Source - RNS
RNS Number : 3954R
BOIRO Finance B.V.
14 June 2018
 

DRAFT

17 April 2018

 

Supplemental Constituting Instrument

Between

 

 



Boiro Finance B.V.

as Issuer and Vendor


Banco Bilbao Vizcaya Argentaria, S.A.

as Issue Agent, Principal Paying Agent, Realisation Agent, Determination Agent, Custodian, Dealer , Purchaser and Counterparty


Deutsche Trustee Company Limited

as Trustee


BBVA Ireland p.l.c.

as Paying Agent


 

 

 

 

Amending the terms of

 

 

Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045


 

and related agreements

 

 

 

 


CONTENTS

1.         Interpretation                                                                                                                           2

2.         Amendment to the Terms and Conditions of the Notes and Release of Security                 2

3.         Charged Agreement                                                                                                                3

4.         Securities Sale Agreement                                                                                                     3

5.         Conditions Precedent                                                                                                             3

6.         Counterparts, Contracts (Rights of Third Parties) Act 1999, Governing Law and Jurisdiction and Agent for Service of Process                                                                                                            3

 

SCHEDULE 1: Parties to Documents                                                                                                5

SCHEDULE 2: Amendment to the Terms and Conditions of the Notes                                            7

SCHEDULE 3: Details of Agent for Service of Process                                                                    22

SCHEDULE 4: Amendment to Swap Confirmation                                                                           23

SCHEDULE 5: Details of the Released Assets                                                                                 36

SCHEDULE 6: Securities Sales Agreement                                                                                      37


SUPPLEMENTAL CONSTITUTING INSTRUMENT

Amendment to

 

Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045 (ISIN CODE: XS0210193487) (the "Notes" or the "Series") and the related swap agreement.

 

THIS SUPPLEMENTAL CONSTITUTING INSTRUMENT (this "Supplemental Constituting Instrument") is dated the 17 April 2018 and is made as a deed.

BETWEEN THE PARTIES LISTED IN COLUMN 1 OF SCHEDULE 1 each acting through the office or offices specified in Column 1 of Schedule 1 and in the capacity or capacities specified in Column 2 of Schedule 1.

BACKGROUND

(A)       The Issuer, the Counterparty and the other parties named therein entered into a Constituting Instrument dated 14 January 2005, as so amended and supplemented on 28 October 2005, 25  November 2005, 5 May 2006, 16 November 2007, 28 March 2008, 2 December 2010, 23 March 2011, 6 May 2011, 11 March 2013, 12 December 2014, 29 December 2014 and 23 February 2016, between the parties thereto, among others, the Issuer, the Trustee and the Counterparty (together, the "Existing Constituting Instrument") for the purpose of constituting the Notes and making arrangements therewith. With effect from the date hereof, the provisions of the Existing Constituting Instrument and this Supplemental Constituting Instrument shall be read and construed as one document (jointly hereinafter the "Constituting Instrument").

 

(B)       The parties have agreed that the Terms and Conditions of the Notes and the related interest rate swap agreement entered into therein in connection with the Notes (the "Swap Agreement") shall be amended as specified herein.

(C)       The Trustee has received evidence satisfactory to the Trustee of (i) the entitlement of the holder of all the Notes (the "Noteholder") to not less than one hundred per cent in principal amount of the Notes outstanding and (ii) the Noteholder's direction to enter into this amendment to the Existing Constituting Instrument, to the Terms and Conditions and to the Swap Agreement, on the terms of this Supplemental Constituting Instrument, as evidenced by a written resolution dated on or before the date hereof (the "Written Resolution").

(D)       This Supplemental Constituting Instrument amends and supplements the Existing Constituting Instrument incorporating and amending the Master Trust Terms (October 2005 Edition) (Reference: MTTOctober2005) so as to amend, supplement and/or restate, as applicable, the Trust Deed of the Existing Series. Accordingly, this Supplemental Constituting Instrument is a deed and has been executed as a deed by the Issuer, the Trustee and each Counterparty in their respective capacities as such.

 



OPERATIVE PROVISIONS

1.         Interpretation

1.1       Unless otherwise specifically provided, terms used in this Supplemental Constituting Instrument shall have the meanings given to such terms in, and shall be interpreted in accordance with:

(A) the Master Definitions (October 2005 Edition) (Reference: MDOctober 2005); and

(B) the Terms and Conditions of the Notes, as amended; and

(C) the Existing Constituting Instrument.

1.2       References to Recitals, Schedules and Clauses are to the Recitals, Schedules and Clauses of this Supplemental Constituting Instrument (unless stated otherwise). The Recitals and Schedules are incorporated in and form part of this Supplemental Constituting Instrument.

1.3       This Supplemental Constituting Instrument is a deed and has been executed as a deed by the Issuer, the Trustee and the Counterparty (if any) in their respective capacities as such and the Supplemental Constituting Instrument shall be deemed to comprise, and shall be read and construed as, a separate instrument, executed as a deed as between those parties in their respective capacities as such.

 

 

2.         Amendment to the Terms and Conditions of the Notes and Release of Security

2.1       The Issuer, the Trustee and the Counterparty agree that the Terms and Conditions of the Notes shall be amended as set out or specified in Schedule 2 and that the Master Conditions referred to in Schedule 2 to the Existing Constituting Instrument shall apply as amended, supplemented or restated by Schedule 2 of this Supplemental Constituting Instrument. The Issuer shall procure that notice is provided to the Noteholders of the amendments set out in Schedule 2.

2.2                   The Issuer, the Counterparty and the Trustee agree that the Existing Constituting Instrument incorporating and amending the Master Trust Terms (October 2005 Edition) (Reference: MTTOctober 2005) (the "Master Trust Terms") is amended and supplemented as set out in this Supplemental Constituting Instrument.

2.3       The Issuer, the Counterparty and the Trustee agree that, by their executing this Supplemental Constituting Instrument, the Trust Deed for the Series is amended and supplemented as set out herein with effect from the date hereof.

 

2.4       The Issuer, the Trustee and the Counterparty agree that (i) the Released Assets (as defined in Schedule 5 shall be released from the security created by the Trust Deed on 17 April 2018 (the "Amendment Date"); and (ii) the Issuer (as Vendor) shall sell the Released Assets to the Purchaser under a securities sales agreement dated the Amendment Date as set out in Schedule 6 hereto, free and clear of any interest of the Trustee or any other person, whereupon the Released Assets shall cease to form part of the Charged Assets.

 

2.5       The Trust Deed, the Existing Constituting Instrument, and the Series Documents shall remain in full force and effect, to the extent they have not been amended by this document.

 

 

3.         Charged Agreement

3.1       The Trustee having received direction from the holders of one hundred per cent in principal amount of the Notes outstanding by way of the Written Resolution as more particularly set out in Clause 5 (Conditions Precedent) below, hereby gives its consent to the amendment of the Swap Confirmation dated 14 January 2005, as so amended and supplemented on 28 October 2005, 25  November 2005, 5 May 2006, 16 November 2007, 28 March 2008, 2 December 2010, 23 March 2011, 6 May 2011, 11 March 2013, 12 December 2014, 29 December 2014 and 23 February 2016, forming part of the Charged Agreement in relation to the Notes as specified in the Amendment to Swap Confirmation set out in Schedule 4 hereto.

 

3.2       The Issuer and the Counterparty agree that by their executing this Supplemental Constituting Instrument the Swap Agreement shall be amended as specified in the Amendment to Swap Agreement set out in Schedule 4 hereto with effect from the date hereof.

4.         Securities Sale Agreement

Vendor and the Purchaser, each as defined in the Securities Sales Agreement agree that by their executing this Supplemental Constituting Instrument the securities sale agreement as set out in Schedule 6 hereto, the ("Securities Sale Agreement") entered into as of the Amendment Date.

5.         Conditions Precedent

The provisions of this Supplemental Constituting Instrument and the rights and obligations of the parties are subject to, and shall not take effect until:

(A)       the production to the Trustee of evidence satisfactory to it that on or about the date hereof the Series are held by the Noteholder;

(B)       the production to the Trustee of a copy of the Written Resolution; and

(C)       the production to the Trustee of such evidence as the Trustee may require of the execution and delivery of this Supplemental Constituting Instrument (and the Trustee shall not enquire as to whether any such purported execution is valid, or obtain any legal opinion thereon).

6.         Counterparts, Contracts (Rights of Third Parties) Act 1999, Governing Law and Jurisdiction and Agent for Service of Process

Clauses 9, 11, 12 and 13 of the Existing Constituting Instrument shall apply hereto.



IN WITNESS whereof this Supplemental Constituting Instrument has been executed and delivered as a deed by each party to this Supplemental Constituting Instrument on the date stated at the beginning of this Supplemental Constituting Instrument.

 


SCHEDULE 1: PARTIES TO DOCUMENTS

1

2

3

Party and office through which acting

Capacity

Execution by such Party

BOIRO FINANCE B.V.

(having its corporate seat in Amsterdam)

De entree 99

1101 HE Amsterdam

The Netherlands

 

 

Attention: Managing Director

Facsimile No: + 31 205 55 43 08

Telephone No: + 31 205 554 488

 

Issuer

Vendor

Party B

EXECUTED AS A DEED by              )
BOIRO FINANCE B.V.                        )
in the presence of:                             )

 

 

 

Deutsche Trustee Company Limited
Winchester House

1 Great Winchester Street

London EC2N 2DB


Attention: Managing Director

Telephone No.: +44 (0) 207 547 0740

Fax No.: +44 (0) 207 547 0916

 

Trustee

 

EXECUTED AS A DEED by                  )
Deutsche Trustee Company Limited   )
in the presence of:                               )

BBVA Ireland p.l.c.

