Regeling van de Minister voor Wonen en Rijksdienst van 17 juni 2015, nr. 0000336120, houdende nieuwe nadere regels betreffende toegelaten instellingen volkshuisvesting ter uitvoering van hoofdstuk IV van de Woningwet en het Besluit toegelaten instellingen volkshuisvesting 2015 (Regeling toegelaten instellingen volkshuisvesting 2015)

• d. huurders met wie de toegelaten instelling een tweede of laatste kans-huurovereenkomst aangaat of huurders met wie een tijdelijke huurovereenkomst gecombineerd met begeleiding als bedoeld in artikel 1.1.1 van de Wet maatschappelijke ondersteuning 2015 wordt afgesloten; en

• e. huurders van wie hun overleden bloedverwant in opgaande lijn in de eerste graad of hun voogd een woongelegenheid van de toegelaten instelling huurde en die op het tijdstip van dat overlijden hun hoofdverblijf in die woongelegenheid hadden.

Afdeling 2a. Werkzaamheden ten behoeve van de huisvesting van vergunninghouders

§ 1. Voorschriften in geval van het niet verplicht zijn van de vermogensscheiding (gereserveerd)

§ 1. Voorschriften in geval van het niet verplicht zijn van de vermogensscheiding (gereserveerd)

§ 3. Inrichting van en geldstromen tussen de daeb-tak en de niet-daeb-tak (gereserveerd)

Afdeling 4. Juridische scheiding

§ 4. Goedkeuring van de administratieve scheiding

Afdeling 5. Verdere bepalingen

§ 1. Inrichting van de woningvennootschap en geldstromen tussen de toegelaten instelling en de woningvennootschap (gereserveerd)

Hoofdstuk IV. Overgangs- en slotbepalingen

§ 2. Financieel beheer

§ 2. Financieel beheer

Bijlage 1. bij de artikelen 11, zesde lid, en 22 nedgende lid, van de Regeleing toegelaten instellingen volkshuisvesting 2015

Bijlage 1. bij de artikelen 11, zesde lid, en 22, tiende lid, van de Regeling toegelaten instellingen volkshuisvesting 2015

2.1. Juridisch kader

1.4. Overige punten

3. Nadere kaderstelling

3.3. Marktwaarde en markthuur

3.4. Waarderingsmethodiek

5.2.11. Erfpacht

3.4.2. Indexeren

3.4.4. Lineair versus exponentieel uitponden en muteren.

3.6. Doorexploiteer- en uitpondscenario

4.4. Leegwaardeontwikkeling

4.4. Leegwaardeontwikkeling

5.2. Modelparameters

5.2.1. Leegwaarde

5.2. Modelparameters

5.2.1. Leegwaarde

5.2.3. Markthuur van studenteenheden en extramurale zorgeenheden

5.2.5. Instandhoudingsonderhoud

5.2.5. Instandhoudingsonderhoud

5.2.5.2. Instandhoudingsonderhoud uitpondscenario

5.2.7.1. De huurindex van de contracthuur van gereguleerde woningen vóór harmonisatie (laag segment)

5.2.7.4. Huuraanpassing bij mutatie

5.2.10. Huurderving oninbaar

5.2.8. Sociale huurgrens (voormalige liberalisatiegrens)

5.2.11 Aanvangsleegstand

Voorbeeld:

Stel de mutatieleegstand is 3 maanden. Dat betekent dat bij mutatie gerekend moet worden met 3 maanden huurderving in het kalenderjaar. Deze huurderving is gelijk aan 3/12 of te wel 25% van de markthuur van de verhuureenheid medio dat jaar.

Het onderstaande voorbeeld licht dat stap voor stap toe.

Voorbeeld:

Bijlage 3. bij de Regeling toegelaten instellingen volkshuisvesting 2015

De berekening voor een uitpondscenario is soortgelijk en gebaseerd op dezelfde getallen. Verder is het uitgangspunt dat bij mutatie volledige uitponding plaatsvindt, er is geen beklemming.

5.2.17. Erfpacht

Bijlage 4. bij de Regeling toegelaten instellingen volkshuisvesting 2015

5.2.17. Erfpacht

5.2.17 Erfpacht

5.2.17. Erfpacht

5.2.17. Erfpacht

6.2.3.2. Mutatieonderhoud

NCW afkoop 1 is € 12.627

Stel de duur van het volgende contract (t2) is gelijk aan 50 jaar. Gegeven de grondwaarde op prijspeil van € 30.000, de inflatie van 1,80% een periode van 10 plus 50 is 60 jaar (t1 + t2), dan is de grondwaarde op het tijdstip van de tweede herziening gelijk aan € 87.496. Gegeven de afslag (a) van 30% is de afkoopsom op dat moment gelijk aan € 61.247. De NCW van dit bedrag tegen een disconteringsvoet van 7,50% en een periode van 60 jaar is € 828.

5.2.20. Eindwaarde

5.2.20.2. Eindwaarde in het uitpondscenario

5.2.20.2. Eindwaarde in het uitpondscenario

5.2.21. Overdrachtskosten

5.2.22. Overige punten

5.2.22. Overige punten

Voor de berekening van de eindwaarde geldt verder nog het volgende:

5.2.23. Nadere toetsing

5.2.22 Overige punten

Voor het bepalen van de marktwaarde in verhuurde staat van BOG/MOG/ZOG, wordt ten opzichte van de waardering van woongelegenheden een aangepast rekenmodel gebruikt. Een belangrijk verschil met het model voor de woongelegenheden is dat voor BOG/MOG/ZOG alleen wordt gewerkt met een doorexploiteerscenario en dat er geen sprake is van een uitpondscenario.

De modelparameters zijn die gegevens die noodzakelijk zijn voor de berekening van de marktwaarde. Over deze waarden geeft dit handboek uitsluitsel.

6.2. Modelparameters

6.2.2.4. Berekening bij geen contract of ontbrekende ingangs- en einddatum

6.2.2. Huurinkomsten en huurontwikkeling

6.2.2.2. Opzegging

Indien voor een contract of verhuureenheid een ingangsdatum ná de peildatum is opgevoerd, dan wordt verondersteld dat het contract of de verhuureenheid tot die ingangsdatum leegstaat. Die periode kan langer of korter duren dan de 6 maanden bij geen contract. Er is sprake van aanvangsleegstand.

6.2.3.1. Instandhoudingsonderhoud

6.2.3.4. Beheerkosten

6.2.5. Aanvangsleegstand

6.2.10. Overige punten

7.2.4. Huurinkomsten en huurontwikkeling.

Technische splitsingskosten zijn de uitgaven die worden gemaakt ten behoeve van de nadere voorwaarden, die voortvloeien uit de afgegeven splitsingsvergunning door de gemeente. Het gaat hierbij niet om onderhoudskosten, maar om de aanvullende eisen die in het kader van de splitsing dienen te worden gerealiseerd.

