STORM 2019 I B.V.

Issuer Details

• Issuer: STORM 2019 I B.V.
• Type: Private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
• Incorporation: Dutch law
• Location: Amsterdam, Netherlands
• Managed by: Intertrust Management B.V.

Arranger and Manager

• Arranger and Manager: Rabobank

Trustee and Collateral Administrator

• Trustee: Stichting Security Trustee STORM 2019 I
• Type: Foundation (stichting) organized under Dutch law
• Location: Amsterdam, Netherlands
• Security Trustee Director: Amsterdamsch Trustee's Kantoor B.V.
• Collateral Administrator: Not provided

Role	Name	Country
Issuer	STORM 2019 I B.V.	Netherlands
Seller	Obvion	Netherlands
Servicer	Obvion	Netherlands
Issuer Administrator	Intertrust Administrative Services B.V.	Netherlands
Sub MPT Provider	Stater Nederland B.V.	Netherlands
Security Trustee	Stichting Security Trustee STORM 2019 I	Netherlands
Security Trustee Director	Amsterdamsch Trustee's Kantoor B.V.	Netherlands
Shareholder	Stichting Holding STORM 2019 I	Netherlands
Shareholder Director	Intertrust Management B.V.	Netherlands

Governing Panel Members

Intertrust Management B.V.

• E.M. van Ankeren: Managing Director, Netherlands
• D.H. Schornagel: Managing Director, Netherlands
• E. Wind: Managing Director, Netherlands

Amsterdamsch Trustee's Kantoor B.V.

• O.J.A. van der Nap: Managing Director, Netherlands
• E.F. Coomans Piscaer: Managing Director, Netherlands
• J.A. Broekhuis: Managing Director, Netherlands

Attribute	Class A Notes	Class B Notes	Class C Notes	Class D Notes	Class E Notes
Principal Amount	EUR 1,950,000,000	EUR 44,400,000	EUR 39,900,000	EUR 39,900,000	EUR 20,900,000
Issue Price	101.657 per cent.	100 per cent.	100 per cent.	100 per cent.	100 per cent.
Interest Rate up to First Optional Redemption Date	3 month Euribor plus a margin of 0.60 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 2.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 3.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 4.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 6.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum
Interest Rate as from First Optional Redemption Date	3 month Euribor plus a margin of 1.20 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 3.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 4.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 5.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum	3 month Euribor plus a margin of 6.00 per cent. per annum with a minimum Interest Rate of 0.00 per cent. per annum
Expected Ratings	Moody's: Aaa (sf), Fitch: AAA sf, S&P: AAA (sf)	Moody's: Aa1 (sf), Fitch: AA sf, S&P: AA+ (sf)	Moody's: Aa3 (sf), Fitch: A sf, S&P: AA (sf)	Moody's: A2 (sf), Fitch: BBB sf, S&P: A (sf)	Moody's: Ba1 (sf)
First Notes Payment Date	Notes Payment Date falling in June 2019	Notes Payment Date falling in June 2019	Notes Payment Date falling in June 2019	Notes Payment Date falling in June 2019	Notes Payment Date falling in June 2019
First Redemption Date	Notes Payment Date falling in March 2024	Notes Payment Date falling in March 2024	Notes Payment Date falling in March 2024	Notes Payment Date falling in March 2024	N/A
Final Maturity Date	Notes Payment Date falling in March 2066	Notes Payment Date falling in March 2066	Notes Payment Date falling in March 2066	Notes Payment Date falling in March 2066	Notes Payment Date falling in March 2066

Amortization Profile of the Class Notes

Class A Notes

• Amortization Schedule: The Class A Notes will be amortized sequentially until the Principal Amount Outstanding is reduced to zero.
• Structure: The holders of the Class A Notes will receive principal payments before any other class of notes.

Class B Notes

• Amortization Schedule: The Class B Notes will start receiving principal payments only after the Principal Amount Outstanding of all Class A Notes is reduced to zero.
• Structure: The principal amount payable on redemption of each Class B Note on any Notes Payment Date shall not exceed its Principal Amount Outstanding less the relevant Principal Shortfall on such date. The Class B Noteholders shall have no further claim against the Issuer for the Principal Amount Outstanding on the Class B Notes after the earlier of (i) the Final Maturity Date and (ii) the date on which the Issuer no longer holds any Mortgage Receivables and there are no balances standing to the credit of the Issuer Accounts.

Class C Notes

• Amortization Schedule: The Class C Notes will start receiving principal payments only after the Principal Amount Outstanding of all Class B Notes is reduced to zero.
• Structure: The principal payments will be made sequentially after the Class B Notes have been fully amortized.

