Document:

frhc_ex401.htm

EXHIBIT 4.01
  
 Certain portions of this exhibit (indicated by “[****]”) have been omitted
 Pursuant to Item 601(a)(6) of Regulation S-K
  
 LOAN AGREEMENT
  
 Made as of
  
 November 22, 2021
  
 between
  
 Freedom Finance SPC Ltd.
  
 as Lender
  
 -and-
  
 Freedom Holding Corp.
  
 as Borrower
  
 	 
	
	

	 

  
 THIS LOAN AGREEMENT is made as of November 22, 2021 ("Loan Agreement").
  
 BETWEEN
  
 (1) Freedom Finance SPC Ltd., a company incorporated under the legislation of the Astana International Financial Centre, and having its registered office at: 55/20 Mangilik El Avenue, office 141, Esil district, Nur-Sultan, Kazakhstan, postal code Z05T3D0 (hereinafter referred to as the "Lender"), represented by the Director Olga Lozovaya; and
  
 (2) Freedom Holding Corp., a company incorporated under the laws of the State of Nevada, USA, having its registered office at: 3960 Howard Hughes Parkway, Suite 500, Las Vegas, Nevada 89169, United States (hereinafter referred to as the "Borrower"), represented by the CEO Timur Turlov, 
   
 (the Lender and Borrower individually or collectively referred to as a "Party" and the “Parties”, respectively).
  
 WHEREAS
  
 The Borrower is the sole shareholder of the Lender and the main type of the Lender’s business activity is raising funds via issuance of various instruments to finance business of the parent Freedom Holding Corp.
   
 The Lender issued U.S.$200,000,000 Bond Programme and U.S.$66,000,000 First Tranche under the Programme, which is unconditionally and irrevocably guaranteed by Freedom Holding Corp. pursuant to a Guarantee agreement dated August 10, 2021.
   
 The Lender has agreed to make available to the Borrower a loan of the amount received from the placement of the First Tranche for the purpose of financing the Borrower’s current activities, subject to the terms and conditions of this Loan Agreement.
  
 WHEREBY IT IS AGREED
  
 1. DEFINITIONS AND INTERPRETATION
  
 1.01 In this Loan Agreement:
  
 "Business Day" means a day (not being a Saturday or Sunday) on which banks and financial markets in Kazakhstan are open for business;
  
 	 
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 “Loan Amount” means the principal sum of USD 66 000,000.00 (Sixty six million United States Dollars) or the amount of proceeds received by the Lender from the issue of the First Tranche;
  
 "US Dollars" and "USD" means the lawful currency for the time being of the United States of America;
  
 "Drawdown Date" means the date on which the Loan Amount is actually paid to the Borrower;
  
 "Event of Default" means any one of the events listed in Clause 7;
  
 "Repayment Date" means October 21, 2026, if such date is not a Business Day, the last Business Day before such date.
  
 "Programme" means the U.S.$ 200,000,000 Bond Programme valid until November 1, 2027, established by Freedom Finance SPC Ltd. And unconditionally and irrevocably guaranteed by Freedom Holding Corp., pursuant to which the Lender may from time-to-time issue bonds denominated in U.S. Dollar ("Bonds") to Accredited Investors only pursuant to AIX Market Listing Rules (MLR16-1) and AIFC Market Rules 1.2.2(a), (d).
  
 "First Tranche" means the 5,5% coupon U.S.$ 66,000,000 bonds due October 21, 2026. (ISIN: kzx000000815) issued under the Programme.
  
 2. DRAWDOWN
  
 2.1 The Lender shall make payment of the Loan Amount to the Borrower in one or several installments within 365 (Three hundred sixty five) days from the date of this Loan Agreement to the bank account of the Borrower specified in Clause 13 hereof.
  
 3. INTEREST
  
 3.01 The Parties hereby agree that the Loan Amount shall be made available to the Borrower at an interest rate of 5,5 (five point five) per cent per annum (“Interest”) to be calculated on the basis of the actual number of days elapsed from the Drawdown Date.
  
