Document:

EX-4.6

 Exhibit 4.6 
 AGENCY AGREEMENT 
 U.S.$10,000,000,000 

REGISTERED GLOBAL COVERED BOND PROGRAM 
 of 
 BANK OF MONTREAL, 

as Issuer 
 - and
- 
 unconditionally and irrevocably guaranteed as to payments of interest and principal by 

BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP, 
 as Guarantor 
 - and - 

BANK OF NEW YORK MELLON, 
 as Principal Paying Agent, a Registrar, a Transfer Agent and the Exchange Agent 

-and- 

COMPUTERSHARE TRUST COMPANY OF CANADA, 
 as Bond Trustee 
 DATED AS OF SEPTEMBER 30, 2013 

 CONTENTS 

 

					
	 ARTICLE 1 DEFINITIONS AND INTERPRETATION
	  	 	1	  
	 1.1     Definitions
	  	 	1	  
	 1.2     Interpretation
	  	 	2	  
	 1.3     Schedules
	  	 	2	  
		
	 ARTICLE 2 APPOINTMENT OF AGENTS
	  	 	3	  
		
	 ARTICLE 3 ISSUE OF BEARER GLOBAL COVERED BONDS AND REGISTERED GLOBAL COVERED BONDS
	  	 	7	  
		
	 ARTICLE 4 EXCHANGE OF GLOBAL COVERED BONDS
	  	 	8	  
		
	 ARTICLE 5 ISSUE OF DEFINITIVE COVERED BONDS
	  	 	10	  
		
	 ARTICLE 6 TERMS OF ISSUE
	  	 	10	  
		
	 ARTICLE 7 EXCHANGE AND TRANSFER OF COVERED BONDS
	  	 	12	  
		
	 ARTICLE 8 PAYMENTS
	  	 	13	  
		
	 ARTICLE 9 NOTICE OF ANY WITHHOLDING OR DEDUCTION
	  	 	18	  
		
	 ARTICLE 10 OTHER DUTIES OF THE REGISTRAR
	  	 	19	  
		
	 ARTICLE 11 DUTIES OF THE TRANSFER AGENTS
	  	 	21	  
		
	 ARTICLE 12 REGULATIONS FOR TRANSFERS AND EXCHANGES OF REGISTERED COVERED BONDS
	  	 	22	  
		
	 ARTICLE 13 DUTIES OF THE AGENTS IN CONNECTION WITH EARLY REDEMPTION
	  	 	22	  
		
	 ARTICLE 14 EXTENDABLE OBLIGATIONS
	  	 	23	  
		
	 ARTICLE 15 RECEIPT AND PUBLICATION OF NOTICES
	  	 	24	  
		
	 ARTICLE 16 CANCELLATION OF COVERED BONDS, COUPONS AND TALONS
	  	 	24	  
		
	 ARTICLE 17 ISSUE OF REPLACEMENT COVERED BONDS, COUPONS AND TALONS
	  	 	25	  

					
		
	 ARTICLE 18 COPIES OF DOCUMENTS TO BE MADE AVAILABLE
	  	 	27	  
		
	 ARTICLE 19 MEETINGS OF COVERED BONDHOLDERS
	  	 	27	  
		
	 ARTICLE 20 COMMISSIONS AND EXPENSES
	  	 	27	  
		
	 ARTICLE 21 INDEMNITY
	  	 	27	  
		
	 ARTICLE 22 RESPONSIBILITY OF THE AGENTS
	  	 	28	  
		
	 ARTICLE 23 CONDITIONS OF APPOINTMENT
	  	 	29	  
		
	 ARTICLE 24 COMMUNICATIONS BETWEEN THE PARTIES
	  	 	30	  
		
	 ARTICLE 25 CHANGES IN AGENTS
	  	 	31	  
		
	 ARTICLE 26 CHANGE OF BOND TRUSTEE
	  	 	34	  
	 26.1     Change of Bond Trustee
	  	 	34	  
	 26.2     Limitation of Liability
	  	 	34	  
		
	 ARTICLE 27 MERGER AND CONSOLIDATION
	  	 	34	  
		
	 ARTICLE 28 NOTIFICATION OF CHANGES TO AGENTS
	  	 	34	  
		
	 ARTICLE 29 CHANGE OF SPECIFIED OFFICE
	  	 	35	  
		
	 ARTICLE 30 COMMUNICATIONS
	  	 	35	  
		
	 ARTICLE 31 TAXES AND STAMP DUTIES
	  	 	35	  
		
	 ARTICLE 32 ASSIGNMENT
	  	 	36	  
	 32.1     Assignment
	  	 	36	  
	 32.2     Assignment under Security Agreement
	  	 	36	  
		
	 ARTICLE 33 AMENDMENTS
	  	 	36	  
		
	 ARTICLE 34 FURTHER ASSURANCE
	  	 	37	  
		
	 ARTICLE 35 LIMITATION OF LIABILITY
	  	 	37	  
		
	 ARTICLE 36 NON-PETITION
	  	 	37	  
		
	 ARTICLE 37 GOVERNING LAW
	  	 	37	  
	 37.1     Governing Law
	  	 	37	  

  
 - ii -

					
	 37.2     Submission to Jurisdiction
	  	 	38	  
		
	 ARTICLE 38 COUNTERPARTS
	  	 	38	  
		
	 SCHEDULE 1
	  	 	1	  
		
	 SCHEDULE 2
	  	 	1	  
		
	 SCHEDULE 3
	  	 	1	  
		
	 SCHEDULE 4
	  	 	1	  
		
	 SCHEDULE 5
	  	 	1	  

  
 - iii -

 THIS AGENCY AGREEMENT is dated as of September 30, 2013 

BETWEEN: 
  

	 (1)
	 BANK OF MONTREAL, a bank named in Schedule I to the Bank Act, whose executive office is at 18th Floor, 100 King Street West, Toronto, Ontario, M5X 1A1, in its
capacity as the Issuer; 

  

	 (2)
	 BMO 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, BMO Covered Bond GP, Inc. in its capacity as the Guarantor; 

 

	 (3)
	 BANK OF NEW YORK MELLON, a New York banking corporation, acting through its offices located at 101 Barclay Street 7E, New York, NY 10286, in
its capacity as the Principal Paying Agent, a Registrar, a Transfer Agent and the Exchange Agent; and 

  

	 (4)
	 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. 

 WHEREAS: 

 

	 A.
	 The Issuer has established the Program, in connection with which it has entered into the Program Agreement. 

 

	 B.
	 Covered Bonds may be issued on a listed or unlisted basis. The Issuer may make applications to the UK Listing Authority for Covered Bonds issued
under the Program to be admitted to the Official List and to the London Stock Exchange for such Covered Bonds to be admitted to trading on either the Market or the PSM. 

 

	 C.
	 The Issuer has filed a U.S. Registration Statement with the U.S. Securities and Exchange Commission for the sale of Covered Bonds in the United
States. 

  

	 D.
	 The parties hereto wish to record certain arrangements which they have made in relation to the Covered Bonds to be issued under the Program.

 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 

DEFINITIONS AND INTERPRETATION 
  

	 1.1
	 Definitions 

 The Master Definitions and Construction Agreement made between the parties to the Transaction Documents on the date hereof (as the same may be amended, restated and/or supplemented from time to time, with
the consent of the parties thereto) (the “Master  

 
Definitions and Construction Agreement”) is expressly and specifically incorporated into this Agreement and, accordingly, the expressions defined in the Master Definitions and
Construction Agreement (as so amended, restated and/or supplemented) will, except where the context otherwise requires and save where otherwise defined herein, have the same meanings in this Agreement, including the recitals hereto and this
Agreement will be construed in accordance with the interpretation provisions set out in Section 2 (Interpretation and Construction) of the Master Definitions and Construction Agreement. 

 

	 1.2
	 Interpretation 

 For the purposes of this Agreement, this Agreement has the same meaning as Agency Agreement in the Master Definitions and Construction Agreement. 

In this Agreement, any reference to payments of principal or interest includes any additional amounts payable in relation
thereto under the Terms and Conditions. 
  

	 	 (a)
	 In this Agreement, any reference to Euroclear and/or Clearstream, Luxembourg and/or DTC will, wherever the context so permits (other than in
relation to a NGCB), be deemed to include a reference to any other clearing system agreed as is approved by the Issuer, the Principal Paying Agent, each Paying Agent, the Registrar, the Exchange Agent and the Bond Trustee or as may otherwise be
specified in the applicable Final Terms Document. 

  

	 	 (b)
	 In this Agreement, any reference to the “records” of an ICSD shall be to the records that each of the ICSDs holds for its customer
that reflect the amount of such customer’s interest in the Covered Bonds (but excluding any interest in any Covered Bonds of one ICSD shown in the records of another ICSD). 

 

	 	 (c)
	 All references herein to Covered Bonds having a “listing” or being “listed” on a Stock Exchange shall (i) in relation to
the London Stock Exchange, be construed to mean that such Covered Bonds have been admitted to the Official List by the UK Listing Authority and admitted to trading on the Market and/or the PSM or (ii) in relation to any Stock Exchange in the
European Economic Area, be construed to mean that such Covered Bonds have been admitted to trading on a market which is a regulated market for purposes of the Markets in Financial Instruments Directive (Directive 2004/39/EC) or (iii) to any
other Stock Exchange, be construed to mean that the Covered Bonds have been listed on that Stock Exchange and/or to trading on the relevant market, as the case may be, and all references in the trust presents to “listing” and
“listed” will include references to “quotation” and “quoted” respectively. 

  

	 1.3
	 Schedules 

 The Schedules attached to this Agreement will, for all purposes of this Agreement, form an integral part of it. 

  
 - 2 -

 ARTICLE 2 
 APPOINTMENT OF AGENTS 
 2.1 The Principal Paying Agent is appointed, and
the Principal Paying Agent agrees to act, as agent of the Issuer, the Guarantor (and, in the circumstances set out in Sections 2.6 and 2.7 below, the Bond Trustee), upon the terms and subject to the conditions set out below, for the following
purposes and all matters incidental thereto: 
  

	 	 (a)
	 completing, authenticating and delivering Temporary Global Covered Bonds and Permanent Global Covered Bonds and (if required) authenticating and
delivering Definitive Covered Bonds; 

  

	 	 (b)
	 giving effectuation instructions in respect of each Global Covered Bond which is a Eurosystem-eligible NGCB; 

 

	 	 (c)
	 exchanging Temporary Global Covered Bonds for Permanent Global Covered Bonds or Definitive Covered Bonds, as the case may be, in accordance with the
terms of such Temporary Global Covered Bonds and, in respect of any such exchange, (i) making all notations on Temporary Global Covered Bonds which are CGCBs as required by their terms and (ii) instructing Euroclear and Clearstream,
Luxembourg to make appropriate entries in their records in respect of all Temporary Global Covered Bonds which are NGCBs; 

  

	 	 (d)
	 exchanging Permanent Global Covered Bonds for Definitive Covered Bonds in accordance with the terms of such Permanent Global Covered Bonds and, in
respect of any such exchange, (i) making all notations on Permanent Global Covered Bonds which are CGCBs as required by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in
respect of all Permanent Global Covered Bonds which are NGCBs; 

  

	 	 (e)
	 paying sums due on Global Covered Bonds, Definitive Covered Bonds and Coupons and instructing Euroclear and Clearstream, Luxembourg to make
appropriate entries in their records in respect of all Global Covered Bonds which are NGCBs; 

  

	 	 (f)
	 exchanging Talons for Coupons in accordance with the Terms and Conditions; 

 

	 	 (g)
	 arranging on behalf of and at the expense of the Issuer and/or the Guarantor for notices to be communicated to the Covered Bondholders in accordance
with the Terms and Conditions; 

  

	 	 (h)
	 ensuring that, as directed by the Issuer, all necessary action is taken to comply with any reporting requirements of any competent authority in
respect of any relevant currency as may be in force from time to time with respect to the Covered Bonds to be issued under the Program; 

  

	 	 (i)
	 submitting to the relevant authority or authorities such number of copies of each of the Final Terms Document which relates to Covered Bonds which
are to be listed as the relevant authority or authorities may require; 

  

	 	 (j)
	 acting as Calculation Agent in respect of Covered Bonds where named as such in the applicable Final Terms Document provided that, in respect of a
particular Series of Covered Bonds, the Issuer and Guarantor shall not appoint the Principal Paying Agent as the Calculation Agent where the Principal Paying Agent has advised the Issuer, in writing and within a reasonable amount of time prior to
the issuance of such a Series of Covered Bonds, that it does not have the appropriate financial expertise to perform the role of Calculation Agent. The Issuer shall, at its discretion, select another institution to appoint in place of the Principal
Paying Agent as the Calculation Agent, in respect of such Series of Covered Bonds only; and 

  
 - 3 -

	 	 (k)
	 performing all other obligations and duties imposed upon it by the Terms and Conditions and this Agreement. 

2.2 Each Paying Agent is appointed, and each Paying Agent agrees to act, as paying agent of the Issuer and the Guarantor (and, in the
circumstances set out in Sections 2.6 and 2.7 below, the Bond Trustee) upon the terms and subject to the conditions set out below, for the purposes of paying sums due on any Covered Bonds and Coupons and performing all other obligations and duties
imposed upon it by the Terms and Conditions and this Agreement. 
 2.3 The Exchange Agent is hereby appointed, and the Exchange
Agent hereby agrees to act as exchange agent of the Issuer and the Guarantor (and, in the circumstances set out in Sections 2.6 and 2.7 below, the Bond Trustee) upon and subject to the terms and conditions set out in Section 8.11 for the purposes of
effecting the conversion of non-U.S. dollar payments into U.S. dollars and performing all other obligations and duties imposed upon it by the Terms and Conditions and this Agreement. 

2.4 Each Transfer Agent is hereby appointed, and each Transfer Agent hereby agrees to act, as transfer agent of the Issuer and the
Guarantor (and, in the circumstances set out in Sections 2.6 and 2.7 below, the Bond Trustee) upon the terms and subject to the conditions set out below for the purposes of effecting transfers of Registered Definitive Covered Bonds and performing
all the other obligations and duties imposed upon it by the Terms and Conditions and this Agreement. 
 2.5 The Registrar is
hereby appointed, and the Registrar hereby agrees to act, as registrar and transfer agent of the Issuer and the Guarantor (and, in the circumstances set out in Sections 2.6 and 2.7 below, the Bond Trustee) upon the terms and subject to the
conditions set out below, for the following purposes: 
  

	 	 (a)
	 completing, authenticating and delivering U.S. Registered Global Covered Bonds, Regulation S Global Covered Bonds and Rule 144A Global Covered Bonds
and authenticating and delivering Registered Definitive Covered Bonds; and 

  

	 	 (b)
	 performing all other obligations and duties imposed upon it by the Terms and Conditions and this Agreement, including, without limitation, those set
out in Article 11 (Other Duties of the Registrar). 

 The Registrar may from time to time,
subject to the prior written consent of the Issuer, delegate certain of its functions and duties set out in this Agreement to the Principal Paying Agent. 
 2.6 At any time after an Issuer Event of Default or Potential Issuer Event of Default will have occurred and is continuing or the Bond Trustee will have received any money from the Issuer which it
proposes to pay under Article 11 (Application of Funds) of the Trust Deed to the relevant Covered Bondholders and/or Couponholders, the Bond Trustee may: 
  

	 	 (a)
	 by notice in writing to the Issuer, the Guarantor and the Agents, require the Agents pursuant to this Agreement to act thereafter as Agents of the
Bond Trustee in relation to payments of such funds to be made by or on behalf of the Bond Trustee under the terms of the Trust Deed mutatis mutandis on the terms 

  
 - 4 -

	 	
provided in this Agreement (save that the Bond Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Agents will
be limited to the amounts for the time being held by the Bond Trustee on the trusts of the Trust Deed relating to the Covered Bonds of the relevant Series and available for such purpose) and thereafter to hold all Covered Bonds and Coupons and all
sums, documents and records held by them in respect of Covered Bonds and Coupons on behalf of the Bond Trustee; or 

  

	 	 (b)
	 by notice in writing to the Issuer, the Guarantor and the Agents, require the Agents pursuant to this Agreement to deliver up all Covered Bonds and
Coupons and all sums, documents and records held by them in respect of Covered Bonds and Coupons to the Bond Trustee or as the Bond Trustee will direct in such notice provided that such notice will be deemed not to apply to any documents or records
which the Agents are obliged not to release by any law or regulation; and 

  

	 	 (c)
	 by notice in writing to the Issuer (but not the Guarantor), require the Issuer to make all subsequent payments in respect of the Covered Bonds and
Coupons to or to the order of the Bond Trustee and not to the Principal Paying Agent, any Paying Agent or the Registrar, as the case may be, and with effect from the issue of any such notice to the Issuer and until such notice is withdrawn proviso
(a) to Section 2.2 (Covenant to Repay Principal and to Pay Interest) of the Trust Deed relating to the Covered Bonds will cease to have effect in respect of the Issuer. 

2.7 At any time after a Guarantor Event of Default or Potential Guarantor Event of Default will have occurred and is continuing or the
Bond Trustee will have received any money from the Guarantor which it proposes to pay under Article 11 (Application of Funds) of the Trust Deed to the relevant Covered Bondholders and/or Couponholders, the Bond Trustee may: 

 

	 	 (a)
	 by notice in writing to the Issuer, the Guarantor, the Agents or any one or more of them, pursuant to this Agreement to act thereafter as Agents
respectively of the Bond Trustee in relation to payments of such funds to be made by or on behalf of the Bond Trustee under the terms of the Trust Deed mutatis mutandis on the terms provided in this Agreement (save that the Bond
Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Agents will be limited to the amounts for the time being held by the Bond Trustee on the trusts of the Trust
Deed relating to the Covered Bonds of the relevant Series and available for such purpose) and thereafter to hold all Covered Bonds and Coupons and all sums, documents and records held by them in respect of Covered Bonds and Coupons on behalf of the
Bond Trustee; or 

  

	 	 (b)
	 by notice in writing to the Issuer, the Guarantor, the Agents or any one or more of them, pursuant to this Agreement to deliver up all Covered Bonds
and Coupons and all sums, documents and records held by them in respect of Covered Bonds and Coupons to the Bond Trustee or as the Bond Trustee will direct in such notice provided that such notice will be deemed not to apply to any documents or
records which the Principal Paying Agent and the other Paying Agents or the Registrar, as the case may be, are obliged not to release by any law or regulation; and 

  
 - 5 -

	 	 (c)
	 by notice in writing to the Guarantor require it to make all subsequent payments in respect of the Covered Bonds and Coupons to or to the order of
the Bond Trustee and not to the Principal Paying Agent, any Paying Agent or the Registrar, as the case may be, and with effect from the issue of any such notice to the Guarantor and until such notice is withdrawn proviso (a) to Section 2.2
(Covenant to Repay Principal and to Pay Interest) of the Trust Deed relating to the Covered Bonds will cease to have effect. 

 2.8 In relation to each issue of Eurosystem-eligible NGCBs, the Issuer hereby authorizes and instructs the Principal Paying Agent to elect Euroclear as common safekeeper (the “Common
Safekeeper”). From time to time, the Issuer and the Principal Paying Agent may agree to vary this election. The Issuer acknowledges that any such election is subject to the right of Euroclear and Clearstream, Luxembourg to jointly determine
that the other will act as Common Safekeeper in relation to any such issue and agrees that no liability will attach to the Principal Paying Agent in respect of any such election made by it. 

2.9 The obligations of the Agents under this Agreement are several and not joint. 

2.10 Each Agent, by entering into this Agreement, represents and warrants to, and covenants with, the Issuer, the Guarantor and the Bond
Trustee that as of the date hereof and as long as it remains a party to this Agreement: 
  

	 	 (a)
	 it possesses the necessary experience, qualifications, facilities and other resources to perform its responsibilities in relation to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (b)
	 it is and will continue to be in regulatory good standing and in material compliance with and under all Laws applicable to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (c)
	 it is and will continue to be in material compliance with its internal policies and procedures (including risk management policies) relevant to its
duties and obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (d)
	 it will exercise reasonable skill and care in the performance of its obligations hereunder and the other Transaction Documents to which it is a
party; 

  

	 	 (e)
	 it will comply with the CMHC Guide and each of the Transaction Documents to which it is a party; 

 

	 	 (f)
	 it will comply with all material legal and regulatory requirements applicable to the conduct of its business so that it can lawfully attend to the
performance of its obligations hereunder and the other Transaction Documents to which it is a party; and 

  

	 	 (g)
	 in case of a Paying Agent, the unsecured, unsubordinated and unguaranteed debt obligations of such Paying Agent, and its issuer default ratings, are
rated by each of the Rating Agencies at or above the Paying Agent Required Ratings. 

  
 - 6 -

 ARTICLE 3 
 ISSUE OF BEARER GLOBAL COVERED BONDS AND 
 REGISTERED GLOBAL COVERED BONDS

 3.1 Subject to Section 3.2, following receipt of an electronic copy of a Final Terms Document signed by the Issuer,
the Issuer authorizes each of the Principal Paying Agent and the Registrar, and each of the Principal Paying Agent and the Registrar agrees, to perform the following duties on behalf of the Issuer, as applicable: 

 

	 	 (a)
	 in the case of the Principal Paying Agent, prepare a Temporary Global Covered Bond and/or (if so specified in the applicable Final Terms Document) a
Permanent Global Covered Bond or (in the case of the Registrar) prepare a U.S. Registered Global Covered Bond and/or a Regulation S Global Covered Bond and/or a Rule 144A Global Covered Bond by completing a copy of the relevant signed master Global
Covered Bond and attaching a copy of the applicable Final Terms Document to such copy of the signed master Global Covered Bond; 

  

	 	 (b)
	 in the case of the first Tranche of any Series of Covered Bonds authenticate (or procure the authentication of) the relevant Global Covered Bonds;

  

	 	 (c)
	 in the case of the Principal Paying Agent, deliver the Temporary Global Covered Bond and/or Permanent Global Covered Bond to the Common Depositary
(if the Bearer Global Covered Bond is a CGCB) or Common Safekeeper (if the Bearer Global Covered Bond is an NGCB) for Euroclear and Clearstream, Luxembourg and, in the case of a Bearer Global Covered Bond which is a Eurosystem-eligible NGCB,
instruct the Common Safekeeper to effectuate the same; 

  

	 	 (d)
	 in the case of the Principal Paying Agent, if the Bearer Global Covered Bond is an NGCB, instruct Euroclear and Clearstream, Luxembourg to make the
appropriate entries in their records to reflect the initial outstanding aggregate principal amount of the relevant Tranche of Covered Bonds; 

  

	 	 (e)
	 in the case of the Principal Paying Agent, if specified in the applicable Final Terms Document that a Permanent Global Covered Bond will represent
the Regulation S Global Covered Bonds on issue, in the case of a Tranche subsequent to the first Tranche of any Series of Covered Bonds, deliver the applicable Final Terms Document to the Common Depositary or Common Safekeeper, as the case may be,
for attachment to the Permanent Global Covered Bond and where the Permanent Global Covered Bond is a CGCB, make all appropriate entries on the relevant Schedule to the Permanent Global Covered Bond to reflect the increase in its nominal amount or
where the Permanent Global Covered Bond is an NGCB, instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records to reflect the increased outstanding aggregate principal amount of the relevant Series; and

  

	 	 (f)
	 in the case of the Registrar, deliver: (i) in the case of a Registered Global Covered Bond registered in the name of a nominee for the Common
Depositary for Euroclear and Clearstream, Luxembourg, the Registered Global Covered Bond to such Common Depositary for Euroclear and Clearstream, Luxembourg against receipt from the Common Depositary of confirmation that the Common

  
 - 7 -

	 	
Depositary is holding the Registered Global Covered Bond in safe custody for the account of Euroclear and Clearstream, Luxembourg and will instruct Euroclear or Clearstream, Luxembourg or both of
them (as the case may be) unless otherwise agreed in writing between the Registrar and the Issuer (A) in the case of Regulation S Global Covered Bonds issued on a non-syndicated basis, to credit the Covered Bonds represented by the Registered
Global Covered Bond to the Registrar’s distribution account and (B) in the case of Regulation S Global Covered Bonds issued on a syndicated basis, to hold the Regulation S Global Covered Bonds represented by the Registered Global Covered
Bond to the Issuer’s order; and (ii) in the case of a Registered Global Covered Bond registered in the name of DTC or a nominee, the Registered Global Covered Bond to a custodian for DTC against receipt from DTC of confirmation that
(A) in the case of an issue of Registered Covered Bonds on a non-syndicated basis, that the Registered Covered Bonds represented by such Registered Global Covered Bond have been credited to the relevant Dealer’s participant account (or the
participant account of the DTC participant through which the relevant Dealer is acting) and (B) in the case of an issue of Registered Covered Bonds on a syndicated basis, that the Registered Covered Bonds represented by such Registered Global
Covered Bond are held to the Issuer’s order. 