Class D Notes

• Amortization Schedule: The Class D Notes will start receiving principal payments only after the Principal Amount Outstanding of all Class C Notes is reduced to zero.
• Structure: The principal payments will be made sequentially after the Class C Notes have been fully amortized.

Class E Notes

• Amortization Schedule: The Class E Notes will start receiving principal payments only after the Principal Amount Outstanding of all Class D Notes is reduced to zero.
• Structure: The principal payments will be made sequentially after the Class D Notes have been fully amortized.

Payment Cadence for Interest and Principal

Interest Payments

• Frequency: Quarterly
• Specific Months and Days: Interest on the Notes is payable on the 22nd day of March, June, September, and December each year.
• Business Day Adjustment: If the 22nd day is not a Business Day, the payment will be made on the next succeeding Business Day unless it falls in the next calendar month, in which case the payment will be made on the immediately preceding Business Day.

Principal Payments

• Frequency: Quarterly, aligned with the interest payment dates.
• Specific Months and Days: Principal payments are also scheduled for the 22nd day of March, June, September, and December each year, following the same Business Day adjustment rules as interest payments.

Business Day Definition

• Business Day: A day on which the Trans European Automated Real Time Gross Settlement Express Transfer 2 System (TARGET 2 System) or any successor is open for the settlement of payments in euro, and banks are open for business in Amsterdam, the Netherlands, and London, the United Kingdom.

Event	Date
Issue Date	12 April 2019
First Optional Redemption Date	March 2024
Final Maturity Date	March 2066
Publication of Transaction Documents and Prospectus	Within 15 days of the Closing Date

Notes Payment Dates

• Payments of principal and interest will be made on each Notes Payment Date, which are implied to be periodic (likely quarterly given the reference to Euribor for 3 months deposits).

Transparency Reporting

• Signing Date: From this date, the Reporting Entity will publish a quarterly investor report.
• Transparency Template Effective Date: Following this date, the Reporting Entity will publish reports in the form of the Transparency Investor Report.

Principal Priority of Payments Model

1. First: Fees or other remuneration due and payable by the Issuer to the Directors in connection with the Management Agreements and the fees or other remuneration and indemnity payments (if any) due and payable to the Security Trustee and any costs, charges, liabilities, and expenses incurred by the Security Trustee under or in connection with the relevant Transaction Documents (including the fees and expenses payable to any legal advisors, accountants, and auditors appointed by the Security Trustee).

2. Second: In or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof, of:

3. (i) the fees and expenses due and payable to the Issuer Administrator under the Administration Agreement,
4. (ii) the fees and expenses due and payable to the Servicer under the Servicing Agreement,
5. (iii) amounts due and payable to the Credit Rating Agencies,
6. (iv) the fees and expenses due and payable to the Paying Agent and the Reference Agent under the Paying Agency Agreement,
7. (v) the fees due to the Back Up Swap Counterparty under the Conditional Deed of Novation,
8. (vi) the commitment fee due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement,
9. (vii) costs, expenses, and negative interest related to the Issuer Accounts due and payable to the Issuer Account Bank under the Issuer Account Agreement, and

10. (viii) the fees and expenses due and payable to the Reporting Entity under the Transparency Reporting Agreement.

11. Third: In or towards satisfaction of any amounts (other than the commitment fee and the Subordinated Cash Advance Facility Amount, if any) due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement.

12. Fourth: In or towards satisfaction, pro rata, according to the respective amounts thereof, of:

13. (i) all amounts of interest due or accrued but unpaid in respect of the Class A Notes, and

14. (ii) amounts (other than the fees due and payable to the Back Up Swap Counterparty), if any, due and payable to the Swap Counterparty under the Swap Agreement including a settlement amount (as set out in the Swap Agreement), but excluding any Swap Counterparty Default Payment payable under (n) below and excluding, for the avoidance of doubt, any payment to the Swap Counterparty of any Swap Collateral which is in excess of its obligations to the Issuer under the Swap Agreement.

15. Fifth: In or towards satisfaction of all amounts of principal and other amounts due but unpaid in respect of the Class A Notes.

16. Sixth: In or towards satisfaction of all amounts of interest due or accrued but unpaid in respect of the Class B Notes.

17. Seventh: In or towards satisfaction of all amounts of principal and other amounts due but unpaid in respect of the Class B Notes.

18. Eighth: In or towards satisfaction of all amounts of interest due or accrued but unpaid in respect of the Class C Notes.

19. Ninth: In or towards satisfaction of all amounts of principal and other amounts due but unpaid in respect of the Class C Notes.

20. Tenth: In or towards satisfaction of all amounts of interest due or accrued but unpaid in respect of the Class D Notes.

21. Eleventh: In or towards satisfaction of all amounts of principal and other amounts due but unpaid in respect of the Class D Notes.

