PF Finans / Clarinova

third party advice shall be borne by the Company.

14 Substitution of the lssuing Agent

The lssuing Agent may resign its appointment at any time, provided that no resignation by the lssuing Agent shall take effect until a new lssuing Agent has been appointed by the Company. The appointment of the lssuing Agent shall forthwith terminate lf the lssuing Agent is subject to bankruptcy or financial reconstruction according to law or regulations from a supervising authority or if a resolution is passed at a Holders' meeting to replace the lssuing Agent and, in such circumstances the Company shall immediately appoint a new issuing agent.

15 Notices

Notices to the Holders shall be made to the Holders at their respective addresses registered with the CSD.

16 Amendments

The Agent may, on behalf of the Holders, agree with the Company to amend these Terms and Conditions provided that (i) such amendment does not in any way limit the obligation of the Company to pay the principal of or interest on the Bonds or (ii) such amendment does not, in the Agent's opinion, adversely affect the interests of the Holders or such amendment is made solely with a view to rectify obvious errors and mistakes in these Terms and Conditions.

17 Nominee registration

ln respect of Bonds registered with authorised nominees in accordance with the Swedish Financial lnstruments Accounts Act (SFS 1998:1479), the authorised nominee shall be deemed to be the Holder for the purpose of applying these Terms and Conditions.

18 Limitation of liability

18.1 The Agent, the lssuing Agent and the CSD shall have no liability for damage caused by Swedish or foreign enactment, action taken by a Swedish or foreign authority, war, strike, blockade, boycott, lockout or other similar circumstance. This limitation of liability in the case of a strike, blockade, boycott or lockout also applies if the Agent, the lssuing Agent or the CSD would itself initiate or become subject to such conflict. 18.2 Damage caused in any other event will not be indemnified by the Agent, the lssuing Agent and the CSD unless the damage is caused by gross negligence or wilful misconduct. ln no event will indemnification be made for indirect damage. 18.3 Should the Agent, the lssuing Agent or the CSD be prevented from performing their obligations due to the circumstances mentioned in Clause 18.1 above, performance may be postponed until

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