 3.2 Each of the Principal Paying Agent and the Registrar will
only be required to perform its obligations under Section 3.1 if it receives (as applicable): 
  

	 	 (a)
	 a master Temporary Global Covered Bond and a master Permanent Global Covered Bond, each duly executed by a person or persons duly authorized to
execute the same on behalf of the Issuer, which may be used by the Principal Paying Agent for the purpose of preparing Temporary Global Covered Bonds and Permanent Global Covered Bonds, respectively, in accordance with Section 3.1(a) and
Article 4 (Exchange of Global Covered Bonds); and 

  

	 	 (b)
	 a master U.S. Registered Global Covered Bond, a master Regulation S Global Covered Bond and a master Rule 144A Global Covered Bond, each duly
executed by a person or persons duly authorized to execute the same on behalf of the Issuer, which may be used by the Registrar for the purpose of preparing Registered Global Covered Bonds in accordance with Section 3.1(a).

 3.3 Where the Principal Paying Agent delivers any authenticated Bearer Global Covered Bond to a Common
Safekeeper for effectuation using electronic means, the Principal Paying Agent is authorized and instructed to destroy the Bearer Global Covered Bond retained by it following its receipt of confirmation from the Common Safekeeper that the relevant
Bearer Global Covered Bond has been effectuated. 
 ARTICLE 4 

EXCHANGE OF GLOBAL COVERED BONDS 
 4.1 The Principal Paying Agent will determine the Exchange Date for each Temporary Global Covered Bond in accordance with its terms. Immediately after determining any Exchange Date, the Principal Paying
Agent will notify its determination to the Issuer, the Guarantor, the Bond Trustee, the other Agents, the relevant Dealer, Euroclear and Clearstream, Luxembourg. On and after the Exchange Date, the Principal Paying Agent will deliver, upon notice
from 

  
 - 8 -

 
Euroclear and Clearstream, Luxembourg, a Permanent Global Covered Bond or Bearer Definitive Covered Bonds, as the case may be, in accordance with the terms of the Temporary Global Covered Bond.

 4.2 Where a Temporary Global Covered Bond is to be exchanged for a Permanent Global Covered Bond, the Principal Paying Agent
is authorized by the Issuer and instructed: 
  

	 	 (a)
	 in the case of the first Tranche of any Series of Bearer Covered Bonds, to prepare a Permanent Global Covered Bond in accordance with the terms of
the Temporary Global Covered Bond applicable to such Tranche by completing a copy of the signed master Global Covered Bond and attaching a copy of the applicable Final Terms Document to such copy of the master Permanent Global Covered Bond;

  

	 	 (b)
	 in the case of the first Tranche of any Series of Bearer Covered Bonds, to authenticate the Permanent Global Covered Bond;

  

	 	 (c)
	 in the case of the first Tranche of any Series of Bearer Covered Bonds, if the Permanent Global Covered Bond is a CGCB, to deliver the Permanent
Global Covered Bond to the Common Depositary which is holding the Temporary Global Covered Bond representing the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to hold on behalf of the Issuer pending its exchange
for the Temporary Global Covered Bond and on exchange entering the details of such exchange or, in the case of a partial exchange, entering details of the partial exchange, of the Temporary Global Covered Bond in the relevant spaces in Schedule 2 of
both the Temporary Global Covered Bond and the Permanent Global Covered Bond; 

  

	 	 (d)
	 in the case of the first Tranche of any Series of Bearer Covered Bonds, if the Permanent Global Covered Bond is an NGCB, to deliver the Permanent
Global Covered Bond to the Common Safekeeper which is holding the Temporary Global Covered Bond representing the Tranche for the time being on behalf of Euroclear and/or Clearstream, Luxembourg to effectuate (in the case of a Permanent Global
Covered Bond which is a Eurosystem-eligible NGCB) and to hold on behalf of the Issuer pending its exchange for the Temporary Global Covered Bond and on exchange entering the details of such exchange or, in the case of a partial exchange, entering
details of the partial exchange, of the Temporary Global Covered Bond in the relevant spaces in Schedule 2 of both the Temporary Global Covered Bond and the Permanent Global Covered Bond and instruct the ICSDs to make the appropriate entries in
their records; 

  

	 	 (e)
	 in the case of a subsequent Tranche of any Series of Bearer Covered Bonds, if the Permanent Global Covered Bond is a CGCB, to attach a copy of the
applicable Final Terms Document to the Permanent Global Covered Bond applicable to the relevant Series and to enter details of any exchange in whole or part as stated above and instruct the ICSDs to make the appropriate entries in their records; and

  

	 	 (f)
	 in the case of a subsequent Tranche of any Series of Bearer Covered Bonds, if the Permanent Global Covered Bond is an NGCB, to deliver the
applicable Final Terms Document to the Common Safekeeper for attachment to the Permanent Global Covered Bond applicable to the relevant Series. 

  
 - 9 -

 ARTICLE 5 
 ISSUE OF DEFINITIVE COVERED BONDS 
 5.1 Upon notice from Euroclear or
Clearstream, Luxembourg (in the case of Bearer Covered Bonds only) pursuant to the terms of the relevant Bearer Global Covered Bonds or upon the Issuer becoming obliged pursuant to Condition 2 (in the case of Registered Covered Bonds only) to issue
Definitive Covered Bonds, the Principal Paying Agent (in the case of Bearer Covered Bonds) and the Registrar (in the case of Registered Covered Bonds) are each hereby authorized to: 

 

	 	 (a)
	 authenticate such Definitive Covered Bonds in accordance with the provisions hereof; and 

 

	 	 (b)
	 deliver such Definitive Covered Bonds, in the case of Bearer Definitive Covered Bonds, to or to the order of Euroclear and/or Clearstream,
Luxembourg or, in the case of Registered Definitive Covered Bonds, as the Registrar may be directed by the registered holder of such Registered Definitive Covered Bonds. 

The Principal Paying Agent will notify the Issuer forthwith upon receipt of a request for the issue of Bearer Definitive Covered Bonds in
accordance with the provisions of a Temporary Global Covered Bond or Permanent Global Covered Bond, as the case may be, and the aggregate nominal amount of such Temporary Global Covered Bond or Permanent Global Covered Bond, as the case may be, to
be exchanged in connection therewith. The Registrar will notify the Issuer forthwith upon receipt of a request for the issue of Registered Definitive Covered Bonds in accordance with the provisions of a Registered Global Covered Bond, as the case
may be, or upon the exchange of Regulation S Definitive Covered Bonds for Rule 144A Definitive Covered Bonds and vice versa, and the aggregate nominal amount of the relevant Registered Covered Bond to be exchanged in connection therewith.

 5.2 The Issuer undertakes to deliver to the Principal Paying Agent or the Registrar, as the case may be, sufficient numbers
of executed Definitive Covered Bonds with, in the case of Bearer Definitive Covered Bonds (if applicable), Coupons and Talons attached, to enable the Principal Paying Agent or the Registrar, as the case may be, to comply with its obligations under
this Article. 
 ARTICLE 6 
 TERMS OF ISSUE 
 6.1 Each of the Principal Paying Agent and the Registrar
will cause all Covered Bonds delivered to and held by it or them under this Agreement to be maintained in safe custody and will ensure that Covered Bonds are issued only in accordance with the provisions of this Agreement, the Trust Deed, the Terms
and Conditions and, where applicable, the relevant Global Covered Bonds. 
 6.2 For the purposes of Article 2 (Appointment of
Agents), each of the Principal Paying Agent and the Registrar, as the case may be, is entitled to treat a telephone, electronic or facsimile communication from a person purporting to be (and whom the Principal Paying Agent or the Registrar, as the
case may be, believes in good faith to be) the authorized representative of the Issuer named in the list referred to in, or notified pursuant to, Section 23.7, or any other list 

  
 - 10 -

 
duly provided for the purpose by the Issuer to the Principal Paying Agent or the Registrar, as the case may be, as sufficient instructions and authority of the Issuer for the Principal Paying
Agent or the Registrar to act in accordance with Article 3 (Issue of Bearer Global Covered Bonds and Registered Global Covered Bonds). 
 6.3 In the event that a person who has signed a master Temporary Global Covered Bond, a master Permanent Global Covered Bond, a master Registered Global Covered Bond or a Registered Definitive Covered
Bond held by the Principal Paying Agent or the Registrar, as the case may be, on behalf of the Issuer ceases to be an authorized representative of the Issuer as described in Section 23.7, the Principal Paying Agent or the Registrar will (unless
the Issuer gives notice to the Principal Paying Agent or the Registrar, as the case may be that Covered Bonds signed by that person do not constitute valid and binding obligations of the Issuer or otherwise until replacements have been provided to
the Principal Paying Agent or the Registrar, as the case may be) continue to have authority to issue Covered Bonds signed by that person, and the Issuer warrants to the Principal Paying Agent and the Registrar that those Covered Bonds will be valid
and binding obligations of the Issuer. Promptly upon any person ceasing to be an authorized representative of the Issuer, the Issuer will provide the Principal Paying Agent with replacement master Temporary Global Covered Bond(s) and replacement
Permanent Global Covered Bond(s) and will provide the Registrar with replacement master Registered Global Covered Bonds and Registered Definitive Covered Bonds and the Principal Paying Agent and the Registrar, as the case may be, will, upon receipt
of such replacements, cancel and destroy the master Temporary Global Covered Bond(s), master Permanent Global Covered Bond(s), master Registered Global Covered Bonds and Registered Definitive Covered Bonds, as applicable, held by them which are
signed by such person and will provide the Issuer with a certificate of destruction in respect thereof, specifying the Covered Bonds so cancelled and destroyed. 
 6.4 Each of the Principal Paying Agent and the Registrar will provide Euroclear and/or Clearstream, Luxembourg and, in the case of the Registrar, DTC, with the notifications, instructions or information
to be given by it to Euroclear and/or Clearstream, Luxembourg and/or DTC, as the case may be. 
 6.5 Where Registered Global
Covered Bonds or Bearer Global Covered Bonds that are CGCBs are to be issued and are to be credited on a delivery against payment basis, unless otherwise agreed, the Principal Paying Agent shall give instructions to Euroclear and/or Clearstream,
Luxembourg to credit such Covered Bonds represented by the Registered Global Covered Bonds or Bearer Global Covered Bonds, as the case may be, to the Principal Paying Agent’s distribution account following the delivery of such Global Covered
Bond to the Common Depositary. Each Bearer Covered Bond that is a CGCB, or each Registered Global Covered Bond which is so credited to the Principal Paying Agent’s distribution account with Euroclear, DTC or Clearstream, Luxembourg, as the case
may be, or the Paying Agent’s account with DTC, shall be held to the order of the Issuer pending delivery to the relevant Dealer on a delivery against payment basis (unless otherwise indicated in the relevant Final Terms Document) in accordance
with the normal procedures of Euroclear, DTC or Clearstream, Luxembourg, as the case may be. The Principal Paying Agent shall on the Issue Date and against receipt of funds from the relevant Dealer(s) (unless otherwise indicated in the relevant
Final Terms Document) transfer the proceeds of issue to the Issuer to the account notified to it by the Issuer and instruct the Common Depositary to instruct Euroclear, DTC or Clearstream, Luxembourg, as the case may be, to credit the relevant
securities account(s) of the relevant Dealer(s). 
 6.6 If the Bearer Covered Bonds are NGCBs, the Principal Paying Agent shall,
on behalf of the Issuer, instruct the Common Safekeeper to effectuate the relevant Global Covered Bond and 

  
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instruct Euroclear and Clearstream, Luxembourg to make the appropriate entries in their records to reflect the initial outstanding aggregate principal amount of the relevant Tranche of Covered
Bonds. 
 6.7 If the Principal Paying Agent pays an amount (the “Payment Advance”) to the Issuer on the basis
that a payment (the “Payment”) has been or will be received from a Dealer and if the Payment is not received by the Principal Paying Agent on the date the Principal Paying Agent pays the Issuer, the Issuer will repay to the
Principal Paying Agent the Payment Advance and will pay interest on the Payment Advance (or the unreimbursed portion thereof) from (and including) the date the Payment Advance is made to (but excluding) the earlier of repayment of the Payment
Advance or receipt by the Principal Paying Agent of the Payment at a rate quoted at that time by the Principal Paying Agent as its cost of funding the Payment Advance provided that evidence of the basis of such rate is given in writing by the
Principal Paying Agent to the Issuer. For the avoidance of doubt, the Principal Paying Agent will not be obliged to pay any amount to the Issuer if it has not received satisfactory confirmation that it is to receive the amount from a Dealer.

 6.8 Except in the case of an issue where the Principal Paying Agent does not act as receiving bank for the Issuer in respect
of the purchase price of the Covered Bonds being issued, if on the Issue Date a Dealer does not pay the full purchase price due from it in respect of any Covered Bond (the “Defaulted Covered Bond”) and, as a result, such Defaulted
Covered Bond remains in the Principal Paying Agent’s distribution account with DTC and/or Euroclear and/or Clearstream, Luxembourg after the Issue Date, the Principal Paying Agent will continue to hold such Defaulted Covered Bond pursuant to
the order of the Issuer. The Principal Paying Agent will notify the Issuer immediately of the failure of the Dealer to pay the full purchase price due from it in respect of any Defaulted Covered Bond and, subsequently, will (a) notify the
Issuer immediately on receipt from the Dealer of the full purchase price in respect of any Defaulted Covered Bond and (b) pay to the Issuer the amount so received. 
 ARTICLE 7 
 EXCHANGE AND TRANSFER OF COVERED BONDS 

7.1 Upon any exchange of all or a portion of an interest in a Temporary Global Covered Bond for an interest in a Permanent Global Covered
Bond or upon any exchange of, in the case of a Temporary Global Covered Bond, all or a portion of an interest in such Temporary Global Covered Bond or, in the case of a Permanent Global Covered Bond, all of such Permanent Global Covered Bond for
Bearer Definitive Covered Bonds, the Principal Paying Agent will (i) procure that the relevant Global Covered Bond will, if it is a CGCB, be endorsed by the Principal Paying Agent or on its behalf to reflect the reduction of its nominal amount
by the aggregate nominal amount so exchanged and the Permanent Global Covered Bond will be endorsed by the Principal Paying Agent or on its behalf to reflect the increase in its nominal amount as a result of such exchange or (ii) in the case of
any Global Covered Bond which is an NGCB, instruct Euroclear, DTC and Clearstream, Luxembourg to make appropriate entries in their records to reflect such exchange. Until exchanged in full, the holder of an interest in any Bearer Global Covered Bond
will in all respects be entitled to the same benefits under this Agreement as the holder of Bearer Definitive Covered Bonds and Coupons authenticated and delivered hereunder, subject as set out in the Terms and Conditions and in the relevant Bearer
Global Covered Bond. The Principal Paying Agent is hereby authorized on behalf of the Issuer (a) in the case of any Global Covered Bond which is a CGCB, to endorse or to arrange for the endorsement of the relevant Bearer Global Covered Bond to
reflect the reduction in the nominal amount represented 

  
 - 12 -

 
thereby by the amount so exchanged and, if appropriate, to endorse the Permanent Global Covered Bond to reflect any increase in the nominal amount represented thereby and, in either case, to sign
in the relevant space on the relevant Bearer Global Covered Bond recording such exchange and reduction or increase, (b) in the case of any Global Covered Bond which is an NGCB, to instruct Euroclear, DTC and Clearstream, Luxembourg to make
appropriate entries in their records to reflect such exchange and (c) in the case of a total exchange, to cancel or arrange for the cancellation of the relevant Bearer Global Covered Bond. 

7.2 Upon any exchange of all or a portion of an interest in a Rule 144A Global Covered Bond for an interest in a Regulation S Global
Covered Bond or vice versa, the relevant Global Covered Bond(s) will be surrendered to the Registrar and endorsed to reflect the reduction or increase (as the case may be) in its/their nominal amount by the Registrar or on its behalf. The
Registrar is hereby authorized on behalf of the Issuer (a) to endorse or to arrange for the endorsement of the relevant Global Covered Bond(s) to reflect the reduction or increase (as the case may be) in the nominal amount represented thereby
and, in either case, to sign in the relevant space on the relevant Global Covered Bond(s) recording such exchange and reduction or increase, (b) to make all appropriate entries in the Register and (c) in the case of a total exchange, to
cancel or arrange for the cancellation of the relevant Global Covered Bond. 
 7.3 Upon any exchange of all or a portion of an
interest in a Registered Global Covered Bond for an interest in a Registered Definitive Covered Bond or vice versa, the relevant Registered Global Covered Bond(s) or Registered Definitive Covered Bond(s) will be surrendered to the Registrar
and endorsed to reflect the reduction or increase (as the case may be) in its/their nominal amount by the Registrar or on its behalf. The Registrar is hereby authorized on behalf of the Issuer (a) to endorse or to arrange for the endorsement of
the relevant Registered Global Covered Bond(s) or Registered Definitive Covered Bond(s) to reflect the reduction or increase (as the case may be) in the nominal amount represented thereby and, in either case, to sign in the relevant space on the
relevant Registered Global Covered Bond(s) or Registered Definitive Covered Bond(s) recording such exchange and reduction or increase, (b) to make all appropriate entries in the Register and (c) in the case of a total exchange, to cancel
or arrange for the cancellation of the relevant Registered Global Covered Bond(s) or Registered Definitive Covered Bond(s). 

ARTICLE 8 
 PAYMENTS 
 8.1 The Issuer will, before the Relevant Time on each date on
which any payment in respect of any Covered Bond becomes due under the Terms and Conditions, transfer to an account specified by the Principal Paying Agent such amount in the relevant currency sufficient for the purposes of the payment in same day
funds settled through such payment system as the Principal Paying Agent and the Issuer may agree. 
 Relevant Time means,
(i) in the case of payment in Sterling or Euro, 11:00 a.m., London time, (ii) in the case of payments in U.S. dollars or Canadian dollars, 8:00 a.m. (New York time), (iii) in the case of payments in Japanese Yen, 9:00 a.m. (Tokyo
time), in each case one Business Day prior to the day on which payment is due to the Principal Paying Agent and (iv) for any other currency, at the time mutually agreed between the Issuer and the Principal Paying Agent. 

8.2 Any funds paid by or by arrangement with the Issuer to the Principal Paying Agent under Section 8.1 will be held in the relevant
account referred to in Section 8.1 for payment to the 

  
 - 13 -

 
Covered Bondholders or Couponholders, as the case may be, until any Covered Bonds or Coupons become void under Condition 8. In that event the Principal Paying Agent will repay to the Issuer sums
equivalent to the amounts which would otherwise have been repayable on the relevant Covered Bonds or Coupons. 
 8.3 The Issuer
will ensure that no later than the third Business Day (as defined below) immediately preceding the date on which any payment is to be made to the Principal Paying Agent, under Section 8.1, the Principal Paying Agent, will receive (i) a
copy of an irrevocable payment instruction to the paying bank of the Issuer and (ii) a notice setting out the amounts of principal and/or (as the case may be) interest to be paid in respect of each relevant series of Covered Bonds on their
relevant due dates. For the purposes of this Article, Business Day means a day on which commercial banks and foreign exchange markets settle payments and are open for general business in London and any Additional Business Centre specified in the
applicable Final Terms Document. 
 8.4 The Principal Paying Agent will notify the other Paying Agents, the Cash Manager, the
Guarantor and the Bond Trustee immediately: 
  

	 	 (a)
	 if it has not by the relevant date set out in Section 8.1 received unconditionally the full amount in the Specified Currency required for the
payment; and 

  

	 	 (b)
	 if it receives unconditionally the full amount of any sum payable in respect of the Covered Bonds or Coupons after that date and time.

 The Principal Paying Agent will, at the expense of the Issuer, immediately on receiving any
amount as described in subparagraph (b), cause notice of that receipt to be published in accordance with Condition 13. 
 8.5
The Principal Paying Agent will ensure that payments of both principal and interest in respect of a Temporary Global Covered Bond will only be made if certification of non-U.S. beneficial ownership as required by U.S. Treasury regulations (in the
form set out in the Trust Deed) has been received from Euroclear and/or Clearstream, Luxembourg in accordance with the terms of the Temporary Global Covered Bond. 
 8.6 Unless it has received notice under Section 8.4(a), each Paying Agent will pay or cause to be paid all amounts due in respect of the Covered Bonds on behalf of the Issuer and the Guarantor in the
manner provided in the Trust Deed and the Terms and Conditions. If any payment provided for in Section 8.1 is made late but otherwise in accordance with the provisions of this Agreement, the relevant Paying Agent will nevertheless make payments
in respect of the Covered Bonds as stated in Section 8.4(b) following receipt by it of such payment. 
 8.7 If for any
reason the Principal Paying Agent reasonably considers that the amounts to be received by it under Section 8.1 will be, or the amounts actually received by it are, insufficient to satisfy all claims in respect of all payments then falling due
in respect of the Covered Bonds, neither the Principal Paying Agent nor the Paying Agents will be obliged to pay any such claims until the Principal Paying Agent has received the full amount of all such payments. 

8.8 Without prejudice to Sections 8.6 and 8.7, if the Principal Paying Agent pays any amounts to the Covered Bondholders or Couponholders
or to any other Paying Agent at a time when it has not received payment in full in respect of the relevant Covered Bonds in accordance 

  
 - 14 -

 
with Section 8.1 (the excess of the amounts so paid over the amounts so received being the “Shortfall”), the Issuer will, in addition to paying amounts due under
Section 8.1, pay to the Principal Paying Agent on demand interest (at a rate which represents the Principal Paying Agent’s cost of funding the Shortfall provided that evidence of the basis of such rate is given to the Issuer) on the
Shortfall (or the unreimbursed portion thereof) until the receipt in full by the Principal Paying Agent of the Shortfall. 
 8.9
The Principal Paying Agent will on demand promptly reimburse each other Paying Agent for payments in respect of Covered Bonds properly made by each Paying Agent in accordance with this Agreement and the Terms and Conditions unless the Principal
Paying Agent has notified the relevant Paying Agent, prior to its opening of business on the due date of a payment in respect of the Covered Bonds, that the Principal Paying Agent does not expect to receive sufficient funds to make payment of all
amounts falling due in respect of the Covered Bonds. 
 8.10 While any Covered Bonds are represented by Global Covered Bonds,
all payments due in respect of the Covered Bonds will be made to, or to the order of, the holder of the Global Covered Bonds and subject to and in accordance with the provisions of the Global Covered Bonds. On the occasion of each payment,
(i) in the case of a CGCB, the Paying Agent to which such Global Covered Bond was presented for the purpose of making the payment will cause the appropriate Schedule to the relevant Global Covered Bond to be annotated so as to evidence the
amounts and dates of the payments of principal and/or interest as applicable or (ii) in the case of any Global Covered Bond which is an NGCB, the Principal Paying Agent will instruct Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records to reflect such payment. 
 8.11 With respect to any Registered Global Covered Bond that is denominated
in any currency other than U.S. dollars and that is registered in the name of DTC or its nominee (a “DTC Covered Bond”), the Principal Paying Agent shall pay to the Exchange Agent, and the Exchange Agent shall receive, all payments
thereunder that are to be exchanged into U.S. dollars. 
 The Exchange Agent shall, in accordance with normal DTC practice, be
advised by the Principal Paying Agent on or prior to the fifth New York Business Day (as defined below) after the relevant Record Date for any payment of interest, or the tenth New York Business Day prior to the relevant payment date for any payment
of principal by DTC or its nominee: 
  

	 	 (a)
	 if any Beneficial Owner of the DTC Covered Bond in respect of which payment is due has elected to receive such payment in U.S. dollars and, if so,
the amount of the payment (expressed in the Specified Currency) which the Beneficial Holder wished to receive in U.S. dollars; and 

  

	 	 (b)
	 of the payment details for each Beneficial Owner. 

