Document:

Exhibit 4.9

 

 

 

TERMS AND CONDITIONS FOR

 

MILLICOM INTERNATIONAL CELLULAR S.A.

 

SEK 2,000,000,000

 

SENIOR UNSECURED FLOATING RATE SUSTAINABILITY
NOTES

 

ISIN: SE0012454841

 

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	TABLE OF CONTENTS	 
	 	 	 
	1.	DEFINITIONS AND CONSTRUCTION	1
	2.	STATUS OF THE NOTES	32
	3.	USE OF PROCEEDS	33
	4.	CONDITIONS PRECEDENT	33
	5.	NOTES IN BOOK-ENTRY FORM	34
	6.	RIGHT TO ACT ON BEHALF OF A NOTEHOLDER	34
	7.	PAYMENTS IN RESPECT OF THE NOTES	35
	8.	INTEREST	35
	9.	REDEMPTION AND REPURCHASE OF THE NOTES	36
	10.	INFORMATION TO NOTEHOLDERS	40
	11.	GENERAL UNDERTAKINGS	41
	12.	ACCELERATION OF THE NOTES	47
	13.	DISTRIBUTION OF PROCEEDS	50
	14.	DECISIONS BY NOTEHOLDERS	50
	15.	NOTEHOLDERS’ MEETING	53
	16.	WRITTEN PROCEDURE	54
	17.	AMENDMENTS AND WAIVERS	54
	18.	APPOINTMENT AND REPLACEMENT OF THE TRUSTEE	55
	19.	APPOINTMENT AND REPLACEMENT OF THE ISSUING AGENT	58
	20.	APPOINTMENT AND REPLACEMENT OF THE CSD	58
	21.	NO DIRECT ACTIONS BY NOTEHOLDERS	59
	22.	PRESCRIPTION	59
	23.	NOTICES AND PRESS RELEASES	59
	24.	FORCE MAJEURE AND LIMITATION OF LIABILITY	60
	25.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	60
	26.	GOVERNING LAW AND JURISDICTION	60

 

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	1.	DEFINITIONS AND CONSTRUCTION

 

	1.1	Definitions

 

In these terms and conditions (the “Terms
and Conditions”):

 

“Account Operator” means a bank
or other party duly authorised to operate as an account operator pursuant to the Financial Instruments Accounts Act and through
which a Noteholder has opened a Securities Account in respect of its Notes.

 

“Acquired Debt” means Financial
Indebtedness of a person or its Subsidiary:

 

		(a)	incurred and outstanding on the date on which such person (i) was acquired by a Group Company or (ii) is merged, consolidated,
amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption of related liabilities)
a Group Company; or

 

		(b)	incurred to provide all or part of the funds utilised to consummate the transaction or series of related transactions pursuant
to which such person became a Restricted Subsidiary or was otherwise acquired by a Group Company; provided that, after giving
pro forma effect to the transactions by which such person became a Restricted Subsidiary or is merged, consolidated, amalgamated
or otherwise combined with a Group Company, (i) the Issuer would have been able to incur $1.00 (or its equivalent in any other
currency or currencies) of additional Financial Indebtedness pursuant to clause (a) of Condition 11.3 hereof; or (ii) the Net Leverage
Ratio would not be greater than such ratio before giving effect to such transactions.

 

“Additional Notes” means any Notes
issued after the First Issue Date on one or more occasions.

 

“Adjusted Nominal Amount” means
the Total Nominal Amount less the Nominal Amount of all Notes owned by a Group Company or an Affiliate, irrespective of whether
such person is directly registered as owner of such Notes.

 

“Affiliate” means (i) means, in
relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
Company, and (ii) any other person or entity owning any Notes (irrespective of whether such person is directly registered as owner
of such Notes) that has undertaken towards a Group Company or an entity referred to in item (i) to vote for such Notes in accordance
with the instructions given by a Group Company or an entity referred to in item (i).

 

“Asset Disposition” means
any transfer, conveyance, sale, lease or other disposition by a Group Company (including a consolidation or merger or other
sale of any Restricted Subsidiary with, into or to another person in a transaction in which such Restricted Subsidiary ceases
to be a Restricted Subsidiary of the Issuer, but excluding a disposition by a Restricted Subsidiary which is an 80 per cent.
or more owned Restricted Subsidiary of the Issuer) of (i) shares of Capital Stock (other than directors’ qualifying
shares and shares to be held by third parties to satisfy applicable legal requirements) or other ownership interests of a
Restricted Subsidiary, (ii) substantially all of the assets of a Group Company representing a division or line of business or
(iii) other assets or rights of a Group Company outside of the ordinary course of business; provided that the term
“Asset Disposition” shall not include:

 

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		(a)	any dispositions of assets in a single transaction or series of transactions with an aggregate Fair Market Value in any calendar
year of not more than the greater of (x) $25 million (or its equivalent in any other currency or currencies) and (y) 1 per cent.
of Total Assets (with unused amounts in any calendar year being carried over to the next succeeding year subject to a maximum of
the greater of $25 million (or its equivalent in any other currency or currencies) and 1 per cent. of Total Assets of carried over
amounts for any calendar year);

 

		(b)	any disposition of Tower Equipment, including any sale/leaseback transaction; provided that any cash or Cash Equivalents received
in connection with such disposition or sale/leaseback transaction must be applied in accordance with Condition 11.5;

 

		(c)	any Specified Subsidiary Sale;

 

		(d)	a transfer of assets between or among Group Companies;

 

		(e)	the issuance of Capital Stock by a Restricted Subsidiary to another Group Company;

 

		(f)	any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a person
(other than a Group Company) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired
its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in
each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

		(g)	the sale, lease or other transfer of products, services, accounts receivable, inventory or other assets in the ordinary course
of business and any sale or other disposition of damaged, surplus, worn-out or obsolete assets;

 

		(h)	dispositions in connection with Permitted Liens;

 

		(i)	disposals of assets, rights or revenue not constituting part of the Permitted Business and other disposals of non-core assets
acquired in connection with any acquisition permitted under these Terms and Conditions;

 

		(j)	licenses and sublicenses of a Group Company in the ordinary course of business;

 

		(k)	any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other claims
in the ordinary course of business;

 

		(l)	the disposition of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings;

 

		(m)	the granting of Liens not prohibited by Condition 11.4 hereof;

 

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		(n)	a transfer or disposition of assets that is governed by the provisions of these Terms and Conditions described under Condition
11.6 hereof;

 

		(o)	the sale or other disposition of cash or Cash Equivalents;

 

		(p)	the foreclosure, condemnation or any similar action with respect to any property or other assets;

 

		(q)	sales of accounts receivable and related assets or an interest therein of the type specified in the definition of “Qualified
Receivables Transaction” to a Receivables Entity, and Investments in a Receivables Entity consisting of cash or Securitisation
Obligations;

 

		(r)	any disposition or expropriation of assets or Capital Stock which a Group Company is required by, or made in response to concerns
raised by, a regulatory authority or court of competent jurisdiction;

 

		(s)	any disposition of Capital Stock, Financial Indebtedness or other securities of an Unrestricted Subsidiary;

 

		(t)	disposal of non-core assets acquired in connection with any acquisition permitted under these Terms and Conditions;

 

		(u)	any disposition of assets to a person who is providing services related to such assets, the provision of which have been or
are to be outsourced by a Group Company to such person;

 

		(v)	any disposition of investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements
between the joint venture parties set forth in joint venture arrangements and similar binding agreements; provided that any cash
or Cash Equivalents received in such disposition is applied in accordance with the requirements set forth in Condition 11.5;

 

		(w)	any sale or disposition with respect to property built, repaired, improved, owned or otherwise acquired by a Group Company
pursuant to customary sale and leaseback transactions, asset securitisations and other similar financings permitted by these Terms
and Conditions;

 

		(x)	any dispositions constituting the surrender of tax losses by a Group Company (i) to another Group Company; (ii) in order to
eliminate, satisfy or discharge any tax liability of any person that was formerly a Subsidiary of the Issuer which has been disposed
of pursuant to a disposal permitted by the terms of these Terms and Conditions, to the extent that a Group Company would have a
liability (in the form of an indemnification obligation or otherwise) to one or more persons in relation to such tax liability
if not so eliminated, satisfied or discharged; and

 

		(y)	any other disposal of assets not described in clauses (a) to (x) above comprising in aggregate percentage value 10 per cent.
or less of Total Assets.

 

“Beneficial Owner” has the
meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Securities Exchange Act of 1934, as amended and the
rules and regulations promulgated pursuant thereto (the “Exchange Act”), except that in calculating the
beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has
the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning.

 

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“Business Day” means a day in
Luxembourg or Sweden other than a Sunday or other public holiday. Saturdays, Midsummer Eve (midsommarafton), Christmas Eve
(julafton) and New Year’s Eve (nyårsafton) and any other day on which banking institutions are closed
in Luxembourg or Sweden shall for the purpose of this definition be deemed to be public holidays.

 

“Business Day Convention” means
the first following day that is a Business Day unless that day falls in the next calendar month, in which case that date will be
the first preceding day that is a Business Day.

 

“Capital Lease Obligation” means
the obligation to pay rent or other payment amounts under a lease of real or personal property of a person which is required to
be classified and accounted for as a capital lease on the face of a statement of financial position of such person in accordance
with IFRS. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. The principal
amount of Financial Indebtedness represented by such obligation shall be the capitalised amount thereof that would appear on the
face of a statement of financial position of such person in accordance with IFRS.

 

“Capital Stock” of any person
means any and all shares, interests, participation or other equivalents (however designated) of corporate stock or other equity
participation, including partnership interests, whether general or limited, of such person.

 

“Cash Equivalents” means, with
respect to any person:

 

		(a)	(i) direct obligations of, or obligations guaranteed by, the United States of America for the payment of which obligations
or guarantee the full faith and credit of the United States of America is pledged and which have a remaining weighted average life
to maturity of not more than one year from the date of Investment therein and (ii) any direct obligations of, or obligations guaranteed
by, a member of the European Union for the payment of which the full faith and credit of such member of the European Union is pledged
and which have a remaining weighted average life to maturity of not more than one year from the date of Investment therein;

 

		(b)	term deposit accounts (excluding current and demand deposit accounts), certificates of deposit and Eurodollar time
                                                                deposits and money market deposits and bankers’ acceptances, in each case, issued by or with (i) Banco Itaú BBA,
                                                                BBVA, BNP Paribas, Citigroup, Credit Agricole CIB, DNB, Goldman Sachs, J.P. Morgan, ICBC, Bank of China, Nordea, Standard
                                                                Bank, Standard Chartered Bank, The Bank of Nova Scotia, Morgan Stanley, and their respective Affiliates (ii) a bank or trust
                                                                company which is organised under the laws of the United States of America, any state thereof, the United Kingdom,
                                                                Switzerland, Canada, Australia or any member state of the European Union, and which bank or trust company has capital,
                                                                surplus and undivided profits aggregating in excess of $100,000,000 (or its equivalent in any other currency or currencies)
                                                                and has outstanding debt which is rated “A3/A-” (or such similar equivalent
rating) or higher by at least one nationally recognised statistical rating organisation (as defined in Rule 436 under the United
States Securities Act of 1933, as amended from time to time), or (iii) any money market fund sponsored by a U.S. registered broker
dealer or mutual fund distributor;

 

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		(c)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in paragraphs
(b)(i) and (ii) entered into with any financial institution meeting the qualifications specified in paragraph (b)(ii) above;

 

		(d)	commercial paper having one of the two highest ratings obtainable from Fitch Ratings Ltd or Moody’s Investor Services
Limited and in each case maturing within 365 days after the date of acquisition;

 

		(e)	money market funds mutual funds at least 95 per cent. of the assets of which constitute Cash Equivalents of the types described
in paragraphs (a) through (d) of this definition; and

 

		(f)	with respect to any person organised under the laws of, or having its principal business operations in, a jurisdiction outside
the United States, the United Kingdom or the European Union, those investments that are of the same type as investments in paragraphs
(a), (c) and (d) of this definition except that the obligor thereon is organised under the laws of the country (or any political
subdivision thereof) in which such person is organised or conducting business.

 

“Change of Control” means:

 

		(a)	any person (other than a Permitted Holder) becomes the Beneficial Owner, directly or indirectly, of more than 50 per cent.
of the Voting Stock of the Issuer, measured by voting power rather than number of shares;

 

		(b)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its subsidiaries,
taken as a whole, to any person (other than a Permitted Holder) occurs; or

 

		(c)	a plan relating to the liquidation or dissolution of the Issuer is adopted.

 

“Change of Control Triggering Event”
means the occurrence of a Change of Control and a Rating Decline, provided that if at the time a Change of Control occurs
the Issuer is not rated by any Rating Agency, then a Change of Control Triggering Event shall be deemed to occur upon the occurrence
of a Change of Control.

 

“Consolidated EBITDA” means, for
any period, operating profit of the Issuer, as such amount is determined on a consolidated basis in accordance with IFRS, plus
the sum of the following amounts, in each case, without duplication. Losses shall be added (as a positive number) and gains shall
be deducted, in each case, to the extent such amounts were included in calculating operating profit:

 

		(a)	depreciation and amortisation expenses;

 

		(b)	the net loss or gain on the disposal and impairment of assets;

 

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		(c)	share-based compensation expenses;

 

		(d)	at the Issuer’s option, other non-cash charges reducing operating profit (provided that if any such non-cash charge represents
an accrual of or reserve for potential cash charges in any future period, the cash payment in respect thereof in such future period
shall reduce operating profit to such extent, and excluding amortisation of a prepaid cash item that was paid in a prior period)
less other non cash items of income increasing operating income (excluding any such non-cash item of income to the extent it represents
(x) a receipt of cash payments in any future period, (y) the reversal of an accrual or reserve for a potential cash item that reduced
operating income in any prior period and (z) any non-cash gains with respect to cash actually received in a prior period so long
as such cash did not increase operating income in such prior period);

 

		(e)	any material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense or charge, including any charges
or reserves in respect of any restructuring, redundancy, relocation, refinancing, integration or severance or other post-employment
arrangements, signing, retention or completion bonuses, transaction costs, acquisition costs, disposition costs, business optimization,
information technology implementation or development costs, costs related to governmental investigations and curtailments or modifications
to pension or postretirement benefits schemes, litigation or any asset impairment charges or the financial impacts of natural disasters
(including fire, flood and storm and related events);

 

		(f)	at the Issuer’s option, the effects of adjustments in its consolidated financial statements pursuant to IFRS (including
inventory, property, equipment, software, goodwill, intangible assets, in process research and development, deferred revenue and
debt line items) attributable to the application of recapitalization accounting or acquisition accounting, as the case may be,
in relation to any consummated acquisition or joint venture investment or the amortisation or write-off or write- down of amounts
thereof, net of taxes;

 

		(g)	any reasonable expenses, charges or other costs related to any sale of Capital Stock (other than Redeemable Stock) of the Issuer
or a Holding Company of the Issuer, Investment, acquisition, disposition, recapitalization or the incurrence, waiver or amendment
of any Financial Indebtedness (or the refinancing thereof) (whether or not successful or consummated), in each case, as determined
in good faith by a responsible financial or accounting officer of the Issuer;

 

		(h)	any gains or losses on associates;

 

		(i)	any unrealised gains or losses due to changes in the fair value of equity Investments;

 

		(j)	any unrealised gains or losses due to changes in the fair value of Permitted Interest Rate, Currency or Commodity Price Agreements;

 

		(k)	any unrealised gains or losses due to changes in the carrying value of put options in respect of Capital Stock of, or voting
rights with respect to, any Subsidiary, joint venture or associate;

 

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		(l)	any unrealised gains or losses due to changes in the carrying value of call options in respect of Capital Stock of, or voting
rights with respect to, any Subsidiary, joint venture or associate;

 

		(m)	any net foreign exchange gains or losses;

 

		(n)	at the Issuer’s option, any adjustments to reduce the impact of the cumulative effect of a change in accounting principles
and changes as a result of the adoption or modification of accounting policies;

 

		(o)	accruals and reserves that are established or adjusted within twelve months after the closing date of any acquisition that
are so required to be established or adjusted as a result of such acquisition that are so required to be established as a result
of such acquisition in accordance with IFRS;

 

		(p)	any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as the
Issuer or a Restricted Subsidiary has made a determination that there exists reasonable evidence that such amount will in fact
be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days
of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed
within the applicable 365-day period);

 

		(q)	the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are
covered by indemnification or other reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance,
transfer or other disposition of assets;

 

		(r)	any net gain (or loss) realised upon any sale/leaseback transaction that is not sold or otherwise disposed of in the ordinary
course of business, determined in good faith by a responsible financial or accounting officer of the Issuer;

 

		(s)	the amount of loss on the sale or transfer of any assets in connection with an asset securitisation program, receivables factoring
transaction or other receivables transaction (including, without limitation, a Qualified Receivables Transaction); and

 

		(t)	Specified Legal Expenses.

 

For the purposes of calculating Consolidated EBITDA
for any period, as of such date of determination:

 

		(i)	if, since the beginning of such period the Issuer or any Restricted Subsidiary has made any Asset Disposition or disposed of
any company, any business, or any group of assets constituting an operating unit of a business (any such disposition, a “Sale”),
including any Sale occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA
for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are
the subject of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable
thereto for such period;

 

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		(ii)	if, since the beginning of such period the Issuer or any Restricted Subsidiary (by merger or otherwise) will have made an Investment
in any person that thereby becomes a Restricted Subsidiary, or otherwise acquires any company, any business, or any group of assets
constituting an operating unit of a business (any such Investment or acquisition, a “Purchase”), including any
such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA for
such period will be calculated after giving pro forma effect thereto as if such Purchase occurred on the first day of such period;

 

		(iii)	if, since the beginning of such period any person (that became a Restricted Subsidiary or was merged with or into the Issuer
or any Restricted Subsidiary since the beginning of such period) will have made any Sale or any Purchase that would have required
an adjustment pursuant to paragraphs (i) or (ii) above if made by the Issuer or a Restricted Subsidiary since the beginning of
such period, Consolidated EBITDA for such period will be calculated after giving pro forma effect thereto as if such Sale or Purchase
occurred on the first day of such period, including anticipated synergies and cost savings as if such Sale or Purchase occurred
on the first day of such period;

 

		(iv)	whenever pro forma effect is applied, the pro forma calculations will be as determined in good faith by a responsible financial
or accounting officer of the Issuer (including in respect of anticipated synergies and cost savings) as though the full effect
of synergies and cost savings were realised on the first day of the relevant period and shall also include the reasonably anticipated
full run rate cost savings effect (as calculated in good faith by a responsible financial or chief accounting officer of the Issuer)
of cost savings programs that have been initiated by the Issuer or its Restricted Subsidiaries as though such cost savings programs
had been fully implemented on the first day of the relevant period;

 

		(v)	for the purposes of determining the amount of Consolidated EBITDA under this definition denominated in a foreign currency,
the Issuer may, at its option, calculate the U.S. Dollar equivalent amount of such Consolidated EBITDA based on either (i) the
weighted average exchange rates for the relevant period used in the consolidated financial statements of the Issuer for such relevant
period or (ii) the relevant currency exchange rate in effect on the First Issue Date; and

 

		(vi)	the amount of any fees payable by any member of the Group to another member of the Group in connection with any services rendered
(including, without limitation, any management fees, value creation fees and similar fees), shall be excluded.

 

For the purpose of calculating the Consolidated EBITDA
of the Issuer, any Joint Venture Consolidated EBITDA shall be added to the amount determined in accordance with the foregoing.

 

“Consolidated Net Debt” means,
with respect to the Issuer as of any date of determination, the sum without duplication of:

 

		(a)	the total amount of Financial Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis that would
be stated on the statement of financial position of the Issuer as of such date in accordance with IFRS, minus

 

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		(b)	the sum without duplication of (i) all Financial Indebtedness outstanding under Minority Shareholder Loans, (ii) any Financial
Indebtedness which is a contingent obligation of the Issuer or its Restricted Subsidiaries on such date, (iii) all Financial Indebtedness
permitted by paragraph (c) of the definition of Permitted Financial Indebtedness and (iv) all Financial Indebtedness permitted
by paragraph (q) of the definition of Permitted Financial Indebtedness, minus

 

		(c)	the amount of cash and Cash Equivalents (other than cash or Cash Equivalents received from the incurrence of Financial Indebtedness
by the Issuer or any of its Restricted Subsidiaries to the extent such cash or Cash Equivalents has not been subsequently applied
or used for any purpose not prohibited by these Terms and Conditions) of the Issuer and its Restricted Subsidiaries on a consolidated
basis that would be stated on the statement of financial position of the Issuer as of such date in accordance with IFRS, excluding,
for the avoidance of doubt, Restricted Cash.

 

“Credit Facility” means, a debt
facility, arrangement, instrument, trust deed, note purchase agreement, indenture, purchase money financing, commercial paper facility
or overdraft facility with banks or other institutions or investors providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from
such institutions against such receivables), letters of credit or other Financial Indebtedness, in each case, as amended, restated,
modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended, in whole or in part from time to
time, and in each case, including all agreements, instruments and documents executed and delivered pursuant to or in connection
with the foregoing (including, but not limited to, any notes and letters of credit issued pursuant thereto and any guarantee and
collateral agreement, patent and trademark security agreement, mortgages or letter of credit applications and other guarantees,
pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term
“Credit Facility” shall include any agreement or instrument (i) changing the maturity of any Financial Indebtedness
incurred thereunder or contemplated thereby, (ii) adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder,
(iii) increasing the amount of Financial Indebtedness incurred thereunder or available to be borrowed thereunder or (iv) otherwise
altering the terms and conditions thereof.

 

“Cross Acceleration” means any
Financial Indebtedness of the Issuer or any of its Restricted Subsidiaries is cancelled, or declared to be or otherwise becomes
due and payable prior to its specified maturity as a result of an event of default (however described).

 

“Cross Payment Default” means
any event of default (howsoever described) arising from a failure by the Issuer or any of its Restricted Subsidiaries to pay any
Financial Indebtedness when due or within any originally applicable grace period.

 

“CSD” means the Issuer’s
central securities depository and registrar in respect of the Notes, Euroclear Sweden AB, Swedish Reg. No. 556112-8074, P.O. Box
191, 101 23 Stockholm, Sweden, or another party replacing it, as CSD, in accordance with these Terms and Conditions.

 

“CSD Regulations” means the CSD’s
rules and regulations applicable to the Issuer, the Trustee and the Notes from time to time.

 

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“Default” means an Event of Default
or any event or circumstance specified in Condition 12.1 which would (with the expiry of a grace period, the giving of notice,
the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

 

“Eligible Assets and Projects”
means one or more of the “Eligible Assets and Projects with Environmental Benefits” or “Eligible Assets and Projects
with Social Benefits” identified in the Sustainability Bond Framework.

 

“Event of Default” means an event
or circumstance specified in Condition 12.1.

 

“Excess Proceeds” has the meaning
set forth in Condition 11.5.3.

 

“Excess Proceeds Offer” has the
meaning set forth in Condition 9.5.1.

 

“Fair Market Value” means, with
respect to any asset or property, the sale value that would be obtained in an arm’s length free market transaction between
an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined
in good faith by the Issuer’s Chief Executive Officer, Chief Financial Officer or responsible accounting or financial officer.

 

“Final Maturity Date” means 15
May 2024.

 

“Finance Documents” means the
Trust Deed (including these Terms and Conditions) and any other document designated by the Issuer and the Trustee (on behalf of
the Noteholders) as a Finance Document.

 

“Financial Indebtedness” means
(without duplication), with respect to any person, whether recourse is to all or a portion of the assets of such person and whether
or not contingent:

 

		(a)	the principal of and premium, if any, in respect of every obligation of such person for money borrowed;

 

		(b)	the principal of and premium, if any, in respect of every obligation of such person evidenced by bonds, debentures, notes or
other similar instruments;

 

		(c)	every reimbursement obligation of such person with respect to letters of credit, bankers’ acceptances or similar facilities
issued for the account of such person (but only to the extent such obligations are not reimbursed within 30 days following receipt
by such person of a demand for reimbursement); and

 

		(d)	the principal component of every obligation of the type referred to in paragraphs (a) through (c) of another person and all
dividends of another person the payment of which, in either case, such person has guaranteed or is responsible or liable for, directly
or indirectly, as obligor, guarantor or otherwise to the extent not otherwise included in the Financial Indebtedness of such person.

 

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The “amount” or
“principal amount” of Financial Indebtedness at any time of determination as used herein represented by
(x) any Financial Indebtedness issued at a price that is less than the principal amount at maturity thereof, shall be the
amount of the liability in respect thereof determined in accordance with IFRS, (y) any Redeemable Stock, shall be the maximum
fixed redemption or repurchase price in respect thereof; and (z) any amount of Financial Indebtedness that has been
cash-collateralised, to the extent so cash- collateralised, shall be excluded from any calculation of Financial Indebtedness.
Notwithstanding anything else to the contrary, for all purposes under these Terms and Conditions, the amount of Financial
Indebtedness incurred, repaid, redeemed, repurchased or otherwise acquired by a Group Company shall equal the liability in
respect thereof determined in accordance with IFRS and reflected on the Issuer’s consolidated statement of financial
position.

 

The term “Financial Indebtedness” shall
not include:

 

		(i)	obligations described in paragraphs (a), (b) or (d) of the first paragraph of this definition of Financial Indebtedness that
are incurred by a Group Company (the “Proceeds Recipient”) and owed to a bank or other lending institution (the
“On- Lend Bank”) to facilitate the substantially concurrent on-lending of proceeds (the “Proceeds On-Loan”)
from Financial Indebtedness incurred by the Issuer or any Group Company (other than the Proceeds Recipient) as permitted by Condition
11.3 to the extent (A) the principal obligations in respect of the Proceeds On-Loan are secured by security over cash granted in
favour of the On-Lend Bank or any of its affiliates in an amount not less than the principal amount of the Proceeds On- Loan, (B)
the Proceeds On-Loan is put in place substantially concurrently with a loan by any Group Company (other than the Proceeds Recipient)
to the On-Lend Bank (the “On-Lend Bank Borrowing”) pursuant to which the Proceeds Recipient is entitled to reduce
the principal amount of the Proceeds On-Loan by an amount equal to the principal amount of the On-Lend Bank Borrowing if a default
or acceleration occurs with respect to such On-Lend Bank Borrowing, or (C) the substantial risks and rewards of the Proceeds On-Loan
are transferred, using a synthetic instrument or any other arrangement or agreement, from the On-Lend Bank to any Group Company
(other than the Proceeds Recipient) in exchange for an amount not less than (x) the amount of cash granted in favour of the On-Lend
Bank or any of its Affiliates, or (y) the outstanding amount of the On-Lend Bank Borrowing, as applicable, in each case as at the
effective date of such transfer;

 

		(ii)	any liability of the Issuer or any other Group Company (other than the Proceeds Recipient) attributable to a synthetic instrument
or any other arrangement or agreement described in paragraph (i)(C) above to the extent such obligation under the relevant instrument,
arrangement or agreement has not come due but is classified as a financial liability in accordance with IFRS and recorded as a
current liability on the Issuer’s consolidated statement of financial position;

 

		(iii)	any liability of the Issuer or any Group Company to another Group Company;

 

		(iv)	any Restricted MFS Cash;

 

		(v)	any liability of the Issuer attributable to put option or similar instrument, arrangement or agreement entered into after the
First Issue Date granted by the Issuer relating to an interest in any other entity, in each case to the extent such option has
not been exercised or such obligation under the relevant instrument, arrangement or agreement has not come due but is classified
as a financial liability in accordance with IFRS, and recorded as a current liability on the Issuer’s consolidated statement
of financial position;

 

    11 

     

    

 

		(vi)	any standby letter of credit, performance bond or surety bond provided by a Group Company that is customary in the Permitted
Business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon, are honoured in
accordance with their terms;

 

		(vii)	any deposits or prepayments received by a Group Company from a customer or subscriber for its service and any other deferred
or prepaid revenue;

 

		(viii)	any obligations to make payments in relation to earn outs;

 

		(ix)	Financial Indebtedness which is in the nature of equity (other than redeemable shares) or equity derivatives;

 

		(x)	Capital Lease Obligations or operating leases;

 

		(xi)	receivables sold or discounted, whether recourse or non-recourse, including for the avoidance of doubt any debt in respect
of Qualified Receivables Transactions, including without limitation guarantees by a Receivables Entity of the obligations of another
Receivables Entity;

 

		(xii)	pension obligations or any obligation under employee plans or employment agreements;

 

		(xiii)	any “parallel debt” obligations to the extent that such obligations mirror other Financial Indebtedness;

 

		(xiv)	any payments or liability for assets acquired or services supplied deferred (including trade payables) in accordance with the
terms pursuant to which the relevant assets were or are to be acquired or services were or are to be supplied;

 

		(xv)	the principal component or liquidation preference of all obligations of such person with respect to the redemption, repayment
or other repurchase of any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (including, in
each case, any accrued dividends); and

 

		(xvi)	the net obligations of such person under any Permitted Interest Rate, Currency or Commodity Price Agreement.

 

For the purposes of determining compliance with
any covenant in these Terms and Conditions or whether an Event of Default has occurred, in each case, where Financial Indebtedness
is denominated in a currency other than U.S. Dollars, the amount of such Financial Indebtedness will be the U.S. Dollar Equivalent
determined on the date of such incurrence and any covenant in these Terms and Conditions shall not be deemed to be exceeded solely
as a result of fluctuations in exchange rates or currency values; provided, however, that if any such Financial Indebtedness
that is denominated in a different currency is subject to an Interest Rate, Currency or Commodity Price Agreement with respect
to U.S. Dollars covering principal and premium, if any, payable on such Financial Indebtedness, the amount of such Financial Indebtedness
expressed in U.S. Dollars will be adjusted to take into account the effect of such an agreement.

 

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“Disqualified Stock” means, with
respect to any person, any Capital Stock of such person which by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable) or upon the happening of any event:

 

		(a)	matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

 

		(b)	is convertible or exchangeable for Financial Indebtedness or Disqualified Stock (excluding Capital Stock which is convertible
or exchangeable solely at the option of the Issuer or a Restricted Subsidiary); or

 

		(c)	is redeemable at the option of the holder of the Capital Stock in whole or in part,

 

in each case on or prior to the earlier of the date
(a) of the Stated Maturity of the Notes or (b) on which there are no Notes outstanding, provided that only the portion of Capital
Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further that any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase such Capital
Stock upon the occurrence of a change of control or asset sale (each defined in a substantially identical manner to the corresponding
definitions in these Terms and Conditions) shall not constitute Disqualified Stock if the terms of such Capital Stock (and all
such securities into which it is convertible or for which it is ratable or exchangeable) provide that the Issuer may not repurchase
or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable)
pursuant to such provision prior to compliance by the Issuer with the Condition 9.6 and Condition 11.5 hereof.

 

“Financial Instruments Accounts Act”
means the Swedish Financial Instruments Accounts Act (lag (1998:1479) om kontoföring av finansiella instrument).

 

“Financial Quarter” means the
period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Year” means the annual
accounting period of the Issuer ending on or about 31 December in each year.

 

“First Call Date” means 15 May
2022.

 

“First Issue Date” means 15 May
2019.

 

“Fitch” has the meaning set forth
in the definition “Rating Agency”.

 

“Force Majeure Event” has the
meaning set forth in Condition 24.1.

 

“GAAP” means generally accepted
accounting principles in the United States.

 

“Gradation” means a
gradation within a Rating Category or a change to another Rating Category, which shall include: (i) “+” and
“-” in the case of Fitch’s current Rating Categories (e.g., a decline from BB+ to BB would constitute a
decrease of one gradation), (ii) 1, 2 and 3 in the case of Moody’s current Rating Categories (e.g., a decline from Ba1
to Ba2 would constitute a decrease of one gradation), or (iii) the equivalent in respect of successor Rating Categories of
Fitch or Moody’s or Rating Categories used by Rating Agencies other than Fitch and Moody’s.

 

    13 

     

    

 

“Group” means the Issuer and its
Restricted Subsidiaries (including the Issuer) from time to time (each a “Group Company”).

 

“Holding Company” means, in relation
to a person, any other person in respect of which it is a Subsidiary.

 

“IFRS” means international accounting
standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements, as
in effect on the First Issue Date; provided that the Issuer may, at any time, irrevocably elect by written notice to the
Trustee to use IFRS as in effect from time to time, and, upon such notice, references herein to IFRS shall thereafter be construed
to mean IFRS as in effect from time to time. The Issuer also may, at any time, irrevocably elect by written notice to the Trustee
to use GAAP as in effect from time to time in lieu of IFRS and, upon such notice, references herein to IFRS shall thereafter be
construed to mean GAAP as in effect from time to time; provided that upon first reporting its fiscal year results under
GAAP, the Issuer shall restate the financial statements required to be delivered under Condition 10.1.1, on the basis of GAAP for
the fiscal year ending immediately prior to the first fiscal year for which financial statements have been prepared on the basis
of GAAP.

 

“Initial Notes” means the Notes
issued on the First Issue Date.

 

“Insolvent” means, in respect
of a relevant person, that it is deemed to be insolvent, or admits inability to pay its debts as they fall due, in each case within
the meaning of Chapter 2, Sections 7-9 of the Swedish Bankruptcy Act (konkurslagen (1987:672)) (or its equivalent in any
other jurisdiction), suspends making payments on any of its debts or by reason of actual financial difficulties commences negotiations
with all or substantially all of its creditors (other than the Noteholders and creditors of secured debt) with a view to rescheduling
any of its indebtedness (including company reorganisation under the Swedish Company Reorganisation Act (lag (1996:764) om företagsrekonstruktion)
(or its equivalent in any other jurisdiction)) or is subject to involuntary winding-up, dissolution or liquidation.

 

“Interest” means the interest
on the Notes calculated in accordance with Conditions 8.1 to 8.3.

 

“Interest Payment Date” means
15 May, 15 August, 15 November and 15 February of each year or, to the extent any such day is not a Business Day, the Business
Day following from an application of the Business Day Convention. The first Interest Payment Date for the Initial Notes shall be
15 August 2019 and the last Interest Payment Date shall be the Final Maturity Date or any relevant Redemption Date prior thereto.

 

“Interest Period” means (i) in
respect of the first Interest Period, the period from (but excluding) the First Issue Date to (and including) the first Interest
Payment Date, and (ii) in respect of subsequent Interest Periods, the period from (but excluding) an Interest Payment Date to (and
including) the next succeeding Interest Payment Date (or a shorter period if relevant).

 

“Interest Rate” means a per
annum rate equal to STIBOR plus 2.35 per cent.

 

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“Interest Rate, Currency or Commodity Price
Agreement” of any person means any forward contract, futures contract, swap, option or other financial agreement or arrangement
(including, without limitation, caps, floors, collars and similar agreements) relating to, or the value of which is dependent upon,
interest rates, currency exchange rates or commodity prices or indices (excluding contracts for the purchase or sale of goods in
the ordinary course of business).

 

“Investment” by any person means
any direct or indirect loan, advance or other extension of credit or capital contribution (by means of transfers of cash or other
property to others or payments for property or services for the account or use of others, or otherwise) to, or purchase or acquisition
of Capital Stock, bonds, notes, debentures or other securities or evidence of Financial Indebtedness issued by, any other person,
including any payment on a guarantee of any obligation of such other person, together with all items that are or would be classified
as Investments on a statement of financial position (excluding the footnotes thereto) prepared in accordance with IFRS, but shall
not include:

 

		(a)	trade accounts receivable in the ordinary course of business on credit terms made generally available to the customers of such
person; or

 

		(b)	commission, travel, payroll, entertainment, relocation and similar advances to officers and employees and profit sharing and
other employee benefit plan contributions made in the ordinary course of business.

 

Except as otherwise provided in these Terms and Conditions,
the amount of an Investment will be determined at the time the Investment is made and without giving effect to a subsequent change
in value and, to the extent applicable, shall be determined based on the equity value of such Investment.

 

“Investment Grade” means (i) BBB-
or above in the case of Fitch (or its equivalent under any successor Rating Categories of Fitch), (ii) Baa3 or above, in the case
of Moody’s (or its equivalent under any successor Rating Categories of Moody’s), and (iii) the equivalent in respect
of the Rating Categories of any Rating Agencies.

 

“Issuer” means Millicom International
Cellular, S.A., a public limited liability company (société anonyme) incorporated under the laws of Luxembourg,
having its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered with the Luxembourg Trade and Companies
Register under number B 40630.

 

“Issuing Agent” means Nordea Bank
Abp, acting through Nordea Bank Abp, filial i Sverige, or another party replacing it, as Issuing Agent, in accordance with these
Terms and Conditions and the CSD Regulations.

 

“Joint Venture Consolidated EBITDA”
means an amount equal to the product of (i) the Consolidated EBITDA of any joint venture (determined in good faith by a responsible
financial or accounting officer of the Issuer on the same basis as provided for in the definition of “Consolidated EBITDA”
(with the exception of clause (i) and the last sentence thereof) as if each reference to the “ Issuer and its Restricted
Subsidiaries” in such definition was to such joint venture) whose financial results are not consolidated with those of the
Issuer in accordance with IFRS and (ii) a percentage equal to the direct or indirect equity ownership percentage of the Issuer
and/or its Restricted Subsidiaries in the Capital Stock of such joint venture and its Subsidiaries.

 

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“Lien” means, with respect to
any property or assets, any mortgage, pledge, security interest, lien, charge, encumbrance, priority or other security agreement
or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without
limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the
foregoing).

 

“Limited Condition Transaction”
means (i) any Investment or acquisition, including by way of merger, amalgamation or consolidation, in each case, by one or more
of the Issuer and its Restricted Subsidiaries of any assets, business or person whose consummation is not conditioned on the availability
of, or on obtaining, third party financing and (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment
of Financial Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and
discharge or repayment.

 

“Listing Failure Event” means
(i) that the Note Loan is not admitted to trading on a Regulated Market within one hundred twenty (120) days following the First
Issuing Date, or (ii) in the case of a successful admission, that a period of one hundred twenty (120) days has elapsed since the
Note Loan ceased to be listed on a Regulated Market.

 

“Market Loan” means any loan or
other indebtedness in the form of certificates, convertibles, subordinated debentures, notes or any other debt securities (including,
for the avoidance of doubt, medium term note programmes and other market funding programmes), provided in each case that such instruments
and securities are or can be subject to trade on any Regulated Market or a multilateral trading facility (as defined in Directive
2014/65/EU on markets in financial instruments).

 

“Material Company” means:

 

		(a)	the Issuer;

 

		(b)	a Significant Subsidiary; or

 

		(c)	any other Restricted Subsidiaries which are not Significant Subsidiaries but where taken together, account for more than 10
per cent. of the Consolidated EBITDA of the Group or consolidated revenues of the Group, or whose assets, taken together, represent
more than 10 per cent. of the assets of the Group.

 

“Minority Shareholder Loan” means
Financial Indebtedness of a Restricted Subsidiary that is issued to and held by an equity owner of such Restricted Subsidiary,
other than a Group Company.

 

“Moody’s” has the meaning
set forth in the definition “Rating Agency”.

 

“Net Available Proceeds” from
any Asset Disposition means cash or readily marketable cash equivalents received (including by way of sale or discounting of a
note, installment receivable or other receivable, but excluding any assets described in clauses (iv) and (v) of Condition 11.5.1(c)
and other consideration received in the form of assumption by the acquiror of Financial Indebtedness or other obligations relating
to such properties or assets) therefrom by the Issuer or any of its Restricted Subsidiaries, net of:

 

		(a)	all legal, title and recording tax expenses, commissions and other fees and expenses incurred, including, without
                                                                limitation, legal, consultant, accounting and investment banking fees, sales commissions, discounts and brokerage costs, and
                                                                all federal, state, provincial, foreign and local taxes
required to be accrued as a liability as a consequence of such Asset Disposition;

 

    16 

     

    

 

		(b)	all payments made by the Issuer or any of its Restricted Subsidiaries, on any Financial Indebtedness which is secured by such
assets in accordance with the terms of any Lien upon or with respect to such assets or which must by the terms of such Financial
Indebtedness or Lien, or in order to obtain a necessary consent to such Asset Disposition or by applicable law, be repaid out of
the proceeds from such Asset Disposition;

 

		(c)	all distributions and other payments made to other equity holders in the Issuer’s Subsidiaries or joint ventures as a
result of such Asset Disposition; and

 

		(d)	appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries, as the case may be, as a reserve in
accordance with IFRS, against any liabilities associated with such assets and retained by the Issuer or any of its Restricted Subsidiaries,
as the case may be, after such Asset Disposition, including, without limitation, liabilities under any indemnification obligations,
relocation costs and severance and other employee termination costs associated with such Asset Disposition, in each case as determined
by the Issuer’s senior management or board of directors, in its reasonable good faith judgment.

 

“Net Leverage Ratio” means, as
of any date of determination, the ratio of (a) the Consolidated Net Debt to (b) the Consolidated EBITDA for the four most recent
Financial Quarters ending immediately prior to such date for which consolidated financial statements are available, determined,
in each case, on a pro forma basis as if any such Financial Indebtedness had been incurred, or such other Financial Indebtedness
had been repaid, redeemed or repurchased, as applicable, at the beginning of such four Financial Quarter period; provided, however,
that the pro forma calculation shall not give effect to (i) any Financial Indebtedness incurred on such determination date pursuant
to Condition 11.3(b) (other than Financial Indebtedness incurred pursuant to paragraph (f) of the definition of “Permitted
Financial Indebtedness”), or (ii) the discharge on such determination date of any Financial Indebtedness to the extent that
such discharge results from the proceeds incurred pursuant to Condition 11.3(b) (other than the discharge of Financial Indebtedness
using proceeds of Financial Indebtedness incurred pursuant to paragraph (f) of the definition of “Permitted Financial Indebtedness”).
For the avoidance of doubt, in determining Net Leverage Ratio, no cash or Cash Equivalents shall be included that are the proceeds
of Financial Indebtedness in respect of which the pro forma calculation is to be made.

