Prospectus UBI Banca Covered Bond Programme

Prospectus
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
Third, to pay, pari passu and pro rata, according to the respective amounts thereof, any amount due and
payable to the Master Servicer, the Service Providers, the Italian Account Bank, the Calculation Agent,
the Guarantor Corporate Servicer, the Asset Monitor, the Luxembourg Account Bank and the Principal
Paying Agent;
Fourth, to pay, pari passu and pro rata, according to the respective amounts thereof, any amounts, other
than in respect of principal, due and payable on such Guarantor Payment Date or during the period
commencing on (and including) such Guarantor Payment Date and ending on (but excluding) the
immediately following Guarantor Payment Date (the "Guarantor Payment Period") (i) to any Swap
Provider (including any termination payments due and payable by the Guarantor except where the
relevant Swap Provider is the Defaulting Party or the Sole Affected Party); and (ii) on the Covered
Bonds;
Fifth, to pay, pari passu and pro rata, according to the respective amounts thereof, any amounts in
respect of principal due and payable on such Guarantor Payment Date or during the immediately
following Guarantor Payment Period (i) to any Swap Provider (including any termination payments due
and payable by the Guarantor except where the relevant Swap Provider is the Defaulting Party or the
Sole Affected Party); and (ii) on the Covered Bonds;
Sixth, to deposit in the Reserve Fund Account any cash balances until the Covered Bonds have been
repaid in full or sufficient amounts have been accumulated to pay outstanding Covered Bonds;
Seventh, to pay any termination payments due and payable by the Guarantor to the Swap Providers not
paid under item Fourth or Fifth above;
Eighth, to pay to the Sellers any amount due and payable under the Transaction Documents, to the extent
not already paid or payable under other items above;
Ninth, to pay any Base Interest due to the Subordinated Lenders under the relevant Term Loans;
Tenth, to pay any principal due and payable to the Subordinated Lenders under the relevant Term Loans;
and
Eleventh, to pay any Premium due to the Subordinated Lenders under the relevant Term Loans.
Application of Moneys following Occurrence of a Guarantor Event of Default
Following the occurrence of a Guarantor Event of Default and service of a Guarantor Default Notice on the
Guarantor, the Guarantor Available Funds will be applied in the following order of priority (the
"Post-Enforcement Priority of Payments") (in each case only if and to the extent that payments or provisions
of a higher priority have been made in full):
(a)
(b)
(c)
(d)
(e)
First, to pay, pari passu and pro rata, according to the respective amounts thereof, any Expenses of the
Guarantor owed to third parties;
Second, to pay, pari passu and pro rata, according to the respective amounts thereof, any amount due
and payable to the Representative of the Covered Bondholders and the remuneration due to any Receiver
and any proper costs and expenses incurred by it;
Third, to pay, pari passu and pro rata, according to the respective amounts thereof, any amount due and
payable to the Master Servicer, the Service Providers, the Italian Account Bank, the Calculation Agent,
the Guarantor Corporate Servicer, the Asset Monitor, the Luxembourg Account Bank and the Principal
Paying Agent;
Fourth, to pay, pari passu and pro rata, according to the respective amounts thereof, (i) any amounts due
and payable to any Swap Provider (including any termination payments due and payable by the
Guarantor except where the relevant Swap Provider is the Defaulting Party or the Sole Affected Party);
and (ii) any interest and any Outstanding Principal Amount due under all outstanding Series of Covered
Bonds;
Fifth, to pay any termination payments due and payable by the Guarantor to any Swap Provider not paid
under item Fourth above;
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