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'   0YessarigreinerkveWiWumaWfjrmlarWherrasemjiviWTryggingarsj;WinnstWu  eigendaogfjrfestaumframkvmdendurgreiWslu-ogskaWleysissamninganna,einkumaW  YvervarWaratriWisemYarerunnartilgreind.Tryggingarsj;WurinnverWurstrstikrfuhaf `  innbLandsbanka0slands.XessvegnaerafarYUWingarmikiWaWhanngtihagsmunasinna S+! varWandiallarkvarWanirumslitbankansogthlutunrbinu.HrerlagttilaWfjrmlarW " herrasemjiviWsj;WinnumnnaritilhgunYessaaukskilyrWaervarWafjrhagsj;Wsins # almenntaWsvomikluleytisemYaWtengistrkisbyrgWinni.XessisamningurvarWarrttar  $ sambandiWmillislenskarkisinsogTryggingarsj;WsinnstWueigendaogfjrfesta,enhefur !W% ekkihrifYaWsamningssambandsemtekstmillitryggingarsj;Wsinsogslenskarkisins J""& annarsvegarogbreskraoghollenskrastj;rnvaldahinsvegar.rituWdrgaWsamningiliggja #' fyrirogerubirtsemfylgiskjalmeWathugasemdumviWfrumvarpYetta. #(   FjrmlarWherragtiraWYvaWeftirlitshlutverkhanssamkvmtYessukvWiskarist $ ) hvorkiviWhlutverkRkisbyrgWasj;Wsskv.5.gr.laganr.121/1997nhlutverkFjrmla v%N!* eftirlitsins,enstofnuninskalhafaeftirlitmeWaWstarfsemisj;WsinsssamrmiviWlgum A&"+ innstWutryggingarogtryggingakerfifyrirfjrfesta,nr.98/1999,sbr.15.gr.Yeirralagaog  '", kvWilagaumopinberteftirlitmeWfjrmlastarfsemi. '#- Ї@ Um3.gr. (   SamkvmthinumnUjusamningumfallaeldrisamningarumlntkuTryggingarsj;Wsinn  stWueigendaogfjrfestaniWur.EkkikemurYvtilYessaWreyniheimildirsamkvmt  lgumnr.96/2009,einsogYeimvarbreyttmeWlgumnr.1/2010.0YessarigreinerYvlagt a tilaWlgnr.96/2009fallibrott,enlgnr.1/2010hafaYegarveriWnuminrgildi,sbr.aug T, lUsingunr.15/2010.  @ Um4.gr.     GildistkukvWi1.mgr.YarfnastekkiskUringa.  X   02.mgr.ermltsvofyriraWkvWiYessafrumvarpskomiaWlluleytistaWlaganr. K #  121/1997,umrkisbyrgWir,aWundanskilinni5.gr.YeirralagaumeftirlitRkisbyrgWasj;Ws    ogafskriftareikningavegnaveittrarkisbyrgWa.KemurYaWtilafYvaWlgnr.121/1997    geraalmenntekkirWfyrirheimildumafYvtagisemfrumvarpYettatekurtil.EWlilegterYv   aWkvWifrumvarpsYessagildieinumYbyrgWaWundanskilduYveftirlitshlutverkisem wO  RkisbyrgWasj;WurfermeWsamkvmtWurnefndri5.gr.laganr.121/1997.Ermlsgreinin B  samhlj;WagildistkukvWinusWarimlsliW9.gr.laganr.96/2009.    @  UmkvWitilbrWabirgWa. {    SamkvmtsWarimlsgreinYessakvWisbertryggingarsj;WnumaWverjaYeimfjrmun nF umsemtileruvrslumhansviWgildistkufrumvarpsYessa,verWiYaWaWlgum,tilaW 9 standastraumafskuldbindingumsamkvmtendurgreiWslu-ogskaWleysissamningunum.  GerterrWfyriraWYeirfjrmunirrennitilaWgreiWaniWurhfuWst;lendurgreiWslufjrhW  arinnarumu.Y.b.20milljarWakr. r   SamkvmtfyrrimlsgreinkvWisinsverWurhinsvegarYeimfjrmunumseminnheimtir e= verWaafsj;WnumformiiWgjaldaeftirgildistkufrumvarpsinsekkirWstafaWtilskuldbind 0 ingasemerutilkomnarvegnaIcesavereikninganna.ErYessiaWskilnaWursamrmiviW  formsembirtastfrumvarpitillagauminnstWutryggingarogtryggingakerfifyrirfjrfesta  semefnahags-ogviWskiptarWherrahefurlagtfyrirAlYingiogertilmeWferWar.kvWiW i gildirY;;hWafdrifumYessfrumvarps.EnnfremurverWuraWteljaeWlilegtaWgreiWslur \4 tryggingarsj;WinnrennitilYessaWbyggjauppsj;WernUtistviWaWmtamgulegum ' skuldbindingumvegnanverandiinnstWna,fremurenfllnumeldriskuldbindingumvegna  fjrmlastofnanasemekkierulengurstarfandiseminnlnsstofnanir.   Fylgiskjl:  # ! ! q(#30"i(m"  i(m2#  1  .3  Ԉ0    Disbursement,ReimbursementandIndemnityAgreementamongTheDepositorsand  $ InvestorsGuaranteeFundofIcelandandIcelandandtheUnitedKingdom,;undirrit !W% aWur,samtslenskriYUWingu.i(m݌J""& Ќ  "i(m"  i(m~2#  2  .3  Ԉ0    ReimbursementandIndemnityAgreementamongTheDepositorsandInvestorsGuar #' anteeFundofIcelandandIcelandandtheStateoftheNetherlands,;undirritaWur,samt #( slenskriYUWingu.i(m~݌$ ) Ќ  "i(m"  i(mZ2#  3  .3  Ԉ0    SkUringarviWframangreindasamninga.i(mZ݌v%N!* Ќ  "i(m"  i(ma2#  4  .3  Ԉ0    SamningurfjrmlarWherraviWTryggingarsj;WinnstWueigendaogfjrfesta0slandi A&"+ umumsUsluvegnaIcesave-samninganna,;undirritaWur.i(ma݌ '", Ќ  "i(m"  i(m2#  5  .3  Ԉ0    UmsgnfjrlagaskrifstofufjrmlarWuneytisumhriftgjldrkissj;Ws.i(m"݌'#- P  s   ь   (  _ikmo(JT03qL  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  L  M  ??vb%?vb?FylgiskjalI. ( mAU?) dE?$ A^m     L  M  UKIS,.  DISBURSEMENT,REIMBURSEMENTANDINDEMNITYAGREEMENT a dated2010  among   TheDepositors'andInvestors'GuaranteeFundofIceland K #  and    Iceland wO  and    TheCommissionersofHerMajestysTreasury {   g;  ThisL  M  DISBURSEMENT,REIMBURSEMENTANDINDEMNITYAGREEMENT L  M  ,  dated,2010(this L  M  AgreementL  M  ),amongL  M  THEDEPOSITORS'ANDINVESTORS'  GUARANTEEFUNDOFICELAND L  M  Ԁ(L  M  Tryggingarsj;WurInnstWueigendaogFjrfestaL  M  ), r aprivatefoundationincorporatedunderthelawsofIceland(the L  M  GuaranteeFundL  M  ), e= L  M  ICELAND L  M  Ԁ( L  M  IcelandL  M  )andL  M  THECOMMISSIONERSOFHERMAJESTYSTREA 0 SURY L  M  (the L  M  HMTCommissionersL  M  ԀL  M  and,togetherwiththeGuaranteeFundandIceland  collectively,the L  M  PartiesL  M  ).    RECITALS  \4 A  %  %BWHEREAS L  M  ,thePartieshaveenteredintotheLoanAgreementandtheAcceptanceand  AmendmentAgreement,whichtogethersetoutthearrangementsinitiallyforeseenbythe  PartiesinrelationtothemattersdescribedintheseRecitals.ThePartiesnowwishtoenter `  intothisAgreementtosettlethosematters,andalsototerminatetheLoanAgreementand S+! theAcceptanceandAmendmentAgreement,butconditionaluponthisAgreementcoming " intoeffect. #   WHEREAS L  M  ,L  M   L  M  theclaimsofLandsbankiLondonDepositorsagainstLandsbankiare !W% guaranteedbytheGuaranteeFundaccordingandsubjecttoActNo.98/1999whichimple J""& mentsDirective94/19/ECuptoH20,887perLandsbankiLondonDepositor. #'   %  %FWHEREAS L  M  ,theFSCShaspaidcompensationtothemajorityofLandsbankiLondon $ ) DepositorsinrespectoftheirclaimsagainstLandsbankiandtheGuaranteeFundunderAct v%N!* No.98/1999inreturnforatransferbysuchLandsbankiLondonDepositorsofsuchclaims A&"+ totheFSCS.TheprocessbywhichtheFSCSwillsettle(onbehalfoftheGuaranteeFund)  '", theremainingclaimsoftheLandsbankiLondonDepositorsagainsttheGuaranteeFund '#- underActNo.98/1999,andtheGuaranteeFundwillsettleitsobligationstotheFSCS,is ( detailedintheSettlementAgreement.    