ALBA 2007 â 1 plc - Irish Stock Exchange

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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.
CHARACTERISTICS OF THE PRELIMINARY COMPLETION MORTGAGE POOL Section A: All mortgage pool data (£975,307,245.10) Section B: Section C: Near Prime pool data (£673,152,386.53 which amounts to 69.02 per cent of the preliminary completion mortgage pool) Non-Conforming pool data (£302,154,858.57 which amounts to 30.98 per cent of the preliminary completion mortgage pool) Values in the tables reflect characteristics of the Mortgage Loans as of the relevant Cut-Off Date. Columns of percentages may not add up to 100 per cent. due to rounding. The characteristics of the Mortgage Pool as at the Closing Date may vary from those set out in the tables as a result of, inter alia, repayment or purchase of the Mortgage Loans prior to the Closing Date. Section A: All Mortgage Pool 1. Portfolio Statistics GMAC-RFC Cut-Off Date: <strong>2007</strong>-03-21 Original Balance (£): 969,609,517.00 Current Balance (£): 975,307,245.10 Average Current Balance (£): 138,972.25 Number of Loans: 7018 Percentage of Buy to Let Loans: 19.35% Percentage of Self Certified Loans: 37.28% Weighted Average Current Margin of Floating Rate Loans (%): 0.98% Weighted Average Stabilised Margin (%): 2.13% Weighted Average Fixed Rate: 5.78% Weighted Average Remaining Term to Reversion as of Cut-Off Date (months): 19.87 Weighted Average Seasoning as of Cut-Off Date (months): 4.43 Weighted Average Original Loan To Value (%): 83.53% Weighted Average Current Loan To Value (%): 84.07% Percentage of pool with Current Loan To Value > 80% (by balance): 76.06% Percentage of pool with Current Loan To Value > 90% (by balance): 39.33% Percentage of pool with Current Loan To Value > 92.5% (by balance): 16.90% 2. Distribution by Current Balance (£) Distribution by Current Balance Current Balance (£) Current Balance (% of Total) Number of Loans Number of Loans (%) (£) = 5,688,434.04 0.58 10 0.14
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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
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 and 90: Approximately 49.74 per cent. by lo
Page 91 and 92: • Investment properties (resident
Page 93 and 94: • Reference from current landlord
Page 95 and 96: • Properties under 10 years old w
Page 97: (a) (b) CCJs/Defaults will only be
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 and 144: Any credit agreement intended to be
Page 145 and 146: Arrears must be dealt with sympathe
Page 147 and 148: (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