22. Twelfth: In or towards satisfaction of all amounts of interest due or accrued but unpaid in respect of the Class E Notes.

23. Thirteenth: In or towards satisfaction of all amounts of principal and other amounts due but unpaid in respect of the Class E Notes.

24. Fourteenth: In or towards satisfaction of the Swap Counterparty Default Payment to the Swap Counterparty under the terms of the Swap Agreement.

25. Fifteenth: In or towards satisfaction, pro rata, according to the respective amounts thereof, of any Subordinated Cash Advance Facility Amount and gross up amounts or additional amounts, if any, due under the Administration Agreement and/or the Servicing Agreement.

26. Sixteenth: In or towards satisfaction of the Deferred Purchase Price to the Seller pursuant to the Mortgage Receivables Purchase Agreement.

Interest Priority of Payments Model

1. First: In or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof, of:
2. (i) the fees and expenses due and payable to the Issuer Administrator under the Administration Agreement,
3. (ii) the fees and expenses due and payable to the Servicer under the Servicing Agreement, and

4. (iii) the fees and expenses due and payable to the Reporting Entity under the Transparency Reporting Agreement.

5. Second: In or towards satisfaction, pro rata and pari passu, according to the respective amounts thereof, of:

6. (i) the amounts due and payable (but not yet paid prior to the relevant Notes Payment Date) by the Issuer to third parties under obligations incurred in the Issuer's business (other than under the relevant Transaction Documents or otherwise due and payable under any item of this Revenue Priority of Payments), including, without limitation, in or towards satisfaction of amounts or provisions for any payment of the Issuer's liability, if any, to tax (other than Dutch corporate income tax over Profit),
7. (ii) the fees and expenses due and payable to the Paying Agent, the Reference Agent, the Common Safekeepers, and any other agent designated under any of the relevant Transaction Documents,
8. (iii) the amounts due and payable to the Credit Rating Agencies,
9. (iv) the fees and expenses due and payable to any legal advisors, accountants, and auditors appointed by the Issuer,
10. (v) the fees due to the Back Up Swap Counterparty under the Conditional Deed of Novation,
11. (vi) the commitment fee due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement, and

12. (vii) costs, expenses, and negative interest related to the Issuer Accounts due and payable to the Issuer Account Bank under the Issuer Account Agreement.

13. Third: In or towards satisfaction of any amounts (other than the commitment fee) due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement or, during a Cash Advance Facility Stand by Drawing Period, in or towards satisfaction of sums to be credited to the Cash Advance Facility Stand by Drawing Account less the Subordinated Cash Advance Facility Amount.

14. Fourth: In or towards satisfaction of amounts (other than the fees due and payable to the Back Up Swap Counterparty), if any, due and payable under the Swap Agreement, including a Settlement Amount, except for any Swap Counterparty Default Payment, payable under (q) below and excluding, for the avoidance of doubt, the payment to the Swap Counterparty of any Swap Collateral which is in excess of its obligations to the Issuer under the Swap Agreement.

15. Fifth: In or towards satisfaction of the amounts of interest due or accrued but unpaid in respect of the Class A Notes.

16. Sixth: In or towards making good any shortfall reflected in the Class A Principal Deficiency Ledger until the debit balance, if any, on the Class A Principal Deficiency Ledger is reduced to zero.

17. Seventh: In or towards satisfaction of the amounts of interest due or accrued but unpaid in respect of the Class B Notes.

18. Eighth: In or towards making good any shortfall reflected in the Class B Principal Deficiency Ledger until the debit balance, if any, on the Class B Principal Deficiency Ledger is reduced to zero.

19. Ninth: In or towards satisfaction of the amounts of interest due or accrued but unpaid in respect of the Class C Notes.

20. Tenth: In or towards making good any shortfall reflected in the Class C Principal Deficiency Ledger until the debit balance, if any, on the Class C Principal Deficiency Ledger is reduced to zero.

21. Eleventh: In or towards satisfaction of the amounts of interest due or accrued but unpaid in respect of the Class D Notes.

22. Twelfth: In or towards making good any shortfall reflected in the Class D Principal Deficiency Ledger until the debit balance, if any, on the Class D Principal Deficiency Ledger is reduced to zero.

23. Thirteenth: In or towards satisfaction of the amounts of interest due or accrued but unpaid in respect of the Class E Notes.

24. Fourteenth: In or towards satisfaction of any sums required to deposit on the Reserve Account or, as the case may be, to replenish the Reserve Account up to the amount of the Reserve Account Target Level.

25. Fifteenth: In or towards satisfaction of principal amounts due on the Class E Notes.

26. Sixteenth: In or towards satisfaction of the Swap Counterparty Default Payment to the Swap Counterparty under the terms of the Swap Agreement.

