PAA NorthCap 9.3.1 - NorthCapital Finance GmbH
Transcription
PAA NorthCap 9.3.1 - NorthCapital Finance GmbH
NorthCapital Paying Agency Agreement EUR 250,000,000 Bond Issue 4.5% - Bonds 04/2015 - 04/2020 Common Code: 120650327 Official CFI: DTFXFB ISIN: XS1206503275 NorthCapital Finance GmbH as Issuer and Banque Internationale à Luxembourg S.A. as Paying Agent March 2015 NorthCapital Contents Article 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. Interpretation ..................................................................................................................... 3 Definitions.......................................................................................................................... 4 Appointment of Agents ........................................................................................................ 4 Authentication and Delivery of Bonds ..................................................................................... 5 Payment to the Paying Agent ................................................................................................ 5 Notification of Non-Payment by the Issuer .............................................................................. 6 Duties of the Paying Agents .................................................................................................. 6 Reimbursement of the Paying Agents ..................................................................................... 6 Notice of any Withholding or Deduction .................................................................................. 7 Duties of the Paying Agent in connection with Optional Redemption of Bonds .............................. 7 Publication of Notices ........................................................................................................... 7 Copies of this Agreement Available for Inspection .................................................................... 7 Cancellation Of Bonds .......................................................................................................... 7 Commissions and Expenses .................................................................................................. 8 Indemnity .......................................................................................................................... 8 Repayment by Paying Agent ................................................................................................. 8 Conditions of Appointment ................................................................................................... 8 Communication with Paying Agents ....................................................................................... 9 Termination of Appointment ............................................................................................... 10 Notices ............................................................................................................................ 11 Variation .......................................................................................................................... 12 Counterparts .................................................................................................................... 12 Language ......................................................................................................................... 12 Jurisdiction ....................................................................................................................... 12 Governing Law .................................................................................................................. 13 Entire Agreement .............................................................................................................. 13 cc Schedule 1 Schedule 2 Schedule 3 Global Certificate Terms & Conditions of the Notes Fee Proposal cc 2 17 NorthCapital THIS AGREEMENT is dated 31 March 2015 and made BETWEEN: (1) NorthCapital Finance GmbH, a private limited liability company (Gesellschaft mit beschränkter Haftung) incorporated under the laws Germany with registered office at Kurfürstendamm 21, 10719 Berlin, Germany and registered with the Register of Companies in Berlin under number HRB 163956B as issuer (the “Issuer”); and (2) Banque Internationale à Luxembourg S.A., a public company with limited liability incorporated as a “société anonyme” under the laws of the Grand Duchy of Luxembourg having its registered office at 69, route d’Esch, L-2953 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 6307 (the “Paying Agent” and “Principal Paying Agent”). WHEREAS: (A) The Issuer proposes to issue bonds in the aggregate principal amount of up to EUR 250,000,000 (the “Bonds”) in one or more tranches at any time. The Issuer will provide a Private Placement Memorandum to the investors in written form (the “Memorandum”). This Memorandum