February 2011 - Gruppo Banca Carige

Mandatory testsNominalValue Test‣ The Nominal Value Test (NVT) ensures that, on each Calculation Date theoutstanding aggregate notional amount of the asset comprised in the CoverPool shall be at least equal to, or higher than, the aggregate notional amountof all outstanding Series of Covered BondsNet PresentValue Test‣ The Net Present Value Test (NPTV) ensures that on each Calculation Date thenet present value of the Cover Pool shall be at least equal to, or higher than,the net present value of the outstanding Covered Bonds, also taking intoaccount the payments expected to be received under the hedgingarrangementsInterestCoverage Test‣ The Interest Coverage Test (ICT) ensures that on each Calculation Date theamounts of interests and other revenues generated by the assets included inthe Cover Pool, net of the costs borne by the Guarantor, shall be at leastequal to, or higher than, the interests and costs due by the Issuer under theCovered Bonds, taking also into account any hedging arrangements enteredinto in relation to the transactionGRUPPO CARIGE 33