Post Enforcement Payment Model

Following the delivery of an Enforcement Notice, any amounts to be distributed by the Security Trustee under the Trust Deed will be paid to the Secured Creditors (including the Noteholders, but excluding the Participants) in the following order of priority, and only if and to the extent payments of a higher priority have been made in full:

1. First: Fees or other remuneration due and payable by the Issuer to the Directors in connection with the Management Agreements and the fees or other remuneration and indemnity payments (if any) due and payable to the Security Trustee and any costs, charges, liabilities, and expenses incurred by the Security Trustee under or in connection with the relevant Transaction Documents (including the fees and expenses payable to any legal advisors, accountants, and auditors appointed by the Security Trustee).

2. Second: Fees and expenses due and payable to various service providers, including the Issuer Administrator, Servicer, Credit Rating Agencies, Paying Agent, Reference Agent, Back Up Swap Counterparty, Cash Advance Facility Provider, Issuer Account Bank, and Reporting Entity.

3. Third: Amounts due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement.

4. Fourth: Interest due or accrued but unpaid in respect of the Class A Notes and amounts due and payable to the Swap Counterparty under the Swap Agreement, excluding any Swap Counterparty Default Payment and any excess Swap Collateral.

5. Fifth: Principal and other amounts due but unpaid in respect of the Class A Notes.

6. Sixth: Interest due or accrued but unpaid in respect of the Class B Notes.

7. Seventh: Principal and other amounts due but unpaid in respect of the Class B Notes.

8. Eighth: Interest due or accrued but unpaid in respect of the Class C Notes.

9. Ninth: Principal and other amounts due but unpaid in respect of the Class C Notes.

10. Tenth: Interest due or accrued but unpaid in respect of the Class D Notes.

11. Eleventh: Principal and other amounts due but unpaid in respect of the Class D Notes.

12. Twelfth: Interest due or accrued but unpaid in respect of the Class E Notes.

13. Thirteenth: Principal and other amounts due but unpaid in respect of the Class E Notes.

14. Fourteenth: Swap Counterparty Default Payment to the Swap Counterparty under the terms of the Swap Agreement.

15. Fifteenth: Subordinated Cash Advance Facility Amount and gross up amounts or additional amounts due under the Administration Agreement and/or the Servicing Agreement.

16. Sixteenth: Deferred Purchase Price to the Seller pursuant to the Mortgage Receivables Purchase Agreement.

Events or Triggers for Changes in Priority of Payments

The priority of payments can change upon the occurrence of certain events of default, which include:

1. Payment Default: The Issuer is in default for a period of 15 calendar days or more in the payment on the due date of any amount due in respect of the Notes of the relevant Class.

2. Performance Default: The Issuer fails to perform any of its other obligations binding on it under the Notes of the relevant Class, the Trust Deed, the Paying Agency Agreement, or the Pledge Agreements, and such default continues for a period of 30 calendar days after written notice by the Security Trustee to the Issuer requiring the same to be remedied.

3. Attachment: A conservatory attachment or an executory attachment on any major part of the Issuer's assets is made and not discharged or released within a period of 30 calendar days.

4. Dissolution or Winding Up: An order is made by any competent court or other authority or a resolution passed for the dissolution or winding up of the Issuer or for the appointment of a liquidator or receiver of the Issuer in respect of all or substantially all of its assets.

5. Assignment for Benefit of Creditors: The Issuer makes an assignment for the benefit of, or enters into any general assignment with, its creditors.

6. Bankruptcy or Suspension of Payments: The Issuer files a petition for a suspension of payments or for bankruptcy, is declared bankrupt, or becomes subject to any other regulation having a similar effect.

7. Unlawfulness: It becomes unlawful for the Issuer to perform or comply with any of its obligations under or in respect of the Notes or any of the Transaction Documents to which the Issuer is a party.

Impact on the Waterfall Cashflow Model

When an event of default or enforcement occurs, the priority of payments changes significantly, impacting the cash flow and payments as follows:

1. Post Enforcement Payment Model: Following the delivery of an Enforcement Notice, the Security Trustee will distribute any amounts to the Secured Creditors (including the Noteholders, but excluding the Participants) in a specific order of priority. This order ensures that higher priority payments are made in full before any lower priority payments are considered.

2. Changes in Payment Priorities: The payment priorities shift to ensure that fees, expenses, and indemnity payments due to the Security Trustee and other service providers are settled first. This is followed by payments to the Cash Advance Facility Provider, interest and principal payments on the Notes, and finally, any subordinated amounts and deferred purchase prices.

3. Impact on Cash Flow: The occurrence of an event of default or enforcement can lead to a reallocation of cash flows, prioritizing the settlement of higher-ranking obligations. This can result in delays or reductions in payments to lower-ranking Noteholders and other stakeholders.