will be delivered to BIL for information. The Terms and Conditions of the Notes will be in the form set out in the Memorandum. (B) The Bonds will be issued in bearer form in denominations of EUR 100 each and a minimum subscription of EUR100,000. (C) The Bonds will be represented by a Global Certificate without interest coupons (the “Global Certificate” or the “Global Note”) in or substantially in the form set out in Schedule 1. The Notes, however, will initially be in the form of the Temporary Global Note which will be deposited on or around the Issue Date with a common depositary for Euroclear and Clearstream, Luxembourg. The Temporary Global Note will be exchangeable in whole or in part for interests in the Permanent Global Note (together with the Temporary Global Note, the “Note”) not earlier than 40 days after the Issue Date upon certification as to non-U.S. beneficial ownership. Definitive Bonds with interest coupons attached will not be issued. NOW IT IS HEREBY AGREED as follows: 1. Interpretation 1.1 In this paying agency agreement (the “Agreement”), except so far as the context otherwise requires and subject to any contrary indication, words and expressions defined and expressed to be construed in the terms and conditions of the Bonds (the "Terms and Conditions of the Bonds") shall have the same meaning and construction mutatis mutandis herein. 1.2 References to the parties, Clauses and the Schedules are respectively to the parties, Clauses and Schedules of this Agreement 3 17 NorthCapital 2. Definitions 2.1 As used in this Agreement: “Authorised Signatory” means any person who (i) is a director or (ii) has been notified by the Issuer in writing to the Paying Agent as being duly authorised to sign documents and to do other acts and things on behalf of the Issuer for the purposes of this Agreement; “Clearstream, Luxembourg” means Clearstream Banking, société anonyme; “Euroclear” means Euroclear Bank S.A./N.V.; “Luxembourg Business Day” means a day on which banks are open for business in Luxembourg and the Trans-European Automated Realtime Gross Settlement Express Transfer 2 (TARGET2) System is open for business. “Principal Paying Agent and Paying Agent” means and includes each principal paying agent and paying agent from time to time appointed to exercise the powers and undertake the duties conferred and imposed upon it by this Agreement and notified to the holders under clause 20; “Specified Office” 2.2 means the offices specified in clause 20 or any other specified offices as may from time to time be duly notified pursuant to clause 20. In this Agreement, unless the contrary intention appears, a reference to: 2.2.1 an amendment includes a supplement, restatement or novation and amended is to be construed accordingly; 2.2.2 the records of Euroclear and Clearstream, Luxembourg shall be to the records that each of Euroclear and Clearstream, Luxembourg holds for its customers which reflect the amount of such customer’s interest in the Bonds; 2.3 the headings in this Agreement do not affect its interpretation; 2.4 all references in this Agreement to costs or charges or expenses shall include any value added tax or similar tax charged or chargeable in respect thereof; and 2.5 all references in this Agreement to Bonds shall, unless the context otherwise requires, include the Global Certificate. 3. Appointment of Agents 3.1 The Issuer appoints, on the Internationale à Luxembourg Agents” and each a “Paying of, and interest on, the Bonds 3.2 The Paying Agent accepts its appointment as Paying Agent of the Issuer and agrees to comply terms and subject to the conditions of this Agreement Banque S.A. as Principal Paying Agent and Paying Agent (the “Paying Agent”) in respect of the Bonds and for the payment of principal in each case acting at its Specified Office. 4 17 NorthCapital with the provisions of this Agreement and of the Terms and Conditions of the Bonds. 4. Authentication and Delivery of Bonds 4.1 The Issuer undertakes that the Global Certificate (duly executed on behalf of the Issuer) will be delivered to the Paying Agent on or prior to the issue date of the Bonds. 4.2 The Issuer authorises and instructs the Paying Agent to authenticate the Global Certificate delivered pursuant to subclause 4.1. 