Common use of Payments in Respect of the Bonds Clause in Contracts

Payments in Respect of the Bonds. (a) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and Conditions, shall be made to such person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding the relevant payment date, by way of (if no specific order is made by the Trustee) crediting the relevant amount to the bank account nominated by such Bondholder in connection with its Securities Account in the CSD. (b) Payment constituting good discharge of the Issuer's payment obligations to the Bondholders under these Terms and Conditions will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated by the Bondholder in connection with its Securities Account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior to a payment date. Depending on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (e) If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) during such postponement. (f) If payment or repayment is made in accordance with this Clause 8, the Issuer shall be deemed to have fulfilled its obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. (g) Any payment which shall be made under these Terms and Conditions on a date which is not a Business Day, shall be instead be made on the first following day that is a Business Day (no business day adjustment). (h) The Issuer is not liable to gross-up any payments under the Finance Documents by virtue of any withholding tax, public levy or the similar. (i) Notwithstanding anything to the contrary in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSD.

Payments in Respect of the Bonds. (a) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and ConditionsBonds, shall be made to such person Person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding the prior to an Interest Payment Date or other relevant payment date, by way of (if no specific order or to such other Person who is made by registered with the Trustee) crediting CSD on such date as being entitled to receive the relevant amount to the bank account nominated by such Bondholder in connection with its Securities Account in the CSDpayment, repayment or repurchase amount. (b) Payment constituting good discharge If a Bondholder has registered, through an Account Operator, that principal and interest shall be deposited in a certain bank account, such deposits will be effected by the CSD on the relevant payment date. In other cases, payments will be transferred by the CSD to the Bondholder at the address registered with the CSD on the Record Date. Should the CSD, due to a delay on behalf of the Issuer's Issuer or some other obstacle, not be able to effect any payment obligations in accordance with this Clause 7, the Issuer shall procure that such amounts are paid to the Persons who are registered as Bondholders under these Terms and Conditions will be deemed to have been made to each Bondholder once on the amount relevant Record Date as soon as possible after such obstacle has been credited to the bank holding the bank account nominated by the Bondholder in connection with its Securities Account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in questionremoved. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior to a payment date. Depending on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (e) If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue without any default interest in accordance with Clause 9(d8(d) during such postponement. (fd) If payment or repayment is made in accordance with this Clause 87, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person Person not entitled to receive such amount. (ge) Any payment which shall be made under these Terms and Conditions on a date which is not a Business Day, shall be instead be made on If the first following day that is a Business Day (no business day adjustment). (h) The Issuer is not liable required by Danish law to gross-up withhold any payments tax from any payment in respect of the Bonds under the Finance Documents by virtue of any withholding tax, public levy or the similar.Documents: (i) Notwithstanding anything the amount of the payment due from the Issuer will be increased to such amount which is necessary to ensure that the Bondholders or the Agent, as the case may be, receive a net amount which is (after making the required withholding) equal to the contrary in these Terms and Conditionspayment which would have been received if no withholding had been required; and (ii) at the request of the Agent, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, Issuer will deliver to the rules and procedures of Agent evidence that the CSDrequired tax deduction or withholding has been made.

Payments in Respect of the Bonds. (a) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and ConditionsBonds, shall be made to such person Person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding prior to the relevant payment date, by way of (if no specific order or to such other Person who is made by registered with the Trustee) crediting CSD on such date as being entitled to receive the relevant amount to the bank account nominated by such payment, repayment or repurchase amount. If a Bondholder in connection with its Securities has registered, through an Account in the CSD. (b) Payment constituting good discharge of the Issuer's Operator, that principal, Interest and any other payment obligations to the Bondholders that shall be made under these Terms and Conditions shall be deposited in a certain bank account; such deposits will be deemed to have been made to each Bondholder once effectuated by the amount has been credited CSD on the relevant payment date. In other cases, payments will be transferred by the CSD to the bank holding Bondholder at the bank account nominated by address registered with the Bondholder in connection with its Securities Account in CSD on the CSDRecord Date. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in Should the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior due to a payment date. Depending delay on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account behalf of the Issuer for or some other obstacle, not be able to effectuate payments as aforesaid, the Issuer shall procure that such delay. (e) amounts are paid to the Persons who are registered as Bondholders on the relevant Record Date as soon as possible after such obstacle has been removed. If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) 11.4 during such postponement. (f) . If payment or repayment is made in accordance with this Clause 810, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person Person not entitled to receive such amount. , unless the Issuer or the CSD (gas applicable) Any was aware that the payment which shall be was being made under these Terms and Conditions on to a date which is Person not a Business Day, shall be instead be made on the first following day that is a Business Day (no business day adjustment). (h) entitled to receive such amount. The Issuer is shall pay any stamp duty and other public fees accruing in connection with the Bond Issue, but not in respect of trading in the secondary market (except to the extent required by applicable law), and shall deduct at source any applicable withholding tax payable pursuant to law. The Issuer shall not be liable to reimburse any stamp duty or public fee or to gross-up any payments under the Finance Documents these Terms and Conditions by virtue of any withholding tax, public levy or the similar. (i) Notwithstanding anything to the contrary in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSD.