 The Exchange Agent through its foreign exchange desk shall convert the relevant Specified Currency into U.S. dollars in an amount equal to the aggregate amount that Beneficial Owners wish to receive in
U.S. dollars (i.e. with respect to which DTC has notified the Exchange Agent that Beneficial Owners wish to receive such amount in U.S. dollars) at its spot rate on the applicable payment date. The “spot rate” is a base rate adjusted by a
spread, each component determined by the foreign exchange desk in its absolute discretion on the relevant payment date. The Exchange Agent shall, on the relevant payment date: 

 

	 	 (a)
	 pay all amounts converted into U.S. dollars in accordance with the above to DTC or its nominee for distribution to the relevant Beneficial Owners;
and 

  
 - 15 -

	 	 (b)
	 pay all the other amounts due which are denominated otherwise than in U.S. dollars directly to the relevant Beneficial Owners in accordance with the
payment instructions received from DTC or its nominee. 

 The rate of exchange will be adjusted by, local
fees, taxes and forward points (if applicable). There is no obligation on the foreign exchange desk or the Exchange Agent to make any conversion or to conclude any foreign exchange transaction. In connection with the conversion transaction, the
Exchange Agent (and its foreign exchange desk) shall act as principal for its own account, and not in the interest of, or as agent, fiduciary, or broker on behalf of any other party. The Exchange Agent (and its foreign exchange desk) has no
obligation to provide the best foreign exchange rate and shall not be liable for losses associated with the determination of such rate. The Exchange Agent may retain for its own account any fees, including any spread on foreign exchange
transactions, customarily charged by it in connection with any such conversion. 
 For the purposes of this Clause, “New
York Business Day” means a day (other than a Saturday or a Sunday) on which foreign exchange markets are open for business in New York City that is neither a legal holiday nor a day on which banking institutions are authorised or required
by law or regulation to close in New York City and (i) with respect to Covered Bonds payable in a Specified Currency other than euro, in the principal financial centre of the relevant Specified Currency or as otherwise specified in the
applicable Final Terms Document and (ii) with respect to Covered Bonds payable in euro, a day on which the TARGET System is open. 
 In the event that the Exchange Agent is unable to convert the relevant Specified Currency into U.S. dollars, the Exchange Agent will notify DTC that the entire payment will be made in the relevant
Specified Currency, and the Exchange Agent will make the payment in accordance with the payment instructions received from DTC following such notification. 
 8.12 If the amount of principal and/or interest then due for payment is not paid in full (otherwise than by reason of (A) a withholding or deduction required by law to be made therefrom in
circumstances in which the Issuer or Guarantor is not obliged to gross-up such payments in accordance with Condition 7 or (B) a certification required by the terms of a Covered Bond not being received), (i) in the case of CGCB, the Paying
Agent to which a Covered Bond or Coupon (as the case may be) is presented for the purpose of making such payment will make a record of such shortfall on the Covered Bond or Coupon and each record will, in the absence of manifest error, be prima
facie evidence that the payment in question has not to that extent been made or (ii) in the case of any Global Covered Bond which is an NCGB, the Principal Paying Agent will instruct Euroclear and Clearstream, Luxembourg to make appropriate
entries in their records to reflect such shortfall in payment. 
 8.13 Following service of a Notice to Pay on the Guarantor,
this Article 8 will be amended as follows: 
  

	 	 (a)
	 Section 8.1 (above) will be deleted in its entirety and replaced with the following: 

“8.1 The Guarantor will, before the Relevant Time on each date on which any payment in respect of any Guaranteed
Amounts becomes Due for Payment, transfer to an account specified by the Principal Paying Agent, such amount in the relevant currency sufficient for the purposes of the payment of such Guaranteed Amounts in same day funds settled through such
payment system as the Principal Paying Agent and the Guarantor may agree.”; 
  

	 	 (b)
	 Section 8.3(above) will be deleted in its entirety and replaced with the following: 

“8.3 The Guarantor will ensure that no later than the third Business Day (as defined below) immediately preceding the
date on which any payment is to be made to the Principal Paying Agent, under Section 8.1, the Principal Paying Agent will receive (i) a copy of an irrevocable payment instruction to the paying bank of the Guarantor or other relevant party,
and (ii) a notice setting out the amounts of principal and/or (as the case may be) 

  
 - 16 -

 
interest to be paid in respect of each relevant series of Covered Bonds on their relevant due dates. For the purposes of this Section, Business Day means a day on which commercial banks and
foreign exchange markets settle payments and are open for general business in London, Toronto and any Additional Business Centre specified in the applicable Final Terms Document.”; and 

 

	 	 (c)
	 Consequential amendments will be made pursuant to Article 33 (Amendments) to the remainder of Article 8. 

8.14 If the Issuer determines, in its sole discretion, that it will be required to withhold or deduct any FATCA Withholding in connection
with the next scheduled payment, the Issuer will be entitled to re-direct or reorganize such payment in any way that it sees fit in order that the payment may be made free from FATCA Withholding. 

  
 - 17 -

 ARTICLE 9 
 NOTICE OF ANY WITHHOLDING OR DEDUCTION 
 9.1 If the Issuer or the Guarantor
are, in respect of any payment in respect of Covered Bonds, required by law to withhold or deduct any amount for or on account of Taxes, duties, assessments or governmental charges as specifically contemplated under the Terms and Conditions, the
Issuer or the Guarantor, as the case may be, will give notice of that fact to the Bond Trustee and the Principal Paying Agent (who will give notice thereof to each Paying Agent) as soon as it becomes aware of the requirement to make the withholding
or deduction and will give to the Bond Trustee and the Principal Paying Agent such information as either of them will require to enable the Bond Trustee and the Principal Paying Agent to comply with the requirement. 

9.2 If any Paying Agent or the Exchange Agent is, in respect of any payment of principal or interest in respect of the Covered Bonds,
required by law to withhold or deduct any amount for or on account of any Taxes, duties, assessments or governmental charges as specifically contemplated under the Terms and Conditions, other than arising under Section 9.1 or by virtue

  
 - 18 -

 
of the relevant holder failing to satisfy any certification or other requirement in respect of its Covered Bonds, it will give notice of that fact to the Issuer, the Bond Trustee, the Guarantor
and the Principal Paying Agent as soon as it becomes aware of the requirement to withhold or deduct. 
 ARTICLE 10

 OTHER DUTIES OF THE REGISTRAR 
 10.1 The Registrar will perform such duties as are set out herein and the Terms and Conditions and, in performing those duties, will act in accordance with the Terms and Conditions and the provisions of
this Agreement. 
 10.2 The Registrar will, so long as any Registered Covered Bond is outstanding: 

 

	 	 (a)
	 maintain outside the United Kingdom, a register (the “Register”) of the holders of the Registered Covered Bonds which will show
(i) the nominal amount of Covered Bonds represented by each Registered Global Covered Bond, (ii) the nominal amounts and the serial numbers of the Registered Definitive Covered Bonds, (iii) the dates of issue of all Registered Covered
Bonds, (iv) all subsequent transfers and changes of ownership of Registered Covered Bonds, (v) the names and addresses of the holders of the Registered Covered Bonds, (vi) all cancellations of Registered Covered Bonds, whether because
of their purchase by the Issuer, their replacement or otherwise, and (vii) all replacements of Registered Covered Bonds (subject, where appropriate, in the case of (vi), to the Registrar having been notified as provided in this Agreement);

  

	 	 (b)
	 effect exchanges of interests between different Registered Global Covered Bonds of the same series and interests in Registered Global Covered Bonds
for Registered Definitive Covered Bonds and vice versa, in accordance with the Terms and Conditions and this Agreement, keep a record of all exchanges and ensure that the Principal Paying Agent is notified forthwith after any exchange;

  

	 	 (c)
	 register all transfers of Definitive Covered Bonds; 

 

	 	 (d)
	 make any necessary notations on Registered Global Covered Bonds following transfer or exchange of interests in them; 

 

	 	 (e)
	 receive any document in relation to or affecting the title to any of the Registered Covered Bonds including all forms of transfer, forms of
exchange, probates, letters of administration and powers of attorney; 

  

	 	 (f)
	 forthwith, and in any event within ten Business Days (being days when banks are open for business in the city in which the specified office of the
Registrar is located) of the relevant request (or such longer period as may be required to comply with any applicable fiscal or other regulations), (i) upon receipt by it of Registered Definitive Covered Bonds for transfer (together with any
certifications required by it including, but not limited to, any applicable Transfer Certificates) or (ii) following the endorsement of a reduction in nominal amount of a Registered Global Covered Bond for exchange into Registered Definitive
Covered Bonds, authenticate and deliver at its specified office to the transferee or (at the risk of the transferee) send to the address requested by the transferee duly 

  
 - 19 -

	 	
dated and completed Registered Definitive Covered Bonds of a like aggregate nominal amount to the Registered Definitive Covered Bonds transferred and, in the case of the transfer of part only of
a Registered Definitive Covered Bond, authenticate and deliver at its specified office to the transferor or (at the risk of the transferor) send to the address requested by the transferor a duly dated and completed Registered Definitive Covered Bond
in respect of the balance of the Registered Definitive Covered Bonds not so transferred; 

  

	 	 (g)
	 if applicable, charge to the holder of a Registered Covered Bond presented for exchange or transfer (i) the costs or expenses (if any) of
delivering Registered Covered Bonds issued on exchange or transfer other than by regular uninsured mail and (ii) a sum sufficient to cover any stamp duty or Tax that may be imposed in relation to the registration; 

 

	 	 (h)
	 maintain proper records of the details of all documents and certifications (including, but not limited to, Transfer Certificates) received by itself
or any other Transfer Agent (subject to receipt of all other necessary information from the other Transfer Agents); 

  

	 	 (i)
	 prepare all such lists of holders of the Registered Covered Bonds as may be required by the Issuer, the Guarantor or the Principal Paying Agent or
any person authorized by any of them; 

  

	 	 (j)
	 subject to applicable laws and regulations at all reasonable times during office hours make the Register available to the Issuer, the Bond Trustee,
any holder of a Registered Covered Bond or any person authorized by any of them for inspection and for the taking of copies of it or extracts from it, provided however that the Register may be closed by the Issuer for such periods at such times (not
exceeding in total 30 days in any one year) as it may think fit; 

  

	 	 (k)
	 make available for inspection (at all reasonable times during office hours) by Covered Bondholders at its specified office copies of the Trust Deed,
this Agreement and the then latest audited balance sheet and profit and loss accounts of the Issuer; 

  

	 	 (l)
	 comply with the reasonable requests of the Issuer with respect to the maintenance of the Register and give to the Paying Agents and the Transfer
Agents such information as may be reasonably required by them for the proper performance of their duties; and 

  

	 	 (m)
	 comply with the terms of any notice of transfer to the extent such notice of transfer is given in accordance with the Terms and Conditions and the
provisions of this Agreement. 

 10.3 Notwithstanding anything to the contrary in this Agreement, in the event
of a partial redemption of Covered Bonds under Condition 6, the Registrar will not be required, unless so directed by the Issuer, (a) to register the transfer of Registered Definitive Covered Bonds (or parts of Registered Definitive Covered
Bonds) or to effect exchanges of interests in Registered Global Covered Bonds for Registered Definitive Covered Bonds or vice versa during the period beginning on the sixty-fifth day before the date of
the partial redemption and ending on the day on which notice is given specifying the serial numbers of Covered Bonds called (in whole or in part) for redemption (both inclusive) or (b) to register the transfer of any Registered Covered Bond (or
part of a Registered Covered Bond) called for partial redemption. 

  
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 10.4 Registered Covered Bonds will be dated: 

 

	 	 (a)
	 in the case of a Registered Definitive Covered Bond issued on the Issue Date, the Issue Date; or 

 

	 	 (b)
	 in the case of a Registered Definitive Covered Bond issued in exchange for an interest in a Registered Global Covered Bond, or upon transfer, the
date of registration in the Register of the exchange or transfer; or 

  

	 	 (c)
	 in the case of a Registered Definitive Covered Bond issued to the transferor upon transfer in part of a Registered Covered Bond, the same date as
the date of the Registered Covered Bond transferred; or 

  

	 	 (d)
	 in the case of a Registered Definitive Covered Bond issued pursuant to Article 17 (Issue of Replacement Covered Bonds, Coupons and Talons),
with the same date as the date of the lost, stolen, mutilated, defaced or destroyed Registered Covered Bond in replacement of which it is issued. 

 ARTICLE 11  
 DUTIES OF THE TRANSFER AGENTS 

11.1 The Transfer Agents will perform such duties as are set out herein and in the Terms and Conditions and, in performing those duties,
will act in accordance with the Terms and Conditions and the provisions of this Agreement. 
 11.2 Each Transfer Agent will:

  

	 	 (a)
	 accept Registered Covered Bonds delivered to it, with the form of transfer on them duly executed, together with, where applicable, any Transfer
Certificate for the transfer or exchange of all or part of the Registered Covered Bonds in accordance with the Terms and Conditions, and will, in each case, give to the Registrar all relevant details required by it; 

 

	 	 (b)
	 keep a stock of the form of Transfer Certificate in the form set out in Schedule 4 where applicable, and make such forms available on demand to
holders of the Covered Bonds; 

  

	 	 (c)
	 immediately, and in any event within ten Business Days of the relevant request (or such longer period as may be required to comply with any
applicable fiscal or other laws or regulations), (i) upon receipt by it of Registered Definitive Covered Bonds for transfer (together with any certifications required by it including, but not limited to, where applicable Transfer Certificates)
or (ii) following the endorsement of a reduction in nominal amount of a Registered Global Covered Bond for exchange into Registered Definitive Covered Bonds, authenticate and deliver at its specified office to the transferee or (at the risk of
the transferee) send to the address requested by the transferee duly dated and completed Registered Definitive Covered Bonds of a like aggregate nominal amount to the Registered Definitive Covered Bonds transferred and, in the case of the transfer

  
 - 21 -

	 	
of part only of a Registered Definitive Covered Bond, authenticate and deliver at its specified office to the transferor or (at the risk of the transferor) send to the address requested by the
transferor a duly dated and completed Registered Definitive Covered Bond in respect of the balance of the Registered Definitive Covered Bonds not so transferred; 

 

	 	 (d)
	 if applicable, charge to the holder of a Registered Covered Bond presented for exchange or transfer (i) the costs or expenses (if any) of the
Registrar in delivering Registered Covered Bonds issued on such exchange or transfer other than by regular uninsured mail and (ii) a sum sufficient to cover any stamp duty or Tax that may be imposed in relation to the exchange or transfer and,
in each case, account to the Registrar for those charges; and 

  

	 	 (e)
	 at the request of any Paying Agent deliver new Registered Covered Bonds to be issued on partial redemptions of Registered Covered Bonds.

 ARTICLE 12 
 REGULATIONS FOR TRANSFERS 
 AND EXCHANGES OF REGISTERED COVERED BONDS

 12.1 Subject as provided below, the Issuer may from time to time agree with the Principal Paying Agent, the Bond Trustee,
the Transfer Agent and the Registrar reasonable regulations to govern the transfer and registration of Registered Covered Bonds and the exchange of Registered Covered Bonds. The initial regulations, which will apply until amended under this Section,
are set out in Schedule 5 to this Agreement. The Transfer Agents agree to comply with the regulations as amended from time to time. 
 ARTICLE 13 
 DUTIES OF THE AGENTS IN CONNECTION WITH EARLY REDEMPTION

 13.1 If the Issuer decides to redeem any Covered Bonds for the time being outstanding before their Final Maturity Date in
accordance with the Terms and Conditions, the Issuer will give notice of the decision to the Bond Trustee and the Paying Agents, and in the case of redemption of Registered Covered Bonds, the Registrar, stating the date on which the Covered Bonds
are to be redeemed and the nominal amount of Covered Bonds to be redeemed, not less than 10 days before the date on which the Issuer will give notice to the Covered Bondholders in accordance with the Terms and Conditions of the redemption in order
to enable the Paying Agents and, if applicable, the Registrar to carry out its duties in this Agreement and in the Terms and Conditions. 
 13.2 If some only of the Covered Bonds are to be redeemed, the Principal Paying Agent will, in the case of Definitive Covered Bonds, make the required drawing in accordance with the Terms and Conditions
but will give the Issuer and the Bond Trustee reasonable notice of the time and place proposed for the drawing and the Issuer and the Bond Trustee will be entitled to send representatives to attend the drawing and will, in the case of Covered Bonds
in global form, co-ordinate the selection of Covered Bonds to be redeemed with Euroclear, DTC and/or Clearstream, Luxembourg, all in accordance with the Terms and Conditions. 

  
 - 22 -

 13.3 The Principal Paying Agent will publish the notice required in connection with any
redemption and will, if applicable, at the same time also publish a separate list of the serial numbers of any Definitive Covered Bonds previously drawn and not presented for redemption. The redemption notice will specify the date fixed for
redemption, the redemption amount, the manner in which redemption will be effected and, in the case of a partial redemption of Definitive Covered Bonds, the serial numbers of the Covered Bonds to be redeemed. The notice will be published in
accordance with the Terms and Conditions. The Principal Paying Agent will also notify the Bond Trustee, the other Paying Agents, the Registrar, the Transfer Agents and, if applicable, the Exchange Agent, of any date fixed for redemption of any
Covered Bonds. 
 ARTICLE 14 
 EXTENDABLE OBLIGATIONS 
 14.1 The applicable Final Terms Document may
provide that the obligations to pay the Final Redemption Amount of the applicable Series of Covered Bonds on their Final Maturity Date may be deferred until the Extended Due for Payment Date, provided that any amount representing the amount due on
the Final Maturity Date as set out in the applicable Final Terms Document due and remaining unpaid on the Final Maturity Date may be paid on any Interest Payment Date thereafter up to (and including) the relevant Extended Due for Payment Date. Such
deferral will occur automatically if the Issuer fails to pay the Final Redemption Amount of the relevant Series of Covered Bonds on its Final Maturity Date (subject to applicable grace periods) and if the Guarantor fails to pay in full on the
Extension Determination Date, Guaranteed Amounts equal to the Final Redemption Amount of the relevant series of Covered Bonds. Interest will continue to accrue on any unpaid amount and will be payable on each Interest Payment Date falling after the
Final Maturity Date up to (and including) the Extended Due for Payment Date. 
 14.2 The Issuer undertakes to notify the Paying
Agents not less than four Business Days prior to the Final Maturity Date whether (a) payment will be made of the Final Redemption Amount of the applicable Series of Covered Bonds in full on their (i) Final Maturity Date or
(ii) Extension Determination Date or (b) the obligation to pay the Final Redemption Amount of the applicable Series of Covered Bonds on their Final Maturity Date will be deferred until the Extended Due for Payment Date (such notice, the
“Extension Notice”). 
 14.3 Forthwith upon the receipt by the Principal Paying Agent of the Extension Notice,
the Principal Paying Agent will notify both Clearstream, Luxembourg and Euroclear and, if applicable, DTC, not less than three Business Days prior to the Final Maturity Date (provided that the Issuer provides the applicable notice to the Paying
Agents in accordance with the time period specified in Section 14.2) whether (a) payment will be made of the Final Redemption Amount of the applicable Series of Covered Bonds in full on their Final Maturity Date or (b) the obligation to
pay the Final Redemption Amount of the applicable Series of Covered Bonds on their Final Maturity Date will be deferred until the Extended Due for Payment Date. 
 14.4 For the avoidance of doubt, a failure by the Issuer to make a notification under this Article 14 will not affect the validity or effectiveness of any extension of a Series of Covered Bonds under
Condition 6.1. 

  
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 ARTICLE 15 

RECEIPT AND PUBLICATION OF NOTICES 
 15.1 Immediately after it receives a demand, notice or written request from any Covered Bondholder in accordance with the Terms and Conditions, the Principal Paying Agent or the Registrar, as the case may
be, will forward a copy to the Issuer, the Guarantor and the Bond Trustee. 
 15.2 On behalf of and at the request and expense
of the Issuer (or following service of a Notice to Pay on the Guarantor, the Guarantor), the Principal Paying Agent or the Registrar, as the case may be, will cause to be published all notices required to be given by the Issuer, the Guarantor and
the Bond Trustee to the Covered Bondholders in accordance with the Terms and Conditions, the U.S. Registration Statement or Final Terms Document. 
 ARTICLE 16 
 CANCELLATION OF COVERED BONDS, COUPONS AND TALONS

 16.1 All Covered Bonds which are redeemed, all Global Covered Bonds which are exchanged in full, all Registered Covered
Bonds which have been transferred, all Coupons which are paid and all Talons which are exchanged will be cancelled by the Agent by which they are redeemed, exchanged, transferred or paid. In addition, the Issuer will immediately notify the Principal
Paying Agent and the Bond Trustee in writing of all Covered Bonds which are purchased on behalf of the Issuer, the Guarantor or any of the Issuer’s Subsidiaries and all such Covered Bonds surrendered to a Paying Agent or the Registrar for
cancellation, together (in the case of Bearer Definitive Covered Bonds) with all unmatured Coupons or Talons (if any) attached to them or surrendered with them, will be cancelled by the Agent to which they are surrendered. Each of the Agents will
give to the Principal Paying Agent details of all payments made by it and will deliver all cancelled Covered Bonds, Coupons and Talons to the Principal Paying Agent or as the Principal Paying Agent may specify. 

16.2 The Principal Paying Agent will deliver upon written request to the Issuer and the Bond Trustee as soon as reasonably practicable
and in any event within three months after the date of each repayment, payment, cancellation or replacement, as the case may be, a certificate stating: 
  

	 	 (a)
	 the aggregate nominal amount of Covered Bonds which have been redeemed and the aggregate amount paid in respect of them;

  

	 	 (b)
	 the number of Covered Bonds cancelled together (in the case of Bearer Definitive Covered Bonds) with details of all unmatured Coupons or Talons
attached to them or delivered with them; 

  

	 	 (c)
	 the aggregate amount paid in respect of interest on the Covered Bonds; 

 

	 	 (d)
	 the total number by maturity date of Coupons and Talons cancelled; and 

 

	 	 (e)
	 (in the case of Definitive Covered Bonds) the serial numbers of the Covered Bonds. 

16.3 The Principal Paying Agent will destroy all cancelled Covered Bonds, Coupons and Talons and, immediately following their
destruction, send to the Issuer upon written request a certificate stating the serial numbers of the Covered Bonds (in the case of Definitive Covered Bonds) and the number by maturity date of Coupons and Talons destroyed. 

  
 - 24 -

 16.4 Without prejudice to the obligations of the Principal Paying Agent under
Section 16.2, the Principal Paying Agent will keep a full and complete record of all Covered Bonds, Coupons and Talons (other than serial numbers of Coupons) and of their redemption, purchase on behalf of the Issuer or the Guarantor or any of
the Issuer’s Subsidiaries and cancellation, payment or replacement (as the case may be) and of all replacement Covered Bonds, Coupons or Talons issued in substitution for mutilated, defaced, destroyed, lost or stolen Covered Bonds, Coupons or
Talons. The Principal Paying Agent will in respect of the Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such Coupons and (in the case of Talons)
indefinitely either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged. The Principal Paying Agent will subject to applicable laws and regulations at all
reasonable times during office hours make the record available to the Issuer, the Guarantor, the Bond Trustee or any Person authorized by any of them for inspection and for the taking of copies of it or extracts from it. The Principal Paying Agent
is authorized by the Issuer and instructed to (a) in the case of any Global Covered Bond which is a CGCB, to endorse or to arrange for the endorsement of the relevant Global Covered Bond to reflect the reduction in the nominal amount
represented by it by the amount so redeemed or purchased and cancelled and (b) in the case of any Global Covered Bond which is an NGCB, to instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records to reflect
such redemption or purchase and cancellation, as the case may be; provided, that, in the case of a purchase or cancellation, the Issuer has notified the Principal Paying Agent of the same in accordance with Section 16.1. 