4.3 The Paying Agent shall cause all Bonds delivered to and held by it under this Agreement to be maintained in safe custody and in accordance with the terms of this Agreement. Furthermore, the Paying Agent undertakes that it shall handle the Global Certificate at all times in accordance with the rules and procedures of Euroclear Bank and Clearstream Banking Luxembourg 4.4 Defaulted Bonds: Where the Principal Paying Agent acts as receiving bank for the Issuer in respect of the purchase price of the Bond being issued, if on the relevant Issue Date an Investor does not pay the full purchase price due from it in respect of any Bond (the “Defaulted Bond”) and, as a result, the Defaulted Bond remains in the Principal Paying Agent's distribution account with the relevant Clearing System after such Issue Date, the Principal Paying Agent will continue to hold the Defaulted Bond to the order of the Issuer. The Principal Paying Agent shall notify the Issuer forthwith of the failure of the Investor to pay the full purchase price due from it in respect of any Defaulted Bond and, subsequently, shall notify (i) the Issuer forthwith upon receipt from the Investor of the full purchase price in respect of such Defaulted Bond and (ii) pay to the Issuer the amount so received. 4.5 Repayment of advance: If the Principal Paying Agent pays an amount (the “Advance”) to the Issuer on the basis that a payment (the “Payment”) has been or will be received from an Investor and if the Payment is not received by the Principal Paying Agent on the date the Principal Paying Agent pays the Issuer, the Issuer shall repay to the Principal Paying Agent the Advance and shall pay interest on the Advance (or the unreimbursed portion thereof) from (and including) the date the Advance is made to (but excluding) the earlier of repayment of the Advance or receipt by the Principal Paying Agent of the Payment at a rate quoted at that time by the Principal Paying Agent as its cost of funding the Advance. For the avoidance of doubt, the Principal Paying Agent shall not be obliged to pay any amount to or for the Issuer if it has not received satisfactory confirmation that it is to receive that amount. 5. Payment to the Paying Agent 5.1 The Issuer shall, not later than 10.00 a.m. (Luxembourg time) on the second Luxembourg Business Day preceding the relevant date on which any payment of principal and/or interest in respect of any of the Bonds becomes due under the Terms and Conditions of the Bonds, transfer to an account specified by the Paying Agent such amount of euro as shall be sufficient for the purposes of the payment of principal and/or interest. 5.2 The Issuer shall ensure that, not later than the second Luxembourg Business Day immediately preceding the date on which any payment is to be made to the Paying Agent pursuant to subclause 5.1, the Paying Agent shall receive a copy of an irrevocable payment instruction to the bank through which the payment is to be made. 5 17 NorthCapital 6. Notification of Non-Payment by the Issuer 6.1 The Paying Agent shall notify each of the other Paying Agents (if any) forthwith: 6.1.1 if it has not by the relevant date specified in subclause 5.1 received unconditionally the full amount in euro required for the payment; and 6.1.2 if it receives unconditionally the full amount of any sum due in respect of the Bonds and the coupons after such date. 6.2 The Paying Agent shall, at the expense of the Issuer, forthwith upon receipt of any amount as described in subparagraph 6.1.2, cause notice of that receipt to be provided to the other Paying Agents. 7. Duties of the Paying Agents 7.1 Subject to the payments to the Paying Agent provided for by Clause 5 being duly made, the Paying Agents shall act as Paying Agents of the Issuer in respect of the Bonds and pay or cause to be paid on behalf of the Issuer, on and after each date on which any payment becomes due and payable, the amounts of principal and/or interest then payable, under the Terms and Conditions of the Bonds and this Agreement. If any payment provided for by Clause 5 is made late but otherwise under the terms of this Agreement the Paying Agents shall nevertheless act as Paying Agents following receipt by them of payment. 7.2 If default is made by the Issuer in respect of any payment, unless and until the full amount of the payment has been made under the terms of this Agreement (except as to the time of making the same) or other arrangements satisfactory to the Paying Agent have been made, neither the Paying Agent nor any of the other Paying Agents shall be bound to act as Paying Agents. 7.3 If for any reason the Agent considers in its sole discretion that the amounts to be received by it under subclause 7.1 will be, or the amounts actually received by it are, insufficient to satisfy all claims in respect of all payments then falling due in respect of the Notes, no Paying Agent shall be obliged to pay any such claims until the Agent has received the full amount of all such payments. 7.4 Without prejudice to subclauses 7.1 and 7.2, if the Paying Agent pays any amounts to the holders of Bonds or to any other Paying Agent at a time when it has not received payment in full in respect of the Bonds in accordance with subclause 5.1 (the excess of the amounts so paid over the amounts so received being the “Shortfall”), the Issuer will, in addition to paying amounts due under subclause 5.1, pay to the Paying Agent on demand interest (at a rate which represents the Paying Agent's cost of funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in full by the Paying Agent of the Shortfall. 