Payments in Respect of the Bonds. 8.1 Covenant to pay (a) Any payment The Issuer will unconditionally make available to or repayment under to the Finance Documents, order of the Bond Trustee and/or the Paying Agent all amounts due on each Payment Date pursuant to the terms of these Bond Terms at such times and to such accounts as specified by the Bond Trustee and/or the Paying Agent in advance of each Payment Date or any amount when other payments are due in respect of a repurchase of any Bonds requested by a Bondholder and payable pursuant to these Terms and Conditions, Bond Terms. (b) All payments to the Bondholders in relation to the Bonds shall be made to such person who is each Bondholder registered as a Bondholder on a Securities Account on such in the CSD at the Relevant Record Date immediately preceding the relevant payment dateDate, by way of (by, if no specific order is made by the Bond Trustee) , crediting the relevant amount to the bank account nominated by such Bondholder in connection with its Securities Account securities account in the CSD. (bc) Payment constituting good discharge of the Issuer's ’s payment obligations to the Bondholders under these Bond Terms and Conditions will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated by the Bondholder in connection with its Securities Account securities account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (cd) All amounts payable under If a Payment Date or a date for other payments to the Finance Bondholders pursuant to the First Lien Notes Documents shall be payable in falls on a day on which either of the relevant denomination of CSD settlement system or the relevant currency settlement system for the Bonds set out in Clause 2(a) above. If, howeverare not open, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior to a payment date. Depending on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (e) If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) during such postponement. (f) If payment or repayment is made in accordance with this Clause 8, the Issuer shall be deemed to have fulfilled its obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. (g) Any payment which shall be made under these Terms and Conditions on a date which is not a Business Day, shall be instead be made on the first following possible day that is a Business Day (no business day adjustment). (h) The Issuer is not liable to gross-up on which both of the said systems are open, unless any payments under the Finance Documents by virtue of any withholding tax, public levy or the similar. (i) Notwithstanding anything provision to the contrary have been set out for such payment in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSDrelevant First Lien Notes Document.

Payments in Respect of the Bonds. (a) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and ConditionsBonds, shall be made to such person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding prior to an Interest Payment Date or other relevant due date, or to such other person who is registered with the CSD on such date as being entitled to receive the relevant payment datepayment, by way of (if no specific order is made by the Trustee) crediting the relevant amount to the bank account nominated by such Bondholder in connection with its Securities Account in the CSDrepayment or repurchase amount. (b) Payment constituting good discharge If a Bondholder has registered, through an Account Operator, that principal and interest shall be deposited in a certain bank account, such deposits will be effected by the CSD on the relevant payment date. In other cases, payments will be transferred by the CSD to the Bondholder at the address registered with the CSD on the Record Date. Should the CSD, due to a delay on behalf of the Issuer's payment obligations Issuer or some other obstacle, not be able to effect payments as aforesaid, the Issuer shall procure that such amounts are paid to the persons who are registered as Bondholders under these Terms and Conditions will be deemed to have been made to each Bondholder once on the amount relevant Record Date as soon as possible after such obstacle has been credited to the bank holding the bank account nominated by the Bondholder in connection with its Securities Account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in questionremoved. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior to a payment date. Depending on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (e) If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d8(d) during such postponement. (fd) If payment or repayment is made in accordance with this Clause 87, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. (ge) Any payment which All amounts payable by the Issuer to the Bondholders shall be made under these Terms and Conditions without withholding or deduction for or on a date which account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of Sweden or any authority thereof or therein unless such withholding or deduction is not a Business Dayrequired by law or regulation or the interpretation or application of such laws or regulations. If such withholding or deduction is required, the Issuer will at the request of the relevant Bondholder pay such additional amounts (the "Additional Amounts") as are necessary in order that the net amount received by the relevant Bondholder, after such withholding or deduction, shall be instead be made on equal to the first following day that is a Business Day (no business day adjustment)respective amounts which would otherwise have been receivable in the absence of such withholding or deduction. (hf) The Issuer is not liable to gross-up any payments under the Finance Documents by virtue Notwithstanding Clause 7(e), no Additional Amounts shall be payable on account of any withholding tax, public levy taxes or the similar.duties which: (iI) Notwithstanding anything to are payable by reason of any relevant person having, or having had, some connection with Sweden other than the contrary in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures mere holding of the CSD.Bond(s);

