The Calculation Agent is the entity appointed to prepare the payment reports and calculate the amounts due to the Noteholders and the other creditors of the issuer under the terms and conditions of the notes and the other transaction documents.

Its services include:

A.   as regards the portfolio and based on periodical Servicing Reports:

• checking the contents of the servicing reports;
• verifying the balances of the servicing reports against the funds standing to the credit of the bank accounts of the SPV.

B.   On each interest payment date:

• monitoring the statements of accounts of the bank accounts;
• monitoring the performance of the investments;
• verifying the uptime of the vehicle’s counts, in relation with the carrying out of the operation and the contracts;
• calculating and allocating the funds available to the vehicle in accordance with the priority of payment;
• verifying the occurrence of any performance trigger;
• drawing up the reports set forth in the transaction documents (payments report and investors report);
• The drafting of the instructions provided to the counterparties for the handling of founds from the interest’s payment date;
• preparing the instructions to transfer funds to the various counterparties.