ARTICLE 17 
 ISSUE OF REPLACEMENT COVERED BONDS, 
 COUPONS AND TALONS 

17.1 The Issuer will cause a sufficient quantity of additional forms of (a) Bearer Covered Bonds, Coupons and Talons to be
available, upon request, to the Principal Paying Agent at its specified office for the purpose of issuing replacement Bearer Covered Bonds, Coupons and Talons as provided below and (b) Registered Covered Bonds to be available, upon request, to
the Registrar at its specified office for the purpose of issuing replacement Registered Covered Bonds as provided below. 
 17.2
The Principal Paying Agent and the Registrar will, subject to and in accordance with the Terms and Conditions and this Article 17, cause to be delivered any replacement Covered Bonds, Coupons and Talons which the Issuer may determine to issue
in place of Covered Bonds, Coupons and Talons which have been lost, stolen, mutilated, defaced or destroyed. 
 17.3 In the case
of a mutilated or defaced Bearer Covered Bond, the Principal Paying Agent will ensure that (unless otherwise covered by such indemnity as the Issuer may reasonably require) any replacement Bearer Covered Bond will only have attached to it Coupons
and Talons corresponding to those (if any) attached to the mutilated or defaced Bearer Covered Bond which is presented for replacement. 
 17.4 The Principal Paying Agent or the Registrar, as the case may be, will obtain verification in the case of an allegedly lost, stolen or destroyed Covered Bond, Coupon or Talon in respect of

  
 - 25 -

 
which the serial number is known, that the Covered Bond, Coupon or Talon has not previously been redeemed, paid or exchanged, as the case may be. Neither the Principal Paying Agent nor the
Registrar will issue any replacement Covered Bond, Coupon or Talon unless and until the claimant will have: 
  

	 	 (a)
	 paid the costs and expenses incurred in connection with the issue; 

 

	 	 (b)
	 provided it with such evidence and indemnity for the protection of the Issuer, the Principal Paying Agent and the Registrar as the Issuer may
reasonably require; and 

  

	 	 (c)
	 in the case of any mutilated or defaced Covered Bond, Coupon or Talon, surrendered it to the Principal Paying Agent or, as the case may be, the
Registrar. 

 17.5 The Principal Paying Agent or, as the case may be, the Registrar will cancel any mutilated
or defaced Covered Bonds, Coupons and Talons in respect of which replacement Covered Bonds, Coupons and Talons have been issued under this Section and will furnish the Issuer with a certificate stating the serial numbers of the Covered Bonds,
Coupons and Talons cancelled and, unless otherwise instructed by the Issuer in writing, will destroy the cancelled Covered Bonds, Coupons and Talons and give to the Issuer and the Bond Trustee a destruction certificate containing the information
specified in Section 16.3. 
 17.6 The Principal Paying Agent or, as the case may be, the Registrar will, on issuing any
replacement Covered Bond, Coupon or Talon, immediately inform the Issuer and the other Paying Agents (in the case of Bearer Covered Bonds) or the Transfer Agents (in the case of Registered Covered Bonds) of the serial number of the replacement
Covered Bond, Coupon or Talon issued and (if known) of the serial number of the Covered Bond, Coupon or Talon in place of which the replacement Covered Bond, Coupon or Talon has been issued. Whenever replacement Coupons or Talons are issued pursuant
to this Article 17, the Principal Paying Agent or, as the case may be, the Registrar will also notify the other Paying Agents (in the case of Bearer Covered Bonds) or the Transfer Agents (in the case of Registered Covered Bonds) of the maturity
dates of the lost, stolen, mutilated, defaced or destroyed Coupons or Talons and of the replacement Coupons or Talons issued. 

17.7 The Principal Paying Agent and the Registrar will each keep a full and complete record of all replacement Covered Bonds, Coupons and
Talons issued and will subject to applicable laws and regulations at all reasonable times during office hours make the record available to the Issuer, the Guarantor, the Bond Trustee or any person authorized by any of them for inspection and for the
taking of copies of it or extracts from it. 
 17.8 Whenever any Bearer Covered Bond, Coupon or Talon for which a replacement
Bearer Covered Bond, Coupon or Talon has been issued and in respect of which the serial number is known is presented to a Paying Agent for payment, the relevant Paying Agent will immediately send notice of that fact to the Issuer and the other
Paying Agents and not make payment. 
 17.9 The Paying Agents will issue further Coupon sheets against surrender of Talons. A
Talon so surrendered will be cancelled by the relevant Paying Agent who (except where the Paying Agent is the Principal Paying Agent) will inform the Principal Paying Agent of its serial number. Further Coupon sheets issued on surrender of Talons
will carry the same serial number as the surrendered Talon. 

  
 - 26 -

 ARTICLE 18 

COPIES OF DOCUMENTS TO BE MADE AVAILABLE 
 18.1 Each of the Paying Agents, the Registrar and the Transfer Agents will hold available for inspection at its specified office during normal business hours copies of all documents required to be so
available, including any supplements and documents incorporated by reference, by the Terms and Conditions, the U.S. Registration Statement or Final Terms Document for any Covered Bonds or the rules of any relevant Stock Exchange (or any other
relevant authority). For these purposes, the Issuer and the Guarantor will provide the Paying Agents, the Registrar and the Transfer Agents with sufficient copies of each of the relevant documents. 

ARTICLE 19 
 MEETINGS OF COVERED BONDHOLDERS 
 19.1 The provisions of Schedule 5 to the
Trust Deed will apply to meetings of the Covered Bondholders and will have effect in the same manner as if set out in this Agreement. 
 19.2 Without prejudice to Section 19.1, each of the Paying Agents on the request of any holder of Bearer Covered Bonds will issue voting certificates and block voting instructions in accordance with
Schedule 5 to the Trust Deed and will immediately give notice to the Issuer in writing (with a copy to the Bond Trustee) of any revocation or amendment of a block voting instruction. Each of the Paying Agents will keep a full and complete record of
all voting certificates and block voting instructions issued by it and will, not less than 24 hours before the time appointed for holding a meeting or adjourned meeting, deposit at such place as the Bond Trustee will approve, full particulars of all
voting certificates and block voting instructions issued by it in respect of the meeting or adjourned meeting. 

ARTICLE 20 
 COMMISSIONS AND EXPENSES 
 20.1 The Issuer and, following service of a
Notice to Pay on the Guarantor, the Guarantor agree(s) to pay to the Principal Paying Agent such fees and commissions (including any applicable Taxes) as the Issuer, the Guarantor and the Principal Paying Agent will separately agree in respect of
the services of the Agents under this Agreement together with any reasonable out of pocket expenses (including legal, printing, postage, facsimile, cable and advertising expenses) incurred by the Agents in connection with their services under this
Agreement. 
 20.2 The Principal Paying Agent will make payment of the fees and commissions due under this Agreement to the
other Agents (including any applicable Taxes) and will reimburse their expenses promptly after the receipt of the relevant funds from the Issuer or the Guarantor (as the case may be). Neither the Issuer, the Guarantor nor the Bond Trustee will be
responsible for any payment or reimbursement by the Principal Paying Agent to the other Agents. 
 ARTICLE 21

 INDEMNITY 
 21.1 The Issuer (and, at any time following a Covered Bond Guarantee Activation Event, the Guarantor) will indemnify each of the Agents against any losses, liabilities, costs, claims, actions or expenses
(including reasonable legal costs, disbursements and any applicable taxes) (together, “Losses”) paid or incurred in disputing or defending any Losses) which it may incur or which may be made against it as a result of or in
connection with its appointment or 

  
 - 27 -

 
the exercise of its powers and duties under this Agreement except for any Losses resulting from the breach by it of the terms of this Agreement or from its willful misconduct or gross negligence
hereunder or that of its officers, directors or employees. The foregoing indemnity shall extend also to the employees, officers, directors and agents of such indemnified party and to any person controlling any indemnified party (within the meaning
of the Securities Act) and the Issuer and Guarantor agrees that each indemnified party shall have and hold the covenants of the Issuer and the Guarantor contained in this Section 21.1 in trust for the benefit of its respective employees, officers,
directors and controlling person. 
 21.2 Each of the Agents (other than the Registrar, the Exchange Agent and the Transfer
Agent) will severally indemnify the Issuer against any Losses which the Issuer or the Guarantor may incur or which may be made against the Issuer or the Guarantor under this Agreement as a result of the willful misconduct or gross negligence of that
Agent or of its officers, directors or employees or the material breach by it of the terms of this Agreement, other than any Losses resulting from the Issuer’s or the Guarantor’s own gross negligence or willful misconduct. Notwithstanding
the foregoing, no party will be liable to any other party hereunder for any consequential loss (including but not limited to lost profits) whether or not foreseeable and however caused or arising. 

21.3 The indemnities set out above will survive any termination or expiry of this Agreement. 

21.4 Each Agent will only be liable to the Issuer for losses, liabilities, costs, expenses and demands arising directly from the
performance of its obligations under this Agreement suffered by or occasioned to the Issuer and/or the Guarantor resulting from the willful misconduct or gross negligence of the Agent in respect of its obligations under this Agreement. Each Agent
will not otherwise be liable or responsible for any Liabilities or inconvenience which may result from anything done or omitted to be done by it in connection with this Agreement. The Agents shall not be liable for any error of judgment made in good
faith unless it is proved that the Agent was negligent in ascertaining the pertinent facts. 
 21.5 Any Agent may, at any time,
appoint a sub-agent or delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in such Agent by this Agreement; provided, however, that no Agent shall appoint a sub-agent or
delegate any material rights, powers or obligations hereunder without the consent of the Issuer, such consent not to be unreasonably withheld. The appointment or delegation shall be made on the same terms as this Agreement (including the power to
sub-delegate) and, provided that it has exercised due care in the selection of such sub-agent, delegate or sub-delegate, such Agent shall not be bound to monitor, oversee or supervise, or be in any way responsible for any liability incurred by
reason of any misconduct or default on the part of any sub-agent, delegate or sub-delegate, including a sub-custodian or depository, which is not an affiliate of The Bank of New York Mellon. 

21.6 Liabilities arising under Section 21.4 will be limited to the amount of the Issuer’s and/or the Guarantor’s, as
applicable, actual loss (such loss will be determined as at the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the
Agent at the time of entering into the Agreement, or at the time of accepting any relevant instructions, which increase the amount of the loss. In no event will the Agent be liable for any loss of profits, goodwill, reputation, business opportunity
or anticipated saving, of for special, punitive or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 
 21.7 The liability of the Agents will not extend to any Liabilities arising through any acts, events or circumstances not reasonably within its control, or resulting from the general risks of investment
in or the holding of assets in any jurisdiction, including Liabilities arising from: nationalisation, expropriation or other governmental actions; any law, order or regulation of a governmental, supranational or regulatory body; regulation of the
banking or securities industry including changes in market rules or practice, currency restrictions, devaluations or fluctuations; market conditions affecting the execution or settlement of transactions or the value of assets; breakdown, failure or
malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; and strikes or industrial action. 

ARTICLE 22 
 RESPONSIBILITY OF THE AGENTS 
 22.1 No Agent will be responsible to anyone
with respect to the validity of this Agreement or the Covered Bonds or Coupons or for any act or omission by it in connection with this Agreement or any Covered Bond or Coupon except for its own willful misconduct or gross negligence, including that
of its directors, officers and employees. 
 22.2 No Agent will have any duty or responsibility in the case of any default by
any of the Issuer or the Guarantor in the performance of its obligations under the Terms and Conditions or the Trust Deed or, in the case of receipt of a written request from a Covered Bondholder or Couponholder, with respect to such default,
provided however that immediately on receiving any written request by a Covered Bondholder in accordance with Condition 9, the Principal Paying Agent notifies the Issuer, the Guarantor and the Bond Trustee of the fact and furnishes them with a copy
of such written request. 

  
 - 28 -

 22.3 Whenever in the performance of its duties under this Agreement an Agent will deem it
desirable that any matter be established by the Issuer, any of the Guarantor or the Bond Trustee prior to taking or suffering any action under this Agreement, the matter may be deemed to be conclusively established by a certificate signed by the
Issuer, the Guarantor or the Bond Trustee and delivered to the relevant Agent and the certificate will be a full authorization to such Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon
the certificate. 
 22.4 No Paying Agent shall be required to make any payment in respect of a Covered Bond unless the funds
required to make such payment have actually been received by such Paying Agent in accordance with the Terms and Conditions of such Covered Bond. 
 ARTICLE 23 
 CONDITIONS OF APPOINTMENT 

23.1 Each Agent will be entitled to deal with money paid to it by the Issuer or the Guarantor (as the case may be) for the purpose of
this Agreement in the same manner as other money paid to a banker by its customers except: 
  

	 	 (a)
	 that it will not exercise any right of set-off, lien or similar claim in respect of the money; 

 

	 	 (b)
	 that it will not be liable to account to the Issuer or the Guarantor for any interest on the money; and 

 

	 	 (c)
	 that it will not be required to segregate any money held by it except as required by law. 

23.2 In acting under this Agreement and in connection with the Covered Bonds, each Agent will act solely as an agent of the Issuer, the
Guarantor (and, in the circumstances referred to in Sections 2.6 and 2.7, the Bond Trustee) and will not assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Covered Bonds, Coupons or
Talons, or be responsible for or liable in respect of the authorization, validity or legality of this Agreement any Covered Bond, Coupon or Talon issued or paid by it hereunder or any act or omission of any other person. 

23.3 Each Agent undertakes to the Issuer and the Guarantor and, in the circumstances referred to in Sections 2.6 and 2.7, the Bond
Trustee to perform its duties, and will be obliged to perform the duties and only the duties, specifically stated in this Agreement (including Schedule 5 in the case of the Principal Paying Agent) and the Terms and Conditions, and no implied duties
or obligations will be read into any of those documents against any Agent. Each of the Agents (other than the Principal Paying Agent) agrees that if any information that is required by the Principal Paying Agent to perform the duties set out in
Schedule 5 becomes known to it, it will promptly provide such information to the Principal Paying Agent. 
 23.4 Each Agent may,
at the Issuer’s expense, consult with legal and other professional advisers and the opinion of the advisers will be full and complete protection in respect of any action taken, omitted or suffered under this Agreement in good faith and in
accordance with the opinion of the advisers. 

  
 - 29 -

 23.5 Each Agent will be protected and will incur no liability in respect of any action
taken, omitted or suffered in reliance on (i) any instruction from the Issuer or the Bond Trustee (in the circumstances referred to in Sections 2.6 and 2.7) or the Guarantor, or (ii) any document which it reasonably believes to be genuine and to
have been delivered by the proper party, or (iii) on written instructions from the Issuer or the Guarantor. 
 23.6 Any Agent,
its affiliated companies and its officers, directors and employees may become the owner of, and/or acquire any interest in, any Covered Bonds, Coupons or Talons with the same rights that it or he would have had if the Agent concerned were not
appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer or the Guarantor or any owner or holder of Covered Bonds, Coupons or Talons and may act on, or as depositary, trustee or agent for,
any committee or body of holders of Covered Bonds or Coupons or in connection with any other obligations of the Issuer or the Guarantor as freely as if the Agent were not appointed under this Agreement. 

23.7 The Issuer and the Guarantor will provide the Agents with a certified copy of the list of Authorized Signatories to execute
documents and take action on its behalf in connection with this Agreement and will notify the Agents immediately in writing if any of those persons ceases to be authorized or if any additional person becomes authorized together, in the case of an
additional authorized signatory, with evidence satisfactory to the Agents that the person has been authorized. 
 23.8 Except as
otherwise permitted in the Trust Deed and the Terms and Conditions or as ordered by a court of competent jurisdiction or as required by law or applicable regulations, in the case of Bearer Covered Bonds, the Issuer, the Guarantor, the Bond Trustee
and each of the Agents will be entitled to treat the bearer of any Bearer Covered Bond or Coupon and the registered holder of any Registered Covered Bond as the absolute owner of it (whether or not it is overdue and notwithstanding any notice of
ownership or writing on it or notice of any previous loss or theft of it). 
 23.9 The amount of the Program may be increased by
the Issuer in accordance with the procedure set out in the Program Agreement. Upon any increase being effected, all references in this Agreement to the amount of the Program will be deemed to be references to the increased amount. 

23.10 The Issuer hereby covenants with the Agents that it will provide the Agents with such information as may be available to the Issuer
so as to assist the Agents to determine whether or not such Agent is obliged, in respect of any payments to be made pursuant to the Transaction Documents, to make any FATCA Withholding. 

23.11 Each Agent is entitled to treat a telephone, facsimile or e-mail communication or communication by other similar electronic means
in a form satisfactory to the Agent from a person purporting to be (and whom the Agent, acting reasonably, believes in good faith to be) the authorized representative of the Issuer or the Guarantor, as sufficient instructions and authority of the
Issuer or the Guarantor for the Agent to act and shall have no duty to verify or confirm that such person is so authorized. Each Agent shall have no liability for any losses, liabilities, costs or expenses incurred by it as a result of such reliance
upon or compliance with such instructions or directions. Each Agent shall be entitled to request and shall receive upon request an incumbency certificate from the Issuer in respect of such authorized representative of the Issuer in a form reasonably
acceptable to the Agent. 
 23.12 Each Agent shall be entitled to take any action or to refuse to take any action which such
Agent regards as necessary for the Agent to comply with any applicable law, regulation or fiscal requirement, or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system. 

23.13 Each Agent shall have no duty or responsibility in the case of any default by the Issuer or the Guarantor in the performance of
their obligations under the relevant Terms and Conditions. 
 23.14 For greater certainty, nothing herein shall be construed to
imply any relationship of partnership, joint venture or similar relationship between any Agent and any of the Issuer, the Guarantor and the Bond Trustee. 
 23.15 No provision of this Agreement will require an Agent to expend or risk its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder or in the
exercise of any of its rights or powers. 
 ARTICLE 24 

COMMUNICATIONS BETWEEN THE PARTIES 
 24.1 A copy of all communications relating to the subject matter of this Agreement between the Issuer, the Guarantor, the Bond Trustee and any Agent (other than the Principal Paying Agent) will be sent to
the Principal Paying Agent. 

  
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 ARTICLE 25 

CHANGES IN AGENTS 
 25.1 Each of the Issuer and the Guarantor agrees, for the benefit of the Bond Trustee, that, for so long as any Covered Bond is outstanding, or until funds for the payment of all amounts in respect of all
outstanding Covered Bonds have been made available to the Principal Paying Agent and have been returned to the Issuer or the Guarantor, as the case may be, as provided in this Agreement: 

 

	 	 (a)
	 there will at all times be a Principal Paying Agent and a Registrar; 

 

	 	 (b)
	 it will so long as any Covered Bond is outstanding, maintain a Paying Agent (which may be the Principal Paying Agent) having a specified office in a
city approved by the Bond Trustee in Europe; 

  

	 	 (c)
	 so long as any Covered Bond is listed on any stock exchange or admitted to listing or trading by any other relevant authority, there will at all
times be a Paying Agent (in the case of Bearer Covered Bonds) and a Transfer Agent (in the case of Registered Covered Bonds) with a specified office in such place as may be required by the rules and regulations of the relevant stock exchange or, as
the case may be, other relevant authority; 

  

	 	 (d)
	 so long as any of the Registered Global Covered Bonds payable in a Specified Currency other than U.S. dollars are held through DTC or its nominee,
there will at all times be an Exchange Agent; and 

  

	 	 (e)
	 it will ensure that it maintains a Paying Agent in a Member State of the European Union that will not be obliged to withhold or deduct tax pursuant
to European Council Directive 2003/48/EC on the taxation of savings income or any other directive implementing the conclusions of the ECOFIN Council Meeting of 26 to 27 November 2000 or any law implementing or complying with, or introduced in
order to conform to any such directive, provided that the Issuer will not, under any circumstances, be obliged to maintain a Paying Agent with a specified office in such Member State unless at least one European Member State does not require a
Paying Agent making payments through a specified office in that Member State to so withhold or deduct tax. 

 In addition, the Issuer and the Guarantor will forthwith appoint a Paying Agent having a specified office in the United States in the circumstances described in Condition 5.5. Any variation, termination,
appointment or change will only take effect (other than in the case of insolvency (as provided in Section 26.5), when it will be of immediate effect) after not less than 30 nor more than 45 days’ prior notice will have been given to the
Covered Bondholders in accordance with Condition 13. 
 25.2 Each of the Principal Paying Agent and the Registrar may (subject
as provided in Sections 25.1 and 25.4) at any time resign by giving at least 60 days’ written notice to the Issuer, the Guarantor and the Bond Trustee specifying the date on which its resignation will become effective. 

  
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 25.3 Each of the Principal Paying Agent and the Registrar may (subject as provided in
Sections 25.1 and 25.4) be removed at any time by the Issuer and the Guarantor with the prior written approval of the Bond Trustee, which approval will not be unreasonably withheld, on at least 45 days’ notice in writing from the Issuer and the
Guarantor specifying the date when the removal will become effective. 
 25.4 Any resignation under Section 25.2 or removal
under Sections 25.3 or 26.5 of the Principal Paying Agent or the Registrar will only take effect upon the appointment by the Issuer and the Guarantor of a successor Principal Paying Agent or successor Registrar, as the case may be, approved in
writing by the Bond Trustee, which approval will not be unreasonably withheld, and (other than in cases of insolvency of the Principal Paying Agent or the Registrar, as the case may be) on the expiry of the notice to be given under Article 28
(Notification of Changes to Agents). The Issuer and each of the Guarantor agree with the Principal Paying Agent and the Registrar that if, by the day falling 10 days before the expiry of any notice under Section 25.2, the Issuer and the
Guarantor have not appointed a successor Principal Paying Agent or Registrar, as the case may be, approved in writing by the Bond Trustee, which approval will not be unreasonably withheld, then the Principal Paying Agent or the Registrar, as the
case may be, will be entitled, on behalf of the Issuer and the Guarantor, to appoint in its place as a successor Principal Paying Agent or Registrar, as the case may be, a reputable financial institution of good standing which the Issuer, the
Guarantor and the Bond Trustee will approve. 
 25.5 In case at any time any Agent resigns, or is removed, or becomes incapable
of acting or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of
all or a substantial part of its property, or admits in writing its inability to pay or meet its debts as they mature or suspends payment of its debts, or if any order of any court is entered approving any petition filed by or against it under the
provisions of any applicable bankruptcy or insolvency law or if a receiver of it or of all or a substantial part of its property is appointed or if any officer takes charge or control of it or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, a successor Agent which will be a reputable financial institution of good standing may be appointed by the Issuer and the Guarantor with the prior written approval of the Bond Trustee. Upon the
appointment of a successor Agent and acceptance by it of its appointment and (other than in case of insolvency of the Agent or when the Paying Agent is an FFI and does not become, or ceases to be, a Participating FFI, when it will be of immediate
effect) upon expiry of the notice to be given under Article 28 (Notification of Changes to Agents), the Agent so superseded will cease to be an Agent under this Agreement. 

25.6 Subject to Section 25.1, the Issuer and the Guarantor may, with the prior written approval of the Bond Trustee, which approval
will not be unreasonably withheld, terminate the appointment of all or any of the Agents (other than the Principal Paying Agent and the Registrar) at any time and/or appoint one or more further or other Agents by giving to the Principal Paying Agent
and to the relevant other Agent notice in writing to that effect. Notwithstanding the foregoing, the Guarantor may revoke the appointment of any Agent in the event such Agent defaults in the performance or observance of its covenants or breaches its
representations and warranties made, respectively, under Section 2.10. 
 25.7 Subject to Sections 25.1 and 25.4, all or
any of the Agents (other than the Principal Paying Agent and the Registrar) may resign their respective appointments under this Agreement at any time by giving the Issuer, the Guarantor, the Bond Trustee and the Principal Paying Agent at least 60
days’ written notice to that effect. 