 

“Net Proceeds” means the gross
proceeds from the offering of the relevant Notes, minus (i) in respect of the Initial Notes, the costs incurred by the Issuer
in conjunction with the issuance and listing on Nasdaq Stockholm (or any other Regulated Market, as applicable) thereof, and (ii)
in respect of any Additional Notes, the costs incurred by the Issuer in conjunction with the issuance and listing on Nasdaq Stockholm
(or any other Regulated Market, as applicable) thereof.

 

“Nominal Amount” has the meaning
set forth in Condition 2.3.

 

“Noteholder” means a person who
is registered on a Securities Account as direct registered owner (ägare) or nominee (förvaltare) with respect
to a Note.

 

    17 

     

    

 

“Noteholders’ Meeting” means
a meeting among the Noteholders held in accordance with Condition 15 (Noteholders’ Meeting).

 

“Note Loan” means the loan constituted
by these Terms and Conditions and evidenced by the Notes.

 

“Notes” means the SEK Senior Unsecured
Floating Rate Sustainability Notes due 15 May 2024, ISIN: SE0012454841 (including the Initial Notes and any Additional Notes),
being debt instruments (skuldförbindelser) for the Nominal Amount and of the type set forth in Chapter 1 Section 3
of the Financial Instruments Accounts Act and which are issued on the terms set out in these Terms and Conditions and constituted
by, are subject to and have the benefit of, the Trust Deed.

 

“Offer Amount” has the meaning
set forth in Condition 9.5.3.

 

“Offer Period” has the meaning
set forth in Condition 9.5.3.

 

“Pari Passu Financial Indebtedness”
means any Financial Indebtedness of the Issuer that ranks pari passu in right of payment with the Notes.

 

“Permitted Asset Swap” means the
concurrent purchase and sale or exchange of related business assets or a combination of related business assets, cash and Cash
Equivalents between the Issuer or any of its Restricted Subsidiaries and another person.

 

“Permitted Business” means:

 

		(a)	any business, services or activities engaged in by any Group Company on the First Issue Date; and

 

		(b)	any business, services and activities that are related, complementary, incidental, ancillary or similar to any of the foregoing,
or are extensions or developments thereof, including, without limitation, broadband internet, network-related services, cable television,
broadcast content, network neutral services, electronic transactional, financial and commercial services related to provision of
telephony or internet services.

 

“Permitted Discontinuance of Property Maintenance”
means the discontinuance of the operation or maintenance of the properties of any Group Company which is, in the Issuer’s
judgment, desirable in the conduct of its business or the business of such other Group Company (as applicable), and which will
not materially adversely affect the Noteholders.

 

“Permitted Financial Indebtedness”
means:

 

		(a)	the incurrence by the Issuer or the Issuer of Financial Indebtedness pursuant to the Notes (other than Additional Notes);

 

		(b)	any Financial Indebtedness of a Group Company outstanding on the First Issue Date after giving effect to the use of proceeds
of the Notes;

 

		(c)	Pari Passu Financial Indebtedness of the Issuer and Financial Indebtedness of any Group Company under Credit Facilities in
an aggregate principal amount at any one time outstanding that does not exceed an amount equal to the greater of (x) $500 million
(or its equivalent in any other currency or currencies) and (y) 8 per cent. of Total Assets; and any Permitted Refinancing
Debt in respect thereof, plus, (A) any accrual or accretion of interest that increases the principal amount of Financial Indebtedness
under Credit Facilities and (B) in the case of any refinancing of Financial Indebtedness permitted under this paragraph (c) or
any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred in connection
with such refinancing;

 

    18 

     

    

 

 

		(d)	Financial Indebtedness owed by the Issuer to any Restricted Subsidiary or Financial Indebtedness owed by any Restricted Subsidiary
to the Issuer or any other Restricted Subsidiary; provided, however, that (A) if the Issuer is the obligor on such Financial
Indebtedness and the payee is not the Issuer, such Financial Indebtedness must be unsecured and expressly subordinated to the prior
payment in full in cash of all obligations then due with respect to the Issuer’s obligations under the Notes, and (B) either
(x) the transfer or other disposition by the Issuer or such Restricted Subsidiary of any Financial Indebtedness so permitted to
a person (other than to the Issuer or any of its Restricted Subsidiaries) or (y) such Restricted Subsidiary ceasing to be a Restricted
Subsidiary, will at the time of such transfer or other disposition, in each case, be deemed to be an incurrence of such Financial
Indebtedness not permitted by this paragraph (d);

 

		(e)	the guarantee by a Group Company of Financial Indebtedness of any of the Issuer’s Restricted Subsidiaries to the extent
that the guaranteed Financial Indebtedness was permitted to be incurred by another provision of this definition;

 

		(f)	Acquired Debt;

 

		(g)	Minority Shareholder Loans;

 

		(h)	the incurrence by a Group Company of Permitted Refinancing Debt in exchange for, or the net proceeds of which are used to refund,
replace or refinance, Financial Indebtedness incurred by it pursuant to clause (a) of Condition 11.3 and paragraphs (a), (b), (f)
and (h) of this definition, as the case may be;

 

		(i)	Financial Indebtedness of a Group Company represented by letters of credit in order to provide security for workers’
compensation claims, health, disability or other employee benefits, payment obligations in connection with self-insurance or similar
requirements of a Group Company in the ordinary course of business;

 

		(j)	customary indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the
disposition of any assets of a Group Company, and earn-out provisions or contingent payments in respect of purchase price or adjustment
of purchase price or similar obligations in acquisition agreements other than guarantees of Financial Indebtedness incurred by
any person acquiring all or any portion of such assets for the purpose of financing such acquisition; provided that the maximum
aggregate liability in respect of each such incurrence of such Financial Indebtedness will at no time exceed the gross proceeds
actually received by a Group Company in connection with the related disposition;

 

		(k)	obligations in respect of (i) customs, VAT or other tax guarantees, (ii) bid, performance, completion, guarantee, surety and
similar bonds, including guarantees or obligations of a Group Company with respect to letters of credit supporting such obligations, (iii) customary
cash management, cash pooling or netting or setting off arrangements, and (iv) the financing of insurance premiums, in each case
in the ordinary course of business and not related to Financial Indebtedness for borrowed money;

 

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		(l)	Financial Indebtedness of a Group Company arising from the honouring by a bank or other financial institution of a cheque,
draft or similar instrument including, but not limited to, electronic transfers, wire transfers, netting services and commercial
card payments, drawn against insufficient funds; provided that such Financial Indebtedness is extinguished within 30 days of incurrence;
and

 

		(m)	Financial Indebtedness consisting of (i) mortgage financings, Purchase Money Obligations or other financings, incurred for
the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment
acquired or constructed in the ordinary course of business or (ii) Financial Indebtedness otherwise incurred to finance the purchase,
lease, rental or cost of design, construction, installation or improvement of property (real or personal) or equipment that is
used or useful in the ordinary course of business, whether through the direct purchase of assets or the Capital Stock of any person
owning such assets, and any Financial Indebtedness that refinances, replaces or refunds such Financial Indebtedness, in an aggregate
outstanding principal amount that, when taken together with the principal amount of all other Financial Indebtedness incurred pursuant
to this paragraph (m) and then outstanding, will not exceed at any time the greater of $250,000,000 and 3 per cent. of Total Assets;

 

		(n)	Guarantees by a Group Company of Financial Indebtedness or any other obligation or liability of a Group Company (other than
of any Financial Indebtedness incurred in violation of this covenant); provided, however, that if the Financial Indebtedness being
Guaranteed is subordinated in right of payment to the Notes, then such Guarantee shall be subordinated substantially to the same
extent as the relevant Financial Indebtedness Guaranteed;

 

		(o)	Financial Indebtedness of a Group Company in an aggregate outstanding principal amount which, when taken together with any
Permitted Refinancing Debt in respect thereof and the principal amount of all other Financial Indebtedness incurred pursuant to
this paragraph (o) and then outstanding, will not exceed 100 per cent. of the cash proceeds (net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and
other fees and charges actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result
of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements)) received
by the Issuer from the issuance or sale (other than to the Issuer or a Restricted Subsidiary) of its Subordinated Shareholder Loans
or Capital Stock or otherwise contributed to the equity of the Issuer, in each case, subsequent to the First Issue Date (and in
each case, other than through the issuance of Disqualified Stock or Preferred Stock);

 

		(p)	Financial Indebtedness arising under borrowing facilities provided by a special purpose vehicle to a Group Company in connection
with the issuance of notes or other similar debt securities intended to be supported primarily by the payment obligations of a
Group Company in connection with any vendor financing platform; and

 

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		(q)	the incurrence by a Group Company of Financial Indebtedness not otherwise permitted to be incurred pursuant to paragraphs (a)
through (p) above, which, together with any other outstanding Financial Indebtedness incurred pursuant to this paragraph (q), has
an aggregate principal amount at any time outstanding not in excess of the greater of $300,000,000 (or its equivalent in any other
currency or currencies) and 4 per cent. of Total Assets, and any Permitted Refinancing Debt of any debt which on the date it was
incurred was permitted to be incurred pursuant to this paragraph (q), plus, in the case of any refinancing of Financial Indebtedness
permitted under this paragraph (q) or any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other
costs and expenses incurred in connection with such refinancing.

 

In the event that an item of Financial Indebtedness
meets the criteria of more than one of the types of Permitted Financial Indebtedness or is entitled to be incurred pursuant to
paragraph (a) of Condition 11.3, the Issuer in its sole discretion may classify and from time to time reclassify such item of Financial
Indebtedness or any portion thereof and only be required to include the amount of such Financial Indebtedness as one of such types.

 

“Permitted Holders” means (i)
Investment Kinnevik AB, (ii) any controlling stockholder, partner or member, or any 50 per cent. (or more) owned Subsidiary, of
Investment Kinnevik AB and (iii) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners,
owners or person Beneficially Owning a majority or a controlling interest of which consists of Investment Kinnevik AB and/or such
other persons referred to in clause (ii).

 

“Permitted Interest Rate, Currency or Commodity
Price Agreement” means any Interest Rate, Currency or Commodity Price Agreement entered into with one or more financial
institutions in the ordinary course of business that is designed to protect against fluctuations in interest rates or currency
exchange rates and which shall have a notional amount no greater than the payments due with respect to the Financial Indebtedness
being hedged thereby, or in the case of currency or commodity protection agreements against currency exchange or commodity price
fluctuations in the ordinary course of business relating to the then existing financial obligations and not for purposes of speculation.

 

“Permitted Investments” means
(i) loans or advances to employees and officers (or loans to any direct or indirect parent, the proceeds of which are used to make
loans or advances to employees or officers, or guarantees of third-party loans to employees or officers) in the ordinary course
of business; and (ii) customary cash management, cash pooling or netting or setting off arrangements; and (iii) the granting of
Liens pursuant to paragraph (jj) of the definition of Permitted Liens.

 

“Permitted Lien” means:

 

		(a)	Liens for taxes, assessments or governmental charges, or levies on the property of a Group Company if the same shall not at
the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceeds
promptly instituted and diligently concluded, provided that any reserve or other appropriate provision that shall be required in
conformity with IFRS shall have been made therefor;

 

		(b)	Liens imposed by law, such as statutory Liens of landlords’, carriers’, materialmen’s, repairmen’s,
construction, warehousemen’s and mechanics’ Liens and other similar Liens, on the property of a Group
Company arising in the ordinary course of trading or Liens arising solely by virtue of any statutory or common law provisions relating
to attorneys’ liens or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts or other
funds maintained with a creditor depositary institution;

 

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		(c)	Liens on the property of a Group Company incurred in the ordinary course of business to secure performance of obligations with
respect to statutory or regulatory requirements, performance bids, trade contracts, letters of credit, performance or return-of-money
bonds, surety bonds or other obligations of a like nature and incurred in a manner consistent with industry practice, in each case
which are not incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred
purchase price of property and which do not in the aggregate impair in any material respect the use of property in the operation
of the business of the Group taken as a whole;

 

		(d)	Liens on property at the time a Group Company acquired such property and Liens incurred in anticipation of or in connection
with the transaction or series of transactions pursuant to which such property was acquired by a Group Company, provided that
any such Lien may not extend to any other property of a Group Company;

 

		(e)	Liens on the property of a person at the time such person becomes a Restricted Subsidiary (including Liens created, incurred
or assumed in connection with or in contemplation of such acquisition or transaction); provided, however, that any such
Lien may not extend to any other property of a Group Company that is not a Restricted Subsidiary of such person (other than pursuant
to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that
would have been subject to such Lien notwithstanding the occurrence of such acquisition);

 

		(f)	pledges or deposits by a Group Company under workmen’s compensation laws, unemployment insurance laws or similar legislation,
or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Financial Indebtedness) or leases
to which a Group Company is party, or deposits to secure public or statutory obligations of a Group Company or deposits for the
payment of rent, in each case incurred in the ordinary course of business;

 

		(g)	utility easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally
existing with respect to properties of a similar character;

 

		(h)	any provision for the retention of title to any property by the vendor or transferor of such property which property is acquired
by a Group Company in a transaction entered into in the ordinary course of business of a Group Company and for which kind of transaction
it is customary market practice for such retention of title provision to be included;

 

		(i)	Liens arising by means of any judgment, decree or order of any court, to the extent not otherwise resulting in a Default, so
long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order have
not been fully terminated or the period within which such proceedings may be initiated has not expired and any Liens that
are required to protect or enforce rights in any administrative, arbitration or other court proceeding in the ordinary course of
business;

 

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		(j)	Liens securing any Credit Facility or any Permitted Interest Rate, Currency or Commodity Price Agreement;

 

		(k)	mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any
developer, landlord or other third party on property over which Liens securing any Credit Facility or any Permitted Interest Rate,
Currency or Commodity Price Agreement has easement rights or on any real property leased by Liens securing any Credit Facility
or any Permitted Interest Rate, Currency or Commodity Price Agreement or similar agreements relating thereto, and any condemnation
or eminent domain proceedings or compulsory purchase order affecting real property;

 

		(l)	Liens existing on the First Issue Date;

 

		(m)	Liens in favour of a Group Company;

 

		(n)	Liens on insurance policies and the proceeds thereof, or other deposits, to secure insurance premium financings in respect
of a Group Company;

 

		(o)	Liens arising from financing statement filings (or other similar filings in any applicable jurisdiction) regarding operating
leases entered into by any Restricted Subsidiary in the ordinary course of business;

 

		(p)	Liens on goods (and the proceeds thereof) and documents of title and the property covered thereby securing Financial Indebtedness
in respect of commercial letters of credit issued to facilitate the purchase, shipment or storage of such inventory or other goods;

 

		(q)	Liens on property of any Restricted Subsidiary of the Issuer to secure Financial Indebtedness incurred by such Restricted Subsidiary
pursuant to Condition 11.3 or paragraphs (i) through (q) (inclusive) of the definition of Permitted Financial Indebtedness;

 

		(r)	Liens for the purpose of securing the payment of all or a part of the purchase price of Capital Lease Obligations or payments
incurred by a Group Company to finance the acquisition, improvement or construction of, assets or property acquired or constructed
in the ordinary course of business; provided that such Liens do not encumber any other assets or property of a Group Company other
than such assets or property and assets affixed or appurtenant thereto;

 

		(s)	Liens on the property of a Group Company to replace in whole or in part, any Lien described in the foregoing paragraphs (a)
through (r); provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the original
Lien arose, could secure) the Financial Indebtedness being refinanced or in respect of property that is the security for a Permitted
Lien hereunder;

 

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		(t)	Any interest or title of a lessor under any Capital Lease Obligation or operating lease;

 

		(u)	Liens on any escrow account used in connection with an acquisition of property or Capital Stock of any person or pre-funding
a refinancing of Financial Indebtedness otherwise permitted under these Terms and Conditions;

 

		(v)	Liens on a Group Company’s deposits in favour of financial institutions arising from any netting or set-off arrangement
substantially consistent with its current practice for the purpose of netting debt and credit balances substantially consistent
with the Issuer’s or the Restricted Subsidairies’ existing cash pooling arrangements;

 

		(w)	Liens incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries with respect to obligations
that do not exceed the greater of US$ 250,000,000 (or its equivalent in any other currency or currencies) or 4 per cent. of Total
Assets at any one time outstanding and that do not in the aggregate materially detract from the value of the property of the Issuer,
or materially impair the use thereof in the operation of business by the Group;

 

		(x)	Liens over cash or other assets that secure collateralised obligations incurred as Permitted Financial Indebtedness; provided
that the amount of cash collateral does not exceed the principal amount of the Permitted Financial Indebtedness;

 

		(y)	Liens on Restricted MFS Cash in favour of the customers or dealers of, or third parties in relation to, one or more Restricted
Subsidiaries engaged in the provision of mobile financial services, in each case who provided such Restricted MFS Cash to the relevant
Restricted Subsidiary;

 

		(z)	Liens on Receivables and related assets of the type described in the definition of “Qualified Receivables Transaction”
incurred in connection with a Qualified Receivables Transaction, and Liens on Investments in Receivables Entities;

 

		(aa)	Liens consisting of any right of set-off granted to any financial institution acting as a lockbox bank in connection with a
Qualified Receivables Transaction;

 

		(bb)	Liens for the purpose of perfecting the ownership interests of a purchaser of Receivables and related assets pursuant to any
Qualified Receivables Transaction;

 

		(cc)	Liens arising in connection with other sales of Receivables permitted hereunder without recourse to the Issuer or any of its
Restricted Subsidiaries;

 

		(dd)	Liens on Receivables and related assets of the type specified in the definition of “Qualified Receivables Transaction”
pursuant to any Qualified Receivables Transaction;

 

		(ee)	Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capital Lease Obligations, Purchase
Money Obligations or other payments incurred to finance the acquisition, improvement or construction of, assets or property acquired
or constructed in the ordinary course of business (including Liens arising out of conditional sale, title retention, hire purchase,
consignment or similar arrangements for the sale of goods entered into in the ordinary course of business), provided that such
Liens do not encumber any other assets or property of the Issuer or any Restricted Subsidiary other
than such assets or property and assets affixed or appurtenant thereto;

 

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		(ff)	Liens securing Financial Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted
Subsidiary;

 

		(gg)	Liens in respect of the ownership interests in, or assets owned by, any joint ventures or similar arrangements, other than
joint ventures and similar arrangements that are Restricted Subsidiaries, securing obligations of such joint ventures or similar
agreements;

 

		(hh)	any encumbrance or restriction (including, but not limited to, put and call arrangements) with respect to Capital Stock of
any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

		(ii)	Liens over rights under loan agreements relating to, or over notes or similar instruments evidencing, the on-loan of proceeds
received by a Restricted Subsidiary from the issuance of Financial Indebtedness, which Liens are created to secure payment of such
Financial Indebtedness; and

 

		(jj)	Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure Financial Indebtedness of such
Unrestricted Subsidiary.

 

For purposes of determining compliance with Condition
11.4, (x) a Lien need not be incurred solely by reference to one category of Permitted Liens but may be incurred under any combination
of such categories (including in part under one such category and in part under any other such category) and (y) in the event that
a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens the Issuer shall, in its
sole discretion, divide, classify or may subsequently reclassify at any time such Lien (or any portion thereof) in any manner that
complies with Condition 11.4 and the definition of “Permitted Liens”.

 

With respect to any Lien securing Financial Indebtedness
that was permitted to secure such Financial Indebtedness at the time of the incurrence of such Financial Indebtedness, such Lien
shall also be permitted to secure any Increased Amount of such Financial Indebtedness. The “Increased Amount”
of any Financial Indebtedness shall mean any increase in the amount of such Financial Indebtedness in connection with any accrual
of interest, the accretion of accreted value, the amortisation of original issue discount, the payment of interest in the form
of additional Financial Indebtedness with the same terms or in the form of common stock, the payment of dividends on Preferred
Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation
preference, any fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection
therewith and increases in the amount of Financial Indebtedness outstanding solely as a result of fluctuations in the exchange
rate of currencies or increases in the value of property securing Financial Indebtedness.

