Document:

Exhibit 4.2

AMENDING AGREEMENT TO 

MASTER DEFINITIONS AND CONSTRUCTION AGREEMENT

THIS AMENDING AGREEMENT TO MASTER
DEFINITIONS AND CONSTRUCTION AGREEMENT (this “Agreement”) is made as of the 15th day of August, 2014.

BETWEEN:

		a)	THE BANK OF NOVA SCOTIA, a bank named in Schedule I to the Bank Act, whose executive office
is at Scotia Plaza, 44 King Street West, Toronto, Ontario, M5H 1H1, in its capacity as the Issuer, the Seller, the Servicer, the
Cash Manager, the Account Bank, the GDA Provider, the Intercompany Loan Provider, the Interest Rate Swap Provider and the Covered
Bond Swap Provider;

		b)	THE BANK OF NOVA SCOTIA, LONDON BRANCH, acting through its office at 201 Bishopsgate, London
EC2M 3NS, in its capacity as the Principal Paying Agent, a Registrar and a Transfer Agent;

		c)	THE BANK OF NOVA SCOTIA - NEW YORK AGENCY, acting through its office at 250 Vesey Street,
New York, NY 10281, in its capacity as a Paying Agent, a Registrar, a Transfer Agent and the Exchange Agent;

		d)	SCOTIABANK COVERED BOND GUARANTOR LIMITED PARTNERSHIP, a limited partnership formed under
the laws of the Province of Ontario, whose registered office is at 100 King Street West, Suite 6100, 1 First Canadian Place, Toronto,
Ontario, M5X 1B8, by its managing general partner, Scotiabank
Covered Bond GP Inc. (in its capacity as the Guarantor);

		e)	Scotiabank
Covered Bond GP Inc., a corporation incorporated under the laws of Canada whose registered office is located at 100
King Street West, Suite 6100, 1 First Canadian Place, Toronto, Ontario, M5X 1B8, in its capacity as Managing General Partner;

		f)	8429057 CANADA INC. a corporation incorporated under the laws of Canada whose registered
office is located at 100 King Street West, Suite 6100, 1 First Canadian Place, Toronto, Ontario, M5X 1B8, in its capacity as Liquidation
General Partner;

		g)	COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company incorporated under the laws
of Canada, whose registered office is at 100 University Avenue, 11th Floor, North Tower, Toronto, Ontario M5J 2Y1, in
its capacity as Bond Trustee and Custodian; and

		h)	KPMG LLP, a limited liability partnership under the laws of the Province of Ontario, whose
registered office is at Bay Adelaide Centre, 333 Bay Street, Suite 4600, Toronto, Ontario, M5H 2S5, in its capacity as Cover Pool
Monitor.

WHEREAS the parties hereto entered
into an amended and restated master definitions and construction agreement made as of September 24, 2013, as amended by an amending
agreement dated as of July 22, 2014 (as so amended, the “Master Definitions and Construction Agreement”);

    	 

    	- 2 -

    

AND WHEREAS the parties hereto
have agreed to further amend the Master Definitions and Construction Agreement pursuant to the terms of this Agreement;

NOW THEREFORE IT IS HEREBY AGREED
that in consideration of the mutual covenants and agreements herein set forth, the parties agree as follows:

Article 1–
Amendments

		1.01	Amendments

(1) 
The definitions of “Calculation Date”, “Calculation Period” and “Guarantor
Calculation Period” in Article 1 of the Master Definitions and Construction Agreement are deleted in their entirety and
replaced with the following, respectively:

“Calculation
DateThe last day of each Calculation Period

Calculation
Period Each Guarantor Calculation Period

Guarantor
Calculation PeriodEach period from, but excluding, the last Toronto Business Day of each month to, and including, the last
Toronto Business Day of the next succeeding month, provided that (a) the first Guarantor Calculation Period begins on, and includes,
the Program Date, (b) if the last Toronto Business Day of a month is (i) a Friday or (ii) the day before a statutory holiday in
Toronto which occurs on any day other than a Tuesday, in each case the Guarantor Calculation Period for the relevant month will
end on the second last Toronto Business Day of such month and the succeeding Guarantor Calculation Period will begin on the day
following such second last Toronto Business Day of such month and (c) if the last Toronto Business Day of a month is the day before
a statutory holiday in Toronto and such holiday is on a Tuesday, the Guarantor Calculation Period for the a month will end on the
third  last Toronto Business Day and the succeeding Guarantor Calculation Period will begin on the second last Toronto Business
Day of such month”

Article 2–
miscellaneous

		2.01	Further Assurances

Each of the parties
hereto will from time to time execute and deliver all such further documents and instruments and do all acts and things as any
of the other parties may reasonably require to effectively carry out or better evidence or perfect the full intent and meaning
of this Agreement.

		2.02	Other Amendments

Except as expressly
amended, modified and supplemented hereby, the provisions of the Master Definitions and Construction Agreement are and shall remain
in full force and effect and shall be read with this Agreement, mutatis mutandis. Where the terms of this Agreement are
inconsistent with the terms of the Master Definitions and Construction Agreement (prior to its amendment hereby), the terms of
this Agreement shall govern to the extent of such inconsistency.

    	 

    	- 3 -

    

		2.03	Governing Law

This Agreement is
governed by and will be construed in accordance with the laws of Ontario and the federal laws of Canada applicable therein.

		2.04	Interpretation

Capitalized terms
used herein and not otherwise defined shall have the meanings ascribed thereto in the Master Definitions and Construction Agreement
(prior to its amendment hereby).

[SIGNATURE PAGES FOLLOW]

    	 

    	 

    

IN WITNESS WHEREOF the parties
hereto have executed this Agreement on the day and year first before written.

	 	THE BANK OF NOVA SCOTIA, in its capacity as
    the Issuer, the Seller, the Servicer, the Cash Manager, the Account Bank, the GDA Provider, the Intercompany Loan Provider,
    the Interest Rate Swap Provider and the Covered Bond Swap Provider
	 	 
	 	By:	/s/ Ian Berry
	 	 	Name:  Ian Berry

    Title: Managing Director & Head, Funding
	 	 
	 	THE BANK OF NOVA SCOTIA, LONDON BRANCH, in
    its capacity as Principal Paying Agent, a Registrar and a Transfer Agent
	 	 
	 	By:	/s/ Mark Caplan
	 	 	Name: Mark Caplan

    Title: Managing Director, Head of Europe
	 	 
	 	By:	/s/ Jane Lloyd
	 	 	Name: Jane Lloyd

    Title: Chief Operating Officer, GBM, Europe
	 	 
	 	SCOTIABANK COVERED BOND GUARANTOR LIMITED PARTNERSHIP
    by its managing general partner SCOTIABANK COVERED BOND GP INC.
	 	 
	 	By:	/s/ Christy Bunker
	 	 	Name:  Christy Bunker

    Title:    Vice-President

    	 

    	- 2 -

    

 

	 	SCOTIABANK COVERED BOND GP INC., in its capacity
    as Managing GP
	 	 
	 	By:	/s/ Christy Bunker
	 	 	Name: Christy Bunker

    Title: Vice-President
	 	 
	 	8429057 CANADA INC., in its capacity as Liquidation
    GP
	 	 
	 	By:	/s/ Charles Eric Gauthier
	 	 	Name:
                                         Charles Eric Gauthier

                                         Title: Vice-President

         

	 	 	 
	 	By:	 
	 	 	Name: 

    Title:
	 	 
	 	COMPUTERSHARE TRUST COMPANY OF CANADA, in
    its capacity as Bond Trustee and Custodian
	 	 
	 	By:	/s/ Sean Pigott
	 	 	Name: Sean Pigott

    Title: Corporate Trust Officer
	 	 
	 	By:	/s/ Ann Samuel
	 	 	Name: Ann Samuel

    Title: Associate Trust Officer
	 	 
	 	KPMG LLP, in its capacity as Cover Pool Monitor
	 	 
	 	By:	/s/ Abhimanyu Verma
	 	 	Name:
                                         Abhimanyu Verma