Commerzbank House, 1

Guild Street, ground fl,

IFSC, Dublin 1,

Ireland

 

Attention: Pablo Vallejo/Jorge Cruellas

 

Facsimile No.: +353 01 670 2848

Telephone No.: +353 01 670 2847

Paying Agent

EXECUTED AS A DEED by              )

BBVA Ireland p.l.c.                              )
by:                                                      )

Banco Bilbao Vizcaya Argentaria, S.A.
CIUDAD BBVA- c/ Sauceda, 28 Edificio ASIA Nivel 1

28050 Madrid

Attention: Marian Coscarón /  Lorena Suarez / Christian Mortensen

Facsimile No.: 34 91 537 0568

Telephone No.: 34 91 382 6072

Counterparty/Party A

Purchaser

Dealer

Principal Paying Agent

Issue Agent

Realisation Agent

Interest Calculation Agent

Determination Agent

Custodian

EXECUTED AS A DEED by                            )
Banco Bilbao Vizcaya Argentaria, S.A.           )
in the presence of:                                           )

 

 

 

 

 

 

 

 


SCHEDULE 2:

AMENDMENT TO THE TERMS AND CONDITIONS OF THE NOTES

 

 

With effect from 17 April 2018, the Terms and Conditions of the Notes are hereby amended as follows:

 

 

a)    Paragraph 9 "Charged Assets" shall be deleted in its entirety and replaced with the following:

 

9.

 

Charged Assets:

 

(i) Euro 1,430,000 nominal amount of Norddeutsche Landesbank Girozentrale Euro 36,000,000 Subordinated Floating Notes due 2030 issued under its US$ 20,000,000,000 Programme for the Issuance of Debt Instruments (ISIN CODE: XS0119421211)

 

(ii) Euro 5,100,000 nominal amount of Hamburgische Landesbank- Girozentrale Euro 50,000,000 Subordinated Floating Rate Notes due 28 November 2030 issued under the Hamburgische Landesbank-Girozentrale, Hamburgische London Branch and Hamburgische LB Finance Euro 10,000,000,000 Medium Term Note Programme (ISIN CODE: XS0120635809)

 

(iii) Euro 4,500,000 nominal amount of Bremer Landesbank Kredietanstal Oldeburg-Girozentrale Euro 50,000,000 Floating Rate Notes due 2030 issued under its Euro 10,000,000,000 Programme for the Issuance of Debt Instruments. (ISIN CODE: XS0113243397)

 

(iv) Euro 10,000,000 nominal amount of Principal Financial Global Funding, LLC Euro 30,000,000 Floating Rate Instruments due 2019 secured by a funding agreement issued by Principal Life Insurance Company under the US$ 4,000,000,000 Programme (ISIN CODE: XS0123228289)

 

(v) Euro 1,115,000 nominal amount of Euro 75,631,000 Subordinated Floating Rate Registered Notes due January 2030 issued by Landesbank Sachsen Girozentrale under its EURO 5,000,000,000 Euro Medium Term Note Programme (ISIN CODE: XS0105748205)

 

(vi) Euro 16,000,000 nominal amount of Euro 2,000,000,000 5 per cent Fixed Rate Bonds issued by Fondo de Amortización del Déficit Eléctrico (ISIN CODE: ES0378641015)

 

(vii) EUR 4,500,000 nominal amount of 4.2 per cent Fixed Rate Bonds issued by the Spanish Government (ISIN CODE: ES0000012932)

 

(viii) Euro 440,000 nominal amount of Spanish Government 4.7 per cent Fixed Rate Bonds due 2041 (ISIN CODE: ES00000121S7).

 

(ix) Euro 11,973,000 nominal amount of Spanish Government 4.85 per cent Fixed Rate Bonds due 2020 (ISIN CODE: ES00000122T3).

 

(x) Euro 6,090,000 nominal amount of Spanish Government 5.15 per cent Fixed Rate Bonds due 2044 (ISIN CODE: ES00000124H4).

 

(xi) Euro 7,262,000 nominal amount of Spanish Government 6 per cent Fixed Rate Bonds due 2029 (ISIN CODE: ES0000011868).

 

 

 

b)    Paragraph 10 "Charged Agreement" shall be amended so as to include reference to an Amendment to the Swap Confirmation dated 17 April 2018.

 

c)    Paragraph 25 (i) "Redemption Amount" shall be deleted and replaced to read as follows:

 

25

(i) Redemption Amount:

 

Redemption by instalments. Unless otherwise redeemed in full prior to the Maturity Date in accordance with the Conditions (and for the purposes of any such early redemption the Redemption Amount shall be the outstanding principal amount of the Notes, except on early redemption pursuant to Condition 7(b), Condition 7(c) or Condition 9), the Notes will be redeemed by the payment on each date specified in Column A of Annex 1 hereto (each an "Instalment Date") of an aggregate amount of principal corresponding to the amount specified with respect to such Instalment Date in Column C of Annex 1 hereto, such payment to be made to each Noteholder pro rata to the principal amount of the Notes held by such Noteholder (each an "Instalment Amount"). Notwithstanding Condition 7 (i) (Redemption by Instalments) and for the purposes of these Conditions, the outstanding principal amount of each Note on any date shall be an amount equal to the sum of Instalment Amounts that would be due in respect of such Note on each Instalment Date calculated from but excluding such date to and including the Maturity Date.

                                                            

For the avoidance of doubt, the total aggregate amount of Instalment Amounts payable under the Notes shall be an amount equal to EUR 83,715,248.45 and no further amounts in respect of principal shall be due to Noteholders in respect thereof.

 

d)    Annex 1 specifying, among others, the amount of interest and principal payable to the Noteholders on each Interest Payment Date / Instalment Date shall be deleted in its entirety and replaced with the following:

 

Annex 1

 

COLUMN A

COLUMN B

COLUMN C

COLUMN D

Interest Payment Date / Instalment Date

Aggregate amount of interest and principal payable to the Noteholders on the relevant date

Aggregate Instalment Amounts

Aggregate Interest Amounts


(EUR)

(EUR)

(EUR)

