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Lowland 2

Type Residential Mortgage Backed Securities
Issue date July 10, 2013
Legal Final October 2042
1st call date July 2018
Step-up date -
Substitution -
Portfolio
  • First ranking mortgages
  • Dutch residential properties
  • Partially NHG guaranteed
  • Payments collected monthly by direct debit
Regulatory call No
Clean-up call Yes
Payment dates Monthly (at the 18th)
BLOOMBERG <LOWLA 2><MTGE>
Documentation Prospectus

On 23 December 2013, amendments have been made to the transaction documentation in order to align the set-off financial collateral mechanism with the updated Moody's criteria. The set-off financial collateral mechanism secures the Seller's obligation to reimburse the Issuer for set-off claims by Borrowers. If the rating of SNS Bank falls below Baa1 by Moody's, then the Seller(s) will collateralize the aggregate amount standing to the credit of each current account or deposit (to the extent they exceed the amount claimable under the Deposit Guarantee Scheme) above a threshold of 3.5% minus 80% of the increase in credit enhancement of the class C notes multiplied by the outstanding balance of mortgage loans.