WHEREAS L  M  ,theHMTCommissionershaveprefinancedthepaymentofcompensationby a theFSCSinrespectoftheclaimsofLandsbankiLondonDepositorsagainstLandsbankiand T, theGuaranteeFundunderActNo.98/1999andrelatedcosts.ThePartieshaveagreedthat  theGuaranteeFundshallreimbursetheFSCSfortheamountsexpendedbyitinpaying  compensationtoLandsbankiLondonDepositors(theaggregateofsuchpaymentsonbehalf   oftheGuaranteeFundasat24thNovember2010beingestimatedtobe L  M  2,254,417,851.51L  M  )  X andthatHMTCommissionersshallputtheFSCSinfundstosettle(onbehalfoftheGuaran K #  teeFund)theremainingclaimsoftheLandsbankiLondonDepositorsagainsttheGuarantee    Fund(estimatedtototal L  M  20,969,252.03L  M  )underActNo.98/1999inaccordancewiththe    termsofthisAgreement.     WHEREAS L  M  ,thePartiesconfirmthatthisAgreementhasbeennegotiatedinaccordance B  withthe AgreedGuidelinesof14November2008asagreedbetweenIcelandandthe    memberstatesoftheEuropeanUnion.      ARTICLE1 nF DEFINITIONS 9 N   Section1.1  L  M  CertainDefinedTermsL  M  .(a)Asusedherein,thetermsdefinedinL  M  ScheduleIL  M    shallhavethemeaningsetoutinthatSchedule. r ???vb%?  (b) v Forthepurposeofthedefinitionsof InterestProceeds,ifanypartoftheGuarantee 0 FundEstateProceedsshallbedenominatedinacurrencyotherthanSterlingandshallnot  havebeenconvertedbytheGuaranteeFundpursuanttoparagraph(a)ofSection4.7,such  amountshallbeconvertedintoSterlingatsuchrateasmaybereasonablyselectedbythe i HMTCommissioners.L  M   \4   Section1.2  L  M  OtherInterpretativeProvisionsL  M  .L  M  (a)L  M  ԀThemeaningsofdefinedtermsare  equallyapplicabletothesingularandpluralformsofthedefinedterms.    (b) v Thewords hereof, herein, hereunderandsimilarwordsrefertothisAgreement S+! asawholeandnottoanyparticularprovisionofthisAgreement,andanysubsection, " Section,ArticleandSchedulereferencesaretothisAgreementunlessotherwisespecified. #   (c) v Theterm documentsincludesanyandalldocuments,instruments,writtenagree !W% ments,certificates,indentures,noticesandotherwritings,howeverevidenced(including J""& electronically). #'   (d) v Theterm includingisnotlimitingand(excepttotheextentspecificallyprovided $ ) otherwise)shallmean includingwithoutlimitation. v%N!*   (e) v Unlessotherwisespecified,inthecomputationofperiodsoftimefromaspecified  '", datetoalaterspecifieddate,theword fromshallmean fromandincluding,thewords '#-  toand untileachshallmean tobutexcluding,andtheword throughshallmean to ( andincluding.    (f) v Theterms mayand mightandsimilartermsusedwithrespecttothetakingof a anactionbyanyPersonshallreflectthatsuchactionisoptionalandnotrequiredtobetaken T, bysuchPerson.    (g) v Theterm continuationofaMandatoryPrepaymentEventshallreflectthatsuch   MandatoryPrepaymentEventhasoccurredandhasnotbeenremediedandnotbeenwaived  X inaccordancewithL  M  Section10.5L  M  . K #    (h) v Unlessotherwiseexpresslyprovidedherein:(i)referencestoagreements(including    thisAgreement)andotherdocumentsshallbedeemedtoincludeallsubsequentamendments   andothermodificationsthereto,butonlytotheextentthatsuchamendmentsandother wO  modificationsarenotprohibitedbyanyRelevantDocument,and(ii)referencestoany B  ApplicableLawaretobeconstruedasincludingallstatutoryandregulatoryprovisionsor    rulesconsolidating,amending,replacing,supplementing,interpretingorimplementingsuch   ApplicableLaw. {    ARTICLEII 9 THEFACILITY   ,^  Section2.1  L  M  TheFacilityL  M  .L  M  ԀL  M  (a)SubjecttothetermsofthisAgreement,theHMTCommis r sionersmakeavailabletotheGuaranteeFundaSterlingfacilityinamaximumprincipal e= amountof 2,350,000,000orsuchotheramountastheHMTCommissionersandthe 0 GuaranteeFundmayagreeinwritingfromtimetotime(the L  M  FacilityAmount L  M  )L  M  .    (b) v DisbursementsmadeundertheFacilityshallbeapplied(or,pendingsuchapplica i tion,placedoninterestbearingdepositinordertobesubsequentlyapplied)bytheGuarantee \4 Fundoronitsbehalftowardsoneormoreofthefollowingpurposes:L  M   ' <?v?<0     v (I)  L  M  therepayment(whetherbywayofsetofforotherwise)ofanyamountsbor  rowedbytheFSCSfromtheHMTCommissionerswhichhavebeenappliedbytheFSCS `  (onbehalfoftheGuaranteeFund)inordertopaycompensationinrespectofclaimsof S+! LandsbankiLondonDepositorsunderActNo.98/1999forupto 16,872.99perclaim, " togetherwithcompensationaccruedonsuchamountsborrowedfromOctober1,2009at # theFirstPhaseRateasdescribedinparagraph(a)(ii)ofL  M  Section4.2L  M  ;L  M   $ 0     v (ii)  thesettlementbytheFSCS(onbehalfoftheGuaranteeFund)oftheclaimsof J""& LandsbankiLondonDepositorsunderActNo.98/1999forupto 16,872.99perdepositor #' (or,whereapplicable,perjointaccountholder);and#( 0     v (iii)  L  M  paymenttotheFSCSbywayofcompensationandfundingforcertaincosts.v%N!*   (c) v L  M  Notwithstandingparagraph(b)above,theHMTCommissionersshallnotbebound  '", tomonitornorbeconcernedwiththeuseorapplicationofanyDisbursement.L  M   '#- Ї  Section2.2  L  M  OperationoftheFacilityL  M  .(a)WithoutprejudicetotheliabilityofIceland ( underthisAgreement,theGuaranteeFundshallbethesoleborrowerundertheFacility,shall  bethedebtorinrespectofallDisbursementsmadeundertheFacilityandshallbeprimarily  liableforallsums(including,withoutlimitation,theReimbursementAmountandany a compensation,costsandexpensesarisinginconnectiontherewith)whichareormaybecome T, duetotheHMTCommissionersunderthisAgreementandtheotherRelevantDocuments.L  M      (b) v L  M  L  M  TheFSCSmay,andtheGuaranteeFund(withtheconsentofIceland)hereby   irrevocablyauthorisestheFSCSto,onbehalfoftheGuaranteeFund,makedrawingsunder  X theFacilityintheformofoneormoreDisbursements,whichtheFSCSmayrequestby K #  deliverytotheHMTCommissionersofadulycompletedDisbursementRequestinaccor    dancewiththeSettlementAgreement.L  M        (c) v L  M  ADisbursementRequestmustbesubmittedtotheHMTCommissionersbynolater wO  than11:00am(Londontime)ontheproposedDisbursementDate.L  M   B    (d) v L  M  TheFSCSmay,onbehalfoftheGuaranteeFund,makedrawingsundertheFacility   inaccordancewiththisL  M  Section2.L  M  2L  M  :L  M   {  0     v (I)  L  M  inordertomakeanypaymentnecessaryordesirableforanyofthepurposesset 9 outinL  M  Section2.1L  M  ;and 0     v (ii)  L  M  until(andsothatnoDisbursementDatefallsafter)March30,2012andinan r aggregateprincipalamountnotexceedingtheFacilityAmount.e=   Section2.3  L  M  MakingofaDisbursementL  M  .