PF Finans / Clarinova

Terms and Conditions for the Bonds

Strictly private and confidential

Terms and Conditions for Clarinova’s EUR 200,000,000 7,5% Bonds 2011/2021, ISIN SE0003725324

1.Definltions

For the purpose of these Terms and Conditions (the "Terms and Conditions') the following definitions shall apply:

"Account Operator" a bank or other party duly authorised to operate as an account operator (Sw. kontoförande institut) pursuant to the Swedish Financial lnstruments Accounts Act (SFS 1998:1479) and with which a Holder has opened a Euroclear Account in respect of the Bonds;

”Agent" Ahlford Advokatbyrå AB, Sweden, a company organised under the laws of Sweden with reg. no. 556628-8675 ;

”Banking Day" a day which is not a Sunday or other public holiday or a day which in respect of payment of promissory notes is not equated with a public holiday in Sweden;

"Bond" a debt instrument (Sw. skuldförbindelse) as defined in Chapter 1 Section 3 of the Swedish Financial lnstruments Accounts Act (SFS 1998:1479) and which has been issued by the Company pursuant to theseTerms and Conditions;

"Company" Clarinova Ltd, a single purpose company organised under the laws of lreland with reg. no. 492065;

"Control" in relation to any entity

(i) the holding, ownership, acquisition or control of, or the right to acquire, hold, own or control, more than 50 per cent of the voting rights of the relevant entity or

(ii) the right to appoint and/or remove all or the majority of the members of the board of directors or other governing body of the relevant entity, whether obtained directly or indirectly, and whether

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