 3.02 The payment of the Interest by the Borrower shall be equal and fully cover the Lender's obligations to the holders of the Bonds issued under the First Tranche.
  
 3.03 The Borrower shall pay Interest not later than 21 April and 21 October in each year, commencing on 21 April 2022. If the date of payment of the principal debt or coupon interest fails on a weekend or holiday, the Borrower undertakes to pay the Interest on the last Business Day before such date.
  
 	 
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 4. REPAYMENT
  
 4.01 The Borrower shall repay the Loan Amount to the Lender on the respective Repayment Date.
  
 4.02 The Borrower may prepay the whole or part of the Loan Amount at any time. Any amount prepaid may be re-borrowed.
  
 5. CONDITIONS PRECEDENT
  
 5.01 The obligation of the Lender to pay the Loan Amount is subject to the condition that on the Drawdown Date:
  
 (a) no Event of Default (or event which, with the giving of notice and/or lapse of time or other applicable condition, might constitute an Event of Default) has occurred and is continuing or might result from the payment of the Loan Amount; and
  
 (b) the representations and warranties of the Borrower set out in Clause 6 are all true and accurate as of each such date, as if made on each such date with reference to the facts then subsisting at the relevant date; and
  
 (c) there is no event occurred such as: any indebtedness of the Borrower to whomever is not paid when due or prematurely payable, or the making by the Borrower of any general arrangement or assignment for the benefit of creditors; the Borrower's becoming bankrupt or insolvent; the institution of proceedings under any bankruptcy or similar laws in which the Borrower is the debtor or bankrupt; the appointing of a trustee or receiver to take possession of substantially all of the Borrower's assets, the attachment, execution or judicial seizure of a substantial part of the Borrower's assets or any assets wherein the Lender has a security interest.
  
 6. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
  
 6.01 The Borrower hereby represents and warrants to the Lender (and so that such representations and warranties shall survive the execution of this Loan Agreement and shall be deemed to be repeated on the Drawdown Date) that:
  
 (a) it is a body corporate duly organized and validly existing under the laws of the State of Nevada, USA and has full power and authority to enter into, and perform all its obligations under this Loan Agreement;
  
 (b) all consents, approvals and authorizations required in connection with this Loan Agreement and the transactions contemplated hereby have been obtained and are in full force and effect;
  
 	 
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 (c) the entry into and performance by the Borrower of this Loan Agreement does not and will not violate in any respect (i) any law or regulation of any governmental or official authority or body, or (ii) the constitutional documents of the Borrower, or (iii) any agreement, contract or other undertaking to which the Borrower is a party or which is binding on the Borrower or any of its assets;
  
 (d) no action, suit, proceeding, litigation or dispute against the Borrower is currently taking place or pending or, to the Borrower's knowledge, threatened nor is there subsisting any judgement or award given against the Borrower before any court, board of arbitration or other body which, in either case, could or might result in any material adverse change in the business or condition (financial or otherwise) of the Borrower; and
  
 (e) the Borrower is not in material default under any agreement by which it is bound and no Event of Default (or event which, with the giving of notice and/or lapse of time or other applicable condition might constitute an Event of Default) has occurred and is continuing nor will such a default or Event of Default (or such event) result from the entry by the Borrower into this Loan Agreement or the performance by the Borrower of any of its obligations hereunder or thereunder.
  
 6.02 The Borrower undertakes that, until the Drawdown Date and thereafter so long as any amount remains outstanding or payable under this Loan Agreement, it will obtain and promptly renew from time to time, all authorisations, approvals, consents required under any applicable law or regulation with respect to this Loan Agreement and it shall comply with the terms of the same.
  