4. Acceleration of Payments: In some cases, the occurrence of an event of default may trigger the acceleration of payments, meaning that the principal and interest due on the Notes may become immediately payable. This can further strain the Issuer's cash flow and impact the overall distribution of funds.

5. Increased Costs and Expenses: The enforcement process may involve additional legal, administrative, and operational costs, which will be prioritized in the payment waterfall. This can reduce the available funds for distribution to Noteholders and other creditors.

Overall, the occurrence of an event of default or enforcement materially affects the waterfall cashflow model by altering the priority of payments, reallocating cash flows, and potentially accelerating the repayment of obligations. This can have significant implications for the timing and amount of payments received by various stakeholders.

Fee/Expense	Description
Fees and Remuneration to Directors	Fees or other remuneration due and payable by the Issuer to the Directors in connection with the Management Agreements.
Security Trustee Fees and Expenses	Fees or other remuneration and indemnity payments (if any) due and payable to the Security Trustee, including costs, charges, liabilities, and expenses incurred under or in connection with the relevant Transaction Documents. This includes fees and expenses payable to any legal advisors, accountants, and auditors appointed by the Security Trustee.
Issuer Administrator Fees	Fees and expenses due and payable to the Issuer Administrator under the Administration Agreement.
Servicer Fees	Fees and expenses due and payable to the Servicer under the Servicing Agreement.
Credit Rating Agencies Fees	Amounts due and payable to the Credit Rating Agencies.
Paying Agent and Reference Agent Fees	Fees and expenses due and payable to the Paying Agent and the Reference Agent under the Paying Agency Agreement.
Back Up Swap Counterparty Fees	Fees due to the Back Up Swap Counterparty under the Conditional Deed of Novation.
Cash Advance Facility Provider Fees	Commitment fee and other amounts due and payable to the Cash Advance Facility Provider under the Cash Advance Facility Agreement.
Issuer Account Bank Fees	Costs, expenses, and negative interest related to the Issuer Accounts due and payable to the Issuer Account Bank under the Issuer Account Agreement.
Reporting Entity Fees	Fees and expenses due and payable to the Reporting Entity under the Transparency Reporting Agreement.
Legal, Accounting, and Auditing Fees	Fees and expenses due and payable to any legal advisors, accountants, and auditors appointed by the Issuer.
Common Safekeepers and Other Agents Fees	Fees and expenses due and payable to the Common Safekeepers and any other agent designated under any of the relevant Transaction Documents.

Impact of Fees and Expenses on Cash Flow

The fees and expenses outlined above have a significant impact on the cash flow of the Issuer. Here are the key points of impact:

1. Priority of Payments: These fees and expenses are prioritized in the payment waterfall model, meaning they are settled before payments to Noteholders and other creditors. This ensures that service providers and administrative costs are covered first, which can reduce the available funds for distribution to Noteholders.

2. Reduction in Available Funds: The payment of these fees and expenses reduces the overall cash flow available for interest and principal payments on the Notes. This can lead to delays or reductions in payments to Noteholders, especially if the Issuer's cash flow is limited.

3. Increased Costs During Enforcement: In the event of default or enforcement, additional legal, administrative, and operational costs may be incurred. These costs are also prioritized in the payment waterfall, further reducing the funds available for distribution to Noteholders.

4. Impact on Lower-Ranking Noteholders: Lower-ranking Noteholders (e.g., Class B, C, D, and E Notes) are more likely to be affected by the payment of these fees and expenses, as higher-ranking obligations (e.g., fees to service providers and Class A Note

Underlying Assets

• Payments Source: Payments of principal and interest received from a portfolio comprising Mortgage Loans.
• Originator: Seller
• Location: Residential properties in the Netherlands
• Assignment: Legal title of the Mortgage Receivables assigned by the Seller to the Issuer on the Closing Date and on any Notes Payment Date thereafter, subject to conditions.

Security for the Notes

• Beneficiaries: Noteholders and other Secured Creditors
• Security Trustee: Security rights created in favour of the Security Trustee
• Security Rights:
• First priority right of pledge by the Issuer to the Security Trustee over the Mortgage Receivables
• Rights as beneficiary under the Insurance Policies (the Beneficiary Rights)
• All accessory rights (afhankelijke rechten) and ancillary rights (neven rechten)

Denomination

• Denomination: EUR 100,000

Form

• Form: Bearer form
• Representation: Global Notes without Coupons attached
• Exchangeability: Interests in the Global Notes exchangeable for Notes in definitive form only in limited circumstances

