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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MORTGAGE POOL<br />
Introduction<br />
The Mortgage Pool will comprise:<br />
(a)<br />
(b)<br />
(c)<br />
the Completion Mortgage Pool;<br />
any Further Advances acquired by the Issuer in accordance with the provisions of the Mortgage<br />
Sale Agreement and the Special Servicer Agreement; and<br />
any advances made by the Seller in relation to Ported Mortgage Loans and acquired by the<br />
Issuer in accordance with the provisions of the Mortgage Sale Agreement and the Special<br />
Servicer Agreement.<br />
The Initial Mortgage Pool comprised certain Mortgage Loans purchased by the Seller from<br />
GMAC-RFC on two separate dates being 17 November 2006 and 23 March <strong>2007</strong>. The Preliminary<br />
Completion Mortgage Pool comprises the Initial Mortgage Pool other than Mortgage Loans, in each<br />
case, which have been repaid in full, or in respect of which enforcement procedures have been<br />
completed or which have been repurchased by the Originator pursuant to, in the case of the 2006<br />
Original Mortgage Sale Agreement as of 28 February <strong>2007</strong> (the "2006 Original Mortgage Sale<br />
Agreement Cut-Off Date") and, in the case of the <strong>2007</strong> Original Mortgage Sale Agreements as of 21<br />
March <strong>2007</strong> (the "<strong>2007</strong> Original Mortgage Sale Agreement Cut-Off Date" and, together with the<br />
2006 Original Mortgage Sale Agreement Cut-Off Date, the "Cut-Off Date") As of the relevant Cut-Off<br />
Date, the Preliminary Completion Mortgage Pool had the characteristics shown below. See<br />
"Characteristics of the Preliminary Completion Mortgage Pool".<br />
The Seller purchased the legal and beneficial title to the Mortgage Loans from GMAC-RFC on two<br />
separate dates being 17 November 2006 and 23 March <strong>2007</strong> and will, pursuant to the Mortgage Sale<br />
Agreement, assign both the beneficial title and the legal title to the Mortgage Loans to the Issuer albeit<br />
that in the Mortgage Sale Agreement the Issuer will agree not to perfect its legal title in the Mortgage<br />
Loans until the occurrence of certain "perfection events".<br />
All of the Mortgage Loans in the Completion Mortgage Pool have been originated in accordance with<br />
the GMAC-RFC Lending Criteria subject, in each case, to the Originator's discretion to lend outside<br />
the GMAC-RFC Lending Criteria as described in "Lending Criteria of GMAC-RFC-<br />
Exceptions/Changes to the GMAC-RFC Lending Criteria".<br />
Characteristics of the Mortgage Loans<br />
Repayment Terms<br />
The Mortgage Loans will have different repayment methods as follows:<br />
Repayment: a Mortgage Loan under the terms of which monthly instalments covering both interest and<br />
principal are payable so that by the stated maturity date for that Mortgage Loan (a "Repayment<br />
Mortgage Loan") the full amount of principal advanced to the Borrower (in addition to the interest) has<br />
been repaid.<br />
Interest Only: a Mortgage Loan under the terms of which the Borrower is only obliged to pay interest<br />
during the term of that Mortgage Loan (an "Interest Only Mortgage Loan") with the entire principal<br />
amount being payable only upon the relevant maturity date. As the principal amount associated with an<br />
Interest Only Mortgage Loan is repayable only upon the maturity of the Mortgage Loan, a life
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