Covered Bonds Sample Clauses
The Covered Bonds clause defines the treatment and status of covered bonds within the context of the agreement. Typically, it specifies how these bonds, which are debt securities backed by a pool of assets such as mortgages or public sector loans, are handled in terms of security, priority, and recourse for investors. For example, the clause may outline the rights of bondholders to the underlying asset pool in the event of issuer default, and clarify any segregation of these assets from the issuer’s general creditors. Its core practical function is to provide certainty and protection for investors by ensuring that covered bonds are recognized as secured obligations with specific recourse to designated asset pools, thereby reducing credit risk.
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Covered Bonds. The applicable Final Terms (or the relevant provisions thereof) will be endorsed upon, or attached to, each global Covered Bond and definitive Covered Bond. Reference should be made to “Applicable Final Terms” or “Applicable Pricing Supplement” for a description of the content of the Final Terms or the Pricing Supplement, as the case may be, which will specify which of such terms are to apply in relation to the relevant Covered Bonds. This Covered Bond is one of a Series (as defined below) of Covered Bonds issued by DNB Boligkreditt AS (the “Issuer”) pursuant to an Agency Agreement (as amended and restated on 20 June 2008, 19 June 2009, 17 June 2010, 17 June 2011, 8 June 2012, 1 July 2013, 27 June 2014, 1 July 2015, 5 February 2018, 22 June 2018, 17 June 2020 and 18 June 2021 and as may be further amended or supplemented from time to time, the “Agency Agreement”) dated 25 June 2007 between the Issuer, Citibank, N.A. as fiscal agent and the other agents named in it and with the benefit of a Deed of Covenant (as amended and restated on 1 July 2013 and as further amended, restated, modified and/or supplemented from time to time, the “Deed of Covenant”) dated 25 June 2007 executed by the Issuer in relation to the Covered Bonds. References herein to the “Covered Bonds” shall be references to the Covered Bonds of this Series and shall mean:
Covered Bonds. The name of the person by or on whose behalf this form of transfer is signed must correspond with the name of the registered holder as it appears on the face of this Covered Bond Certificate. A representative of such registered holder should state the capacity in which he signs, e.g.
Covered Bonds. This Condition 3D is applicable to Notes specified in the applicable Final Terms as being Covered Bonds. The Covered Bonds of each Series constitute unsubordinated obligations of the Bank and rank pari passu without any preference among themselves. The Covered Bonds are obligations issued or converted in accordance with the Covered Bond Act and rank pari passu with all other obligations of the Bank that have been provided with the same priority as Covered Bonds pursuant to the Swedish Rights of Priority Act. To the extent that claims in relation to the Covered Bonds are not met out of the pool of assets, the residual claims will rank at least pari passu with the claims of unsecured and unsubordinated creditors of the Bank (including Senior Preferred Obligations), and in priority to the claims of creditors on or in respect of all Senior Non-Preferred Obligations. In accordance with the Covered Bond Act, the Bank intends to ensure that the nominal value of the assets in the cover pool (the Cover Pool) relating to the Covered Bonds and established in accordance with the Covered Bond Act will at all times exceed the nominal value of claims that may be asserted against the Bank in relation to the Covered Bonds. In addition, the Bank undertakes that if the Rating Condition is not, at any time, met, then, on each Quarter Date (or, if such Quarter Day is not a Business Day, the next following Business Day) during which the Rating Condition is not met, the Bank will, to the extent necessary at the time, contribute additional assets to the Cover Pool which are eligible to be contributed to the Cover Pool in accordance with the Covered Bond Act to ensure that the aggregate nominal value of the assets in the Cover Pool exceeds the sum of
Covered Bonds. Complete as appropriate.
Covered Bonds. 1. Must be rated AAA, Aaa, AAA by either a U.S. or non-U..S Bank with a minimum rating of AAA, Aaa, AAA by atleast 2 NRSRO (S&P, M▇▇▇▇’▇ Fitch, respectively).