7.5 Whilst any Bonds are represented by a Global Certificate, all payments due in respect of the Bonds shall be made to, or to the order of, the holder of the Global Certificate, subject to and in accordance with the provisions of the Global Certificate. 8. Reimbursement of the Paying Agents 8.1 The Paying Agent shall charge the account referred to in Clause 5 for all payments made by it under this Agreement and will credit or transfer to the respective accounts of the other Paying Agents the amount of all payments made by them under the Terms and Conditions of the Bonds 6 17 NorthCapital immediately upon notification from them, subject in each case to any applicable laws or regulations. 9. Notice of any Withholding or Deduction 9.1 If the Issuer is, in respect of any payment in respect of the Bonds, compelled to withhold or deduct any amount for or on account of any taxes under the Bonds, the Issuer shall give notice to the Paying Agent as soon as it becomes aware of the requirement to make the withholding or deduction and shall give to the Paying Agent such information as the Paying Agent shall require to enable it to comply with the requirement. 10. Duties of the Paying Agent in connection with Optional Redemption of Bonds 10.1 If the Issuer decides to redeem all of the Bonds for the time being outstanding under Condition 5.3 of the Terms and Conditions of the Bonds (Redemption at the Option of the Issuer), it shall give notice of the decision stating the date on which the Bonds are to be redeemed and the nominal amount of Bonds to be redeemed not less than 15 days before the redemption date or the date on which the Issuer will give notice to the Bondholders in accordance with the Terms and Conditions of the Bonds. 10.2 On behalf of the Issuer, the Paying Agent shall before or at the same time as it notifies the holders, notify the other Paying Agents, if any, of the date fixed for redemption. 10.3 The Paying Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in respect of all Bonds redeemed by the Issuer to reflect such redemptions. 11. Publication of Notices 11.1 Forthwith upon the receipt by the Paying Agent of a demand or notice from any holder (events of default), the Paying Agent shall forward a copy of the demand or notice to the Issuer. 12. Copies of this Agreement Available for Inspection 12.1 The Paying Agents shall hold copies of this Agreement and any other documents, issued by the Issuer in relation to the Bonds available for inspection. For this purpose, the Issuer shall furnish the Paying Agents with sufficient copies of each of such documents. 13. Cancellation Of Bonds 13.1 All Bonds which are surrendered in connection with a redemption shall be cancelled by the Paying Agent to which they are surrendered. Each of the Paying Agents shall give to the Paying Agent details of all payments made by it and shall deliver all cancelled Bonds to the Paying Agent (or as the Paying Agent may specify). 13.2 The Paying Agent or its authorised paying agent shall (unless otherwise instructed by the Issuer in writing) destroy all cancelled Bonds and coupons and furnish the Issuer with a certificate of destruction. 7 17 NorthCapital 14. Commissions and Expenses 14.1 The Issuer shall pay to the Paying Agent the commissions in respect of the services under this Agreement as agreed between the Issuer and the Paying Agent in a fee proposal letter signed 2 February 2015 but mistakenly dated 27 April 2015. 14.2 The Issuer shall also pay to the Paying Agent an amount equal to any value added tax which may be payable in respect of the commissions together with all reasonable expenses incurred by the Paying Agents in connection with its services under this Agreement. 14.3 At the request of the Paying Agent or of the Issuer, the parties to this Agreement may from time to time during the continuance of this Agreement review the commissions agreed initially pursuant to subclause 14.1 with a view to determining in good faith whether the parties can mutually agree upon any changes to the commissions. 15. Indemnity 15.1 The Issuer undertakes to indemnify each of the Paying Agents against all losses, liabilities, costs, claims, actions, damages, expenses or demands which any of them may incur or which may be made against any of them as a result of or in connection with the appointment of or the exercise of the powers and duties by any Paying Agent under this Agreement except as may result from its own default, negligence or bad faith or that of its directors, officers or employees or any of them, or breach by it of the terms of this Agreement. 15.2 The indemnity set out above shall survive any termination of this Agreement. 