 7. DEFAULT
  
 7.01 If, for any reason whatsoever, any of the following events shall occur and be continuing:
  
 (a) the Borrower fails to pay when due any sum payable by it pursuant to this Loan Agreement; or
  
 (b) the Borrower commits any other breach of, or omits to observe or perform, any of its other obligations or undertakings in this Loan Agreement; or
  
 (c) any representation or warranty made by the Borrower in or pursuant to this Loan Agreement is, or proves to be, untrue or incorrect in any respect when made or deemed to be repeated; or
  
 (d) any debt of the Borrower is not paid when due or becomes prematurely payable or capable of being prematurely declared payable as a consequence of a default with respect thereto; or
  
 (e) an order is made or a petition is presented or a resolution is passed for the administration, winding-up or dissolution of the Borrower, administrator or other official or creditors' representative is appointed in respect of the Borrower or any of its assets or property, or the Borrower becomes insolvent for the purposes of any law, or ceases or threatens to cease to carry on all or a substantial part of its business, or any analogous event occurs in any jurisdiction; or
  
 	 
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 (f) any other event occurs the effect of which is to imperil, delay or prevent the due fulfilment by the Borrower of any of its obligations or undertakings contained in this Loan Agreement, 
   
 then the Lender may, by notice to the Borrower, terminate the obligations of the Lender hereunder, whereupon the same shall be so terminated, and/or may declare the Loan Amount and all other amounts payable hereunder immediately due and payable, whereupon the same shall become immediately due and payable unless otherwise agreed by the Parties in writing.
  
 8. PAYMENTS
  
 8.01 All payments to be made by the Borrower to the Lender under this Loan Agreement shall be made on the due date in US dollars and in same day funds and to such account as the Lender shall specify and shall be made (a) without set-off, counterclaim or condition and (b) free and clear of, and without deduction for or on account of, any present or future taxes, duties, levies, deductions or withholdings whatsoever (hereinafter "Taxes") unless the Borrower is required by law or regulation to make payment subject to any Taxes, in which event such payment shall be increased by such amount as may be necessary to ensure that the Lender receives a net amount, free and clear of all Taxes, equal to the full amount which the Lender would have received had such payment not been subject to such Taxes. The Borrower shall indemnify the Lender against any liability of the Lender in respect of such Taxes and shall promptly supply the Lender with copies of applicable tax receipts.
  
 8.02 The Borrower shall indemnify the Lender on demand against all costs, expenses, liabilities and losses (including loss of profit and funding losses) sustained or incurred by the Lender as a result of or in connection with:
  
 (a) the occurrence and/or continuance of any Event of Default (or event which, with the giving of notice and/or lapse of time or other applicable condition might constitute an Event of Default); and/or
  
 (b) the receipt or recovery of the Loan Amount or any part thereof or an overdue sum otherwise than on the Repayment Date; and/or
  
 (c) (as a separate and independent obligation) any claim, order or judgement which results in any sum payable under this Loan Agreement being paid in a currency other than the currency due under this Loan Agreement.
  
 9. APPLICATION
  
 9.01All moneys received by the Lender under or pursuant to this Loan Agreement shall (unless the Lender otherwise requires in writing) be applied by the Lender in the following manner:-
  
 FIRST:
 to any Interest due hereunder;
 SECOND:
 to the amount of principal due hereunder;
 THIRD:
 to any other amounts due to the Lender from the Borrower under this Loan Agreement;
  
 	 
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 10. MISCELLANEOUS
  
 10.01 This Loan Agreement shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective successors and permitted assigns, provided that the Parties may not assign or transfer any of its rights and/or obligations under this Loan Agreement without prior written consent. 
  
 10.02 No delay or omission on the part of the Lender in exercising any right, power or remedy under this Loan Agreement shall impair such right, power or remedy or be construed as a waiver thereof or of any other right, power or remedy.
  
 10.03 If any one or more of the provisions in this Loan Agreement is or becomes invalid, illegal or unenforceable in any respect under any law or regulation, the validity, legality and enforceability of the remaining provisions of this Loan Agreement shall not be in any way affected or impaired thereby.
  
 11. NOTICES
  
 11.01 Except as otherwise provided for in this Loan Agreement, all notices or other communications under or in respect of this Loan Agreement to either party hereto shall be in writing and shall be deemed to be duly given or made when delivered (in the case of personal delivery or letter) and when dispatched (in the case of facsimile) to such Party addressed to it at such Party’s respective address as appears above herein (or at such address as such Party may hereafter specify for such purpose to the other Party by notice in writing).
  