  
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 25.8 Upon its resignation or removal becoming effective, an Agent will: 

 

	 	 (a)
	 in the case of the Principal Paying Agent, any other Paying Agent and the Registrar, immediately transfer all funds and records held by it under
this Agreement to the successor Agent; and 

  

	 	 (b)
	 be entitled to the payment by the Issuer (and, following service of a Notice to Pay on the Guarantor, the Guarantor) of the commissions, fees and
expenses payable in respect of its services under this Agreement before termination in accordance with the terms of Article 20 (Commissions and Expenses). 

25.9 Upon its appointment becoming effective, a successor or new Agent will, without any further action, become vested with all the
authority, rights, powers, duties and obligations of its predecessor or, as the case may be, an Agent with the same effect as if originally named as an Agent under this Agreement. 

25.10 Notwithstanding anything to the contrary in this Agreement, if a Rating Agency has downgraded the unsecured, unsubordinated and
unguaranteed debt obligations or issuer default rating of a Paying Agent below the Paying Agent Required Ratings at any time that (a) the Guarantor is Independently Controlled and Governed, the Guarantor may, and (b) the Guarantor is not
Independently Controlled and Governed, the Guarantor shall, terminate the appointment of such Paying Agent and appoint one or more further or other Agents by giving to the Principal Paying Agent and to the relevant other Agent notice in writing to
that effect. 
 25.11 Notwithstanding anything to the contrary in this Agreement, if an Issuer Event of Default (A) occurs
and is continuing, or (B) has previously occurred and is continuing, at any time that the Guarantor is Independently Controlled and Governed, the Guarantor may terminate the appointment of an Agent which is the Issuer or an Affiliate of the
Issuer and appoint one or more further or other Agents by giving to the Principal Paying Agent and to the relevant other Agent notice in writing to that effect. 
 25.12 Upon any termination or resignation of an Agent hereunder, the Guarantor shall provide notice to CMHC of such termination or resignation and of such Agent’s replacement contemporaneously with
the earlier of (i) notice of such termination or resignation and replacement to a Rating Agency, (ii) notice of such termination or resignation and replacement being provided to or otherwise made available to Covered Bondholders, and
(iii) five (5) Canadian Business Days following such termination or resignation and replacement (unless the replacement Agent has yet to be identified at that time, in which case notice of the replacement Agent may be provided no later
than ten (10) Canadian Business Days thereafter). Any such notice shall include (if known) the reasons for the termination or resignation of the Agent, and all information relating to the replacement Agent required by the CMHC Guide to be
provided to CMHC in relation to the Agent and this Agreement, including any new agreement with such replacement Agent or any amendments to this Agreement in respect of such replacement Agent. 

  
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 ARTICLE 26 

CHANGE OF BOND TRUSTEE 
  

	 26.1
	 Change of Bond Trustee 

 If there is any change in the identity of the Bond Trustee in accordance with the Security Agreement or the Trust Deed (as applicable), the parties to this Agreement will execute such documents and take
such action as the successor Bond Trustee and the outgoing Bond Trustee may reasonably require for the purpose of vesting in the successor Bond Trustee the rights of the outgoing Bond Trustee under this Agreement. 

 

	 26.2
	 Limitation of Liability 

 It is hereby acknowledged and agreed that by its execution of this Agreement the Bond Trustee will not assume or have any of the obligations or liabilities of any of the other parties hereto under this
Agreement and that the Bond Trustee has agreed to become a party to this Agreement for the purpose only of taking the benefit of this Agreement and agreeing to amendments to this Agreement pursuant to Article 33 (Amendments). Any liberty or right
which may be exercised or any determination which may be made under this Agreement by the Bond Trustee may be exercised or made in the Bond Trustee’s absolute discretion without any obligation to give reasons therefor, and the Bond Trustee will
not be responsible for any liability occasioned by so acting, except if acting in breach of the standard of care set out in Section 11.1 (Standard of Care) of the Security Agreement, or if acting in breach of the standard of care set out
Article 18 (Bond Trustee’s Liability) of the Trust Deed. 
 ARTICLE 27 

MERGER AND CONSOLIDATION 
 27.1 Any corporation into which any Agent may be merged or converted, or any corporation with which an Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which an Agent will be a party, or any corporation to which an Agent will sell or otherwise transfer all or substantially all of its assets will, on the date when the merger, conversion, consolidation or transfer becomes effective and to the
extent permitted by any applicable laws, become the successor Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties to this Agreement, unless otherwise required by the Issuer, the
Guarantor or the Bond Trustee and after the said effective date all references in this Agreement to the relevant Agent will be deemed to be references to such successor corporation. Written notice of any such merger, conversion, consolidation or
transfer will immediately be given to the Issuer, the Guarantor, the Bond Trustee and the Rating Agencies by the relevant Agent. 

ARTICLE 28 
 NOTIFICATION OF CHANGES TO AGENTS 
 28.1 Following receipt of notice of
resignation from an Agent and immediately after appointing a successor or new Agent or on giving notice to terminate the appointment of any Agent, the Principal Paying Agent (on behalf of and at the expense of the Issuer and, following service of a
Notice to Pay on the Guarantor, the Guarantor) will give or cause to be given not more than 45 days’ nor less than 30 days’ notice of the fact to the Covered Bondholders in accordance with the Terms and Conditions. 

  
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 ARTICLE 29 

CHANGE OF SPECIFIED OFFICE 
 29.1 If any Agent determines to change its specified office it will give to the Issuer, the Guarantor, the Bond Trustee and the Principal Paying Agent written notice of that fact giving the address of the
new specified office which will be in the same city and stating the date on which the change is to take effect, which will not be less than 45 days after the notice. The Principal Paying Agent (on behalf of the Issuer (and, following service of a
Notice to Pay on the Guarantor, the Guarantor)) will within 15 days of receipt of the notice (unless the appointment of the relevant Agent is to terminate pursuant to Article 25 (Changes in Agents) on or prior to the date of the change) give or
cause to be given not more than 45 days’ nor less than 30 days’ notice of the change to the Covered Bondholders in accordance with the Terms and Conditions. 
 ARTICLE 30 
 COMMUNICATIONS 

30.1 All communications will be by facsimile, e-mail or letter delivered by hand. Each communication will be made to the relevant party
at the facsimile number, e-mail address or physical address or telephone number and, in the case of a communication by facsimile or letter, marked for the attention of the person or department from time to time specified in writing by that party to
the others for the purpose. The initial telephone number, facsimile number and person or department so specified by each party are set out in Schedule 2. 
 30.2 A communication is deemed to be received (if by facsimile or e-mail) when an acknowledgement of receipt is received, (if by telephone) when made or (if by letter) when delivered, in each case in the
manner required by this Article. However, if a communication is received after business hours on any Business Day or on a day which is not a Business Day in the place of receipt it will be deemed to be received and become effective at the opening of
business on the next Business Day in the place of receipt. Every communication will be irrevocable save in respect of any manifest error in it. 
 30.3 Any notice given under or in connection with this Agreement will be in English. All other documents provided under or in connection with this Agreement will be: (a) in English; or (b) if
not in English, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a statutory or other official document. 

ARTICLE 31 
 TAXES AND STAMP DUTIES 
 31.1 The Issuer (and, following service of a
Notice to Pay on the Guarantor, the Guarantor) agree(s) to pay any stamp, issue, registration, documentary and other fees, duties or taxes of a similar nature (if any), including interest and penalties and other Taxes or duties which may be payable
in connection with the execution, delivery, performance and enforcement of this Agreement. 

  
 - 35 -

 ARTICLE 32 

ASSIGNMENT 
  

	 32.1
	 Assignment 

 Subject always to the provisions of Section 33.2 (Assignment under Security Agreement) herein, no party hereto will be entitled to assign all or any part of its rights or obligations hereunder to any
other party without the prior written consent of each of the other parties hereto (which will not, if requested, be unreasonably withheld or delayed or made subject to conditions) save that the Guarantor will be entitled to assign whether by way of
security or otherwise all or any of its rights under this Agreement and all or any of its interest in the Loans and their Related Security without such consent to the Bond Trustee pursuant to the Security Agreement and the Bond Trustee may at its
sole discretion assign all or any of its rights under or in respect of this Agreement and all or any of its interest in the Loans and their Related Security without such consent in exercise of its rights under the Security Agreement. 

 

	 32.2
	 Assignment under Security Agreement 

The parties hereto, other than the Bond Trustee and the Guarantor, acknowledge that on the assignment pursuant to the
Security Agreement by the Guarantor to the Bond Trustee of the Guarantor’s rights under this Agreement, the Bond Trustee may enforce such rights in the Bond Trustee’s own name without joining the Guarantor in any such action (which right
such parties hereby waive) and such parties hereby waive as against the Bond Trustee any rights or equities in its favour arising from any course of dealing between one or more of such parties and the Guarantor. 

ARTICLE 33 
 AMENDMENTS 
 33.1 The Bond Trustee, each Agent, the Guarantor and the
Issuer may also agree, without the consent of the Covered Bondholders or Couponholders of any Series and without the consent of the other Secured Creditors (and for this purpose the Bond Trustee may disregard whether any such modification relates to
a Series Reserved Matter), to: 
  

	 	 (a)
	 any modification of this Agreement provided that in the opinion of the Bond Trustee such modification is not materially prejudicial to the interests
of any of the Covered Bondholders of any Series; or 

  

	 	 (b)
	 any modification of this Agreement which is of a formal, minor or technical nature or is made to correct a manifest error or an error established as
such to the satisfaction of the Bond Trustee or to comply with mandatory provisions of law. 

Any such modification will be binding on all Covered Bondholders of all Series of Covered Bonds for the time being
outstanding, the related Couponholders and unless the Bond Trustee otherwise agrees, any such modification will be notified by the Issuer to the Covered Bondholders of all Series of Covered Bonds for the time being outstanding in accordance with the
relevant terms and conditions as soon as practicable thereafter. 
 33.2 Subject to the terms of the Security Agreement, any
amendments to this Agreement will be made only with the prior written consent of each party to this Agreement. No waiver of this 

  
 - 36 -

 
Agreement will be effective unless it is in writing and signed by (or by some Person duly authorized by) each of the parties. No single or partial exercise of, or failure or delay in exercising,
any right under this Agreement will constitute a waiver or preclude any other or further exercise of that or any other right. 

33.3 Each proposed amendment, variation or waiver of rights under this Agreement that is considered by the Guarantor to be a material
amendment, variation or waiver, will be subject to satisfaction of the Rating Agency Condition. The Guarantor and/or the Issuer will deliver notice to the Rating Agencies from time to time of any amendment, variations or waivers with respect to
which satisfaction of the Rating Agency Condition is not required, provided that failure to deliver such notice will not constitute a breach of the obligations of the Guarantor under this Agreement. The Guarantor and/or the Issuer will deliver
notice to CMHC from time to time of any amendment, variation or waiver with respect to which notice to CMHC is required by the CMHC Guide, provided that failure to deliver such notice will not constitute a breach of the obligations of the Guarantor
under this Agreement. 
 ARTICLE 34 
 FURTHER ASSURANCE 
 34.1 From time to time, each party will do and perform
any acts and execute any further instruments which may be required or which may be reasonably requested by any other party to more fully give effect to the purpose of this Agreement. 

ARTICLE 35 
 LIMITATION OF LIABILITY 
 35.1 BMO Covered Bond Guarantor Limited
Partnership is a limited partnership formed under the Limited Partnerships Act (Ontario), a limited partner of which is, except as expressly required by law, only liable for any of its liabilities or any of its losses to the extent of the
amount that the limited partner has contributed or agreed to contribute to its capital. 
 ARTICLE 36 

NON-PETITION 
 36.1 The Issuer, the Bond Trustee and each Agent agree that they will not institute against, or join any other party in instituting against, the Guarantor, or any general partners of the Guarantor, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal, provincial or foreign bankruptcy, insolvency or similar law, for one year and one day after all the Covered Bonds have been repaid in full. The
foregoing provision will survive the termination of this Agreement by any party. 
 ARTICLE 37 

GOVERNING LAW 
  

	 37.1
	 Governing Law 

 This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

  
 - 37 -

	 37.2
	 Submission to Jurisdiction 

 Each party to this Agreement hereby irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario in any action or proceeding arising out of or relating to this Agreement.

  

	 37.3
	 Waiver of Jury Trial 

 Each of the parties hereto hereby irrevocably waives to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Agreement, the Covered Bonds or the transactions contemplated hereby. 
 ARTICLE 38 

COUNTERPARTS 
 38.1 This Agreement may be executed in any number of counterparts (manually or by facsimile or pdf format), each of which when so executed will be deemed to be an original and all of which when taken
together will constitute one and the same agreement. 
 [The remainder of this page left intentionally
blank] 

  
 - 38 -

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

			
	 BMO COVERED BOND GUARANTOR
LIMITED PARTNERSHIP by its

managing general partner BMO
 COVERED BOND GP, INC.

		
	 By:  
	 	 /s/ Chris Hughes

		 	  Name: Chris Hughes

		 	  Title: President and Secretary

	
	 BANK OF MONTREAL, as Issuer

		
	 By:  
	 	 /s/ Cathy Cranston

		 	  Name: Cathy Cranston

		 	  Title: Senior Vice President, Finance & Treasurer

	
	 BANK OF NEW YORK MELLON, as
 Principal Paying Agent, a Registrar, a
 Transfer Agent and the Exchange
Agent

		
	 By:  
	 	 /s/ Jaime Nielsen

		 	  Name: Jaime Nielsen

		 	  Title: Vice President

	
	 COMPUTERSHARE TRUST
 COMPANY OF CANADA, as Bond
 Trustee

		
	 By:  
	 	 /s/ Sean Pigott

		 	  Name: Sean Pigott

		 	  Title: Corporate Trust Officer

		
	 By:  
	 	 /s/ Stanley Kwan

		 	  Name: Stanley Kwan

		 	  Title: Associate Trust Officer

 SCHEDULE 1 
 FORM OF CALCULATION AGENCY AGREEMENT 
 CALCULATION AGENCY AGREEMENT

 [—] 

U.S. $10,000,000,000 
 REGISTERED GLOBAL COVERED BOND PROGRAM 
 of 

BANK OF MONTREAL 
 unconditionally and irrevocably guaranteed as to payments of interest and principal by 
 BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP 

 CALCULATION AGENCY AGREEMENT 

in respect of a 
 U.S. $10,000,000,000 
 REGISTERED GLOBAL COVERED BOND PROGRAM

 THIS AGREEMENT is dated
[                    ]  
 BETWEEN: 
  

	 	 (1)
	 BANK OF MONTREAL (the “Issuer”); 

 

	 	 (2)
	 BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP by its managing general partner, BMO COVERED BOND GP, INC. (acting in its capacity as
guarantor, the “Guarantor”); 

  

	 	 (3)
	 COMPUTERSHARE TRUST COMPANY OF CANADA (acting in its capacity as bond trustee, the “Bond Trustee”); and

  

	 	 (4)
	 [    ] of [    ] (the “Calculation Agent”, which expression will include any successor
calculation agent appointed under this Agreement). 

 IT IS AGREED: 

 

	 1.
	 APPOINTMENT OF THE CALCULATION AGENT 

The Calculation Agent is appointed, and the Calculation Agent agrees to act, as Calculation Agent in respect of
each Series of Covered Bonds described in the Schedule (the “Relevant Covered Bonds”) for the purposes set out in Article 2 and on the terms of this Agreement. The agreement of the parties that this Agreement is to apply to each
Series of Relevant Covered Bonds will be evidenced by the manuscript annotation and signature in counterpart of the Schedule. 
  

	 2.
	 DUTIES OF CALCULATION AGENT 

 The Calculation Agent will in relation to each series of Relevant Covered Bonds (each a “Series”) perform all the functions and duties imposed on the Calculation Agent by the terms
and conditions of the Relevant Covered Bonds (the “Terms and Conditions”) including endorsing the Schedule appropriately in relation to each Series of Relevant Covered Bonds. In addition, the Calculation Agent agrees that it will
provide a copy of all calculations made by it which affect the nominal amount outstanding of any Relevant Covered Bonds which are identified on the Schedule as being NGCBs to the Principal Paying Agent to the contact details set out on the signature
page hereof. 
  

	 3.
	 EXPENSES 

 The arrangements in relation to expenses will be separately agreed in relation to each issue of Relevant Covered Bonds. 

	 4.
	 INDEMNITY 

  

	 	 4.1
	 The Issuer (and, following a Covered Bond Guarantee Activation Event, the Guarantor) will indemnify the Calculation Agent against any losses,
liabilities, costs, claims, actions, demands or expenses (including reasonable legal costs, disbursements and any applicable taxes) (together, “Losses”) paid or incurred in disputing or defending any Losses) which it may incur or
which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement except for any Losses resulting from the breach by it of the terms of this Agreement or from its own
willful default or gross negligence or that of its officers, directors or employees. 

  

	 	 4.2
	 The Calculation Agent will indemnify the Issuer and the Guarantor against any Losses which the Issuer or the Guarantor may incur or which may be
made against the Issuer or the Guarantor as a result of the Calculation Agent’s willful default or gross negligence or that of its officers, directors or employees or the material breach by any of them of the terms of this Agreement, other than
Losses resulting from the willful misconduct or gross negligence of the Issuer or the Guarantor. Notwithstanding the foregoing, the Calculation Agent will not be liable to the Issuer, the Guarantor or any other party to this Agreement for any
consequential loss (including but not limited to lost profits) whether or not foreseeable and however caused or arising. 

  

	 	 4.3
	 Except as provided in Section 4.2 above, the Calculation Agent in acting hereunder will incur no liability in respect of any action taken,
omitted or suffered to be taken in good faith in reliance upon: 

  

	 	 (a)
	 the written advice of any lawyer or professional adviser; 

 

	 	 (b)
	 any instruction, request or order from the Issuer, the Guarantor or the Bond Trustee; or 

 

	 	 (c)
	 any relevant Covered Bond or Coupon, notice, direction, consent, certificate, affidavit, endorsement, assignment, statement, resolution, letter,
facsimile transaction or other paper or document which it reasonably believes to be genuine and signed by the proper party or parties. 

  

	 	 4.4
	 The provisions of Article 21 of the Agency Agreement shall apply mutatis mutandis. 

 

	 5.
	 CONDITIONS OF APPOINTMENT 

  

	 	 5.1
	 In acting under this Agreement and in connection with the Relevant Covered Bonds, the Calculation Agent will act solely as an agent of the Issuer,
the Guarantor and, in the circumstances described in Section 5.2, the Bond Trustee and will not assume any obligations towards or relationship of agency or trust for or with any of the owners or holders of the Relevant Covered Bonds or the
coupons (if any) appertaining to the Relevant Covered Bonds (the “Coupons”). 

  

	 	 5.2
	 At any time after an Issuer Event of Default or Potential Issuer Event of Default will have occurred and is continuing or the Bond Trustee will have
received any money from the Issuer which it proposes to pay under Article 11 (Application of Funds) of the Trust Deed to the relevant Covered Bondholders and/or Couponholders, the Bond Trustee may: 

 

	 	 (a)
	 by notice in writing to the Issuer, the Guarantor and the Calculation Agent require the Calculation Agent pursuant to this Agreement to act
thereafter as Calculation Agent of the Bond Trustee in relation to payments of such funds to be made by or 

  
 - 2 -

	 	
on behalf of the Bond Trustee under the terms of these presents mutatis mutandis on the terms provided in this Agreement (save that the Bond Trustee’s liability under any provisions
of this Agreement for the indemnification, remuneration and payment of out-of-pocket expenses of the Calculation Agent will be limited to the amounts for the time being held by the Bond Trustee on the trusts of these presents relating to the Covered
Bonds of the relevant Series and available for the purpose) and thereafter to hold all Covered Bonds and Coupons and all sums, documents and records held by it in respect of Covered Bonds and Coupons on behalf of the Bond Trustee; or

  

	 	 (b)
	 by notice in writing to the Issuer require it (but not the Guarantor) to make all subsequent payments in respect of the Covered Bonds and Coupons to
or to the order of the Bond Trustee and not to the Principal Paying Agent and with effect from the issue of any such notice to the Issuer. 

  

	 	 5.3
	 At any time after a Guarantor Event of Default or Potential Guarantor Event of Default will have occurred and is continuing or the Bond Trustee will
have received any money from the Guarantor which it proposes to pay under Article 11 (Application of Funds) of the Trust Deed to the relevant Covered Bondholders and/or Couponholders, the Bond Trustee may: 

 

	 	 (a)
	 by notice in writing to the Issuer, the Guarantor and the Calculation Agent require the Calculation Agent pursuant to this Agreement to act
thereafter as Calculation Agent on behalf of the Bond Trustee in relation to payments of such funds to be made by or on behalf of the Bond Trustee under the terms of the trust presents mutatis mutandis on the terms provided in this Agreement
(save that the Bond Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket expenses of the Calculation Agent will be limited to the amounts for the time being held by the Bond Trustee
on the trusts of the trust presents relating to the Covered Bonds of the relevant Series and available for such purpose) and thereafter to hold all Covered Bonds and Coupons and all sums, documents and records held by them in respect of Covered
Bonds and Coupons on behalf of the Bond Trustee; or 

  

	 	 (b)
	 by notice in writing to the Guarantor require it to make all subsequent payments in respect of the Covered Bonds and Coupons to or to the order of
the Bond Trustee and not to the Calculation Agent and with effect from the issue of any such notice to the Guarantor. 

  

	 	 5.4
	 In relation to each issue of Relevant Covered Bonds, the Calculation Agent will be obliged to perform the duties and only the duties specifically
stated in this Agreement and the Terms and Conditions and no implied duties or obligations will be read into this Agreement or the Terms and Conditions against the Calculation Agent, other than. 

 

	 	 5.5
	 The Calculation Agent may, at the expense of the Issuer, consult with legal and other professional advisers and the opinion of the advisers will be
full and complete protection in respect of any action taken, omitted or suffered under this Agreement in good faith and in accordance with the opinion of the advisers. 

  
 - 3 -

	 	 5.6
	 The Calculation Agent will be protected and will incur no liability in respect of any action taken, omitted or suffered in reliance on (i) any
instruction from the Issuer, the Guarantor or the Bond Trustee, (ii) any document which it reasonably believes to be genuine and to have been delivered by the proper party, or (iii) written instructions from the Issuer, the Guarantor or the Bond
Trustee. 

  

	 	 5.7
	 The Calculation Agent and any of its officers, directors and employees may become the owner of, or acquire any interest in, any Covered Bonds or
Coupons (if any) with the same rights that it or he would have had if the Calculation Agent were not appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer or the Guarantor and may act
on, or as depositary, trustee or agent for, any committee or body of holders of Covered Bonds or Coupons or in connection with any other obligations of the Issuer or the Guarantor as freely as if the Calculation Agent were not appointed under this
Agreement. 

  

	 	 5.8
	 The Calculation Agent is entitled to treat a telephone, facsimile or e-mail communication or communication by other similar electronic means in a
form satisfactory to the Agent from a person purporting to be (and whom the Calculation Agent, acting reasonably, believes in good faith to be) the authorized representative of the Issuer or the Guarantor, as sufficient instructions and authority of
the Issuer or the Guarantor for the Calculation Agent to act and shall have no duty to verify or confirm that such person is so authorized. The Calculation Agent shall have no liability for any losses, liabilities, costs or expenses incurred by it
as a result of such reliance upon or compliance with such instructions or directions. The Calculation Agent shall be entitled to request and shall receive upon request an incumbency certificate from the Issuer in respect of such authorized
representative of the Issuer in a form reasonably acceptable to the Calculation Agent. 

  

	 	 5.9
	 The Calculation Agent shall be entitled to take any action or to refuse to take any action which such Agent regards as necessary for the Calculation
Agent to comply with any applicable law, regulation or fiscal requirement, or the rules, operating procedures or market practice of any relevant stock exchange or other market or clearing system. 