                                         Title: Partner

         

    	 

    	- 3 -

    

 

	 	THE BANK OF NOVA SCOTIA - NEW YORK
    AGENCY, in its capacity as a Paying Agent, a Registrar, a Transfer Agent and Exchange Agent
	 
	 	 	 
	 	By:	/s/ Hector Jimenez
	 	 	Name: Hector Jimenez

    Title: Director, Regional Head of U.S. OperationsExhibit 4.3

Amended Interest Rate Swap Confirmation

August 15, 2014

	To:	Scotiabank Covered Bond Guarantor Limited Partnership

c/o The Bank of Nova Scotia

Scotia Plaza

44 King Street West

Toronto, Ontario

M5H 1H1
	Attn:

Fax:	Managing Director – Secured and Capital Funding

416-945-4001
	From:	The Bank of Nova Scotia
	Re: 	U.S.$15,000,000,000 Global Registered Covered Bond Program guaranteed as to payments of interest and principal by Scotiabank Covered Bond Guarantor Limited Partnership.

 

Dear Sir or Madam,

The purpose of this letter is to confirm
the terms and conditions of the transaction entered into between The Bank of Nova Scotia (“Party A”) and Scotiabank
Covered Bond Guarantor Limited Partnership (“Party B”) on the Trade Date specified below (the “Transaction”).
This facsimile constitutes a “Confirmation” as referred to in the Agreement as specified below. This Confirmation
supersedes and replaces in its entirety the Confirmation entered into by Party A and Party B on July 29, 2013.

This Confirmation evidences a complete
binding agreement between you and us as to the terms of the Transaction to which this Confirmation relates. This Confirmation supplements,
forms part of, and is subject to, the ISDA Master Agreement dated as of July 19, 2013 (identified on page 1 thereof as the “Interest
Rate 2002 Master Agreement”), as amended, restated and/or supplemented from time to time, between you and us (the “Agreement”).
All provisions contained in the Agreement shall govern this Confirmation except as expressly modified below. In the event of any
inconsistency between the provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of
this Transaction. The definitions and provisions contained in the 2006 ISDA Definitions (as published by the International Swaps
and Derivatives Association, Inc.) (the “Definitions”) are incorporated into this Confirmation. In the event
of any inconsistency between any of the following, the first listed shall govern (i) this Confirmation; (ii) the Master Definitions
and Construction Agreement dated as of July 19, 2013, between Computershare Trust Company of Canada, a trust company incorporated
under the laws of Canada, as Bond Trustee, The Bank of Nova Scotia, London Branch, as principal paying agent, a registrar and a
transfer agent, The Bank of Nova Scotia Trust Company of New York, as a paying agent, a registrar, a transfer agent and the exchange
agent, KPMG LLP, Party A, Party

    	 

    	 

    

B, Scotiabank Covered Bond GP, Inc.
and 8429057 Canada Inc., and each other Person who may from time to time become a party thereto, as amended, restated and/or supplemented
from time to time (the “Master Definitions and Construction Agreement”); and (iii) the Definitions. Capitalized
terms used but not defined herein shall have the respective meanings given to them in the Master Definitions and Construction Agreement.
For the purposes of the Definitions, references herein to a “Transaction” shall be deemed to be references to a “Swap
Transaction”.