 

“Permitted Refinancing Debt” means
any renewals, extensions, substitutions, defeasances, discharges, refinancings or replacements (each, for purposes of this definition
and clause (h) of the definition of Permitted Financial Indebtedness, a “refinancing”) of any Financial Indebtedness
of a Group Company or pursuant to this definition, including any successive refinancings, as long as:

 

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		(i)	such Permitted Refinancing Debt is in an aggregate principal amount (or if incurred with original issue discount, an aggregate
issue price) not in excess of the sum of: (i) the aggregate principal amount (or if incurred with original issue discount, the
aggregate accreted value plus all accrued interest) then outstanding of the Financial Indebtedness being refinanced; and (ii) an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, related to such refinancing;

 

		(ii)	such Permitted Refinancing Debt has (i) a stated maturity date that is either (X) no earlier than the stated maturity date
of the Financial Indebtedness being refinanced or (Y) after the Final Maturity Date of the Notes and (ii) a weighted average life
to maturity that is equal to or greater than the weighted average life to maturity of the Financial Indebtedness being refinanced;
and

 

		(iii)	if the Financial Indebtedness being refinanced is subordinated in right of payment to the Notes, such Permitted Refinancing
Debt is subordinated in right of payment to, the Notes on terms at least as favourable to the Holders of Notes as those contained
in the documentation governing the Financial Indebtedness being refinanced; and

 

		(iv)	if the Issuer was the obligor on the Financial Indebtedness being refinanced, such Permitted Refinancing Debt is incurred by
the Issuer.

 

Permitted Refinancing Debt in respect of any Credit
Facility or any other Financial Indebtedness may be incurred from time to time after the termination, discharge or repayment of
all or any part of such Credit Facility or other Financial Indebtedness. Permitted Refinancing Debt shall not include any Financial
Indebtedness of the Issuer or any Restricted Subsidiary that refinances Financial Indebtedness of an Unrestricted Subsidiary.

 

“Proceeds On-Loan” has the meaning
set forth in the definition “Financial Indebtedness”.

 

“Purchase Date” has the meaning
set forth in Condition 9.5.3

 

“Purchase Money Note” means a
promissory note of a Receivables Entity evidencing the deferred purchase price of Receivables (and related assets) and/or a line
of credit, which may be irrevocable, from a Group Company in connection with a Qualified Receivables Transaction with a Receivables
Entity, which note is intended to finance that portion of the purchase price that is not paid in cash or a contribution of equity
and which is (a) repayable from cash available to the Receivables Entity, other than (i) amounts required to be established as
reserves pursuant to agreements, (ii) amounts paid to investors in respect of interest, (iii) principal and other amounts owing
to such investors and (iv) amounts owing to such investors and amounts paid in connection with the purchase of newly generated
Receivables and (b) may be subordinated to the payments described in clause (a).

 

“Purchase Money Obligations” means
any Financial Indebtedness incurred to finance or refinance the acquisition, leasing, construction or improvement of property (real
or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets
or the acquisition of the Capital Stock of any person owning such property or assets, or otherwise.

 

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“Qualified Receivables Transaction”
means any transaction or series of transactions that may be entered into by a Group Company pursuant to which a Group Company may
sell, convey or otherwise transfer to (i) a Receivables Entity (in the case of a transfer by the a Group Company) and (ii) any
other person (in the case of a transfer by a Receivables Entity), or may grant a Lien in, any Receivables (whether now existing
or arising in the future) of a Group Company, and any assets related thereto including, without limitation, all collateral securing
such Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of
such Receivables and other assets which are customarily transferred, or in respect of which Liens are customarily granted, in connection
with asset securitisation involving Receivables and any Interest Rate, Currency or Commodity Price Agreement entered into by a
Group Company in connection with such Receivables.

 

“Quarter Date” means each of 31
March, 30 June, 30 September and 31 December.

 

“Quotation Day” means, in relation
to any period for which an interest rate is to be determined, two (2) Business Days before the first day of that period.

 

“Rating Agency” means (i) each
of Standard & Poor’s Rating Services (“S&P”), Fitch Ratings Ltd (“Fitch”),
Moody’s Investor Services Limited (“Moody’s”) or (ii) if any of S&P, Fitch or Moody’s
are not making ratings of the Notes publicly available, an internationally recognised credit rating agency or agencies, as the
case may be, selected by the Issuer which will be substituted for any of S&P, Fitch or Moody’s.

 

“Rating Category” means (i) with
respect to Fitch, any of the following categories (any of which may include a “+” or “-”): AAA, AA, A,
BBB, BB, B, CCC, CC, C, R, SD and D (or equivalent successor categories); (ii) with respect to Moody’s, any of the following
categories (any of which may include a “1”, “2” or “3”): Aaa, Aa, A, Baa, Ba, B, Caa, Ca, and
C (or equivalent successor categories), and (iii) the equivalent of any such categories of Fitch or Moody’s used by another
Rating Agency, if applicable.

 

“Rating Date” means the date which
is the earlier of (i) 120 days prior to the occurrence of an event specified in clauses (a), (b) or (c) of the definition of Change
of Control and (ii) the date of the first public announcement of the possibility of such event.

 

“Rating Decline” means the occurrence
of, at any time within the earlier of (i) 90 days after the date of public notice of a Change of Control, or the Issuer’s
intention or the intention of any person to effect a Change of Control and (ii) the occurrence of the Change of Control (which
period shall in either event be extended so long as the rating of the Issuer is under publicly announced consideration for possible
downgrade by a Rating Agency), a Rating Agency withdrawal of its rating of the Issuer or a decrease in the rating of the Issuer
by a Rating Agency as follows:

 

		(a)	if the Issuer is not rated Investment Grade by at least two of the three Rating Agencies on the Rating Date, by one or more
Gradations; or

 

		(b)	if the Issuer is rated Investment Grade by at least two of the three Rating Agencies on the Rating Date, either (i) by two
or more Gradations or (ii) such that the Issuer is no longer rated Investment Grade.

 

provided that, when announcing the
relevant decision(s) to withdraw or decrease the rating, each such Rating Agency announces publicly or confirms in writing
that such decision(s) resulted, in whole or in part, from the occurrence (or expected occurrence) of the Change of Control or
the Issuer’s announcement of the intention to effect a Change of Control.

 

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“Receivable” means a right to
receive payment arising from a sale or lease of goods or the performance of services by a person pursuant to an arrangement with
another person pursuant to which such other person is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit and shall include, in any event, any items of property that would be classified as an “account,”
“chattel paper,” “payment intangible” or “instrument” under the Uniform Commercial Code as
in effect in the State of New York and any “supporting obligations” as so defined.

 

“Receivables Entity” means a direct
or indirect wholly owned Subsidiary of the Issuer (or another person in which a Group Company makes an Investment or to which a
Group Company transfers Receivables and related assets) which engages in no activities other than in connection with the financing
of Receivables and which is designated by the Board of Directors or senior management of the Issuer (as provided below) as a Receivables
Entity:

 

(a) no portion of the Financial Indebtedness or any
other obligations (contingent or otherwise) of which:

 

(i) is Guaranteed by a Group Company (excluding guarantees
of obligations (other than the principal of, and interest on, Financial Indebtedness) pursuant to Standard Securitisation Undertakings);

 

(ii) is recourse to or obligates a Group Company
in any way other than pursuant to Standard Securitisation Undertakings; or

 

(iii) subjects any property or asset of a Group Company,
directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitisation
Undertakings, except, in each such case, Permitted Liens as defined in clauses (z) through (dd) of the definition thereof;

 

(b) with which no Group Company has any material
contract, agreement, arrangement or understanding (except in connection with a Purchase Money Note or Qualified Receivables Transaction)
other than on terms not materially less favourable to the such Group Company than those that might be obtained at the time from
persons that are not Affiliates of the Issuer, other than fees payable in the ordinary course of business in connection with servicing
Receivables; and

 

(c) to which no Group Company has any obligation
to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results
(other than those related to or incidental to the relevant Qualified Receivables Transaction).

 

Any such designation by the Board of Directors or
senior management of the Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a certified copy of the resolution
of the Board of Directors of the Issuer giving effect to such designation or an Officer’s Certificate certifying that such
designation complied with the foregoing conditions.

 

“Receivables Fees” means
reasonable distributions or payments made directly or by means of discounts with respect to any participation interest issued
or sold in connection with, and other fees paid to a person that is not a Receivables Entity in connection with, any
Qualified Receivables Transaction.

 

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“Receivables Repurchase Obligation”
means any obligation of a seller of Receivables in a Qualified Receivables Transaction to repurchase Receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming
subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to
take action by or any other event relating to the seller.

 

“Record Date” means the fifth
(5) Business Day prior to (i) an Interest Payment Date, (ii) a Redemption Date, (iii) a date on which a payment to the Noteholders
is to be made under Condition 13 (Distribution of proceeds) or (iv) another relevant date, or in each case such other Business
Day falling prior to a relevant date if generally applicable on the Swedish bond market.

 

“Redeemable Stock” of any person
means any Capital Stock of such person that by its terms (or by the terms of any security into which it is convertible or for which
it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be redeemed (pursuant to
any sinking fund obligation or otherwise) or is convertible into or exchangeable for Financial Indebtedness or is redeemable at
the option of the holder thereof, in whole or in part, at any time prior to the Final Maturity Date.

 

“Redemption Date” means the date
on which the relevant Notes are to be redeemed or repurchased in accordance with Condition 9 (Redemption and repurchase of the
Notes).

 

“Reference Banks” means Nordea
Bank Abp, filial i Sverige, Skandinaviska Enskilda Banken AB (publ) and DNB Bank ASA (or such other banks as may be appointed by
the Issuing Agent in consultation with the Issuer).

 

“Regulated Market” means any regulated
market (as defined in Directive 2014/65/EU on markets in financial instruments).

 

“Restricted Cash” means the sum
of (a) Restricted MFS Cash, and (b) without duplication, the amount of cash that would be stated as “restricted cash”
on the consolidated statement of financial position of the Issuer as of such date in accordance with IFRS.

 

“Restricted MFS Cash” means, as
of any date of determination, an amount equal to any cash paid in or deposited by or held on behalf of any customer or dealer of,
or any other third party in relation to, one or more Group Company engaged in the provision of mobile financial services and designated
as “restricted cash” on the consolidated statement of financial position of the Issuer, together with any interest
thereon.

 

“Restricted Subsidiary” means
any Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“Securities Account” means the
account for dematerialised securities maintained by the CSD pursuant to the Financial Instruments Accounts Act in which (i) an
owner of such security is directly registered or (ii) an owner’s holding of securities is registered in the name of a nominee.

 

“Significant Subsidiary” means,
at the date of determination, a Restricted Subsidiary that:

 

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		(a)	for the most recent fiscal year, accounted for more than 10 per cent. of the Consolidated EBITDA of the Group or consolidated
revenues of the Group; or

 

		(b)	whose assets represent more than 10 per cent. of the assets of the Group.

 

“Specified Legal Expenses” means,
to the extent not constituting an extraordinary, non-recurring or unusual loss, charge or expense, all attorneys’ and experts’
fees and expenses and all other costs, liabilities (including all damages, penalties, fines and indemnification and settlement
payments) and expenses paid or payable in connection with any threatened, pending, completed or future claim, demand, action, suit,
proceeding, inquiry or investigation (whether civil, criminal, administrative, governmental or investigative).

 

“Specified Subsidiary Sale” means
the sale, transfer or other disposition of all of the Capital Stock, or all of the assets or properties of, (a) any entity, the
primary purpose of which is to own Tower Equipment located in any market in which a Group Company operates; (b) any person which
operates a Group Company’s mobile financial services business; (c) Latin America Internet Holding GmbH (or any successor
in interest thereto); or (d) Africa Internet Holding GmbH (or any successor in interest thereto).

 

“STIBOR” means:

 

		(a)	the applicable percentage rate per annum displayed on Nasdaq Stockholm’s website for STIBOR fixing (or through another
website replacing it) as of or around 11.00 a.m. on the Quotation Day for the offering of deposits in Swedish Kronor and for a
period comparable to the relevant Interest Period (other than the first Interest Period to which, notwithstanding its duration,
the applicable percentage rate per annum for the offering of deposits in Swedish Kronor for a period of three months as quoted
as of or around 11.00 a.m. on the relevant Quotation Day will apply); or

 

		(b)	if no rate is available for the relevant Interest Period, the arithmetic mean of the rates (rounded upwards to four decimal
places) as supplied to the Issuing Agent at its request quoted by the Reference Banks, for deposits of SEK 100,000,000 for the
relevant period; or

 

		(c)	if no quotation is available pursuant to paragraph (b), the interest rate which according to the reasonable assessment of the
Issuing Agent best reflects the interest rate for deposits in Swedish Kronor offered in the Stockholm interbank market for the
relevant period.

 

“Standard Securitisation Undertakings”
means representations, warranties, covenants and indemnities entered into by a Group Company which are reasonably customary in
a securitisation of Receivables transactions, including, without limitation, those relating to the servicing of the assets of a
Receivables Entity, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitisation
Undertaking.

 

“Subsidiary” means in respect
of any person:

 

		(a)	any corporation in which it or one or more of its Subsidiaries directly or indirectly owns more than 50 per cent. of the combined
voting power of the outstanding voting stock; or

 

		(b)	any other entity in which it or one or more of its Subsidiaries:

 

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		(i)	directly or indirectly has majority ownership, but only to the extent such majority ownership results in an entitlement to
the majority of the profits generated by that entity; or

 

		(ii)	has the power to direct the policies, management and affairs thereof.

 

“Sustainability Bond Framework”
means the sustainability bond framework of the Group as at the First Issue Date.

 

“Swedish Kronor” and “SEK”
means the lawful currency of Sweden.

 

“Total Assets” means the consolidated
total assets of the Group as shown on the Issuer’s most recent consolidated statement of financial position prepared on the
basis of IFRS prior to the relevant date of determination calculated to give pro forma effect to any acquisitions (including
through mergers or consolidations) and dispositions that have occurred subsequent to such period, including any such acquisitions
to be made with the proceeds of Financial Indebtedness giving rise to the need to calculate Total Assets

 

“Total Nominal Amount” means the
total aggregate Nominal Amount of the Notes outstanding at the relevant time.

 

“Tower Equipment” means passive
infrastructure related to telecommunications services, excluding telecommunications equipment, but including, without limitation,
towers (including tower lights and lightning rods), power breakers, deep cycle batteries, generators, voltage regulators, main
AC power, rooftop masts, cable ladders, grounding, walls and fences, access roads, shelters, air conditioners and BTS batteries
owned by any Group Company.

 

“Trust Deed” means the trust deed
entered into on or prior to the First Issue Date, between the Issuer and the Trustee, or any replacement or supplemental trust
deed entered into between the Issuer and the Trustee thereafter.

 

“Trustee” means Intertrust CN
(Sweden) AB, Swedish Reg. No. 556625-5476, or another party replacing it, as Trustee, in accordance with these Terms and Conditions
and the Trust Deed.

 

“Unrestricted Subsidiary” means
any Subsidiary of the Issuer designated as such pursuant to Condition 11.8.

 

“USD”, “$”
and “dollars” means the lawful currency of the United States of America.

 

“VAT” means:

 

		(a)	any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive
2006/112); and

 

		(b)	any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in
addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

 

“Written Procedure” means the
written or electronic procedure for decision making among the Noteholders in accordance with Condition 16 (Written Procedure).

 

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		1.2	Construction

 

		1.2.1	Unless a contrary indication appears, any reference in these Terms and Conditions to:

 

		(a)	“assets” includes present and future properties, revenues and rights of every description;

 

		(b)	any agreement or instrument is a reference to that agreement or instrument as supplemented, amended, novated, extended, restated
or replaced from time to time;

 

		(c)	a “regulation” includes any regulation, rule or official directive, request or guideline (whether or not
having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory
or other authority or organisation;

 

		(d)	a provision of law is a reference to that provision as amended or re-enacted;

 

		(e)	a time of day is a reference to Stockholm time; and

 

		(f)	unless a contrary indication appears, a reference to Nordea Bank Abp or Nordea Bank Abp, filial i Sverige (or any of its other
branches) shall be construed as a reference to Nordea Bank Abp as a whole including its head office and all its branches.

 

		1.2.2	An Event of Default is continuing if it has not been remedied or waived.

 

		1.2.3	When ascertaining whether a limit or threshold specified in SEK has been attained or broken, an amount in another currency
shall be counted on the basis of the rate of exchange for such currency against SEK for the previous Business Day, as published
by the Swedish Central Bank (Riksbanken) on its website (www.riksbank.se). If no such rate is available, the most
recently published rate shall be used instead.

 

		1.2.4	A notice shall be deemed to be sent by way of press release if it is made available to the public within Sweden promptly

 

		1.2.5	No delay or omission of the Trustee or of any Noteholder to exercise any right or remedy under the Finance Documents shall
impair or operate as a waiver of any such right or remedy.

 

		2.	STATUS OF THE NOTES

 

		2.1	The Notes are denominated in SEK and each Note is constituted by the Trust Deed and these Terms and Conditions. The Issuer
undertakes to make payments in relation to the Notes and to comply with these Terms and Conditions.

 

		2.2	By subscribing for Notes, each initial Noteholder agrees that the Notes shall benefit from and be subject to the Finance Documents
and by acquiring Notes, each subsequent Noteholder confirms such agreement.

 

		2.3	The nominal amount of each Initial Note is SEK 2,000,000 (the “Nominal Amount”). All Initial Notes are issued
on a fully paid basis at an issue price of 100 per cent. of the Nominal Amount.

 

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		2.4	Provided that no Event of Default is continuing or would result from such issue and subject to the terms of the Trust Deed
and the satisfaction of the conditions set out in Condition 4.1, the Issuer may, from time to time, without the consent of the
Noteholders, issue Additional Notes having the same interest rate and ranking pari passu in all respects and so that the
same shall be consolidated and form a single series with the Initial Notes and any other Additional Notes. The issue price of the
Additional Notes may be set at a discount or at a premium compared to the Initial Notes. The aggregate nominal amount of Notes
is not limited. Each Additional Note shall entitle its holder to Interest in accordance with Condition 8.1, and otherwise have
the same rights as the Initial Notes.

 

		2.5	The Notes constitute direct, general, unconditional, unsubordinated and unsecured obligations of the Issuer and shall at all
times rank pari passu and without any preference among them and at least pari passu with all other direct, unconditional,
unsubordinated and unsecured obligations of the Issuer, except obligations which are mandatorily preferred by law.

 

		2.6	The Notes are freely transferable but the Noteholders may be subject to purchase or transfer restrictions with regard to the
Notes, as applicable, under local laws to which a Noteholder may be subject. Each Noteholder must ensure compliance with such restrictions
at its own cost and expense.

 

		2.7	No action is being taken in any jurisdiction that would or is intended to permit a public offering of the Notes or the possession,
circulation or distribution of any document or other material relating to the Issuer or the Notes in any jurisdiction other than
Sweden, where action for that purpose is required. Each Noteholder must inform itself about, and observe, any applicable restrictions
to the transfer of material relating to the Issuer or the Notes.

 

		3.	USE OF PROCEEDS

 

The Issuer shall use the Net Proceeds to finance
or refinance Eligible Assets or Projects in accordance with the Sustainability Bond Framework, either directly or by lending all
or a portion of such Net Proceeds to Telemovil El Salvador, S.A. de C.V. for such purposes. The proceeds from any issuance of
Additional Notes shall be used for substantially the same purposes, in each case in accordance with the Sustainability Bond Framework.

 

		4.	CONDITIONS PRECEDENT

 

		4.1	Prior to the issuance of any Additional Notes, the Issuer shall provide to the Issuing Agent the following documents and evidence,
in form and substance satisfactory to the Issuing Agent (acting reasonably):

 

		(a)	a copy of a resolution from the board of directors of the Issuer approving the issue of the Additional Notes and resolving
to enter into any documents necessary in connection therewith;

 

		(b)	a certificate addressed to the Trustee, duly signed by the Issuer, evidencing for the relevant issue of Additional Notes that
(i) no Event of Default is continuing or would result from such issue and (ii) in relation to such issue, the requirements of Condition
11.3 have been complied with; and

 

		(c)	such other documents and information as is agreed between the Issuing Agent and the Issuer.

 

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		4.2	The Issuing Agent and the Trustee (as the case may be) may assume that the documentation delivered to it pursuant to Condition
4.1 is accurate, correct and complete unless it has actual knowledge that this is not the case, and neither the Issuing Agent nor
the Trustee shall be required to verify the contents of any such documentation.

 

		5.	NOTES IN BOOK-ENTRY FORM

 

		5.1	The Notes will be registered for the Noteholders on their respective Securities Accounts and no physical notes will be issued.
Accordingly, the Notes will be registered in accordance with the Financial Instruments Accounts Act. Registration requests relating
to the Notes shall be directed to an Account Operator.

 

		5.2	Those who according to assignment, Lien, the provisions of the Swedish Children and Parents Code (föräldrabalken
(1949:381)), conditions of will or deed of gift or otherwise have acquired a right to receive payments in respect of a Note
shall register their entitlements to receive payment in accordance with the Financial Instruments Accounts Act.

