Common use of Overcollateralisation Clause in Contracts

Overcollateralisation. For so long as the Notes are outstanding, the value (as calculated in accordance with the Act and the Regulations) of the Cover Pool (as defined below) entered into the Register (as defined below) with respect to the Notes, any other covered bonds issued by the Issuer and derivative contracts having recourse to such Cover Pool shall at all times be a minimum of (a) 105 per cent. of the outstanding principal amount of the Notes and any other covered bonds issued by the Issuer having recourse to such Cover Pool (taking into account the effect of derivative contracts) or (b) such other percentage as may be selected by the Issuer from time to time and notified to the Agent and each of the Rating Agencies (the Alternative Overcollateralisation Percentage), provided that: (i) the Alternative Overcollateralisation Percentage shall not, for so long as the Notes are outstanding, be less than 102.75 per cent. of the outstanding principal amount of the Notes and any other covered bonds issued by the Issuer having recourse to such Cover Pool (taking into account the effect of derivative contracts); and (ii) without prejudice to Condition 2.2(i) above, the Issuer shall not at any time select an Alternative Overcollateralisation Percentage unless (A) the credit rating assigned to the Notes at such time by each of the Rating Agencies which has assigned a credit rating to the Notes at such time is Aaa (in the case of Xxxxx’x Investor Service Limited or its successors), AAA (in the case of S&P Global Ratings Europe Limited or its successors) or AAA (in the case of Fitch Ratings Ltd or its successors), and (B) each of the Rating Agencies which has assigned a credit rating to the Notes at such time has confirmed in writing to the Issuer that, at the time of their confirmation, the selection of such Alternative Overcollateralisation Percentage would not in and of itself result in any credit rating then assigned to the Notes by such Rating Agency being reduced, removed, suspended or placed on creditwatch. To the extent a higher level of minimum overcollateralisation is stipulated in any applicable legislation from time to time, such level of overcollateralisation shall be the minimum level required to be maintained by the Issuer pursuant to this Condition 2.2.

Overcollateralisation. For so long as the Notes are outstanding, the value (as calculated in accordance with the Act and the Regulations) of the Cover Pool (as defined below) entered into the Register (as defined below) with respect to the Notes, any other covered bonds issued by the Issuer and derivative contracts having recourse to such Cover Pool shall at all times be a minimum of (a) 105 per cent. of the outstanding principal amount of the Notes and any other covered bonds issued by the Issuer having recourse to such Cover Pool (taking into account the effect of derivative contracts) or (b) such other percentage as may be selected by the Issuer from time to time and notified to the Agent and each of the Rating Agencies (the Alternative Overcollateralisation Percentage), provided that: (i) the Alternative Overcollateralisation Percentage shall not, for so long as the Notes are outstanding, be less than 102.75 per cent. of the outstanding principal amount of the Notes and any other covered bonds issued by the Issuer having recourse to such Cover Pool (taking into account the effect of derivative contracts); and (ii) without prejudice to Condition 2.2(i) above, the Issuer shall not at any time select an Alternative Overcollateralisation Percentage unless (A) the credit rating assigned to the Notes at such time by each of the Rating Agencies which has assigned a credit rating to the Notes at such time is Aaa Xxx (in the case of Xxxxx’x Investor Service Limited or its successors), AAA (in the case of S&P Global Ratings Europe Limited or its successors) or AAA (in the case of Fitch Ratings Ltd or its successors), and (B) each of the Rating Agencies which has assigned a credit rating to the Notes at such time has confirmed in writing to the Issuer that, at the time of their confirmation, the selection of such Alternative Overcollateralisation Percentage would not in and of itself result in any credit rating then assigned to the Notes by such Rating Agency being reduced, removed, suspended or placed on creditwatch. To the extent a higher level of minimum overcollateralisation is stipulated in any applicable legislation from time to time, such level of overcollateralisation shall be the minimum level required to be maintained by the Issuer pursuant to this Condition 2.2.