 

	 	 5.10
	 The Calculation Agent shall have no duty or responsibility in the case of any default by the Issuer or the Guarantor in the performance of its
obligations under the relevant Terms and Conditions. 

  

	 	 5.11
	 For greater certainty, nothing herein shall be construed to imply any relationship of partnership, joint venture or similar relationship between the
Calculation Agent and any of the Issuer, the Guarantor and the Bond Trustee. 

  

	 	 5.12
	 No provision of this Agreement will require the Calculation Agent to expend or risk its own funds or otherwise incur any financial or other
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

  

	 	 5.13
	 The provisions of Article 22 of the Agency Agreement shall apply mutatis mutandis. 

 

	 6.
	 TERMINATION OF APPOINTMENT 

  

	 	 6.1
	 The Issuer and the Guarantor may, with the prior written approval of the Bond Trustee, terminate the appointment of the Calculation Agent at any
time by giving to the Calculation Agent at least 45 days’ prior written notice to that effect, provided that, so long as any of the Relevant Covered Bonds is outstanding: 

 

	 	 (a)
	 the notice will not expire less than 45 days before any date on which any calculation is due to be made in respect of any Relevant Covered Bonds;
and 

  

	 	 (b)
	 notice will be given in accordance with the Terms and Conditions to the holders of the Relevant Covered Bonds at least 30 days before any removal of
the Calculation Agent. 

  

	 	 6.2
	 Notwithstanding the provisions of Section 6.1, if at any time: 

 

	 	 (a)
	 the Calculation Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an
assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or any substantial part of its property, or admits in writing its inability to pay or meet its
debts as they may mature or suspends payment of its debts, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a receiver of it or of all or
a substantial part of its property is appointed or if any officer takes charge or control of the Calculation Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or 

 

	 	 (b)
	 the Calculation Agent fails duly to perform any function or duty imposed on it by the Terms and Conditions and this Agreement or is in breach of any
of its representation and warranty under this Agreement. 

  
 - 4 -

 the Issuer, with the prior written approval of the Bond Trustee, may
immediately without notice terminate the appointment of the Calculation Agent, in which event notice of the termination will be given to the holders of the Relevant Covered Bonds in accordance with the Terms and Conditions as soon as practicable.

  

	 	 6.3
	 The termination of the appointment of the Calculation Agent under Section 6.1 or 6.2 will not entitle the Calculation Agent to any amount by
way of compensation but will be without prejudice to any amount then accrued due. 

  

	 	 6.4
	 The Calculation Agent may resign its appointment under this Agreement at any time by giving to the Issuer, the Guarantor and the Bond Trustee at
least 60 days’ prior written notice to that effect. Following receipt of a notice of resignation from the Calculation Agent, the Issuer will promptly give notice of the resignation to the holders of the Relevant Covered Bonds in accordance with
the Terms and Conditions. 

  

	 	 6.5
	 Notwithstanding the provisions of Sections 6.1, 6.2 and 6.4, so long as any of the Relevant Covered Bonds is outstanding, the termination of the
appointment of the Calculation Agent (whether by the Issuer, the Guarantor or by the resignation of the Calculation Agent) will not be effective unless upon the expiry of the relevant notice a successor Calculation Agent approved in writing by the
Bond Trustee has been appointed. The Issuer and the Guarantor agree with the Calculation Agent that if, by the day falling 10 days before the expiry of any notice under Section 6.4, the Issuer and the Guarantor have not appointed a replacement
Calculation Agent approved in writing by the Bond Trustee, the Calculation Agent will be entitled, on behalf of the Issuer and the Guarantor, to appoint as a successor Calculation Agent in its place a reputable financial institution of good standing
which the Issuer, the Guarantor and the Bond Trustee will approve. 

  

	 	 6.6
	 Upon its appointment becoming effective, a successor Calculation Agent will without further action, become vested with all the authority, rights,
powers, duties and obligations of its predecessor with the same effect as if originally named as the Calculation Agent under this Agreement. 

  

	 	 6.7
	 If the appointment of the Calculation Agent under this Agreement is terminated (whether by the Issuer and the Guarantor or by the resignation of the
Calculation Agent), the Calculation Agent will on the date on which the termination takes effect deliver to the successor Calculation Agent any records concerning the Relevant Covered Bonds maintained by it (except those documents and records which
it is obliged by law or regulation to retain or not to release), but will have no other duties or responsibilities under this Agreement. 

  

	 	 6.8
	 Any corporation into which the Calculation Agent may be merged or converted, or any corporation with which the Calculation Agent may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Calculation Agent will be a party, or any corporation to which the Calculation Agent will sell or otherwise transfer all or substantially all of its
assets will, on the date when the merger, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, become the successor Calculation Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement, unless otherwise required by the Issuer and the Guarantor, and after the said effective date all references in this Agreement to the Calculation Agent will be deemed to be references
to such successor corporation. Written notice of any such 

  
 - 5 -

 
merger, conversion, consolidation or transfer will immediately be given to the Issuer, the Guarantor, the Bond Trustee, the Principal Paying Agent and the Rating Agencies by the Calculation
Agent. 
  

	 	 6.9
	 Upon any termination or resignation of the Calculation Agent hereunder, the Guarantor shall provide notice to Canada Mortgage and Housing
Corporation (“CMHC”) of such termination or resignation and of the Calculation Agent’s replacement contemporaneously with the earlier of (i) notice of such termination or resignation and replacement to a rating agency,
(ii) notice of such termination or resignation and replacement being provided to or otherwise made available to holders of Covered Bonds, and (iii) five (5) business days following such termination or resignation and replacement
(unless the replacement Calculation Agent has yet to be identified at that time, in which case notice of the replacement Calculation Agent may be provided no later than ten (10) business days thereafter). Any such notice shall include (if
known) the reasons for the termination or resignation of the Calculation Agent, and all information relating to the replacement Calculation Agent required by the CMHC Guide to be provided to CMHC in relation to the Calculation Agent and this
Agreement. 

  

	 7.
	 COMMUNICATIONS 

  

	 	 7.1
	 All communications will be by facsimile, e-mail or letter delivered by hand. Each communication will be made to the relevant party at the facsimile
number or address and marked for the attention of the Person or department from time to time specified in writing by that party to the others for the purpose. The initial facsimile number and Person or department so specified by each party are set
out in Schedule 2 of the Agency Agreement or, in the case of the Calculation Agent, on the signature page of this Agreement. 

  

	 	 7.2
	 A communication (if by facsimile) when an acknowledgement of receipt is received or (if by letter) when delivered, in each case in the manner
required by this Section. However, if a communication is received after business hours on any Business Day or on a day which is not a Business Day in the place of receipt it will be deemed to be received and become effective at the opening of
business on the next Business Day in the place of receipt. Every communication will be irrevocable save in respect of any manifest error in it. 

  

	 8.
	 CHANGE OF BOND TRUSTEE 

  

	 	 8.1
	 If there is any change in the identity of the Bond Trustee in accordance with the Trust Deed, the parties of this Agreement will execute such
documents and take such action as the successor Bond Trustee and the outgoing Bond Trustee may reasonably require for the purpose of vesting in the successor Bond Trustee the rights of the outgoing Bond Trustee under this Agreement.

  

	 	 8.2
	 It is hereby acknowledged and agreed that by its execution of this Agreement the Bond Trustee will not assume or have any obligations or liabilities
to any of the other parties hereto under this Agreement and that the Bond Trustee has agreed to become a party to this Agreement for the purpose only of taking the benefit of this Agreement and

  
 - 6 -

	 	
agreeing to amendments thereto. Any liberty or right which may be exercised or any determination which may be made under this Agreement by the Bond Trustee may be exercised or made in the Bond
Trustee’s absolute discretion without any obligation to give reasons therefor, and the Bond Trustee will not be responsible for any Liability occasioned by so acting but subject always to the provisions of Article 18 (Bond Trustee’s
Liability) of the Trust Deed. 

  

	 9.
	 Representations, Warranties and Covenants 

 The Calculation Agent represents and warrants to, and covenants with, each of the Issuer, the Guarantor and the Bond Trustee at the date hereof, and for as long as it is a party to this Agreement, that:

  

	 	 9.1
	 it possesses the necessary experience, qualifications, facilities and other resources to perform its responsibilities in relation to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 9.2
	 it is and will continue to be in regulatory good standing and in material compliance with and under all Laws applicable to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 9.3
	 it is and will continue to be in material compliance with its internal policies and procedures (including risk management policies) relevant to its
duties and obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 9.4
	 it will exercise reasonable skill and care in the performance of its obligations hereunder and the other Transaction Documents to which it is a
party; and 

  

	 	 9.5
	 it will comply with the CMHC Guide and all material legal and regulatory requirements applicable to the conduct of its business so that it can
lawfully attend to the performance of its obligations hereunder and the other Transaction Documents to which it is a party. 

  

	 10.
	 DESCRIPTIVE HEADINGS AND COUNTERPARTS 

  

	 	 10.1
	 The descriptive headings in this Agreement are for convenience of reference only and will not define or limit the provisions hereof.

  

	 	 10.2
	 This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of this Agreement. 

  

	 11.
	 DEFINED TERMS 

 Capitalized terms used herein and not defined have the meaning given to them, directly or by reference, in the Agency Agreement dated as of September 30, 2013 made between Bank of Montreal, BMO Covered
Bond Guarantor Limited Partnership, Computershare Trust Company of Canada and Bank of New York Mellon, as the same may be amended, supplemented or restated from time to time. 

  
 - 7 -

	 12.
	 GOVERNING LAW 

 This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

 

	 13.
	 SUBMISSION TO JURISDICTION 

 Each party to this Agreement hereby irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario in any action or proceeding arising out of or relating to this Agreement.

 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

 

									
	 BANK OF MONTREAL, as Issuer
	 		  	 BMO COVERED BOND GUARANTOR
 LIMITED PARTNERSHIP by its
 managing general partner BMO

COVERED BOND GP, INC.

					
	 By:
	 	  
	 		  	 By:
	 	  

		 	   Name:
	 		  		 	   Name:

		 	   Title:
	 		  		 	   Title:

					
	 By:
	 	  
	 		  	 By:
	 	  

		 	   Name:
	 		  		 	   Name:

		 	   Title:
	 		  		 	   Title:

			
	 BANK OF NEW YORK MELLON,
 as Principal Paying Agent, Calculation
 Agent, a Registrar and a Transfer
Agent
	 		  	 COMPUTERSHARE TRUST COMPANY

OF CANADA, as Bond Trustee

					
	 By:
	 	  
	 		  	 By:
	 	  

		 	   Name:
	 		  		 	   Name:

		 	   Title:
	 		  		 	   Title:

					
	 By:
	 	  
	 		  	 By:
	 	  

		 	   Name:
	 		  		 	   Name:

		 	   Title:
	 		  		 	   Title:

				
		 		 		  	 [—], as Calculation Agent

		 		 		  	 By:
	 	  

		 		 		  		 	   Name:

		 		 		  		 	   Title:

					
	  	 	  	 	  	  	 By:
	 	  

		 		 		  		 	   Name:

		 		 		  		 	   Title:

  
 - 8 -

 SCHEDULE TO THE CALCULATION AGENCY AGREEMENT 

 

											
	 Series number
	 	 Issue Date
	 	 Maturity Date
	 	 Title and Nominal Amount
	 	 NGCB [Yes/No]
	 	 Annotation by
Calculation
Agent/Issuer

 SCHEDULE 2 
 TRADING DESK AND ADMINISTRATIVE INFORMATION 
 The Issuer 

BANK OF MONTREAL 
 18th Floor,
100 King Street West 
 Toronto, Ontario 
 M5X 1A1 
 Facsimile:        416-867-4166

 Attention:       Senior Manager, Securitization Finance and Operations 

The Guarantor 
 BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP by its managing general partner, BMO Covered Bond GP, Inc. 
 c/o Bank of Montreal 
 18th Floor, 100 King Street West 

Toronto, Ontario 

M5X 1A1 

Facsimile:        416-867-4166 

Attention:       Senior Manager, Securitization Finance and Operations 

 The Principal Paying Agent, a Registrar, 

the Exchange Agent and a Transfer Agent  
 BANK OF NEW YORK MELLON 
 101 Barclay Street, 7E 

New York, New York 
 10286 
 Facsimile:        212-815-5366

 Attention:        International Corporate Trust 

The Bond Trustee  
 COMPUTERSHARE TRUST COMPANY OF CANADA 
 100 University Avenue,
11th Floor 

Toronto, ON M5J 2Y1 
 Attention:        416-981-9777 

Facsimile:        Manager, Corporate Trust 

  
 - 2 -

 SCHEDULE 3 
 FORM OF FINAL TERMS DOCUMENT 
 - Attached - 

 SCHEDULE 4 
 FORM OF CERTIFICATE FOR EXCHANGE OR TRANSFER 
 OF REGISTERED COVERED BONDS
OR BENEFICIAL INTEREST IN REGISTERED COVERED BONDS 
 [Reserved] 

[This certificate is not required for transfers of interests in a Registered Global Covered Bond to 

persons who wish to hold the transferred interest in the same Registered Global Covered Bond] 

[DATE] 
  

	 To:
	 [    ] 

 (as Registrar) 
 [    ] 

(as Issuer) 
 BANK OF MONTREAL (the “Issuer”) 
 [Title of Series of Covered
Bonds] (the “Covered Bonds”) 
 issued pursuant to a Registered Global Covered Bond Program (the
“Program”) 
 guaranteed as to payments of interest and principal by 

BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP 
 Reference is made to the terms and conditions of the Covered Bonds (the “Terms and Conditions”) set out in Schedule 1 to the Trust Deed dated as of September 30, 2013, as
supplemented, amended and restated from time to time between the Issuer and the other parties named therein relating to the Program. Terms defined in the Terms and Conditions shall have the same meaning when used in this Certificate unless otherwise
stated. 
 This Certificate relates to [insert Specified Currency and nominal amount of Covered
Bonds] of Covered Bonds which are held in the form of [one or more Regulation S Definitive Covered Bonds] [beneficial interests in one or more Regulation S Covered Bonds (ISIN No. [specify]) represented by a Regulation S Global Covered
Bond] [Rule 144A Definitive Covered Bonds] [beneficial interests in one or more Rule 144A Covered Bonds (ISIN No. [specify]; CUSIP No. [specify]) represented by a Rule 144A Global Covered Bond] in the name of [transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such [Regulation S Definitive Covered Bonds] [Rule 144A Definitive Covered Bonds] [beneficial interests in one or more Regulation S Covered Bonds]
[beneficial interests in one or more Rule 144A Covered Bonds] for [Regulation S Definitive Covered Bonds] [an interest in Regulation S Covered Bonds represented by a Regulation S Global Covered Bond] [Rule 144A Definitive Covered Bonds] [an interest
in Rule 144A Covered Bonds represented by a Rule 144A Global Covered Bond]. 
 In connection therewith, the Transferor
certifies that such exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Covered Bonds and in accordance with any applicable securities laws of the United States of America, any State of the United
States of America or any other jurisdiction and any applicable rules and regulations of DTC, Euroclear and Clearstream, Luxembourg or any other relevant clearing system from time to time and, accordingly, the Transferor certifies as follows (terms
used in this paragraph that are defined in Rule 144A or in Regulation S are used herein as defined therein): 

Either: 
  

	 1.
	 [the offer of the Covered Bonds was not made to a person in the United States; 

	 2.
	 either the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any
person acting on the Transferor’s behalf knows that the transaction was pre-arranged with a transferee in the United States or the transferee is outside the United States, or the Transferor and any person acting on its behalf reasonably
believes that the transferee is outside the United States; 

  

	 3.
	 no directed selling efforts have been made in contravention of the requirement of Rule 903 or 904 of Regulation S, as applicable; and

  

	 4.
	 the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.]1 

Or: 
 [Such Covered Bonds are being transferred in accordance with Rule 144A to a transferee that the Transferor reasonably believes is purchasing the Covered Bonds for its own account or any account with
respect to which the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities
laws of any state of the United States or any other jurisdiction.]2 
 [The Covered Bonds are being transferred in a transaction permitted by Rule 144
under the Securities Act.]3 

The Transferor understands that this Certificate is required in connection with certain securities or other legislation in the United
States and/or in connection with the Covered Bonds being eligible for clearance in one or more clearance systems. If administrative or legal proceedings are commenced or threatened in connection with which this notice is or might be relevant, the
Transferor irrevocably authorises the entity to whom the Certificate is addressed to produce this Certificate or a copy hereof to any interested party in such proceedings. 
 This Certificate and the statements contained herein are made for the benefit of the addressee hereof and the benefit of the Dealers of the above Covered Bonds. 

[Insert name of Transferor] 
 By:                                 
                    
 Name:

 Title: 
 Dated:                                
                
  
  

 

	
1 
	 Include as applicable. Relevant only if the proposed transfer or exchange is being made to a person holding in the form of or for a beneficial
interest in one or more Regulation S Global Covered Bonds or Definitive Regulation S Covered Bonds. 

	
2 
	 Include as applicable. Relevant only if the proposed transfer or exchange is being made to a person holding in the form of or for a beneficial
interest in one or more Rule 144A Global Covered Bonds or Rule 144A Definitive Covered Bonds. 

	
3 
	 Include as applicable. 

  
 - 2 -

 SCHEDULE 5 
 REGISTER AND TRANSFER OF REGISTERED COVERED BONDS 
  

	 1.
	 The Issuer will at all times ensure that the Registrar maintains outside the United Kingdom the Register showing the amount of the Registered
Covered Bonds from time to time outstanding and the dates of issue and all subsequent transfers and changes of ownership thereof and the names and addresses of the holders of the Registered Covered Bonds. The holders of the Registered Covered Bonds
or any of them and any Person authorized by it or any of them may at all reasonable times during office hours inspect the Register and take copies of or extracts from it. The Register may be closed by the Issuer for such periods at such times (not
exceeding in total 30 days in any one year) as it may think fit. 

  

	 2.
	 Each Registered Covered Bond will have an identifying serial number which will be entered on the Register. 

 

	 3.
	 The Registered Covered Bonds are transferable by execution of the form of transfer endorsed thereon under the hand of the transferor or, where the
transferor is a corporation, under its common seal or under the hand of two of its officers duly authorized in writing. 

  

	 4.
	 The Registered Covered Bonds to be transferred must be delivered for registration to the specified office of the Registrar with the form of transfer
endorsed thereon duly completed and executed and must be accompanied by such documents, evidence and information (including, but not limited to, Transfer Certificates where applicable) as may be required pursuant to the Terms and Conditions and such
other evidence as the Issuer and/or the Registrar may reasonably require to prove the title of the transferor or his right to transfer the Registered Covered Bonds and, if the form of transfer is executed by some other Person on his behalf or in the
case of the execution of a form of transfer on behalf of a corporation by its officers, the authority of that Person or those Persons to do so. 

  

	 5.
	 The executors or administrators of a deceased holder of Registered Covered Bonds (not being one of several joint holders) and in the case of the
death of one or more of several joint holders the survivor or survivors of such joint holders will be the only Person or Persons recognized by the Issuer as having any title to such Registered Covered Bonds. 

 

	 6.
	 Any Person becoming entitled to Registered Covered Bonds in consequence of the death or bankruptcy of the holder of such Registered Covered Bonds
may upon producing such evidence that he holds the position in respect of which he proposes to act under this paragraph or of his title as the Issuer will require be registered himself as the holder of such Registered Covered Bonds or, subject to
the preceding paragraphs as to transfer, may transfer such Registered Covered Bonds. The Issuer will be at liberty to retain any amount payable upon the Registered Covered Bonds to which any Person is so entitled until such Person will be registered
as aforesaid or will duly transfer the Registered Covered Bonds. 

  

	 7.
	 Unless otherwise requested by him, the holder of Registered Covered Bonds of any Series will be entitled to receive only one Registered Covered Bond
in respect of his entire holding of such Series. 

	 8.
	 The joint holders of Registered Covered Bonds of any Series will be entitled to one Registered Covered Bond only in respect of their joint holding
of such Series which will, except where they otherwise direct, be delivered to the joint holder whose name appears first in the Register in respect of such joint holding. 

 

	 9.
	 Where a holder of Registered Covered Bonds has transferred part only of his holding of any Series there will be delivered to him without charge a
Registered Covered Bond in respect of the balance of such holding. 

  

	 10.
	 The Issuer will make no charge to the Covered Bondholders for the registration of any holding of Registered Covered Bonds or any transfer thereof or
for the issue thereof or for the delivery thereof at the specified office of the Registrar or by post to the address specified by the holder. If any holder entitled to receive a Registered Covered Bond wishes to have the same delivered to him
otherwise than at the specified office of the Registrar, such delivery will be made, upon his written request to the Registrar, at his risk and (except where sent by post to the address specified by the holder) at his expense.

  

	 11.
	 The holder of a Registered Covered Bond may (to the fullest extent permitted by applicable laws) be treated at all times, by all Persons and for all
purposes as the absolute owner of such Registered Covered Bond notwithstanding any notice any Person may have of the right, title, interest or claim of any other Person thereto. The Issuer will not be bound to see to the execution of any trust to
which any Registered Covered Bond may be subject and no notice of any trust will be entered on the Register. The holder of a Registered Covered Bond will be recognized by the Issuer as entitled to his Registered Covered Bond free from any equity,
set-off or counterclaim on the part of the Issuer against the original or any intermediate holder of such Registered Covered Bond. 

  

	 12.
	 A Registered Covered Bond may not be exchanged for a Bearer Covered Bond or vice versa.EX-4.7

 Exhibit 4.7 
 INTERCOMPANY LOAN AGREEMENT 
 SEPTEMBER 30, 2013 

BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP 
 as Guarantor 
 COMPUTERSHARE TRUST COMPANY OF CANADA 

as Bond Trustee 
 BANK OF MONTREAL 
 as Intercompany Loan Provider and Cash Manager

 CONTENTS 

 

							
	 Section
	  	Page	 
			
	 1.
	  	 Interpretation
	  	 	1	  
	 2.
	  	 The Facility
	  	 	1	  
	 3.
	  	 Purpose
	  	 	2	  
	 4.
	  	 Conditions Precedent
	  	 	3	  
	 5.
	  	 Advances
	  	 	3	  
	 6.
	  	 Interest
	  	 	4	  
	 7.
	  	 Repayment
	  	 	6	  
	 8.
	  	 Taxes
	  	 	8	  
	 9.
	  	 Illegality
	  	 	8	  
	 10.
	  	 Mitigation
	  	 	8	  
	 11.
	  	 Payments
	  	 	9	  
	 12.
	  	 Representations and Warranties
	  	 	11	  
	 13.
	  	 Further Provisions
	  	 	12	  
			
	 Schedule
	  		  			
		
	 Schedule 1 Advance Request
	  	 	17	  
	 Schedule 2 Asset Coverage Test
	  	 	20	  

 THIS INTERCOMPANY LOAN AGREEMENT is dated September 30, 2013 

BETWEEN: 
  

	 (1)
	 BMO COVERED BOND GUARANTOR LIMITED PARTNERSHIP, a limited partnership established under the laws of the Province of Ontario, by its managing
general partner, BMO COVERED BOND GP, INC. in its capacity as Guarantor; 

  

	 (2)
	 BANK OF MONTREAL, a chartered bank under the Bank Act (Canada) (in its capacity as Intercompany Loan Provider and in its
capacity as Cash Manager); and 

  

	 (3)
	 COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company existing under the laws of Canada, in its capacity as the Bond Trustee.

 WHEREAS: 
  

	 (A)
	 The Intercompany Loan Provider has agreed that it will lend funds to the Guarantor by way of Advances hereunder. 

 

	 (B)
	 This Agreement sets out the agreement between the Intercompany Loan Provider and the Guarantor in relation to the lending of Advances by the
Intercompany Loan Provider to the Guarantor. 

