1 Definitions and Interpretation

1.1 Definitions

In these general terms and conditions (the “General Terms and Conditions”), the following terminology is applied:

“Banking Day” any day (that is not a Saturday or a Sunday) on which banks in Stockholm are open for the execution of transactions under the Loan Agreement.

“Calender quarter” Three months in a row that is either January – March, April – June, July – September or October – December.

“Regulation” Regulation on government loans to operators and resellers of cancelled rebooked trips as a consequence of the spread of the Covid-19 disease (SFS 2021-814).

“kronor” Swedish kronor.

“Supplier Compensation” compensation to the Borrower from a subcontractor in respect of a Travel Operator Liability as set out in the Loan Application and to be paid with the Loan.

“Loan Application” the loan application submitted by the Borrower to the Lender (including any supplementary information) in accordance with the Regulation.

“Loan Agreement” the Debt Instrument and the General Terms and Conditions.

“Loan” the loan specified in the Debt Instrument or the outstanding principal sum of the loan at any given time (including any capitalised interest in accordance with clause 4 (Interest)).

“Lender” [the Swedish State through] Kammarkollegiet (the Swedish Legal, Financial and Administrative Services Agency), corp. ID no. 202100-0829.

“Borrower” the person specified as the borrower in the Debt Instrument.

“Unpaid Amount” any amount (including the amount due for repayment of the Loan based on Supplier Compensation received) that has fallen due for payment but has not yet been paid by the Borrower in accordance with the Loan Agreement.

“Travel Operator Liability” liabilities for repayment to a traveller as described in Chapter 3, Section 9 of the Swedish Package Travel Act (2018:1217) for trips that have been cancelled.

“Interest” the interest specified in the Debt Instrument.

“Interest Payment Date” The day specified as an interest payment date in the Debt Instrument.

“Interest Period” the period specified in the Debt Instrument and for which Interest is to be calculated and paid on an Interest Payment Date.

“Debt Instrument” the single debt instrument to which the General Terms and Conditions are attached.

“Final Repayment Date” the date specified as the final repayment date in the Debt Instrument.

“Grounds for Termination” event or circumstance specified in clause 8.1.

“Termination Event” Grounds for Termination or another event or circumstance specified in clause 8.1 that, upon expiry of a deadline or the issuing of a notification, or a combination of these, constitutes Grounds for Termination.

“Disbursement Date” the date on which the Loan is disbursed.

“Significantly Negative Effect” means a significantly negative effect on:

a) the Borrower’s business activities, assets, position (financial or other) or prospects,

b) the Borrower’s ability to fulfil their obligations under the Loan Agreement,

c) the validity of, or the possibility of executing rights under, the Loan Agreement, or

d) the Lender’s rights or opportunities to safeguard their rights under the Loan Agreement.

1.2 Interpretation

1.2.1

Unless a different meaning is specified, references in the Loan Agreement to:

a) “assets” shall include current and future property, income and rights of all kinds,

b) an agreement or other document shall mean a reference to such agreement or document also in an amended and renewed version,

c) a “provision” shall refer to an ordinance, regulation, rule, directive, instruction or guideline, whether or not it has the status of law, issued by a State, municipal, intergovernmental or supranational organisation, ministry, government agency or other organisation with a mandate to perform supervision,

d) a legal provision or regulation shall also refer to this in an amended or new version, and

e) a time of day shall refer to the time in Stockholm, unless otherwise stated or determined by the circumstances.

1.2.2

A Termination Event or Grounds for Termination “exists” if the situation has not been rectified or the Lender has issued the Borrower with a written dispensation.

1.2.3

Failure or a delay on the part of the Lender to exercise a right or to claim a sanction under the Loan Agreement shall not be considered a waiver of such a right or sanction. Nor shall the single or partial exercising of a right to or a claim for a sanction prevent the further exercising of or claims for the same or other rights and sanctions.

1.2.4

Unless otherwise stated in these General Terms and Conditions, the terms defined in the Regulation shall have the same meanings as when used in these General Terms and Conditions.