 

		5.3	The Issuer and the Trustee shall at all times be entitled to obtain information from the debt register (skuldbok) kept
by the CSD in respect of the Notes. For the purpose of carrying out any administrative procedure that arises out of the Finance
Documents, the Issuing Agent shall be entitled to obtain information from the debt register kept by the CSD in respect of the Notes.

 

		5.4	The Issuer shall issue any necessary power of attorney to such persons employed by the Trustee, as notified by the Trustee,
in order for such individuals to independently obtain information directly from the debt register kept by the CSD in respect of
the Notes. The Issuer may not revoke any such power of attorney unless directed by the Trustee or unless consent thereto is given
by the Noteholders.

 

		5.5	The Issuer and the Trustee may use the information referred to in Condition 5.3 and 5.4 only for the purpose of carrying out
their duties and exercising their rights in accordance with the Finance Documents and shall not disclose such information to any
Noteholders or third party unless necessary for such purpose.

 

		6.	RIGHT TO ACT ON BEHALF OF A NOTEHOLDER

 

		6.1	If any person other than a Noteholder wishes to exercise any rights of a Noteholder under the Finance Documents on behalf of
such Noteholder, it must obtain a power of attorney or other proof of authorisation from the Noteholder or a successive, coherent
chain of powers of attorney or proofs of authorisation starting with the Noteholder and authorising such person.

 

		6.2	A Noteholder may issue one or several powers of attorney to third parties to represent it in relation to some or all of the
Notes held by it. Any such representative may act independently under the Finance Documents in relation to the Notes for which
such representative is entitled to represent the Noteholder and may further delegate its right to represent the Noteholder by way
of a further power of attorney.

 

		6.3	The Trustee shall only have to examine the face of a power of attorney or other proof of authorisation that has been provided
to it pursuant to Condition 6.2 and may assume that it has been duly authorised, is valid, has not been revoked or superseded and
that it is in full force and effect, unless otherwise is apparent from
its face or the Trustee has actual knowledge to the contrary.

 

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		7.	PAYMENTS IN RESPECT OF THE NOTES

 

		7.1	Any payment or repayment under the Finance Documents, or any amount due in respect of a repurchase of any Notes pursuant to
these Terms and Conditions, shall be made to such person who is registered as a Noteholder on the Record Date prior to an Interest
Payment Date or other relevant due date, or to such other person who is registered with the CSD on such date as being entitled
to receive the relevant payment, repayment or repurchase amount.

 

		7.2	If a Noteholder has registered, through an Account Operator, that principal, interest or any other payment shall be deposited
in a certain bank account, such deposits will be effected by the CSD or the Issuer (or its agent) on the relevant payment date.
In other cases, payments will be transferred by the CSD or the Issuer (or its agent) to the Noteholder at the address registered
with the CSD on the Record Date. Should the CSD, due to a delay on behalf of the Issuer or some other obstacle, not be able to
effect payments as aforesaid, the Issuer shall promptly provide notice of such non-payment to the Trustee in accordance with Condition
23 (Notices and Press Releases) and procure that such amounts are paid to the persons who are registered as Noteholders
on the relevant Record Date as soon as possible after such obstacle has been removed. If, due to any obstacle for the CSD, the
Issuer cannot make a payment or repayment, such payment or repayment may be postponed until the obstacle has been removed. Interest
shall accrue in accordance with Condition 8.4 during such postponement.

 

		7.3	If payment or repayment is made in accordance with this Condition 7, the Issuer and the CSD shall be deemed to have fulfilled
their obligation to pay, irrespective of whether such payment was made to a person not entitled to receive such amount. The Trustee
shall have no obligation to ensure any payments or repayments made in accordance with this Condition 7.4 are actually received
by the person entitled to such payment or repayment.

 

		7.4	Neither the Issuer nor the Trustee shall be liable to gross-up any payments under the Finance Documents by virtue of any withholding
tax, public levy or similar obligation.

 

		8.	INTEREST

 

		8.1	Each Initial Note shall bear Interest at the Interest Rate applied to the Nominal Amount from (but excluding) the First Issue
Date up to (and including) the relevant Redemption Date. Any Additional Note will bear Interest at the Interest Rate applied to
the Nominal Amount from (but excluding) the Interest Payment Date falling immediately prior to its issuance (or the First Issue
Date if there is no such Interest Payment Date) up to (and including) the relevant Redemption Date.

 

		8.2	Interest accrues during an Interest Period. Payment of Interest in respect of the Notes shall be made to the Noteholders on
each Interest Payment Date for the preceding Interest Period in accordance with Condition 7.

 

		8.3	Interest shall be calculated on the basis of the actual number of days in the Interest Period in respect of which payment is
being made divided by 360 (actual/360-days basis).

 

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		8.4	If the Issuer fails to pay any amount payable by it on its due date, default interest shall accrue on the overdue amount from
(but excluding) the due date up to (and including) the date of actual payment at a rate which is one (1) per cent. higher than
the Interest Rate for such Interest Period. Accrued default interest shall not be capitalised. No default interest shall accrue
where the failure to pay was solely attributable to the Issuing Agent or the CSD.

 

		9.	REDEMPTION AND REPURCHASE OF THE NOTES

 

		9.1	Redemption at maturity

 

The Issuer shall redeem all, but not some only, of
the outstanding Notes in full on the Final Maturity Date with an amount per Note equal to the Nominal Amount together with accrued
but unpaid Interest. If the Final Maturity Date is not a Business Day, then the redemption shall occur on the first Business Day
following the Final Maturity Date.

 

		9.2	Purchase of Notes by Group Companies

 

Any Group Company may, subject to applicable law,
at any time and at any price purchase Notes in the open market or in any other way. Notes held by a Group Company may at such Group
Company’s discretion be retained or sold or, if held by the Issuer, cancelled by the Issuer.

 

		9.3	Voluntary total redemption (call option)

 

		9.3.1	At any time on or after the First Call Date, the Issuer may redeem all, but not some only, of the outstanding Notes at an amount
per Note equal to (i) if redeemed during the 12- month period commencing on 15 May 2022, 101.175 per cent. of the Nominal Amount,
(ii) if redeemed during the 12-month period commencing on 15 May 2023, 100.588 per cent. of the Nominal Amount and (iii) if redeemed
during the 3-month period commencing on 15 February 2024 and refinanced using the proceeds of, or replaced with, a Market Loan
issued in an aggregate principal amount at least equal to the amount of outstanding Notes so redeemed, 100 per cent. of the Nominal
Amount, in each case together with accrued but unpaid Interest.

 

		9.3.2	Redemption in accordance with Condition 9.3.1 shall be made by the Issuer giving not less than fifteen (15) Business Days’
notice to the Noteholders and the Trustee. The notice from the Issuer shall specify the Redemption Date and the Record Date on
which a person shall be registered as a Noteholder to receive the amounts due on such Redemption Date. The notice is irrevocable
but may, at the Issuer’s discretion, contain one or more conditions precedent. Upon fulfilment of the conditions precedent
(if any), the Issuer is bound to redeem the Notes specified in the notice at the applicable amount on the specified Redemption
Date.

 

		9.4	Early redemption due to illegality (call option)

 

		9.4.1	The Issuer may redeem all, but not some only, of the outstanding Notes at an amount per Note equal to the Nominal Amount together
with accrued but unpaid Interest on a date determined by the Issuer if it is or becomes unlawful for the Issuer to perform its
obligations under the Finance Documents.

 

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		9.4.2	The Issuer shall give written notice of redemption pursuant to Condition 9.4.1 no later than twenty (20) Business Days after
having received actual knowledge of any event specified therein (after which time period such right shall
lapse). The notice from the Issuer is irrevocable, shall specify the Redemption Date and the Record Date on which a person shall
be registered as a Noteholder to receive the amounts due on such Redemption Date. The Issuer is bound to redeem the Notes in full
at the applicable amount on the specified Redemption Date.

 

		9.5	Repurchase with Excess Proceeds (put option)

 

		9.5.1	If, in accordance with Condition 11.5, the aggregate amount of Excess Proceeds from the disposition of assets by the Issuer
or any of its Subsidiaries (other than an Unrestricted Subsidiary) exceeds $75 million (or its equivalent in any other currency
or currencies), the Issuer shall make an offer to repurchase from the Noteholders and from the holders of any Pari Passu Financial
Indebtedness, to the extent required by the terms thereof, on a pro rata basis, in accordance with this Condition 9.5 or
the agreements governing any such Pari Passu Financial Indebtedness, in cash the maximum principal amount of the Notes (at an amount
per Note equal to 100 per cent. of the Nominal Amount together with accrued but unpaid Interest if any to the date of purchase)
and any such Pari Passu Financial Indebtedness (at a price no greater than 100 per cent. of the principal amount (or accreted value,
as applicable) of such Pari Passu Financial Indebtedness together with accrued and unpaid interest if any to the date of purchase)
that may be purchased with the amount of the Excess Proceeds (an “Excess Proceeds Offer”).

 

		9.5.2	The Issuer shall give written notice of its offer to redeem pursuant to Condition 9.5.1 no later than twenty (20) Business
Days after the end of the 365 calendar day period referred to in Condition 11.5.1(c). The notice from the Issuer is irrevocable,
shall specify the amount of Notes that may be repurchased, the Purchase Date and the Record Date on which a person shall be registered
as a Noteholder to receive the amounts due on such Purchase Date.

 

		9.5.3	Each Excess Proceeds Offer will remain open for a period of at least 20 Business Days and not more than 60 Business Days, following
its commencement except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Issuer
will apply all Excess Proceeds, in the case of an Excess Proceeds Offer (the “Offer Amount”) to the purchase
of the Notes and, if applicable, such other Pari Passu Financial Indebtedness (on a pro rata basis based on the principal amount
of the Notes and such other Pari Passu Financial Indebtedness surrendered, if applicable or, if less than the Offer Amount has
been tendered, all Notes tendered and, if applicable, other Financial Indebtedness tendered in response to the Excess Proceeds
Offer).

 

		9.5.4	If the Purchase Date is on or after a record date for the payment of interest and on or before the related payment date, any
accrued and unpaid interest, if any, will be paid to the person in whose name a Note is registered at the close of business on
such record date, and no additional interest will be payable to Noteholders who tender Notes pursuant to the Excess Proceeds Offer.

 

		9.5.5	Upon the commencement of an Excess Proceeds Offer, the Issuer will send, by first class mail, a notice to the Trustee and each
of the Noteholders with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such
Noteholders to tender Notes pursuant to the Excess Proceeds Offer. The notice, which will govern the terms of the Excess Proceeds
Offer, will state:

 

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		(a)	that the Excess Proceeds Offer is being made pursuant to this Condition 9.5 the length of time the Excess Proceeds Offer will
remain open;

 

		(b)	the Offer Amount, the purchase price and the Purchase Date;

 

		(c)	that any Note not tendered or accepted for payment will continue to accrue interest;

 

		(d)	that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Excess Proceeds Offer
will cease to accrue interest after the Purchase Date;

 

		(e)	that Notes purchased pursuant to the Excess Proceeds Offer will be purchased in a minimum amount of SEK 2,000,000;

 

		(f)	the manner in which Noteholders electing to have a Note purchased pursuant to any Excess Proceeds Offer will be required to
transfer such Note to the Issuer or its agent before the Purchase Date;

 

		(g)	the circumstances under which Noteholders will be entitled to withdraw their election prior to the expiration of the Offer
Period and the procedures required in relation to such withdrawal; and

 

		(h)	that, if the aggregate principal amount of Notes and other Pari Passu Financial Indebtedness surrendered by holders thereof
exceeds the Offer Amount, the Issuer (or its agent) will randomly select the Notes and other Pari Passu Financial Indebtedness
to be purchased on a pro rata basis based on the principal amount of Notes and such other Pari Passu Financial Indebtedness surrendered
(provided that Notes will be purchased in a minimum amount of SEK 2,000,000).

 

		9.5.6	On or before the Purchase Date, the Issuer will, to the extent lawful, accept for repurchase, the Offer Amount of Notes tendered
pursuant to the Excess Proceeds Offer (which Notes shall be randomly selected by the Issuer or its agent if more than the Offer
Amount has been tendered), or if less than the Offer Amount has been tendered, all Notes tendered. The Issuer will pay each tendering
holder an amount equal to the purchase price of the Notes tendered by such Noteholder and accepted by the Issuer for purchase.
Any purchase pursuant to this Condition 9.5 shall not be subject to conditions precedent.

 

		9.5.7	To the extent that the amount of Notes and any such Pari Passu Financial Indebtedness purchased pursuant to this Condition
9.5 is less than the aggregate amount of Excess Proceeds, the Issuer may use the amount of such Excess Proceeds not used to purchase
Notes and such Pari Passu Financial Indebtedness for purposes that are not otherwise prohibited by these Terms and Conditions.
Upon completion of each redemption, the amount of Excess Proceeds will be reset to zero.

 

		9.6	Mandatory repurchase due to a Change of Control Triggering Event or a Listing Failure Event (put option)

 

		9.6.1	Upon the occurrence of a Change of Control Triggering Event or a Listing Failure Event, each Noteholder shall during a period
of twenty (20) Business Days from the effective date of a notice from the Issuer of the Change of Control Triggering Event or Listing
Failure Event, as applicable, pursuant to Condition 10.1.2 (after which time period such right shall lapse), have the right to
request that all, or some only, of its Notes be repurchased at a price per Note equal to 101 per cent. of the Nominal Amount
together with accrued but unpaid Interest. However, such period may not start earlier than upon the occurrence of the Change of
Control Triggering Event or Listing Failure Event, as applicable.

 

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		9.6.2	The notice from the Issuer pursuant to Condition 10.1.2 shall specify the Record Date on which a person shall be registered
as a Noteholder to receive interest and principal, the Redemption Date and include instructions about the actions that a Noteholder
needs to take if it wants Notes held by it to be repurchased. If a Noteholder has so requested, and acted in accordance with the
instructions in the notice from the Issuer, the Issuer shall repurchase the relevant Notes and the repurchase amount shall fall
due on the Redemption Date specified in the notice given by the Issuer pursuant to Condition 10.1.2. The Redemption Date must fall
no later than forty (40) Business Days after the end of the period referred to in Condition 9.6.1.

 

		9.6.3	If Noteholders representing more than 75 per cent. of the Adjusted Nominal Amount have requested that Notes held by them are
repurchased pursuant to this Condition 9.6, the Issuer shall, no later than five (5) Business Days after the end of the period
referred to in Condition 9.6.1, send a notice to the remaining Noteholders, if any, giving them a further opportunity to request
that Notes held by them be repurchased on the same terms during a period of twenty (20) Business Days from the date such notice
is effective. Such notice shall specify the Redemption Date, the Record Date on which a person shall be registered as a Noteholder
to receive the amounts due on such Redemption Date and also include instructions about the actions that a Noteholder needs to take
if it wants Notes held by it to be repurchased. If a Noteholder has so requested, and acted in accordance with the instructions
in the notice from the Issuer, the Issuer shall repurchase the relevant Notes and the repurchase amount shall fall due on the Redemption
Date specified in the notice given by the Issuer pursuant to this Condition 9.6.3. The Redemption Date must fall no later than
forty (40) Business Days after the end of the period of twenty (20) Business Days referred to in this Condition 9.6.3.

 

		9.6.4	The Issuer shall comply with the requirements of any applicable securities laws or regulations in connection with the repurchase
of Notes. To the extent that the provisions of such laws and regulations conflict with the provisions in this Condition 9.6, the
Issuer shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under this Condition 9.6 by virtue of the conflict.

 

		9.6.5	The Issuer shall not be required to repurchase any Notes pursuant to this Condition 9.6, if a third party in connection with
the occurrence of a Change of Control Triggering Event or a Listing Failure Event offers to purchase the Notes in the manner and
on the terms set out in this Condition 9.6 (or on terms more favourable to the Noteholders) and purchases all Notes validly tendered
in accordance with such offer. If Notes tendered are not purchased within the time limits stipulated in this Condition 9.6, the
Issuer shall repurchase any such Notes within five (5) Business Days after the expiry of the time limit.

 

		9.6.6	No repurchase of Notes pursuant to this Condition 9.6 shall be required if the Issuer has given notice of a redemption pursuant
to Condition 9.3 (Voluntary total redemption (call option)), provided that such redemption is duly exercised.

 

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		10.	INFORMATION TO NOTEHOLDERS

 

		10.1	Information from the Issuer

 

		10.1.1	The Issuer shall provide the following information to the Trustee and make the same available to the Noteholders by way of
press release and by publication on the website of the Issuer:

 

		(a)	as soon as the same become available, but in any event within four (4) months after the end of each financial year, the Issuer’s
audited consolidated financial statements for that financial year prepared in accordance with IFRS;

 

		(b)	as soon as the same become available, but in any event within two (2) months after the end of each quarter of its financial
year, the Issuer’s consolidated financial statements or the year-end report (bokslutskommuniké) (as applicable)
for such period prepared in accordance with IFRS;

 

		(c)	as soon as practicable following an acquisition or disposal of Notes by a Group Company, the aggregate Nominal Amount held
by Group Companies, or the amount of Notes cancelled by the Issuer; and

 

		(d)	any other information required by the Swedish Securities Markets Act (lag (2007:582) om värdepappersmarknaden),
Regulation No 596/2014 on market abuse (Market Abuse Regulation), as applicable, and the rules and regulations of the Regulated
Market on which the Notes are admitted to trading.

 

		10.1.2	The Issuer shall promptly notify the Noteholders and the Trustee in writing upon becoming aware of the occurrence of a Change
of Control Triggering Event or a Listing Failure Event. Such notice may be given in advance of the occurrence of a Change of Control
and conditioned upon the occurrence of a Change of Control Triggering Event, if a definitive agreement is in place providing for
a Change of Control.

 

		10.1.3	When the financial statements and other information are made available to the Noteholders pursuant to Condition 10.1.1, the
Issuer shall send copies of such financial statements and other information to the Trustee. Together with the annual financial
statements of the Issuer, the Issuer shall submit to the Trustee a compliance certificate in a form agreed between the Issuer and
the Trustee containing a confirmation that no Default or Event of Default has occurred (or if a Default or an Event of Default
has occurred, what steps have been taken to remedy it).

 

		10.1.4	The Issuer shall promptly notify the Trustee in writing (with full particulars) upon becoming aware of the occurrence of any
event or circumstance which constitutes a Default or an Event of Default, and shall provide the Trustee with such further information
as the Trustee may reasonably request in writing following receipt of such notice. Should the Trustee not receive such information,
the Trustee is entitled to assume that no such event or circumstance exists or can be expected to occur, provided that the Trustee
does not have actual knowledge by way of written notice of such event or circumstance.

 

		10.1.5	The Issuer is only obliged to inform the Trustee as set out in this Condition 10 if informing the Trustee would not
                                                                conflict with any applicable laws or, when the Notes are listed, the Issuer’s registration contract with the Regulated
                                                                Market. If such a conflict would exist pursuant to the listing contract with the Regulated Market or otherwise, the Issuer
                                                                shall however be obliged to either seek approval from the
Regulated Market or undertake other reasonable measures, including entering into a non-disclosure agreement with the Trustee, in
order to be able to timely inform the Trustee as set out in this Condition 10.

 

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		10.2	Information from the Trustee

 

		10.2.1	Subject to the restrictions of a non-disclosure agreement entered into by the Trustee in accordance with this Condition 10.2.1
and applicable law, the Trustee is entitled to disclose to the Noteholders any event or circumstance directly or indirectly relating
to the Issuer or the Notes. Notwithstanding the foregoing, the Trustee may if it considers it to be beneficial to the interests
of the Noteholders delay disclosure or refrain from disclosing certain information other than in respect of an Event of Default
that has occurred and is continuing.

 

		10.2.2	If a committee representing the Noteholders’ interests under the Finance Documents has been appointed by the Noteholders
pursuant to Condition 14 (Decisions by Noteholders), the members of such committee may agree with the Issuer not to disclose
information received from the Issuer, provided that it, in the reasonable opinion of such members, is beneficial to the interests
of the Noteholders. The Trustee shall be a party to such agreement and receive the same information from the Issuer as the members
of the committee.

 

		10.3	Publication of Finance Documents

 

		10.3.1	The latest version of these Terms and Conditions (including any document amending these Terms and Conditions), together with
copies of the Sustainability Bond Framework and the second opinion of Sustainalytics on the Sustainability Bond Framework, shall
be available on the website of the Issuer.

 

		10.3.2	The latest versions of the Finance Documents shall be available to the Noteholders at the office of the Trustee during normal
business hours.

 

		11.	GENERAL UNDERTAKINGS

 

		11.1	Change of Business

 

The Issuer shall ensure that no substantial change
is made to the general nature of the business of the Issuer or the Group from that carried on at the First Issue Date, provided
that this Condition shall not prevent the Issuer from engaging in any Permitted Business.

