Background. The Icelandic authorities have explained that as a result of turmoil in the global financial markets, the Icelandic financial institutions have been faced with a shortage of liquidity and limited supply of credit. In response to this situation, the Icelandic authorities decided to adopt measures aimed at securing the functioning of financial markets. One of such measures consists of authorising the national housing agency, the Housing Financing Fund (the ‘HFF’), to purchase mortgage loans from financial undertakings. The Icelandic authorities have explained that this is the second scheme authorising the HFF to intervene on behalf of the State in the context of the financial crisis. The first scheme was approved by the Authority by means of Decision No 168/09/COL of 27 March 2009 on an additional loan category of the HFF on lending to banks, saving banks and other financial institutions for the purpose of temporarily refinancing mortgage loans (1). The major difference between the scheme already approved by the Authority and the Mortgage Loan Scheme is that the former contained an asset swap of a temporary nature whereas under the Mortgage Loan Scheme the asset swap would be permanent. The schemes do not overlap in the sense that they cover the same portfolio of mortgage loans at the same time, because the portfolio of the mortgage loans subject to the temporary scheme must be returned to the beneficiary undertaking before a purchase agreement is put into effect. The primary objective of the Mortgage Loan Scheme is to provide liquid funds to financial institutions. The market failure intended to be addressed by the measure is the lack of liquidity due to the collapse of the financial system. As a secondary objective, the Mortgage Loan Scheme aims at ensuring the availability of loans on the residential housing market and to safeguard the interests of the homeowners. The Mortgage Loan Scheme was originally designed as a financing measure for new mortgage loans to be offered by the financial institutions in order to complement the temporary scheme for the refinancing of financial institutions in respect of mortgage loans already given, which was subject to the Authority’s Decision No 168/09/COL. The Mortgage Loan Scheme, like the temporary scheme, is principally aimed at guaranteeing the security and availability of mortgage loans and promoting normal price formation in the real estate market (2). According to the information provided by the Icelandic authori...
Background. (8) Norwegian municipalities are legally responsible for financing the operation and maintenance of streetlights along municipal roads in their respective jurisdictions (11).
Background. 1.1 The Parties have entered into an agreement under which the Controller subscribes to the Service provided by the Processor (the ”Product Agreement”). This DPA regulates the Controller’s rights and obligations in its capacity as data controller as well as the Processor’s rights and obligations in its capacity as data processor when the Processor processes personal data on behalf of the Controller under the Agreement.
1.2 This DPA constitutes a part of the Agreement. In case of any discrepancies between the Agreement and this DPA, the wording of the DPA shall prevail.
Background. 3.1 The Company has on or about the date hereof been granted an overdraft facility up to a maximum amount of SEK 70 million (the “SEB Facility”) by Skandinaviska Enskilda Banken AB (publ) (“SEB”) on the terms set out in Appendix 1.
Background. As described above, the investment incentives scheme is established by Act No 99/2010, and Regulation (EU) No 985/2010, on incentives for initial investments in Iceland. The Act and the Regulation set out a mechanism for the support of initial investment in regions which, under Decision No 378/06/COL of 6 December 2006 on the map of assisted areas and levels of aid in Iceland, are eligible for regional aid.
Background. Bolaget har ingått ett fusionsavtal (”Fusionsavtalet”) med Lucid Holdings LLC (”Lucid”), genom vilket Bolaget kommer bli ägare till samtliga aktier i Lucid under förutsättning av att villkoren i avtalet uppfylls. En del av köpeskillingen enligt Fusionsavtalet ska betalas med Bolagets egna aktier genom kvittning av en fordran på Bolaget uppgående till 475 799 950 USD som uppkommit enligt Fusionsavtalet (”Fordran”). Säljarna av Xxxxx har rätt kvitta sin andel av Xxxxxxx mot nya aktier i Bolaget. The Company has entered into a merger agreement (the “Merger Agreement”) with Lucid Holdings LLC (“Lucid”) pursuant to which the Company will become the shareholder of all shares in Lucid, provided that all conditions of the agreement are fulfilled. Part of the consideration under the Merger Agreement shall be paid with the Company’s own shares by way of set-off against a claim on the Company amounting to USD 475,799,950 which is based on the Merger Agreement (the “Claim”). The sellers of Lucid have a right to set off their pro rata share of the Claim against new shares in the Company. Styrelsen föreslår att extra bolagsstämman bemyndigar styrelsen att, innan nästkommande årsstämma i Bolaget, vid ett eller flera tillfällen, fatta beslut om nyemission enligt nedan. Bolagets aktiekapital ska kunna ökas med högst 3 629 290,20 kronor genom en nyemission av högst 36 292 902 aktier.