 A notice or other communication received on a non-working day or after business hours in the place of receipt, shall be deemed to be served on the next following working day in such place.
  
 12. GOVERNING LAW AND JURISDICTION
  
 12.01 This Loan Agreement shall be governed by and construed in accordance with the legislation of the Astana International Financial Centre, Kazakhstan.
  
 12.02 Any dispute, controversy, proceedings or claims of whatever nature arising out of or in connection with this Agreement, including validity, breach and termination hereof shall be brought to, and finally resolved by the Court of the AIFC in accordance with the rules thereof.
  
 	 
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 13. PAYMENT DETAILS OF THE PARTIES
  
 	 Borrower’s payment details
	 Lender’s payment details

	 [****] 
 Correspondent Banks: [****]
 SWIFT: [****] 
 Beneficiary’s Bank: [****]
 SWIFT [****]
 Corr. Acc. [****]
	 [****] 
 Correspondent Banks: [****]
 SWIFT: [****] 
 Beneficiary’s Bank: [****]
 SWIFT [****]
 Corr. Acc. [****]

  
 IN WITNESS whereof the Parties hereto have caused this Loan Agreement to be duly executed the day and year first above written.
  
   
 	 Signed on behalf of Borrower
	  
	 Signed on behalf of Lender

	  
	  
	  

	 Signature
	 /s/ Timur Turlov
	  
	 Signature
	 /s/ Olga Lozovaya
	  

	 Name
	 Timur Turlov
	  
	 Name
	 Olga Lozovaya
	  

	 Title
	 CEO
	  
	 Title
	 Director
	  

  
 	 
	8frhc_ex402.htm

EXHIBIT 4.02
  
 Certain portions of this exhibit (indicated by “[****]”) have been omitted
 pursuant to Item 601(a)(6) of Regulation S-K
  
 	 GUARANTEE AGREEMENT No. 

   	 Nur-Sultan 
	  
	 August 10, 2021

  
 	 Freedom Holding Corp., a corporation duly organized under the laws of Nevada and existing under and by virtue of the laws of the State of Nevada, represented by Chief Executive Officer Turlov T.R., acting on the basis of By-Laws, hereinafter referred to as the "Guarantor", as the first party, and

	  

	 Freedom Finance SPC Ltd., a special purpose company incorporated in accordance with the legislation of the Astana International Financial Centre, represented by Director Olga Lozovaya, acting under the Standard Articles, hereinafter referred to as the “Issuer” as the second party, hereinafter jointly referred to as the Parties, and separately as specified above or a Party, in favor of the Bondholders of the Issuer have entered into this Guarantee Agreement (the “Agreement”) as follows.
  

	 Chapter 1. Terms and Definitions

	 1. The following definitions are used in this Agreement:
 1) Astana International Exchange or AIX – the Astana International Exchange managed by Astana International Exchange Ltd; 
  
 2) Bonds – the bonds of the Issuer which being issued under U.S.$200,000,000 Bond Programme unconditionally and irrevocably guaranteed by Freedom Holding Corp. and being placed on the AIX;
  
 3) Underwriter – the financial consultant Freedom Finance Global PLC that provides advisory and underwriting services to the Issuer in connection with the placement of the Bonds by the latter;
  
 4) Offer Documents of the Bonds – the document under the terms and conditions of which the Issuer places the Bonds on the AIX (the Offer Document of the Programme and the Offer Terms of the Bonds for the tranches);
  
 5) Bondholder(s) – the individual(s) or the legal entity(ies) currently owning the Bond(s); 
  
 6) Guarantor – Freedom Holding Corp.;
  
 7) Guarantee – the Guarantor's obligation to the Bondholders on the performance of the Issuer's obligations to pay off the principal amount and the entire coupon interest on the Bonds arising from this Agreement, to the extent of the Guarantee amount;
  
 8) Issuer – the legal entity that signs the Offer Documents of the Bonds (the Offer Document of the Programme and the Offer Terms of the Bonds), that has issued and placed the Bonds, and assumes the obligations to pay off the Bonds placed and pay the specified interest and other payments on the Bonds.
  