In deze basisvariant worden geen technische splitsingskosten opgenomen. Als daar reden toe is, kunnen de technische splitsingskosten via de full versie worden meegenomen.

Stel de aanvangsleegstand is 6 maanden. Dat betekent dat in het eerste kalenderjaar de huurderving als gevolg van leegstand gelijk is aan 6/12 of te wel 50% van de markthuur primo dat jaar. Na de periode wordt de verhuureenheid bij doorexploiteren tegen de markthuur verhuurd.

De objectparameter wel of geen aanvangsleegstand bepaalt of het object leegstaat vanaf het begin van de beschouwingsperiode, dus vanaf 1 januari 2026. Indien er sprake is van aanvangsleegstand, dan moet in de basisversie gerekend worden met een periode gelijk aan de modelparameter mutatieleegstand (in maanden) en met de huurderving die het resultaat is van deze leegstand.

Bijlage 5. bij artikel 15 van de Regeling toegelaten instellingen volkshuisvesting 2015

Bijlage 6. bij art. 43 van de Regeling toegelaten instellingen volkshuisvesting 2015

De manier waarop voor een parkeergelegenheid de eindwaarde op basis van voortdurende looptijd wordt bepaald is hetzelfde als bij woongelegenheden met uitzondering van de verouderingsopslag instandhoudingsonderhoud. Deze is bij parkeergelegenheden zowel van toepassing in het doorexploiteer- als in het uitpondscenario.

Let op: het gebruik van schematische vrijheid is in principe niet bedoeld voor de waardering van reguliere woningen, alleen in uitzonderlijke gevallen kan hiervan sprake zijn (bijvoorbeeld als er bij nul-op-de-meterwoningen een energieprestatievergoeding als extra kasstroom moet worden opgevoerd, of als bijvoorbeeld bij een sloopcomplex waarbij een anti-kraakwacht een maandelijkse vergoeding ontvangt). Indien schematische vrijheid voor de energieprestatievergoeding (EPV) wordt toegepast moet in de waardering rekening worden gehouden met bijkomende effecten. Zo zijn aan de EPV administratieve lasten verbonden, is er mogelijk sprake van hoger onderhoud van installaties in de woning en wordt de EPV bij de mutatie naar markt mogelijk niet meer geheven maar opgenomen in de markthuur.

De overdrachtskosten zijn de overdrachtsbelasting en de notaris- en de registratiekosten bij de verkoop van de parkeergelegenheden in verhuurde staat. De overdrachtskosten worden weergegeven als een percentage van de berekende marktwaarde van een eenheid.

Daarbij moet te allen tijde goed onderbouwd zijn waarom wordt gekozen voor de schematische vrijheid. Het toepassen van een beschouwingstermijn van 15-jaar in de DCF blijft gehandhaafd.

Bijlage 7. bij artikel 43 van de Regeling toegelaten instellingen volkshuisvesting 2015

Financiële derivaten mogen uitsluitend worden aangetrokken onder de in de bijlage genoemde modelovereenkomst. Niet in de bijlage als zodanig opgenomen onderdeel van deze modelovereenkomst is het ISDA Master Agreement 2002. Deze Master Agreement 2002 is een gestandaardiseerd contract opgesteld door de International Swaps and Derivatives Association (ISDA), een organisatie voor handelaren in onderhandse derivaten wereldwijd en gevestigd in New York. De ISDA (en daarmee het Master Agreement 2002) zijn bereikbaar via website www.isda.org.

Dated as of .....................

between

Please fill in the name laid down by statute (‘Party A’)

and

[toegelaten instelling] (‘Party B’),

As of the date of this Agreement, all Transactions entered into from that date between the parties to this Agreement (and the respective rights and obligations of the parties in respect of those Transactions) shall be governed by, subject to, and determined in accordance with, the terms and conditions set out in this Agreement and the related Confirmations.

Party B is a Dutch housing association (‘toegelaten instelling’) and its main purpose is the stimulation of social housing in the Netherlands by means of public funding. As a result, Party B is supervised by the Dutch government and any supervisory bodies and institutions. In respect of this Agreement, Party B shall be considered as a non-professional investor, in accordance with the Dutch Wet op het financieel toezicht. Regarding these Transactions, Party A shall act as an advisor for Party B. All of the above is incorporated in the independent agreement governed by Dutch law, as referred to in article 6 of the Dutch Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting.

In this Agreement:

• (a). ‘Specified Entity’does not apply.

• (b). ‘Specified Transaction’ will have the meaning specified in Section 14 of the Agreement.

• (c). The ‘Cross-Default’ provisions of Section 5(a)(vi) of the Agreement will apply to Party A and will not apply to Party B provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either Section 5(a)(vi)(1) or (2) if (a) the event or condition referred to in Section 5(a)(vi)(1) or the failure to pay referred to in Section 5(a)(vi)(2) is a failure to pay caused by an error or omission of an administrative or operational nature; and (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Local Business Days following receipt of written notice from an interested party of such failure to pay. If such provisions apply:

• −. ‘Specified Indebtedness’ will have the meaning specified in Section 14.

• −. ‘Threshold Amount’ means with respect to Party A, an amount equal to one percent (1%) of its total equity share capital (as specified from time to time in its most recent Annual Report containing consolidated financial statements, prepared in accordance with accounting principles that are generally accepted for institutions of its type in the jurisdiction of its organization and certified by independent public accountants), or its equivalent in any other currency.

• (d). The ‘Credit Event Upon Merger’provisions of Section 5(b)(v) of the Agreement will apply to Party A and will apply to Party B.

• (e). The ‘Automatic Early Termination’ provision of Section 6(a) of the Agreement will apply, provided that Automatic Early Termination shall not apply upon the occurrence of an Event of Default with respect of Party B specified in Section 5(a)(vii) (3), (6) or, to the extend analogous thereto.

• (f). ‘Termination Currency’means Euro or the currency selected by the Non-defaulting Party or the Non-affected Party, or in the circumstance where there are two Affected Parties, agreed by Party A and Party B, and failing such agreement the Termination Currency shall be Euro.

• (g). ‘Additional Termination Event’ will apply. The following will constitute an Additional Termination Event: For any reason the status of Party B as ‘toegelaten instelling’ is withdrawn in accordance with article 70 of the Dutch Housing Act (‘Woningwet’).

• (a). Payer Representations. For the purposes of Section 3(e), Party A and Party B will make the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under X Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

• (b). Payee RepresentationsParty A and Party B make no Payee Tax representation.