Background. District heating has expanded greatly in recent years and is the dominant form of heating for multi-family apartment buildings and commercial premises in our urban areas. The number of detached houses heated by district heating is also increasing steadily. This is a positive trend, since district heating is an efficient, reliable, eco- nomical and flexible solution offering the options of utilising avail- able biofuels, waste fuels and industrial waste heat. District heating also has an important role to play in Sweden’s energy and climate policy by allowing the possibility of simultaneous production of electricity and heat in highly efficient CHP (combined heat and power) plants and thereby a much more efficient utilisation of fuels. There is a risk that the criticism that has emerged in recent years towards the strong position of the district heating companies in relation to their customers will delay or prevent the further devel- opment of this socially beneficial form of heating. It is claimed in the public debate that the district heating companies have in prac- tice a monopoly, enabling them to control prices without any other alternative for the customers to respond than the very costly investments associated with switching to another form of heating. If customers lose confidence in their ability to influence the future price trend for district heating, those who have alternatives may choose them even though they are economically inferior today merely because they feel they have more influence over price and other important factors over those alternatives.
Background. Goldcup 100593 AB (under change of name to Valerum AB (publ) (the "Company") issued a SEK 710,000,000 senior secured bond on 30 October 2020 (the "Bond" or the "Bond Issue") for the purpose of part financing the acquisition of Valerum Fastighets AB. As part of the Bond Issue documentation, the Default Put Option Agreement between the Issuer, Samhällsbyggnadsbolaget I Norden AB ("SBB") and Intertrust (Sweden) AB (acting as Agent), together with the Terms and Conditions of the Bond Issue, stipulates the terms for the Default Put Option whereby the bondholders have a right to sell their Bonds to SBB in case of the Company defaulting on its obligations. After the initial terms for the Bond Issue was set, the Company and SBB has agreed to carry out an amendment of the terms stipulating an adjustment of the loan enabling SBB to acquire all outstanding Bonds, together with accrued and unpaid interest, should any bondholder choose to exercise the Default put option. The amendment allows SBB to more effectively manage potential bankruptcy proceedings in case of an Event of Default.
Background. Hurtigruten ASA operates maritime transport services consisting of the combined transport of persons and goods along the Norwegian costal line from Bergen to Kirkenes, serving 34 ports of call on a daily basis throughout the year.
(1) Available at: xxxx://xxx.xxxxxxxx.xxx/xxxxx-xxx/xxxxx-xxxxxxxxx/xxxxx-xxx-xxxxxxxxxx/
(2) OJ L 30, 5.2.1998, incorporated as point 53a in Annex XIII to the EEA Agreement. For the period 1 January 2002 until 31 December 2004 the two maritime companies, Ofotens og Veste raalens Dampskipsselskap ASA and Troms Fylkes Dampskipsselskap (the Hurtigruten companies) were entrusted with the provision of the service. A draft agreement with the Hurtigruten companies was notified to the Authority by the Norwegian authorities in July 2000 and an annual compensation of NOK 170 million for 2002-04 was approved by the Authority on 19 December 2001 (1). The operation of the service for the period 1 January 2005 to 31 December 2012 was the subject of a tender procedure initiated in June 2004. The Hurtigruten companies were the only bidders and signed a contract with the Norwegian authorities on 17 December 2004 (the Hurtigruten Agreement). The Hurti gruten companies merged in March 2006 to form the entity now operating the service, Hurtigruten ASA (Hurtigruten). Under the Hurtigruten Agreement, Hurtigruten provides for daily services at 34 predetermined ports of call throughout the year, based on a fixed schedule, capacity based on the requirement to operate the route with 11 predetermined vessels and maximum prices as regards the distance passenger routes. Hurtigruten is free to set its prices for roundtrips, cabins, catering and transport of cars and goods. For the services covered by the Hurtigruten Agreement, the Norwegian authorities pay a total compensation of NOK 1 899,7 million for the eight years of duration of the agreement, expressed in 2005 prices: For 2005 NOK 217,5 million For 2006 NOK 247,5 million For 2007 NOK 247,5 million For 2008 NOK 240,0 million For 2009 NOK 236,8 million For 2010 NOK 236,8 million For 2011 NOK 236,8 million For 2012 NOK 236,8 million
(1) Decision 417/01/COL. The payments are calculated according to a price index clause, taking into account the price of marine gas oil, salary costs in the marine sector and NIBOR. In addition to the service covered by the Hurtigruten Agreement, Hurtigruten is a commercial operator and offers round trips, excursions, and catering on the route Bergen–Kirkenes. Moreover, in c...
Background. In 1992, the Norwegian authorities introduced a scheme concerning special tax deductions for cooperatives. According to the scheme, cooperatives within the agricultural and fisheries sectors as well as consumer cooperatives were entitled to incor- porate tax deductions on the basis of allocations to equity capital. Other forms of cooperatives were not covered by the scheme. The deduction was limited to maximum 15 % of the annual net income, and taken solely from the part of the income deriving from trade with the members of the cooperative. A deduction corresponding to the maximum allowed would imply a reduc- tion from the normal corporate tax rate of 28 % to 23,8 % (5). According to the Proposal by the Norwegian Government of 29 September 2006 (6), the aim of the scheme was to grant a fiscal advantage to the cooperatives on the basis that the coope- ratives were considered to have a more difficult access to equity capital than other undertakings.