	 Chapter 2. Subject of the Agreement

	 2. Under the terms of this Agreement, the Guarantor shall be jointly liable to the Bondholders for the Issuer’s performance of the obligations to pay off the principal amount of the Bonds, the amount of accrued interest, fees, forfeits, penalties, fines, debt recovery-related litigation fees, caused by the Issuer’s non-performance and (or) improper performance of obligations under the Bonds placed in accordance with the Offer Documents of the Bonds. 
  
 3. The Guarantor's liability to the Bondholders under this Agreement shall be limited in the amount of the value of the placed bonds under the Offer Documents of the Bonds and the coupon interest (the Interest) accumulated on them as of the date the Bondholder(s) submits a claim to the Guarantor.
  
 4. The amount of the Guarantor's obligations under the Guarantee shall be reduced by the amount of the claim satisfied by the Guarantor.
  
 5. The Guarantee shall be enforced only in the event of the Issuer’s non-performance and (or) improper performance of obligations to pay off the principal amount and pay the Interest on the Bonds. The procedures for the filing a claim and performance of the Guarantee shall be established by this Agreement.
  
 Non-performance and (or) improper performance implies the occurrence of an event of default and violation of the Issuer’s obligations established by the Offer Documents of the Bonds.

  	 
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 	 Chapter 3. Rights and Obligations of the Parties

	 6. The Guarantor is obliged to:
 1) within 10 (ten) business days from the date of receipt of the claim(s) of the Bondholder(s) pay under the Guarantee to the Bondholder(s) under the terms of this Agreement.
  
 The Guarantor has taken all necessary action and obtained all required or desirable resolutions and (or) approvals and (or) consents and (or) authorizations to enable it to perform its obligation under this Agreement and to make this Guarantee admissible in evidence in its jurisdiction of incorporation. Any such resolutions and (or) approvals and (or) consents and (or) authorizations are in force and effect.
  
 7. The Guarantor has the right to:
 1) require the Issuer to perform the obligations established by this Agreement;
  
 2) require the Issuer, within 5 (five) business days from the date of receipt of the Guarantor's request, to provide information on the Issuer’s performance of the obligations under the Bonds, including any committed violations of the Offer Documents of the Bonds;
  
 3) require the Issuer (in the event of performance by the Guarantor of its obligations under the Guarantee) to reimburse the Guarantor in full the amount of payments made under the Guarantee, and other losses incurred in connection with the liability for the Issuer; 
  
 4) have the rights under this Agreement.
  
 8. The Issuer is obliged to:
 1) use the funds received from the placement of the Bonds in accordance with its intended purpose established in the Offer Documents of the Bonds;
  
 2) upon request of the Underwriter and (or) the Guarantor, provide their representatives with the opportunity to verify the intended use of the funds received from the placement of the Bonds, the Issuer's financial and operating activities on the conditions (deadline, scope) required by the Underwriter and (or) the Guarantor;
  
 3) within 5 (five) business days following the day of a violation of the Offer Documents of the Bonds, notify the Guarantor in writing of all such violations committed by the Issuer, including the delay in payment (return) of the principal amount and (or) interest on the Bonds, as well as of all circumstances that affect or are likely to affect the Issuer’s performance of the obligations under the Bonds;
  
 4) in the event the Bondholder(s) files claims to perform the obligations under the Bonds, take all reasonable and available measures under the current circumstances to properly perform its obligations;
  
 5) in the event the Guarantor performs its obligations under the Guarantee, reimburse the Guarantor in full the amount of payments made by the Guarantor under the Guarantee, and (upon a relevant claim of the Guarantor) pay an interest accrued on the amount of Issuer's debt to the Guarantor from the date the Guarantor transfers the amount under the Guarantee to the Bondholder(s), up to the date the Issuer actually returns the money to the Guarantor in the amount paid to the Bondholder(s) under the Guarantee, at the rate specified in the Offer Documents of the Bonds, as well as to reimburse for other losses incurred by the Guarantor in connection with the liability for the Issuer, in accordance with the procedure and within the deadlines specified in the Guarantor's claim. The date of the Issuer’s actual return of the money to the Guarantor shall be the date when the money is credited to the Guarantor's bank account specified herein;
  
