Date pursuant to the Liquidity Facility
Agreement; and (b) at any time on or after the Liquidity Drawdown Date, the difference between the
Liquidity Facility Amount and the Available Commitment under the Liquidity Facility as at the last day
of the month immediately preceding such Calculation Date.
"Liquidity Facility Am ount" means 5.75 per cent. of the aggregate Principal Amount Outstanding of
the Notes on the Issue Date (or such other amount as agreed by the Rating Agencies, such Rating
Agencies having confirmed that the rating of any class of the Notes would not be adversely affected
thereby), subject to reduction in accordance with the terms of the Liquidity Facility.