 IT IS AGREED as follows: 

 

	 1.
	 INTERPRETATION 

  

	 1.1
	 Master Definitions 

 The master definitions and construction agreement made between, inter alios, the parties to this Agreement on September 30, 2013 (as the same may be amended, restated and/or supplemented from time
to time, the Master Definitions and Construction Agreement) is expressly and specifically incorporated into this Agreement and, accordingly, the expressions defined in the Master Definitions and Construction Agreement (as so amended, restated
and/or supplemented) shall, except where the context otherwise requires and save where otherwise defined herein, have the same meanings in this Agreement, including the recitals hereto and this Agreement shall be construed in accordance with the
interpretation provisions set out in Section 2 of the Master Definitions and Construction Agreement. For purposes of this Agreement, this Agreement has the same meaning as Intercompany Loan Agreement in the Master Definitions and Construction
Agreement. 
  

	 2.
	 THE FACILITY 

  

	 2.1
	 The Intercompany Loan 

 Subject to the terms of this Agreement, the Intercompany Loan Provider agrees to make available to the Guarantor an intercompany loan (the “Intercompany Loan”) in an aggregate amount
equal to the Total Credit Commitment. On any Canadian Business Day, the Guarantor may request that advances (each an “Advance” and collectively “Advances”) denominated in Canadian Dollars under the Intercompany Loan
be made available to it, subject to the terms of this Agreement, on such Canadian Business Day (each such date, a “Drawdown Date”). 

  
 1 

	 2.2
	 Total Credit Commitment 

 The Guarantor may from time to time request that the amount of the Total Credit Commitment be increased and upon written notice by the Intercompany Loan Provider to the Guarantor, the amount of the Total
Credit Commitment shall be increased in the amount as set out in such notice. 
  

	 3.
	 PURPOSE 

  

	 3.1
	 Application of Advances by Guarantor 

Each Advance hereunder may only be used by the Guarantor: 

 

	 	 (a)
	 to purchase Loans and their Related Security pursuant to the Mortgage Sale Agreement; 

 

	 	 (b)
	 to invest in Substitution Assets (in an amount up to but not exceeding the limit set forth in Section 9.1 of the Guarantor Agreement);

  

	 	 (c)
	 to make a deposit of the proceeds in the GDA Account (or, as applicable, the Standby GDA Account) (including, without limitation, to fund the
Reserve Fund to an amount not exceeding the limit prescribed in Section 6.1 of the Guarantor Agreement); 

  

	 	 (d)
	 subject to written confirmation from the Cash Manager that the Asset Coverage Test is met on the relevant repayment date, in the case of a repayment
to be made on a Calculation Date, or on a Calculation Date immediately prior to the relevant Guarantor Payment Date, in the case of a repayment to be made on a Guarantor Payment Date (both before and immediately following the making of the relevant
repayment), to make a Capital Distribution to the Seller (in its capacity as a Partner) by way of a distribution of that Partner’s equity in the Guarantor in an amount equal to the Advance or any part thereof, which shall be paid to the Partner
on the relevant next Payment Date by wire transfer or as otherwise directed by the Partner; and 

  

	 	 (e)
	 to fund the Pre-Maturity Liquidity Ledger. 

  

	 3.2
	 Record of Advances 

 The aggregate principal amount of Advances outstanding at any time will be recorded in the Intercompany Loan Ledger in accordance with Section 5.4 and deemed to be comprised of: 

(a) a guarantee loan (the “Guarantee Loan”) having a principal balance equal to: 

(X/Y) multiplied by Z 
 where, 
 X = the ACT Asset Value (see Schedule 2 for reference) at
such time, but where “A” in the calculation of such amount is equal to the aggregate Outstanding Principal Balance of the Loans in the Portfolio for the purposes of determining X; 

Y = the maximum Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of Covered Bonds that could be
issued by the Issuer without contravening the Asset Coverage Test at such time based on the assets of the Guarantor at such time; and 
 Z = the actual Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds at such time, 

  
 2 

 and 

(b) a demand loan (the “Demand Loan”) will be a revolving credit facility, the outstanding balance of
which will be equal to the difference between the balance of the Intercompany Loan and the balance of the Guarantee Loan at any relevant time as determined above. 

The respective balances of the Guarantee Loan and the Demand Loan will fluctuate with the issuances and redemptions of
Covered Bonds and the requirements of the Asset Coverage Test, provided that at any time and for so long as the Asset Coverage Test is not satisfied, the Demand Loan cannot have a positive balance. 

 

	 3.3
	 Revolving Intercompany Loan 

 Any amount under the Intercompany Loan repaid hereunder may be re-borrowed provided that (i) such re-borrowing is for the purposes set out in Section 3.1, and (ii) each of the conditions
set forth in Section 4 have been satisfied. Unless otherwise agreed by the Intercompany Loan Provider and subject to satisfaction of the Rating Agency Condition, no further Advances will be made to the Guarantor under the Intercompany Loan
following the occurrence of a Demand Loan Repayment Event. 
  

	 3.4
	 No obligation to monitor 

 Without prejudice to the obligations of the Guarantor under this Section 3, neither the Bond Trustee nor any of the other Secured Creditors shall be obliged to concern themselves as to the
application of amounts drawn by the Guarantor under this Agreement. 
  

	 4.
	 CONDITIONS PRECEDENT 

 Conditions precedent 
 Save as the Intercompany Loan
Provider and the Bond Trustee may otherwise agree, each Advance will not be available unless on the date of the proposed Advance: 
  

	 	 (a)
	 such Advance does not result in the Guarantor being unable to satisfy the Asset Coverage Test on a pro forma basis following such Advance and
the application of the proceeds thereof; 

  

	 	 (b)
	 the aggregate outstanding amount of Advances after giving effect to such Advance does not exceed the Total Credit Commitment; and

  

	 	 (c)
	 no Issuer Event of Default, Guarantor Event of Default or Demand Loan Repayment Event has occurred. 

 

	 5.
	 ADVANCES 

  

	 5.1
	 Giving of Advance Requests 

 Not later than 10:00 a.m. (Toronto Time) on each Drawdown Date (or such later time as may be agreed in writing between the Guarantor and the Intercompany Loan Provider), the Guarantor shall give to the
Intercompany Loan Provider a duly completed request for an Advance in writing (each an “Advance Request”) completed in the form attached hereto as Schedule 1 specifying whether such request is for an Advance pursuant to the
Guarantee Loan or the Demand Loan. Each Advance Request is irrevocable and (subject to the terms of this Agreement) obliges the Guarantor to borrow the whole amount specified in the Advance Request on the relevant Drawdown Date upon the terms and
subject to the conditions of this Agreement. 

  
 3 

	 5.2
	 Advances 

 On receipt of an Advance Request from the Guarantor and if the relevant conditions set out in Section 4 have been met, the Intercompany Loan Provider shall make the requested Advances available to
the Guarantor on the Drawdown Date. 
  

	 5.3
	 Single drawing of the Advances 

 Each Advance shall, subject to satisfaction of the matters specified in Section 4, only be available for drawing in one amount by the Guarantor on the relevant Drawdown Date. 

 

	 5.4
	 Intercompany Loan Ledger 

 The Cash Manager shall ensure that each Advance, each repayment thereof, all payments of interest and repayments of principal of each Advance hereunder and the amount of the Guarantee Loan and the Demand
Loan at each Calculation Date are recorded in the Intercompany Loan Ledger at the appropriate time (which in the case of the amount of the Guarantee Loan and the Demand Loan shall be at least two Canadian Business Days prior to the Guarantor Payment
Date following such Calculation Date). 
  

	 6.
	 INTEREST 

  

	 6.1
	 Interest Periods 

  

	 	 (a)
	 Each loan interest period (each a “Loan Interest Period”) will correspond to each Calculation Period and each date on which
interest is payable hereunder (each a “Loan Interest Payment Date”) will correspond to each Guarantor Payment Date, provided that the Loan Interest Period for any Advance made during a Calculation Period shall commence on the date
of such Advance. 

  

	 	 (b)
	 Whenever it is necessary to compute an amount of interest in respect of an Advance for any period (including any Loan Interest Period), such
interest shall be calculated on the basis of actual days elapsed in a 365 day year. 

  

	 	 (c)
	 Interest payable in respect of an Advance shall be payable in respect of the preceding Loan Interest Period for such Advance on each Loan Interest
Payment Date following the Drawdown Date of that Advance and shall be paid on such Loan Interest Payment Date subject to the applicable Priorities of Payments. 

 

	 	 (d)
	 All payments of interest hereunder will be made in accordance with the relevant Priorities of Payments. 

 

	 	 (e)
	 Interest that is payable in respect of a Loan Interest Period for an Advance that is not paid on a Loan Interest Payment Date shall remain
outstanding and shall bear interest at the same rate as that payable on such Advance. 

  

	 6.2
	 Interest Rate 

  

	 	 (a)
	 Subject to the applicable Priorities of Payments, the rate of interest payable in respect of each Advance for each Loan Interest Period in respect
of that Advance shall be the rate per annum notified in writing by the Intercompany Loan Provider to the Guarantor from time to time. 

  
 4 

	 	 (b)
	 With respect to each Loan Interest Period, the Intercompany Loan Provider shall, as soon as practicable following the relevant Loan Interest Period,
determine and notify the Cash Manager, the Guarantor and the Bond Trustee of the amount (the “Intercompany Loan Interest Amount”), in each case, payable in respect of such Loan Interest Period. The Intercompany Loan Interest Amount
in respect of each Advance shall be determined by applying the applicable rate of interest (determined in accordance with sub-clause (a)) to the outstanding principal balance of the relevant Advance, multiplying the result of that calculation by the
actual number of days in the applicable Loan Interest Period divided by 365 days and rounding the resultant figure to the nearest penny (half a penny being rounded upwards) provided that the amount of interest hereunder payable in respect of any
Loan Interest Period shall not exceed the amounts payable to the Guarantor pursuant to the Interest Rate Swap Agreement less the sum of (i) a minimum spread to be notified in writing by the Intercompany Loan Provider to the Guarantor from time
to time, and (ii) an amount equal to the amount of the Guarantor Expenses for the corresponding Guarantor Calculation Period. 

  

	 	 (c)
	 All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or obtained for the
purposes of this Section 6, shall (in the absence of wilful default, bad faith or proven error) be binding on the Guarantor and the Cash Manager and (in such absence as aforesaid) no liability to the Guarantor shall attach to the Cash Manager
or the Intercompany Loan Provider in connection with the exercise or non-exercise by them or any of them of their powers, duties and discretions hereunder. 

 

	 	 (d)
	 Solely for the purposes of the Interest Act (Canada), whenever the amount of interest payable hereunder in respect of any Loan Interest
Period is not the amount obtained by applying the applicable rate of interest to the outstanding principal balance of the relevant Advance and multiplying the result of that calculation by the actual number of days in the applicable Loan Interest
Period divided by 365 days, the annual rate of interest payable hereunder in respect of such Loan Interest Period is equivalent to the product obtained when (i) the amount of interest payable hereunder in respect of such Loan Interest Period is
divided by the sum of the daily average aggregate amount of Advances outstanding hereunder and the result of such division is multiplied by (ii) 365 divided by the number of calendar days in such Loan Interest Period.

  

	 6.3
	 Criminal Rate of Interest 

 In no event shall the aggregate “interest” (as defined in Section 347 (the “Criminal Code Section”) of the Criminal Code (Canada)), payable to the Intercompany Loan
Provider under this Agreement or any other Transaction Document exceed the effective annual rate of interest lawfully permitted under the Criminal Code Section on the “credit advanced” (as defined in such section) under this Agreement or
any other Transaction Document. Further, if any payment, collection or demand pursuant to this Agreement or any other Transaction Document in respect of such “interest” is determined to be contrary to the provisions of the Criminal Code
Section, such payment, collection, or demand shall be deemed to have been made by mutual mistake of the Intercompany Loan Provider and the Guarantor and such “interest” shall be deemed to have been adjusted with retroactive effect to the
maximum amount or rate of interest, as the case may be, as would not be so prohibited by the Criminal Code Section so result in a receipt by the Intercompany Loan Provider of interest at a rate not in contravention of the Criminal Code Section, such
adjustment to be effected, to the extent necessary, as follows: 

  
 5 

	 	 (a)
	 firstly, by reducing the amounts or rates of interest required to be paid to the Intercompany Loan Provider; and 

 

	 	 (b)
	 then, by reducing any fees, charges, expenses and other amounts required to be paid to the Intercompany Loan Provider which would constitute
“interest”. 

 Notwithstanding the above, and after giving effect to all such
adjustments, if the Intercompany Loan Provider shall have received an amount in excess of the maximum permitted by the Criminal Code Section, then the Guarantor shall be entitled, by notice in writing to the Intercompany Loan Provider, to obtain
reimbursement from the Intercompany Loan Provider in an amount equal to such excess. For greater certainty, to the extent that any charges, fees or expenses are held to be within such meaning of “interest”, such amounts shall be pro-rated
over (i) the period of time to which they relate or (ii) otherwise over the period from the initial Drawdown Date to the date on which all of the Covered Bonds are irrevocably repaid. 

 

	 7.
	 REPAYMENT 

  

	 7.1
	 Repayment of Demand Loan on Demand 

 Subject to the applicable Priorities of Payments and Section 7.2, the principal amount of the Demand Loan (or any portion thereof for which demand is made by the Intercompany Loan Provider in
accordance with this Section) shall be due and payable by the Guarantor on a Canadian Business Day no later than 60 days after the demand is made therefor by the Intercompany Loan Provider by notice in writing to the Guarantor unless on such day:

  

	 	 (a)
	 (i) a Demand Loan Repayment Event (as hereinafter defined) has occurred and is continuing (in which case payment shall be made in accordance with
Section 7.2); or (ii) the Asset Coverage Test as calculated by the Cash Manager, will not be satisfied after giving effect to such repayment and after taking into account all other amounts to be paid as provided for pursuant to the
applicable Priorities of Payments on the next following Guarantor Payment Date (including for the avoidance of doubt amounts required to be credited to the Pre-Maturity Liquidity Ledger); in which case only the amount, if any, which could be repaid
while remaining in compliance with the Asset Coverage Test shall be due and payable on such day; or 

  

	 	 (b)
	 an Asset Coverage Test Breach Notice has been given on or prior to such day and has not been revoked. 

 

	 7.2
	 Mandatory Repayment Upon Demand Loan Repayment Event 

Subject to the applicable Priorities of Payments and Section (b) below, the Guarantor shall repay the amount, if any,
by which the Demand Loan exceeds the Demand Loan Contingent Amount on the first Guarantor Payment Date following 30 days or, if the Guarantor does not have sufficient funds on such date, following 60 days, in either case after the earlier of the
date on which: 
  

	 	 (i)
	 BMO is required to assign the Interest Rate Swap Agreement to a third party pursuant to the terms thereof; 

 

	 	 (ii)
	 a Notice to Pay has been served on the Guarantor; 

  

	 	 (iii)
	 to the extent Fitch is a Rating Agency, if Fitch either (a) downgrades the issuer default ratings of the Intercompany Loan Provider below the
Fitch Demand Loan Repayment Ratings, or (b) withdraws the issuer default ratings of the Intercompany Loan Provider; or 

  
 6 

	 	 (iv)
	 this Agreement is terminated; 

 (each of (i), (ii), (iii) and (iv) above a “Demand Loan Repayment Event”). 
  

	 	 (b)
	 Subject to the applicable Priorities of Payments, following a Demand Loan Repayment Event, the Guarantor shall repay the full amount of the then
outstanding Demand Loan on the date on which the Asset Percentage is next calculated (whether or not such calculation is a scheduled calculation or a calculation made at the request of BMO) provided that the Asset Coverage Test, as calculated by the
Cash Manager, is met on the date of repayment after giving effect to such repayment. For greater certainty, following an Issuer Event of Default, the Asset Coverage Test will be conducted and the Asset Percentage calculated, solely for the purpose
of determining the amount of the Demand Loan repayable on the relevant repayment date and that the Asset Coverage Test will be met after giving effect to any such repayment. In calculating the Asset Coverage Test following an Issuer Event of Default
for such purpose, the amount of any Excess Proceeds received by the Guarantor from the Bond Trustee will be deducted from the ACT Asset Value. 

  

	 7.3
	 Payments discharge Guarantor’s obligations under this Agreement 

To the extent that the Guarantor makes, or there is made on its behalf, a payment under the Covered Bond Guarantee, the
Intercompany Loan Provider will on such payment being made become indebted to the Guarantor for an amount equal to such payment. Any amounts owing by the Intercompany Loan Provider to the Guarantor in respect of amounts paid by the Guarantor under
the terms of the Covered Bond Guarantee or the repurchase of Covered Bonds, as applicable, shall be set-off automatically (and without any action being required by the Guarantor, the Intercompany Loan Provider or the Bond Trustee) against any
amounts repayable by the Guarantor under the terms of this Agreement. The amount set-off shall be the Canadian Dollar Equivalent of the relevant payment made by the Guarantor under the Covered Bond Guarantee or the Principal Amount Outstanding of
any Covered Bonds purchased and cancelled by the Guarantor in accordance with Conditions 6.8 and 6.9, as applicable, which amount shall be applied to reduce amounts repayable under the Intercompany Loan in the following order of priority:

  

	 	 (a)
	 first, to reduce and discharge interest (including accrued interest) due and unpaid on the outstanding principal balance of the Advances; and

  

	 	 (b)
	 second, to reduce and discharge the outstanding principal balance of the Advances. 

 

	 7.4
	 Repayment of Guarantee Loan 

 The Guarantee Loan shall be repaid in accordance with the applicable Priorities of Payments and is subordinated to the Demand Loan and the Covered Bond Guarantee in accordance with such Priorities of
Payments. Such repayment will be made (a) using (i) funds being held for the account of the Guarantor by its service providers and/or funds in the Guarantor Accounts (other than any amount in the Pre-Maturity Liquidity Ledger); and/or,
(ii) proceeds from the sale of Substitution Assets; and/or (iii) proceeds from the sale, pursuant to the Guarantor Agreement, of Loans and their Related Security to the Seller or to another person subject to a right of pre-emption on the
part of the Seller; and/or (b) at any time that no Covered Bonds are outstanding, by selling, transferring or assigning to the Seller all of the Guarantor’s right, title and interest in and to the Loans and their Related Security forming
part of the Portfolio in satisfaction in full of the Guarantee Loan. 

  
 7 

	 8.
	 TAXES 

  

	 8.1
	 No gross up 

 All payments by the Guarantor under this Agreement shall be made without any deduction or withholding for or on account of and free and clear of, any Taxes, except to the extent that the Guarantor is
required by Law to make payment subject to any Taxes. The Guarantor shall have no obligation to gross-up any payment to the Intercompany Loan Provider under this Agreement in respect of which any such deduction or withholding applies. 

 

	 8.2
	 Tax receipts 

 All Taxes required by Law to be deducted or withheld by the Guarantor from any amounts paid or payable under this Agreement shall be paid, to the relevant taxation authority, by the Guarantor when due and
the Guarantor shall, within 90 days of the payment being made, deliver to the Intercompany Loan Provider evidence satisfactory to the Intercompany Loan Provider (including all relevant Tax receipts) that the payment has been duly remitted to the
appropriate taxation authority. 
  

	 9.
	 ILLEGALITY 

 If, at any time, it is unlawful for the Intercompany Loan Provider to make, fund or allow to remain outstanding an Advance made or to be made by it under this Agreement, then the Intercompany Loan
Provider shall, promptly after becoming aware of the same, deliver to the Guarantor, the Bond Trustee and (for information only and on the basis that they may not rely thereon) the Rating Agencies a legal opinion to that effect from reputable
counsel and the Intercompany Loan Provider may require the Guarantor to prepay, on any Guarantor Payment Date, having given not more than 60 days’ and not less than 30 days’ (or such shorter period as may be required by any relevant Law)
prior written notice to the Guarantor and the Bond Trustee, and while the relevant circumstances continue, the applicable Advance(s) without penalty or premium but subject to Article 6 of the Security Agreement and Section 10 of this Agreement.

  

	 10.
	 MITIGATION 

 If circumstances arise in respect of the Intercompany Loan Provider which would, or would upon the giving of notice, result in: 

 

	 	 (a)
	 the prepayment of the Advances pursuant to Section 9; or 

 

	 	 (b)
	 a withholding or deduction from the amount to be paid by the Guarantor on account of Taxes, pursuant to Section 0, 

then, without in any way limiting, reducing or otherwise qualifying the obligations of the Guarantor under this Agreement,
the Intercompany Loan Provider shall: 
  

	 	 (i)
	 promptly upon becoming aware of the circumstances, notify the Bond Trustee, the Guarantor and the Rating Agencies; and 

 

	 	 (ii)
	 upon written request from the Guarantor, take such steps as may be practical to mitigate the effects of those circumstances including (without
limitation) the transfer or assignment of all its rights under this Agreement to, and assumption of all its obligations under this Agreement by, another Person reasonably satisfactory to the Bond Trustee, which is willing to participate in the
relevant Advances in its place and which is not subject to (a) or (b) above, 

  
 8 

 provided that no such transfer or assignment and assumption may be permitted
unless the Rating Agency Condition shall have been satisfied with respect thereto and the Intercompany Loan Provider indemnifies (subject to Article 6 of the Security Agreement) the Guarantor and the Bond Trustee for any reasonable costs and
expenses properly incurred by them as a result of such transfer or assignment and assumption. 
  

	 11.
	 PAYMENTS 

  

	 11.1
	 Payment 

  

	 	 (a)
	 Subject to the applicable Priorities of Payments all amounts to be paid to the Intercompany Loan Provider under this Agreement shall be paid for
value by the Guarantor to such account as is notified to the Guarantor by the Intercompany Loan Provider for this purpose by not less than 5 Canadian Business Days prior notice on each Guarantor Payment Date. 

 

	 	 (b)
	 Subject to the applicable Priorities of Payments, the Guarantor may elect, at its sole discretion, to repay the Demand Loan (or any portion thereof)
pursuant to Section 7.1 or Section 7.2 in the following manner: 

  

	 	 (i)
	 in Canadian dollars for value by the Guarantor, provided that any amount paid in Canadian dollars pursuant to this clause (i) shall not have
been derived from the sale of any Loan and its Related Security by the Guarantor for less than the True Loan Balance of such Loan at the time of such sale; or 

 

	 	 (ii)
	 by selling, transferring and assigning to the Issuer all of the Guarantor’s right, title and interest in and to Loans and their Related
Security and any Collections related to such Loans from and after the date of the Payment in Kind Notice in accordance with Section 11.1(c) and for the consideration of a reduction in the amount outstanding under the Demand Loan in accordance
with Section 11.1(d) (a “Payment in Kind”); provided that any Loans and their Related Security applied towards a Payment in Kind will be selected in a manner that would not reasonably be expected to adversely effect the
interests of the Covered Bondholders. 

  

	 	 (c)
	 If the Guarantor elects to make a Payment in Kind, the Guarantor will provide the Issuer with a notice (a “Payment in Kind
Notice”), at least 5 Canadian Business Days and not more than 30 days in advance of the proposed date of such Payment in Kind (the “Payment in Kind Date”), setting out the following: 

 

	 	 (i)
	 the Payment in Kind Date; 

  

	 	 (ii)
	 the aggregate amount of the Demand Loan to be repaid as determined in accordance with Section 11.1(d); and 

 

	 	 (iii)
	 a listing of the Loans to be sold, transferred and assigned to the Issuer on the Payment in Kind Date, including: 

 

	 	 (A)
	 for each such Loan, the Eligible Loan Details; 

  

	 	 (B)
	 the aggregate number of Loans identified in the Payment in Kind Notice; and 

 

	 	 (C)
	 the aggregate Outstanding Principal Balance of such Loans as of the date of the Payment in Kind Notice. 