16. Repayment by Paying Agent 16.1 Sums paid by or by arrangement with the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be repaid to the Issuer unless and until any Bond or coupon becomes void but in that event the Paying Agent shall forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been payable in respect of the relevant Bond or coupon. 17. Conditions of Appointment 17.1 Subject as provided in subclause 17.3, the Paying Agent shall be entitled to deal with money paid to it by the Issuer for the purposes of this Agreement in the same manner as other money paid to a banker by its customers and shall not be liable to account to the Issuer for any interest or other amounts in respect of the money. No money held by any Paying Agent need be segregated except as required by law. 17.2 In acting under this Agreement and in connection with the Bonds and the coupons the Paying Agents shall act solely as paying agents of the Issuer and will not assume any obligations towards or relationship of agency or trust for or with any of the holders of the Bonds or the coupons. 8 17 NorthCapital 17.3 No Paying Agent shall exercise any right of set-off or lien against the Issuer or any holders of Bonds in respect of any money payable to or by it under the terms of this Agreement. 17.4 Except as otherwise ordered by a court of competent jurisdiction or required by law or otherwise instructed by the Issuer, each of the Paying Agents shall be entitled to treat the holder of any Bond or coupon as the absolute owner for all purposes (whether or not the Bond or coupon shall be overdue and notwithstanding any notice of ownership or other writing on the Bond or coupon or any notice of previous loss or theft of the Bond or coupon). 17.5 The Paying Agents shall be obliged to perform such duties and only such duties as are set out in this Agreement and the Terms and Conditions of the Bonds and no implied duties or obligations shall be read into this Agreement or the Bonds against the Paying Agents other than the duty to act honestly and in good faith and to exercise the diligence of a reasonably prudent paying agent in comparable circumstances. 17.6 The Paying Agent may consult with legal and other professional advisers and the opinion of the advisers shall be full and complete protection in respect of action taken, omitted or suffered under this Agreement in good faith and in accordance with the opinion of the advisers. 17.7 Each of the Paying Agents shall be protected and shall incur no liability for or in respect of action taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or any document which it reasonably believes to be genuine and to have been delivered by the proper party or parties or upon written instructions from the Issuer. Each of the Agents are entitled to do nothing, without liability, if conflicting, unclear or equivocal instructions are received or in order to comply with any applicable law. 17.8 Any of the Paying Agents, their officers, directors or employees may become the owner of, or acquire any interest in, Bonds or coupons with the same rights that it or he would have if the Paying Agent concerned was not appointed under this Agreement, and may engage or be interested in any financial or other transaction with the Issuer, and may act on, or as depositary, trustee or paying agent for, any committee or body of holders of Bonds or coupons, or other obligations of the Issuer, as freely as if the Paying Agent were not appointed under this Agreement. 17.9 The Paying Agent shall not be under any obligation to take any action under this Agreement which it expects will result in any expense or liability accruing to it, the payment of which within a reasonable time is not, in its opinion, assured to it. 17.10 The Issuer shall provide the Paying Agent with a copy of the list of the Authorised Signatories and shall notify the Paying Agent in writing if any of such persons ceases to be an Authorised Signatory or if any additional person becomes an Authorised Signatory and, unless and until notified of any such change, the Paying Agent shall be entitled to rely upon any notice, communication or other document by an Authorised Signatory. 17.11 The Paying Agent shall have no duty or responsibility in the case of any default by the relevant Issuer in the performance of its obligations under the Terms and Conditions of the Bonds. 17.12 Nothing in this Agreement shall require the Paying Agents to assume an obligation of the Issuer arising under any provision of the Luxembourg Act dated 10 July 2005 on prospectuses for securities as amended (or the equivalent rules of any other competent authority besides the Commission de Surveillance du Secteur Financier). 18. Communication with Paying Agents 18.1 A copy of all communications relating to the subject matter of this Agreement between the 9 17 NorthCapital Issuer and any of the Paying Agents other than the Paying Agent shall be sent to the Paying Agent. 