Covered Bonds definition

Covered Bonds means any and all the covered bonds (obbligazioni bancarie garantite) issued or to be issued by the Issuer pursuant to the terms and subject to the conditions of the Programme Agreement.

Covered Bonds means any bonds or notes issued by the Issuer the obligations of which benefit from a special creditor privilege (“privilégio creditório especial”) as a result of them being collateralised by a defined pool of assets comprised of mortgage loans or other loans permitted by applicable Portuguese legislation to be included in the pool of assets and where the requirements for that collateralisation are regulated by applicable Portuguese legislation.

Covered Bonds means any mortgage-backed bonds and/or covered bonds or notes (Obrigações Hipotecárias) issued pursuant to Decree law no. 59/2006 of 20 March 2006 (as amended) by any of the Issuers or any subsidiary thereof, the obligations of which benefit from a special creditor privilege (privilégio creditório especial) as a result of them being collateralised by a defined pool of assets comprised of mortgage loans or other eligible assets permitted by applicable Portuguese legislation to be included in the pool of assets and where the requirements for that collateralisation are regulated by applicable Portuguese legislation.

Examples of Covered Bonds in a sentence

• Covered Bonds of one Specified Denomination may not be exchanged for Covered Bonds of another Specified Denomination and Bearer Covered Bonds may not be exchanged for Registered Covered Bonds and vice versa.

• In addition, the new floating rate at any time may be lower than the rates on other Covered Bonds.

• During any period when the Issuer may elect to redeem Covered Bonds, the market value of those Covered Bonds generally will not rise substantially above the price at which they can be redeemed.

• Payment of Guaranteed Amounts in respect of the Covered Bonds when the same shall become Due for Payment has been unconditionally and irrevocably guaranteed by the Guarantor (the “Covered Bond Guarantee”) in favour of the Bond Trustee (for and on behalf of the Covered Bondholders) following a Covered Bond Guarantee Activation Event pursuant to the terms of the Trust Deed.

• At those times, an investor generally would not be able to reinvest the redemption proceeds at an effective interest rate as high as the interest rate on the Covered Bonds being redeemed and may only be able to do so at a significantly lower rate.

More Definitions of Covered Bonds

Covered Bonds means the Bearer Covered Bonds and the Registered Covered Bonds of any Series issued pursuant to the Trust Deed which shall be (or in the case of Registered Covered Bonds, whose Registered Covered Bonds Deed shall be) substantially in the relevant form set out in the relevant Schedule to the Trust Deed or, as the case may be, a specific number thereof and includes any replacement covered bonds of such Series issued pursuant to Condition 11 and each Global Covered Bond in respect of such Series for so long as it has not been exchanged in accordance with the terms thereof.

Covered Bonds means bonds, notes or other securities (however defined) designated by the Issuer as covered bonds and secured on a segregated pool of assets.

Covered Bonds means the International Covered Bonds and New York Law Covered Bonds. "EEA" means the European Economic Area.

Covered Bonds means bank bonds for which repayment of principal and interest is guaranteed by a portion of the bank's economic assets (specifically land and mortgage credits, amounts due from, or guaranteed by, public authorities and securities issued in the framework of securitisation operations covering credits of the same kind), the cashflows of which are allocated purely to servicing the bond; including, without limitation, Pfandbrief, Cedulas and Foncières.

Covered Bonds means each covered bond issued or to be issued pursuant to this Agreement;

Covered Bonds has the meaning specified in recital (A) hereof;

Covered Bonds means bonds that are issued by a bank or mortgage company that are covered by a pool of assets in case the issuer becomes insolvent