For the purpose of Section 4(a)(i) and 4(a)(ii) of the Agreement, each party agrees to deliver the following documents, covered by Section 3(d) of this Agreement, as applicable:

• (a). Tax forms, documents or certificates to be delivered are: Each party agrees to complete, accurately and in a manner reasonably satisfactory to the other party, and to execute, arrange for any required certification of, and deliver to the other party (or to such government or taxing authority as the other party reasonably directs), any form or document that may be required or reasonably requested in order to allow the other party to make a payment under this Agreement without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, promptly upon the earlier of (i) reasonably demand by the other party and (ii) learning that the form or document is required.

• (b). Other documents to be delivered are: Please complete

• (a). Addresses for Notices.For the purpose of Section 12(a) of the Agreement: Address for notices or communications to Party A: Please complete Address for notices or communications to Party B: Please complete

• (b). Process Agent.For the purpose of Section 13(c) of the Agreement: Party A appoints as its Process Agent in England: Please complete Party B appoints as its Process Agent in England: Please complete

• (c). Offices.The provisions of Section 10(a) of the Agreement will apply.

• (d). Multibranch Party.For the purpose of Section 10(b) of the Agreement: Party A [is not a Multibranch Party.] [is a Multibranch Party and may enter into a Transaction through any of the following Offices: Please complete]

• (e). Calculation Agent.The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction. Failure of the Party designated as Calculation Agent to perform, on a timely basis, any of its responsibilities as Calculation Agent shall not relieve the parties of their respective payment obligations under the Agreement and such failure shall not be considered an event which would permit the termination of this Agreement or any Transaction. If a Party (a ‘Disputing Party’) reasonably disputes the outcome of a calculation by the Calculation Agent, then the Disputing Party will notify the Calculation Agent thereof not later than the close of business on the Local Business Day following the relevant Payment Date. The parties will consult with each other in an attempt to resolve the dispute. If they fail to resolve the dispute by 5.00 p.m., CET, on the Local Business Day following the date on which the notice is given, the Calculation Agent will recalculate the disputed calculation by seeking four actual quotations at mid-market from third parties for purposes of making the relevant calculation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that calculation, and if no quotations are available, then the Calculation Agent's original calculations will be used.

• (f). Credit Support Document. None.

• (g). The Credit Support Provider.[Not applicable/Means with respect to Party A: Please complete

• (h). Governing Law.This Agreement will be governed by and construed in accordance with [Dutch] [English] Law.

• (i). Netting of Payments. ‘Multiple Transaction Payment Netting’ [will not apply for the purpose of Section 2(c) of this Agreement.] [will apply for the purpose of Section 2(c) of this Agreement to [all Transactions payable on the same date and in the same currency.

• (j). ‘Affiliate’is not applicable.

• (k). No Agency. The provisions of Section 3(g) will apply to this Agreement.

• (a). Inconsistency Notwithstanding the provisions of Section 1(b) of the Agreement, in the event of any inconsistency between any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation for the purpose of the relevant Transaction; (ii) the Schedule; (iii) the relevant ‘ISDA Definitions’ and (iv) the 2002 ISDA Master Agreement.

• (b). Change of Account Section 2(b) shall be amended in full to read as follows: ‘Change of Account. Either party may change its account within the same currency as specified for the relevant payment or delivery in the Transaction by giving notice to the other party at least five Local Business Days prior to the scheduled date for payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change, and provided that, if any new account of one party is not in the same jurisdiction as the original account, the other party shall not be obliged to pay any greater amount and shall not receive any lesser amount as a result of such change than would have been the case if such change had not taken place.’.

• (c). Financial Statements Section 3(d) shall be amended by adding before the full stop at the end of Section 3(d): ‘, provided that in the case of financial statements delivered by either party, the only representation being made is that such financial statements give a fair view of the state of affairs of the entities which they cover as at their date of publication.’

• (d). Failure to Pay or Deliver Section 5(a)(i) shall be amended by replacing ‘First Local Business Day’ and ‘First Local Delivery Day’ by ‘Third Local Business Day’ and ‘Third Local Delivery Day’ respectively’. Section 5(a)(i) shall be amended by adding at the end of Section 5(a)(i): ‘provided, however, that notwithstanding the foregoing, an Event of Default shall not occur if the failure to pay or deliver is caused by an error or omission of an administrative or operational nature and funds were available to such party to enable it to make the relevant payment or delivery when due and provided that such error or omission is remedied within three Local Business Days and/or three Local Delivery Days after notice of such failure being received.’

• (e). Default Under Specified Transaction Section 5(a)(v)(2) shall be amended by replacing ‘First Local Business Day’ by ‘Third Local Business Day’.

• (f). Events Section 5(a) and (b) shall be amended by adding Section 5(a)(ix): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (‘Woningwet’) regarding Party B will not qualify as an Event of Default.’ and Section 5(b)(vii): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (‘Woningwet’) regarding Party B will not qualify as a Termination Event.’. Section 5(a) and (b) shall be amended by adding Section 5(a)(x): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as an Event of Default.’ and Section 5(b)(viii): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as a Termination Event.’.

• (g). Severability In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavour, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

• (h). Confirmations. Notwithstanding anything to the contrary in the Agreement:

• (i). The parties hereto agree that with respect to each Transaction hereunder a legally binding agreement shall exist from the moment that the parties hereto agree on the essential terms of such Transaction, which the parties anticipate will occur by telephone.

• (ii). For each Transaction Party A and Party B agree to enter into hereunder Party A shall promptly send to Party B a Confirmation setting forth the terms of such Transaction (which Confirmations shall be in a form agreed to by the parties exchanged by mail, facsimile or other electronic means). Party B shall execute and return the Confirmation to Party A or request correction of any error within three Local Business Days of receipt. Failure of Party B to respond within such period shall not affect the validity or enforceability of such Transaction and shall be deemed to be an affirmation of such terms absent manifest error.

• (i). Additional Agreements. Each party agrees, upon learning of the occurrence of any event or commencement of any condition that constitutes (or that with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before becoming an Event of Default or Termination Event).

• (j). Recording of Conversations. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings.

• (k). Amendment to Section 6(d)(ii).Section 6(d)(ii) of the Agreement is hereby amended by adding the following proviso at the end of the first sentence: ‘; provided, however, that if any amount calculated as being due in respect of an Early Termination Date which is designated as a result of an Illegality or a Force Majeure Event cannot be paid on such day by the Office specified in the Confirmation(s) relating to the Terminated Transaction(s) as a result of such event, then such amount will be payable by such Office on the day which is two Local Business Days after the day on which the Illegality or a Force Majeure Event, as the case may be, no longer exists or, if earlier, on the date on which an Event of Default occurs.

• (l). Timely Confirmation.

• (i). Section 9(e)(ii) is amended by:

• (A). replacing the word ‘practicable’ with the word ‘possible’ in the third line thereof; and

• (B). inserting ‘or by other method intended by the parties to be effective for the purpose of confirming or evidencing such Transaction’ immediately before the words ‘which in each case will be sufficient’.