(a)Providedthat:L  M    0     v (I)  L  M  thisAgreementhascomeintoforceinaccordancewithL  M  ArticleVIIL  M  ;andi 0     v (ii)  L  M  noMandatoryPrepaymentEventhasoccurredandbeennotifiedtotheHMT ' Commissionersandisunremediedorunwaived,orwould(totheknowledgeoftheHMT  Commissioners,whohavenotwaivedthesame)occurasaresultoftheproposedDis  bursementbeingmade,`    L  M  theHMTCommissionerswillmakeeachDisbursementavailabletotheFSCSonits " DisbursementDate.EachDisbursementshallbemadeavailablebycredittoantheFSCS # BankAccount(or,inthecaseofaDisbursementtobeusedforthepurposeofrepayingany  $ amountborrowedbytheFSCSfromtheHMTCommissioners,bysettingoffsuchDisburse !W% mentagainsttheamountalreadyborrowed).L  M   J""&   (b) v L  M  OnlytheFSCSmayrequestandreceivetheproceedsofaDisbursementandthe #( GuaranteeFundwill,notwithstanding(andwithoutprejudiceto)itsobligationsasborrower $ ) undertheFacility,nothaveanyrightorclaimtorequestorreceivetheproceedsofany v%N!* Disbursement.L  M   A&"+    '", & ,    Section2.4  L  M  ConfirmationofDisbursements ( L  M    (a) v TheHMTCommissionerswill,assoonasreasonablypossibleaftermakingany  Disbursement,notifytheGuaranteeFundandIcelandof:L  M  ',(x a 0     v (I)  L  M  theamountoftheDisbursementanditsDisbursementDate;and 0     v (ii)  L  M  theamountoftheReimbursementimmediatelyafterthemakingoftheDisburse   ment. X   (b) v L  M  Anyfailuretocomplywithparagraph(a)aboveshallnotinanywaylimittheduties    orliabilitiesoftheGuaranteeFundandIcelandunderthisAgreement.L  M        ARTICLEIII wO  REIMBURSEMENT,ETC. B   |  Section3.1  L  M  UndertakingtoreimburseL  M  .Inconsiderationof(a)theexecutionbytheFSCS   ofthetheFSCSDeedofAssignment,(b)thepaymentofcompensationbytheFSCSto {  LandsbankiLondonDepositorsinrespectoftheirclaimsagainstLandsbankiandthe nF GuaranteeFundunderActNo.98/1999asreferredtointheRecitals,(c)theprefinancingby 9 theHMTCommissionersofthepaymentofsuchcompensationbytheFSCS,andthe  provisionoftheFacility,theGuaranteeFundundertakestoreimbursetheL  M  HMTCommission  ersL  M  ԀforallDisbursementsmadebyithereunderbypayingtheReimbursementAmountin r accordancewiththetermsofthisAgreement.L  M   e=   ARTICLEIV  PAYMENTSOFREIMBURSEMENT,COMPENSATIONANDPAYOUTCOSTS      Section4.1  L  M  PaymentoftheReimbursementL  M  .L  M  (a)L  M  ԀThisL  M  Section4.1L  M  Ԁshallapplyfromthe \4 SecondPhaseStartDateandonwards. '   (b) v L  M  Subjecttoparagraph(d)below,theGuaranteeFundagreestopaytotheHMT  CommissionerstheSecondPhaseReimbursementAmountinconsecutiveQuarterlyInstall `  ments,payableoneachReimbursementPaymentDate. S+!   (c) v ThenumberofandamountofQuarterlyInstallmentsshallbecalculatedasfollows: # 0     v (i)  L  M  if,asatthedayimmediatelyprecedingtheSecondPhaseStartDate,the !W% aggregateoftheISKEquivalentoftheSecondPhaseReimbursementAmountandthe J""& ISKEquivalentofL  M  theL  M  NLSecondPhaseReimbursementAmountisequaltoorlessthan #' ISK45,000,000,000,(A)thenumberofQuarterlyInstallmentsshallbefour,and(B)the #( amountofeachQuarterlyInstallmentshallbetheSecondPhaseReimbursementAmount $ ) dividedbyfour;v%N!* 0     v (ii)  if,asatthedayimmediatelyprecedingtheSecondPhaseStartDate,the  '", aggregateoftheISKEquivalentoftheSecondPhaseReimbursementAmountandthe '#- ISKEquivalentofL  M  theL  M  NLSecondPhaseReimbursementAmountismorethanISK ( 45,000,000,000,(A)thenumberofQuarterlyInstallmentsshallbethelesserof(I)four  L  M  plusL  M  ԀanadditionalfourforeachISK10,000,000,000(orportionthereof)bywhichthat  aggregateexceedsISK45,000,000,000,and(II)118,and(B)theamountofeachQuar a terlyInstallmentshallbetheSecondPhaseReimbursementAmountdividedbythe T, numberofQuarterlyInstallmentssodeterminedL  M  ;L  M   0  (d) v (I)  L  M  notwithstandingparagraphsL  M  Ԁ(bL  M  )andL  M  (c)aboveandsubjecttoparagraph(iii)   below,ifonanyReimbursementPaymentDatetheaggregateof(A)theISKEquivalents  X L  M  onthatReimbursementPaymentDateL  M  oftheQuarterlyInstallmentpayableonthat K #  ReimbursementPaymentDateandtheamountofcompensationpayableonthatReim    bursementPaymentDatepursuanttoparagraph(a)ofL  M  Section4.2L  M  ,and(B)theISK    EquivalentsoftheNLQuarterlyInstallmentpayableonL  M  oraboutL  M  thatReimbursement   L  M  PaymentL  M  DateandtheamountofcompensationpayableonL  M  oraboutL  M  ԀL  M  thatReimbursement wO  PaymentDatepursuanttoparagraph(a)ofSection3.2oftheNLReimbursementand B  IndemnityAgreement,exceeds1.25percent.ofRelevantIcelandicTotalGovernment    RevenueL  M  ԀinrelationtothatReimbursementPaymentDateL  M  ,then(X)suchaggregateshall   bereducedbytheminimumamountnecessarytoensurethatsuchaggregatenolonger {  exceeds1.25percent.ofRelevantIcelandicTotalGovernmentRevenueinrelationtothat nF ReimbursementPaymentDate,(Y)theamountofsuchreduction(expressedinKr;nur) 9 shallbeattributedtoTheNetherlandsandtheHMTCommissionersinaccordancewith  theirrespectiveL  M  ProRataL  M  Entitlements,and(Z)theamountoftheQuarterlyInstallment  referredtoinitem(A)above(and,ifL  M  theProRataEntitlementoftheHMTCommissioners r exceedstheamountofsuchQuarterlyInstallmentL  M  ,theamountofcompensationreferred e= tointhatitem)willbereducedbytheL  M  ProRataL  M  EntitlementoftheHMTCommissioners 0 ofsuchreduction(convertedintoSterlingattherateusedtocalculatetheISKEquivalents  referredtoabove). 0     v (ii)  L  M  AnyamountbywhichaQuarterlyInstallmentoranyamountofcompensation \4 isreducedpursuanttoparagraph(I)abovewillremainpayableandwillbeaddedtothe ' QuarterlyInstallmentdueonthenextReimbursementPaymentDateL  M  Ԁ(butthatQuarterly  Installment,thusincreased,willbesubjecttotheapplicationofparagraph(I)aboveand  accordinglywill(subjectalwaystoparagraph(iii)below)onlybepayableifandtothe `  extentpayablepursuanttoparagraph(I)above)L  M  .Anyamountbywhichanamountof S+! compensationisreducedpursuanttoparagraph(I)abovewillbedeemedpartofthe " ReimbursementAmountL  M  fromtheReimbursementPaymentDateonwhich,absent # paragraph(I)above,thatamountwouldhavebeenpayableinaccordancewithparagraphs  $ (b)and(c)above,L  M  andcompensationwillaccrueonitaccordingly.!W% 0     v (iii)  Paragraphs(I)and(ii)aboveshallnotapplyinrelationtotheReimbursement #' PaymentDateonwhichthelastQuarterlyInstallmentisduetobepaid(asdeterminedin #( accordancewithparagraph(c)above)andtheQuarterlyInstallmentdueonthatReim $ ) bursementPaymentDate,anycompensationduetobepaidonthatReimbursement v%N!* PaymentDateandanyamountpayableonthatReimbursementPaymentDatepursuant A&"+ toparagraph(ii)aboveshallbepayableonthatReimbursementPaymentDateinfull. '",  '#-   Section4.2  L  M  CompensationL  M  .