The terms of the particular Transaction
to which this Confirmation relates are as follows:

	Trade Date:	The First Transfer Date.
	Effective Date:	The earliest to occur of (i) an Issuer Event of Default, (ii) a Guarantor Event of Default, and (ii) the Ratings Trigger Date.
	Ratings Trigger Date:	The date on which one or more Rating Agencies downgrades or withdraws the long-term, unsecured, unsubordinated and unguaranteed debt obligations (or, in the case of Fitch, the long-term issuer default rating) of Party A, or any Credit Support Provider from time to time in respect of Party A, below the Required Ratings.
	Required Ratings: 	The threshold ratings BBB(high) (in respect of DBRS), BBB+ (in respect of Fitch) and Baa1 (in respect of Moody’s).
	Termination Date:	The last day of the Guarantor Calculation Period during which the Notional Amount is reduced to zero.
	Business Day Convention:	Following, except for the purposes of determining the Calculation Date.
	Receipt Ratio:	In respect of each Guarantor Calculation Period, the fraction, the numerator of which is the aggregate amount of payments on account of interest in respect of all Loans actually received by Party B during such period (such aggregate amount, the “Interest Receipts”), and the denominator of which is the amounts that become due in that Guarantor Calculation Period on account of interest on all Loans, in accordance with the terms of such Loans and as at the first day in such period, to receive during such period, all as calculated by the Calculation Agent in accordance with the provisions of the Cash Management Agreement.
	Notional Amount:	In respect of each Guarantor Calculation Period, the sum of (i) an amount in Canadian Dollars equal to the Average Loan Balance on the Calculation Date immediately following the last day of the relevant Guarantor Calculation Period multiplied by the Receipt Ratio, (ii) the balance of the GDA Account and (iii) without double counting, the principal balance of the Substitute Assets, in each case, on the Calculation Date immediately following the last day of the relevant Guarantor Calculation Period.

Amended Interest Rate Swap Confirmation

    	 

    	 

    

 

	Payment Date:	The seventeenth day in each month, subject to the Business Day Convention.
	Blended Amounts	 
	Blended Rate Payer:	Party B.
	Party B Payment Amount:	On each Payment Date, Party B shall pay to Party A an amount equal to the sum of (i) the Interest Receipts for the related Guarantor Calculation Period, (ii) all interest earned on amounts credited to the GDA Account during the related Guarantor Calculation Period, and (iii) all investment income earned by Party B on Substitute Assets during the related Guarantor Calculation Period, less any Guarantor Expenses which are payable by Party B in priority to payments to Party A in respect of such Payment Date and this Confirmation in accordance with the then applicable Priority of Payments.
	Party B Day Count Fraction:	Actual/Actual (ISMA) as defined in the Terms and Conditions of the Covered Bonds.
	Floating Amounts 	 
	Floating Rate Payer: 	Party A.
	Fixed Rate Payer Calculation Amount: 	Notional Amount.
	Floating Rate Option: 	CAD-BA-CDOR.
	Designated Maturity: 	1 Month.
	Party A Spread:	On the Effective Date, 100 bps and, thereafter, in respect of a Portfolio Adjustment, the spread agreed from time to time in writing by Party A and Party B in accordance with the Spread Determination Procedure set out below.
	Party A Due Amount: 	
        In respect of a Payment Date, Party A
        will pay to Party B the product of:

        (a) the
        Fixed Rate Payer Calculation Amount;

        (b) the
        Party A Day Count Fraction in respect of the relevant Guarantor Calculation Period; and

        (c) the
        Floating Rate Option plus the Party A Spread in respect of the relevant Guarantor Calculation Period.

	Party A Day Count Fraction:	Actual / 365 (fixed).
	Initial Exchanges	 
	Initial Exchange Date:	July 29, 2013
	Party A Initial Exchange Amount:	$77,907,650.06

Amended Interest Rate Swap Confirmation

    	 

    	 

    

 

	Party B Initial Exchange Amount:	
        Nil.

         

	Other Provisions	 
	Calculation Agent:	Party A
	Spread Determination Procedure:	
        If either (A) Party B has during any
        Guarantor Calculation Period acquired additional Loans which cause the ACT Asset Value to increase by more than 10%, or (B) during
        any calendar quarter,

        (a)        
        any Loan shall be sold from the Portfolio (other than a Loan repurchased by the Seller as a result of a breach of representation
        or warranty made with respect to such Loan in the Mortgage Sale Agreement);

        (b)         
        any Loan shall be acquired by Party B and included in the Portfolio; or