 6) upon receipt of a written request from the Guarantor to provide information on the performance of obligations under the Bonds, including committed violations of the Offer Documents of the Bonds, within 5 (five) business days from the date of receipt thereof, provide, in writing, the Guarantor with the information specified in the request;
  
 7) upon any changes of the bank details and (or) location, within 3 (three) business days notify the Underwriter, the Bondholder(s), and the Guarantor in writing and by making public disclosure to the market in accordance with the AIX Business Rules;
  
 8) upon any changes of the bank details and (or) location, contact details of the Guarantor as soon as practicable make public disclosure to the market in accordance with the AIX Business Rules;
  
 9) be liable to the Guarantor with all its property, in the event of non-performance and (or) improper performance of its obligations hereunder.

  	 
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 	 Chapter 4. Guarantee Performance Procedure

	 9. Upon expiration of 15 (fifteen) calendar days from the relevant date of the Issuer’s non-performance of the obligations to pay off the principal amount and (or) pay the interest on the Bonds, the Issuer has not performed and (or) has improperly performed the obligations to pay off the principal amount and (or) interest on the Bonds, the Bondholder(s) shall have the right to file a claim to the Guarantor.
  
 10. The following shall be specified in the claim:
 1) the Guarantee Agreement details;
 2) the Issuer’s name;
 3) the calculation of the amount payable by the Guarantor under the Guarantee;
 4) the Bondholder(s) bank details, to which money is to be credited.
  
 11. The amount specified in the claim shall comply with the terms and conditions hereof and may not exceed the maximum Guarantee amount established herein. 
  
 12. The claim shall be sent by the Bondholder(s) to the Guarantor by registered mail or by personal delivery at the Guarantor’s address specified in Chapter 10 of this Agreement. 
  
 13. A claim may be filed to the Guarantor before 6 p.m. (Nur-Sultan time) of a current business day. A claim filed after 6 p.m. (Nur-Sultan time) shall be deemed to have been submitted on the next business day.
  
 14. After receipt of the claim(s) of the Bondholder(s), the Guarantor shall notify the Issuer in writing of such claim(s) of the Bondholder(s) by sending a notice by registered mail at the Issuer’s address specified in this Agreement or by personal delivery upon the Issuer’s signature. When sending a notice by registered mail, the notice shall be deemed to have been received on the 3rd (third) day after the date indicated in the document issued by the post office.
  
 15. The Guarantor shall, within 10 (ten) business days from the date of receipt of claim(s) of the Bondholder(s), pay the Bondholder(s) the amount(s) specified in the claim(s) in accordance with the register of the Bondholders provided by the Issuer. In this case, the register of the Bondholders shall be maintained by Astana International Exchange Registrar Limited.
  

	 Chapter 5. Guarantee Term

	 16. The Guarantee shall be in effect until the Issuer’s obligations under the Bonds are fully performed.
  
 17. The Guarantee shall terminate upon the occurrence of any of the following events:
  
 1) full repayment of the principal amount and the entire coupon interest on the Bonds secured by the Guarantee;
 2) expiration of the Guarantee term specified herein;
 3) on the grounds stipulated by this Agreement.

  	 
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 	 Chapter 6. Responsibilities of the Parties

	 18. In event of late payment by the Guarantor to the Bondholder(s) of the amount specified in the claim, the Guarantor shall pay the Bondholder(s) a forfeit (penalty) of 0.01% (zero point one hundredth percent) of the overdue amount for each day of delay, but not more than 10% of the overdue amount.
  
 19. In the event the Issuer is in violation of the obligations established by sub-clauses 3), 5), 6), 7) of clause 8 hereof, the Issuer shall pay the Guarantor a forfeit (penalty) in the amount of a single monthly calculation index established by the Law on the Republican Budget for the relevant fiscal year, for each day of delay.
  