31/01/2005

                   433.780,04  

0

               433.780,04  

28/02/2005

                   432.965,16  

0

               432.965,16  

31/03/2005

                   431.802,38  

0

               431.802,38  

30/04/2005

                   430.994,12  

0

               430.994,12  

31/05/2005

                   429.703,52  

0

               429.703,52  

30/06/2005

                   526.900,45  

0

               526.900,45  

31/07/2005

                   428.088,15  

0

               428.088,15  

31/08/2005

                   427.275,23  

0

               427.275,23  

30/09/2005

                   426.460,05  

0

               426.460,05  

31/10/2005

                   425.641,67  

0

               425.641,67  

30/11/2005

                   562.886,72  

0

               562.886,72  

31/12/2005

                   458.617,19  

0

               458.617,19  

31/01/2006

                   466.778,67  

0

               466.778,67  

28/02/2006

                   465.819,53  

0

               465.819,53  

31/03/2006

                   464.809,34  

0

               464.809,34  

30/04/2006

                   463.853,79  

0

               463.853,79  

31/05/2006

                   470.087,79  

0

               470.087,79  

30/06/2006

                   575.372,46  

0

               575.372,46  

31/07/2006

                   468.145,07  

0

               468.145,07  

31/08/2006

                   467.169,00  

0

               467.169,00  

30/09/2006

                   466.190,45  

0

               466.190,45  

31/10/2006

                   465.207,50  

0

               465.207,50  

30/11/2006

                   569.876,62  

0

               569.876,62  

31/12/2006

                   463.243,79  

0

               463.243,79  

31/01/2007

                   471.457,67  

0

               471.457,67  

28/02/2007

                   470.448,66  

0

               470.448,66  

31/03/2007

                   469.436,60  

0

               469.436,60  

30/04/2007

                   468.432,89  

0

               468.432,89  

31/05/2007

                   467.434,67  

0

               467.434,67  

30/06/2007

                   573.301,62  

0

               573.301,62  

31/07/2007

                   465.426,41  

0

               465.426,41  

31/08/2007

                   464.414,70  

0

               464.414,70  

30/09/2007

                   463.399,96  

0

               463.399,96  

31/10/2007

                   462.380,73  

0

               462.380,73  

30/11/2007

                   567.572,15  

0

               567.572,15  

31/12/2007

                   460.345,31  

0

               460.345,31  

31/01/2008

                   468.465,58  

0

               468.465,58  

29/02/2008

                   467.420,53  

0

               467.420,53  

31/03/2008

                   466.372,97  

0

               466.372,97  

30/04/2008

                   465.333,77  

0

               465.333,77  

31/05/2008

                   464.300,72  

0

               464.300,72  

30/06/2008

                   572.011,33  

0

               572.011,33  

31/07/2008

                   462.222,22  

0

               462.222,22  

31/08/2008

                   461.175,23  

0

               461.175,23  

30/09/2008

                   460.125,01  

0

               460.125,01  

31/10/2008

                   459.070,20  

0

               459.070,20  

30/11/2008

                   566.251,90  

0

               566.251,90  

31/12/2008

                   456.956,52  

0

               456.956,52  

31/01/2009

                   464.542,80  

0

               464.542,80  

28/02/2009

                   463.442,73  

0

               463.442,73  

31/03/2009

                   462.333,94  

0

               462.333,94  

30/04/2009

                   461.258,69  

0

               461.258,69  

31/05/2009

                   460.190,23  

0

               460.190,23  

30/06/2009

                   568.767,45  

0

               568.767,45  

31/07/2009

                   458.037,82  

0

               458.037,82  

31/08/2009

                   456.688,68  

0

               456.688,68  

30/09/2009

                   455.591,79  

0

               455.591,79  

31/10/2009

                   454.502,06  

0

               454.502,06  

30/11/2009

                   562.512,53  

0

               562.512,53  

31/12/2009

                   452.310,52  

0

               452.310,52  

31/01/2010

                   460.128,22  

0

               460.128,22  

28/02/2010

                   459.009,99  

0

               459.009,99  

31/03/2010

                   457.893,16  

0

               457.893,16  

30/04/2010

                   456.784,19  

0

               456.784,19  

31/05/2010

                   455.680,33  

0

               455.680,33  

30/06/2010

                   565.056,29  

0

               565.056,29  

31/07/2010

                   453.459,41  

0

               453.459,41  

31/08/2010

                   452.289,76  

0

               452.289,76  

30/09/2010

                   451.166,93  

0

               451.166,93  

31/10/2010

                   450.041,71  

0

               450.041,71  

30/11/2010

                   558.803,52  

0

               558.803,52  

07/12/2010

                   739.866,99  

    739.866,99  

0

31/12/2010

                   442.788,38  

0

               442.788,38  

31/01/2011

                   450.464,57  

0

               450.464,57  

28/02/2011

                   449.324,62  

0

               449.324,62  

31/03/2011

                   448.183,13  

0

               448.183,13  

30/04/2011

                   447.050,67  

0

               447.050,67  

31/05/2011

                   445.924,54  

0

               445.924,54  

30/06/2011

                   554.706,39  

0

               554.706,39  

31/07/2011

                   443.659,14  

0

               443.659,14  

31/08/2011

                   442.519,75  

0

               442.519,75  

30/09/2011

                   441.377,24  

0

               441.377,24  

31/10/2011

                   440.230,37  

0

               440.230,37  

30/11/2011

                   548.348,57  

0

               548.348,57  

31/12/2011

                   437.944,78  

0

               437.944,78  

31/01/2012

                   445.493,90  

0

               445.493,90  

29/02/2012

                   444.323,57  

0

               444.323,57  

31/03/2012

                   443.152,97  

0

               443.152,97  

30/04/2012

                   441.990,35  

0

               441.990,35  

31/05/2012

                   440.832,09  

0

               440.832,09  

30/06/2012

                   550.142,87  

0

               550.142,87  

31/07/2012

                   438.502,35  

0

               438.502,35  

31/08/2012

                   437.331,19  

0

               437.331,19  

30/09/2012

                   436.157,13  

0

               436.157,13  

31/10/2012

                   434.979,07  

0

               434.979,07  

30/11/2012

                   543.555,59  

0

               543.555,59  

31/12/2012

                   432.643,20  

0

               432.643,20  

31/01/2013

                   440.117,71  

0

               440.117,71  

28/02/2013

                   438.980,16  

0

               438.980,16  

13/03/2013

                3.283.036,88  

 3.283.036,88  

0

31/03/2013

                   420.228,88  

0

               420.228,88  

30/04/2013

                   419.255,27  

0

               419.255,27  

31/05/2013

                   418.275,76  

0

               418.275,76  

30/06/2013

                   529.880,42  

0

               529.880,42  

31/07/2013

                   417.112,32  

0

               417.112,32  

31/08/2013

                   415.306,76  

0

               415.306,76  

30/09/2013

                   414.310,83  

0

               414.310,83  

31/10/2013

                   413.311,44  

0

               413.311,44  

30/11/2013

                   523.848,22  

0

               523.848,22  

31/12/2013

                   412.107,33  

0

               412.107,33  

31/01/2014

                   418.441,59  

0

               418.441,59  

28/02/2014

                   415.744,38  

0

               415.744,38  

31/03/2014

                   414.717,61  

0

               414.717,61  

30/04/2014

                   413.686,44  

0

               413.686,44  

31/05/2014

                   412.648,83  

0

               412.648,83  

30/06/2014

                   523.817,46  

0

               523.817,46  

31/07/2014

                   411.370,30  

0

               411.370,30  

31/08/2014

                   409.508,92  

0

               409.508,92  

30/09/2014

                   408.423,80  

0

               408.423,80  

31/10/2014

                   407.363,88  

0

               407.363,88  

30/11/2014

                   517.359,03  

0

               517.359,03  

16/12/2014

                1.024.287,60  

 1.024.287,60  

0

31/12/2014

                   370.279,74  

0

               370.279,74  

31/01/2015

                   397.131,66  

0

               397.131,66  

28/02/2015

                   396.179,07  

0

               396.179,07  

31/03/2015

                   395.227,95  

0

               395.227,95  

30/04/2015

                   394.273,09  

0

               394.273,09  

31/05/2015

                   393.311,86  

0

               393.311,86  

30/06/2015

                   505.151,67  

0

               505.151,67  

31/07/2015

                   391.376,12  

0

               391.376,12  

31/08/2015

                   390.401,60  

0

               390.401,60  

30/09/2015

                   389.424,80  

0

               389.424,80  

31/10/2015

                   388.444,88  

0

               388.444,88  

30/11/2015

                   499.038,13  

0

               499.038,13  

31/12/2015

                   386.452,13  

0

               386.452,13  

31/01/2016

                   393.161,04  

0

               393.161,04  

25/02/2016

                1.351.761,38  

 1.351.761,38  

0

29/02/2016

                   384.475,20  

0

               384.475,20  

31/03/2016

                   383.476,87  

0

               383.476,87  

30/04/2016

                   382.474,60  

0

               382.474,60  

31/05/2016

                   381.466,27  

0

               381.466,27  

30/06/2016

                   489.795,73  

0

               489.795,73  

31/07/2016

                   379.436,18  

0

               379.436,18  

31/08/2016

                   378.413,90  

0

               378.413,90  

30/09/2016

                   377.389,55  

0

               377.389,55  

31/10/2016

                   376.362,52  

0

               376.362,52  

30/11/2016

                   483.971,04  

0

               483.971,04  

31/12/2016

                   373.693,19  

0

               373.693,19  

31/01/2017

                   380.096,50  

0

               380.096,50  

28/02/2017

                   379.032,05  

0

               379.032,05  

31/03/2017

                   377.970,64  

0

               377.970,64  

30/04/2017

                   376.905,18  

0

               376.905,18  

31/05/2017

                   375.834,50  

0

               375.834,50  

30/06/2017

                   483.014,53  

0

               483.014,53  

31/07/2017

                   373.679,55  

0

               373.679,55  

31/08/2017

                   372.594,79  

0

               372.594,79  

30/09/2017

                   371.508,88  

0

               371.508,88  

31/10/2017

                   370.419,69  

0

               370.419,69  

30/11/2017

                   476.768,78  

    453.663,10  

                 23.105,69  

31/12/2017

                   367.631,10  

    367.631,10  

0

31/01/2018