 

		11.2	Preservation of properties

 

Subject to Permitted Discontinuance of Property Maintenance,
the Issuer shall (and shall ensure that each other Group Company will) maintain in good repair, working order and condition (ordinary
wear and tear excepted) all of its material properties necessary or desirable in the conduct of its business, all in accordance
with the judgment of the Issuer (acting reasonably).

 

		11.3	Financial Indebtedness

 

The Issuer may not (and shall ensure that no other
Group Company will), directly or indirectly incur any Financial Indebtedness, unless:

 

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		(a)	at the time of such incurrence or immediately following the incurrence of such Financial Indebtedness and the application of
the proceeds thereof, on a pro forma basis, the Net Leverage Ratio is less than 3.0 to 1.0; or

 

		(b)	the Financial Indebtedness is Permitted Financial Indebtedness.

 

		11.4	Negative pledge

 

The Issuer shall not (and shall ensure that no other
Group Company will), directly or indirectly,

 

		(a)	create or permit to subsist any Lien over any of its assets; or

 

		(b)	(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by
any Group Company; (ii) sell, transfer or otherwise dispose of any of its receivables on recourse terms; (iii) enter into any arrangement
under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts;
or (iv) enter into any other preferential arrangement having a similar effect (each of paragraphs (i)-(iv) being a “Quasi-Security”),
in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or
of financing the acquisition of an asset,

 

unless the Lien or Quasi-Security is a Permitted
Lien.

 

		11.5	Disposal of Assets

 

		11.5.1	The Issuer may not, and may not permit any other Group Company to, make any Asset Disposition in one or more related transactions
unless:

 

		(a)	the consideration the Issuer or such Group Company receives for such Asset Disposition is not less than the Fair Market Value
of the assets sold (as determined by the Issuer’s senior management or board of directors); and

 

		(b)	unless the Asset Disposition is a Permitted Asset Swap, at least 75 per cent. of the consideration the Issuer or such Group
Company receives in respect of such Asset Disposition consists of:

 

		(i)	cash or Cash Equivalents;

 

		(ii)	the assumption of a Group Company’s Financial Indebtedness or other liabilities (other than contingent liabilities or
Financial Indebtedness or liabilities that are subordinated to the Notes) or Financial Indebtedness or other liabilities of such
Group Company relating to such assets and, in each case, the Group Company is released from all liability on the Financial Indebtedness
assumed;

 

		(iii)	any Capital Stock or assets of the kind referred to in paragraphs (c)(iv) or (c)(v) of Condition 11.5.1(c);

 

		(iv)	a combination of the consideration specified in Conditions (i) to (iii) (inclusive) of this Condition 11.5.1(b); and

 

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		(c)	within 365 calendar days of such Asset Disposition, the Net Available Proceeds are applied (at the applicable Group Company’s
option):

 

		(i)	to repay, redeem, retire or cancel outstanding Financial Indebtedness secured by Lien over the assets of any Group Company;

 

		(ii)	if such Net Available Proceeds are received by the Issuer or any of its Subsidiaries that are Restricted Subsidiaries, first,
to redeem Notes or purchase Notes pursuant to an offer to all Noteholders at a purchase price equal to at least 100 per cent. of
the principal amount thereof, plus accrued and unpaid interest and second, to the extent any Net Available Proceeds from such Asset
Disposition remain, to any other use as determined by the Issuer or the applicable Restricted Subsidiary that is not otherwise
prohibited by these Terms and Conditions;

 

		(iii)	to repurchase, prepay, redeem or repay any Pari Passu Financial Indebtedness; provided that if such Net Available Proceeds
are received by the Issuer or any of its Subsidiaries that are Restricted Subsidiaries, the Issuer makes an offer to all Noteholders
on a pro rata basis to purchase their Notes in accordance with Condition 9.5 (Repurchase with Excess Proceeds (put option));

 

		(iv)	to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving
effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Group Company;

 

		(v)	to make a capital expenditure or acquire other assets (other than Capital Stock and cash or Cash Equivalents), rights (contractual
or otherwise) and properties, whether tangible or intangible (including ownership interests) that are used or intended for use
in connection with a Permitted Business;

 

		(vi)	to the extent permitted, to redeem Notes as provided under Condition 9.3 (Voluntary total redemption (call option))
hereof;

 

		(vii)	enter into a binding commitment to apply the Net Available Proceeds pursuant to paragraphs (iv) or (v) of this Condition 11.5.1(c)
(which will be deemed to constitute a permitted application of the Net Available Proceeds from the date of such commitment until
the earlier of (X) the date on which such acquisition or expenditure is consummated and (Y) the 180th day following the expiration
of the initial 365-day period); or

 

		(viii)	any combination of the foregoing paragraphs (i) to (vii) (inclusive) of this Condition 11.5.1(c).

 

		11.5.2	For purposes of Condition 11.5.1(c), any securities, notes or other obligations received by a Group Company from such transferee
that are promptly converted by the recipient thereof into cash, Cash Equivalents or readily marketable securities (to the extent
of the cash, Cash Equivalents or readily marketable securities received in that conversion), shall be deemed cash.

 

		11.5.3	The amount of such Net Available Proceeds received by the Issuer or any of its Subsidiaries that are Restricted Subsidiaries
and not applied pursuant to Condition 11.5.1(c) will constitute “Excess Proceeds”.
Pending the final application of any such Net Available Proceeds, the Issuer may temporarily use such Net Available Proceeds in
any manner that is not prohibited by the terms of these Terms and Conditions.

 

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		11.6	Merger

 

The Issuer may not, in a single transaction or a
series of related transactions, (i) consolidate with or merge into any other person, or (ii) directly or indirectly, convey, transfer,
sell, lease or otherwise dispose of all or substantially all of its assets to any other person, unless:

 

		(a)	the Issuer is the surviving corporation; or (ii) the person formed by or surviving any such consolidation or merger (if other
than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made,

 

		(i)	shall expressly assume all of the Issuer’s obligations under the Trust Deed and these Terms and Conditions and,

 

		(ii)	is organised under the laws of any member state of the European Union, the United Kingdom, Norway, Switzerland, Canada, Jersey,
Guernsey, Mauritius, Cayman Islands, British Virgin Islands, any state of the United States of America or the District of Columbia

 

		(b)	immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing

 

		(c)	immediately after giving effect to such transaction and treating any Financial Indebtedness which becomes a Group Company’s
obligation, as applicable, as a result of such transaction as having been incurred at the time of the transaction, (x) a Group
Company could incur at least $1.00 (or its equivalent in any other currency or currencies) of additional Financial Indebtedness
pursuant to Condition 11.3 hereof or (y) the Net Leverage Ratio would not be greater than such ratio before giving effect to such
transactions; provided that this paragraph (c) will not apply if, in the good faith determination of the Issuer’s board of
directors the principal purpose of such transaction is to change the Issuer’s or the Issuer’s jurisdiction of incorporation;
and

 

		(d)	the Issuer delivers to the Trustee a certificate stating that such consolidation, merger or transfer complies with this Condition
11.6.

 

		11.7	Admission to trading and listing

 

		11.7.1	The Issuer shall use all reasonable efforts to ensure that within one hundred twenty (120) calendar days after each of the
First Issue Date and the date of issuance of any Additional Notes, the Note Loan is admitted to trading on the sustainable bond
list of Nasdaq Stockholm or, if such admission to trading is not possible to obtain or maintain, admitted to trading on another
Regulated Market.

 

		11.7.2	Following an admission to trading and listing on the sustainable bond list of Nasdaq Stockholm (or any other Regulated Market,
as applicable), the Issuer shall use all reasonable efforts to ensure that the Notes continue being listed thereon (however, taking
into account the rules and regulations of Nasdaq Stockholm (or any other Regulated Market, as applicable) and the CSD (as amended
from time to time) preventing trading in the Notes in close connection to the redemption of the Notes).

 

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		11.8	Designation of Unrestricted Subsidiaries

 

		11.8.1	(a) The Issuer may designate, after the First Issue Date, any Subsidiary of the Issuer (including any newly created or acquired
Subsidiary) as an “Unrestricted Subsidiary” (a “Designation”) only if, at the time of or
after giving effect to such Designation:

 

		(a)	no Default or Event of Default shall have occurred and be continuing;

 

		(b)	a Group Company could incur US$1.00 (or its equivalent in any other currency or currencies) of Financial Indebtedness pursuant
to Condition 11.3(a); and

 

		(c)	the aggregate Investments (other than Permitted Investments) by the Group in all Unrestricted Subsidiaries shall not exceed
the greater of (x) $950,000,000 or (y) 10 per cent. of Total Assets at any time outstanding.

 

		11.8.2	No Group Company will at any time:

 

		(a)	provide credit support for, subject any of its property or assets (other than Liens over the Capital Stock, Financial Indebtedness
and other securities of any Unrestricted Subsidiary securing Financial Indebtedness of that Unrestricted Subsidiary and its Subsidiaries)
to the satisfaction of, or Guarantee, any Financial Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement
or instrument evidencing such Financial Indebtedness);

 

		(b)	be directly or indirectly liable for any Financial Indebtedness of any Unrestricted Subsidiary;

 

		(c)	be directly or indirectly liable for any Financial Indebtedness which provides that the holder thereof may (upon notice, lapse
of time or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its final scheduled
maturity upon the occurrence of a default with respect to any Financial Indebtedness of any Unrestricted Subsidiary; or

 

		(d)	make any Investment (other than a Permitted Investment) in any Unrestricted Subsidiary to the extent such Investment, together
with the aggregate Investments in all Unrestricted Subsidiaries then outstanding, exceeds the amount set out in Condition 11.8.1(c).

 

		11.8.3	The Issuer may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a “Redesignation”) only
if all Liens and Financial Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Redesignation if
incurred at such time would have been permitted to be incurred for all purposes of these Terms and Conditions.

 

		11.8.4	For purposes of this Condition 11.8:

 

		(a)	“Investments” shall equal the portion (proportionate to the Issuer’s direct or indirect equity interest
in a Restricted Subsidiary to be Designated as an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted
Subsidiary at the time of the Designation of such Subsidiary as an Unrestricted Subsidiary;

 

		(b)	The aggregate Investments (other than Permitted Investments) by the Issuer and its Restricted Subsidiaries in all Unrestricted
Subsidiaries shall be reduced upon the Redesignation of an Unrestricted Subsidiary as a
Restricted Subsidiary by an amount equal to the lesser of (x) the Issuer’s direct or indirect “Investment” in
such Unrestricted Subsidiary at the time of such Redesignation, and (y) the portion (proportionate to the Issuer’s direct
or indirect equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such
Redesignation;

 

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		(c)	any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such
transfer, as determined in good faith by the Issuer; and

 

		(d)	the amount of any Investment outstanding at any time shall be reduced by any dividend, distribution, interest payment, return
of capital, repayment or other amount received by the Group in respect of such Investment.

 

		11.8.5	The Designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be deemed to include the Designation of all
Subsidiaries of such Subsidiary as Unrestricted Subsidiaries.

 

		11.8.6	All Designations and Redesignations shall be evidenced by an Officer’s Certificate of the Issuer, delivered to the Trustee
certifying compliance with this Condition 11.8.

 

		11.9	Financial Calculations for Limited Condition Transactions

 

		11.9.1	In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance
with any provision of these Terms and Conditions which requires that no Default or Event of Default, as applicable, has occurred,
is continuing or would result from any such action, as applicable, such condition shall, at the option of the Issuer, be deemed
satisfied, so long as no Default or Event of Default, as applicable, exists on the date the definitive agreement (or other relevant
definitive documentation) for such Limited Condition Transaction is entered into. For the avoidance of doubt, if the Issuer has
exercised its option under the first sentence of this paragraph, and any Default or Event of Default occurs following the date
such definitive agreement for a Limited Condition Transaction is entered into and prior to the consummation of such Limited Condition
Transaction, any such Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining
whether any action being taken in connection with such Limited Condition Transaction is permitted hereunder.

 

		11.9.2	In connection with any action being taken in connection with a Limited Condition Transaction for purposes of:

 

		(a)	determining compliance with any provision of these Terms and Conditions which requires the calculation of any financial ratio
or test, including the Net Leverage Ratio; or

 

		(b)	testing baskets set forth in these Terms and Conditions (including baskets measured as a percentage of Total Assets);

 

in each case, at the option of the Issuer (the
Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT
Election”), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the
date the definitive agreement (or other relevant definitive documentation) for such Limited Condition Transaction is entered
into (the “LCT Test Date”); provided, however, that the Issuer shall be entitled to subsequently
elect, in its sole discretion, the date of consummation of such Limited Condition Transaction instead of the LCT Test Date as
the applicable date of determination, and if, after giving pro forma effect to the Limited Condition Transaction and the
other transactions to be entered into in connection therewith (including any Incurrence of Debt and the use of proceeds
thereof), as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of
“Consolidated EBITDA” and “Net Leverage Ratio”, the Issuer or any Restricted Subsidiary could have
taken such action on the relevant LCT Test Date in compliance with such ratio, test or basket, such ratio, test or basket
shall be deemed to have been complied with.

 

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		11.9.3	If the Issuer has made an LCT Election and any of the ratios, tests or baskets for which compliance was determined or tested
as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, test or basket, including due to fluctuations
in Consolidated EBITDA or Total Assets, of the Issuer and its Restricted Subsidiaries at or prior to the consummation of the relevant
transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the
Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any
ratio, test or basket availability under these Terms and Conditions (including with respect to the Incurrence of Debt or Liens,
or the making of Asset Dispositions, acquisitions, mergers, the conveyance, lease or other transfer of all or substantially all
of the assets of the Issuer or any Restricted Subsidiary or the Designation of an Unrestricted Subsidiary) on or following the
relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive
agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction,
any such ratio, test or basket shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions
in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) have been consummated.

 

		11.10	Suspension of certain covenants

 

If on any date following the First Issue Date, the
Issuer is assigned an external credit rating of at least BBB- (or equivalent) by two Rating Agencies and no Event of Default is
continuing then the Issuer shall notify the Trustee in writing of these events and beginning on that date and until such time as
the Issuer ceases to have an external credit rating of at least BBB- (or equivalent) by either such Rating Agency, Conditions 11.3
(Financial Indebtedness), 11.5 (Disposal of assets), and paragraph (c) of Condition 11.6 (Merger) shall not
apply. Any action taken by a Group Company during any such covenant suspension that would otherwise give rise to a breach of the
aforementioned Conditions upon such covenant suspension ceasing to be in effect shall be deemed not to be a breach of these Terms
and Conditions.

 

		12.	ACCELERATION OF THE NOTES

 

		12.1	Subject to Condition 12.2, the Trustee at its discretion may, and shall following an instruction in writing from a Noteholder
(or Noteholders) representing at least twenty-five (25) per cent. of the Adjusted Nominal Amount (such instruction may only be
validly made by a person who is a Noteholder on the Business Day immediately following the day on which the instruction is received
by the Trustee) and in both instances, the Noteholder or Noteholders (as applicable) have offered an indemnity and/or security
and/or pre-funding satisfactory to the Trustee (i) by notice to the
Issuer, declare all, but not some only, of the outstanding Notes immediately due and repayable at their Total Nominal Amount together
with any other amounts payable under the Trust Deed (including, without limitation, pursuant to Condition 12.5) immediately or
at such later date as the Trustee determines, and (ii) exercise any or all of its rights, remedies, powers and discretions under
the Finance Documents if any of the following events occurs and is continuing:

 

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		(a)	the Issuer does not pay on the due date any principal of, or (if any) premium on any Note when due (at maturity, upon redemption
or otherwise);

 

		(b)	the Issuer does not pay on the due date any interest payable in respect of the Notes and such failure is not remedied within
thirty (30) days from the relevant Interest Payment Date;

 

		(c)	the Issuer does not pay on the due date any principal and interest on the Notes required to be purchased pursuant to Condition
9.5 or 9.6;

 

		(d)	the Issuer does not comply with the provisions of Condition 11.6;

 

		(e)	the Issuer does not comply with any terms or conditions of the Finance Documents to which it is a party (other than those terms
referred to in paragraphs (a) through (d) above), unless the non-compliance (i) is capable of remedy; and (ii) is remedied within
sixty (60) days of the earlier of notice to the Issuer by the Trustee or Noteholders of at least 25 per cent. in aggregate principal
amount of Notes outstanding;

 

		(f)	the occurrence of a Cross Payment Default or a Cross Acceleration, unless the aggregate amount of Financial Indebtedness which
is the subject of the Cross Payment Default or Cross Acceleration, as applicable, is less than $100,000,000 (or its equivalent
in any other currency or currencies), without double counting;

 

		(g)	a Group Company fails to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of
$100,000,000 (or its equivalent in any other currency or currencies) (exclusive of any amounts for which a solvent insurance company
has acknowledged liability), which judgments shall not have been discharged or waived and there shall have been a period of 60
consecutive days during which a stay of enforcement of such judgment or order, by reason of an appeal, waiver or otherwise, shall
not have been in effect;

 

		(h)	(i) a Material Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of
its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors
with a view to rescheduling its indebtedness (including company reorganisation under the Swedish Company Reorganisation Act (lag
(1996:764) om företagsrekonstruktion) (or its equivalent in any other jurisdiction)); (ii) the value of the assets of
any Material Company is less than its liabilities (taking into account contingent and prospective liabilities); or (iii) a moratorium
is declared in respect of any indebtedness of any Material Company;

 

		(i)	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

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		(i)	the winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise,
other than a solvent reorganisation in which the relevant Material Company is the surviving entity) of any Material Company;

 

		(ii)	a general assignment, arrangement or composition with or for the benefit of the creditors of any Material Company;

 

		(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation of a Group Company other than the Issuer),
receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Material Company
or any of its assets; or

 

		(iv)	enforcement of any Lien over any assets of any Material Company,

 

or any analogous procedure or step is taken in any
jurisdiction. This Condition (i) shall not apply to any winding-up petition which is frivolous or vexatious and is discharged,
stayed or dismissed within 30 days of commencement.

 

		12.2	The Trustee may not accelerate the Notes in accordance with Condition 12.1 by reference to a specific Event of Default if it
is no longer continuing or if it has been decided, on a Noteholders Meeting or by way of a Written Procedure, to waive such Event
of Default temporarily or permanently.

 

		12.3	The Trustee may, or the Noteholders of at least fifty (50) per cent. of the Adjusted Nominal Amount may on demand in writing
to the Trustee, waive all past or existing Events of Default (other than with respect to non-payment) and may rescind any such
acceleration with respect to the Notes and its consequences if rescission would not conflict with any judgment or decree of a court
of competent jurisdiction and if all amounts then due with respect to the Notes are paid (other than amount due solely because
of such acceleration) and all other defaults with respect to the Notes are cured.

 

		12.4	The Trustee shall notify the Noteholders of an Event of Default within five (5) Business Days of the date on which the Trustee
receives actual knowledge by way of written notice that an Event of Default has occurred and is continuing. The Trustee shall,
within twenty (20) Business Days of the date on which the Trustee receives actual knowledge by way of written notice that an Event
of Default has occurred and is continuing seek instructions from the Noteholders in accordance with Condition 14 (Decisions
by Noteholders). The Trustee shall always be entitled to take the time necessary to consider whether an occurred event constitutes
an Event of Default.

 

		12.5	If the Noteholders instruct the Trustee to accelerate the Notes in accordance with Condition 12.1, the Trustee shall promptly
declare the Notes due and payable and take such actions as the Noteholders deem to be necessary or desirable to enforce the rights
of the Noteholders under the Finance Documents, unless the relevant Event of Default is no longer continuing.

 

		12.6	If the right to accelerate the Notes is based upon a decision of a court of law or a government authority, it is not necessary
that the decision has become enforceable under law or that the period of appeal has expired in order for cause of acceleration
to be deemed to exist.

 

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		12.7	In the event of an acceleration of the Notes in accordance with this Condition 12, the Issuer shall redeem all Notes at an
amount per Note equal to 100 per cent. of the Nominal Amount, together with accrued but unpaid Interest.

 

		13.	DISTRIBUTION OF PROCEEDS

 

		13.1	All payments by the Issuer relating to the Notes and the Finance Documents following an acceleration of the Notes in accordance
with Condition 11.8 (Acceleration of the Notes) shall be distributed in the following order of priority, in accordance with
the instructions of the Trustee:

 

		(a)	first, in or towards payment pro rata of (i) all unpaid fees, costs, expenses and indemnities payable by the
Issuer to the Trustee in accordance with the Trust Deed (other than any indemnity given for liability against the Noteholders),
(ii) other costs, expenses and indemnities relating to the acceleration of the Notes or the protection of the Noteholders’
rights as may have been incurred by the Trustee, (iii) any costs incurred by the Trustee for external experts that have not been
reimbursed by the Issuer in accordance with Condition 18.2.5, and (iv) any costs and expenses incurred by the Trustee in relation
to a Noteholders’ Meeting or a Written Procedure that have not been reimbursed by the Issuer in accordance with Condition
14.13;

 

		(b)	secondly, in or towards payment pro rata of accrued but unpaid Interest under the Notes (Interest due on an earlier
Interest Payment Date to be paid before any Interest due on a later Interest Payment Date);

 

		(c)	thirdly, in or towards payment pro rata of any unpaid principal under the Notes; and

 

		(d)	fourthly, in or towards payment pro rata of any other costs or outstanding amounts unpaid under the Finance Documents.

