Prospectus UBI Banca Covered Bond Programme

Prospectus
Instalment Date. Any failure by the Issuer to notify the Principal Paying Agent shall not affect the
validity or effectiveness of the extension.
The Guarantor shall notify the relevant holders of the Covered Bonds (in accordance with Condition 18
(Notices), any relevant Swap Provider(s), the Rating Agencies, the Representative of the Covered
Bondholders and the Principal Paying Agent as soon as reasonably practicable and in any event at least
six Business Days prior to a Covered Bond Instalment Date of any inability of the Guarantor to pay in
full the Guaranteed Amounts corresponding to the relevant Covered Bond Instalment Amount pursuant
to the Covered Bond Guarantee. Any failure by the Guarantor to notify such parties shall not affect the
validity or effectiveness of the extension nor give rise to any rights in any such party.
In the circumstances outlined above, the Guarantor shall on each Interest Payment Date following the
applicable Covered Bond Instalment Extension Determination Date until the applicable Extended
Instalment Date, pursuant to the Covered Bond Guarantee, apply the moneys (if any) available (after
paying or providing for payment of higher ranking or pari passu amounts in accordance with the relevant
Priority of Payments) pro rata towards payment of an amount equal to the relevant Covered Bond
Instalment Amount together with interest accrued thereon up to (and including) such date.
Interest will continue to accrue on any unpaid amount during such extended period and shall be payable
on each Interest Payment Date from the relevant Covered Bond Instalment Date until the Extended
Instalment Date or, if earlier, the date on which the deferred Covered Bond Instalment Amount is paid in
full.
Failure by the Issuer to pay the Covered Bond Instalment Amount on its Covered Bond Instalment Date
will (subject to any applicable grace period) be an Issuer Event of Default. Failure by the Guarantor to
pay the deferred Covered Bond Instalment Amount on the related Extended Instalment Date will (subject
to any applicable grace period) be a Guarantor Event of Default.
10. Payments
(a)
Payments through clearing systems
Payment of interest and repayment of principal in respect of the Covered Bonds will be credited, in
accordance with the instructions of Monte Titoli, by the Principal Paying Agent on behalf of the Issuer or
the Guarantor (as the case may be) to the accounts of those banks and authorised brokers whose accounts
with Monte Titoli are credited with those Covered Bonds and thereafter credited by such banks and
authorised brokers from such aforementioned accounts to the accounts of the beneficial owners of those
Covered Bonds or through the Relevant Clearing Systems to the accounts with the Relevant Clearing
Systems of the beneficial owners of those Covered Bonds, in accordance with the rules and procedures of
Monte Titoli and of the Relevant Clearing Systems, as the case may be.
(b)
Payments subject to fiscal laws
All payments in respect of the Covered Bonds are subject in all cases to any applicable fiscal or other
laws and regulations in the place of payment, but without prejudice to the provisions of Condition 11
(Taxation). No commissions or expenses shall be charged to Covered Bondholders in respect of such
payments.
(c)
Payments on business days
If the due date for payment of any amount in respect of any Covered Bond is not a Payment Business
Day in the Place of Payment, the Covered Bondholder shall not be entitled to payment in such place of
the amount due until the next succeeding Payment Business Day in such place and shall not be entitled to
any further interest or other payment in respect of any such delay.
11. Taxation
(a)
Gross up by Issuer
All payments of principal and interest in respect of the Covered Bonds by or on behalf of the Issuer shall
be made free and clear of, and without withholding or deduction for or on account of, any present or
future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected,
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