• (ii). In respect of each Relevant Confirmation Transaction, Party A and Party B will use reasonable efforts acting in good faith and a commercially reasonable manner to ensure each Relevant Confirmation Transaction is confirmed by the Timely Confirmation Deadline.

• (iii). In respect of each Relevant Confirmation Transaction: If the Receiving Party delivers a Not Confirmed Notice to the Documenting Party by the Timely Confirmation Deadline, Party A and Party B will use reasonable efforts acting in good faith and a commercially reasonable manner, to attempt to resolve the difference and confirm the Relevant Confirmation Transaction as soon as possible.

• (A). the Documenting Party will deliver a Confirmation to the Receiving Party as soon as possible and at the latest by the Confirmation Delivery Deadline; and

• (B). following the delivery in (A) above, the Receiving Party will, use reasonable efforts acting in good faith and a commercially reasonable manner, either confirm the Confirmation or deliver to the Documenting Party a Not Confirmed Notice as soon as possible and at the latest by the Timely Confirmation Deadline.

• (iv). For the purposes of this Part 5(l): ‘CCP’ means a central clearing house authorised under Article 14 of EMIR or recognised under Article 25 of EMIR. ‘CCP Service’ means in respect of a CCP, an over-the-counter derivative clearing service offered by such CCP. ‘Cleared’ means, in respect of a Transaction, that such Transaction has been submitted (including where details of such Transaction are submitted) to a CCP for clearing in a relevant CCP Service and that such CCP has become a party to a resulting or corresponding transaction, as applicable, pursuant to such CCP's Rule Set. ‘Commission’ means the executive body of the European Union which is responsible for proposing legislation, implementing decisions, upholding the European Union's treaties and the day-to-day running of the European Union. ‘confirm’ means, with respect to a Confirmation provided by the Documenting Party to the Receiving Party, an acknowledgement in writing (whether by execution in counterpart of the Confirmation or otherwise) or electronically from the Receiving Party to the Documenting Party that the terms of such Confirmation reflect the terms of the Relevant Confirmation Transaction and ‘confirmed’ will be construed accordingly. ‘Confirmation Delivery Deadline’ means (i) 5:00 pm CET on the Local Business Day prior to the Timely Confirmation Deadline; or (ii) if the Timely Confirmation Deadline falls after the day that is the second Local Business Day following the Trade Date, 5:00 PM CET on the second Local Business Day immediately preceding the Timely Confirmation Deadline. Notwithstanding anything to the contrary in the Agreement, for this purpose ‘Local Business Day’ means, a day on which commercial banks and foreign exchange markets are generally open to settle payments in the city in which the office through which the Receiving Party is acting for the purposes of the Relevant Confirmation Transaction is located. ‘Documenting Party’ means Party A. ‘EMIR’ means Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012. European Union’ means the economic and political union established in 1993 by the Maastricht Treaty, with the aim of achieving closer economic and political union between member states that are primarily located in Europe. ‘Not Confirmed Notice’ means, with respect to a Confirmation provided by the Documenting Party, a written notice from the Receiving Party to the Documenting Party stating that the terms of such Confirmation do not accurately reflect the terms of the Transaction, which terms are inaccurate and what such terms should be, in the opinion of the Receiving Party. ‘Receiving Party’ means the party which is not the Documenting Party. ‘Relevant Confirmation Transaction’ means any Transaction which was not Cleared and entered into on or following the Timely Confirmation Start Date. ‘Rule Set’ means, with respect to a CCP Service, the relevant rules, conditions, procedures, regulations, standard terms, membership agreements, collateral addenda, notices, guidance, policies or other such documents promulgated by the relevant CCP and amended and supplemented from time to time. ‘Timely Confirmation Deadline’ means the end of the latest day by which such Relevant Confirmation Transaction must be confirmed in accordance with Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union. If Party A to such Relevant Confirmation Transaction is not a ‘financial counterparty’ (as defined in EMIR), it will be deemed to be a financial counterparty solely for the purpose of determining such latest day. ‘Timely Confirmation Start Date’ means the twentieth day following the day of publication of Article 12 of Chapter VIII of the Commission Delegated Regulation (EU) No 149/2013 published 23 February 2013 in the Official Journal of the European Union. ‘Trade Date’ means the date of execution of the Transaction.

• (m). EMIR Reporting Obligation The Parties agree that any reporting obligation that Party B is subject to under Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories dated 4 July 2012 is delegated to Party A.]6The parties may elect this Part 5 (m).

• (n). Incorporation and Interpretation of Definition Any definitions published by the International Swaps and Derivatives Association, Inc., as amended, supplemented and replaced from time to time which shall apply to this Agreement will be referred to in the relevant Confirmation. In the event and to the extent that the relevant Confirmation does not refer to any definitions, the following applies: Reference is made to the following definitions, where applicable which are hereby incorporated by reference herein: the 2006 ISDA Definitions (the ‘ISDA Definitions’); and any terms used and not otherwise defined in the Confirmation shall have the meaning set forth therein.

• (o). Form of Agreement The parties agree that the text of the body of this Agreement is intended to be the printed form of the ISDA 2002 Master Agreement as published and copyrighted by the International Swaps and Derivatives Association, Inc© (ISDA).

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

Party A	Party B
Date	Date
Signature	Signature
Name	Name
Function	Function

• (a). Base Currency and Eligible Currency

• (i). ‘Base Currency’ means euro.

• (ii). ‘Eligible Currency’ means the Base Currency.

• (b). Credit Support Obligations

• (i). Delivery Amount, Return Amount and Credit Support Amount

• (A). ‘Delivery Amount’ has the meaning specified in Paragraph 2(a).

• (B). ‘Return Amount’ has the meaning specified in Paragraph 2(b).

• (C). ‘Credit Support Amount’ has the meaning specified in Paragraph 10.

• (ii). Eligible Credit Support. The following items will qualify as ‘Eligible Credit Support’ for Party A: ¹ The parties may elect (B) and (C) together, not separately.

		Party A	Party B	Valuation Percentage
(A)	Cash in an Eligible Currency	Yes	Yes	100%
(B)	Negotiable debt obligations issued by the Governments of the Euro-zone, the United States of America, and the United Kingdom having a remaining maturity of not more than five years from the Valuation Date and being rated at least AAA (S&P) or AAA (Fitch Ratings) or Aaa (Moody’s) on the Valuation Date and which settle through an Approved Clearing System.	Yes	Yes	97%
(C)	Negotiable debt obligations issued by the Governments of the Euro-zone, the United States of America, and the United Kingdom having a remaining maturity of five years or more from the Valuation Date and being rated at least AAA (S&P) or AAA (Fitch Ratings) or Aaa (Moody’s) on the Valuation Date and which settle through an Approved Clearing System.]¹	Yes	Yes	95%
(D)	Such other Eligible Collateral as may be agreed between the parties	Yes	Yes	As agreed between the parties.

