ALBA 2007 â 1 plc - Irish Stock Exchange

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The Seller follows the Guidelines which were issued by the OFT on 18 July 1997 and revised in November 1997. The Guidelines regulate the activities of lenders in relation to their activities in the non-standard residential mortgage market in areas such as advertising and marketing, loan documentation and contract terms, the relationship between lenders and brokers, selling methods, underwriting, dual interest rates and early redemption payments. The actions of any broker or other intermediary involved in marketing a lender's products can jeopardise the lender's fitness to hold a consumer credit licence, and the Guidelines make clear that lenders must take all reasonable steps to ensure that such brokers and other intermediaries comply with the Guidelines and all relevant statutory requirements. This is so even if the lender has no formal or informal control or influence over the broker. According to the Guidelines, advertising and other promotional material must be clear and not misleading, and the Guidelines prohibit unfair sales tactics. The Guidelines pr ovide that lenders must carry on responsible lending, with all underwriting decisions being subject to a proper assessment of the borrower's ability to repay, taking into account all relevant circumstances, such as the purpose of the loan, the borrower's income, outgoings, employment and previous credit history. Lenders must take all reasonable steps to verify the accuracy of information provided by borrowers on or in support of the loan application and all underwriting staff must be properly trained and supervised. The Guidelines are designed to be provided promptly with full explanations of all fees and charges to be payable by the borrower in connection with the mortgage. Charges payable on any early redemption (in whole or in part) are also restricted under the Guidelines. Essentially, partial repayments must be permitted and any early repayment charges must do no more than cover the costs reasonably incurred by the lender in processing the payments. Certain lenders had previously used the Rule of 78 to set the charges due from borrowers on early redemption, but the Guidelines state that this is unfair and oppressive and that lenders must discontinue its use at the earliest opportunity for loans not regulated by the CCA. Lenders regulated by the FSA are subject to requirements as to "responsible lending". They are required to take account of the borrower's ability to repay before deciding to enter into a regulated mortgage contract or to make further advances on such contract. They are also required to put in place, and to operate in accordance with, a written policy on responsible lending. The Guidelines emphasise prompt notification to borrowers of any changes in the terms and conditions of the mortgage. For example, the lender may not change the borrower's monthly payment date unilaterally unless at least two months' written notice has been given, and the borrower must be given written notice of any increase in interest rates at least fourteen days before the date on which the relevant payment falls due. The Guidelines also state that inclusion of an annual flat interest rate, in cases where the amount of interest component of the payment made by the borrower on each payment date under the loan is calculative on the basis of the full amount drawn under the loan, rather than the principal amount outstanding from time to time under the loan, should be avoided. In addition, the Guidelines discourage lenders from charging a higher interest rate on default on the basis that it is unfair and oppressive. Any administrative charges incurred on default must be reasonable, covering the lender's administrative costs only, and must be set out in the documentation.
Arrears must be dealt with sympathetically and positively and monitored closely, with repossession taking place only as a last resort. Additionally, the requisite court proceedings should not be instituted unless all other avenues have failed.
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ALBA 2007 - 1 plc (Incorporated in
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As a condition to the issue of the
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PLC (in its capacity as account ban
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In connection with the issue and di
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SUMMARY INFORMATION This summary mu
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(a) (b) (c) the Completion Mortgage
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A2 Notes will rank in priority to t
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Noteholders and (iii) limiting the
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Principal Amount Outstanding togeth
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applicable, subject to the payment
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Agreement, the Cash Management, Mas
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Loans to the extent they accrue a f
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RISK FACTORS The following is a sum
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described in the previous sentence
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the Mortgage Rate for each of which
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Payments. The actual lives of the M
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status, repayment ability, debt-to
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There are concentrations of Propert
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and the right of the relevant Borro
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contracts) has to be issued or appr
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No assurance can be given that chan
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introduce alternative penalties for
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unforeseen taxable profits in the I
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company which is a party to an arra
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CREDIT STRUCTURE General The follow
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thereon) other than, following any
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Available Redemption Funds On any P
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(c) the Liquidity Facility is not r
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(d) (e) (f) the aggregate balance o
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(d) fourth, to the C Principal Defi
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In the event that the long-term, un
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the calculation period applicable t
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Assets except to the extent of any
