MARFIN EGNATIA BANK S.A. - Irish Stock Exchange

extent not made from the Issuer's own funds.
Post Event of Default
Priority of Payments:
Following delivery of a Notice of Default all amounts received or
recovered in relation to the Cover Pool, any Authorised Investments and
the Transaction Documents (other than amounts standing to the credit of
the Hedge Collateral Ledgers which shall be applied in accordance with
the relevant Hedging Agreement) shall be applied on any Athens Business
Day in accordance with the following order of priority of payments (in
each case only if and to the extent that payments of a higher priority have
been made in full) (the "Post Event of Default Priority of Payments") to
make or provide for the following payments:
(i)
(ii)
first, any Indemnity to which the Trustee is entitled pursuant to
the Trust Deed and any costs, and expenses incurred by or on
behalf of the Trustee (i) following the occurrence of an Event of
Default in connection with or as a result of serving on the Issuer a
Notice of Default (to the extent that any such amounts have not
yet been paid before the delivery of a Notice of Default) and (ii)
following the delivery of a Notice of Default in connection with
or as a result of the enforcement of (a) the security granted under
the Statutory Pledge and the Security Deed and/or (b) any other
right or remedy that the Trustee is entitled to, or is required to
pursue, under or in connection with the Transaction Documents
and the Covered Bonds for the purpose of protecting the interests
of the Covered Bondholders and the other Secured Creditors
second, pari passu and pro rata to pay:
(a)
(b)
(c)
(d)
any remuneration then due and payable to the Trustee;
all amounts due and payable to any Secured Creditors
(other than the Trustee, the Covered Bondholders and the
Hedging Counterparties);
(i) all amounts of interest then due and payable on any
Covered Bonds and (ii) all amounts of principal due and
payable on any Covered Bonds;
any amounts due and payable under any Hedging
Agreement other than Subordinated Termination
Payments to any Hedging Counterparties;
(iii)
(iv)
(v)
(vi)
second, pari passu and pro rata to pay any Subordinated
Termination Payments (except to the extent that such amount can
be paid by any premium received by the Issuer from a
replacement Hedging Counterparty);
third, to pay any amounts due and payable to the Credit Facility
Provider;
fourth, pari passu and pro rata to pay any Expenses or Taxes due
and payable; and
fifth, to pay all excess amounts to the Issuer.
"Indemnity" means the indemnity given to the Trustee pursuant to the
Trust Deed.
Credit Facility:
The Issuer, the Servicer, the Trustee and the Credit Facility Provider will
enter into a 364 day credit facility agreement governed by English law
dated on or about the Programme Closing Date which can be extended at
the option of the Issuer (the "Credit Facility Agreement").
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