• (iii). Thresholds

• (A). ‘Independent Amount’ means with respect to Party A: please complete ‘Independent Amount’ means with respect to Party B: None.

• (B). ‘Threshold’ means with respect to Party A: None. ‘Threshold’ means with respect to Party B: please complete

• (C). ‘Minimum Transfer Amount’ means with respect to Party A and Party B: The amount equivalent to 10,000 euro.

• (D). Rounding. The Delivery Amount and the Return Amount will be rounded up or down to the nearest integral multiple of 10,000 euro.

• (c). Valuation and Timing

• (i). ‘Valuation Agent’ means, for the purposes of Paragraphs 2 and 4, and for the purposes of Paragraph 5(c): Party A. The valuation of the Credit Support Amount shall be made pursuant to Paragraph 3(b) and pursuant to the following procedures:

• (A). Party A shall before the Notification Time report by email to Party B:

• (a). The market value of each collateralised transaction, denominated in euro.

• (b). The market value of the posted collateral to Party B, denominated in euro.

• (c). The Credit Support Amount, denominated in euro.

• (B). If Party A’s determination remains undisputed, Party B shall notify the Valuation Agent of the agreed Delivery Amount (if any) or the Return Amount (if any) by email.

• (C). If the Delivery Amount or the Return Amount, as the case may be, on a Local Business Day equals or exceeds the Minimum Transfer Amount, as the case may be, and if both parties agree, then Eligible Credit Support will be transferred pursuant to Paragraph 2.

• (ii). ‘Valuation Date means each Local Business Day.

• (iii). ‘Valuation Time’ means the close of business on the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

• (iv). ‘Notification Time’ means 2.00 p.m., CET, on the Local Business Day following the applicable Valuation Date.

• (d). Exchange Date ‘Exchange Date’ has the meaning specified in Paragraph 3(c)(ii).

• (e). Dispute Resolution

• (i). ‘Resolution Time’ means 5.00 p.m., CET, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 4.

• (ii). ‘Value.’ For the purpose of Paragraphs 4(a)(4)(i)(C) and 4(a)(4)(ii), the Value of the outstanding Credit Support Balance or of any transfer of Eligible Credit Support or Equivalent Credit Support, as the case may be, will be calculated as follows: Disputes over value will be resolved by the Valuation Agent seeking four bid quotes as of the relevant Valuation Date or date of Transfer from parties that regularly act as nationally recognised principal market makers in the securities or other property in question. The Value will be the arithmetic mean of the quotes received by the Valuation Agent multiplied by the applicable Valuation Percentage.

• (iii). ‘Alternative.’ The provisions of Paragraph 4 will apply.

• (f). Distributions and Interest Amount

• (i). Interest Rate. The ‘Interest Rate’ with exception of the condition mentioned hereafter under (iv) will be EONIA. ‘EONIA’ for any day means the reference rate equal to the overnight rate as calculated on an actual / 360 day count by the European Central Bank and appearing on different publication media on the first TARGET Settlement Day following that day. For the purposes of this Annex, TARGET Settlement Day means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open.

• (ii). Transfer of Interest Amount. The transfer of the Interest Amount will be made on last Local Business Day of each calendar month and on any Local Business Day that a Return Amount consisting wholly or partly of cash is transferred to Party A pursuant to Paragraph 2(b).

• (iii). Alternative to Interest Amount. The provisions in Paragraph 5(c)(ii) will apply.

• (g). Addresses for Transfers

• (i). [In the case of securities: Party A and Party B: please complete in the case of cash:]8Will apply when Paragraph 11(b)ii)(B) and (C) are elected. Directly by Target to please complete

• (h). Amendments to the Annex

• (i). The terms of Paragraph 4(a)(4)(i)(B) are amended in their entirety as follows: ‘(B) calculating that part of the Exposure attributable to the Transactions in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent's original calculations will be used for the Transaction; and’

• (ii). The terms of Paragraph 6 are amended to read in their entirety as follows: ‘If an Early Termination Date is designated or deemed to occur as a result of an Event of Default in relation to a party, an amount equal to the Value of the Credit Support Balance, determined as though the Early Termination Date were a Valuation Date, will be deemed to be an Unpaid Amount due to the Transferor (which may or may not be the Defaulting Party) for purposes of Section 6(e). For the avoidance of doubt, the Close-out Amount determined under Section 6(e) in relation to the Transaction constituted by this Annex will be deemed to be zero. For purposes of this Paragraph 6, the Value of the Credit Support Balance shall be determined on the basis that the Valuation Percentage applicable to each item of Eligible Credit Support is 100%.’

• (iii). The term ‘Exposure’ in Paragraph 10 of the Annex is hereby amended to read in its entirety as follows: ‘Exposure’ means, with respect to a party on a Valuation Date and subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) the Base Currency is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of (x) the material terms of the Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions.

• (i). Other Provisions

• (i). [All references in this annex to the ‘Transferee’ shall be read as references to Party B, and all corresponding references to the ‘Transferor’ shall be read as references to Party A.]9Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.

• (ii). Minimum Transfer Amount. Notwithstanding the provisions of Paragraph 11(b)(iii)(C), when the Credit Support Amount with respect to both parties on a Valuation Date is zero or provided, that if an Event of Default or Termination Event has occurred and is continuing, the Minimum Transfer Amount with respect to both parties will be zero.

• (iii). [‘Euro-zone’ means the region comprised of members states of the European Union that adopt the single currency in accordance to the EC Treaty (Treaty establishing the European Community (signed in Rome on 25th March, 1957), as amended by the Treaty on European Union (signed in Maastricht on 7th February, 1992).]10Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.

• (iv). ‘Local Business Day’ means TARGET Settlement Day.

• (v). ‘Local Delivery Day’ means TARGET Settlement Day.

• (vi). [‘Approved Clearing System’ means the securities clearing system operated by Clearstream Banking S.A. or Euroclear System.]11Will apply when Paragraph 11(b)(ii)(B) and (C) are elected.

• (vii). Demands and Notices. Paragraph 9(c) of this Annex shall be deleted in its entirety and replaced with the following: All demands and notices given by a party under this Annex will be given as specified hereunder with regard to: Party A: please complete Party B: please complete

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

Party A	Party B
Date	Date
Signature	Signature
Name	Name
Function	Function

Deze regeling zal met de toelichting in de Staatscourant worden geplaatst.