Class	Interest Rate	Margin
Class A Notes	Euribor for 1 month deposits in euro and Euribor for 3 months deposits in euro	0.60% per annum
Class B Notes	Euribor for 1 month deposits in euro and Euribor for 3 months deposits in euro	2.00% per annum
Class C Notes	Euribor for 1 month deposits in euro and Euribor for 3 months deposits in euro	3.00% per annum
Class D Notes	Euribor for 1 month deposits in euro and Euribor for 3 months deposits in euro	4.00% per annum
Class E Notes	Euribor for 1 month deposits in euro and Euribor for 3 months deposits in euro	6.00% per annum

• Minimum Interest Rate: At least zero per cent
• Payment Frequency: Quarterly in arrear
• Currency: Euro
• Accrual Start Date: Closing Date
• Interest Periods: Successive periods starting on a Notes Payment Date and ending on the next Notes Payment Date

Benchmark Used

• Benchmark: Euribor
• Regulation: Regulation 2016/2011 on indices used as benchmarks
• Administrator: European Money Markets Institute (EMMI)

Redemption Provisions

Optional Redemption

• Notice Period: 30 to 60 calendar days
• First Optional Redemption Date: Notes Payment Date in March 2024
• Subsequent Dates: Each Notes Payment Date thereafter
• Redemption Amount: Principal Amount Outstanding plus accrued but unpaid interest
• Condition: Subject to Condition 9(b) (Principal)

Redemption Following Clean-Up Call

• Seller's Right: Repurchase and re-assignment of all outstanding Mortgage Receivables
• Condition: Aggregate Net Outstanding Principal Balance of Mortgage Receivables ≤ 10% of the balance at Closing Date
• Redemption Amount: Principal Amount Outstanding plus accrued but unpaid interest
• Condition: Subject to Condition 9(b) (Principal)

Redemption for Tax Reasons

• Trigger: Certain tax changes affecting any Class of Notes
• Issuer's Option: Redeem all Notes (other than Class E Notes)
• Redemption Amount: Principal Amount Outstanding plus accrued but unpaid interest
• Condition: Subject to Condition 9(b) (Principal)

Class	Post-Enforcement Margin
Class A Notes	1.20% per annum
Class B Notes	3.00% per annum
Class C Notes	4.00% per annum
Class D Notes	5.00% per annum
Class E Notes	6.00% per annum

• Minimum Interest Rate: At least zero per cent

Asset Type Abbreviation

• Abbreviation: RMBS (Residential Mortgage-Backed Securities)

Fund Reserve Details

Reserve Account

• Excess Balance Handling: On any Notes Calculation Date, if the balance in the Reserve Account exceeds the Reserve Account Target Level, the excess will be drawn and deposited into the Issuer Collection Account on the next Notes Payment Date. This amount will then form part of the Available Revenue Funds and be applied according to the Revenue Priority of Payments.
• Reduction to Zero: If on any Notes Calculation Date, all interest and principal amounts due under the Notes (except for the Class E Notes) have been paid or will be available for payment on the next Notes Payment Date, the Reserve Account Target Level will be reduced to zero. Any remaining amount in the Reserve Account will then become part of the Available Revenue Funds, which will be used to redeem the Class E Notes until fully redeemed, and thereafter towards the Deferred Purchase Price to the Seller.

Reserved Amount

• Definition: The Reserved Amount on any Notes Calculation Date immediately preceding:
• (a) A Notes Payment Date before the Revolving Period End Date is the Available Principal Funds minus the Initial Purchase Price Amount.
• (b) A Notes Payment Date on or after the Revolving Period End Date is zero.
• Application: On each Notes Payment Date before the Revolving Period End Date, the Issuer will credit the Reserved Amount into the Issuer Collection Account. This amount will be used to purchase New Mortgage Receivables on the next succeeding Notes Payment Dates, provided the conditions for purchase are met and New Mortgage Receivables are offered by the Seller. Any Reserved Amount not used by the Revolving Period End Date will become part of the Available Redemption Funds and be applied under the Redemption Priority of Payments.

Revolving Period End Date

The Revolving Period End Date is the earlier of: - (i) The date of an Event of Default for the Issuer. - (ii) The date of an Insolvency Event for Obvion. - (iii) The date of a Portfolio Trigger Event. - (iv) The date of termination of Obvion as Servicer (except voluntary termination by Obvion). - (v) The third successive Notes Payment Date with a Reserved Amount over EUR 1,000,000. - (vi) The First Optional Redemption Date.