                   374.479,81  

    374.479,81  

0

28/02/2018

                   373.352,39  

    373.352,39  

0

31/03/2018

                   372.228,43  

    372.228,43  

0

19/04/2018

                1.636.691,68  

 1.636.691,68  

0

30/04/2018

                   361.127,08  

    361.127,08  

0

31/05/2018

                   360.027,93  

    360.027,93  

0

30/06/2018

                   463.339,39  

    463.339,39  

0

31/07/2018

                   357.816,21  

    357.816,21  

0

31/08/2018

                   356.726,59  

    356.726,59  

0

30/09/2018

                   355.613,38  

    355.613,38  

0

31/10/2018

                   354.497,72  

    354.497,72  

0

30/11/2018

                   457.511,29  

    457.511,29  

0

31/12/2018

                   351.054,86  

    351.054,86  

0

31/01/2019

                   358.259,15  

    358.259,15  

0

28/02/2019

                   357.106,45  

    357.106,45  

0

31/03/2019

                   355.956,45  

    355.956,45  

0

30/04/2019

                   354.803,28  

    354.803,28  

0

31/05/2019

                   353.644,22  

    353.644,22  

0

30/06/2019

                   455.281,50  

    455.281,50  

0

31/07/2019

                   351.313,27  

    351.313,27  

0

31/08/2019

                   350.142,09  

    350.142,09  

0

30/09/2019

                   348.970,46  

    348.970,46  

0

31/10/2019

                   347.796,43  

    347.796,43  

0

30/11/2019

                   449.038,14  

    449.038,14  

0

31/12/2019

                   344.246,38  

    344.246,38  

0

31/01/2020

                   351.157,04  

    351.157,04  

0

29/02/2020

                   349.945,47  

    349.945,47  

0

31/03/2020

                   348.738,80  

    348.738,80  

0

30/04/2020

                   347.528,27  

    347.528,27  

0

31/05/2020

                   346.312,95  

    346.312,95  

0

30/06/2020

                   446.020,34  

    446.020,34  

0

31/07/2020

                   343.868,88  

    343.868,88  

0

31/08/2020

                   342.639,85  

    342.639,85  

0

30/09/2020

                   341.410,70  

    341.410,70  

0

31/10/2020

                   340.180,54  

    340.180,54  

0

30/11/2020

                   439.389,96  

    439.389,96  

0

31/12/2020

                   336.530,53  

    336.530,53  

0

31/01/2021

                   343.221,94  

    343.221,94  

0

28/02/2021

                   341.954,43  

    341.954,43  

0

31/03/2021

                   340.690,13  

    340.690,13  

0

30/04/2021

                   339.421,79  

    339.421,79  

0

31/05/2021

                   328.764,42  

    328.764,42  

0

30/06/2021

                   433.475,92  

    433.475,92  

0

31/07/2021

                   336.388,51  

    336.388,51  

0

31/08/2021

                   334.390,10  

    334.390,10  

0

30/09/2021

                   333.101,49  

    333.101,49  

0

31/10/2021

                   333.376,19  

    333.376,19  

0

30/11/2021

                   426.466,67  

    426.466,67  

0

31/12/2021

                   328.631,35  

    328.631,35  

0

31/01/2022

                   334.485,43  

    334.485,43  

0

28/02/2022

                   333.172,58  

    333.172,58  

0

31/03/2022

                   331.844,98  

    331.844,98  

0

30/04/2022

                   330.517,77  

    330.517,77  

0

31/05/2022

                   330.772,08  

    330.772,08  

0

30/06/2022

                   421.972,90  

    421.972,90  

0

31/07/2022

                   327.192,63  

    327.192,63  

0

31/08/2022

                   325.166,19  

    325.166,19  

0

30/09/2022

                   323.822,08  

    323.822,08  

0

31/10/2022

                   324.060,33  

    324.060,33  

0

30/11/2022

                   414.600,26  

    414.600,26  

0

31/12/2022

                   319.189,24  

    319.189,24  

0

31/01/2023

                   324.802,27  

    324.802,27  

0

28/02/2023

                   323.435,68  

    323.435,68  

0

31/03/2023

                   322.053,38  

    322.053,38  

0

30/04/2023

                   320.672,37  

    320.672,37  

0

31/05/2023

                   320.885,49  

    320.885,49  

0

30/06/2023

                   409.609,72  

    409.609,72  

0

31/07/2023

                   316.958,91  

    316.958,91  

0

31/08/2023

                   315.106,15  

    315.106,15  

0

30/09/2023

                   313.708,29  

    313.708,29  

0

31/10/2023

                   313.898,84  

    313.898,84  

0

30/11/2023

                   401.691,37  

    401.691,37  

0

31/12/2023

                   308.916,40  

    308.916,40  

0

31/01/2024

                   314.276,99  

    314.276,99  

0

29/02/2024

                   312.857,51  

    312.857,51  

0

31/03/2024

                   311.422,89  

    311.422,89  

0

30/04/2024

                   309.990,24  

    309.990,24  

0

31/05/2024

                   310.147,50  

    310.147,50  

0

30/06/2024

                   395.807,32  

    395.807,32  

0

31/07/2024

                   306.285,46  

    306.285,46  

0

31/08/2024

                   304.222,08  

    304.222,08  

0

30/09/2024

                   302.775,77  

    302.775,77  

0

31/10/2024

                   302.906,78  

    302.906,78  

0

30/11/2024

                   387.765,19  

    387.765,19  

0

31/12/2024

                   297.834,34  

    297.834,34  

0

31/01/2025

                   302.933,73  

    302.933,73  

0

28/02/2025

                   301.465,39  

    301.465,39  

0

31/03/2025

                   299.981,93  

    299.981,93  

0

30/04/2025

                   298.500,83  

    298.500,83  

0

31/05/2025

                   298.588,50  

    298.588,50  

0

30/06/2025

                   381.207,06  

    381.207,06  

0

31/07/2025

                   294.610,17  

    294.610,17  

0

31/08/2025

                   292.537,10  

    292.537,10  

0

30/09/2025

                   291.042,03  

    291.042,03  

0

31/10/2025

                   291.098,24  

    291.098,24  

0

30/11/2025

                   372.853,63  

    372.853,63  

0

31/12/2025

                   285.945,52  

    285.945,52  

0

31/01/2026

                   290.767,68  

    290.767,68  

0

28/02/2026

                   289.250,02  

    289.250,02  

0

31/03/2026

                   287.717,55  

    287.717,55  

0

30/04/2026

                   286.189,10  

    286.189,10  

0

31/05/2026

                   286.195,59  

    286.195,59  

0

30/06/2026

                   365.614,78  

    365.614,78  

0

31/07/2026

                   282.123,73  

    282.123,73  

0

31/08/2026

                   280.049,78  

    280.049,78  

0

30/09/2026

                   278.512,23  

    278.512,23  

0

31/10/2026

                   278.484,31  

    278.484,31  

0

30/11/2026

                   356.986,80  

    356.986,80  

0

31/12/2026

                   273.278,49  

    273.278,49  

0

31/01/2027

                   277.818,10  

    277.818,10  

0

28/02/2027

                   276.257,67  

    276.257,67  

0

31/03/2027

                   274.685,20  

    274.685,20  

0

30/04/2027

                   273.115,66  

    273.115,66  

0

31/05/2027

                   273.025,68  

    273.025,68  

0

30/06/2027

                   349.113,06  

    349.113,06  

0

31/07/2027

                   268.885,19  

    268.885,19  

0

31/08/2027

                   266.814,74  

    266.814,74  

0

30/09/2027

                   265.234,40  

    265.234,40  

0

31/10/2027

                   265.095,04  

    265.095,04  

0

30/11/2027

                   340.211,93  

    340.211,93  

0

31/12/2027

                   259.859,36  

    259.859,36  

0

31/01/2028

                   264.103,32  

    264.103,32  

0

29/02/2028

                   262.499,78  

    262.499,78  

0

31/03/2028

                   260.884,41  

    260.884,41  

0

30/04/2028

                   259.274,00  

    259.274,00  

0

31/05/2028

                   259.059,33  

    259.059,33  

0

30/06/2028

                   331.674,63  

    331.674,63  

0

31/07/2028

                   254.882,48  

    254.882,48  

0

31/08/2028

                   252.827,37  

    252.827,37  

0

30/09/2028

                   251.213,29  

    251.213,29  

0

31/10/2028

                   250.944,02  

    250.944,02  

0

30/11/2028

                   322.533,70  

    322.533,70  

0

31/12/2028

                   245.717,11  

    245.717,11  

0

31/01/2029

                   249.661,79  

    249.661,79  

0

28/02/2029

                   248.024,28  

    248.024,28  

0

31/03/2029

                   246.376,95  

    246.376,95  

0

30/04/2029

                   244.734,91  

    244.734,91  

0

31/05/2029

                   244.383,92  

    244.383,92  

0

30/06/2029

                   313.382,35  

    313.382,35  

0

31/07/2029

                   240.208,07  

    240.208,07  

0

31/08/2029

                   238.177,50  

    238.177,50  

0

30/09/2029

                   236.537,76  

    236.537,76  

0

31/10/2029

                   236.128,74  

    236.128,74  

0

30/11/2029

                   304.041,85  

    304.041,85  

0

31/12/2029

                   230.945,56  

    230.945,56  

0

31/01/2030

                   234.590,49  

    234.590,49  

0

28/02/2030

                   232.930,38  

    232.930,38  

0

31/03/2030

                   231.262,27  

    231.262,27  

0

30/04/2030

                   229.600,24  

    229.600,24  

0

31/05/2030

                   229.110,70  

    229.110,70  

0

30/06/2030

                   294.353,64  

    294.353,64  

0

31/07/2030

                   224.971,68  

    224.971,68  

0

31/08/2030

                   222.981,38  

    222.981,38  

0

30/09/2030

                   221.329,97  

    221.329,97  

0

31/10/2030

                   220.785,59  

    220.785,59  

0

30/11/2030

                   284.890,76  

    284.890,76  

0

31/12/2030

                   215.688,79  

    215.688,79  

0

31/01/2031

                   219.036,93  

    219.036,93  

0

28/02/2031

                   217.339,08  

    217.339,08  

0

31/03/2031

                   215.721,54  

    215.721,54  

0

30/04/2031

                   214.025,75  

    214.025,75  

0

31/05/2031

                   213.405,99  

    213.405,99  

0

30/06/2031

                   274.767,94  

    274.767,94  

0

31/07/2031

                   209.341,75  

    209.341,75  

0

31/08/2031

                   207.407,43  

    207.407,43  

0

30/09/2031

                   205.759,97  

    205.759,97  

0

31/10/2031

                   205.090,82  

    205.090,82  

0

30/11/2031

                   265.266,96  

    265.266,96  

0

31/12/2031

                   200.119,34  

    200.119,34  

0

31/01/2032

                   203.179,33  

    203.179,33  

0

29/02/2032

                   201.518,42  

    201.518,42  

0

31/03/2032

                   199.853,67  

    199.853,67  

0

30/04/2032

                   198.197,16  

    198.197,16  

0

31/05/2032

                   197.461,67  

    197.461,67  

0

30/06/2032

                   254.826,93  

    254.826,93  

0

31/07/2032

                   193.501,99  

    193.501,99  

0

31/08/2032

                   191.636,26  

    191.636,26  

0

30/09/2032

                   190.007,81  

    190.007,81  

0

31/10/2032

                   188.181,77  

    188.181,77  

0

30/11/2032

                   245.579,69  

    245.579,69  

0

31/12/2032

                   184.427,73  

    184.427,73  

0

31/01/2033

                   187.212,03  

    187.212,03  

0

28/02/2033

                   185.572,79  

    185.572,79  

0

31/03/2033

                   183.936,90  

    183.936,90  

0

30/04/2033

                   182.133,82  

    182.133,82  

0

31/05/2033

                   180.705,17  

    180.705,17  

0

30/06/2033

                   234.842,05  

