Flyboy,
You got the hours right. But you may sit the ATPL theory exams 'anytime'. As long as you keep your CPL/IR current, your exams 'stay valid'.
If you let your IR lapse, you theory exams still have 7 years validity for the issue of an ATPL.
All details re ATPL hours: See JAR-FCL 1, Section 1, Subpart G
All details re ATPL exam: See JAR-FCL 1, Section 1, Subpart J
All details re JARs : See
this link
Cheers,
Redbar1