at an amount per bond equal to 102.055 percent of the nominal amount plus any applicable Sustainability-Linked Redemption Premium, together with accrued but unpaid Interest; iv. any time from and including the first business day falling 30 months after 21 June 2021 to, but excluding, the first business day falling 33 months after 21 June 2021 at an amount per bond equal to 100.685 percent of the nominal amount plus any applicable Sustainability -Linked Redemption Premium, together with accrued but unpaid Interest; v. any time from and including the first business day falling 33 months after 21 June 2021 to, but excluding, 21 June 2024 at an amount per bond equal to 100.000 percent of the nominal amount plus any applicable SustainabilityLinked Redemption Premium, together with accrued but unpaid Interest; Redemption shall be made by the Issuer giving not less than fifteen business days’ notice to the Bondholders and the Agent. Upon the occurrence of a change of control event or a delisting event, each bondholder shall have the right to request that all, or some only, of its bonds be repurchased at a price per bond equal to 101 percent of the nominal amount together with accrued but unpaid Interest, during a period of sixty days following a notice from the Issuer of the change of control event or delisting event. The bond loan agreement is based on a negative pledge and the group can only to a limited extent pledge its assets to secure its other liabilities. The Senior Secured Floating Rate Bond of 5 April 2019, with nominal amount of total 56.5 mEUR was settled by early redemption on 8 July 2021. Call option premium for early redemption amounted to 1 314 kEUR. The bond loan agreement is available at: https://www.fiven. com/company-information/investor-relations/reports/ Un-secured shareholder loan On 6 April 2019 Fiven AS completed a loan agreement with its shareholder Tosca Intermediate Holdings SARL. The lender made available to Fiven ASA a loan in the amount of 32.13 mEUR payable in whole or in part to the lender on its demand. The loan plus accrued and capitalized interest shall be repaid by the borrower on the termination date of the Loan, 22 June 2024. All payment obligations of Fiven ASA shall be postponed and subordinated the Senior Secured Sustainability-Linked Floating Rate Bond in accordance with a subordination agreement between Tosca Intermediate Holding Sarl (the shareholder) and the Nordic Trustee & Agency AB, acting as agent on behalf of the bondholders. Subject to the subordination agreement, Fiven ASA may prepay the whole or any part of the Loan (together with all interest accrued thereon) at any time. An extraordinary on-off distribution of 15 mEUR for repayment of outstanding Shareholder Loan and accrued interests was made in July 2021. The subordination agreement precludes any prepayment or repayment in the subordination period, on demand or otherwise, that is not made by advance consent by the agent acting as representative of the bondholders. Factoring financing On 5 June 2019 Fiven entered into a master non-recourse factoring agreement with Factofrance. Each seller (Fiven Belgium and Fiven Norge) has entered into a credit insurance amendment agreement under which the factor benefits from the relevant credit insurance policy in respect of the relevant transferred receivables. At any time during the purchase period the factor agrees to purchase eligible receivables owned by the debtor up to a maximum amount determined by an approval limit relevant to Fiven Belgium and Fiven Norge, respectively. Leasing liabilities Lease liabilities are effectively secured as the rights to the leased assets recognized in the financial statements revert to the lessor in the event of default. Export financing Fiven has an unsecured export credit facility covering export orders for Fiven Brazil to finance cost of production. The financing takes place upon presentation of the orders, and credit lines are through Bradesco Bank and Santander Bank. Interest is paid upon repayment of the financing which normally takes place 180 days after drawing on the facility. Pledge of assets and guarantees The bond loan agreement is based on a negative pledge and Fiven ASA (Bond issuer) and Group entities can only to a limited extent pledge its assets to secure its other liabilities. Fiven ASA and Group entities shall not provide, prolong or renew any permitted security as defined by the bond unless otherwise stated in the bond document. Fiven Annual Report 2021 64 Financial statements
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