Payments in Respect of the Bonds. (a) ‌ Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and ConditionsBonds, shall be made to such person Person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding prior to the relevant payment date, by way of (if no specific order or to such other Person who is made by registered with the Trustee) crediting CSD on such date as being entitled to receive the relevant amount to the bank account nominated by such payment, repayment or repurchase amount.‌ If a Bondholder in connection with its Securities has registered, through an Account in the CSD. (b) Payment constituting good discharge of the Issuer's Operator, that principal, Interest and any other payment obligations to the Bondholders that shall be made under these Terms and Conditions shall be deposited in a certain bank account; such deposits will be deemed to have been made to each Bondholder once effectuated by the amount has been credited CSD on the relevant payment date. In other cases, payments will be transferred by the CSD to the bank holding Bondholder at the bank account nominated by address registered with the Bondholder in connection with its Securities Account in CSD on the CSDRecord Date. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in Should the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior due to a payment date. Depending delay on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account behalf of the Issuer for or some other obstacle, not be able to effectuate payments as aforesaid, the Issuer shall procure that such delay. (e) amounts are paid to the Persons who are registered as Bondholders on the relevant Record Date as soon as possible after such obstacle has been removed. If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) 11.4 during such postponement. (f) . If payment or repayment is made in accordance with this Clause 810, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person Person not entitled to receive such amount. , unless the Issuer or the CSD (gas applicable) Any was aware that the payment which shall be was being made under these Terms and Conditions on to a date which is Person not a Business Day, shall be instead be made on the first following day that is a Business Day (no business day adjustment). (h) entitled to receive such amount. The Issuer is shall pay any stamp duty and other public fees accruing in connection with the Bond Issue, but not in respect of trading in the secondary market (except to the extent required by applicable law), and shall deduct at source any applicable withholding tax payable pursuant to law. The Issuer shall not be liable to reimburse any stamp duty or public fee or to gross-up any payments under the Finance Documents these Terms and Conditions by virtue of any withholding tax, public levy or similar. INTEREST‌ The Bonds will bear Interest at the similar. (i) Notwithstanding anything Interest Rate applied to the contrary Nominal Amount from, but excluding, the Issue Date up to and including the relevant Redemption Date.‌ Interest accrues during an Interest Period. Subject to the Intercreditor Agreement, payment of Interest in these Terms and Conditions, respect of the Bonds shall be subject to, and any payments made quarterly in relation thereto arrears to the Bondholders on each Interest Payment Date for the preceding Interest Period. Interest shall be calculated on the basis of the actual number of days in the Interest Period in respect of which payment is being made in accordance withdivided by 360 (actual/360-days basis).‌ If the Issuer fails to pay any amount payable by it under these Terms and Conditions on its due date, default interest shall accrue on the overdue amount from, but excluding, the rules due date up to and procedures including the date of actual payment at a rate which is two hundred (200) basis points higher than the Interest Rate. Accrued default interest shall not be capitalised. No default interest shall accrue where the failure to pay was solely attributable to the Agent or the CSD., in which case the Interest Rate shall apply instead.‌