    234.842,05  

0

31/07/2033

                   177.677,35  

    177.677,35  

0

31/08/2033

                   175.741,96  

    175.741,96  

0

30/09/2033

                   174.306,56  

    174.306,56  

0

31/10/2033

                   172.720,17  

    172.720,17  

0

30/11/2033

                   225.654,05  

    225.654,05  

0

31/12/2033

                   168.848,64  

    168.848,64  

0

31/01/2034

                   171.375,18  

    171.375,18  

0

28/02/2034

                   170.456,84  

    170.456,84  

0

31/03/2034

                   168.058,04  

    168.058,04  

0

30/04/2034

                   166.623,98  

    166.623,98  

0

31/05/2034

                   165.060,42  

    165.060,42  

0

30/06/2034

                   215.064,28  

    215.064,28  

0

31/07/2034

                   162.707,71  

    162.707,71  

0

31/08/2034

                   160.285,67  

    160.285,67  

0

30/09/2034

                   158.865,86  

    158.865,86  

0

31/10/2034

                   157.337,90  

    157.337,90  

0

30/11/2034

                   206.017,61  

    206.017,61  

0

31/12/2034

                   153.584,73  

    153.584,73  

0

31/01/2035

                   155.864,78  

    155.864,78  

0

28/02/2035

                   154.905,16  

    154.905,16  

0

31/03/2035

                   152.712,64  

    152.712,64  

0

30/04/2035

                   151.305,09  

    151.305,09  

0

31/05/2035

                   149.811,67  

    149.811,67  

0

30/06/2035

                   195.586,86  

    195.586,86  

0

31/07/2035

                   147.461,45  

    147.461,45  

0

31/08/2035

                   145.285,86  

    145.285,86  

0

30/09/2035

                   143.904,87  

    143.904,87  

0

31/10/2035

                   142.454,24  

    142.454,24  

0

30/11/2035

                   186.915,14  

    186.915,14  

0

31/12/2035

                   138.867,51  

    138.867,51  

0

31/01/2036

                   140.925,63  

    140.925,63  

0

29/02/2036

                   139.959,15  

    139.959,15  

0

31/03/2036

                   137.971,86  

    137.971,86  

0

30/04/2036

                   136.616,61  

    136.616,61  

0

31/05/2036

                   135.206,06  

    135.206,06  

0

30/06/2036

                   176.813,21  

    176.813,21  

0

31/07/2036

                   132.906,27  

    132.906,27  

0

31/08/2036

                   130.959,10  

    130.959,10  

0

30/09/2036

                   129.637,61  

    129.637,61  

0

31/10/2036

                   128.275,06  

    128.275,06  

0

30/11/2036

                   168.590,82  

    168.590,82  

0

31/12/2036

                   124.886,68  

    124.886,68  

0

31/01/2037

                   126.735,58  

    126.735,58  

0

28/02/2037

                   125.785,83  

    125.785,83  

0

31/03/2037

                   123.992,16  

    123.992,16  

0

30/04/2037

                   122.709,19  

    122.709,19  

0

31/05/2037

                   121.394,20  

    121.394,20  

0

30/06/2037

                   158.937,57  

    158.937,57  

0

31/07/2037

                   119.197,68  

    119.197,68  

0

31/08/2037

                   117.468,88  

    117.468,88  

0

30/09/2037

                   116.235,15  

    116.235,15  

0

31/10/2037

                   114.983,85  

    114.983,85  

0

30/11/2037

                   151.300,53  

    151.300,53  

0

31/12/2037

                   111.850,56  

    111.850,56  

0

31/01/2038

                   113.524,17  

    113.524,17  

0

28/02/2038

                   112.629,19  

    112.629,19  

0

31/03/2038

                   111.031,68  

    111.031,68  

0

30/04/2038

                   109.848,05  

    109.848,05  

0

31/05/2038

                   108.647,70  

    108.647,70  

0

30/06/2038

                   142.334,85  

    142.334,85  

0

31/07/2038

                   106.606,11  

    106.606,11  

0

31/08/2038

                   105.078,26  

    105.078,26  

0

30/09/2038

                   103.943,33  

    103.943,33  

0

31/10/2038

                   102.804,22  

    102.804,22  

0

30/11/2038

                   135.333,63  

    135.333,63  

0

31/12/2038

                     99.935,50  

      99.935,50  

0

31/01/2039

                   101.445,68  

    101.445,68  

0

28/02/2039

                   100.609,17  

    100.609,17  

0

31/03/2039

                     99.193,70  

      99.193,70  

0

30/04/2039

                     98.110,12  

      98.110,12  

0

31/05/2039

                     97.018,95  

      97.018,95  

0

30/06/2039

                   127.067,76  

    127.067,76  

0

31/07/2039

                     95.132,08  

      95.132,08  

0

31/08/2039

                     93.788,13  

      93.788,13  

0

30/09/2039

                     92.754,54  

      92.754,54  

0

31/10/2039

                     91.725,48  

      91.725,48  

0

30/11/2039

                   120.691,84  

    120.691,84  

0

31/12/2039

                     89.124,65  

      89.124,65  

0

31/01/2040

                     90.484,14  

      90.484,14  

0

29/02/2040

                     89.710,14  

      89.710,14  

0

31/03/2040

                     88.463,82  

      88.463,82  

0

30/04/2040

                     87.481,94  

      87.481,94  

0

31/05/2040

                     86.499,51  

      86.499,51  

0

30/06/2040

                   113.148,58  

    113.148,58  

0

31/07/2040

                     84.777,92  

      84.777,92  

0

31/08/2040

                     83.598,64  

      83.598,64  

0

30/09/2040

                     82.664,78  

      82.664,78  

0

31/10/2040

                     81.737,65  

      81.737,65  

0

30/11/2040

                   107.371,60  

    107.371,60  

0

31/12/2040

                     79.402,32  

      79.402,32  

0

31/01/2041

                     80.605,27  

      80.605,27  

0

28/02/2041

                     75.016,02  

      75.016,02  

0

31/03/2041

                     79.051,09  

      79.051,09  

0

30/04/2041

                     78.151,98  

      78.151,98  

0

31/05/2041

                     77.263,61  

      77.263,61  

0

30/06/2041

                   100.742,85  

    100.742,85  

0

31/07/2041

                     75.516,05  

      75.516,05  

0

31/08/2041

                     74.651,46  

      74.651,46  

0

30/09/2041

                     73.804,13  

      73.804,13  

0

31/10/2041

                     72.965,14  

      72.965,14  

0

30/11/2041

                     95.504,31  

      95.504,31  

0

31/12/2041

                     70.841,18  

      70.841,18  

0

31/01/2042

                     71.916,28  

      71.916,28  

0

28/02/2042

                     71.102,82  

      71.102,82  

0

31/03/2042

                     70.292,86  

      70.292,86  

0

30/04/2042

                     69.486,64  

      69.486,64  

0

31/05/2042

                     68.689,80  

      68.689,80  

0

30/06/2042

                     89.263,74  

      89.263,74  

0

31/07/2042

                     67.123,42  

      67.123,42  

0

31/08/2042

                     66.349,11  

      66.349,11  

0

30/09/2042

                     65.588,39  

      65.588,39  

0

31/10/2042

                     64.833,78  

      64.833,78  

0

30/11/2042

                     84.535,57  

      84.535,57  

0

31/12/2042

                     62.929,80  

      62.929,80  

0

31/01/2043

                     63.875,65  

      63.875,65  

0

28/02/2043

                     63.146,80  

      63.146,80  

0

31/03/2043

                     62.421,22  

      62.421,22  

0

30/04/2043

                     61.698,33  

      61.698,33  

0

31/05/2043

                     60.985,17  

      60.985,17  

0

30/06/2043

                     78.899,80  

      78.899,80  

0

31/07/2043

                     59.588,09  

      59.588,09  

0

31/08/2043

                     58.896,65  

      58.896,65  

0

30/09/2043

                     58.217,32  

      58.217,32  

0

31/10/2043

                     57.542,28  

      57.542,28  

0

30/11/2043

                     74.651,67  

      74.651,67  

0

31/12/2043

                     55.847,38  

      55.847,38  

0

31/01/2044

                     56.676,10  

      56.676,10  

0

29/02/2044

                     56.028,00  

      56.028,00  

0

31/03/2044

                     55.382,23  

      55.382,23  

0

30/04/2044

                     54.738,12  

      54.738,12  

0

31/05/2044

                     54.104,53  

      54.104,53  

0

30/06/2044

                     69.614,69  

      69.614,69  

0

31/07/2044

                     52.870,53  

      52.870,53  

0

31/08/2044

                     52.259,14  

      52.259,14  

0

30/09/2044

                     51.659,24  

      51.659,24  

0

31/10/2044

                     51.062,25  

      51.062,25  

0

30/11/2044

                     65.848,22  

      65.848,22  

0

31/12/2044

                     49.573,94  

      49.573,94  

0

31/01/2045

                     50.302,03  

      50.302,03  

0

28/02/2045

                     49.730,20  

      49.730,20  

0

31/03/2045

                     49.161,34  

      49.161,34  

0

30/04/2045

                     48.593,90  

      48.593,90  

0

31/05/2045

                     48.037,52  

      48.037,52  

0

30/06/2045

                     61.429,15  

      61.429,15  

0

31/07/2045

                     46.957,37  

      46.957,37  

0

31/08/2045

                     46.420,57  

      46.420,57  

0

30/09/2045

                3.903.755,20  

 3.903.755,20  

0

 

 

The rest of the Terms and Conditions of the notes shall remain unchanged and in full force and effect.

 

 

 



 

 

 

 

SCHEDULE 3: DETAILS OF AGENT FOR SERVICE OF PROCESS

 

The party or parties listed below hereby appoint the persons set out against their respective names to act as the service of process agent with respect to any document to which they are a party in relation to the Notes.

Name of Party                                              Agent for Service of Process

Boiro Finance B.V.                                         Banco Bilbao Vizcaya Argentaria, S.A.

                                                                       One Canada Square, 44th Floor

                                                                       E14 5AA

                                                                       London



SCHEDULE 4: AMENDMENT TO INTEREST RATE SWAP CONFIRMATION

 

 

Date:                    17 April 2018

To:                       Boiro Finance B.V.

                            De entree 99

                            1101 HE Amsterdam

                            The Netherlands

 

From:                   Banco Bilbao Vizcaya Argentaria, S.A.

 

RE: IRS/BP/S- 118

Dear Sirs:

The purpose of this letter agreement is to amend and supplement the provisions of the transaction specified in a letter agreement entered into between us on 14 January 2005, as so amended and supplemented on 28 October 2005, 25  November 2005, 5 May 2006, 16 November 2007, 28 March 2008, 2 December 2010, 23 March 2011, 6 May 2011, 11 March 2013, 12 December 2014, 29 December 2014 and 23 February 2016 (the "Swap Confirmation") in respect of Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045 (the "Notes"). This agreement amends, supplements and forms part of the Swap Confirmation and all provisions contained in the Swap Confirmation govern this Agreement except as expressly modified hereby.

Capitalized terms used but not defined herein, shall have their respective meanings as defined in the Constituting Instrument dated 14 January 2005, as amended and supplemented from time to time and as further amended and supplemented on the date hereof (the "Constituting Instrument"), and in the event of any inconsistency between words and meaning defined in the Constituting Instrument and words and meaning defined in this Confirmation, this Confirmation will prevail.