19. Termination of Appointment 19.1 The Issuer may terminate the appointment of any Paying Agent at any time and/or appoint additional or other Paying Agents by giving to the Paying Agent whose appointment is concerned and, where appropriate, the Paying Agent at least 90 days' prior written notice to that effect, provided that, so long as any of the Bonds is outstanding: 19.1.1 in the case of a Paying Agent, the notice shall not expire less than 45 days before any due date for the payment of interest; and 19.1.2 notice shall be given at least 30 days before the removal or appointment of a Paying Agent. 19.2 Notwithstanding the provisions of subclause 19.1, if at any time a Paying Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver of all or any substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or of all or a substantial part of its property is appointed, or it admits in writing its inability to pay or meet its debts as they may mature or suspends payment of its debts, or if an order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law or if a public officer takes charge or control of the Paying Agent or of its property or affairs for the purpose of rehabilitation, administration or liquidation, the Issuer may forthwith without notice terminate the appointment of the Paying Agent, in which event notice shall be given to the holders as soon as is practicable. 19.3 The termination of the appointment of a Paying Agent under this Agreement shall not entitle the Paying Agent to any amount by way of compensation but shall be without prejudice to any amount then accrued due. 19.4 Any of the Paying Agents may resign their respective appointments under this Agreement at any time by giving to the Issuer and, where appropriate, the Paying Agent at least 90 days' prior written notice to that effect provided that, so long as any of the Bonds is outstanding, the notice shall not, in the case of a Paying Agent, expire less than 45 days before any due date for the payment of interest. Following receipt of a notice of resignation from a Paying Agent, the Issuer shall promptly, and in any event not less than 30 days before the resignation takes effect, give notice to the holders. If the Paying Agent shall resign or be removed pursuant to subclauses 19.1 or 19.2 above or in accordance with this subclause 19.4, the Issuer shall promptly and in any event within 30 days appoint a successor. If the Issuer fails to appoint a successor within such period, the Paying Agent may select a leading bank to act as Paying Agent hereunder and the Issuer shall appoint that bank as the successor Paying Agent. 19.5 Notwithstanding the provisions of subclauses 19.1 , 19.2 and 19.4, so long as any of the Bonds is outstanding, the termination of the appointment of a Paying Agent (whether by the Issuer or by the resignation of the Paying Agent) shall not be effective unless upon the expiry of the relevant notice there is a Paying Agent; 19.6 Any successor of the Paying Agent shall execute and deliver to its predecessor, the Issuer and, where appropriate, the Paying Agent an instrument accepting the appointment under this Agreement, and the successor Paying Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of the predecessor with like effect as if originally named as a Paying Agent. 10 17 NorthCapital 19.7 If the appointment of a Paying Agent under this Agreement is terminated (whether by the Issuer or by the resignation of the Paying Agent), the Paying Agent shall on the date on which the termination takes effect deliver to its successor Paying Agent all Bonds and coupons surrendered to it but not yet destroyed and all records concerning the Bonds and coupons maintained by it (except such documents and records as it is obliged by law or regulation to retain or not to release) and pay to its successor Paying Agent the amounts (if any) held by it in respect of Bonds or coupons which have become due and payable but which have not been presented for payment, but shall have no other duties or responsibilities under this Agreement and shall be released and discharged from its obligations under this Agreement. 19.8 If the Paying Agent or any of the other Paying Agents shall change its Specified Office, it shall give to the Issuer and, where appropriate, the Paying Agent not less than 45 days' prior written notice to that effect giving the address of the new Specified Office. As soon as practicable thereafter and in any event at least 30 days before the change, the Paying Agent shall give to the holders on behalf of and at the expense of the Issuer notice of the change and the address of the new Specified Office. 19.9 A corporation into which any Paying Agent for the time being may be merged or converted or a corporation with which the Paying Agent may be consolidated or a corporation resulting from a merger, conversion or consolidation to which the Paying Agent shall be a party shall, to the extent permitted by applicable law, be the successor Paying Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement. Notice of any merger, conversion or consolidation shall forthwith be given to the Issuer and, where appropriate, the Paying Agent. 