Payments in Respect of the Bonds. (a) ‌ Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and Conditions, Conditions shall be made to such person Person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding prior to the relevant payment date, by way of (if no specific order or to such other Person who is made by registered with the Trustee) crediting CSD on such Record Date as being entitled to receive the relevant amount to the bank account nominated by such payment, repayment or repurchase amount.‌ If a Bondholder in connection with its Securities has registered, through an Account in the CSD. (b) Payment constituting good discharge of the Issuer's Operator, that principal, Interest and any other payment obligations to the Bondholders that shall be made under these Terms and Conditions shall be deposited in a certain bank account; such deposits will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding the bank account nominated effectuated by the Bondholder in connection with its Securities Account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in question. (c) All amounts payable under the Finance Documents shall be payable in CSD on the relevant denomination of the Bonds set out in Clause 2(a) abovepayment date. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in Should the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior due to a payment date. Depending delay on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account behalf of the Issuer for or some other obstacle, not be able to effectuate payments as aforesaid, the Issuer shall procure that such delay. (e) amounts are paid as soon as possible after such obstacle has been removed. If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) 11.4 during such postponement. (f) . If payment or repayment is made in accordance with this Clause 810, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person Person not entitled to receive such amount. , unless the Issuer or the CSD (gas applicable) Any was aware of that the payment which shall be was being made under these Terms and Conditions on to a date which is Person not a Business Day, shall be instead be made on the first following day that is a Business Day (no business day adjustment). (h) entitled to receive such amount. The Issuer is shall pay any stamp duty and other public fees accruing in connection with a Bond Issue, but not in respect of trading in the secondary market (except to the extent required by applicable law), and shall deduct at source any applicable withholding tax payable pursuant to law. The Issuer shall not be liable to reimburse any stamp duty or public fee or to gross-up any payments under the Finance Documents these Terms and Conditions by virtue of any withholding tax, public levy or the similar. (i) Notwithstanding anything to the contrary in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSD.

Payments in Respect of the Bonds. (a) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and ConditionsBonds, shall be made to such person who is registered as a Bondholder on a Securities Account on the Record Date immediately preceding prior to an Interest Payment Date or other relevant due date, or to such other person who is registered with the CSD on such date as being entitled to receive the relevant payment datepayment, by way of (if no specific order is made by the Trustee) crediting the relevant amount to the bank account nominated by such Bondholder in connection with its Securities Account in the CSDrepayment or repurchase amount. (b) Payment constituting good discharge If a Bondholder has registered, through an Account Operator, that principal and interest shall be deposited in a certain bank account, such deposits will be effected by the CSD on the relevant payment date. In other cases, payments will be transferred by the CSD to the Bondholder at the address registered with the CSD on the Record Date. Should the CSD, due to a delay on behalf of the Issuer's payment obligations Issuer or some other obstacle, not be able to effect payments as aforesaid, the Issuer shall procure that such amounts are paid to the persons who are registered as Bondholders under these Terms and Conditions will be deemed to have been made to each Bondholder once on the amount relevant Record Date as soon as possible after such obstacle has been credited to the bank holding the bank account nominated by the Bondholder in connection with its Securities Account in the CSD. If the paying bank and the receiving bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by the Bondholder in questionremoved. (c) All amounts payable under the Finance Documents shall be payable in the relevant denomination of the Bonds set out in Clause 2(a) above. If, however, the denomination differs from the currency of the bank account connected to the Bondholder's Securities Account in the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSD. (d) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator in the CSD) within five Business Days prior to a payment date. Depending on any currency exchange settlement agreements between each Bondholder's bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (e) If, due to any obstacle for the CSD, the Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d8(d) during such postponement. (fd) If payment or repayment is made in accordance with this Clause 87, the Issuer and the CSD shall be deemed to have fulfilled its their obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. (ge) Any payment which All amounts payable by the Issuer to the Bondholders shall be made under these Terms and Conditions without withholding or deduction for or on a date which account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of Sweden or any authority thereof or therein unless such withholding or deduction is not a Business Dayrequired by law or regulation or the interpretation or application of such laws or regulations. If such withholding or deduction is required, the Issuer will at the request of the relevant Bondholder pay such additional amounts (the "Additional Amounts") as are necessary in order that the net amount received by the relevant Bondholder, after such withholding or deduction, shall be instead be made on equal to the first following day that is a Business Day (no business day adjustment)respective amounts which would otherwise have been receivable in the absence of such withholding or deduction. (hf) The Issuer is not liable to gross-up any payments under the Finance Documents by virtue Notwithstanding Clause 7(e), no Additional Amounts shall be payable on account of any withholding tax, public levy taxes or the similar.duties which: (i) Notwithstanding anything are payable by reason of any relevant person having, or having had, some connection with Sweden other than the mere holding of the Bond(s); (ii) would not be payable if a relevant person made a declaration of non- residence or similar claim for exemption to the contrary in these Terms and Conditions, relevant tax authority; (iii) would not be payable if a relevant person could claim an exemption under a tax treaty; (iv) are withheld or deducted pursuant to any European Union Directive or Regulation concerning the Bonds shall taxation of interest income or any provision of law implementing or complying with such Directive or Regulation; or (v) gives rise to a tax credit that may be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSDeffectively used by a relevant person.