Artikel 22b

• a. heeft een duur van ten hoogste vijftien jaar, welke duur steeds voor ten hoogste tien jaar verlengd kan worden;

• b. bevat niet het beding dat de huurder, indien de overeenkomst door hem of op zijn verzoek geheel of gedeeltelijk wordt ontbonden, gehouden is een geldsom of een andere prestatie te voldoen;

• c. verleent de huurder niet het recht het gebouw op een bepaald tijdstip te verwerven;

• d. bevat voorzieningen met betrekking tot:

• 1°. het eindigen van de overeenkomst in het geval de werkzaamheden, bedoeld in artikel 45, zevende lid, van de wet, op grond van artikel 52f van het besluit worden beëindigt; en

• 2°. de gevolgen van het eindigen van de werkzaamheden, bedoeld in artikel 45, zevende lid, van de wet, voor verplichtingen of aanspraken jegens derden die met het verrichten van die werkzaamheden samenhangen.

Artikel 22c

Vervallen

Artikel 22d

Vervallen

Afdeling 2a. Werkzaamheden ten behoeve van de huisvesting van vergunninghouders

§ 1. Voorschriften in geval van het niet verplicht zijn van de vermogensscheiding (gereserveerd)

§ 5. Overdracht van daeb-werkzaamheden binnen de toegelaten instelling (gereserveerd)

Afdeling 4. Juridische scheiding

§ 5. Overdracht van daeb-werkzaamheden binnen de toegelaten instelling (gereserveerd)

Afdeling 5. Verdere bepalingen

Hoofdstuk IV. Overgangs- en slotbepalingen

§ 1. Huursom

§ 1. Overgangsbepalingen

Bijlage 1. bij de artikelen 11, zesde lid, en 22 negende lid, van de Regeling toegelaten instellingen volkshuisvesting 2015

Bepaal de samenstelling van het huishouden (woningzoekende en eventuele medebewoners, inclusief eventuele kinderen), en bepaal aan de hand daarvan of het huishoudinkomen moet worden getoetst. * (zie uitzonderingen)

Bijlage 2. bij artikel 14 van de Regeling toegelaten instellingen volkshuisvesting 2015

Handboek modelmatig waarderen marktwaarde

1. Vooraf

Handboek modelmatig waarderen marktwaarde

1. Vooraf

2.2. Afspraken met Kadaster, NRVT en accountants

2.10. Omgaan met indicatieve uitgangspunten

3.4.1. Constante waarde bij medio jaar

3.4.2. Indexeren

3.4.6. Verdere toelichting rekenwijze

3.4.5. Afronden

3.7. Verhuureenheden in exploitatie buiten de landsgrenzen

5.2.3. Markthuur van studenteneenheden en extramurale zorgeenheden

5.2.5. Instandhoudingsonderhoud

5.2.5. Instandhoudingsonderhoud

5.2.4. Exploitatiekosten

5.2.7.2. De huurindex van de contracthuur van geliberaliseerde woningen vóór harmonisatie

5.2.7.3. De huurindex van de contracthuur van geliberaliseerde woningen vóór harmonisatie (hoog segment)

5.2.7.5. Huuraanpassing bij mutatie

5.2.12.2. Mutatiekans bij uitponden

In deze berekening wordt een combinatie van de prijsinflatie in het voorgaand kalenderjaar én in het huidig kalenderjaar toegepast. In stap 4 zit de inflatie van het voorgaande kalenderjaar opgesloten. In stap 5 zit de prijsinflatie in het huidige kalenderjaar opgesloten.

De bruto huur kasstroom, de huur exclusief huurderving, wordt als volgt bepaald in het doorexploiteerscenario.

Bijlage 3. bij de Regeling toegelaten instellingen volkshuisvesting 2015

Er is dus geen sprake van óf de prijsinflatie uit het voorgaand kalenderjaar óf de prijsinflatie uit het huidig kalenderjaar toepassen, maar van toepassing van beide: een index in een jaar afgeleid van de voorgaande periode van 12 maanden waarvan 6 maanden in het voorgaande kalenderjaar en 6 maanden in het huidige kalenderjaar valt.

5.2.17. Erfpacht

Bijlage 4. bij de Regeling toegelaten instellingen volkshuisvesting 2015

5.2.20.1. Eindwaarde in het doorexploiteerscenario

5.2.18. Eindwaarde

Uitgedrukt in een vergelijking:

Het effect van erfpacht suppletie is te berekenen door het verschuldigde bedrag en het moment van betalen te nemen en dan additioneel de contante waarde van dit bedrag mee te rekenen.

5.2.20.1. Eindwaarde in het doorexploiteerscenario

5.2.19 Disconteringsvoet woongelegenheden: studenten en extramurale zorgeenheden

5.2.20 Eindwaarde

5.2.20.2. Eindwaarde in het uitpondscenario

5.2.20.2. Eindwaarde in het uitpondscenario

5.2.20.3. Toelichting uitwerking eindwaarde op basis voortdurende looptijd

5.2.20.3. Toelichting uitwerking eindwaarde op basis voortdurende looptijd

6. Bedrijfsmatig, maatschappelijk en zorg onroerend goed

5.2.21. Overdrachtskosten

6.1. Objectgegevens

6.2.2.1. Verlenging

6.2.2.3. Contractduur bij verlenging of nieuw contract

6.2.3. Exploitatiekosten

6.2.3.5. Belastingen, verzekeringen en overige zakelijke lasten

6.2.3.3. Achterstallig onderhoud

6.2.6. Mutatieleegstand

6.2.10 Overige punten

7.2.5. Exploitatiekosten

Voorbeeld:

Stel de aanvangsleegstand is 6 maanden. Dat betekent dat in het eerste kalenderjaar de huurderving als gevolg van leegstand gelijk is aan 6/12 of te wel 50% van de markthuur primo dat jaar. Na de periode wordt de verhuureenheid bij doorexploiteren tegen de markthuur verhuurd.

Erfpacht beïnvloedt de waarde van het verhuurde. Het effect van de erfpacht op de waarde vloeit voort uit de consequenties die de erfpacht voor de koper heeft. In paragraaf 5.2.17 van dit handboek is beschreven hoe erfpacht kan worden meegenomen in de waardering.

Mutatieleegstand is het aantal maanden dat een verhuureenheid bij mutatie leegstaat voor dat deze wederverhuurd wordt. Mutatieleegstand resulteert in huurderving gedurende de periode van leegstand. De huurderving is gebaseerd op de markthuur. Deze huurderving geldt alleen in het doorexploiteerscenario.

Bijlage 5. bij artikel 15 van de Regeling toegelaten instellingen volkshuisvesting 2015

Bijlage 6. bij art. 43 van de Regeling toegelaten instellingen volkshuisvesting 2015

Indien op het waarderingscomplex of een deel daarvan, op de waardepeildatum 31 december 2024 een ook voor een derde, onherroepelijke verplichting tot sloop van toepassing is, dient hier bij de waardering rekening mee te worden gehouden. Zie voor de beschrijving hiervan ‘Bijlage 1 Definities: onherroepelijke verlichting tot sloop’.