Risk Retention in the UK: Legal Requirements vs. Contractual Undertakings

Legal Requirements

• Governing Regulation: Securitisation Regulation, article 6
• Requirement: Originator, sponsor, or original lender must retain a material net economic interest of not less than 5%
• Purpose: Align interests of originator with investors

Contractual Undertakings

• Entity: Seller (as the originator)
• Commitment: Retain a material net economic interest of not less than 5% for as long as the Notes are outstanding
• Specific Interest: First loss tranche (Class E Notes)
• Additional Interest: Potentially other tranches with similar or more severe risk profile

Type of Risk Retention Modality

• Legal Requirement Modality: Retention of a material net economic interest of not less than 5%
• Contractual Undertaking Modality: Retention of interest in the first loss tranche (Class E Notes) and potentially other tranches

Additional Information

• Compliance Verification: Materially relevant information available to investors per article 7
• Reports: Quarterly investor reports by Issuer Administrator
• Investor Responsibility: Independently assess sufficiency of information for compliance with article 5

Risk Retention in the US: Legal Requirements vs. Contractual Undertakings

Legal Requirements

• Governing Regulation: U.S. Risk Retention Rules
• Requirement: Originator, sponsor, or original lender must retain at least 5% of the credit risk

Contractual Undertakings

• Exemption: Section 20 of the U.S. Risk Retention Rules
• Restrictions: Notes may not be purchased by U.S. persons
• Representations by Purchasers:
• Not a Risk Retention U.S. Person
• Acquiring for own account
• Not part of a scheme to evade U.S. Risk Retention Rules

Type of Risk Retention Modality

• Legal Requirement Modality: Retention of a material net economic interest of not less than 5%
• Contractual Undertaking Modality: Reliance on exemption provided for in Section 20

Additional Information

• Reliance on Representations: Seller, Issuer, and Managers rely on purchaser representations
• Regulatory Risk: Non-compliance could lead to regulatory action and affect Notes

Risk Retention in the EU: Legal Requirements vs. Contractual Undertakings

Legal Requirements

• Governing Regulation: Securitisation Regulation, article 6
• Requirement: Originator, sponsor, or original lender must retain a material net economic interest of not less than 5%
• Purpose: Align interests of originator with investors

Contractual Undertakings

• Entity: Seller (as the originator)
• Commitment: Retain a material net economic interest of not less than 5% for as long as the Notes are outstanding
• Specific Interest: First loss tranche (Class E Notes)
• Additional Interest: Potentially other tranches with similar or more severe risk profile

Type of Risk Retention Modality

• Legal Requirement Modality: Retention of a material net economic interest of not less than 5%
• Contractual Undertaking Modality: Retention of interest in the first loss tranche (Class E Notes) and potentially other tranches

Additional Information

• Compliance Verification: Materially relevant information available to investors per article 7
• Reports: Quarterly investor reports by Issuer Administrator
• Investor Responsibility: Independently assess sufficiency of information for compliance with article 5

Types and Details of Credit Enhancements

Overcollateralization

• Description: Value of collateral exceeds the amount of debt issued
• Details: Not provided

Reserve Accounts

• Issuer: Maintains a Reserve Account with the Issuer Account Bank
• Proceeds: Credited to Reserve Account on Closing Date
• Uses:
• Drawing on Payment Dates
• Excess Funds deposited until Target Level is reached
• Target Level: 1.3% of aggregate Principal Amount Outstanding of Notes (excluding Class E Notes)
• Excess Balance deposited into Issuer Collection Account

Subordination

• Structure:
• Class A Noteholders: Highest priority
• Class B Noteholders: Junior to Class A
• Class C Noteholders: Junior to Class B
• Class D Noteholders: Junior to Class C
• Class E Noteholders: Junior to Class D

Additional Information

• Issuer Collection Account: Manages inflow and outflow of funds
• Enforcement of Pledges: Security Trustee applies net proceeds towards satisfaction of Parallel Debt

Impact of Credit Enhancements on Cash Flow

Overcollateralization

• Impact: Provides buffer against losses, ensuring stable cash flows to noteholders

Reserve Accounts

• Drawing on Payment Dates: Maintains cash flows during shortfalls
• Excess Funds: Deposited into Issuer Collection Account
• Target Level: Ensures buffer for payment obligations
• Excess Balance: Utilized to maintain cash flow stability

Subordination

• Impact: Protects cash flows to higher-ranking notes by absorbing losses with lower-ranking notes

Additional Information

• Issuer Collection Account: Centralized management of cash flows
• Enforcement of Pledges: Structured management of cash flows during enforcement