20. Notices 20.1 The initial postal address, email address and fax number so designated by each party are: The Issuer: NorthCapital Finance GmbH Kurfürstendamm 21 10719 Berlin Germany attention: Kim Hersland and/or Ulf Mex telephone: +49 30 / 311 697 270 facsimile: +49 30 / 311 697 299 mail to: [email protected] The Paying Agent: Banque Internationale à Luxembourg S.A. 69 route d'Esch L - 2953 Luxembourg attention: Transaction Execution Group facsimile: + 352 4590 4227 telephone:+ 352 4590 3000 mail to: [email protected] or such other address of which notice in writing has been given to the other parties to this Agreement under the provisions of this Clause. 20.2 All notices and other communications under this Agreement shall, save as otherwise provided in this Agreement, be made in writing and in English (by letter, email or fax) and shall be sent to 11 17 NorthCapital the intended recipient at the postal address, email address or fax number and marked for the attention of the person (if any) from time to time designated by that party to the other parties hereto for such purpose provided that communications with legal significance may not be sent via email. The initial postal address, email address and fax number so designated by each party are set out on the signature page of this Agreement. 20.3 Any communication from any party to any other under this Agreement shall be effective if sent by letter or fax, upon dispatch provided that any such notice or other communication which would otherwise take effect after 17.00 (Luxembourg time) on any particular day shall not take effect until 10.00 (Luxembourg time) on the immediately succeeding Luxembourg Business Day. 21. Variation 21.1 No variation of this Agreement (including this Clause 21) shall be effective unless it is in writing and signed by (or by some person duly authorised by) each of the parties hereto. 22. Counterparts 22.1 This Agreement may be executed (including by facsimile) in any number of counterparts, each of which, when so executed, shall be deemed to be an original and all of which when taken together shall constitute a single agreement. 23. Language 23.1 This Agreement is made in the English language and this English language version of this Agreement shall be binding on the parties hereto and shall prevail over any translation of this Agreement provided that in the case of any French term or phrase expressly referred to in this Agreement, the corresponding English term shall only be a translation and the French term or phrase shall prevail 24. Jurisdiction 24.1 Each of the parties hereto irrevocably agrees that the courts of Luxembourg, Grand Duchy of Luxembourg shall have exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement. 24.2 Each of the parties hereto irrevocably waives any objection which it might now or hereafter have to the courts referred to in Clause 24.1 being nominated as the forum to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. 24.3 Each of the parties hereto hereby consents generally to any legal action or proceeding arising out of or in connection with this Agreement as it relates to the giving of any relief or regarding the issuance of any process in connection with such action or proceeding including, without limitation, the making, enforcement or execution against any property whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in such suit, action or proceeding. 12 17 NorthCapital 25. Governing Law 25.1 This Agreement shall be governed by and construed in accordance with the laws of the Grand Duchy of Luxembourg. 26. Entire Agreement 26.1 This Agreement (and any fee letters entered into between the parties hereto from time to time in relation hereto) constitutes the entire agreement among the parties hereto with respect to the subject matter of this Agreement superseding all prior oral or written understandings. 26.2 This Agreement has been executed in two (2) originals on the day and year first before written and each party acknowledges receipt of one signed original. 13 17 NorthCapital IN WITNESS WHEREOF this Agreement has been duly executed by the Parties hereto by their duly authorized representatives on the date set out below. The Issuer: NorthCapital Finance GmbH The Paying Agent: Banque Internationale à Luxembourg S.A. By: _______________________________ Name: Kim Hersland _______________________________ Name: Title: Title: CEO By: _______________________________ Name: Ulf Michael Mex Title: _______________________________ Name: COO Title: 14 17 NorthCapital Schedule 1 Global Certificate 15 17 NorthCapital Schedule 2 Terms and Conditions of the Notes 16 17 NorthCapital Schedule 3 Fee Proposal 17 17