Paying and Conversion Agency AgreementPaying and Conversion Agency Agreement • March 25th, 2004 • Serono S A • Biological products, (no disgnostic substances)
Ares International Finance 92 Ltd, PO Box 1034GT, 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, Cayman Islands
Serono S.A. Centre Industriel CH-1267 Coinsins Tel.+41 22 354 5000 Fax+41 22 354 5762Guarantee • March 25th, 2004 • Serono S A • Biological products, (no disgnostic substances)
As security for the CHF 600,000,000 0.5% unsubordinated convertible bonds due 2008 (the "Bonds") issued by Ares International Finance 92 Ltd., PO Box 1034GT, 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman, Cayman Islands (the "Issuer"), Serono S.A, 1267 Coinsins, Switzerland, (the "Guarantor") herewith irrevocably and unconditionally guarantees, in accordance with the terms of Article 111 of the Swiss Federal Code of Obligations:
