Overcollateralisation. For so long as the Notes are outstanding, the value (as calculated in accordance with the Act and the Regulations) of the Cover Pool (as defined below) entered into the Register (as defined below) with respect to the Notes, any other covered bonds issued by the Issuer and derivative contracts having recourse to such Cover Pool shall at all times be a minimum of (a) 105 per cent. of the outstanding principal amount of the Notes and any other covered bonds issued by the Issuer having recourse to such Cover Pool (taking into account the effect of derivative contracts) or (b) such other percentage as may be selected by the Issuer from time to time and notified to the Agent and each of the Rating Agencies (the Alternative Overcollateralisation Percentage), provided that:
Appears in 5 contracts
Samples: Agency Agreement, Agency Agreement, Agency Agreement