 

With effect from the date hereof, the Swap Confirmation shall be deemed to be amended as follows:

 

(A) Under "Variable Amount- Party B": "Variable Amount Payments" shall be deleted and replaced to read as follows:

 

 

 

"Variable Amount Payments:

Party B will pay to Party A amounts equal to each amount of interest and principal payable to Party B in respect of the Charged Assets, as defined in the Terms and Conditions of the Notes as amended on 17 April 2018
in relation to Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045, on each date falling during the Term of this Transaction on which such amounts of interest and principal are scheduled to be paid to Party B in accordance with the terms and conditions of such Charged Assets in effect as of the 17 April 2018."

 

 

(B) The following sub-paragraph shall be inserted after the last sub-paragraph - "Initial Exchange IX - Party B":

 

    Initial Exchange X - Party B:

                        On the Initial Exchange Date X, Party B shall pay to Party A an amount in EUR equal to the Initial Exchange Amount X.

 

Initial Exchange Date X:          17 April 2018.

 

Initial Exchange Amount X:     EUR 1,724,791.68     

 

(C) The Annex to the Swap Confirmation shall be deleted in its entirety and replaced by the following: 

      ANNEX

FIXED RATED PAYMENT DATES

FIXED RATE PAYMENT AMOUNTS (EUR)