In de basisversie is de markthuur voor woningen bepaald aan de hand van een modelmatige schatting. Deze schatting houdt geen rekening met specifieke omstandigheden waardoor de markthuur anders is dan uit het model voortvloeit. In de full versie heeft de externe taxateur de mogelijkheid om de modelmatig bepaalde markthuur te vervangen door zijn inschatting van de markthuur of een andere modelmatig bepaalde markthuur, mits deze is geverifieerd door een taxateur. In de full versie kan de externe taxateur ook van de kwaliteitskortingsgrens voor studenteenheden onderbouwd afwijken.

Om specifieke afspraken en atypische inkomsten en uitgaven te kunnen modelleren mogen er extra kasstromen toegevoegd worden aan het standaardschema uit de basisversie. Voorwaarde is dat er een duidelijke en transparante uitsplitsing wordt gemaakt. Het verloop van deze kasstromen over de jaren hoeft niet persé inflatievolgend te zijn. Uitgangspunt is dat de kasstromen en hun verloop worden benoemd.

Naast de basisversie van het waarderingshandboek heeft de toegelaten instelling ook de mogelijkheid om voor verschillende parameters aanpassingen toe te passen. In dat geval wordt voor deze parameters afgeweken van de basisvariant van het waarderingshandboek. In het geval dat de toegelaten instelling ervoor kiest om ten aanzien van één of meer parameters af te wijken van dit handboek, dient de toegelaten instelling een externe taxateur in te schakelen. Om tot een gedegen en afgewogen aanpassing van parameters te komen, kan de taxateur en/of de toegelaten instelling deelnemen aan een (regionaal) marktwaardeoverleg, een benchmark of een soortgelijke methode waarbij marktontwikkelingen worden geanalyseerd en besproken. Uit de validatie van het handboek, blijkt dat dat leidt tot het hanteren van beter vergelijkbare uitgangspunten en beter onderbouwde aanpassingen van vrijheidsgraden. Een dergelijk waarderingsproces levert in principe een hogere kwaliteit op van de waardering en dus ruimere toepassingsmogelijkheden voor vastgoedsturing.

Bijlage 7. bij artikel 43 van de Regeling toegelaten instellingen volkshuisvesting 2015

Financiële derivaten mogen uitsluitend worden aangetrokken onder de in de bijlage genoemde modelovereenkomst. Niet in de bijlage als zodanig opgenomen onderdeel van deze modelovereenkomst is het ISDA Master Agreement 2002. Deze Master Agreement 2002 is een gestandaardiseerd contract opgesteld door de International Swaps and Derivatives Association (ISDA), een organisatie voor handelaren in onderhandse derivaten wereldwijd en gevestigd in New York. De ISDA (en daarmee het Master Agreement 2002) zijn bereikbaar via website www.isda.org.

Dated as of .....................

between

Please fill in the name laid down by statute (‘Party A’)

and

[toegelaten instelling] (‘Party B’),

As of the date of this Agreement, all Transactions entered into from that date between the parties to this Agreement (and the respective rights and obligations of the parties in respect of those Transactions) shall be governed by, subject to, and determined in accordance with, the terms and conditions set out in this Agreement and the related Confirmations.

Party B is a Dutch housing association (‘toegelaten instelling’) and its main purpose is the stimulation of social housing in the Netherlands by means of public funding. As a result, Party B is supervised by the Dutch government and any supervisory bodies and institutions. In respect of this Agreement, Party B shall be considered as a non-professional investor, in accordance with the Dutch Wet op het financieel toezicht. Regarding these Transactions, Party A shall act as an advisor for Party B. All of the above is incorporated in the independent agreement governed by Dutch law, as referred to in article 6 of the Dutch Beleidsregels gebruik financiële derivaten door toegelaten instellingen volkshuisvesting.

In this Agreement:

• (a). ‘Specified Entity’does not apply.

• (b). ‘Specified Transaction’ will have the meaning specified in Section 14 of the Agreement.

• (c). The ‘Cross-Default’ provisions of Section 5(a)(vi) of the Agreement will apply to Party A and will not apply to Party B provided, however, that notwithstanding the foregoing, an Event of Default shall not occur under either Section 5(a)(vi)(1) or (2) if (a) the event or condition referred to in Section 5(a)(vi)(1) or the failure to pay referred to in Section 5(a)(vi)(2) is a failure to pay caused by an error or omission of an administrative or operational nature; and (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Local Business Days following receipt of written notice from an interested party of such failure to pay. If such provisions apply:

• −. ‘Specified Indebtedness’ will have the meaning specified in Section 14.

• −. ‘Threshold Amount’ means with respect to Party A, an amount equal to one percent (1%) of its total equity share capital (as specified from time to time in its most recent Annual Report containing consolidated financial statements, prepared in accordance with accounting principles that are generally accepted for institutions of its type in the jurisdiction of its organization and certified by independent public accountants), or its equivalent in any other currency.

• (d). The ‘Credit Event Upon Merger’provisions of Section 5(b)(v) of the Agreement will apply to Party A and will apply to Party B.

• (e). The ‘Automatic Early Termination’ provision of Section 6(a) of the Agreement will apply, provided that Automatic Early Termination shall not apply upon the occurrence of an Event of Default with respect of Party B specified in Section 5(a)(vii) (3), (6) or, to the extend analogous thereto.

• (f). ‘Termination Currency’means Euro or the currency selected by the Non-defaulting Party or the Non-affected Party, or in the circumstance where there are two Affected Parties, agreed by Party A and Party B, and failing such agreement the Termination Currency shall be Euro.

• (g). ‘Additional Termination Event’ will apply. The following will constitute an Additional Termination Event: For any reason the status of Party B as ‘toegelaten instelling’ is withdrawn in accordance with article 70 of the Dutch Housing Act (‘Woningwet’).

• (a). Payer Representations. For the purposes of Section 3(e), Party A and Party B will make the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under X Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

• (b). Payee RepresentationsParty A and Party B make no Payee Tax representation.

For the purpose of Section 4(a)(i) and 4(a)(ii) of the Agreement, each party agrees to deliver the following documents, covered by Section 3(d) of this Agreement, as applicable:

• (a). Tax forms, documents or certificates to be delivered are: Each party agrees to complete, accurately and in a manner reasonably satisfactory to the other party, and to execute, arrange for any required certification of, and deliver to the other party (or to such government or taxing authority as the other party reasonably directs), any form or document that may be required or reasonably requested in order to allow the other party to make a payment under this Agreement without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate, promptly upon the earlier of (i) reasonably demand by the other party and (ii) learning that the form or document is required.

