Common use of Asset Cover Test Clause in Contracts

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall will be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) ), all as calculated on the im- mediately immediately succeeding Calculation Date; and; (ii) the First Regulatory Current Balance Amount shall will be at least equal to 105%105 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have a negative effect on appear from the then current rating assigned by it relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. If more than one Rating Agency assigns ratings to the Covered BondsBonds under the Programme, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure the transfer of sufficient further Eligible Receivables by the Transferors Assets to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Notice to Pay, Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21 hereto) shall will be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1 hereto, up to the date specified in such item B) all as calculated on the im- mediately immediately succeeding Calculation Date; and; (ii) the First Regulatory Current Balance Amount shall will be at least equal to 105%, 105 per cent. (or such other percentage as may be required from time to time under the CB Regulations, ) of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1 hereto, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1 hereto, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance accordance with Schedule 2 1 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have a negative effect on appear from the then current rating assigned by it relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. If more than one Rating Agency assigns ratings to the Covered BondsBonds under the Programme, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1 hereto, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors Assets to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: , (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately immediately succeeding Calculation Date; and Date and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and Date and (iii) the Second Regulatory Current Balance Amount will be is at least equal to 100%100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), at the end of such calen- dar calendar month (or or, with respect to item B of the Asset Cover Test, up to the date specified in item (B) )), all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including item (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a negative effect relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the then current rating assigned by it to the Covered Bondspreviously provided Asset Percentage. The most recent Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure the transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets Receivables, either directly by the Issuer or, upon instruction of the Issuer, by the other Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts Subject to procure that as at Clauses 3.5 and 3.7, prior to the end service of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration a Notice to Pay or a CBC Acceleration Notice has been served: Notice, the Asset Monitor shall by no later than ten (i10) Business Days following the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount at least equal to the euro equivalent receipt of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect relevant information to item B of the Asset Cover Testbe provided to it pursuant to Clause 4, up to the date specified in item B) all as calculated report on the im- mediately succeeding Calculation Date; and (ii) findings resulting from the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated agreed upon procedures on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and calculations performed by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer relation to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end on each Calculation Date immediately preceding each anniversary of the next succeeding calendar monthProgramme Date, as applicable. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and if shall perform the following procedures: (a) assess the arithmetic accuracy of items A, B, C, D and Z and the Adjusted Aggregate Asset Amount in accordance with Schedule 1 to the Asset Monitoring Agreement; (b) assess the arithmetic accuracy of the comparison between the Adjusted Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds; (c) assess the arithmetic accuracy of the First Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the First Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds; and (d) assess the arithmetic accuracy of the Second Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the Second Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α, β, the Current Balance and the Indexed Valuation for each Mortgage Receivable as well as the accuracy of the Asset Percentage and the LTV Cut-Off Percentage and/or any other parameters used in the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided pro- vided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 22 hereto) shall be is an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Sched- ule 2 hereto, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; (ii) the First Regulatory Current Balance Amount will always be at least equal to 105 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the Asset Cover Testaggregate Princi- pal Amount Outstanding of the Covered Bonds at the end of such cal- endar month (or with respect to item B as defined in Schedule 2 hereto, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (iiiii) the First Second Regulatory Current Balance Amount shall will always be at least equal to 105%100 per cent., or such other percentage as may be required re- quired from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which in- clude repayment of principal, payment of interest, payment obliga- tions under derivative contracts and expected costs related to mainte- xxxxx and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified as defined in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover TestSchedule 2 hereto, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items item (i) up to and including item (iii) ), the "Asset Cover Test"), all in accord- ance ac- cordance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.3 Save where otherwise agreed with any Rating Agency, the Asset Percentage will be adjusted in accordance with the various methodologies prescribed by any Rating Agency or will otherwise be in compliance with the relevant methodologies agreed with any Rating Agency from time to time with a view to maintain the rating of the highest rated Series of Covered Bonds. Any adjustment of the Asset Percentage will appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. If more than one Rating Agency assigns a rating to a Series of Covered Bonds, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. ‌ 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall will be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B), all as calculated on the immediately succeeding Calculation Date; (ii) the Net Outstanding Principal Amount of all Mortgage Receivables, excluding any Defaulted Receivables and any Non-Eligible Receivables, plus (a) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (b) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral Amounts, will be at least equal to 110% of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined below, up to the date specified in item (B)) all as calculated on the im- mediately immediately succeeding Calculation Date; and; (iiiii) the First Regulatory Current Balance Amount shall will be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iiiiv) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, Date (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The As of the date of this Agreement, the Asset Percentage is 9593%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day business day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating ratings assigned by it to on the Covered Bonds. . 