31/01/2005

                   433.780,04  

28/02/2005

                   432.965,16  

31/03/2005

                   431.802,38  

30/04/2005

                   430.994,12  

31/05/2005

                   429.703,52  

30/06/2005

                   526.900,45  

31/07/2005

                   428.088,15  

31/08/2005

                   427.275,23  

30/09/2005

                   426.460,05  

31/10/2005

                   425.641,67  

30/11/2005

                   562.886,72  

31/12/2005

                   458.617,19  

31/01/2006

                   466.778,67  

28/02/2006

                   465.819,53  

31/03/2006

                   464.809,34  

30/04/2006

                   463.853,79  

31/05/2006

                   470.087,79  

30/06/2006

                   575.372,46  

31/07/2006

                   468.145,07  

31/08/2006

                   467.169,00  

30/09/2006

                   466.190,45  

31/10/2006

                   465.207,50  

30/11/2006

                   569.876,62  

31/12/2006

                   463.243,79  

31/01/2007

                   471.457,67  

28/02/2007

                   470.448,66  

31/03/2007

                   469.436,60  

30/04/2007

                   468.432,89  

31/05/2007

                   467.434,67  

30/06/2007

                   573.301,62  

31/07/2007

                   465.426,41  

31/08/2007

                   464.414,70  

30/09/2007

                   463.399,96  

31/10/2007

                   462.380,73  

30/11/2007

                   567.572,15  

31/12/2007

                   460.345,31  

31/01/2008

                   468.465,58  

29/02/2008

                   467.420,53  

31/03/2008

                   466.372,97  

30/04/2008

                   465.333,77  

31/05/2008

                   464.300,72  

30/06/2008

                   572.011,33  

31/07/2008

                   462.222,22  

31/08/2008

                   461.175,23  

30/09/2008

                   460.125,01  

31/10/2008

                   459.070,20  

30/11/2008

                   566.251,90  

31/12/2008

                   456.956,52  

31/01/2009

                   464.542,80  

28/02/2009

                   463.442,73  

31/03/2009

                   462.333,94  

30/04/2009

                   461.258,69  

31/05/2009

                   460.190,23  

30/06/2009

                   568.767,45  

31/07/2009

                   458.037,82  

31/08/2009

                   456.688,68  

30/09/2009

                   455.591,79  

31/10/2009

                   454.502,06  

30/11/2009

                   562.512,53  

31/12/2009

                   452.310,52   

31/01/2010

                   460.128,22  

28/02/2010

                   459.009,99  

31/03/2010

                   457.893,16  

30/04/2010

                   456.784,19  

31/05/2010

                   455.680,33  

30/06/2010

                   565.056,29  

31/07/2010

                   453.459,41  

31/08/2010

                   452.289,76  

30/09/2010

                   451.166,93  

31/10/2010

                   450.041,71  

30/11/2010

                   558.803,52  

07/12/2010

                   739.866,99  

31/12/2010

                   442.788,38  

31/01/2011

                   450.464,57  

28/02/2011

                   449.324,62  

31/03/2011

                   448.183,13   

30/04/2011

                   447.050,67  

31/05/2011

                   445.924,54  

30/06/2011

                   554.706,39  

31/07/2011

                   443.659,14  

31/08/2011

                   442.519,75  

30/09/2011

                   441.377,24  

31/10/2011

                   440.230,37  

30/11/2011

                   548.348,57  

31/12/2011

                   437.944,78  

31/01/2012

                   445.493,90  

29/02/2012

                   444.323,57  

31/03/2012

                   443.152,97  

30/04/2012

                   441.990,35  

31/05/2012

                   440.832,09  

30/06/2012

                   550.142,87  

31/07/2012

                   438.502,35   

31/08/2012

                   437.331,19  

30/09/2012

                   436.157,13  

31/10/2012

                   434.979,07  

30/11/2012

                   543.555,59  

31/12/2012

                   432.643,20  

31/01/2013

                   440.117,71  

28/02/2013

                   438.980,16  

13/03/2013

                3.283.036,88  

31/03/2013

                   420.228,88  

30/04/2013

                   419.255,27  

31/05/2013

                   418.275,76  

30/06/2013

                   529.880,42  

31/07/2013

                   417.112,32  

31/08/2013

                   415.306,76  

30/09/2013

                   414.310,83  

31/10/2013

                   413.311,44  

30/11/2013

                   523.848,22  

31/12/2013

                   412.107,33  

31/01/2014

                   418.441,59  

28/02/2014

                   415.744,38  

31/03/2014

                   414.717,61  

30/04/2014

                   413.686,44  

31/05/2014

                   412.648,83  

30/06/2014

                   523.817,46  

31/07/2014

                   411.370,30  

31/08/2014

                   409.508,92  

30/09/2014

                   408.423,80  

31/10/2014

                   407.363,88  

30/11/2014

                   517.359,03  

16/12/2014

                1.024.287,60  

31/12/2014

                   370.279,74  

31/01/2015

                   397.131,66  

28/02/2015

                   396.179,07  

31/03/2015

                   395.227,95  

30/04/2015

                   394.273,09  

31/05/2015

                   393.311,86  

30/06/2015

                   505.151,67  

31/07/2015

                   391.376,12  

31/08/2015

                   390.401,60  

30/09/2015

                   389.424,80  

31/10/2015

                   388.444,88  

30/11/2015

                   499.038,13  

31/12/2015

                   386.452,13  

31/01/2016

                   393.161,04  

25/02/2016

                1.351.761,38  

29/02/2016

                   384.475,20  

31/03/2016

                   383.476,87  

30/04/2016

                   382.474,60  

31/05/2016

                   381.466,27  

30/06/2016

                   489.795,73  

31/07/2016

                   379.436,18  

31/08/2016

                   378.413,90  

30/09/2016

                   377.389,55  

31/10/2016

                   376.362,52  

30/11/2016

                   483.971,04  

31/12/2016

                   373.693,19  

31/01/2017

                   380.096,50  

28/02/2017

                   379.032,05  

31/03/2017

                   377.970,64  

30/04/2017

                   376.905,18  

31/05/2017

                   375.834,50  

30/06/2017

                   483.014,53  

31/07/2017

                   373.679,55  

31/08/2017

                   372.594,79  

30/09/2017

                   371.508,88  

31/10/2017

                   370.419,69  

30/11/2017

                   476.768,78  

31/12/2017

                   367.631,10  

31/01/2018

                   374.479,81  

28/02/2018

                   373.352,39  

31/03/2018

                   372.228,43  

19/04/2018

                1.636.691,68  

30/04/2018

                   361.127,08  

31/05/2018

                   360.027,93  

30/06/2018

                   463.339,39  

31/07/2018

                   357.816,21  

31/08/2018

                   356.726,59  

30/09/2018

                   355.613,38  

31/10/2018

                   354.497,72  

30/11/2018

                   457.511,29  

31/12/2018

                   351.054,86  

31/01/2019

                   358.259,15  

28/02/2019

                   357.106,45  

31/03/2019

                   355.956,45  

30/04/2019

                   354.803,28  

31/05/2019

                   353.644,22  

30/06/2019

                   455.281,50  

31/07/2019

                   351.313,27  

31/08/2019

                   350.142,09  

30/09/2019

                   348.970,46  

31/10/2019

                   347.796,43  

30/11/2019

                   449.038,14  

31/12/2019

                   344.246,38  

31/01/2020

                   351.157,04  

29/02/2020

                   349.945,47  

31/03/2020

                   348.738,80  

30/04/2020

                   347.528,27  

31/05/2020

                   346.312,95  

30/06/2020

                   446.020,34  

31/07/2020

                   343.868,88  

31/08/2020

                   342.639,85  

30/09/2020

                   341.410,70  

31/10/2020

                   340.180,54  

30/11/2020

                   439.389,96  

31/12/2020

                   336.530,53  

31/01/2021

                   343.221,94  

28/02/2021

                   341.954,43  

31/03/2021

                   340.690,13  

30/04/2021

                   339.421,79  

31/05/2021

                   328.764,42  

30/06/2021

                   433.475,92  

31/07/2021

                   336.388,51  

31/08/2021

                   334.390,10  

30/09/2021

                   333.101,49  

31/10/2021

                   333.376,19  

30/11/2021

                   426.466,67  

31/12/2021

                   328.631,35  

31/01/2022

                   334.485,43  

28/02/2022

                   333.172,58  

31/03/2022

                   331.844,98  

30/04/2022

                   330.517,77  

31/05/2022

                   330.772,08  

30/06/2022

                   421.972,90  

31/07/2022

                   327.192,63  

31/08/2022

                   325.166,19  

30/09/2022

                   323.822,08  

31/10/2022

                   324.060,33  

30/11/2022

                   414.600,26  

31/12/2022

                   319.189,24  

31/01/2023

                   324.802,27  

28/02/2023

                   323.435,68  

31/03/2023

                   322.053,38  

30/04/2023

                   320.672,37  

31/05/2023

                   320.885,49  

30/06/2023

                   409.609,72  

31/07/2023

                   316.958,91  

31/08/2023

                   315.106,15  

30/09/2023

                   313.708,29  

31/10/2023

                   313.898,84  

30/11/2023

                   401.691,37  

31/12/2023

                   308.916,40  

31/01/2024

                   314.276,99  

29/02/2024

                   312.857,51  

31/03/2024

                   311.422,89  

30/04/2024

                   309.990,24  

31/05/2024

                   310.147,50  

30/06/2024

                   395.807,32  

31/07/2024

                   306.285,46  

31/08/2024

                   304.222,08  

30/09/2024

                   302.775,77  

31/10/2024

                   302.906,78  

30/11/2024

                   387.765,19  

31/12/2024

                   297.834,34  

31/01/2025

                   302.933,73  

28/02/2025

                   301.465,39  

31/03/2025

                   299.981,93  

30/04/2025

                   298.500,83  

31/05/2025

                   298.588,50  

30/06/2025

                   381.207,06  

31/07/2025

                   294.610,17   

31/08/2025

                   292.537,10  

30/09/2025

                   291.042,03  

31/10/2025

                   291.098,24  

30/11/2025

                   372.853,63  

31/12/2025

                   285.945,52  

31/01/2026

                   290.767,68  

28/02/2026

                   289.250,02  

31/03/2026

                   287.717,55  

30/04/2026

                   286.189,10  

31/05/2026

                   286.195,59  

30/06/2026

                   365.614,78  

31/07/2026

                   282.123,73  

31/08/2026

                   280.049,78  

30/09/2026

                   278.512,23  

31/10/2026

                   278.484,31  

30/11/2026

                   356.986,80   

31/12/2026

                   273.278,49  

31/01/2027

                   277.818,10  

28/02/2027

                   276.257,67  

31/03/2027

                   274.685,20  

30/04/2027

                   273.115,66  

31/05/2027

                   273.025,68  

30/06/2027

                   349.113,06  

31/07/2027

                   268.885,19  

31/08/2027

                   266.814,74  

30/09/2027

                   265.234,40  

31/10/2027

                   265.095,04  

30/11/2027

                   340.211,93  

31/12/2027

                   259.859,36  

31/01/2028

                   264.103,32  

29/02/2028

                   262.499,78  

31/03/2028

                   260.884,41   

30/04/2028

                   259.274,00  

31/05/2028

                   259.059,33  

30/06/2028

                   331.674,63  

31/07/2028

                   254.882,48  

31/08/2028

                   252.827,37  

30/09/2028

                   251.213,29  

31/10/2028

                   250.944,02  

30/11/2028

                   322.533,70  

31/12/2028

                   245.717,11  

31/01/2029

                   249.661,79  

28/02/2029

                   248.024,28  

31/03/2029

                   246.376,95  

30/04/2029

                   244.734,91  

31/05/2029

                   244.383,92  

30/06/2029

                   313.382,35  

31/07/2029

                   240.208,07   

31/08/2029

                   238.177,50  

30/09/2029

                   236.537,76  

31/10/2029

                   236.128,74  

30/11/2029

                   304.041,85  

31/12/2029

                   230.945,56  

31/01/2030

                   234.590,49  

28/02/2030

                   232.930,38  

31/03/2030

                   231.262,27  

30/04/2030

                   229.600,24  

31/05/2030

                   229.110,70  

30/06/2030

                   294.353,64  

31/07/2030

                   224.971,68  

31/08/2030

                   222.981,38  

30/09/2030

                   221.329,97  

31/10/2030

                   220.785,59  

30/11/2030

                   284.890,76   

31/12/2030

                   215.688,79  

31/01/2031

                   219.036,93  

28/02/2031

                   217.339,08  

31/03/2031

                   215.721,54  

30/04/2031

                   214.025,75  

31/05/2031

                   213.405,99  

30/06/2031

                   274.767,94  

31/07/2031

                   209.341,75  

31/08/2031

                   207.407,43  

30/09/2031

                   205.759,97  

31/10/2031

                   205.090,82  

30/11/2031

                   265.266,96  

31/12/2031

                   200.119,34  

31/01/2032

                   203.179,33  

29/02/2032

                   201.518,42  

31/03/2032

                   199.853,67   

30/04/2032

                   198.197,16  

31/05/2032

                   197.461,67  

30/06/2032

                   254.826,93  

31/07/2032

                   193.501,99  

31/08/2032

                   191.636,26  

30/09/2032

                   190.007,81  

31/10/2032

                   188.181,77  

30/11/2032

                   245.579,69  

31/12/2032

                   184.427,73  

31/01/2033

                   187.212,03  

28/02/2033

                   185.572,79  

31/03/2033

                   183.936,90  

30/04/2033

                   182.133,82  

31/05/2033

                   180.705,17  

30/06/2033

                   234.842,05  

31/07/2033

                   177.677,35   

31/08/2033

                   175.741,96  

30/09/2033

                   174.306,56  

31/10/2033

                   172.720,17  

30/11/2033

                   225.654,05  

31/12/2033

                   168.848,64  

31/01/2034

                   171.375,18  

28/02/2034

                   170.456,84  

31/03/2034

                   168.058,04  

30/04/2034

                   166.623,98  

31/05/2034

                   165.060,42  

30/06/2034

                   215.064,28  

31/07/2034

                   162.707,71  

31/08/2034

                   160.285,67  

30/09/2034

                   158.865,86  

31/10/2034

                   157.337,90  

30/11/2034

                   206.017,61   

31/12/2034

                   153.584,73  

31/01/2035

                   155.864,78  

28/02/2035

                   154.905,16  

31/03/2035

                   152.712,64  

30/04/2035

                   151.305,09  

31/05/2035

                   149.811,67  

30/06/2035

                   195.586,86  

31/07/2035

                   147.461,45  

31/08/2035

                   145.285,86  

30/09/2035

                   143.904,87  

31/10/2035

                   142.454,24  

30/11/2035

                   186.915,14  

31/12/2035

                   138.867,51  

31/01/2036

                   140.925,63  

29/02/2036

                   139.959,15  

31/03/2036

                   137.971,86   

30/04/2036

                   136.616,61  

31/05/2036

                   135.206,06  

30/06/2036

                   176.813,21  

31/07/2036

                   132.906,27  

31/08/2036

                   130.959,10  

30/09/2036

                   129.637,61  

31/10/2036

                   128.275,06  

30/11/2036

                   168.590,82  

31/12/2036

                   124.886,68  

31/01/2037

                   126.735,58  

28/02/2037

                   125.785,83  

31/03/2037

                   123.992,16  

30/04/2037

                   122.709,19  

31/05/2037

                   121.394,20  

30/06/2037

                   158.937,57  

31/07/2037

                   119.197,68  

31/08/2037

                   117.468,88  

30/09/2037

                   116.235,15  

31/10/2037

                   114.983,85  

30/11/2037

                   151.300,53  

31/12/2037

                   111.850,56  

31/01/2038

                   113.524,17  

28/02/2038

                   112.629,19  

31/03/2038

                   111.031,68  

30/04/2038

                   109.848,05  

31/05/2038

                   108.647,70  

30/06/2038

                   142.334,85  

31/07/2038

                   106.606,11  

31/08/2038

                   105.078,26  

30/09/2038

                   103.943,33  

31/10/2038

                   102.804,22  

30/11/2038

                   135.333,63  

31/12/2038

                     99.935,50  

31/01/2039

                   101.445,68  

28/02/2039

                   100.609,17  

31/03/2039

                     99.193,70  

30/04/2039

                     98.110,12  

31/05/2039

                     97.018,95  

30/06/2039

                   127.067,76  

31/07/2039

                     95.132,08  

31/08/2039

                     93.788,13  

30/09/2039

                     92.754,54  

31/10/2039

                     91.725,48  

30/11/2039

                   120.691,84  

31/12/2039

                     89.124,65  

31/01/2040

                     90.484,14  

29/02/2040

                     89.710,14  

31/03/2040

                     88.463,82  

30/04/2040

                     87.481,94  

31/05/2040

                     86.499,51  

30/06/2040

                   113.148,58  

31/07/2040

                     84.777,92  

31/08/2040

                     83.598,64  

30/09/2040

                     82.664,78  

31/10/2040

                     81.737,65  

30/11/2040

                   107.371,60  

31/12/2040

                     79.402,32  

31/01/2041

                     80.605,27  

28/02/2041

                     75.016,02  

31/03/2041

                     79.051,09  

30/04/2041

                     78.151,98  

31/05/2041

                     77.263,61  

30/06/2041

                   100.742,85  

31/07/2041

                     75.516,05  

31/08/2041

                     74.651,46  

30/09/2041

                     73.804,13  

31/10/2041

                     72.965,14  

30/11/2041

                     95.504,31  

31/12/2041

                     70.841,18  

31/01/2042

                     71.916,28  

28/02/2042

                     71.102,82  

31/03/2042

                     70.292,86  

30/04/2042

                     69.486,64  

31/05/2042

                     68.689,80  

30/06/2042

                     89.263,74  

31/07/2042

                     67.123,42  

31/08/2042

                     66.349,11  

30/09/2042

                     65.588,39  

31/10/2042

                     64.833,78  

30/11/2042

                     84.535,57  

31/12/2042

                     62.929,80  

31/01/2043

                     63.875,65  

28/02/2043

                     63.146,80  

31/03/2043

                     62.421,22  

30/04/2043

                     61.698,33  

31/05/2043

                     60.985,17  

30/06/2043

                     78.899,80  

31/07/2043

                     59.588,09  

31/08/2043

                     58.896,65  

30/09/2043

                     58.217,32  

31/10/2043

                     57.542,28  

30/11/2043

                     74.651,67  

31/12/2043

                     55.847,38  

31/01/2044

                     56.676,10  

29/02/2044

                     56.028,00  

31/03/2044

                     55.382,23  

30/04/2044

                     54.738,12  

31/05/2044

                     54.104,53  

30/06/2044

                     69.614,69  

31/07/2044

                     52.870,53  

31/08/2044

                     52.259,14  

30/09/2044

                     51.659,24  

31/10/2044

                     51.062,25  

30/11/2044

                     65.848,22  

31/12/2044

                     49.573,94  

31/01/2045

                     50.302,03  

28/02/2045

                     49.730,20  

31/03/2045

                     49.161,34  

30/04/2045

                     48.593,90  

31/05/2045

                     48.037,52  

30/06/2045

                     61.429,15  

31/07/2045

                     46.957,37  

31/08/2045

                     46.420,57  

30/09/2045

                3.903.755,20  

 

 

In all other respects the Swap Confirmation shall continue in full force and effect.