(a)(I)L  M  TheGuaranteeFundshallpaytotheHMTCommis ( sionerscompensationinrespectoftheReimbursementAmount,(A)fortheperiodfrom  October1,2009totheSecondPhaseStartDate,attheFirstPhaseRate,and(B)forthe  periodfromtheSecondPhaseStartDateonwards,attheSecondPhaseCIRR. a 0     v (ii)  L  M  InrespectoftheperiodfromOctober1,2009tothedateofthefirstDisburse  menthereunder,theReimbursementAmountshallforthepurposesofcalculatingsuch  compensationpayablebedeemedonanydatetobeanamountequaltotheaggregateof   allamountswhichonthatdatehadbeenpaidoutbytheFSCSonbehalfoftheGuarantee  X FundinthesettlementbytheFSCS(onbehalfoftheGuaranteeFund)oftheclaimsof K #  LandsbankiLondonDepositorsunderActNo.98/1999forupto 16,872.99perdepositor    (or,whereapplicable,perjointaccountholder)L  M  aggregatedwiththeamountofany    compensationcompoundedpursuanttoparagraph(c)(I)belowL  M  .  0     v (iii)  L  M  L  M  Anysuchcompensationshallcontinuetoaccrue,tothefullestextentpermitted B  byApplicableLaw,afteraswellasbeforeanybankruptcy,insolvency,reorganization,    liquidation,judicialoroutofcourtreorganizationproceedings,dissolution,arrangement   orwindinguporcompositionorreadjustmentofdebtsoftheGuaranteeFund.L  M  {  L  M  Fortheavoidanceofdoubt,nocompensationispayableinrespectofanyperiodpriorto 9 October1,2009.L  M      (b) v L  M  Notwithstandingtheforegoing,theGuaranteeFundshallpaytotheHMTCommis r sionerscompensationonanyDefaultedAmountattheArrearsRate.Anysuchcompensation e= shallbecompoundedoneachPaymentDatewiththeamountinrespectofwhichithas 0 accrued.    (c) v AccruedcompensationontheReimbursementAmountoranyotheramountshallbe i payable(i)inthecaseofcompensationaccruedtothefirstPaymentDate(compoundedL  M  with \4 theamountinrespectofwhichithasaccruedoneachdatewL  M  hichL  M  ԀwouldhavebeenaPayment ' DateifthefirstPaymentDatehadbeenL  M  JanuaryL  M  Ԁ1,20L  M  10L  M  ԀratherthanJanuary1,2011L  M  ),onthe  firstPaymentDate,(ii)oneachsubsequentL  M  PaymentL  M  ԀDate,and(ii)inthecaseofany  prepaymentofanypartoftheReimbursementAmount(whethervoluntaryormandatory), `  onthedatesuchpartoftheReimbursementAmountissoprepaid(butsuchcompensation S+! shallbepayableonlytotheextentaccruedtothedateofprepaymentonthepartofthe " ReimbursementAmountsoprepaid),L  M  providedL  M  ԀthatcompensationpayableattheArrearsRate # onDefaultedAmountsshallalsobepayablefromtimetotimeonrequestbytheHMT  $ Commissioners. !W%   (d) v CompensationaccruingontheReimbursementAmountoranyotheramountshall #' becomputedonthebasisofayearofthreehundredandsixtyfive(365)daysandactualdays #( elapsedoccurringintheperiodforwhichpayable. $ )   Section4.3  L  M  OptionalPrepaymentsL  M  .L  M  (a)L  M  ԀTheGuaranteeFundmayprepaytheReimburse A&"+ mentAmountinwholeorinpart,L  M  providedL  M  ԀthattheGuaranteeFund(orIcelandonitsbehalf)  '", shallgivetheHMTCommissionersnoticeofsuchprepaymentasprovidedinL  M  Section4.4L  M   '#- and,uponthedatespecifiedinsuchnotice,theamounttobeprepaidandanycompensation ( payablethereoninaccordancewithL  M  Section4.2L  M  Ԁshallbecomedueandpayableunderthis  Agreement.AmountsprepaidunderthisAgreementmaynotbereclaimed.    (b) v L  M  Atthesametimeasmakinganyoptionalprepaymentinaccordancewithparagraph T, (a)above,theGuaranteeFundshallmakeaL  M  prorataL  M  ԀoptionalprepaymentoftheNLReim  bursementAmountthenoutstandingundertheNLReimbursementandIndemnityAgree  ment,suchthatthesameproportionoftheReimbursementAmountandtheNLReimburse   mentAmountthenoutstandingisprepaidunderthisAgreementandundertheNLReim  X bursementandIndemnityAgreementrespectively(subjecttoanyrounding). K #    (c) v AnyprepaymentofanyamountoftheReimbursementAmountpursuanttoparagraph    (a)aboveshall,subjecttoparagraph(b)ofL  M  Section4.7L  M  ,reducetheReimbursementAmount   bytheamountoftheprepaymentandshall,ifmadeonoraftertheSecondPhaseStartDate, wO  beappliedL  M  prorataL  M  ԀtowardseachoftheremainingQuarterlyInstallments. B    Section4.4  L  M  CertainNoticesL  M  .Anoticeofprepaymentpursuanttoparagraph(a)ofL  M  Section   4.3L  M  ԀaboveshallbeeffectiveonlyifreceivedbytheHMTCommissionersbeforecloseof {  business(Londontime)onthedatewhichisthree(3)BusinessDaysbeforethedateofsuch nF prepayment.Eachnoticeofprepaymentshallspecifytheamounttobeprepaidandthe 9 requestedprepaymentdate(whichshallbeaBusinessDay).    Section4.5  L  M  MandatoryPrepaymentsandotherpaymentsoutofGuaranteeFundEstate r ProceedsL  M  .L  M  (a) e= (i)    IftheGuaranteeFundreceivesanyGuaranteeFundEstateProceeds,itshallwithinfive  (5)BusinessDayspaytoeachoftheHMTCommissionersandTheNetherlands,itsL  M  ProRata  L  M  Entitlementtothatamount(suchpayment,totheextenttobemadetotheHMTCommission i ers,tobemadeinthecurrencyrequiredunderL  M  Section4.7L  M  Ԁand,totheextenttobemadeto \4 TheNetherlands,tobemadeinthecurrencyrequiredundertheNLReimbursementand ' IndemnityAgreement),L  M  providedL  M  ԀthattheGuaranteeFundshallnotbeobligedtomakesuch  payment(i)if,totheextentandforaslongasthetermsunderwhichthepaymentmadeto  theGuaranteeFundandresultinginreceiptbytheGuaranteeFundoftherelevantamount `  prohibitstheGuaranteeFundfromapplyingthatamounttowardsanypaymenttoanyother S+! Person,or(ii)ifandtotheextentthattheGuaranteeFundisrequiredtopaytherelevant " amounttoDNBundertheDNBAssignmentAgreement,ortotheFSCSundertheFSCS # DeedofAssignmentortheSettlementAgreement.  $ (ii)  AnyamountreceivedbytheHMTCommissionersoutofL  M  GuaranteeFundL  M  Estate J""& Proceeds(whetherpursuantto(x)paragraph(i)above,(y)paragraph2.5oftheFSCSDeed #' ofAssignment,or(z)paragraph(a)(i)(A)ofSection3.7oftheNLReimbursementand #( IndemnityAgreement)shallbeapplied:L  M   $ ) 0  0(A)0atanytimebeforetheRecoveryPercentageislessthan86,inprepaymentofthe A&"+ ReimbursementAmount;orL  M   '",  '#-     (B)  atanytimeaftertheRecoveryPercentageislessthan86:L  M   (   0  (1) v   first,inpaymenttotheHMTCommissionersofsuchamountasisnecessaryto  ensurethat,aftersuchapplication,theHMTInterestShareReceiptsequaltheHMT a InterestShareatthattime;andL  M  T,   0  (2) v   second,inprepaymentoftheReimbursementAmount. (iii)  AnyprepaymentofanyamountoftheReimbursementAmountpursuanttothispara  X graphshall,subjecttoparagraph(b)ofSection4.7,reducetheReimbursementAmountby K #  theamountoftheprepaymentandshall,ifmadeonoraftertheSecondPhaseStartDate,be    appliedproratatowardseachoftheremainingQuarterlyInstallments.      (b) v Ifanyofthefollowingevents(eachsucheventa L  M  MandatoryPrepaymentEventL  M  ) wO  occurs,thenonandatanytimeduringthecontinuationofthatMandatoryPrepaymentEvent B  theHMTCommissionersmaybynoticetotheGuaranteeFund,withacopytoIceland,    declaretheReimbursementAmount,anycompensationaccruedthereonandallother   amountspayablebyanyReimbursementPartyunderthisAgreementoranyotherRelevant {  Documenttobeimmediatelydueandpayable,whereuponsuchamountsshallbeimmedi nF atelydueandpayablewithoutpresentment,demand,protestorotherformalitiesofanykind, 9 allofwhichareherebyexpresslywaivedbytheReimbursementParties:  0     v (I)  (A)anypartoftheReimbursementAmountorcompensationoranyother r amounttobepaidbyanyReimbursementPartytotheHMTCommissionersunderthis e= AgreementoranyotherRelevantDocumentshallnotbepaidinfullwhendue,atthe 0 placeandinthecurrencyinwhichitisexpressedtobepayable,unless(1)inthecaseof  afailuretosopayanypartoftheReimbursementAmountoranycompensationpayable  onaPaymentDatepursuanttoL  M  Section4.1L  M  Ԁ(inthecaseofanypartoftheReimbursement i Amount)orparagraph(c)(i)ofL  M  Section4.2L  M  Ԁ(inthecaseofanycompensation),suchfailure \4 isduesolelytoadministrativeortechnicalerrorandsuchamountispaidwithinfive(5) ' BusinessDaysoftheduedateforpayment,or(2)inanyothercase,suchamountispaid  withintwenty(20)BusinessDaysoftheduedateforpayment,(B)anypaymentof  ReimbursementAmountorcompensationorofanyotheramountunderthisAgreement `  oranyotherRelevantDocumentpreviouslymadebyanyReimbursementPartyis S+! avoided,setaside,invalidatedorreduced;" 0     v (ii)  L  M  anyReimbursementPartyshalldefaultor,inthecaseofadefaultwhichis  $ capableofremedy,shalldefaultfornotlessthanaperiodendingtwenty(20)Business !W% Daysaftertheearlierof(A)thedayonwhichtheHMTCommissionersgivestherelevant J""& ReimbursementPartynoticeofthedefault,or(B)thedayonwhichanyseniorofficerof #' anyReimbursementPartybecomesawareorshouldreasonablyhavebecomeawareofthe #( default,intheobservanceorperformanceofanyofitsobligationsunderthisAgreement $ ) oranyotherRelevantDocument(otherthanasprovidedinparagraph(i)above)(andfor v%N!* thispurposea L  M  seniorofficerL  M  shallbe,inthecaseoftheGuaranteeFund,adirectorof A&"+ theGuaranteeFundand,inthecaseofIceland,L  M  L  M  aMinisterorPermanentSecretaryinthe  '", MinistryofFinanceortheMinistryofForeignAffairsofIceland,andtheheadsordeputy '#- headsofthedepartmentordepartmentswithinthegovernmentofIcelandinchargeof ( administeringIceland'sSovereignDebt(includingitsdebtunderthisAgreement); 0     v (iii)  L  M  anyrepresentationmadeordeemedmadebyanyReimbursementPartyinthis a AgreementoranyotherRelevantDocumentoranydocumentdeliveredbyanyReim T, bursementPartyinconnectionwithanyRelevantDocumenthasbeenorshallproveto  havebeenfalseormisleadinginanymaterialrespectasofthetimemadeordeemed  made;  0     v (iv)  thepaymentobligationsoftheGuaranteeFundunderthisAgreementandthe K #  otherRelevantDocumentsshallceasetorankatleastL  M  pariL  M  passuL  M  Ԁwiththepresentand    futureclaimsofallofitsothercreditorsorthepaymentobligationsofIcelandunderthis    AgreementortheotherRelevantDocumentsshallceasetorankatleastL  M  pariL  M  passuL  M  Ԁwith   thepresentandfutureSovereignDebtofIceland,ineachcaseotherthanclaimswhichare wO  mandatorilypreferredbyApplicableLawinforceonthedateofthisAgreement;B  0     v (v)  (A)thisAgreementoranyotherRelevantDocumentshallatanytimebe   suspended,revokedorterminatedorforanyreasonceasetobevalidandbindingorinfull {  forceandeffect(otherthanuponexpirationinaccordancewiththetermsthereoforasa nF resultofanyactoromissionoftheHMTCommissionersortheFSCS),(B)performance 9 bytherelevantReimbursementPartyofanyobligationthereundershallbecomeunlawful,  (c)anyReimbursementPartyshallsoassertinwriting,or(D)thevalidityorenforceabili  tythereofshallbecontestedbyanyReimbursementParty;r 0     v (vi)  theGuaranteeFund(A)shallbedissolvedorliquidated,(B)shalladmitin 0 writingitsinabilityto,orbegenerallyunableto,payitsdebtsassuchdebtsbecomedue,  takingintoaccountanysupportavailabletoit,or(c)suspends(whethervoluntarilyor  involuntarily)makingpaymentsonanyofitsdebts,ineachcaseexceptifpriortothe i occurrenceofsuchevent(1)itsobligationsunderthisAgreementandtheotherRelevant \4 DocumentshavebeenassumedbyasuccessorentityontermsapprovedbytheHMT ' Commissioners(suchapprovalnottobeunreasonablywithheldordelayed),and(2)  IcelandhasprovidedsuchconfirmationsandenteredintosuchdocumentsastheHMT  CommissionersmayreasonablyrequiretoensurethatIceland'sobligationsunderthis `  AgreementandtheotherRelevantDocumentscontinueinfullforceandeffectasifsuch S+! successorhadbeenapartytothisAgreementandtheotherRelevantDocumentsfrom " theirinception;# 0     v (vii)  Iceland(oranygovernmentalorministerialauthoritythereof)failstomakeany !W% paymentinrespectofanyofitsSovereignDebtonitsduedate(orwithinanyoriginally J""& applicablegraceperiodsetoutintheagreementconstitutingsuchSovereignDebt)orany #' suchSovereignDebtbecomesdueearlierthanitsstateddateofpaymentbyreasonofan #( eventofdefault(howeverdescribed),providedthatnoMandatoryPrepaymentEventwill $ ) occurunderthisparagraph(vii)unlesstheaggregateamountofSovereignDebtinrespect v%N!* ofwhichanyamounthasnotbeenpaidwhendueorwhichhasbecomedueearlyexceeds A&"+ L  M  L  M  50,000,000oritsequivalentinothercurrencies; '",  '#- <?v?v<0     v (viii)  (A)anyReimbursementPartyL  M  shallL  M  failtocomplywithanyApplicableLaw ( towhichitissubject,incircumstanceswheresuchfailuremighthaveaMandatory  PrepaymentRelatedMaterialAdverseEffect,or(B)anyApplicableLawatanytime  necessarytoenabletheGuaranteeFundorIcelandtocomplywithanyofitsobligations a underanyoftheRelevantDocumentsshallberevoked,withdrawn,withheldorotherwise T, notinfullforceandeffectorshallbemodifiedoramendedinamannerthat(inthe  aggregate)hashadorwouldhaveaMandatoryPrepaymentRelatedMaterialAdverse  Effect.  @?v?v@  (b) v L  M  NotificationofMandatoryPrepaymentEvent.L  M  ԀIfanyReimbursementPartybecomes K #  awarethataMandatoryPrepaymentEventhasoccurred,itshallnotifytheHMTCommis    sionersofsuchoccurrenceassoonaspossible,togetherwithdetailsoftheeventsorcircum    stancescomprisingsuchMandatoryPrepaymentEventandofthestepsbeingtakento   remedythesame. wO    Section4.6  PayoutCosts.(a)TheGuaranteeFundagreestoreimbursetoL  M  theHMT    CommissionersL  M  theamountofanyoneormoreDisbursements(togetherthe PayoutCosts   Disbursement)madepriorto31stMarch,2010inrespectofPayoutCosts.L  M   {    (b) v TheGuaranteeFundagreestopaytoL  M  theHMTCommissionersL  M  ԀoneachPaymentDate 9 fallingin2011anamountequaltotheaggregateof(I)onequarterofthePayoutCosts  Disbursement,and(ii)compensationthereon,accruedattheFirstPhaseRatefromOctober  1,2009untiltherelevantPaymentDate. r   Section4.7  L  M  PaymentsL  M  .