The agreements and undertakings set out above are subject to the following conditions: The obligations of the members of the Major Bondholders under the standstill letter are separate and not joint. the Company acknowledges and agrees to the standstill letter in writing on the date hereof; the Company initiates the Written Procedure relating to the waiver request on 10 July 2021 at the latest and that the notice of such Written Procedure also includes an Additional Interest; andthe publication of this press release.
The Major Bondholders undertake and agree during the Standstill Period to: waive any right to take actions against the Company for the Covenant Failure and/or any other potential breach of the Company’s obligations under the Terms and Conditions due to the bankruptcy and/or the write-off event; andagree with the Company on a standstill period which will last until the earlier of 31 August 2021, the date on which the waiver is approved by the bondholders in a written procedure (the “Written Procedure”) held in accordance with the Terms and Conditions or the date the standstill period lapses due to the breach by the Company of the conditions described below (the “Standstill Period”), it being understood that the waiver to be given in the written procedure shall be valid until 31 December 2021.
not instruct the Agent (Nordic Trustee & Agency AB (publ)) or vote in favour in any Written Procedure of any proposal, to accelerate the Bonds and/or enforce the transaction security under the Terms and Conditions or the security documents, as applicable, due to any potential Event of Default under the Terms and Conditions or any circumstance which could result in an Event of Default under of the Terms and Conditions and/or or take any other action against the Company, due to the bankruptcy and the write-off event;participate in and vote in favour of the waiver request in the Written Procedure; andnot divest the Bonds which each of them represent unless the seller of any Bonds ensures that the purchaser of such Bonds accedes to the undertakings in the standstill letter. Today the Company received a standstill letter from a majority of the bondholders representing 75.44% of the total nominal amount of the Bonds (the “Major Bondholders”), stating that the Major Bondholders shall:
The Company has agreed to the conditions described above and will initiate a Written Procedure to have the official voting for a waiver conducted as soon as possible. The Standstill Period may be extended and the standstill letter may be amended if so agreed upon by the Major Bondholders and the Company in writing.
Provided that the waiver request is approved by a requisite majority (i.e. 2/3 of votes) of the bondholders, the Interest payable to the bondholders under the Bonds shall be increased by one hundred (100.00) basis points per annum during the period commencing on 1 January 2021 and ending when the Covenant Failure has been cured according to (i) a Compliance Certificate duly issued by the Company pursuant to the Terms and Conditions and (ii) a certificate issued by an auditor (the “Additional Interest”). The part of the Additional Interest attributable to the Interest Period ending on the last Interest Payment Date (i.e. 20 February 2021), shall be paid on the next applicable Interest Payment Date (i.e. 20 August 2021). If any of the conditions set out above are not met/are breached, and such non-compliance and/or breach has not been remedied within two (2) business days from the moment that the Agent or the Major Bondholders has notified the Company of such non-compliance and/or breach the Standstill Period shall automatically and immediately lapse.
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