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Aire Val Mort 2007-1 (75AU)

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Friday 19 August, 2016

Aire Val Mort 2007-1

Notice to Noteholders

RNS Number : 6629H
Aire Valley Mortgages 2007-1 plc
19 August 2016
 

19 August 2016 10:45 a.m.

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

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

$700,000,000 Series 2 Class A1 Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298411017 / US00935LAC72 / CUSIP: 00935CAA1)
€575,000,000 Series 2 Class A2 Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298412841)
£300,000,000 Series 2 Class A3 Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298413229)
£62,500,000 Series 1 Class B Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298410126)
£75,000,000 Series 2 Class B Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298413658)
£62,500,000 Series 1 Class C Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298410555)
£81,250,000 Series 2 Class C Asset Backed Floating Rate Notes due September 2066 (ISIN: XS0298415273)

(together, the "Notes")

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").

Delivery of Refinancing Notice

Pursuant to Clause 8.1(b) of the Mortgages Trust Deed, Bradford & Bingley plc ("B&B") (in its capacity as Beneficiary) has delivered a Refinancing Notice to the Mortgages Trustee, Funding 1 (as Recipient Funding Company) and the Security Trustee pursuant to which B&B has notified the Mortgages Trustee, Funding 1 and the Security Trustee that it intends to make a Refinancing Contribution on 20 September 2016 (the "Redemption Date").

The proceeds of the Refinancing Contribution will, subject to the satisfaction of certain conditions precedent set out in the Mortgages Trust Deed, be used:

(i)         by Funding 1 to repay in full each of the Term Advances under the Intercompany Loan Agreement between, among others, Funding 1 and the Issuer; and

(ii)        by the Issuer to redeem all of the Notes if full in accordance with Condition 7.2 of the Conditions,

in each case, on the Funding 1 Quarterly Payment Date or, as applicable, the Note Payment Date scheduled to fall on the Redemption Date.

Amendments and waivers to Mortgages Trust Deed

B&B, Funding 1, Funding 2, the Mortgages Trustee and the Jersey Share Trustee of the Mortgages Trustee (being the parties to the Mortgages Trust Deed) have, among other things, agreed to waive certain administrative requirements of the Mortgages Trust Deed and have entered into an amendment deed (the "Deed of Amendment") amending the terms of the Mortgages Trust Deed, in each case, in order to facilitate the Refinancing Contribution referred to above. The amendments to the Mortgages Trust Deed set out in the Deed of Amendment took effect on and from 19 August 2016.

This announcement contains inside information.

For further information, please contact:

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

Attention: Debra Parsall
Position: Director, Corporate Services - Transaction Management (responsible for arranging the release of this announcement)

Telephone: +44 (0)20 7398 6300

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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