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(B) (C) the special servicing fee d
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(xii) (xiii) (xiv) (xv) (xvi) (xvii
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(vii) (viii) (ix) seventh, pari pas
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credit of the Reserve Ledger to the
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elated rights and powers, and other
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CAPITALISATION STATEMENT The follow
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THE SERVICER Homeloan Management Li
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THE ACCOUNT BANK AND THE GIC PROVID
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THE INTEREST RATE SWAP COUNTERPARTY
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THIRD PARTY INFORMATION The informa
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insurance or endowment policy or ot
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Approximately 49.74 per cent. by lo
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• Investment properties (resident
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Page 95 and 96: • Properties under 10 years old w
Page 97 and 98: (a) (b) CCJs/Defaults will only be
Page 99 and 100: CHARACTERISTICS OF THE PRELIMINARY
Page 101 and 102: Distribution by Current Loan to Val
Page 103 and 104: Distribution by Property Type Curre
Page 105 and 106: 19. Distribution by Current Margin
Page 107 and 108: Distribution by Discount over Rever
Page 109 and 110: Distribution of Early Redemption Ch
Page 111 and 112: Distribution by Original Loan to Cu
Page 113 and 114: 9. Shared Ownership Status Shared O
Page 115 and 116: 17. Distribution by Arrears Multipl
Page 117 and 118: 24. Distribution by Interest Rate f
Page 119 and 120: Section C: Non-Conforming Mortgage
Page 121 and 122: Distribution by Total Number of Cou
Page 123 and 124: Distribution by Region Current Bala
Page 125 and 126: 20. Distribution by Stabilised Marg
Page 127 and 128: 27. Distribution of Early Redemptio
Page 129 and 130: companies and the Seller (or GMAC-R
Page 131 and 132: 1. Lending Criteria Subject to GMAC
Page 133 and 134: SERVICING AND SPECIAL SERVICING OF
Page 135 and 136: The Servicer is, under the Servicin
Page 137 and 138: (m) (n) (o) (p) (q) (r) (s) (t) (u)
Page 139 and 140: (k) (l) (m) (n) the total balance o
Page 141 and 142: (o) (p) (q) the balance of the Port
Page 143: Any credit agreement intended to be
Page 147 and 148: (p) (q) (r) (s) interest on the Not
Page 149 and 150: Weighted Average Life of D Notes in
Page 151 and 152: SUMMARY OF PROVISIONS RELATING TO T
Page 153 and 154: TERMS AND CONDITIONS OF THE NOTES T
Page 155 and 156: In accordance with this Condition 2
Page 157 and 158: (g) (h) (i) (j) (k) (l) (m) (n) (o)
Page 159 and 160: (A) (B) (C) (D) (E) other than in r
Page 161 and 162: (xxi) (xxii) twenty-first, to pay a
Page 163 and 164: E = the aggregate Principal Amount
Page 165 and 166: Contract and the Corporate Services
Page 167 and 168: (a) (b) amounts (other than in resp
Page 169 and 170: The Trustee shall not be responsibl
Page 171 and 172: (e) the Rate of Interest for any In
Page 173 and 174: (i) (ii) in the event that the aggr
Page 175 and 176: amount of any Note Principal Paymen
Page 177 and 178: All of the B Noteholders and/or the
Page 179 and 180: Condition 8: Taxation All payments
Page 181 and 182: of such Noteholders of the relevant
Page 183 and 184: authorisation of any breach or prop
Page 185 and 186: No rights are conferred on any thir
Page 187 and 188: TERMS AND CONDITIONS OF THE MERCs T
Page 189 and 190: (i) (ii) (iii) a first fixed charge
Page 191 and 192: provided by the Cross Currency Swap
Page 193 and 194: to do so by the holders of at least
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Sunday on which banks are open for
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such MERCs, the alteration of the m
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tax) which would not be suffered we
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TERMS AND CONDITIONS OF THE SUBORDI
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Subordinated Notes scheduled to the
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and/or the Issuer Security Deed tog
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(vii) (viii) (ix) (x) (xi) (xii) (x
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Agreements, the Paying Agents, the
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(xii) (xiii) twelfth, to pay pari p
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In giving any consent to the forego
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LIBOR in effect for the Interest Pe
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(a) Final Redemption of the Subordi
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close of business on the sixth Busi
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indemnified and/or secured to its s
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Trustee will not be responsible for
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(b) Notwithstanding the other provi
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TERMS AND CONDITIONS OF THE R CERTI
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As security for the payment of all
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(B) (C) (D) amounts due and payable
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Mortgage Loans at the end of the pr
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(vii) seventh, to pay pro rata and
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(b) Restrictions on Activities (i)
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(c) Determination and Calculation b
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adjourned meeting, two or more pers
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If Definitive R Certificates are is
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UNITED KINGDOM TAXATION The followi
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EU DIRECTIVE ON THE TAXATION OF SAV
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or other person to which it sells t
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GENERAL INFORMATION 1. The issue of
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GLOSSARY £ .......................
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Cap Provider and Liquidity Facility
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E Principal Deficiency.............
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Interest Only Mortgage Loan........
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Noteholders .......................
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Receiptholders ....................
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Subordinated Noteholders ..........
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ALBA 2007 â 1 plc - Irish Stock Exchange