ALBA 2007 – 1 plc - Irish Stock Exchange

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the repayment terms of each Further Advance are substantially the same as the repayment terms
of the initial advance under the Mortgage Loan and the margin or terms in relation to the
mortgage interest rate under each Further Advance is at least the same as the margin or terms in
relation to the mortgage interest rate under the initial advance of the Mortgage Loan;
the Borrower has not been in the period of 3 months prior to the making of the Further Advance
in arrears on payments due under the existing Mortgage Loan;
following the purchase of a Further Advance, the product of the WAFF and WALS for the
Mortgage Pool after such purchase (and after all other purchases of Further Advances or the
conversion of all Mortgage Loans to be made or converted or purchases of Ported Mortgage
Loan Adva nces, as applicable, on such date) calculated in the same way as for the Completion
Mortgage Pool (or as agreed by the Special Servicer and the Rating Agencies from time to time)
would not exceed the product of the WAFF and WALS for the Mortgage Pool calculated on the
immediately preceding Calculation Date, plus 0.15 per cent;
the initial advance under the Mortgage Loan in relation to which a Further Advance relates has
not been rescheduled, or had any interest capitalised;
the initial advance under the Mortgage Loan in relation to which a Further Advance relates has
not been rescheduled, or had any interest capitalised in the last 12 months;
that upon the making of a Further Advance, the aggregate principal balance of the Mortgage
Loans in the Mortgage Pool would not be increased by an amount in excess of 1 per cent. over
the principal balance of the Mortgage Loans in the Mortgage Pool prior to such Further
Advance being made;
that upon the making of a Further Advance, when aggregated with all other Further Advances
made, such Further Advance does not extend the final maturity date of the Mortgage Loans in
the Mortgage Pool beyond two years prior to the Final Payment Date;
following the making of the Further Advance, the weighted average LTV of the Mortgage
Loans in the Mortgage Pool would not exceed the weighted average LTV of the Mortgage
Loans in the Mortgage Pool on the immediately preceding Calculation Date by more than 1 per
cent; and
there is no debit balance on any Principal Deficiency Ledger,
where:
"Arrears Balance" means the aggregate sum of any monies which are due and payable but have
not been paid by the relevant Borrower in accordance with the terms of the Mortgage including
arrears of any building insurance premia and ground rent and service charge paid by the Seller to
reversioners in relation to leasehold properties and not reimbursed by the applicable Borrower;
"WAFF" means the weighted average foreclosure frequency; and
"WALS" means the weighted average loss severity.
Notwithstanding the preceding conditions, the Seller may make a further advance (other than a Further
Advance) to a Borrower secured on a Property or Related Security provided that such further advance
is made as a separate loan not forming part of the Mortgage Pool and the Seller's security for such