3.3 The Asset Percentage will be included in the Investor ReportReport (as defined in the Administration Agreement). 3.3 3.4 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors Assets to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of the Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 3.5 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 Subject to Clause 3.6, prior to the service of a Notice to Pay or a CBC Acceleration Notice, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, perform agreed upon procedures with respect to the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Asset Cover Test on or before each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable, with a view to confirm the accuracy or otherwise of such calculations. The CBC (or the Administrator on its behalf) shall use reasonable efforts timely notify the Asset Monitor of the timing of the agreed upon procedures referred to procure that as at in this sub-Clause 3.1. In this respect, the end of each calendar month Asset Monitor shall be provided with figures for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been serveditems listed in Clause 4.2 and shall perform the following clerical accuracy check: (ia) that A, B, C, D and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 1 to the Asset Monitoring Agreement; (as defined in Schedule 2b) shall be whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; andBonds; (iic) whether or not the First Regulatory Current Balance Amount shall be is at least equal to 105%, 105 per cent. (or such other percentage as may be required from time to time under the CB Regulations, ) of the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation DateBonds; and (iiid) whether or not the Second Regulatory Current Balance Amount will be is at least equal to 100%, 100 per cent. (or such other percentage as may be required from time to time under the CB Regulations, ) of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds at Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the end winding-down of such calen- dar month the Programme (or in each case within the meaning of the CB Regulations). The Asset Monitor is not required to perform agreed upon procedures with respect to item B of α, β, the Asset Cover Test, up to Current Balance and the date specified in item B) all Adjusted Valuation for each Mortgage Receivable as calculated on well as the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease accuracy of the Asset Percentage and the Asset LTV Cut-Off Percentage will be adjusted accordingly. The CBC will only accept and/or any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included other parameters used in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Notice to Pay, Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall will be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in such item B) all as calculated on the immediately succeeding Calculation Date; (ii) the First Regulatory Current Balance Amount will be at least equal to 105 per cent. (or such other percentage as may be required from time to time under the CB Regulations) of the Asset Cover Testaggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in item B) all as calculated on the im- mediately immediately succeeding Calculation Date; and (iiiii) the First Second Regulatory Current Balance Amount shall will be at least equal to 105%100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance accordance with Schedule 2 1 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have a negative effect on appear from the then current rating assigned by it relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. If more than one Rating Agency assigns ratings to the Covered BondsBonds under the Programme, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors Assets to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. ‌ 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: , (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately immediately succeeding Calculation Date; and Date and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and Date and (iii) the Second Regulatory Current Balance Amount will be is at least equal to 100%100 per cent., or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations), at the end of such calen- dar calendar month (or or, with respect to item B of the Asset Cover Test, up to the date specified in item (B) )), all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including item (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a negative effect relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the then current rating assigned by it to the Covered Bondspreviously provided Asset Percentage. The most recent Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure the transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets Receivables, either directly by the Issuer or, upon instruction of the Issuer, by the other Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall will be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) ), all as calculated on the im- mediately immediately succeeding Calculation Date; and; (ii) the First Regulatory Current Balance Amount shall will be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, Date (items item (i) up to and including item (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have a negative effect on appear from the then current rating assigned by it relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. If more than one Rating Agency assigns ratings to the Covered BondsBonds under the Programme, then in the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the previously provided Asset Percentage. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors Assets to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. ‌ 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: , (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 22 ) shall be an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately immediately succeeding Calculation Date; and Date and (ii) (a) the Net Outstanding Principal Amount of all Mortgage Receivables, excluding any Defaulted Mortgage Receivables, plus (b) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (c) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral and excluding amounts standing to the balance of the Construction Account, shall be at least equal to 115% of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month all as calculated on the immediately succeeding Calculation Date and (iii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; and Date and (iiiiv) the Second Regulatory Current Balance Amount will shall be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar calendar month (or or, with respect to item B of the Asset Cover Test, up to the date specified in item B) ), all as calculated on the immediately succeeding Calculation Date, Date (items item (i) up to and including item (iii) iv), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The As of the date of this Agreement, the Asset Percentage is 9597.5%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day business day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating ratings assigned by it to on the Covered Bonds. The Asset Percentage will be included in the Investor ReportReport (as defined in the Administration Agreement). 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets Receivables, either directly by the Issuer or, upon instruction of the Issuer, by the other Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. ‌ 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in such item (B)), all as calculated on the immediately succeeding Calculation Date; (ii) the First Regulatory Current Balance Amount shall be at least equal to 105 per cent. (or such other percentage as may be required from time to time under the CB Regulations) of the Asset Cover Testeuro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will shall be at least equal to 100%, 100 per cent. (or such other percentage as may be required from time to time under the CB Regulations, ) of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations) at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The As of the date of this Agreement, the Asset Percentage is 95%85.50 per cent. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a negative effect relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the then current rating assigned by it to the Covered Bondspreviously provided Asset Percentage. The most recent Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately promptly notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately promptly notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure the transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met promptly and in any event at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors Receivables to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts Subject to procure that as at Clauses 3.4 and 3.6, prior to the end service of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration a Notice to Pay or a CBC Acceleration Notice has been served: Notice, the Asset Monitor shall by no later than ten (i10) Business Days following the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount at least equal to the euro equivalent receipt of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect relevant information to item B of the Asset Cover Testbe provided to it pursuant to Clause 4, up to the date specified in item B) all as calculated report on the im- mediately succeeding Calculation Date; and (ii) findings resulting from the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated agreed upon procedures on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and calculations performed by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer relation to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end on each Calculation Date immediately preceding each anniversary of the next succeeding calendar monthProgramme Date, as applicable. In this respect, the Asset Monitor shall be provided with figures for the items listed in Clause 4.2 and if shall perform the following procedures: (a) assess the arithmetic accuracy of items A, B, C, D and Z and the Adjusted Aggregate Asset Amount in accordance with Schedule 1 to the Asset Monitoring Agreement; (b) assess the arithmetic accuracy of the comparison between the Adjusted Aggregate Asset Amount and the aggregate Principal Amount Outstanding of the Covered Bonds; (c) assess the arithmetic accuracy of the First Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the First Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds; and (d) assess the arithmetic accuracy of the Second Regulatory Current Balance Amount in accordance with Schedule 1 to the Asset Monitoring Agreement and assess the arithmetic accuracy of the ratio of the Second Regulatory Current Balance Amount compared to the aggregate Principal Amount Outstanding of the Covered Bonds. The Asset Monitor is not required to test the arithmetic accuracy of α, β, the Current Balance and the Indexed Valuation for each Mortgage Receivable as well as the accuracy of the Asset Percentage and the LTV Cut-Off Percentage and/or any other parameters used in the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The As Asset Monitor we shall be provided by the SB CBC shall use reasonable efforts to procure that with figures as at 31 October 2023 for the end items listed in Clause 4.2 of each calendar month for so long as the Covered Bonds remain outstandingAsset Monitor Appointment Agreement and shall establish the following: Substitution Assets plus (iii) all amounts standing to the balance of the SB CBC Transaction Accounts, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) excluding Swap Collateral and excluding amounts standing to the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount balance of the Construction Account, are at least equal to the euro equivalent 115% of the aggre- gate Principal Amount Outstanding of the Covered Bonds the CB Legislation, including by reference to Article 129(1)-(3) CRR (First Regulatory Current Balance Amount) is at least equal to 105% or such other percentage as may be required from t ime to time under the CB Legislation, of the aggregate Principal Amount Outstanding of the Covered Bonds, whereas we have been informed by NIBC Bank N.V. that i. The Outstanding Principal Amount of the Mortgage Receivables is calculated as the lower of (a) the Mortgage Receivables (“Net principal Balance” as stated in the Investor Report) and (b) the LTV Cut-Off percentage of the Indexed Valuation in relation to each Mortgage Receivable ii. The Substitution Assets Amount relates to Transferred Collateral and is equal to B from the Asset Cover Test i. The nominal value of the claims for payment attached to the cover assets equals the sum of the nominal value of the claims resulting f rom (A) the Mor tgage Receivables (Net Principal Balance as stated in the Investor Repor t) and (B) the Substitution Assets Amount. The Substitution Assets Amount relates to Transferred Collateral and is equal to B from the Asset Cover Test ii. The nominal value of the obligations in respect of the Covered Bonds, which include at least repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding down of the Programme (in each case within the meaning of the CB Legislation), at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item (B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B)) all as calculated on the immediately succeeding Calculation Date; and (iii) . A lump sum calculation is allowed for the Second Regulatory Current Balance Amount will be at least calculation of the expected costs for an amount equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, higher of (a) 4 basis points of the aggregate Principal Amount Outstanding nominal value of the Covered Bonds at outstanding covered bonds and (b) €400,000 We are not required to establish the end arithmetic accuracy of such calen- dar month (or with respect to item B of Lj, lj, the Asset Cover Test, up to Current Balance and the date specified in item B) all as calculated on Indexed Valuation for each Mortgage Receivable nor the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease accuracy of the Asset Percentage and the Asset LTV Cut-Off Percentage will be adjusted accordingly. The CBC will only accept nor any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included other parameters used in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 Subject to Clause 3.6, prior to the service of a Notice to Pay or a CBC Acceleration Notice, the Asset Monitor shall by no later than ten (10) Business Days following the receipt of the relevant information to be provided to it pursuant to Clause 4, perform agreed upon procedures with respect to the calculations performed by the CBC (or the Administrator on its behalf) in relation to the Asset Cover Test on or before each Calculation Date immediately preceding each anniversary of the Programme Date, as applicable, with a view to confirm the accuracy or otherwise of such calculations. The CBC (or the Administrator on its behalf) shall use reasonable efforts timely notify the Asset Monitor of the timing of the agreed upon procedures referred to procure that as at in this sub-Clause 3.1. In this respect, the end of each calendar month Asset Monitor shall be provided with figures for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been serveditems listed in Clause 4.2 and shall perform the following clerical accuracy check: (ia) that A, B, C, D and Z and the Adjusted Aggregate Asset Amount have been calculated in accordance with Schedule 1 to the Asset Monitoring Agreement; (as defined in Schedule 2b) shall be whether or not the Adjusted Aggregate Asset Amount is an amount at least equal to the euro equivalent of the aggre- gate aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; andBonds; (iic) whether or not the First Regulatory Current Balance Amount shall be is at least equal to 105%, % (or such other percentage as may be required from time to time under the CB Regulations, ) of the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation DateBonds; and (iiid) whether or not the Second Regulatory Current Balance Amount will be is at least equal to 100%, % (or such other percentage as may be required from time to time under the CB Regulations, ) of the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or Bonds. The Asset Monitor is not required to perform agreed upon procedures with respect to item B of α, β, the Asset Cover Test, up to Current Balance and the date specified in item B) all Adjusted Valuation for each Mortgage Receivable as calculated on well as the immediately succeeding Calculation Date, (items (i) up to and including (iii) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease accuracy of the Asset Percentage and the Asset LTV Cut-Off Percentage will be adjusted accordingly. The CBC will only accept and/or any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included other parameters used in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; (iii) the Outstanding Principal Amount of all Mortgage Receivables, ex- cluding any Defaulted Receivables, plus (a) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (b) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral and excluding amounts stand- ing to the balance of the Construction Account, will always be at least equal to 115% of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month all as calcu- lated on the immediately succeeding Calculation Date; and (iiiiv) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iiiiv) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The As of the latest amendment and restatement of this Agreement, the Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 2) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date; (iii) the Outstanding Principal Amount of all Mortgage Receivables, ex- cluding any Defaulted Receivables, plus (a) the Collateral Market Value of all Transferred Collateral in the form of Substitution Assets plus (b) all amounts standing to the balance of the CBC Transaction Accounts, excluding Swap Collateral and excluding amounts stand- ing to the balance of the Construction Account, will always be at least equal to 115% of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month all as calcu- lated on the immediately succeeding Calculation Date; and (iiiiv) the Second Regulatory Current Balance Amount will be at least equal to 100%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iiiiv) the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The As of the latest amendment and restatement of this Agreement, the Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept any request for a decrease of the Asset Percentage and the Asset Percentage will be adjusted accordingly. The CBC will only accept any request for an increase of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase of the Asset Percentage will have a negative effect on the then current rating assigned by it to the Covered Bonds. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A Breach of Asset Cover Test on a Calculation Date will, until remedied, prevent the Issuer from issuing any further Series. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to procure the transfer of sufficient Eligible Assets by the Transferors to the CBC. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in such item (B)), all as calculated on the immediately succeeding Calculation Date; (ii) the First Regulatory Current Balance Amount shall be at least equal to 105% (or such other percentage as may be required from time to time under the CB Regulations) of the Asset Cover Testeuro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will shall be at least equal to 100%, % (or such other percentage as may be required from time to time under the CB Regulations, ) of the euro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date, (items item (i) up to and including item (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a negative effect relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the then current rating assigned by it to the Covered Bondspreviously provided Asset Percentage. The Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately promptly notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately promptly notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met promptly and in any event at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors Receivables to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxx-to-market value.

