ALBA 2007 – 1 plc - Irish Stock Exchange

Insurance Policies
Pursuant to the Original Mortgage Sale Agreements, GMAC-RFC assigned to the Seller all of its right,
title, interest and benefit under a title insurance policy with London & European Title Insurance
Services Limited (the "Title Insurance") and a local search indemnity policy with Legal and Insurance
Services Limited (the "Local Search Indemnity Policy"). The Title Insurance insures the Seller
against the risk of losses arising from any defect or encumbrance precluding the registration of full title
and a first legal charge on the relevant Property. The Local Search Indemnity Policy insures the Seller
against risk of losses resulting from adverse entries against Properties the subject of Mortgages in the
register of local land charges or replies to enquiry in Form Con29 of the local authority or sewerage
undertaker.
Prior to the Issue Date, the Seller has obtained insurance policies with Canopius, an insurance group
which manages and has underwriting participations on syndicates at Lloyds of London to: (i) address
the risk that Borrowers may have failed to obtain building insurance over the relevant Property (ii)
address the risk that any Borrower's building insurance policy has lapsed or is invalid; and (iii)
automatically provide building insurance for the Seller should the Seller, after taking enforcement
procedures in respect of any Mortgage Loan, take possession of any Properties. The insurance policies
described in paragraphs (i), (ii) and (iii), together with the Title Insurance and the Local Search
Indemnity Policy, are referred to as the "Insurance Policies".
The Seller will, pursuant to the Mortgage Sale Agreement, assign to the Issuer all of its right, title,
interest and benefit under the Insurance Policies.