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LAW OF UKRAINE

of December 22, 2005 No. 3273-IV

About mortgage bonds

(as amended on 19-06-2020)

Section I General provisions

Article 1. Law coverage

1. This Law determines the legal basis of issue and the circulation of mortgage bonds, requirements to their mortgage covering, and also feature of state regulation and supervision in this sphere.

Article 2. Determination of terms

1. In this Law terms are used in such value:

1) the debtor - the borrower according to the credit agreement (the agreement of the loan), accomplishment of obligations on which is provided with mortgage;

2) excerpt from the register of mortgage covering - the document which contains information on the size, condition and general characteristics of mortgage covering of the corresponding release of mortgage bonds;

3) the agreement on preserving actual cost of the obligations of debtors provided with mortgage - currency, percentage and other derivative (derivatives) which are used for minimization of currency and interest risks and providing regularity of payments on mortgage covering;

4) the issuer - financial institution which performs issue of mortgage bonds according to the requirements established by this Law;

5) mortgage covering - mortgage assets, and also other assets which according to this Law, the prospectus (the decision on issue) and the register of mortgage covering provide accomplishment of obligations of the issuer according to mortgage bonds;

6) mortgage asset - right to claim according to the monetary commitment of the debtor provided with mortgage;

7) the mortgage provider - financial institution, except specialized mortgage agency which according to the legislation has the right to grant the loans (loans), accomplishment of obligations of debtors on which is provided with mortgage and/or which acquired the right to claim on the credits (loans) provided with mortgage from other persons;

8) coefficient of mortgage covering - ratio size between the unpaid issuer the main amount of debt on the corresponding release of regular mortgage bonds and the size of their mortgage covering;

9) No. 738-IX Is excluded according to the Law of Ukraine of 19.06.2020

10) the percentage period of regular mortgage bonds - the period (in calendar days) between interest payment according to mortgage bonds for which interests in accordance with the terms of the prospectus (the decision on issue) of mortgage bonds are and paid;

11) the size of mortgage covering - the amount of the principal debt which is not paid by debtors on all mortgage and other assets as a part of mortgage covering created taking into account the features provided by part four of article 13 of this Law.

2. The terms "default", "meeting of bondholders", "administrator on bond issue", "prospectus of securities" and "capital markets" in this Law are used in the values given in the Law of Ukraine "About the capital markets and the organized goods markets".

The term "connected person" in this Law is applied in the value given in the Law of Ukraine "About financial services and state regulation of the markets of financial services".

Article 3. Concepts and types of mortgage bonds

1. Mortgage bonds are bonds, accomplishment of obligations of the issuer on which is provided with mortgage covering according to the procedure, established by this Law. Mortgage bonds are personalized securities. The mortgage bond certifies introduction of money by its first owner and confirms obligation of the issuer to pay to the owner nominal value of this bond and cash income according to the procedure, established by this Law and the prospectus of securities (the decision on issue of securities), and in case of failure to carry out by the issuer of obligations according to the mortgage bond grants to its owner the right to meet the requirement at the expense of mortgage covering. The prospectus of mortgage bonds (the decision on issue of mortgage bonds) can also provide other rights and obligations of owners of the issuer, persons providing guarantees of execution of monetary commitments according to mortgage bonds (in case of provision of a guarantee).

2. Such types of mortgage bonds can be issued:

1) regular mortgage bonds;

2) the structured mortgage bonds.

3. Issuer of regular mortgage bonds is the mortgage provider who bears responsibility for accomplishment of obligations for such mortgage bonds mortgage covering and all other property on which according to the legislation collection can be turned.

4. Issuer of the structured mortgage bonds is the specialized mortgage agency which bears responsibility for accomplishment of obligations for such mortgage bonds only mortgage covering.

5. The words "mortgage bond", "regular mortgage bond", "the structured mortgage bond" or derivative of these concepts can be used only in the name of securities which meet the requirements established by this Law.

Article 4. General terms of issue and circulation of mortgage bonds

1. Registration of releases of mortgage bonds is performed by the National commission on securities and the stock market according to the procedure, established by the Law of Ukraine "About the capital markets and the organized goods markets".

2. Issue of mortgage bonds is performed according to the procedure, established by the Law of Ukraine "About the capital markets and the organized goods markets" and normative legal acts of the National commission on securities and the stock market.

3. At the time of registration of release of mortgage bonds the issuer shall create mortgage covering which conforms to the requirements established by this Law.

4. In case of issue of regular mortgage bonds the contract for depositary servicing is signed by the issuer. In case of issue of the structured mortgage bonds the contract for depositary servicing is signed by the managing director.

5. Provisions of the Law of Ukraine "About the capital markets and the organized goods markets" concerning meeting of bondholders, the administrator on bond issue, default are applied to mortgage bonds with the features provided by this Law.

Article 5. Prospectus of mortgage bonds

1. Requirements to data which the prospectus of mortgage bonds and its separate parts shall contain are established by the National commission on securities and the stock market.

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