ALBA 2007 – 1 plc - Irish Stock Exchange

(a)
(b)
(c)
the Completion Mortgage Pool;
any further advances made by the Seller to Borrowers and, after the satisfaction of certain
conditions, funded by the Issuer and secured on the relevant Property (the "Further
Advances") in accordance with the provisions of the Mortgage Sale Agreement and the Special
Servicer Agreement (see "Servicing and Special Servicing of the Mortgage Pool – Further
Advances"); and
any advances made by the Seller to Borrowers that have redeemed their initial Mortgage Loans
and been granted new Mortgage Loans on substantially the same commercial terms within six
months of the date of redemption of the initial Mortgage Loans for other Properties (such new
Mortgage Loans, the "Ported Mortgage Loans") and, after the satisfaction of certain
conditions, funded by the Issuer and secured on the relevant Property in accordance with the
provisions of the Mortgage Sale Agreement and the Special Servicer Agreement (see "Servicing
and Special Servicing of the Mortgage Pool – Ported Mortgage Loan").
Mortgage Servicing and Special Servicing
The Servicer will be appointed under the terms of the servicing agreement to be dated on or about the
Issue Date between, inter alios, the Issuer, the Seller, the Servicer, the Special Servicer and the Trustee
(as so amended, the "Servicing Agreement") to service and administer the Mortgage Loans and the
Related Security on behalf of and as agent for the Issuer, the Seller and, if so appointed following the
service of an Enforcement Notice, the Trustee. In addition, the Servicer is obliged to report on a
regular basis to the Trustee and the Issuer pursuant to the terms of the Servicing Agreement regarding
the status, performance and the administration of the Mortgage Loans and other matters relating to its
administrative functions as described in "Servicing and Special Servicing of the Mortgage Pool".
The Special Servicer will be appointed under the terms of the special servicer agreement relating to the
Mortgage Loans dated on or prior to the Issue Date between the Issuer, the Special Servicer, the Seller
and the Trustee (the "Special Servicer Agreement") to provide certain specialist servicing and
administration functions in relation to the Mortgage Loans on behalf of the Issuer and, if so appointed
following the service of an Enforcement Notice, the Trustee. (See further "Servicing and Special
Servicing of the Mortgage Pool").
Neither the Servicer nor the Special Servicer will be liable for any of the financial obligations of the
Issuer, including any payments of principal, interest or other amounts on the Notes or the Instruments.
Principal Features of the Notes and the Instruments
Ranking of the Notes
The A Notes, the B Notes, the C Notes, the D Notes, the E Notes, the F Notes, the MERCs, the
Subordinated Notes and the R Certificates will be constituted by the Trust Deed and will share (subject
to the priority described below) in the same security.
The A Notes will be secured by the same security that will secure the B Notes, the C Notes, the D
Notes, the E Notes, the F Notes, the MERCs, the Subordinated Notes and the R Certificates. Upon
enforcement of the Security by the Trustee, the A Notes will rank pari passu without preference or
priority amongst themselves and will rank in priority to the B Notes, the C Notes, the D Notes, the E
Notes, the F Notes, the MERCs, the Subordinated Notes and the R Certificates in point of security; the
B Notes will rank pari passu without preference or priority amongst themselves and will rank in
priority to the C Notes, the D Notes, the E Notes, the F Notes, the MERCs, the Subordinated Notes