Key Legal and Regulatory Factors Affecting Cash Flows

• Article 21(9) Compliance:
• Remedies and actions related to delinquency, default, debt restructuring, debt forgiveness, forbearance, losses, charge-offs, recoveries, and other asset performance remedies are detailed in Obvion's administration manual, which is incorporated by reference in the Servicing Agreement.
• Any changes in the Priority of Payments that materially adversely affect the repayment of any principal under the Notes must be reported to the Noteholders as soon as practicable.
• Article 21(10) Compliance:
• The Trust Deed and Condition 14 contain provisions for convening meetings of Noteholders, voting rights, procedures in the event of a conflict between Classes, and the responsibilities of the Security Trustee.
• Article 22(1) Compliance:
• The Seller has provided information regarding the Mortgage Receivables over the past 5 years and a liability cash flow model to potential investors.
• Article 22(2) Compliance:
• A sample of Mortgage Receivables has been externally verified by an appropriate and independent party, with no significant adverse findings.
• Article 22(4) Compliance:
• The Seller is currently unable to report on the environmental performance of the Mortgage Receivables but is preparing to do so as soon as possible.
• Article 21(3) Compliance:
• Interest payments under the Mortgage Loans are based on generally used market interest rates or sectoral rates reflective of the cost of funds.
• Article 21(4) Compliance:
• Upon the issuance of an Enforcement Notice, no amount of cash shall be trapped in the Issuer Accounts, and no automatic liquidation for market value of the Mortgage Receivables is required.
• The issuance of an Enforcement Notice will be reported to the Noteholders without undue delay.
• Article 21(5) Compliance:
• Prior to the delivery of an Enforcement Notice, the Available Principal Funds will be applied by the Issuer in accordance with the Redemption Priority of Payments.
• Article 21(6) Compliance:
• The Issuer shall not purchase any New Mortgage Receivables upon the occurrence of the Revolving Period End Date.
• Article 21(7) Compliance:
• The contractual obligations, duties, and responsibilities of the Servicer, Issuer Administrator, Security Trustee, Swap Counterparty, and Cash Advance Facility Provider are set forth in their respective agreements.
• Article 21(8) Compliance:
• The Seller has the required expertise in servicing mortgage loans, with a license in accordance with the Wft and a minimum of 5 years of experience.

Compliance Requirement	Impact on Cash Flow Model
Risk Retention (Article 6)	Seller retains a material net economic interest, aligning interests with investors, potentially reducing cash available for distribution.
Transparency (Article 7)	Detailed information on securitisation allows better risk assessment, impacting investment decisions and cash flow stability.
Due Diligence (Article 5)	Ensures well-informed investors participate, leading to more stable and predictable cash flows.
Underwriting Criteria (Article 9)	Ensures quality of underlying assets, impacting reliability and predictability of cash flows.
STS Securitisations (Articles 19-22)	Compliance can lead to lower capital requirements and higher demand for Notes, positively impacting cash flows.
Notification to ESMA (Article 27)	Regulatory oversight enhances investor confidence, potentially stabilising cash flows.
Homogeneity (Article 20(8))	Ensures predictable and easier to model cash flows.
Prohibition of Active Portfolio Management (Article 20(7))	Ensures stable and predictable cash flows as asset pool composition does not change.
Exclusion of Transferable Securities and Securitisation Positions (Articles 20(8) and 20(9))	Ensures cash flows are derived from stable and predictable assets.

Tax Consideration	Impact on Cash Flows
Turnover Tax	No Dutch turnover tax on payments for Notes, ensuring cash flows are not reduced.
Other Taxes and Duties	No Dutch registration, capital, custom, transfer, stamp duty, or similar taxes, minimizing impact on cash flows.
Financial Transactions Tax (FTT)	Potential reduction in cash flows from transactions in financial instruments in FTT Participating Member States.
FATCA	Reduced risk of cash flow reductions due to FATCA withholding under IGAs.
Redemption for Tax Reasons	Issuer can redeem Notes if obliged to withhold or deduct payments, managing tax obligations without impacting cash flows.
Withholding Tax on Intra-Group Payments	Potential impact on cash flows if interest payments to low tax jurisdictions are affected.
General Withholding Tax	Payments made without withholding or deduction unless required by law, potentially reducing net cash flows received by Noteholders.

Jurisdiction	Tax Difference	Implication
Netherlands	Turnover Tax	No reduction in cash flows from turnover tax.
Netherlands	Other Taxes and Duties	Minimal impact on cash flows from registration, capital, custom, transfer, stamp duty, or similar taxes.
Netherlands	Withholding Tax on Intra-Group Payments	Minimal impact on cash flows from interest payments to unrelated holders.
FTT Participating Member States	FTT	Potential reduction in cash flows from transactions in financial instruments.
United States	FATCA	Reduced risk of cash flow reductions due to FATCA withholding under IGAs.
General	Withholding Tax	Potential reduction in net cash flows received by Noteholders if withholding or deduction is required by law.

Liquidity and Trading in the Secondary Market

• Liquidity: No content available
• Trading: No content available

Expected Trading Volumes and Bid-Ask Spreads

• Expected Trading Volumes: No content available
• Bid-Ask Spreads: No content available