ALBA 2007 – 1 plc - Irish Stock Exchange

advance ranks in priority of payment and in point of security after the priority of the Mortgage Loan
comprised in the Mortgage Pool.
Conversion of Mortgages
The Special Servicer may, on behalf of the Issuer, agree to any request by a Borrower for the
conversion of a Mortgage Loan (such converted Mortgage Loan, a "Converted Mortgage Loan"),
provided that such conversion is not on a temporary basis, the value of the Mortgage Loan would not
be adversely affected by such conversion and, inter alia, the following relevant conditions are satisfied:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
no Enforcement Notice has been given by the Trustee which remains in effect at the date of the
relevant conversion;
no Converted Mortgage Loan and no agreement to make any such conversion constitutes a
regulated consumer credit agreement, as defined in the CCA, in whole or in part;
the Converted Mortgage Loan will be on terms of the relevant standard documentation utilised
at the time of such conversion by the Special Servicer, as the case may be, to document the
terms of Mortgage Loans and which has not been varied in any material respect since the Issue
Date;
the Oakwood Lending Criteria, to the extent applicable, have been applied to the Converted
Mortgage Loan;
the effect of the conversion would not be to extend the final maturity date of such Mortgage
Loan to beyond the date falling two years prior to the latest maturity date of any Mortgage Loan
in the Mortgage Pool;
the warranties contained in the Original Mortgage Sale Agreements and the Warranties
contained in the Mortgage Sale Agreement, as appropriate, are, save as disclosed or otherwise
provided in such mortgage sale agreement, correct in relation to the Converted Mortgage Loan
upon conversion in accordance with the Special Servicer Agreement;
the margin on the Mortgage Loan is not reduced;
the inclusion of the Converted Mortgage Loan when aggregated with all other Converted
Mortgage Loans in the Mortgage Pool over the past 12 months does not represent more than 5
per cent. of the aggregate principal balance of the Mortgage Loans in the Mortgage Pool as at
12 months prior to the purchase of such Converted Mortgage Loan, provided that the then
current ratings of the Notes, would not be adversely affected by such change;
following the conversion of a Mortgage Loan, 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 Advances, 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 Borrower is not in material breach of any of the terms and conditions of the existing
Mortgage Loan to which the Converted Mortgage Loan will relate;