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Aire Val Mort 2007-1 (75AU)

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Monday 06 June, 2016

Aire Val Mort 2007-1

Servicer Delegation

RNS Number : 3382A
Aire Valley Mortgages 2007-1 plc
06 June 2016
 

6 June 2016

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")

Notification of delegation of servicing

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").

Delegation of servicing

As contemplated in the announcement by Bradford & Bingley plc ("B&B") on 4 May 2016, the sale of B&B's mortgage servicing business to a company in the Computershare group - Computershare Mortgage Services Limited (the "Delegated Servicer") completed on 6 June 2016.  The sale of B&B's mortgage servicing business includes the transfer of the systems, operations and a significant majority of the personnel that are currently employed in the provision of servicing of the Loans.

In connection with this sale, the Delegated Servicer and B&B have entered into a materially outsourced services agreement (the "MOSA") under which the Delegated Servicer has agreed to provide B&B and its affiliates with mortgage servicing and other related services with effect from 6 June 2016 (the "Service Commencement Date").  The services and service levels to be required of the Delegated Servicer will be materially the same as those currently provided by B&B, in its capacity as Servicer, in relation to the Loans.

We hereby notify holders of the Notes that on the Service Commencement Date substantially all of B&B's obligations as Servicer under the Servicing Agreement have been delegated in accordance with clause 3.2 of the Servicing Agreement to the Delegated Servicer pursuant to the terms of the MOSA.  Notwithstanding this delegation, pursuant to Clause 3.2(d) of the Servicing Agreement, B&B will remain responsible for the performance of its obligations as Servicer under the Servicing Agreement.

Termination of Sub-Servicing Agreement

The Services delegated to the Delegated Servicer pursuant to the MOSA include services in respect of the Originator Loans sold by the Seller to the Mortgages Trustee that had been delegated by the Servicer to the Sub-Servicer under the Sub-Servicing Agreement.  In preparation for the delegation to the Delegated Servicer, the Servicer resolved on 20 May 2016 with effect from that date that the appointment of the Sub-Servicer under the Sub-Servicing Agreement be terminated pursuant to clause 21.2(D) of the Sub-Servicing Agreement, and from that date the Servicer has serviced the Originator Loans in accordance with the terms of the Servicing Agreement.

For further information, please contact:

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

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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