Payments in Respect of the Bonds. (a) The Issuer will unconditionally make available to or to the order of the Agent and/or the Paying Agent all amounts due on each Payment Date pursuant to the terms of these Terms and Conditions at such times and to such accounts as specified by the Agent and/or the Paying Agent in advance of each Payment Date or when other payments are due and payable pursuant to these Terms and Conditions. (b) Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Bonds requested by a Bondholder pursuant to these Terms and Conditions, Documents shall be made to such person who is registered as a Bondholder on a Securities Account on the Relevant Record Date immediately preceding the relevant payment date, by way of (if no specific order is made by the Trustee) crediting the relevant amount to the bank account nominated by such each Bondholder in connection with its Securities Account in the CSD. (bc) Payment constituting good discharge If a Bondholder has registered, through an Account Operator, that principal and interest shall be deposited in a certain bank account, such deposits will be effected by the Paying Agent on the relevant payment date. In other cases, payments will be transferred by the Paying Agent to the Bondholder at the address registered with the CSD on the Relevant Record Date. Should the Paying Agent, due to a delay on behalf of the Issuer's Issuer or some other obstacle, not be able to effect the payment obligations of amounts according to the Bondholders under these Terms and Conditions aforesaid, the Paying Agent will be deemed pay such amount to have been made to each the relevant Bondholder once being registered as such on the amount Relevant Record Date as soon as possible after such obstacle has been credited removed. (d) If, due to any obstacle for the bank holding CSD or the bank account nominated by Paying Agent, the Bondholder Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in connection accordance with its Securities Account Clause 8(b) during such postponement. (e) If payment or repayment is made in accordance with this Clause 7, the CSD. If the paying bank Issuer and the receiving bank are the same, payment Paying Agent shall be deemed to have been fulfilled their obligation to pay, irrespective of whether such payment was made once the amount has been credited to the bank account nominated by the Bondholder in questiona person not entitled to receive such amount. (cf) All amounts payable If the Issuer is required by Danish law to withhold any tax from any payment in respect of the Bonds under the Finance Documents shall be payable in Documents: (i) the relevant denomination amount of the Bonds set out in Clause 2(apayment due from the Issuer will be increased to such amount which is necessary to ensure that the Bondholders or the Agent, as the case may be, receive a net amount which is (after making the required withholding) above. If, howeverequal to the payment which would have been received if no withholding had been required; and (ii) at the request of the Agent, the denomination differs from the currency of the bank account connected Issuer will deliver to the Bondholder's Securities Account in Agent evidence that the CSD, any cash settlement may be exchanged and credited to this bank account in accordance with the procedures of the CSDrequired tax deduction or withholding has been made. (dg) Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders, unless otherwise provided by law or regulation, and the Issuer shall not be responsible for reimbursing any such fees. (h) Any specific payment instructions, including foreign exchange bank account details, to be connected to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through its Account Operator account manager in the CSD) within five Business Days prior to a payment datePayment Date. Depending on any currency exchange settlement agreements between each Bondholder's ’s bank and the Paying Agent, and opening hours of the receiving bank, cash settlement may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that no default interest or other penalty shall accrue for the account of the Issuer for such delay. (ei) If, due to any obstacle for Should the CSD, the Issuer cannot make Paying Agent be prohibited from making a payment or repaymentrepayment in DKK or USD on the applicable Payment Date as a consequence of such day not being a business day in Denmark or the United States of America (as applicable), such payment or repayment may be postponed until the obstacle has been removed. Interest shall accrue in accordance with Clause 9(d) during such postponement. (f) If payment or repayment is made in accordance with this Clause 8, the Issuer shall be deemed to have fulfilled its obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. (g) Any payment which shall be made under these Terms and Conditions on a date which is not a Business Day, shall be instead be made on the first Business Day following day that the Payment Date which is a Business Day (no business day adjustmentalso in Denmark or the United States of America (as applicable). (h) The Issuer is not liable to gross-up any payments under the Finance Documents by virtue of any withholding tax, public levy or the similar. (i) Notwithstanding anything to the contrary in these Terms and Conditions, the Bonds shall be subject to, and any payments made in relation thereto shall be made in accordance with, the rules and procedures of the CSD.