 

Any excess funds after the application of proceeds
in accordance with paragraphs (a) to (d) above shall be paid to the Issuer.

 

		13.2	Funds that the Trustee receives (directly or indirectly) in connection with the acceleration of the Notes shall be held on
trust by the Trustee on the terms set out in the Trust Deed. The Trustee shall arrange for payments of such funds in accordance
with this Condition 13 as soon as reasonably practicable.

 

		13.3	If the Issuer or the Trustee shall make any payment under this Condition 13, the Issuer or (in the case of payments by the
Trustee) the Trustee, as applicable, shall notify the Noteholders of any such payment at least fifteen (15) Business Days before
the payment is made. Such notice shall specify the Redemption Date and also the Record Date on which a person shall be registered
as a Noteholder to receive the amounts due on such Redemption Date. Notwithstanding the foregoing, for any Interest due but unpaid
the Record Date specified in Condition 7.1 shall apply.

 

		14.	DECISIONS BY NOTEHOLDERS

 

		14.1	A request by the Trustee for a decision by the Noteholders on a matter relating to the Finance Documents shall (at the option
of the Trustee) be dealt with at a Noteholders’ Meeting or by way of a Written Procedure.

 

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		14.2	Any request from the Issuer or a Noteholder (or Noteholders) representing at least ten (10) per cent. of the Adjusted Nominal
Amount (such request may only be validly made by a person who is a Noteholder on the Business Day immediately following the day
on which the request is received by the Trustee) for a decision by the Noteholders on a matter relating to the Finance Documents
shall be directed to the Trustee and dealt with at a Noteholders’ Meeting or by way a Written Procedure, as determined by
the Trustee. The person requesting the decision may suggest the form for decision making, but if it is in the Trustee’s opinion
more appropriate that a matter is dealt with at a Noteholders’ Meeting than by way of a Written Procedure, it shall be dealt
with at a Noteholders’ Meeting.

 

		14.3	The Trustee may refrain from convening a Noteholders’ Meeting or instigating a Written Procedure if (i) the suggested
decision must be approved by any person in addition to the Noteholders and such person has informed the Trustee that an approval
will not be given, or (ii) the suggested decision is not in accordance with applicable laws.

 

		14.4	Only a person who is, or who has been provided with a power of attorney pursuant to Condition 6 (Right to act on behalf
of a Noteholder) from a person who is, registered as a Noteholder:

 

		(a)	on the Record Date prior to the date of the Noteholders’ Meeting, in respect of a Noteholders’ Meeting, or

 

		(b)	on the Business Day specified in the communication pursuant to Condition 16.2, in respect of a Written Procedure,

 

may exercise voting rights as a Noteholder at such
Noteholders’ Meeting or in such Written Procedure, provided that the relevant Notes are included in the Adjusted Nominal
Amount.

 

		14.5	The following matters shall require the consent of Noteholders representing at least sixty six and two thirds (66-2/3) per
cent. of the Adjusted Nominal Amount for which Noteholders are voting at a Noteholders’ Meeting or for which Noteholders
reply in a Written Procedure in accordance with the instructions given pursuant to Condition 16.2:

 

		(a)	a change to the terms of any of Condition 2.1, and Conditions 2.5 to 2.7;

 

		(b)	a reduction of any premium payable upon the redemption or repurchase of any Note pursuant to Clause 9 (Redemption and repurchase
of the Notes);

 

		(c)	a change to the Interest Rate or the Nominal Amount;

 

		(d)	a change to the terms for the distribution of proceeds set out in Condition 13 (Distribution of proceeds);

 

		(e)	a change to the terms dealing with the requirements for Noteholders’ consent set out in this Condition 14;

 

		(f)	an extension of the tenor of the Notes or any delay of the due date for payment of any principal or interest on the Notes;

 

		(g)	a mandatory exchange of the Notes for other securities; and

 

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		(h)	early redemption of the Notes, other than upon an acceleration of the Notes pursuant to Condition 11.8 (Acceleration of
the Notes) or as otherwise permitted or required by these Terms and Conditions.

 

		14.6	Any matter not covered by Condition 14.5 shall require the consent of Noteholders representing more than fifty (50) per cent.
of the Adjusted Nominal Amount for which Noteholders are voting at a Noteholders’ Meeting or for which Noteholders reply
in a Written Procedure in accordance with the instructions given pursuant to Condition 16.2. This includes, but is not limited
to, any amendment to, or waiver of, the terms of any Finance Document that does not require a higher majority (other than an amendment
permitted pursuant to Condition 17.1(a) or (b)), an acceleration of the Notes.

 

		14.7	Quorum at a Noteholders’ Meeting or in respect of a Written Procedure only exists if a Noteholder (or Noteholders) representing
at least fifty (50) per cent. of the Adjusted Nominal Amount in case of a matter pursuant to Condition 14.5, and otherwise twenty
(20) per cent. of the Adjusted Nominal Amount:

 

		(a)	if at a Noteholders’ Meeting, attend the meeting in person or by telephone conference (or appear through duly authorised
representatives); or

 

		(b)	if in respect of a Written Procedure, reply to the request.

 

If a quorum exists for some but not all of the matters
to be dealt with at a Noteholders’ Meeting or by a Written Procedure, decisions may be taken in the matters for which a quorum
exists.

 

		14.8	If a quorum does not exist at a Noteholders’ Meeting or in respect of a Written Procedure, the Trustee or the Issuer
shall convene a second Noteholders’ Meeting (in accordance with Condition 15.1) or initiate a second Written Procedure (in
accordance with Condition 16.1), as the case may be, provided that the person(s) who initiated the procedure for Noteholders’
consent has confirmed that the relevant proposal is not withdrawn. For the purposes of a second Noteholders’ Meeting or second
Written Procedure pursuant to this Condition 14.8, the date of request of the second Noteholders’ Meeting pursuant to Condition
15.1 or second Written Procedure pursuant to Condition 16.1, as the case may be, shall be deemed to be the relevant date when the
quorum did not exist. The quorum requirement in Condition 14.7 shall not apply to such second Noteholders’ Meeting or Written
Procedure.

 

		14.9	Any decision which extends or increases the obligations of the Issuer or the Trustee, or limits, reduces or extinguishes the
rights or benefits of the Issuer or the Trustee, under the Finance Documents shall be subject to the Issuer’s or the Trustee’s
consent, as applicable.

 

		14.10	A Noteholder holding more than one Note need not use all its votes or cast all the votes to which it is entitled in the same
way and may in its discretion use or cast some of its votes only.

 

		14.11	The Issuer may not, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Noteholder
for or as inducement to any consent under these Terms and Conditions, unless such consideration is offered to all Noteholders that
consent at the relevant Noteholders’ Meeting or in a Written Procedure within the time period stipulated for the consideration
to be payable or the time period for replies in the Written Procedure, as the case may be.

 

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		14.12	A matter decided at a duly convened and held Noteholders’ Meeting or by way of Written Procedure is binding on all Noteholders,
irrespective of them being present or represented at the Noteholders’ Meeting or responding in the Written Procedure. The
Noteholders that have not adopted or voted for a decision shall not be liable for any damages that this may cause other Noteholders
and vice versa.

 

		14.13	All costs and expenses incurred by the Issuer or the Trustee for the purpose of convening a Noteholders’ Meeting or for
the purpose of carrying out a Written Procedure, including reasonable fees to the Trustee, shall be paid by the Issuer.

 

		14.14	If a decision is to be taken by the Noteholders on a matter relating to the Finance Documents, the Issuer shall promptly at
the request of the Trustee provide the Trustee with a certificate specifying the number of Notes owned by Group Companies or (to
the knowledge of the Issuer) Affiliates, irrespective of whether such person is directly registered as owner of such Notes. The
Trustee shall not be responsible for the accuracy of such certificate or otherwise be responsible for determining whether a Note
is owned by a Group Company or an Affiliate.

 

		14.15	Information about decisions taken at a Noteholders’ Meeting or by way of a Written Procedure shall promptly be sent by
notice to the Noteholders and published on the website of the Issuer, provided that a failure to do so shall not invalidate any
decision made or voting result achieved. The minutes from the relevant Noteholders’ Meeting or Written Procedure shall at
the request of a Noteholder be sent to it by the Issuer or the Trustee, as applicable.

 

		15.	NOTEHOLDERS’ MEETING

 

		15.1	The Trustee shall convene a Noteholders’ Meeting as soon as practicable and in any event no later than ten (10) Business
Days after receipt of a valid request from the Issuer or the Noteholder(s) (or such later date as may be necessary for technical
or administrative reasons) by sending a notice thereof to each person who is registered as a Noteholder on a date selected by the
Trustee which falls no more than five (5) Business Days prior to the date on which the notice is sent.

 

		15.2	Should the Issuer wish to replace the Trustee, it may convene a Noteholders’ Meeting in accordance with Condition 15.1
with a copy to the Trustee. After a request from the Noteholders pursuant to Condition 18.4.3, the Issuer shall no later than five
(5) Business Days after receipt of such request (or such later date as may be necessary for technical or administrative reasons)
convene a Noteholders Meeting in accordance with Condition 15.1.

 

		15.3	The notice pursuant to Condition 15.1 shall include (i) time for the meeting, (ii) place for the meeting, (iii) agenda for
the meeting (including each request for a decision by the Noteholders), and (iv) a form of power of attorney. Only matters that
have been included in the notice may be resolved upon at the Noteholders’ Meeting. Should prior notification by the Noteholders
be required in order to attend the Noteholders’ Meeting, such requirement shall be included in the notice.

 

		15.4	The Noteholders’ Meeting shall be held no earlier than ten (10) Business Days and no later than thirty (30) Business
Days after the effective date of the notice.

 

		15.5	Without amending or varying these Terms and Conditions, the Trustee may prescribe such further regulations regarding the convening
and holding of a Noteholders’ Meeting as the Trustee may deem appropriate. Such regulations may
include a possibility for Noteholders to vote without attending the meeting in person.

 

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		16.	WRITTEN PROCEDURE

 

		16.1	The Trustee shall instigate a Written Procedure as soon as practicable and in any event no later than ten (10) Business Days
after receipt of a valid request from the Issuer or the Noteholder(s) (or such later date as may be necessary for technical or
administrative reasons) by sending a communication to each person who is registered as a Noteholder on a date selected by the Trustee
which falls no more than five (5) Business Days prior to the date on which the communication is sent.

 

		16.2	Should the Issuer wish to replace the Trustee, it may instigate a Written Procedure in accordance with Condition 16.1 with
a copy to the Trustee.

 

		16.3	A communication pursuant to Condition 16.1 shall include (i) each request for a decision by the Noteholders, (ii) a description
of the reasons for each request, (iii) a specification of the Business Day on which a person must be registered as a Noteholder
in order to be entitled to exercise voting rights, (iv) instructions and directions on where to receive a form for replying to
the request (such form to include an option to vote yes or no for each request) as well as a form of power of attorney, and (v)
the stipulated time period within which the Noteholder must reply to the request (such time period to last at least ten (10) Business
Days and not longer than thirty (30) Business Days from the effective date of the communication pursuant to Condition 16.1). If
the voting is to be made electronically, instructions for such voting shall be included in the communication.

 

		16.4	When consents from Noteholders representing the requisite majority of the total Adjusted Nominal Amount pursuant to Conditions
14.5 and 14.6 have been received in a Written Procedure, the relevant decision shall be deemed to be adopted pursuant to Condition
14.5 or 14.6, as the case may be, even if the time period for replies in the Written Procedure has not yet expired.

 

		17.	AMENDMENTS AND WAIVERS

 

		17.1	The Issuer and the Trustee (acting on behalf of the Noteholders) may agree to amend the Finance Documents or waive any provision
in a Finance Document, provided that:

 

		(a)	such amendment or waiver is not detrimental to the interest of the Noteholders as a group, or is made solely for the purpose
of rectifying obvious errors and mistakes;

 

		(b)	such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant authority; or

 

		(c)	such amendment or waiver has been duly approved by the Noteholders in accordance with Condition 14 (Decisions by Noteholders).

 

		17.2	The consent of the Noteholders is not necessary to approve the particular form of any amendment to the Finance Documents. It
is sufficient if such consent approves the substance of the amendment.

 

		17.3	The Trustee shall promptly notify the Noteholders of any amendments or waivers made in accordance with Condition 17.1, setting
out the date from which the amendment or waiver will be effective, and ensure that any amendments to the Finance Documents are
published in the manner stipulated in Condition 10.3 (Publication
of Finance Documents). The Issuer shall ensure that any amendments to the Finance Documents are duly registered with the CSD
and each other relevant organisation or authority.

 

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		17.4	An amendment to the Finance Documents shall take effect on the date determined by the Noteholders Meeting, in the Written Procedure
or by the Trustee, as the case may be.

 

		18.	APPOINTMENT AND REPLACEMENT OF THE TRUSTEE

 

		18.1	Appointment of the Trustee

 

		18.1.1	By subscribing for Notes, each initial Noteholder appoints the Trustee to act pursuant to the Trust Deed as trustee in all
matters relating to the Notes and the Finance Documents, and authorises the Trustee to act on its behalf (without first having
to obtain its consent, unless such consent is specifically required by these Terms and Conditions or the Trust Deed) in any legal
or arbitration proceedings relating to the Notes held by such Noteholder. By acquiring Notes, each Additional Noteholder confirms
such appointment and authorisation for the Trustee to act on its behalf.

 

		18.1.2	The Trustee shall not be bound to take any action in relation to the Trust Deed and these Terms and Conditions unless directed
to do so in accordance with Conditions 14, 15 and/or 16, as applicable, and it has been indemnified and/or secured and/or prefunded
to its satisfaction.

 

		18.1.3	The Issuer shall promptly upon request provide the Trustee with any documents and other assistance (in form and substance satisfactory
to the Trustee), that the Trustee deems necessary for the purpose of exercising its rights and/or carrying out its duties under
the Finance Documents.

 

		18.1.4	The Trustee is entitled to fees for its work and to be indemnified for costs, losses and liabilities on the terms set out in
the Finance Documents and the Trustee’s obligations as Trustee under the Finance Documents are conditioned upon the due payment
of such fees and indemnifications.

 

		18.1.5	The Trustee may act as Trustee or trustee for several issues of securities issued by or relating to the Issuer and other Group
Companies notwithstanding potential conflicts of interest.

 

		18.2	Duties of the Trustee

 

		18.2.1	The Trustee shall represent the Noteholders in accordance with the Finance Documents. The Trustee is not responsible for the
execution or enforceability of the Finance Documents.

 

		18.2.2	When acting in accordance with the Finance Documents, the Trustee is always acting with binding effect on behalf of the Noteholders.
The Trustee shall carry out its duties under the Finance Documents with the degree of care and diligence required of it as a trustee
having regard to the provisions of the Trust Deed and the other Finance Documents.

 

		18.2.3	The Trustee is entitled to delegate its duties to other professional parties, but the Trustee shall remain liable for the actions
of such parties under the Finance Documents.

 

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		18.2.4	The Trustee shall treat all Noteholders equally and, when acting pursuant to the Finance Documents, act with regard only to
the interests of the Noteholders and shall not be required to have regard to the interests or to act upon or comply with any direction
or request of any other person, other than as explicitly stated in the Finance Documents.

 

		18.2.5	The Trustee is entitled to engage external experts when carrying out its duties under the Finance Documents. The Issuer shall
on demand by the Trustee pay all costs for external experts engaged after the occurrence of an Event of Default, or for the purpose
of investigating or considering (i) an event or circumstance which the Trustee reasonably believes is or may lead to an Event of
Default or (ii) a matter relating to the Issuer which the Trustee reasonably believes may be detrimental to the interests of the
Noteholders under the Finance Documents. Any compensation for damages or other recoveries received by the Trustee from external
experts engaged by it for the purpose of carrying out its duties under the Finance Documents shall be distributed in accordance
with Condition 13 (Distribution of proceeds).

 

		18.2.6	The Trustee shall, as applicable, enter into agreements with the CSD, and comply with such agreement and the CSD Regulations
applicable to the Trustee, as may be necessary in order for the Trustee to carry out its duties under the Finance Documents.

 

		18.2.7	Notwithstanding any other provision of the Finance Documents to the contrary, the Trustee is not obliged to do or omit to do
anything if it would or might in its reasonable opinion constitute a breach of any law or regulation.

 

		18.2.8	If in the Trustee’s reasonable opinion the cost, loss or liability which it may incur (including reasonable fees to the
Trustee) in complying with instructions of the Noteholders, or taking any action at its own initiative, will not be covered by
the Issuer, the Trustee may refrain from acting in accordance with such instructions, or taking such action, until it has received
such funding or indemnities (or adequate Lien has been provided therefore) as it may reasonably require.

 

		18.2.9	The Trustee shall give a notice to the Noteholders (i) before it ceases to perform its obligations under the Finance Documents
by reason of the non-payment by the Issuer of any fee or indemnity due to the Trustee under the Finance Documents or (ii) if it
refrains from acting for any reason described in Condition 18.2.8.

 

		18.3	Limited liability for the Trustee

 

		18.3.1	The Trustee will not be liable to the Noteholders for damage or loss caused by any action taken or omitted by it under or in
connection with any Finance Document, unless directly caused by its gross negligence, wilful default or fraud. The Trustee shall
never be responsible for indirect or consequential loss.

 

		18.3.2	The Trustee shall not be considered to have acted negligently if it has acted in accordance with advice from or opinions of
reputable external experts engaged by the Trustee or if the Trustee has acted with reasonable care in a situation when the Trustee
considers that it is detrimental to the interests of the Noteholders to delay the action in order to first obtain instructions
from the Noteholders.

 

		18.3.3	The Trustee shall not be liable for any delay (or any related consequences) in crediting an account with an amount required
pursuant to the Finance Documents to be paid by the Trustee to the Noteholders, provided that the Trustee has taken all necessary
steps as soon as reasonably practicable to comply with the regulations
or operating procedures of any recognised clearing or settlement system used by the Trustee for that purpose.

 

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		18.3.4	The Trustee shall have no liability to the Noteholders for damage caused by the Trustee acting in accordance with instructions
of the Noteholders given in accordance with Condition 14 (Decisions by Noteholders) or a demand by Noteholders given pursuant
to Condition 12.1.

 

		18.3.5	Any liability towards the Issuer which is incurred by the Trustee in acting under, or in relation to, the Finance Documents
shall not be subject to set-off against the obligations of the Issuer to the Noteholders under the Finance Documents.

 

		18.4	Replacement of the Trustee

 

		18.4.1	Subject to Condition 18.4.6, the Trustee may resign by giving notice to the Issuer and the Noteholders, in which case the Noteholders
shall appoint a successor Trustee at a Noteholders’ Meeting convened by the retiring Trustee or by way of Written Procedure
initiated by the retiring Trustee.

 

		18.4.2	Subject to Condition 18.4.6, if the Trustee is Insolvent, the Trustee shall be deemed to resign as Trustee and the Issuer shall
within ten (10) Business Days appoint a successor Trustee which shall be an independent financial institution or other reputable
company which regularly acts as trustee under debt issuances.

 

		18.4.3	A Noteholder (or Noteholders) representing at least ten (10) per cent. of the Adjusted Nominal Amount may, by notice to the
Issuer (such notice may only be validly given by a person who is a Noteholder on the Business Day immediately following the day
on which the notice is received by the Issuer), require that a Noteholders’ Meeting is held for the purpose of dismissing
the Trustee and appointing a new Trustee. The Issuer may, at a Noteholders’ Meeting convened by it or by way of Written Procedure
initiated by it, propose to the Noteholders that the Trustee be dismissed and a new Trustee appointed.

 

		18.4.4	If the Noteholders have not appointed a successor Trustee within ninety (90) days after (i) the earlier of the notice of resignation
was given or the resignation otherwise took place or (ii) the Trustee was dismissed through a decision by the Noteholders, the
Issuer shall appoint a successor Trustee which shall be an independent financial institution or other reputable company which regularly
acts as trustee under debt issuances.

 

		18.4.5	The retiring Trustee shall, at its own cost, make available to the successor Trustee such documents and records and provide
such assistance as the successor Trustee may reasonably request for the purposes of performing its functions as Trustee under the
Finance Documents.

 

		18.4.6	The Trustee’s resignation or dismissal shall only take effect upon the appointment of a successor Trustee and acceptance
by such successor Trustee of such appointment and the execution of all necessary documentation to effectively substitute the retiring
Trustee.