 

SCHEDULE 5: Details of the RELEASED ASSETS

 

 

(i) Euro 500,000 nominal amount of Bremer Landesbank Kredietanstal Oldeburg-Girozentrale Euro 50,000,000 Floating Rate Notes due 2030 issued under its Euro 10,000,000,000 Programme for the Issuance of Debt Instruments. (ISIN CODE: XS0113243397)

 

(ii) Euro 537,000 nominal amount of Spanish Government 4.85 per cent Fixed Rate Bonds due 2020 (ISIN CODE: ES00000122T3).

 

(iii) Euro 410,000 nominal amount of Spanish Government 5.15 per cent Fixed Rate Bonds due 2044 (ISIN CODE: ES00000124H4).



SCHEDULE 6: SECURITIES SALES AGREEMENT

 

DATED: 17 April 2018

 

Securities Sales Agreement

Between

 

 

Boiro Finance B.V.

As Vendor

 


Banco Bilbao Vizcaya Argentaria, S.A.

As Purchaser


 

 

 

 

 

 

relating to

 

Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045


 



THIS AGREEMENT is dated 17 April 2018 and made between:

(1)       BOIRO FINANCE B.V., (the "Vendor")

(2)       BANCO BILBAO VIZCAYA ARGENTARIA, S.A., (the "Purchaser")

Whereas the Vendor wishes to sell, and the Purchaser wishes to purchase, the Securities (as defined below) on the Completion Date (as defined below) on the terms and subject to the conditions hereinafter appearing.

It is agreed as follows:

Definitions

1.1       In this Agreement, unless the context otherwise requires, the following expressions have the following meanings:

"Completion Date" means 17 April 2018 on which the Series 118 EUR 84,153,653 Secured Amortising Limited Recourse Notes due 2045 (the "Notes") are to be amended by a Supplemental Constituting Instrument dated 17 April 2018;

"Cash Amount" means the sum of EUR 1,724,791.68; and

"Securities" means the portfolio of securities specified in Appendix I hereto.

References to capitalized terms that are used but not defined herein, shall have their respective meanings as defined in the terms and conditions of the Notes, and in the event of any inconsistency between words and meaning defined in the terms and conditions of the Notes, and words and meaning defined in this Agreement, this Agreement will prevail.

 

Agreement to sell and purchase

The Vendor with full title guarantee hereby agrees to sell, and the Purchaser hereby agrees to purchase, the Securities in consideration of the payment by or on behalf of the Purchaser to, or to the order of, the Vendor of the Cash Amount on the terms and subject to the conditions of this Agreement.

Completion

Completion of the sale and purchase hereby agreed shall take place on the Completion Date by the transfer of the Securities from the custody account held by Banco Bilbao Vizcaya Argentaria, S.A. as custodian of the Vendor (the "Custodian") to the account of the Purchaser with Clearstream, Luxembourg and by the payment of the Cash Amount by or on behalf of the Purchaser to, or to the order of, the Vendor.

Warranties and Acknowledgement

1.2       The Vendor hereby warrants to, and undertakes with, the Purchaser that the Vendor is the sole absolute beneficial owner of the Securities and all rights, title and interest therein are free and clear of all mortgages, pledges, liens, charges, assignments, security interests, options, equities (including, without limitation, rights of set-off or counterclaim) or other encumbrances of any nature whatsoever (or, if the Securities are subject to any such encumbrance, that they will be sold to the Purchaser free and clear of such encumbrance).

1.3       The Vendor hereby warrants to, and undertakes with, the Purchaser that both prior to entry into this Agreement and following execution thereof it is not and will not (as a result of entry into this Agreement) be unable to pay its debts as they fall due within the meaning of Section123 of the Insolvency Act 1986.

1.4       The Vendor hereby warrants to, and undertakes with, the Purchaser that it is entering into this Agreement in good faith and for the purpose of carrying on its business and that it considers the sale to be in its best interests and that it is not entering in to this Agreement in order to defraud its creditors.

1.5       The Purchaser hereby warrants to the Vendor that it is a surety or guarantor of any debts or liabilities of the Vendor.

Notices

All notices to be given hereunder or in connection herewith shall be given or made by facsimile transmission or letter (by first class post) and shall be deemed to be delivered on receipt (when delivered in person), upon transmission to the correct number (when made by facsimile transmission) and seven business days after the date of posting (if posted by first class post).

The Purchaser's address for notices and communications hereunder is:

Banco Bilbao Vizcaya Argentaria, S.A.

CIUDAD BBVA

Calle Sauceda 28

28033 Madrid

 

Attention: Marian Coscaron

 

Service of Process may be delivered to the Purchaser at its London Branch which is at:

Banco Bilbao Vizcaya Argentaria, S.A.

One Canada Square

44th Floor, London

E14 5AA

 

The Vendor's address for notices and communications hereunder is:

BOIRO FINANCE B.V.

(having its corporate seat in Amsterdam)

De entree 99

1101 HE Amsterdam

The Netherlands

Attention: Managing Director

Facsimile No: + 31 205 55 43 08

 

Amendments

Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and such amendment is signed by the parties hereto or such waiver is signed by the party giving it.

Governing Law and Jurisdiction

1.6       This Agreement shall be governed by and construed in accordance with English law.

1.7       The courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and accordingly any legal action or proceedings arising out of or in connection with this Agreement (the "Proceedings") may be brought in such courts. Each of the Purchaser and the Vendor irrevocably submits to the exclusive jurisdiction of such courts and waives any objection to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. These submissions are for the benefit of the other party hereto and shall not limit the right of it to take Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions preclude the taking of Proceedings in any jurisdiction (whether concurrently or not).

For such purposes, the Vendor irrevocably appoints Banco Bilbao Vizcaya Argentaria, S.A., One Canada Square 44th Floor London E14 5AA, as its agent to receive service of process on its behalf in any Proceedings before such courts. Nothing shall affect the right to serve process in any other manner permitted by law.

 

Miscellaneous

1.8       Time shall be of the essence in this Agreement.

1.9       This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same agreement and any party may enter into this Agreement by executing a counterpart.

1.10     The Purchaser shall pay all expenses in connection with the formalisation of this Agreement.

Parties' Intentions

It is the express intention of the parties hereto that the conveyance of the Securities by the Vendor to the Purchaser, as contemplated by this Agreement, be, and be treated as, a sale. It is, further, not the intention of the parties that such conveyance be deemed a pledge of the Securities to secure a debt or other obligation.

Limited Recourse

1.11     Notwithstanding any other provision of this Agreement, the Purchaser undertakes and agrees with the Vendor that its recourse in respect of any claim under or in respect of this Agreement, (whether arising hereunder, under the general law or otherwise) will be limited only to the residue of the proceeds of the Mortgaged Property relating to the Notes, subject always to the security created by the Trust Deed and the Trustee (or any Noteholder or Couponholder (if any) or the Counterparty (if any), when entitled to do so) having realised the same. Any and all such claims by or in respect of the Purchaser together with any other unsecured claims relating to the Notes shall be reduced pro-rata so that the total of such claims does not exceed the aggregate value of the Mortgaged Property relating to that Series after meeting claims secured thereon. Neither the Purchaser nor any person acting on its behalf shall be entitled to take any further steps against the Vendor to recover any such sums which may be due to the Purchaser but still unpaid under or in respect of this Agreement, once the proceeds of the Mortgaged Property relating to the Notes have been exhausted for whatever reason (save for lodging a claim in the liquidation of the Vendor initiated by another person or taking proceedings to obtain a declaration or judgment as to the obligations of the Vendor) and all claims in respect of such sums due but still unpaid shall be extinguished. It is a fundamental term of any debt comprising any amounts due to the Purchaser under or in respect of this Agreement that the Purchaser shall not be entitled to exercise any right of set-off, lien, consolidation of accounts or other similar right arising by operation of law or otherwise against the Vendor or any person entitled to receive any payment under the Notes or the Coupons or against the Mortgaged Property in priority to such security or against the Mortgaged Property in respect of any other Series of Notes or against any other assets of the Vendor (and the Purchaser hereby waives all such rights) or to petition or take any other steps for the winding-up of the Vendor, in any such case, in respect of such debt.

1.12     For the purposes of Clause 10.1 all words and expressions defined or attributed a particular meaning in the Trust Deed (as defined in the Constituting Instrument) and the Conditions of the Notes shall have the same meanings therein.

IN WITNESS whereof this Agreement has been entered into on the date and year first written above.



APPENDIX I

Securities

 

(i) Euro 500,000 nominal amount of Bremer Landesbank Kredietanstal Oldeburg-Girozentrale Euro 50,000,000 Floating Rate Notes due 2030 issued under its Euro 10,000,000,000 Programme for the Issuance of Debt Instruments. (ISIN CODE: XS0113243397)

 

(ii) Euro 537,000 nominal amount of Spanish Government 4.85 per cent Fixed Rate Bonds due 2020 (ISIN CODE: ES00000122T3).

 

(iii) Euro 410,000 nominal amount of Spanish Government 5.15 per cent Fixed Rate Bonds due 2044 (ISIN CODE: ES00000124H4).

 

 

 

 

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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