Prospectus UBI Banca Covered Bond Programme

Prospectus
(f)
(g)
(h)
(i)
Sixth, 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;
Seventh, to pay any Base Interest due to the Subordinated Lenders under the relevant Term Loans;
Eighth, to pay any principal due and payable to the Subordinated Lenders under the relevant Term
Loans; and
Ninth, to pay any Premium due to the Subordinated Lenders under the relevant Term Loans.
DESCRIPTION OF THE COVER POOL
The Cover Pool is comprised of (i) the Portfolio, which is in turn comprised of Mortgage Loans and related
collateral assigned to the Guarantor by the Sellers in accordance with the terms of the Master Loans Purchase
Agreement and (ii) any other Eligible Assets and Top-Up Assets held by the Guarantor.
The Initial Portfolio and each New Portfolio acquired by the Guarantor (the "Portfolio"), consists of Mortgage
Loans sold by any of the Sellers to the Guarantor from time to time, in accordance with the terms of the Master
Loans Purchase Agreement, as more fully described under "Summary of the Transaction Documents — Master
Loans Purchase Agreements".
For the purposes hereof:
"Initial Portfolio" means the initial portfolio of Receivables, comprising Eligible Assets, purchased by the
Guarantor from each Seller pursuant to the relevant Master Loans Purchase Agreement;
"New Portfolio" means any portfolio of Receivables (other than the Initial Portfolio), comprising Eligible
Assets, which may be purchased by the Guarantor from any Seller pursuant to the terms and subject to the
conditions of the relevant Master Loans Purchase Agreement.
Eligibility Criteria
The sale of Loans and their Related Security and the transfer of any other Eligible Asset or Top-Up Asset to the
Guarantor will be subject to various conditions (the "Eligibility Criteria") being satisfied on the relevant
Transfer Date (except as otherwise indicated). The Eligibility Criteria with respect to each asset type will vary
from time to time but will at all times include criteria so that both Italian law and Rating Agency requirements
are met.
The following assets (attivi idonei or "Eligible Assets") are considered eligible under Article 2, sub-paragraph 1,
of Decree 310:
(a)
(b)
(c)
residential mortgage loans that have an LTV that does not exceed 80 per cent and for which the
hardening period with respect to the perfection of the relevant mortgage has elapsed;
commercial mortgage loans that have an LTV that does not exceed 60 per cent and for which the
hardening period with respect to the perfection of the relevant mortgage has elapsed;
receivables owed by, securities issued by, or receivables or securities which have the benefit of a
guarantee eligible for credit risk mitigation granted by:
(i)
(ii)
public entities, including ministerial bodies and local or regional bodies, located within the
European Economic Area or Switzerland for which a risk weight not exceeding 20 per cent. is
applicable in accordance with the Bank of Italy's prudential regulations for Banks —
standardised approach; and
public entities, located outside the European Economic Area or Switzerland, for which a 0 per
cent. risk weight is applicable in accordance with the Bank of Italy's prudential regulations for
Banks — standardised approach — or regional or local public entities or non-economic
administrative entities, located outside the European Economic Area or Switzerland, for which
a risk weight not exceeding 20 per cent. is applicable in accordance with the Bank of Italy's
prudential regulations for Banks — standardised approach;
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