 

		18.4.7	Upon the appointment of a successor, the retiring Trustee shall be discharged from any further obligation in respect of the
Finance Documents but shall remain entitled to the benefit of the Finance Documents and remain liable under the Finance Documents
in respect of any action which it took or failed to take whilst acting as Trustee. Its successor, the Issuer and each of the Noteholders
shall have the same rights and obligations amongst themselves under the Finance Documents as they would
have had if such successor had been the original Trustee.

 

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		18.4.8	In the event that there is a change of the Trustee in accordance with this Condition 18.4, the Issuer shall execute such documents
and take such actions as the new Trustee may reasonably require for the purpose of vesting in such new Trustee the rights, powers
and obligation of the Trustee and releasing the retiring Trustee from its further obligations under the Finance Documents. Unless
the Issuer and the new Trustee agree otherwise, the new Trustee shall be entitled to the same fees and the same indemnities as
the retiring Trustee.

 

		18.5	New Trustee and Separate and Co-Trustees

 

		18.5.1	One or more persons may hold office as trustee or trustees under the Trust Deed but such trustee or trustees shall be or include
a trust corporation. The power to appoint a new trustee under the Trust Deed shall be vested in the Issuer but no person shall
be appointed who shall not previously have been approved by the Noteholders pursuant to Condition 14.6. Any appointment of a new
trustee shall as soon as practicable thereafter be notified by the Issuer to the Noteholders in accordance with these Terms and
Conditions.

 

		18.5.2	Notwithstanding the above, the Trustee may appoint any person established or resident in any jurisdiction (whether a trust
corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Trustee in certain circumstances.

 

		19.	APPOINTMENT AND REPLACEMENT OF THE ISSUING AGENT

 

		19.1	The Issuer has appointed the Issuing Agent to manage certain specified tasks under these Terms and Conditions and in accordance
with the legislation, rules and regulations applicable to and/or issued by the CSD and relating to the Notes.

 

		19.2	The Issuing Agent may retire from its assignment or be dismissed by the Issuer, provided that the Issuer has approved that
a commercial bank or securities institution approved by the CSD accedes as new Issuing Agent at the same time as the old Issuing
Agent retires or is dismissed.

 

		20.	APPOINTMENT AND REPLACEMENT OF THE CSD

 

		20.1	The Issuer has appointed the CSD to manage certain tasks under these Terms and Conditions and in accordance with the CSD Regulations
and the other regulations applicable to the Notes.

 

		20.2	The CSD may retire from its assignment or be dismissed by the Issuer, provided that the Issuer has effectively appointed a
replacement CSD that accedes as CSD at the same time as the old CSD retires or is dismissed and provided also that the replacement
does not have a negative effect on any Noteholder or the listing of the Notes on a Regulated Market. The replacing CSD must be
authorised to professionally conduct clearing operations pursuant to the Securities Markets Act (lag (2007:528) om värdepappersmarknaden)
and be authorised as a central securities depository in accordance with the Financial Instruments Account Act (lag (1998:1479)
om kontoföring av finansiella instrument).

 

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		21.	NO DIRECT ACTIONS BY NOTEHOLDERS

 

No Noteholder shall itself be entitled to proceed
directly against the Issuer unless the Trustee, having become bound to so proceed, fails to do so within a reasonable time and
such failure is continuing. Further, a Noteholder may not take any steps whatsoever to enforce or recover any amount due or owing
to it pursuant to the Trust Deed and/or the Notes, or to initiate, support or procure the winding-up, dissolution, liquidation,
company reorganisation (företagsrekonstruktion) or bankruptcy (konkurs) (or its equivalent in any other jurisdiction)
of the Issuer in relation to any of the obligations and liabilities of the Issuer under the Trust Deed and/or the Notes. Such steps
may only be taken by the Trustee.

 

		22.	PRESCRIPTION

 

The right to receive repayment of the principal of
the Notes shall become prescribed ten (10) years from the Redemption Date. The right to receive payment of interest (excluding
any capitalised interest) shall be prescribed and become void five (5) years from the relevant due date for payment. The Issuer
is entitled to any funds set aside for payments in respect of which the Noteholders’ right to receive payment has been prescribed.

 

		23.	NOTICES AND PRESS RELEASES

 

		23.1	Notices

 

		23.1.1	Any notice or other communication to be made under or in connection with the Finance Documents:

 

		(a)	if to the Trustee, shall be given at Sveavägen 9, 111 57 Stockholm;

 

		(b)	if to the Issuer, shall be given at the address specified
                                         on its website www.millicom.com on the Business Day prior to dispatch; and

 

		(c)	if to the Noteholders, shall be given at their addresses as registered with the CSD, on the Record Date prior to dispatch,
and by either courier delivery or letter for all Noteholders. A Notice to the Noteholders shall also be published on the websites
of the Issuer and the Trustee.

 

		23.1.2	Any notice or other communication made by one person to another under or in connection with the Finance Documents shall be
sent by way of courier, personal delivery or letter, or, if between the Issuer and the Trustee, by email, and will only be effective,
in case of courier or personal delivery, when it has been left at the address specified in Condition 23.1.1, in case of letter,
three (3) Business Days after being deposited postage prepaid in an envelope addressed to the address specified in Condition 23.1.1,
or, in case of email, when received in readable form by the email recipient.

 

		23.1.3	Any notice pursuant to the Finance Documents shall be in English.

 

		23.1.4	Failure to send a notice or other communication to a Noteholder or any defect in it shall not affect its sufficiency with respect
to other Noteholders.

 

		23.2	Press releases

 

		23.2.1	Any notice that the Issuer or the Trustee shall send to the Noteholders pursuant to Conditions 9.3 (Voluntary total redemption
(Call option)), 9.4 (Early redemption due to illegality), 9.5 (Repurchase with Excess
Proceeds), 10.1.2, 12.4, 14.15, 15.1, 16.1 and 17.3 shall also be published by way of press release by the Issuer or the Trustee,
as applicable.

 

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		23.2.2	In addition to Condition 23.2.1, if any information relating to the Notes, the Issuer contained in a notice the Trustee may
send to the Noteholders under these Terms and Conditions has not already been made public by way of a press release, the Trustee
shall before it sends such information to the Noteholders give the Issuer the opportunity to issue a press release containing such
information. If the Issuer does not promptly issue a press release and the Trustee considers it necessary to issue a press release
containing such information before it can lawfully send a notice containing such information to the Noteholders, the Trustee shall
be entitled to issue such press release.

 

		24.	FORCE MAJEURE AND LIMITATION OF LIABILITY

 

		24.1	Neither the Trustee nor the Issuing Agent shall be held responsible for any damage arising out of any legal enactment, or any
measure taken by a public authority, or war, strike, lockout, boycott, blockade, natural disaster, insurrection, civil commotion,
terrorism or any other similar circumstance (a “Force Majeure Event”). The reservation in respect of strikes,
lockouts, boycotts and blockades applies even if the Trustee or the Issuing Agent itself takes such measures, or is subject to
such measures.

 

		24.2	The Issuing Agent shall have no liability to the Noteholders if it has observed reasonable care. The Issuing Agent shall never
be responsible for indirect damage with exception of gross negligence and wilful misconduct.

 

		24.3	Should a Force Majeure Event arise which prevents the Trustee or the Issuing Agent from taking any action required to comply
with these Terms and Conditions, such action may be postponed until the obstacle has been removed.

 

		24.4	The provisions in this Condition 24 apply unless they are inconsistent with the provisions of the Financial Instruments Accounts
Act which provisions shall take precedence.

 

		25.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

 

		25.1	No person shall have any right to enforce any term or condition of the Notes under the Contracts (Rights of Third Parties)
Act 1999 except and to the extent, if any, that the Notes expressly provide for such Act to apply to any of their terms. This does
not affect any right or remedy of a third party which exists or is available apart from that Act.

 

		25.2	For the avoidance of doubt, the Issuing Agent is intended by the parties to this Agreement to have the rights under the Contract
(Rights of Third Parties) Act 1999 to enforce the terms of Condition 4 (Condition Precedent)

 

		26.	GOVERNING LAW AND JURISDICTION

 

		26.1	The Trust Deed and the Notes, and any non-contractual obligations arising out of or in connection therewith, shall be governed
by and construed in accordance with English law. For the avoidance of doubt, the articles 470-1 to Article 470-19 of the Luxembourg
law dated 10 August 1915 as amended are excluded.

 

		26.2	The Issuer has in the Trust Deed agreed for the benefit of the Trustee and the Noteholders that the English courts shall have
exclusive jurisdiction in relation to all disputes arising out of or in connection with the Trust Deed or the Notes (including
claims for set-off and counterclaims), including, without limitation, disputes
arising out of or in connection with: (i) the creation, validity, effect, interpretation, performance or non-performance of, or
the legal relationships established by the Trust Deed and the Notes; and (ii) any non-contractual obligation arising out of or
in connection with the Trust Deed and the Notes and accordingly submits to the exclusive jurisdiction of the English courts. For
such purposes each of the Issuer and the Trustee irrevocably submits to the jurisdiction of the English courts and waives any objection
to the exercise of such jurisdiction.

 

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		26.3	Notwithstanding that, under the Financial Instruments Accounts Act or the operating procedures, rules and regulations of the
CSD, (together, the “Swedish Remedies”), holders of the Notes may have remedies against the Issuer or for non-payment
or non-performance under the Trust Deed and the Notes, a Noteholder must first exhaust all available remedies in the courts of
England and Wales for non-payment or non-performance before any proceedings may be brought against the Issuer in Sweden in respect
of the Swedish Remedies. Notwithstanding the above, and in this limited respect only, a Noteholder may not therefore take concurrent
proceedings in Sweden.

 

		26.4	The Issuer:

 

		(a)	waives any objection to the choice of or submission to the English courts on the grounds of inconvenient forum or otherwise
as regards proceedings in connection with the Trust Deed and the Notes or any non-contractual obligations arising out of or in
connection with the Trust Deed and the Notes; and

 

		(b)	agrees that a judgment, declaration or order (whether interim or final) of an English court in connection with the Trust Deed
and the Notes or any non-contractual obligations arising out of or in connection with the Trust Deed and the Notes is conclusive
and binding on it and may be enforced against it in the courts of any other jurisdiction.

 

		26.5	To the extent permitted by law, the Trustee and the Noteholders may take any suit, action or proceeding arising out of or in
connection with the Trust Deed and the Notes against the Issuer in any other court of competent jurisdiction.

 

		26.6	The Issuer shall appoint an agent in England to which service of process and any other documents in proceedings in England
in connection with the Trust Deed and the Notes, including these Terms and Conditions may be made and any such documents may be
served. Any writ, judgment or other notice of legal process shall be sufficiently served on the Issuer, if delivered to it (or,
if appointed, such agent) at its address in England for the time being. The Issuer undertakes with the Trustee not to revoke the
authority of any such agent without the prior written consent of the Trustee.

 

    61Exhibit

Exhibit 4.6
DESCRIPTION OF THE REGISTRANT’S SECURITIES 
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES 
EXCHANGE ACT OF 1934

NCR Corporation has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our Common Stock. 

General

Our authorized capital stock consists of 500,000,000 shares of Common Stock and 100,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”), of which 2,397,754 shares are classified and designated as Series A Convertible Preferred Stock, liquidation preference $1,000 per share (the ‘Series A Preferred Stock”).  The rights of our Preferred Stock may be set by our Board of Directors from time to time. As of February 14, 2020, 128,651,400 shares of Common Stock were issued and outstanding (and no shares of Common Stock subject to forfeiture conditions were issued and outstanding) and 397,272 shares of Preferred Stock, consisting entirely of Series A Preferred Stock, were issued and outstanding.  

Our Common Stock is traded on the New York Stock Exchange (the “NYSE”) under the trading symbol “NCR”. The following description of our capital stock does not purport to be complete and is subject to and qualified by our charter (the “Charter”), our Amended and Restated Bylaws (the “Bylaws”) and the provisions of applicable Maryland law. The Charter and Bylaws are filed as exhibits to our Annual Report on Form 10-K, of which this Exhibit is a part, and are incorporated by reference. As used herein, unless otherwise expressly stated or the context otherwise requires, the terms “NCR”, “we”, “our” and “us” refer to NCR Corporation.

Common Stock

Voting Rights

The holders of the Common Stock are entitled to one vote for each share on all matters voted on by stockholders, including elections of directors, and, except as otherwise required by law or provided in any resolution adopted by the Board of Directors with respect to any series of Preferred Stock, the holders of such shares will possess all voting power. The holders of shares of Series A Preferred Stock are entitled to vote with the holders of the Common Stock as a single class on all matters submitted to a vote of the holders of Common Stock, with holders of Series A Preferred Stock voting on an as-converted basis, and certain matters will be voted on exclusively by the holders of Series A Preferred Stock as a separate class. The holders of the Common Stock do not have any conversion, redemption or preemptive rights to subscribe to any securities of NCR and generally do not have appraisal rights.

Election and Removal of Directors

The Charter and Bylaws provide that the number of our directors may be established only by our Board of Directors but may not be more than 20 or fewer than the minimum number permitted by the Maryland General Corporation Law (the “MGCL”), which is one. There will be no cumulative voting in the election of directors, and a director will be elected by a majority of all the votes cast at a duly called special or annual meeting of stockholders at which a quorum is present.

Except as may be provided by the terms of any class or series of preferred stock, any director may be removed for cause, by the affirmative vote of the holders of not less than 80% of the voting power of all shares of our stock entitled to vote generally in the election of directors.

Extraordinary Actions; Amendment to Charter and Bylaws

As permitted by Maryland law, the Charter provides that we may amend the Charter, consolidate, merge, convert into another form of entity, sell all or substantially all of our assets, engage in a statutory share exchange or dissolve if such action is approved by the affirmative vote of stockholders entitled to cast a majority of all of the votes entitled to be cast on the matter.  In addition, our Bylaws may be altered or repealed and new Bylaws may be adopted by the affirmative vote of a majority of the total number of directors that we would have if there were no vacancies on the Board.  

The Bylaws may also be amended by the affirmative vote of the holders of a majority of the voting power of all shares of our stock entitled to vote generally in the election of directors, voting together as a single class.  Notwithstanding the foregoing, the affirmative vote of 80% of the voting power of all shares of our stock entitled to vote generally in the election of directors, voting together as a single class, is required to amend the provisions of the Charter relating to (i) stockholder actions generally (Article V); (ii) our Board of Directors (Article VII); (iii) the rights of our stockholders to amend the Bylaws (Section 8.2); and (iv) the voting requirements relating to amendments to the Charter (Article IX).  In addition, the affirmative vote of 80% of the voting power of all shares of our stock entitled to vote generally in the election of directors, voting together as a single class, is required to amend the provisions of our Bylaws relating to (i) the calling of special meetings of stockholders (Article I, Section 2); (ii) the advance notice procedures for stockholder proposals (Article I, Section 8); (iii) the opt-out from the Control Share Acquisition Act (Article I, Section 11); (iv) the general powers, tenure and number of directors (Article II, Sections 1, 2 and 3); and (v) the approval of amendments to the Bylaws (Article X).  

Proxy Access

The Bylaws include provisions permitting, subject to certain eligibility, procedural and disclosure requirements, qualifying stockholders, or a qualifying group of no more than 20 stockholders, that have maintained continuous ownership of at least three percent of our outstanding shares of Common Stock for at least the three prior years to require us to include in our proxy materials for an annual meeting of stockholders a number of director nominees not to exceed the greater of two nominees or 25 percent of the number of directors up for election.

Business Combination Act and Control Share Acquisition Act

Certain provisions of the MGCL may have the effect of delaying, deferring or preventing a third party from making a proposal to acquire us or of implementing a change in control under circumstances that otherwise could provide our stockholders with the opportunity to realize a premium over the then-prevailing market price of their shares of Common Stock, including:
	
		
	 
	 

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	“business combination” provisions that, subject to certain exceptions and limitations, prohibit certain business combinations between a Maryland corporation and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of our outstanding voting stock or an affiliate or associate of ours who, at any time within the two-year period immediately prior to the date in question, was the beneficial owner of 10% or more of the voting power of our then outstanding shares of stock) or an affiliate of any interested stockholder for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes two super-majority stockholder voting requirements on these combinations, unless, among other conditions, our common stockholders receive a minimum price, as defined in the MGCL, for their shares of stock and the consideration is received in cash or in the same form as previously paid by the interested stockholder for its shares of stock; and

	•
	“control share” provisions providing that, subject to certain exceptions, holders of “control shares” (defined as voting shares that, when aggregated with all other shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding shares owned by the acquirer, by our officers, or by our employees who are also directors of our company.

We have opted out of the business combination provisions of the MGCL and any business combination between us and any other person is exempt from the business combination provisions of the MGCL. In addition, pursuant to a provision in the Bylaws, we opted out of the control share provisions of the MGCL.

Subtitle 8 of the MGCL

The “unsolicited takeover” provisions of Title 3, Subtitle 8, of the MGCL permit our Board of Directors, without stockholder approval and regardless of what is provided in the Charter or the Bylaws, to implement certain takeover defenses, including adopting a classified board. Such takeover defenses may have the effect of delaying, deferring or preventing a third party from making an acquisition proposal for us or of delaying, deferring, or preventing a change in control of us under the circumstances that otherwise could provide our common stockholders with the opportunity to realize a premium over the then-prevailing market price of their shares of Common Stock.

Special Meetings of Stockholders

Our Board of Directors, the chairman of our Board of Directors, our president or our chief executive officer may call a special meeting of our stockholders. In addition, the Bylaws provide that a special meeting of our stockholders to act on any matter that may properly be considered at a meeting of our stockholders must be called by our secretary upon the written request of stockholders entitled to cast 25 percent of all the votes entitled to be cast on such matter at the meeting and containing the information required by the Bylaws.

Advance Notice of Director Nominations and New Business Proposals

The Bylaws provide that nominations of individuals for election as directors and proposals of business to be considered by stockholders at any annual meeting may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of our Board of Directors or (3) by any stockholder who was a stockholder of record both at the time of provision of notice and at the time of the meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on such other proposed business and who has complied with the advance notice procedures of the Bylaws.

The Bylaws provide that only the business specified in the notice of the meeting may be brought before a special meeting of our stockholders. Nominations of individuals for election as directors at a special meeting of stockholders at which directors are to be elected may be made only (1) by or at the direction of our Board of Directors or (2) if the special meeting has been called in accordance with the Bylaws for the purpose of electing directors, by a stockholder who is a stockholder of record both at the time of provision of notice and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the advance notice procedures of the Bylaws. 

A stockholder’s notice must contain certain information specified by the Bylaws about the stockholder, its affiliates and any proposed business or nominee for election as a director, including information about the economic interest of the stockholder, its affiliates and any proposed nominee in us.

Dividend and Liquidation Rights

Subject to any preferential rights of any outstanding series of Preferred Stock created by the Board of Directors from time to time, including the Series A Preferred Stock, the holders of the Common Stock will be entitled to such dividends as may be authorized from time to time by the Board of Directors and declared by us from assets legally available therefor, and upon liquidation will be entitled to receive pro rata all assets of NCR available for distribution to such holders. 

Other Matters

The Board of Directors may, without the consent of holders of the Common Stock, classify additional shares of stock as Series A Preferred Stock or create one or more new series of Preferred Stock.  In any such event, the rights of the holders of the Common Stock will be subject to the preferential rights of the holders of Preferred Stock, including the Series A Preferred Stock.

Preferred Stock

Limitations on Rights of Holders of Common Stock

The Charter authorizes the Board of Directors to establish one or more classes or series of Preferred Stock and to determine, with respect to any class or series of Preferred Stock, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of such class or series. We believe that the power of the Board of Directors to issue one or more classes or series of Preferred Stock provides us with flexibility in structuring possible future financings and acquisitions and in meeting other corporate needs that might arise. The authorized shares of Preferred Stock, as well as shares of Common Stock, are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded. The NYSE currently requires stockholder approval as a prerequisite to listing shares in several instances, including where the present or potential issuance of shares could result in an increase in the number of shares of Common Stock, or in the amount of voting securities, outstanding of at least 20%. If the approval of our stockholders is not required for the issuance of shares of Preferred Stock or Common Stock, the Board of Directors may determine not to seek stockholder approval. 

Anti-Takeover Protections

A decision by our Board of Directors to elect to be subject to the provisions of Subtitle 8, the supermajority vote required to remove directors and the advance notice provisions of our Bylaws could delay, defer or prevent a transaction or a change of control of our company.  In addition, although the Board of Directors has no intention at the present time of doing so, it could issue an additional class or series of Preferred Stock that could, depending on the terms of such class or series, impede the completion of a merger, tender offer or other takeover attempt. The Board of Directors will make any determination to issue such shares based on its judgment as to the best interests of NCR. The Board of Directors, in so acting, could issue Preferred Stock having terms that could discourage an acquisition attempt through which an acquiror may be able to change the composition of the Board of Directors, including a tender offer or other transaction that some, or a majority, of our stockholders might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then-current market price of such stock.

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