making logical sense of a couple of rungs

I'm having a little issue with totally understand what a few rungs are doing in a program I'm working with. The program is a factory program and it is for a new machine (compressor) that isn't up and running yet. We're still waiting for final inspections and main power. I was looking at the ladder to check out some timers and see what the factory had them set at and I stumbled upon the "alarm annunciator" part (control panel alarm lights). I'm not quite sure how the use of two latching alarm bits works to control the alarm indicator as shown.

The program is much longer, of course, but I've only included the pertinent rungs for simplicity sake. The rungs are in order from top to bottom as they appear in the program. Since the machine isn't online yet, I can't test it out to "see." I appreciate a little ladder logic Sudoku just as much as the next guy, but without professional training, I can't seem to get this one.

Maybe I've been staring at it too long and it is much simpler than I'm making it to be.

So from the looks of it, this is what i believe is happening:

1. There is a 10second debounce timer (t4:0) on the high suction alarm.
2. if it trips out the timer, it latches 2 bits (b3:1/0 & b3:1/1)
3. those bits shut the unit down.
4. b3:1/1 will turn the high suction pressure light on right away.
5. b3:1/0 will then take over and with the second timer (t4:15) it will flash the light until the alarm is reset. (by unlatching the b3 bits)

It seems like B3:1/0, B3:1/1 would be set (1) at the same time on rung 0001 causing the light to flash on rung 0004 after the time delay. I guess I just don't see how the second branch on rung 0004 would ever work to have the light on steady, if that what the manufacturer intended.

If it is the first alarm to ring in it will flash... If a different alarm rings in to shut it down first then this one it will just be on solid. that way operations knows the actual cause of the shutdown.