PF Finans / Clarinova

Redemption:

Means, in respect of any Bond to be redeemed, the date fixed for redemption pursuant to these Terms and Conditions

Redemption at the Company’s option:

The Company may elect to redeem all of the Bonds (but not less than all) on any Banking Day falling after 1 March 2012. The Company shall give the Holders at least 30 days but not more than 60 days notice of such redemption. Such notice shall be irrevocable and state the Redemption Date and the relevant Record Date. and made in acc ordance with p. 15 in the Terms and Conditions. The Bonds shall be redeemed at the following redemption prices, expressed as percentages of the Nominal Amount as set out below: (a) 104.00 per cent during the period from, but excluding, 1st of March 2012 up to and including 1st of November 2012; (b) 102.50 per cent during the period from, but excluding, 1st March 2013 up to and including 1st of November 201 5; (c) 101 .00 per cent during the period from, but excluding, 1st of March 2016 up to and including 30 of November 2020 together in the case of any such redemption with accrued interest from, but excluding, the latest lnterest Payment Date up to and including the relevant Redemption Date. For as long as any Bonds remain outstanding the Company undertakes: a) Dividend restrictions; not to make a dividend or distribution of capital (whether in cash or specie), redeem or purchase any of its shares or make other similar distributions to shareholders in an amount exceeding 30 per cent of the most recent financial year’s net profit. b) Security; not to provide or permit to subsist any security or permit someone else to provide or permit to subsist security in the form of a guarantee or otherwise, for any Market Loan raised by the Company; c) not to use any of the proceeds from the issue of the Bonds outside of the ordinary course of business; (d) to prepare and publish quarterly reports not later than two months after the end of the relevant quarter beginning the 1 st quarter of 2012.

Financial Covenants:

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