(a)L  M  ԀAllpaymentsofanypartoftheReimbursementAmount,any 0 compensationandallotheramountstobemadebytheGuaranteeFundtotheHMTCommis  sionersunderthisAgreementandtheotherRelevantDocumentsshallbereceivedL  M  ԀinSterling,  inimmediatelyavailablefunds,withoutdeduction,setofforcounterclaim,intheHMTs i SettlementAccountnotlaterthan5:00p.m.(Amsterdamtime)onthedateonwhichsuch \4 paymentisdue(andeachsuchpaymentreceivedaftersuchtimeonsuchduedatetobe ' deemedtohavebeenreceivedonthenextBusinessDay)providedthat:  (I)    iL  M  fL  M  theHMTCommissionersL  M  receiveL  M  ԀanamountL  M  ԀfromL  M  theFSCSpursuanttoparagraph2.5 `  oftheFSCSL  M  ԀL  M  DeedofL  M  AssignmentL  M  ,theHMTCommissionersL  M  Ԁshall,assoonasreasonably S+! possibleL  M  : " 0  0(A)  paytoTheNetherlandsitsL  M  ProRataL  M  Entitlementtothatamounttobeapplied  $ inaccordancewithparagraph(a)(ii)ofSection3.5oftheNLReimbursementand !W% IndemnityAgreement,suchpaymenttobemadeinthecurrencyreceivedandwithout J""& makinganyconversion,withanyconversionintoeurotobemadebyTheNetherlands #' pursuanttotheNLReimbursementandIndemnityAgreement;#( 0  0(B)  ifsuchpaymenthasbeenreceivedfromtheFSCSinacurrencyotherthan v%N!* Sterling,converttheremainingamountofsuchpaymentintoSterlingatsuchrateasit A&"+ mayreasonablyselectandsuchpaymentshallfromthetimeofsuchconversionbe  '", appliedinaccordancewithparagraph(a)(ii)ofSection4.5andtotheextentthatitisso '#- appliedinaccordancewithparagraph(a)(ii)(A)orparagraph(a)(ii)(B)(2)ofSection4.5 ( shallsatisfytheobligationtorepaytheReimbursementAmountuptotheSterling  amountobtainedbytheL  M  HMTCommissionersL  M  Ԁasaresultofsuchconversion;andL  M   (ii)  L  M  ifL  M  tL  M  heL  M  HMTCommissionerL  M  sreceiveanamountfromL  M  TL  M  heL  M  NetherlandsL  M  Ԁpursuantto T, L  M  paragraph(a)(i)(A)ofSection3.7ofL  M  theL  M  NLL  M  ԀDisbursementandIndemnityAgreement,  paragraph(L  M  iL  M  )L  M  (B)L  M  ԀaboveshallapplymutatismutandisL  M  .L  M      (b) v L  M  IftheGuaranteeFundmakesapaymenttotheHMTCommissionersthatisinsuffi  X cienttodischargeallmaturedpaymentsthendueunderthisAgreementandtheother K #  RelevantDocumentsfromtheGuaranteeFundtotheHMTCommissioners,thatpayment    shallbeapplied(i)first,towardsdischarginganycostsandexpensesoftheHMTCommis    sionerswhichtheGuaranteeFundisrequiredtoreimbursepursuanttothisAgreementorany   otherRelevantDocument,(ii)second,towardspaymentofanyaccruedcompensationwhich wO  isduebutunpaidunderthisAgreementoranyotherRelevantDocument,and(iii)third, B  towardspaymentofsuchpartoftheReimbursementAmountasisthendue.      (c) v IfanypaymentunderthisAgreementisstatedtobedueonadaythatisnota {  BusinessDay,orifanyperiodbyreferencetowhichanysuchsumiscalculatedunderthis nF AgreementoranyotherRelevantDocumentwouldendonadaywhichisnotaBusiness 9 Day,thensuchdateorperiodshallbeextendedtothenextBusinessDayandsuchextension  oftimeshallinsuchcasebeincludedinthecomputationofpaymentofcompensation(if  applicable),L  M  providedL  M  Ԁthat,ifsuchextensionwouldcausesuchpaymenttobemade,orsuch r periodtoend,inthenextfollowingcalendarmonth,suchdateshallbebroughtforwardto, e= orsuchperiodshallend,onthenextprecedingBusinessDay. 0   ARTICLEV  LOSSES,ETC. i  L  M    Section5.1  L  M  LossesL  M  .TheGuaranteeFundshallpaytotheHMTCommissioners,uponthe ' requestoftheHMTCommissioners,suchamountasshallbesufficienttocompensateitfor  anyloss,costorliabilitythatisattributableto(a)theconversionofonecurrencyintoanother  currencypursuanttothisAgreementoranyotherRelevantDocument,(b)theoccurrenceof `  anyMandatoryPrepaymentEventoranybreachbyanyReimbursementPartyofanyofits S+! obligationsunderthisAgreementoranyotherRelevantDocument,or(c)thepreservation, " perfectionorenforcementofanyright,powerorprivilegeoftheHMTCommissionersunder # thisAgreementoranyotherRelevantDocumentL  M  ,otherthan,ineachcase,anyL  M  L  M  costsof  $ arbitrationL  M  L  M  withinthemeaningofthePCARuleswhichanarbitraltribunalinarbitration !W% proceedingsasreferredtoinL  M  Section10.10L  M  ԀhasdeterminedaretobebornebyL  M  theHMT J""& Commissioners.L  M   #'   Section5.2  L  M  TaxesL  M  .AllpaymentsofanypartoftheReimbursementAmountorcompensa $ ) tionandallotheramountspayableunderthisAgreementoranyotherRelevantDocument v%N!* byanyReimbursementPartytotheHMTCommissionersshallbemadefreeandclearofand A&"+ withoutreductionorliabilityfororonaccountofanyTaxes,L  M  providedL  M  ԀthatifanyReimburse  '", mentPartyshallberequiredbyApplicableLawtodeductanyTaxesfromsuchpayments, '#- thenthesumpayableshallbeincreasedasnecessarysothataftermakingallrequired ( deductions(includingdeductionsapplicabletoadditionalsumspayableunderthisL  M  Section  5.2L  M  )theHMTCommissionersreceiveanamountequaltothesumtheywouldhavereceived  hadnosuchdeductionsbeenmade. a   Section5.3  L  M  FullandfinalsettlementL  M  ԀL  M  (a)L  M  ԀTheHMTCommissionersshallnothave(and  totheextentthatabsentthisL  M  Section5.3L  M  Ԁitwouldhave,itirrevocablyrenounces)anyclaim  againstanyReimbursementPartyinrelationtothepaymentofcompensationbytheFSCS   inrespectoftheclaimsofLandsbankiLondonDepositorsasreferredtointheRecitals,other  X thantheclaimsoftheHMTCommissionersunderthisAgreementandtheotherRelevant K #  Documents.      (b) v L  M  NoReimbursementPartyshallmake(andtotheextentthatabsentthisparagraph(b)   itwouldhave,itirrevocablyrenounces)anyclaim,orinitiateanyproceedings,including wO  indemnificationproceedingsagainsttheHMTCommissionersortheFSCSinrelationto(i) B  thepaymentofcompensationbytheFSCSinrespectofclaimsofLandsbankiLondon    DepositorsasreferredtointheRecitals(includinganyrejectionsofsuchclaims),or(ii)any   claimofaLandsbankiLondonDepositorinrespectofwhichcompensationwasnotpaidby {  theFSCS(forwhateverreason).TheFSCShasthebenefitofandmayenforcetheprovisions nF oftheprecedingsentence. 