• (b). Other documents to be delivered are: Please complete

• (a). Addresses for Notices.For the purpose of Section 12(a) of the Agreement: Address for notices or communications to Party A: Please complete Address for notices or communications to Party B: Please complete

• (b). Process Agent.For the purpose of Section 13(c) of the Agreement: Party A appoints as its Process Agent in England: Please complete Party B appoints as its Process Agent in England: Please complete

• (c). Offices.The provisions of Section 10(a) of the Agreement will apply.

• (d). Multibranch Party.For the purpose of Section 10(b) of the Agreement: Party A [is not a Multibranch Party.] [is a Multibranch Party and may enter into a Transaction through any of the following Offices: Please complete]

• (e). Calculation Agent.The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction. Failure of the Party designated as Calculation Agent to perform, on a timely basis, any of its responsibilities as Calculation Agent shall not relieve the parties of their respective payment obligations under the Agreement and such failure shall not be considered an event which would permit the termination of this Agreement or any Transaction. If a Party (a ‘Disputing Party’) reasonably disputes the outcome of a calculation by the Calculation Agent, then the Disputing Party will notify the Calculation Agent thereof not later than the close of business on the Local Business Day following the relevant Payment Date. The parties will consult with each other in an attempt to resolve the dispute. If they fail to resolve the dispute by 5.00 p.m., CET, on the Local Business Day following the date on which the notice is given, the Calculation Agent will recalculate the disputed calculation by seeking four actual quotations at mid-market from third parties for purposes of making the relevant calculation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that calculation, and if no quotations are available, then the Calculation Agent's original calculations will be used.

• (f). Credit Support Document. None.

• (g). The Credit Support Provider.[Not applicable/Means with respect to Party A: Please complete

• (h). Governing Law.This Agreement will be governed by and construed in accordance with [Dutch] [English] Law.

• (i). Netting of Payments. ‘Multiple Transaction Payment Netting’ [will not apply for the purpose of Section 2(c) of this Agreement.] [will apply for the purpose of Section 2(c) of this Agreement to [all Transactions payable on the same date and in the same currency.

• (j). ‘Affiliate’is not applicable.

• (k). No Agency. The provisions of Section 3(g) will apply to this Agreement.

• (a). Inconsistency Notwithstanding the provisions of Section 1(b) of the Agreement, in the event of any inconsistency between any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation for the purpose of the relevant Transaction; (ii) the Schedule; (iii) the relevant ‘ISDA Definitions’ and (iv) the 2002 ISDA Master Agreement.

• (b). Change of Account Section 2(b) shall be amended in full to read as follows: ‘Change of Account. Either party may change its account within the same currency as specified for the relevant payment or delivery in the Transaction by giving notice to the other party at least five Local Business Days prior to the scheduled date for payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change, and provided that, if any new account of one party is not in the same jurisdiction as the original account, the other party shall not be obliged to pay any greater amount and shall not receive any lesser amount as a result of such change than would have been the case if such change had not taken place.’.

• (c). Financial Statements Section 3(d) shall be amended by adding before the full stop at the end of Section 3(d): ‘, provided that in the case of financial statements delivered by either party, the only representation being made is that such financial statements give a fair view of the state of affairs of the entities which they cover as at their date of publication.’

• (d). Failure to Pay or Deliver Section 5(a)(i) shall be amended by replacing ‘First Local Business Day’ and ‘First Local Delivery Day’ by ‘Third Local Business Day’ and ‘Third Local Delivery Day’ respectively’. Section 5(a)(i) shall be amended by adding at the end of Section 5(a)(i): ‘provided, however, that notwithstanding the foregoing, an Event of Default shall not occur if the failure to pay or deliver is caused by an error or omission of an administrative or operational nature and funds were available to such party to enable it to make the relevant payment or delivery when due and provided that such error or omission is remedied within three Local Business Days and/or three Local Delivery Days after notice of such failure being received.’

• (e). Default Under Specified Transaction Section 5(a)(v)(2) shall be amended by replacing ‘First Local Business Day’ by ‘Third Local Business Day’.

• (f). Events Section 5(a) and (b) shall be amended by adding Section 5(a)(ix): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (‘Woningwet’) regarding Party B will not qualify as an Event of Default.’ and Section 5(b)(vii): ‘Any act, and/or decision under or pursuant to the Dutch Housing Act (‘Woningwet’) regarding Party B will not qualify as a Termination Event.’. Section 5(a) and (b) shall be amended by adding Section 5(a)(x): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as an Event of Default.’ and Section 5(b)(viii): ‘The mortgaging of Party B’s real estate or pledging of Party B’s rental revenues to the Stichting Waarborgfonds Sociale Woningbouw shall not qualify as a Termination Event.’.

• (g). Severability In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavour, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

• (h). Confirmations. Notwithstanding anything to the contrary in the Agreement:

• (i). The parties hereto agree that with respect to each Transaction hereunder a legally binding agreement shall exist from the moment that the parties hereto agree on the essential terms of such Transaction, which the parties anticipate will occur by telephone.

• (ii). For each Transaction Party A and Party B agree to enter into hereunder Party A shall promptly send to Party B a Confirmation setting forth the terms of such Transaction (which Confirmations shall be in a form agreed to by the parties exchanged by mail, facsimile or other electronic means). Party B shall execute and return the Confirmation to Party A or request correction of any error within three Local Business Days of receipt. Failure of Party B to respond within such period shall not affect the validity or enforceability of such Transaction and shall be deemed to be an affirmation of such terms absent manifest error.

• (i). Additional Agreements. Each party agrees, upon learning of the occurrence of any event or commencement of any condition that constitutes (or that with the giving of notice or passage of time or both would constitute) an Event of Default or Termination Event with respect to such party, promptly to give the other party notice of such event or condition (or, in lieu of giving notice of such event or condition in the case of an event or condition that with the giving of notice or passage of time or both would constitute an Event of Default or Termination Event with respect to the party, to cause such event or condition to cease to exist before becoming an Event of Default or Termination Event).

• (j). Recording of Conversations. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings.

• (k). Amendment to Section 6(d)(ii).Section 6(d)(ii) of the Agreement is hereby amended by adding the following proviso at the end of the first sentence: ‘; provided, however, that if any amount calculated as being due in respect of an Early Termination Date which is designated as a result of an Illegality or a Force Majeure Event cannot be paid on such day by the Office specified in the Confirmation(s) relating to the Terminated Transaction(s) as a result of such event, then such amount will be payable by such Office on the day which is two Local Business Days after the day on which the Illegality or a Force Majeure Event, as the case may be, no longer exists or, if earlier, on the date on which an Event of Default occurs.

• (l). Timely Confirmation.

• (i). Section 9(e)(ii) is amended by:

• (A). replacing the word ‘practicable’ with the word ‘possible’ in the third line thereof; and