Asset Cover Test. 3.1 The CBC shall use reasonable efforts to procure that as at the end of each calendar month for so long as the Covered Bonds remain outstanding, provided that no Issuer Acceleration Notice to Pay or CBC Acceleration Notice has been served: (i) the Adjusted Aggregate Asset Amount (as defined in Schedule 21) shall be an amount at least equal to the euro equivalent of the aggre- gate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) all as calculated on the im- mediately succeeding Calculation Date; and (ii) the First Regulatory Current Balance Amount shall be at least equal to 105%, or such other percentage as may be required from time to time under the CB Regulations, of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in such item (B)), all as calculated on the immediately succeeding Calculation Date; (ii) the First Regulatory Current Balance Amount shall be at least equal to 105 per cent. (or such other percentage as may be required from time to time under the CB Regulations) of the Asset Cover Testeuro equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at the end of such calendar month (or with respect to item B as defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date; and (iii) the Second Regulatory Current Balance Amount will shall be at least equal to 100%, 100 per cent. (or such other percentage as may be required from time to time under the CB Regulations, ) of the aggregate Principal Amount Outstanding nominal value of the obligations in respect of the Covered Bonds Bonds, which include repayment of principal, payment of interest, payment obligations under derivative contracts and expected costs related to maintenance and administration for the winding-down of the Programme (in each case within the meaning of the CB Regulations) at the end of such calen- dar calendar month (or with respect to item B of the Asset Cover Testas defined in Schedule 1, up to the date specified in item (B)) all as calculated on the immediately succeeding Calculation Date, (items (i) up to and including (iii) ), the "Asset Cover Test"), all in accord- ance with Schedule 2 hereto. 3.2 The Asset Percentage is 95%. The Issuer may request the CBC to increase or decrease the Asset Percentage. The CBC will accept Save where otherwise agreed with any request for a decrease of the Asset Percentage and Rating Agency, the Asset Percentage will be adjusted accordingly. The CBC in accordance with the various methodologies prescribed by any Rating Agency or will only accept otherwise be in compliance with the relevant methodologies agreed with any request for an increase Rating Agency from time to time with a view to maintain the rating of the Asset Percentage and the Asset Percentage will only be adjusted accordingly if each highest rated Series of the Rating Agencies has been notified thereof and by the third (3rd) Business Day after such notification, none of the Rating Agencies has communicated that any such increase Covered Bonds. Any adjustment of the Asset Percentage will have appear from the relevant Investor Report as the new Asset Percentage as determined in accordance with this Clause. In the event the Asset Percentages (as computed in response to the relevant Rating Agency calculations) prior to any Calculation Date differ, the CBC (or the Administrator on its behalf) shall on such Calculation Date apply the lowest Asset Percentage. Prior to the date on which a negative effect relevant Rating Agency has provided the CBC (or the Administrator on its behalf) with a new Asset Percentage, the CBC (or the Administrator on its behalf) will be entitled to rely on the then current rating assigned by it to the Covered Bondspreviously provided Asset Percentage. The most recent Asset Percentage will be included in the Investor Report. 3.3 If at the end of a calendar month (or with respect to item B of the Asset Cover Test, up to the date specified in item B) the Asset Cover Test is not met as calculated and determined on the immediately succeeding Calculation Date, then (i) the Administrator shall immediately promptly notify the CBC thereof and (ii) the CBC (or the Administrator on its behalf) shall immediately promptly notify the Security Trustee and the Issuer thereof in writing and (iii) the CBC shall request the Issuer to undertake its best efforts to transfer or to procure the transfer of sufficient further Eligible Receivables by the Transferors to the CBC in accordance with the Guarantee Support Agreement to ensure that the Asset Cover Test is met promptly and in any event at the end of the next succeeding calendar month, and if the Asset Cover Test is not met at the end of such next succeeding calendar month as calculated on the immediately succeeding Calculation Date (such failure to remedy the Asset Cover Test as calculated on the next succeeding Calculation Date being a "Breach of Asset Cover Test"), it will entitle the Security Trustee to serve a Breach of Asset Cover Test Notice on the Issuer and the CBC. A The occurrence of a Breach of Asset Cover Test on a Calculation Date will, until remedied, will prevent the Issuer from issuing any further SeriesSeries after such Calculation Date, until remedied. Upon receipt of such Breach of Asset Cover Test Notice the Issuer will (continue to) use its best efforts to transfer or procure the transfer of sufficient Eligible Assets by the Transferors Receivables to the CBC, either directly or indirectly by it. A Breach of Asset Cover Test may be remedied and after being remedied the Issuer may issue new Series subject to the other applicable conditions being met. 3.4 The CBC (or the Administrator on its behalf) will value any Transferred Collateral other than cash on a monthly basis on their xxxxmark-to-market value.