Common use of Overcollateralisation Clause in Contracts

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 as well as 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 102 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 the relevant derivative contracts) (Overcollateralisation). To the extent a higher level of minimum overcollateralisation is stipulated to apply by any applicable Norwegian legislation from time to time, such a level of overcollateralisation shall be the minimum level of Overcollateralisation required to be maintained by the Issuer pursuant to this Condition 2(b). There is no obligation for the Issuer to maintain any particular rating in respect of the Ordinary Notes throughout the term of the Notes or select a higher Overcollateralisation percentage in order to maintain a rating. In particular, if any of the credit ratings assigned to the Notes are reduced, removed, suspended or placed on credit watch, the Issuer shall not be obliged to select a higher Overcollateralisation percentage. For the avoidance of doubt, recourse to the Cover Pool, and any additional overcollateralisation in the Cover Pool, is available for inter alios all Noteholders (including holders of existing Notes and new Notes) and counterparties to any relevant derivative contracts.

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 as well as 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 102 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 the relevant derivative contracts) (Overcollateralisation). To the extent a higher level of minimum overcollateralisation is stipulated to apply by any applicable Norwegian legislation from time to time, such a level of overcollateralisation shall be the minimum level of Overcollateralisation required to be maintained by the Issuer pursuant to this Condition 2(b). There is no obligation for the Issuer to maintain any particular rating in respect of the Ordinary Notes throughout the term of the Notes or select a higher Overcollateralisation percentage in order to maintain a rating. In particular, if any of the credit ratings assigned to the Notes are reduced, removed, suspended or placed on credit watch, the Issuer shall not be obliged to select a higher Overcollateralisation percentage. For the avoidance of doubt, recourse to the Cover Pool, and any additional overcollateralisation in the Cover Pool, is available for inter alios all Noteholders (including holders of existing Notes and new Notes) and counterparties to any relevant derivative contracts.