  
 9 

	 	 (d)
	 Upon any Payment in Kind, the outstanding amount of the Demand Loan will be reduced by the Fair Market Value of such Loans determined as of the
Payment in Kind Date, less an amount equal to the Collections received by or on behalf of the Guarantor after the date of the Payment in Kind Notice and prior to the Payment in Kind Date in respect of the Loans listed in the Payment in Kind Notice.
In addition, if the Payment in Kind occurs on or after a Covered Bond Guarantee Activation Event and the Intercompany Loan Provider is the Limited Partner, the Limited Partner shall be deemed to have made a Capital Contribution to the Guarantor on
the Payment in Kind Date in an amount equal to the excess, if any, of the True Loan Balance of the Loans and their Related Security applied towards the Payment in Kind over the aggregate Fair Market Value of such Loans and their Related Security,
and such Capital Contribution shall be deemed to have been applied by the Guarantor against the Demand Loan, such that the outstanding amount of the Demand Loan will be reduced by the greater of (i) the True Loan Balance of such Loans, and
(ii) the Fair Market Value of such Loans. 

  

	 	 (e)
	 If upon a Payment in Kind, the outstanding amount of the Demand Loan is reduced in accordance with Section 11.1(d), then upon such Payment in
Kind (and notwithstanding the terms of the Interest Rate Swap Agreement): 

  

	 	 (i)
	 if the Interest Rate Swap Provider is the Issuer or an Affiliate of the Issuer, no termination payment will be payable in respect of such sale of
Loans; and 

  

	 	 (ii)
	 if the Interest Rate Swap Provider is not the Issuer or an Affiliate of the Issuer, (A) the termination payment, if any, payable by the
Guarantor to the Interest Rate Swap Provider in respect of such sale of Loans will be paid by the Issuer to the Interest Rate Swap Provider for and on behalf of the Guarantor, and (B) the Guarantor shall direct that the termination payment, if
any, payable by the Interest Rate Swap Provider to the Guarantor in respect of such sale of Loans will be paid by the Interest Rate Swap Provider to the Issuer or as the Issuer may direct. 

 

	 	 (f)
	 Upon a Payment in Kind, all of the Guarantor’s right, title and interest in and to each of the Loans listed in the Payment in Kind Notice and
their Related Security from and after the Payment in Kind Date shall be sold, transferred and assigned to the Issuer without recourse, representation or warranty (whether express, implied, statutory or otherwise) to, against, by or on behalf of the
Guarantor save and except that the Guarantor shall be deemed to represent and warrant to the Issuer that (x) such Loans and the proceeds thereof are free and clear of any Adverse Claim created by the Guarantor, and (y) the Guarantor has
the power and authority to sell, transfer and assign such Loans and their Related Security and the proceeds thereof as herein provided. In consideration of the foregoing, the outstanding amount of the Demand Loan shall be reduced in accordance with
Section 11.1(d). 

  

	 	 (g)
	 The Guarantor will, at the expense of the Issuer (i) execute and deliver such assignments or other instruments of conveyance, (ii) make
such filings (including filings of financing statements), and (iii) with respect to the Loan and Related Security, Customer Files or other documents relating to the Loans and their Related Security sold, transferred and assigned to the Issuer
upon a Payment in Kind (A) to the extent held by the Issuer, confirm that the Issuer ceases to be under any further obligation to hold such documents to the order of the Guarantor or the Bond Trustee, or (B) to the extent not held by the
Issuer, deliver or cause to be delivered to the Issuer or as the Issuer may direct all such documents that are in its possession or otherwise held to its order. 

 

	 	 (h)
	 Without limiting anything in this Agreement, each Payment in Kind shall constitute a discharge and release of the Issuer from any claims which the
Guarantor or the Bond Trustee 

  
 10 

	 	
may have against the Issuer arising from the Loan Representations and Warranties in relation to the Loans and their Related Security sold, transferred and assigned to the Issuer on the related
Payment in Kind Date. 

  

	 11.2
	 Alternative payment arrangements 

 If, at any time, it shall become impracticable (by reason of any action of any governmental authority or any change in Law, exchange control regulations or any similar event) for the Guarantor to make any
payments under this Agreement in the manner specified in Section 11.1, then the Guarantor shall, at the expense of the Intercompany Loan Provider, make such alternative arrangements for the payment of amounts due under this Agreement as are
acceptable to the Intercompany Loan Provider and the Bond Trustee (acting reasonably). 
  

	 12.
	 REPRESENTATIONS AND WARRANTIES 

  

	 12.1
	 Representations, Warranties and Covenants 

Each of the Intercompany Loan Provider and the Cash Manager hereby represents and warrants to, and covenants with, the
Guarantor and the Bond Trustee that as of the date of this Agreement and for so long as it remains a party to this Agreement: 
  

	 	 (a)
	 it possesses the necessary experience, qualifications, facilities and other resources to perform its responsibilities in relation to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (b)
	 it is and will continue to be in good standing with OSFI; 

 

	 	 (c)
	 it is and will continue to be in regulatory good standing and in material compliance with and under all Laws applicable to its duties and
obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (d)
	 it is and will continue to be in material compliance with its internal policies and procedures (including risk management policies) relevant to its
duties and obligations hereunder and the other Transaction Documents to which it is a party; 

  

	 	 (e)
	 it will comply with the provisions of, and perform its obligations under, this Agreement and the other Transaction Documents to which it is party;

  

	 	 (f)
	 it will exercise reasonable skill and care in the performance of its obligations hereunder and the other Transaction Documents to which it is a
party; and 

  

	 	 (g)
	 it will comply with the CMHC Guide and all material legal and regulatory requirements applicable to the conduct of its business so that it can
lawfully attend to the performance of its obligations hereunder and the other Transaction Documents to which it is a party. 

  

	 12.2
	 Undertaking 

 Each of the Intercompany Loan Provider and the Cash Manager undertakes to notify the Guarantor and the Bond Trustee immediately if, at any time during the term of this Agreement, any of the statements
contained in Section 12.1 ceases to be true. The representations, warranties and covenants set out in Section 12.1 will survive the signing and delivery of this Agreement. 

  
 11 

	 13.
	 FURTHER PROVISIONS 

  

	 13.1
	 No set-off 

 The Intercompany Loan Provider agrees that it will advance the Advances to the Guarantor on each Drawdown Date (subject to the terms of this Agreement, including without limitation, Section 4
(Conditions Precedent)) without set-off (including, without limitation, in respect of any amounts owed to it under any other Advance or in its capacity as a partner of the Guarantor) or counterclaim. 

 

	 13.2
	 Evidence of indebtedness 

 In any proceeding, action or claim relating to this Agreement a statement as to any amount due and payable to the Intercompany Loan Provider under this Agreement which is certified as being correct by an
officer of the Bond Trustee shall, unless otherwise provided in this Agreement, be prima facie evidence that such amount is in fact due and payable. 
  

	 13.3
	 Rights cumulative, waivers 

 The respective rights of the Guarantor, the Intercompany Loan Provider and the Bond Trustee under this Agreement: 
  

	 	 (a)
	 may be exercised as often as necessary; 

  

	 	 (b)
	 are cumulative and not exclusive of its rights under the general Law; and 

 

	 	 (c)
	 may be waived only in writing and specifically. 

Delay in exercising or non-exercise of any such right is not a waiver of that right. 

 

	 13.4
	 Severability 

 If a provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect or impair: 

 

	 	 (a)
	 the validity or enforceability in that jurisdiction of any other provision of this Agreement; or 

 

	 	 (b)
	 the validity or enforceability in other jurisdictions of that or any other provision of this Agreement. 

 

	 13.5
	 Notices 

 Any notice to be given pursuant to this Agreement to any of the parties hereto shall be in writing and shall be sufficiently served if sent by prepaid registered mail, by hand or electronic or facsimile
transmission and shall be deemed to be given (if by facsimile or electronic transmission) when despatched or (in the case of registered mail) when it would be received in the ordinary course of the mail and shall be sent: 

 

	 	 (a)
	 in the case of the Intercompany Loan Provider, to Bank of Montreal, 18th Floor, 1 First Canadian Place, 100 King Street West, Toronto, ON M5X 1A1 (facsimile number 416-867-7193) for the
attention of Senior Manager, Securitization Structuring; 

  

	 	 (b)
	 in the case of the Guarantor, to BMO Covered Bond Guarantor Limited Partnership, c/o Bank of Montreal, 18th Floor, 1 First Canadian Place, 100 King Street West, Toronto, ON M5X
1A1 (facsimile number 416-867-4166) for the attention of Senior Manager, Securitization Finance and Operations; 

  
 12 

	 	 (c)
	 in the case of the Cash Manager, to Bank of Montreal, 18th Floor, 1 First Canadian Place, 100 King Street West, Toronto, ON M5X 1A1 (facsimile number 416-867-4166) for the
attention of Senior Manager, Securitization Finance and Operations; and 

  

	 	 (d)
	 in the case of the Bond Trustee, to Computershare Trust Company of Canada, 100 University Avenue, 11th Floor, Toronto, ON M5J 2Y1, (facsimile number (416) 981-9777)
for the attention of Manager, Corporate Trust; 

 or to such other address or facsimile number
or for the attention of such other person or entity as may from time to time be notified by any party to the others by written notice in accordance with the provisions of this Section 13.5. 

 

	 13.6
	 Assignment 

  

	 	 (a)
	 None of the Intercompany Loan Provider, the Guarantor or the Cash Manager may assign or transfer any of its rights or obligations under this
Agreement without the prior written consent of the Bond Trustee except as provided for in the Transaction Documents, save that the Guarantor shall be entitled to assign whether by way of security or otherwise all or any of its rights under this
Agreement to the Bond Trustee pursuant to the Security Agreement and the Bond Trustee may at its sole discretion assign all or any of its rights under or in respect of this Agreement without such consent to any successor Bond Trustee in exercise of
its rights under the Security Agreement. If any party assigns any of its obligations under this Agreement as permitted by this Agreement, such party will provide at least 10 Canadian Business Days’ prior written notice of such assignment to
DBRS. 

  

	 	 (b)
	 Each of the Intercompany Loan Provider and the Cash Manager acknowledges that on the assignment pursuant to the Security Agreement by the Guarantor
to the Bond Trustee of the Guarantor’s rights under this Agreement the Bond Trustee may enforce such rights in the Bond Trustee’s own name without joining the Guarantor in any such action (which right each of the Intercompany Loan Provider
and the Cash Manager hereby waives) and each of the Intercompany Loan Provider and the Cash Manager hereby waives as against the Bond Trustee any rights or equities in its favour arising from any course of dealing between it and the Guarantor.

  

	 13.7
	 Amendments, Variation and Waiver 

  

	 	 (a)
	 Subject to the terms of the Security Agreement, any amendments to this Agreement will be made only with the prior written consent of each party to
this Agreement. No waiver of this Agreement shall be effective unless it is in writing and signed by (or by some person duly authorised by) each of the parties. No single or partial exercise of, or failure or delay in exercising, any right under
this Agreement shall constitute a waiver or preclude any other or further exercise of that or any other right. 

  

	 	 (b)
	 Each proposed amendment, variation or waiver of rights under this Agreement that is considered by the Guarantor to be a material amendment,
variation or waiver, shall be subject to satisfaction of the Rating Agency Condition. The Guarantor shall deliver notice to the Rating Agencies from time to time of any amendment, variations or waivers with respect to which satisfaction of the
Rating Agency Condition is not required, provided that failure to deliver such notice shall not constitute a breach of the obligations of the Guarantor under this Agreement. 

  
 13 

	 	 (c)
	 The Guarantor shall deliver notice to CMHC from time to time of any amendment, variations or waivers under this Agreement to the extent required by
the CMHC Guide, provided that failure to deliver such notice shall not constitute a breach of the obligations of the Guarantor under this Agreement. 

  

	 	 13.8
	 Change of Issuer or Cash Manager 

 If any entity assumes the obligations of the Issuer under the Covered Bonds, then for so long as any amount is outstanding under this Agreement, the parties to this Agreement shall execute such documents
and take such action as the Bond Trustee may reasonably require for the purposes of vesting in the successor Issuer and/or Cash Manager all the rights and obligations of the Intercompany Loan Provider and/or Cash Manager under this Agreement.

  

	 	 13.9
	 Change of Bond Trustee 

 In the event that there is any change in the identity of the Bond Trustee or an additional Bond Trustee is appointed in accordance with the Security Agreement, as the case may be, the parties to this
Agreement shall execute such documents and take such actions as such new Bond Trustee may reasonably require for the purposes of vesting in such new Bond Trustee the rights or powers of the Bond Trustee under this Agreement and under the Security
Agreement and releasing the retiring Bond Trustee from further obligations thereunder. 
  

	 	 13.10
	 Bond Trustee Liability 

 It is hereby acknowledged and agreed that by its execution of this Agreement the Bond Trustee shall not assume or have any obligations or liabilities to the Guarantor, the Intercompany Loan Provider or
the Cash Manager under this Agreement notwithstanding any provision of this Agreement and that the Bond Trustee has agreed to become a party to this Agreement for the purpose only of taking the benefit of this Agreement and agreeing to amendments to
this Agreement pursuant to Section 13.7. For the avoidance of doubt, the parties to this Agreement acknowledge that the rights and powers of the Bond Trustee are governed by the Security Agreement. Any liberty or right which may be exercised or
determination which may be made under this Agreement by the Bond Trustee may be exercised or made in the Bond Trustee’s absolute discretion without any obligation to give reasons therefor and the Bond Trustee shall not be responsible for any
liability occasioned by so acting. 
  

	 	 13.11
	 Limitation of Liability  

 BMO Covered Bond Guarantor Limited Partnership is a limited partnership formed under the Limited Partnerships Act (Ontario), a limited partner of which is, except as expressly required by Law, only
liable for any of its liabilities or any of its losses to the extent of the amount that the limited partner has contributed or agreed to contribute to its capital. 
  

	 	 13.12
	 Non-Petition 

 Each of the Intercompany Loan Provider and the Cash Manager agrees that it shall not institute against, or join any other party in instituting against, the Guarantor, or any general partner of the
Guarantor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal, provincial or foreign bankruptcy, insolvency or similar Law, for one year and one day after all Covered Bonds have
been repaid in full. The foregoing provision will survive the termination of this Agreement. 

  
 14 

	 13.13
	 Agency 

 The Intercompany Loan Provider agrees and confirms that, unless otherwise notified by the Guarantor or the Bond Trustee in accordance with the terms of this Agreement, the Cash Manager, as agent of the
Guarantor, may act on behalf of the Guarantor under this Agreement. 
  

	 13.14
	 Counterparts 

 This Agreement may be signed (manually or by electronic or facsimile means) and delivered in more than one counterpart all of which, taken together, shall constitute one and the same Agreement.

  

	 13.15
	 Enurement 

 This Agreement enures to the benefit of and is binding upon each of the parties to this Agreement and their respective successors (including any successor by reason of amalgamation of any party).

  

	 13.16
	 Governing Law 

 This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each party to this Agreement hereby irrevocably
submits to the non-exclusive jurisdiction of the courts of the Province of Ontario in any action or proceeding arising out of or relating to this Agreement. 
 [signature page follows] 

  
 15 

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

			
	 BMO COVERED BOND GUARANTOR
 LIMITED PARTNERSHIP, by its managing
 general partner, BMO COVERED
BOND,
 GP, INC.

		
	 By:  
	 	 /s/ Chris Hughes

		 	  Name: Chris Hughes

		 	  Title:   President and Secretary

  

			
	 BANK OF MONTREAL, in its capacity as

Issuer and Cash Manager

		
	 By:  
	 	 /s/ Cathy Cranston

		 	  Name: Cathy Cranston

		 	  Title:   Senior Vice President, Finance &

             Treasurer

  

			
	 COMPUTERSHARE TRUST COMPANY OF

CANADA, as Bond Trustee

		
	 By:  
	 	 /s/ Sean Pigott

		 	  Name: Sean Pigott

		 	  Title:   Corporate Trust Officer

		
	 By:  
	 	 /s/ Stanley Kwan

		 	  Name: Stanley Kwan

		 	  Title:   Associate Trust Officer

 Intercompany Loan Agreement 

  
 16 

 SCHEDULE 1 
 ADVANCE REQUEST 
  

	 From:
	   BMO Covered Bond Guarantor Limited Partnership (“Guarantor”) 

 

	 To:
	     Bank of Montreal (the “Intercompany Loan Provider”) 

Date: 
 Dear
Sirs, 
 We refer to the Intercompany Loan Agreement between, inter alios, ourselves, the Intercompany Loan Provider and the
Bond Trustee (as from time to time amended, restated, novated or supplemented (the “Intercompany Loan Agreement”)) dated September 30, 2013 whereby an Intercompany Loan was made available to us. Terms defined in the Intercompany Loan
Agreement shall have the same meaning in this Request. 
 We hereby give you notice that, pursuant to the Intercompany Loan
Agreement and upon the terms and subject to the conditions contained therein, we wish you to make the following Advances available to us as follows: 
 (a) [List Advances specifying type] 
 (b) Aggregate Amount: [currency][$— ]. 
 (c) Drawdown Date: [    ] 

We confirm that following the making of the Advance(s) requested, the aggregate principal amount outstanding of all Advances will not
exceed the amount of the Total Credit Commitment. 
 The net proceeds of this drawdown should be credited to our account
numbered [    ] with [    ]. 
 We hereby confirm that no Guarantor Event of Default is
outstanding that has not been waived or remedied to the satisfaction of the Bond Trustee or would result from the making of such Advance(s). 
 Yours faithfully, 
  

			
	 BMO COVERED BOND GUARANTOR
 LIMITED PARTNERSHIP, by its managing
 general partner, BMO COVERED
BOND
 GP, INC.

		
	 By:  
	 	  

		 	  Name:

		 	  Title:

  
 17 

 SCHEDULE 2 
 ASSET COVERAGE TEST 
 The “Asset Coverage Test” is met if
the ACT Asset Value (as defined below) shall be in an amount at least equal to the ACT Liability Value (as defined below). For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and
“previous Calculation Date” are to the Calculation Period ending on the Calculation Date and references to Loans are to Loans in the Portfolio. 
 Asset Coverage Test = ACT Asset Value – ACT Liability Value 

“ACT Asset Value” = A + B + C + D + E - F 
 where: 
  

	 A.
	 the lower of (1) and (2) : 

  

	 	 (1)
	 the sum of the LTV Adjusted Loan Balance of each Loan in the Portfolio net of Adjustments; and 

 

	 	 (2)
	 the sum of the Asset Percentage Adjusted Loan Balance of each Loan in the Portfolio, net of Adjustments 

 

	 B.
	 Principal Receipts up to Calculation Date not otherwise applied 

 

	 C.
	 Cash Capital Contributions made by Partners of the Partnership (as recorded in capital account ledger for each Partner) or proceeds advanced under
the Intercompany Loan Agreement or proceeds from any sale of Eligible Loans or other cash exclusive of Revenue Receipts up to the Calculation Date 

  

	 D.
	 Outstanding principal amount of any Substitution Assets 

 

	 E.
	 Reserve Fund balance and/or amount credited to the Pre-Maturity Liquidity Ledger, in either case if applicable 

 

	 F.
	 Product of: 

  

	 	 (1)
	 weighted average remaining maturity of all outstanding Covered Bonds (in years and, where less than a year, deemed to be a year);

  

	 	 (2)
	 principal amount outstanding of all Covered Bonds; and 

 

	 	 (3)
	 Negative Carry Factor 

 “LTV Adjusted Loan Balance” = lower of (1) and (2), where: 
  

	 	 (1)
	 the True Loan Balance of the relevant Loan; and 

  
 18 

	 	 (2)
	 if such Loan is a Performing Eligible Loan, 80% of the Market Value of the related Property, or if such Loan is not a Performing Eligible Loan, zero

 “Asset Percentage Adjusted Loan Balance” = Asset Percentage x lower of (1) and (2):

  

	 	 (1)
	 the True Loan Balance of the relevant Loan; and 

  

	 	 (2)
	 if such Loan is a Performing Eligible Loan, the Market Value of the related Property, or if such Loan is not a Performing Eligible Loan, zero

 “Performing Eligible Loans” = Eligible Loans less than three months in arrears 

“Adjustments” = sum of: 
  

	 	 (1)
	 LTV Adjusted Loan Balance or Asset Percentage Adjusted Loan Balance (as the case may be) of any Performing Eligible Loan in breach of the Loan
Representations and Warranties or otherwise subject to the Seller’s repurchase obligation (but yet to be repurchased) under the Mortgage Sale Agreement; and 

 

	 	 (2)
	 financial losses (yet to be recompensed) resulting from any breach by the Seller of any other material warranty in the Mortgage Sale Agreement or
from any breach by a Servicer of a material term of the Servicing Agreement 

 “True Loan
Balance” = sum of: 
  

	 	 (1)
	 outstanding loan balance of the relevant Loan; and 

 

	 	 (2)
	 all Arrears of Interest and Accrued Interest with respect to the relevant Loan 

“Asset Percentage” = As determined below 
 “Negative Carry Factor” = 
  

	 	 (1)
	 if the weighted average margin of the interest rate payable on the outstanding Covered Bonds relative to the interest rate receivable on the
Portfolio is less than or equal to 0.1% per annum, then 0.5%; and 

  

	 	 (2)
	 if the weighted average margin of the interest rate payable on the outstanding Covered Bonds relative to the interest rate receivable on the
Portfolio is greater than 0.1% per annum, then the sum of (x) 0.5% and (y) the weighted average margin of the interest rate payable on the outstanding Covered Bonds less 0.1%, 

unless the interest rate risk represented by the weighted average margin of the interest rate payable on the outstanding
Covered Bonds relative to the interest rate receivable on the Portfolio is addressed or mitigated by the Interest Rate Swap and the “Effective Date” thereunder has occurred, whereupon the Negative Carry Factor shall be nil 

  
 19 

 “ACT Liability Value” =       Nominal amount
of Covered Bond liabilities in Canadian Dollars 

                       
                 (with currency transaction undertaken using or at foreign exchange rates 
                                   
      reflected in the related Covered Bond Swap Agreement) 
 The “Asset
Percentage” shall be determined as follows: 
  

	 	 (i)
	 On or prior to the Guarantor Payment Date immediately following the Calculation Date falling in February, May, September and November of each year,
and on such other date as the Limited Partner may request following the date on which the Limited Partner is required to assign the Interest Rate Swap Agreement to a third party (each such date a “Cash Flow Model Calculation Date”),
the Managing GP (or the Cash Manager on its behalf) will determine the percentage figure selected by it as the Asset Percentage based on such methodologies as the Rating Agencies may prescribe from time to time (to ensure sufficient credit
enhancement for the Covered Bond Guarantee will be maintained) for the Portfolio based on the value of the Loans and their Related Security in the Portfolio as at the Calculation Date immediately preceding the Cash Flow Model Calculation Date as a
whole or on the basis of a sample of Randomly Selected Loans in the Portfolio, such calculations to be made on the same basis throughout unless the Rating Agency Condition has been satisfied in respect thereof. 

(1) The Asset Percentage will from time to time be adjusted in accordance with the various methodologies of the Rating
Agencies to ensure that sufficient credit enhancement for the Covered Bond Guarantee will be maintained. 
 (2)
The Managing GP (or the Cash Manager on its behalf) will, or will use all reasonable efforts to cause the one or more Rating Agencies to, determine the Asset Percentage at least two days prior to the Guarantor Payment Date following the Cash Flow
Model Calculation Date and the Asset Percentage so determined shall be the lowest percentage so determined by any of the Rating Agencies in accordance with this Schedule 2 and shall apply to any calculations in respect of the Calculation Period
ending on such Cash Flow Model Calculation Date and each Calculation Period thereafter to but excluding the last day of the following Calculation Period ending on a Cash Flow Model Calculation Date. To the extent a Rating Agency does not respond to
a request for a newly-determined Asset Percentage, the Asset Percentage last determined by such Rating Agency shall be applicable with respect to such Rating Agency. 

(3) Notwithstanding anything to the contrary in this Schedule 2, the Asset Percentage shall at all times be less than
or equal to 95%, as determined in accordance with this Schedule 2 and as provided by Section 15.1(y) of the Trust Deed, provided that the Asset Percentage shall not be less than 80% unless otherwise agreed by the Issuer (and following an Issuer
Event of Default, the Partnership for the purposes of making certain determinations in respect of the Intercompany Loan). 

  
 20

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