        (c)         
        the interest rate applicable to any Variable Rate Loan shall be adjusted in accordance with the Servicing Agreement,

	 	(each, a “Portfolio Adjustment”), then Party B (or the Servicer on behalf of Party B) shall notify Party A (which notice shall include sufficient information for Party A to make the determinations required by this section) and Party A shall, on or before the first Payment Date following such Guarantor Calculation Period or calendar quarter, as applicable, determine the amount by which the Party A Spread (such revised Party A Spread, the “Adjusted Spread”) shall be adjusted as a result of such Portfolio Adjustment; provided, however, that at no time shall the Adjusted Spread be insufficient to ensure that Party B has sufficient funds to (i) make any payments of interest due on the Intercompany Loan or following a Covered Bond Guarantee Activation Event, all non-termination payments when due under all Covered Bond Swaps then outstanding and all payments (other than payments of principal) when due in respect of any Covered Bonds for which no Covered Bond Swap has been entered into, or (ii) pay any other Guarantor expenses then due and (iii) retain 35 bps of additional spread.
	 	With effect from and including such Payment Date, the Party A Spread shall be the related Adjusted Spread.

Amended Interest Rate Swap Confirmation

    	 

    	 

    

 

	Additional Termination Event:	It shall be an Additional Termination Event, with respect to which Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions, if a Portfolio Adjustment is undertaken notwithstanding the fact that the Adjusted Spread would be insufficient to satisfy the test described above under Spread Determination Procedure.
	Partial Termination:	If at any time a portion of the Portfolio is sold, a Partial Termination Payment will be due from Party B to Party A or from Party A to Party B, as applicable. Such Partial Termination Payment will be zero if agreed by both Party A and Party B.
	Partial Termination Payment:	The Partial Termination Payment is equal to the net present value of the projected cash flows under this Agreement associated with the portion of the Portfolio that is being sold. The net present value will be calculated using interest rates derived from the then current Canadian dollar swap market and assuming that Party B is the sole Affected Party. The projected cash flows will be determined in a commercially reasonable manner by Party A. The Partial Termination Payment will be determined by Party A as soon as practicable after Party B notifies Party A of the specific details of the sale. Party B is obligated to provide Party A with 5 Business Days notice of any planned sale of all or part of the Portfolio.

 

	Account Details	 
	Account for payments to Party A:	To be advised.

 

	Account for payments to Party B:	
        To be advised.

         

	Contact Details for notices	 
	Party A 	
        The Bank of Nova Scotia

        Scotia Plaza

        40 King Street West

        Toronto, Ontario

        M5H 1H1

        Attention:Managing
        Director - Secured and Capital Funding

        Facsimile No.:416-945-4001

Amended Interest Rate Swap Confirmation

    	 

    	 

    

 

	Party B	
        Scotiabank Covered Bond Guarantor Limited
        Partnership

        c/o The Bank of Nova Scotia

        Scotia Plaza

        40 King Street West

        Toronto, Ontario

        M5H 1H1

        Attention:Managing
        Director – Secured and Capital Funding

        Facsimile No:416-945-4001

 

[Remainder of page intentionally left
blank]

Amended Interest Rate Swap Confirmation

    	 

    	 

    

Confirmation

Please confirm that the foregoing correctly
sets forth the terms of our agreement by executing a copy of this Confirmation and returning it to us. We are delighted to have
executed this Transaction with you and look forward to working with you again.

Time of trading is available upon request.

Yours sincerely,

	THE BANK OF NOVA SCOTIA	 
	 	 
	By:	/s/ Ian Berry	 
	Name:

Title: 	
        Ian Berry

        Managing Director & Head, Funding
	 

 

Confirmed as of the date first written
above:

	
        SCOTIABANK COVERED BOND GUARANTOR
        LIMITED

PARTNERSHIP, by its managing general partner, SCOTIABANK

COVERED BOND GP, INC.

         
	 
	By:	/s/ Christy Bunker	 
	Name:

Title:	
        Christy Bunker

        Vice-President
	 

Amended Interest Rate Swap Confirmation

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