ALBA 2007 â 1 plc - Irish Stock Exchange
ALBA 2007 â 1 plc - Irish Stock Exchange
ALBA 2007 â 1 plc - Irish Stock Exchange
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THE SELLER AND THE SPECIAL SERVICER<br />
Oakwood Homeloans Limited<br />
Oakwood Homeloans Limited is a limited company incorporated under the Companies Act 1985 on<br />
2 April 2004, company number 5092310. The registered office of Oakwood Homeloans Limited is 180<br />
Brompton Road, London, SW3 1HQ.<br />
At the date of its incorporation, Oakwood Homeloans Limited was established as the regulated<br />
mortgage subsidiary of Oakwood Global Finance LP for the purpose of acquiring and potentially<br />
securitising residential mortgage assets in the United Kingdom. Oakwood Homeloans Limited received<br />
full regulatory authorisation to conduct mortgage business from the FSA in January 2005 (FSA number<br />
312920). Oakwood Homeloans Limited was an affiliate member of the CML from October 2004 and<br />
received confirmation of full member status in October 2005.<br />
Oakwood Global Finance LP is a holding company that was established by Michael Culhane and The<br />
Redstone Companies, an asset management company based in Houston, Texas in 2002. Oakwood<br />
specialises in capitalising on investment opportunities in non-US lending markets.<br />
On 16 June 2006, Credit Suisse, London Branch and Oakwood Homeloans International Limited (an<br />
indirect holding company of Oakwood Homeloans Limited) entered into a share purchase agreement<br />
whereby Credit Suisse, London Branch acquired a 51 per cent. controlling stake in Oakwood<br />
Homeloans Holdings Limited (the direct holding company of Oakwood Homeloans Limited). This<br />
transaction was approved by the FSA on 19 May 2006.<br />
For the issue of the Notes described in this Prospectus, Oakwood Homeloans Limited will be the Seller,<br />
the Special Servicer and the holder of legal title for all mortgage loans. As Special Servicer, Oakwood<br />
Homeloans Limited will oversee the actions of the appointed Servicer. This will involve working to<br />
facilitate the prompt collection of all monies due under the mortgage loans and to supervise the efficient<br />
recovery of delinquent assets. In addition, Oakwood Homeloans Limited will retain responsibility for<br />
all credit decisions arising from the ongoing administration of the portfolio. However, the day to day<br />
responsibility for administration of the mortgages will remain with the Servicer who will operate within<br />
service specifications pre-defined by Oakwood Homeloans Limited and reviewed regularly.<br />
Where necessary, Oakwood Homeloans Limited will outsource various functions including asset<br />
management, the counselling of delinquent debtors and the legal processes relating to the enforcement<br />
of Mortgage Loans to third parties. These third parties will operate according to pre-arranged service<br />
specifications subject to regular review. The business and contractual relationships between Oakwood<br />
Homeloans Limited and such third parties will be managed on Oakwood Homeloans Limited's behalf<br />
by Oakwood Group LLP, a wholly owned subsidiary of Oakwood Global Finance LP. In addition,<br />
Oakwood Homeloans Limited will also sub-delegate to Oakwood Group LLP Oakwood Homeloans<br />
Limited's duties and responsibilities as Special Servicer.
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