Clavel Residential 3 DAC

Clavel Residential 3 DAC (the Issuer) represents the issuance of Notes to pay various costs and expenses and to (1) pay any interest rate cap fees due and payable by the Issuer; (2) purchase a series of unitranche bonds (the fondo de titulización Lantana bonds) issued by a Spanish securitisation fund, which are backed by a portfolio of reperforming Spanish residential mortgage loans serviced by Banco Santander SA and represented by mortgage certificates; and (3) purchase a series of unitranche notes (the Clavel bonds) issued by an Irish designated activity company, backed by a portfolio of reperforming Spanish residential mortgage loans serviced by Banco Bilbao Vizcaya Argentaria, S.A. and represented by mortgage certificates.