 20. The requirement to pay a forfeit is the right of a Party whose rights have been violated by a responsible Party. The filing of a written claim to pay the forfeit shall be deemed as the exercise by a Party of the right to claim payment of the forfeit. The payment of the forfeit shall not exempt a responsible Party from the proper performance of the terms and conditions of this Agreement.
  

	 Chapter 7. Force Majeure

	 21. Force majeure shall mean the circumstances whereby the Parties are unable to perform their obligations hereunder in full or in part (including, but not limited to, floods, earthquakes, explosions, storms, epidemics, epizootics, fires, strikes, war, rebellions, official acts of state authorities). 
  
 22. The Parties shall be exempt from the liability for non-performance or improper performance of their obligations hereunder, if the inability to perform obligations was the result of force majeure circumstances.
  
 23. Upon the occurrence of force majeure circumstances, the Party, which is unable to perform obligations hereunder, shall in a timely manner, within 10 (ten) business days from the occurrence of force majeure circumstances, notify the other Parties thereof. 
  
 24. In the absence of a timely notice, the Party shall be obliged to reimburse the other Party for the damage caused by failure to notify or a late notice.
  
 25. The onset of force majeure results in the extension of the Agreement term for the period while force majeure is in effect. 
  
 26. If such force majeure circumstances continue for more than 2 (two) months, the Parties shall be exempt from the liability for the improper performance of their contractual obligations.
  

	 Chapter 8. Dispute Resolution

	 27. The Parties shall resolve all disputes and disagreements related to the amendment, termination and execution of this Agreement through negotiations and discussions; if the Parties fail to reach an agreement as a result of negotiations, then such a dispute shall be considered through legal proceedings stipulated by the laws of the Astana International Financial Centre in Nur-Sultan, Kazakhstan.
  

	 Chapter 9. Final Provisions

	 28. All amendments and supplements to the Agreement shall be made in writing, duly signed by the authorized representatives of the Parties and stamped by the Parties. All amendments and supplements hereto shall be valid (1) only after prior written consent(s) of the holders of at least three-fourth in principal amount of the Bonds then outstanding has(ve) been obtained, and (2) only if they have been signed and stamped by an authorized representative of the Underwriter, and (3) if the Issuer has timely disclosed such amendments and supplements in accordance with the AIX Business Rules.
  
 29. The text of this Agreement and the Agreement itself do not constitute a trade secret and may be published on an Internet website available to the unlimited number of users, as part of the publication of information on the issuance of the Bonds or may be attached to the Offer Documents of the Bonds.
  
 30. This Agreement has been made in 2 (two) identical copies in Russian and English with 1 (one) copy in English for each of the Parties, each having equal legal force. 
  
 31. In all other matters that are not covered by this Agreement, the Parties shall be governed by the laws of the Astana International Financial Centre in Nur-Sultan, Kazakhstan.
  
 32. The Offer Documents of the Bonds is an integral part of this Agreement.

  	 
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 	 Chapter 10. Legal Addresses and Bank Details of the Parties

	 Guarantor:
  
 Freedom Holding Corp.
 Business Address: 1930 Village Ctr. Cir. #3-6972 Las Vegas, Nevada 89134 United States
 BIN 171250027366 
 Registered number: С32081-2004
  
 Bank details:
 Beneficiary’s account [****]
 [****]
  
 Mail address for the Bondholder’s claims: 
 77/7, Al-Farabi ave. Esentai Tower BC, floor 3
 Almaty, 050040, Republic of Kazakhstan
  
  
 /s/ Timur Turlov
 Timur Turlov
 Chief Executive Officer

  	 Issuer:
  
 Freedom Finance SPC Ltd.
 55/20 Mangilik El Avenue, office 141, Esil district, Nur-Sultan, Kazakhstan, postal code Z05T3D0
 ffspc@ffin.kz
 BIN 210540900127
  
 Bank details:
 Beneficiary’s account [****]
 [****]
  
  
 /s/ Olga Lozovaya
 Director
 Olga Lozovaya 

   
 	 
	5

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