ALBA 2007 â 1 plc - Irish Stock Exchange

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necessary authorisations and permissions under the FSMA in respect of its activities as a packager or remote processor; (b) it was (before 1 March 2000) registered under the Data Protection Act 1984 or (on and after 1 March 2000) notified under the Data Protection Act 1998; (c) it will comply with the Guidelines for non-standard lending; and (d) it holds, and will maintain, a Consumer Credit Licence. Before N(M), packagers or remote processors were required to confirm that they were registered with the appropriate self-regulatory body before becoming a GMAC-RFC Packager or Remote Processor. GMAC-RFC also operates a remote processing programme. The participating firms in the remote processing programme (the "Remote Processors") originate loans on behalf of GMAC-RFC using GMAC-RFC's standard terms mortgage documentation. The Remote Processors use underwriters who are trained and supervised by GMAC-RFC to apply GMAC-RFC's Lending Criteria. An underwriter who is employed by GMAC-RFC and located on the Remote Processor's premises gives the final approval for each mortgage application. Lending Criteria of GMAC-RFC The following is a summary of the GMAC-RFC Lending Criteria that were applied (subject to GMAC- RFC taking reasonable steps to ensure it was the case (and that any discretions to deviate from such criteria were exercised in accordance with GMAC-RFC's policies)) in respect of the Mortgage Loans in the Completion Mortgage Pool. Security (a) (b) (c) (d) (e) GMAC-RFC requires a first legal charge over the Property. It must be used by the Borrower(s) for private residential purposes only. Full vacant possession must be obtained at completion and no part let or part possession will be accepted. A mortgage valuation is required in respect of any property offered to GMAC-RFC as security for a mortgage advance. The inspection must be carried out by a professional valuer, as agreed from time to time and managed and monitored by credit risk. For a buy to let ("BTL") Mortgage, the valuation report must provide an estimate of the rental income that may be obtained and must also provide comparables in line with the valuation. Property securing a BTL Mortgage must be let on a six or 12 month assured shorthold tenancy or on a company let not exceeding 36 months. It must be let within three months of completion of the Mortga ge, and remain available for letting throughout the term of the Mortgage. Property securing a BTL Mortgage may not be occupied by the borrower. The following property types are considered unacceptable security: • Freehold flats and maisonettes (in England & Wales only) • Residential flats above commercial premises, with an LTV of more than 85 per cent. • Investment flats above commercial premises, with an LTV of more than 75 per cent. • Studio flats • Properties with unexpired lease term of less than 30 years at end of the mortgage term • Shared ownership properties • Tenanted properties (residential only)
• Investment properties (residential only) • Commercial properties • Properties subject to agricultural restrictions • Properties under 10 years old without one of the following: - NHBC Certificate - Zurich Municipal Guarantee - Architect's Certificate (RIBA) - Chartered Building Surveyor's Certificate - Premier Guarantee • Properties where stage payments are required • Unimproved/uninhabitable properties i.e. no kitchen or bathroom • Properties with two kitchens and/or multiple services on BTL mortgages • Properties with greater than two kitchens and/or multiple services on residential mortgages • Pre-fabricated or large panel concrete construction (LPS) • Pre-fabricated reinforced concrete construction (PRC) not fully repaired under an approved licence scheme • Concrete block construction designated Mundic • Properties of high alumina cement • BISF, metal and steel framed properties without a valid NHBC or other acceptable New Build warranty • Any property designated defective under the Housing Act • Properties of 100 per cent. timber construction • Properties with ongoing structural movement or movement that requires monitoring • Underpinned properties where no guarantees are available • Uninsurable properties, or properties subject to an ongoing insurance claim • Properties likely to be adversely affected by local planning, e.g. road widening • Properties where an unsatisfactory mining search is received • Grade 1 listed buildings • Second homes/holiday homes • Mobile homes and houseboats
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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
Page 39 and 40: contracts) has to be issued or appr
Page 41 and 42: No assurance can be given that chan
Page 43 and 44: introduce alternative penalties for
Page 45 and 46: unforeseen taxable profits in the I
Page 47 and 48: company which is a party to an arra
Page 49 and 50: CREDIT STRUCTURE General The follow
Page 51 and 52: thereon) other than, following any
Page 53 and 54: Available Redemption Funds On any P
Page 55 and 56: (c) the Liquidity Facility is not r
Page 57 and 58: (d) (e) (f) the aggregate balance o
Page 59 and 60: (d) fourth, to the C Principal Defi
Page 61 and 62: In the event that the long-term, un
Page 63 and 64: the calculation period applicable t
Page 65 and 66: Assets except to the extent of any
Page 67 and 68: (B) (C) the special servicing fee d
Page 69 and 70: (xii) (xiii) (xiv) (xv) (xvi) (xvii
Page 71 and 72: (vii) (viii) (ix) seventh, pari pas
Page 73 and 74: credit of the Reserve Ledger to the
Page 75 and 76: elated rights and powers, and other
Page 77 and 78: CAPITALISATION STATEMENT The follow
Page 79 and 80: THE SERVICER Homeloan Management Li
Page 81 and 82: THE ACCOUNT BANK AND THE GIC PROVID
Page 83 and 84: THE INTEREST RATE SWAP COUNTERPARTY
Page 85 and 86: THIRD PARTY INFORMATION The informa
Page 87 and 88: insurance or endowment policy or ot
Page 89: Approximately 49.74 per cent. by lo
Page 93 and 94: • Reference from current landlord
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
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(o) (p) (q) the balance of the Port
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Any credit agreement intended to be
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Arrears must be dealt with sympathe
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(p) (q) (r) (s) interest on the Not
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Weighted Average Life of D Notes in
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SUMMARY OF PROVISIONS RELATING TO T
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TERMS AND CONDITIONS OF THE NOTES T
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In accordance with this Condition 2
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(g) (h) (i) (j) (k) (l) (m) (n) (o)
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(A) (B) (C) (D) (E) other than in r
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(xxi) (xxii) twenty-first, to pay a
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E = the aggregate Principal Amount
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Contract and the Corporate Services
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(a) (b) amounts (other than in resp
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The Trustee shall not be responsibl
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(e) the Rate of Interest for any In
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(i) (ii) in the event that the aggr
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amount of any Note Principal Paymen
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All of the B Noteholders and/or the
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Condition 8: Taxation All payments
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of such Noteholders of the relevant
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authorisation of any breach or prop
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No rights are conferred on any thir
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TERMS AND CONDITIONS OF THE MERCs T
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(i) (ii) (iii) a first fixed charge
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provided by the Cross Currency Swap
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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