ALBA 2007 – 1 plc - Irish Stock Exchange

(vii)
(viii)
(ix)
seventh, pari passu to the holders of the D Notes in respect of principal of the D Notes until no
D Notes remain outstanding;
eighth, pari passu to the holders of the E Notes in respect of principal of the E Notes until no E
Notes remain outstanding; and
ninth, pari passu to the holders of the F Notes in respect of principal of the F Notes until no F
Notes remain outstanding,
provided always that the Actual Redemption Funds shall not be applied in the order set out in the Pre-
Enforcement Sequential Principal Priority of Payments above but shall instead be applied first to item
(i) then pro rata between the A Notes, the B Notes, the C Notes, the D Notes, the E Notes and the F
Notes (save that Actual Redemption Funds to be applied in or towards the A Notes shall be applied in
the order set out in items (ii) to (iv) (inclusive) of the Pre-Enforcement Sequential Principal Priority of
Payments) (the "Pre-Enforcement Pro Rata Principal Priority of Payments" and, together with the
Pre-Enforcement Sequential Principal Priority of Payments, the "Pre-Enforcement Principal Priority
of Payments" and, together with the Pre-Enforcement Interest Priority of Payments, the "Pre-
Enforcement Priorities of Payment" and, together with the Post- Enforcement Priority of Payments,
the "Priorities of Payments" and each a "Priority of Payments") on any such Payment Date
immediately following a Calculation Date on which all of the following conditions (the "Pro Rata
Redemption Conditions") are met:
(i)
after the previous Payment Date, the result produced by the fraction
(B + C + D + E + F)
(A + B + C + D + E + F)
is greater than or equal to twice the result produced by that fraction as at the Issue Date;
(ii)
(iii)
(iv)
(v)
(vi)
all balances on each of the Principal Deficiency Sub-Ledgers are zero;
the balance of the Reserve Fund is at the Reserve Fund Required Amount;
the Liquidity Drawn Amount is zero;
the aggregate balance of all Mortgage Loans in the Mortgage Pool which are 90 days or more in
arrears does not exceed 17 per cent. of the aggregate balance of all the Mortgage Loans in the
Mortgage Pool; and
the aggregate Principal Amount Outstanding of the Notes is greater than or equal to 10 per cent.
of the aggregate Principal Amount Outstanding of the Notes as at the Issue Date.
For the purposes of this paragraph, as at any date:
A = the aggregate Principal Amount Outstanding of the A Notes on such date;
B = the aggregate Principal Amount Outstanding of the B Notes on such date;
C = the aggregate Principal Amount Outstanding of the C Notes on such date;
D = the aggregate Principal Amount Outstanding of the D Notes on such date;
E = the aggregate Principal Amount Outstanding of the E Notes on such date; and