EXHIBIT 2
AL Industrier AS
Xxxxxxxxxxxxx 0
0000 Xxxx
Attn: Xxxxxx Xxxxxxxx
Oslo, August 13, 2001
EGJ/aes423
LOAN TO AL CHEMY AS USD 100,000,000 REVOLVING ADVANCE FACILITY IN USD AND NOK
This is in reference to the aforementioned loan documented in today's loan
agreement between Den norske Bank ASA as the lender and AL Chemy AS as the
borrower.
It is assumed during the term of the loan that AL Industrier AS and AS Wangs
Fabrik will not dispose of nor grant a mortgage or security on their assets
without the consent of Den norske Bank ASA. It is also assumed that neither AL
Industrier AS nor AS Wangs Fabrik will arrange a loan, assume guarantee
liability, or make investments without the consent of Den norske Bank ASA.
Dividend payments (possibly another form of profit payment) are only acceptable
within a collective limit of NOK 12,000,000 for AL Industrier AS, AS Wangs
Fabrik, and AL Chemy AS combined.
Finally, the bank assumes that AL Industrier AS is using in full the proceeds
from a possible sale of its ownership interest in Dynal Biotech ASA to pay down
outstanding loans.
Sincerely,
for Den norske Bank ASA
[signature]
The above is hereby approved
for AL Industrier AS
[signatures]
for AS Wangs Fabrik
[signatures]
Den norske Bank ASA, Mailing Address: Xxxxxxxx 00, 0000 Xxxx --
Xxxxxx Xxxxxxx: Xxxxxxxx 00, Xxxx
Telephone: x00 00 00 00 00 -- Fax: x00 00 00 00 00
Internet: xxxx://xxx.xxx.xx/ -- E-mail: xxx@xxx.xx --
SWIFT address: XXXXXXXX -- Business identification number 810 506 482
