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Aire Val Mort 2007-1 (75AU)

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Friday 05 August, 2016

Aire Val Mort 2007-1

Amendment to the Issuer Bank Account Agreement

RNS Number : 4569G
Aire Valley Mortgages 2007-1 plc
05 August 2016
 

5 August 2016

Aire Valley Mortgages 2007-1 plc (the "Issuer")

(Incorporated in England and Wales as a public limited company under registered number 06133249)

GBP 62,500,000 Series 1 Class B Asset Backed Floating Rate Notes due 2066  (ISIN: XS0298410126)

GBP 62,500,000 Series 1 Class C Asset Backed Floating Rate Notes due 2066

 (ISIN: XS0298410555)

USD 700,000,000 Series 2 Class A1 Asset Backed Floating Rate Notes due 2066 (ISIN: XS0298411017 // US00935LAC72)

EUR 575,000,000 Series 2 Class A2 Asset Backed Floating Rate Notes due 2066 (ISIN: XS0298412841)

GBP 300,000,000 Series 2 Class A3 Asset Backed Floating Rate Notes due 2066 (ISIN: XS0298413229)

GBP 75,000,000 Series 2 Class B Asset Backed Floating Rate Notes due 2066

(ISIN: XS0298413658)

GBP 81,250,000 Series 2 Class C Asset Backed Floating Rate Notes due 2066

(ISIN: XS0298415273)


(together, the "Notes")

Notification of amendment to the Issuer Bank Account Agreement

Capitalised terms used but not otherwise defined herein shall have the meanings ascribed to them in the master definitions and construction schedule dated 4 October 2004 as varied, amended and supplemented from time to time (the "Master Definitions and Construction Schedule") or, as the case may be, the issuer master definitions and construction schedule dated 9 May 2007 as varied, amended and supplemented from time-to-time (the "Issuer Master Definitions and Construction Schedule").

The Issuer, the Issuer Cash Manager, the Issuer Account Bank and the Issuer Security Trustee, amongst others, have entered into an amendment agreement amending the terms of the Issuer Bank Account Agreement.

Clause 9.1(b)(ii) (Termination; Termination Events) of the Issuer Account Bank Agreement has been modified as provided below:  

"(ii)       (A) subject to sub-paragraph (B) below, the short-term, unsecured, unsubordinated and unguaranteed debt obligations of the Issuer Account Bank cease to have a rating of at least P-l from Moody's, A-1+ from S&P and F1+ from Fitch, respectively (unless the Issuer Account Bank obtains a guarantee of its obligations under this Agreement from a financial institution whose short-term unsecured, unsubordinated and unguaranteed debt obligation ratings are at least P-l from Moody's, A-1+ from S&P and F1+ from Fitch) and such downgrade in respect of the Issuer Account Bank has been continuing for at least 30 Business Days, unless each Rating Agency confirms that its then current rating of the Programme Notes would not be downgraded, withdrawn or qualified as a result of the Issuer Account Bank ceasing to have such ratings;

(B) if the short-term, unsecured, unsubordinated and unguaranteed debt obligations of the Issuer Account Bank cease to have a rating of at least F1+ from Fitch but maintain a rating of at least F1 from Fitch, all references to "F1+" in sub-paragraph (A) above shall be deemed to read and be construed as references to "F1" and the reference in sub-paragraph (A) to "and such downgrade in respect of the Issuer Account Bank shall have been continuing for at least 30 Business Days" shall be deemed to be deleted, in each case with effect from such cessation; or".

The last paragraph of Clause 9.1(b) (Termination; Termination Events) thereof shall be amended by the modifications shown in bold and underline in the paragraph below:

"PROVIDED THAT if this Agreement shall terminate pursuant to paragraph (ii) above, all amounts standing to the credit of the Issuer Accounts shall be transferred to accounts held with a financial institution (with whom the Issuer Cash Manager and the Issuer Security Trustee have entered into an agreement in form and substance similar to this Agreement): (A) whose short-term, unsecured, unsubordinated and unguaranteed debt obligations are rated at least A-1+ by S&P, P-l by Moody's and F1 by Fitch; and (B) which is an authorised person under the FSMA, unless each Rating Agency confirms that its then current rating of the Programme Notes would not be downgraded, withheld or qualified as a result of such transfer (an "Eligible Account Bank") and PROVIDED FURTHER that notwithstanding that a termination event will not occur under Clause 9.1(b)(ii)(A) above unless such downgrade has been continuing for at least 30 Business Days, on such a downgrade as referred to in Clause 9.1(b)(ii)(A),  the Issuer Cash Manager and the Issuer shall promptly take such steps as they consider appropriate to identify an alternative Eligible Account Bank with a view to ensuring that a replacement account is opened with such Eligible Account Bank as soon as reasonably practicable should such downgrade become a termination event."

For further information, please contact:

By:

Aire Valley Mortgages 2007-1 Plc
35 Great St. Helen's
London
EC3A 6AP

Bradford & Bingley plc
Croft Road
Crossflatts
Bingley
West Yorkshire
BD16 2UA

Attention:          Neil Vanham
Telephone:        +44 (0) 1274 806 341


This information is provided by RNS
The company news service from the London Stock Exchange
 
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