9   ARTICLEVI  INDEMNITY r  L  M    Section6.1  L  M  Representation,warrantyandindemnityL  M  .Forgoodandvaluableconsider 0 ation,thereceiptandsufficiencyofwhichareherebyacknowledged,Icelandhereby:    (a) v L  M  Ԁirrevocablyandunconditionallyrepresents,warrantsandundertakestotheL  M  HMT i CommissionersL  M  ԀthattheGuaranteeFundwillensurethefullandpunctualpaymentand \4 performance(whetheratstatedmaturity,uponaccelerationorotherwise)ofallitsobligations ' underthisAgreementandtheotherRelevantDocumentsandthusensurethattherewillat  notimebeanyShortfallAmount;    (b) v L  M  undertakestotheHMTCommissionersthat,wheneverthereisanyShortfallAmount, S+! itwill,ondemand,paythatShortfallAmounttotheHMTCommissionersasifitwerethe " principalobligor;and #   (c) v L  M  undertakestoindemnifytheHMTCommissioners,ondemand,againstanycost,loss !W% orliabilitysufferedbytheHMTCommissionersif(a)anyShortfallAmountarises,or(b) J""& anyobligationoftheGuaranteeFundunderthisAgreementoranyotherRelevantDocument #' isorbecomesillegal,notbinding,invalidorunenforceable.Theamountofthecost,lossor #( liabilitywillbeequaltotheamountwhichtheHMTCommissionerswouldotherwisehave $ ) beenentitledtorecover.L  M   v%N!*   A&"+   & a  Section6.2  L  M  ObligationsUnconditionalL  M  .TheobligationsofIcelandunderthisL  M  ArticleVIL  M   ( shallbeunconditionalandabsoluteand,withoutlimitingthegeneralityoftheforegoing,  shallnotbereleased,dischargedorotherwiseaffectedby:'a(    (a) v L  M  anyextension,renewal,settlement,compromise,waiverorreleaseinrespectofany T, obligation(s)ofanyReimbursementPartyunderthisAgreementortheotherRelevant  Documents,byoperationoflaworotherwise(otherthanwithrespecttoanysuchextension,  renewal,settlement,compromise,waiverorreleaseagreedinaccordancewiththeterms   hereunderasexpresslyapplyingtotheobligationsofIcelandhereunder);  X   (b) v L  M  anymodification,novation,extension,restatementoforsupplementtothisAgree    mentoranyotherRelevantDocument(otherthanwithrespecttoanymodification,novation,    extension,restatement,amendmentoforsupplementagreedinaccordancewiththeterms   hereofasexpresslyapplyingtotheobligationsofIcelandunderthisL  M  ArticleVIL  M  ); wO    (c) v L  M  anyrelease,impairment,nonperfectionorinvalidityofanyLiensecuringany    Shortfall;     (d) v L  M  anychangeinthecorporateexistence,structureorownershipoftheGuaranteeFund nF oranyotherPerson,oranyinsolvency,reorganisationorsimilarproceedingsL  M  Ԁinrespectof 9 Landsbanki,theGuaranteeFundorL  M  anyotherPerson;    (e) v L  M  theexistenceofanyclaim,setofforotherrightsthattheHMTCommissionersmay r haveatanytimeagainsttheGuaranteeFundoranyotherPerson,whetherinconnection e= herewithorwithanyunrelatedtransactions; 0   (f) v L  M  anyinvalidityorunenforceabilityrelatingtooragainstanyReimbursementPartyfor  anyreasonofthisAgreementoranyotherRelevantDocument,oranyprovisionofApplica i bleLawpurportingtoprohibittheperformancebyanyReimbursementPartyofanyofits \4 obligationsunderthisAgreementoranyotherRelevantDocument(otherthananysuch ' invalidityorunenforceabilitywithrespectsolelytotheobligationsofIcelandunderthis  L  M  ArticleVIL  M  );    (g) v L  M  anyotheractoromissiontoactordelayofanykindbyanyReimbursementParty S+! oranyotherPersonoranyothercircumstancewhatsoeverthatmight,butfortheprovisions " ofthisSectionL  M  ԁ6.2L  M  ,constitutealegalorequitabledischargeoftheobligationsofanyReim # bursementPartyunderthisAgreementoranyotherRelevantDocument.  $   Section6.3  L  M  DischargeOnlyuponPaymentinFull;ReinstatementInCertainCircum J""& stancesL  M  .TheobligationsofIcelandunderthisL  M  ArticleVIL  M  Ԁconstitutecontinuingobligations #' whichwillextendtotheultimatebalanceofanyShortfallAmount,regardlessofany #( intermediatepaymentordischarge,whetherinwholeorinpart,andshallremaininfullforce $ ) andeffectuntilallShortfallAmountsshallhavebeenpaidorotherwiseperformedinfulland v%N!* nootherShortfallAmountcanarise.IfatanytimeanypaymentmadeunderthisAgreement A&"+ oranyotherRelevantDocumentisrescindedormustotherwiseberestoredorreturnedupon  '", theinsolvency,bankruptcy,reorganizationorsimilareventoftheGuaranteeFundorany '#- otherPersonorotherwise,thentheobligationsofIcelandhereunderwithrespecttosuch ( paymentshallbereinstatedatsuchtimeasthoughsuchpaymenthadbeenduebutnotmade  atsuchtime.    Section6.4  L  M  WaiverL  M  .Icelandherebyirrevocablyandunconditionallywaives,tothefullest T, extentpermittedbyApplicableLaw,(a)noticeofacceptanceofthisAgreementandnotice  ofanyliabilitytowhichthisAgreementmayapply,(b)allnoticesthatmayberequiredby  ApplicableLaworotherwisetopreserveintactanyrightsoftheHMTCommissioners   againsttheGuaranteeFund,includinganydemand,presentment,protest,proofofnoticeof  X nonpayment,noticeofanyfailureonthepartoftheGuaranteeFundtoperformandcomply K #  withanycovenant,agreement,term,conditionorprovisionofanyagreementandanyother    noticetoanyotherPersonthatmaybeliableinrespectoftheobligationsoftheGuarantee    Fundexceptanyoftheforegoingasmaybeexpresslyrequiredhereunder,(c)anyrightto   theenforcement,assertionorexercisebytheHMTCommissionersofanyright,power, wO  privilegeorremedyconferreduponitunderthisAgreement,anyotherRelevantDocument B  orotherwise,and(d)anyrequirementthattheNetherlandsexhaustanyright,power,    privilegeorremedy,ormitigateanydamagesresultingfromadefault,underthisAgreement   oranyotherRelevantDocument.ThiswaiverappliesirrespectiveofanyApplicableLawor {  anyprovisionofthisAgreementoranyotherRelevantDocumenttothecontrary. nF   Section6.5  L  M  L  M  SubrogationL  M  .Icelandshallnotenforceanypaymentbywayofsubrogation,  indemnity,contributionorotherwise,orexerciseanyotherright,(orotherwisebenefitfrom  anypaymentorothertransferarisingfromanysuchright)whichitmayhaveagainstthe r GuaranteeFundbyreasonoftheperformancebyitofitsobligationsunderthisAgreement e= oranyotherRelevantDocumentsolongasanyobligationsunderthisAgreementorany 0 otherRelevantDocumentremainunpaidorunsatisfied(and,ifIcelandreceivesanypayment  ordistributioninrelationtosuchrights,itwillpromptlyturnsuchpaymentordistribution  overtotheHMTCommissioners). i   Section6.6  L  M  AdditionalsecurityL  M  .Therepresentation,warranty,undertakingandindemnity ' setoutinthisL  M  ArticleVIL  M  Ԁisinadditiontoandisnotinanywayprejudicedbyanyother  representation,warranty,indemnity,securityorotherdocumentorinstrumentnowor  subsequentlyheldbytheHMTCommissionersoranyotherPerson. `    ARTICLEVII " CONDITIONSPRECEDENT #  :  Section7.1  L  M  ConditionsPrecedentL  M  .TheeffectivenessofthisAgreementissubjecttothe !W% conditionsprecedentthat: J""&   (a) v L  M  theHMTCommissionersshallhavereceivedthefollowingdocuments,eachofwhich #( shallbeinformandsubstancesatisfactorytotheHMTCommissioners: $ ) 0     v (i)  L  M  Confirmationre.NLReimbursementandIndemnityAgreementL  M  .Confirmation A&"+ fromTheNetherlandsthatallconditionsprecedenttobesatisfiedinorderfortheNL  '", ReimbursementandIndemnityAgreementtobecomeeffective(otherthanreceiptof '#- confirmationfromtheHMTCommissionersthat&  allconditionsprecedenttobesatisfied ( inorderforthisAgreementtobecomeeffective)havebeensatisfied;'( > 0     v (ii)  L  M  AuthorisingActL  M  .AcopyofanActfromIceland,whichhascomeintoforceand a isnot,ornolonger,capableofbeingrevokedoravoidedbyanyreferendumandwhich T, providesfortheunconditionalandunreservedauthorizationoftheindemnitysetoutin  L  M  ArticleVIL  M  Ԁandforanyotherauthorizationnecessarytoensurethattheobligationsofthe  ReimbursementPartiesunderthisAgreementandtheotherRelevantDocumentsarelegal,   valid,bindingandenforceable,togetherwithacertifiedtranslationthereofintoEnglish; X 0     v (iii)  Otherauthorizations.AcopyofanexemptiongrantedbytheCentralBankof    Iceland(SeWlabanki0slands)totheGuaranteeFundunderRules370/2010onForeign    ExchangeinrespectoftheGuaranteeFund'sexecutionandperformanceofthisAgree   mentandtheotherRelevantDocuments,togetherwithacertifiedtranslationthereofinto wO  English;andB    (b) v L  M  OpinionsofCounselL  M  .AnopinionofLex,legaladviserstotheGuaranteeFundasto   thelawsofIcelandandanopinionofL  M  theStateAttorneyofIcelandL  M  (L  M  RkislgmaWurL  M  )L  M  L  M  in {  respectof,L  M  interaliaL  M  ,thecapacityanddueauthorizationof,andvalidexecutionofthis nF AgreementandeachotherRelevantDocumentby,eachoftheReimbursementParties; 9   (c) v theGuaranteeFundandtheFSCSshallhaveenteredintotheFSCSDeedofAssign  ment;and r   (d) v L  M  theGuaranteeFundandtheFSCSshallhaveenteredintotheSettlementAgreement 0 SideLetter.    Section7.2  L  M  SatisfactionofConditionsPrecedentL  M  .IftheactionsreferredtoinL  M  Section7.1L  M   i havenotbeencompletedbyDecember31,2010: \4   (a) v L  M  ifthenoncompletionconsistsoftheFSCSnothavingexecutedanddeliveredtothe  GuaranteeFundtheFSCSDeedofAssignmentandtheSettlementAgreementSideLetter,  theReimbursementPartiesmay,bynoticetotheHMTCommissioners,terminatethis `  Agreement;and S+!   (b) v ifthenoncompletionconsistsofanyotheractionreferredtoinL  M  Section7.1L  M  ,theHMT # CommissionersmaybynoticetotheGuaranteeFund,withacopytoIceland,terminatethis  $ Agreement, !W% L  M  whereupon,ineachcase,thisAgreementshallceasetohaveanyeffect. #'   Section7.3  L  M  TerminationofLoanAgreementandAcceptanceandAmendmentAgreementL  M  . $ ) OnthedateonwhichthisAgreementbecomeseffective,theLoanAgreementandthe v%N!* AcceptanceandAmendmentAgreementshallterminate,ifnotpreviouslyterminated. A&"+    '",   &   ARTICLEVIII ( REPRESENTATIONSANDWARRANTIES   M  Section8.1  L  M  GuaranteeFundrepresentations.L  M  ԀL  M  TheGuaranteeFundrepresentsand a warrantstotheHMTCommissionersasofthedateofthisAgreementasfollows:'(N T, (A)  TheGuaranteeFundis(a)aprivatefoundation,dulyorganized,validlyexistingand,to  theextentapplicableunderthelawsofIceland,ingoodstandingunderthelawsofIceland,   and(b)hasallrequisitecorporatepowernecessarytoownitsassetsandcarryonitsbusiness  X asnowbeingconducted. K #  (B)  ThisAgreementandeachotherRelevantDocumenttowhichitisapartyhavebeenduly    executedanddeliveredbyit,andconstitutelegal,validandbindingobligationsofit,   enforceableagainstitinaccordancewiththeirterms,ineachcaseexceptasmaybelimited wO  byequitableprinciplesofgeneralapplicabilitywhicharespecificallyreferredtointhe B  relevantlegalopinionreferredtoinparagraphL  M  (c)ofL  M  Section7.1L  M  .L  M        Section8.2  ReimbursementPartyrepresentations.EachReimbursementPartyrepresents {  andwarrantstoL  M  theHMTCommissionersasofthedateofthisAgreementthattheexemption nF grantedbytheCentralBankofIceland(SeWlabanki0slands)totheGuaranteeFundunder 9 Rules370/2010onForeignExchangeinrespectoftheGuaranteeFund'sexecutionand  performanceofthisAgreementandtheotherRelevantDocumentsreferredtoinparagraph  (a)(iii)ofSection7.1isunconditional,irrevocableandinfullforceandeffectandthereare r nootherauthorizations,licenses,consentsorotherapprovalsoractionsrequiredfromany e= IcelandicGovernmentalAuthorityinconnectionwiththeexecutionorperformanceofthis 0 AgreementortheotherRelevantDocumentsortoensurethattheobligationsoftheReim  bursementPartiesunderthisAgreementandtheotherRelevantDocumentsarelegal,valid,  bindingandenforceable. i   ARTICLEIXL  M   ' COVENANTS   dX  Section9.1  L  M  ComparabilityoftreatmentL  M  .IfanyReimbursementPartyentersintoany `  RelevantFinancingArrangementand,underthatRelevantFinancingArrangement(takenas S+! awhole),thefinancierpartytothatRelevantFinancingArrangementenjoysanoverallmore " favorabletreatmentthantheHMTCommissionersunderthisAgreementandtheother # RelevantDocuments,orhasthebenefitofanyLien,thentheReimbursementPartiesshall  $ granttheHMTCommissionersthesamefavorabletreatmentorthebenefitofasimilarLien !W% (andtheReimbursementPartiesshallenterintoanydocumentationnecessaryordesirable J""& inordertodoso). #'   Section9.2  L  M  EqualtreatmentL  M  .IftheGuaranteeFund,anyOtherGuaranteeFundor $ ) IcelandmakesanyExcessPayment,theGuaranteeFundshallpay(orensurethateach v%N!* relevantOtherGuaranteeFundpays)anamountequaltotheExcessPaymenttoeach A&"+ LandsbankiLondonDepositor,L  M  providedL  M  Ԁthat,totheextentthattheHMTCommissionersor  '", theFSCShasmadeanypaymenttoaLandsbankiLondonDepositorinrespectofaclaimof '#- thatLandsbankiLondonDepositorsunderActNo.98/1999inexcessofH20,887perclaim, ( thepaymentunderthisSectionshallbemadetotheHMTCommissionersortheFSCS,as  thecasemaybe.    ARTICLEX T, MISCELLANEOUS   _  Section10.1  L  M  ChangeofcircumstanceL  M  .TheHMTCommissionersagreethat,ifatanytime   thethenmostrecentlypublishedArticleIVreviewbytheIMFinrelationtoIcelandstates  X thatasignificantdeteriorationhasoccurredinthesustainabilityofthedebtofIceland, K #  relativetotheassessmentofsuchsustainabilitybytheIMFFundasofNovember19,2008,    then,ifIcelandsorequests,theHMTCommissionerswillmeetwithIcelandtodiscussthe    situationandconsiderwhether,andifsohow,thisAgreementandtheotherRelevant   Documentsshouldbeamendedtoreflecttherelevantchangeincircumstances. wO    Section10.2  Otherchanges.IftheAcceptedClaimsAmountortheAcceptedInterest    AmountshallatanytimechangeasaresultofanydecisionoftheWindingupBoardof   Landsbankiorofanycompetentcourt:L  M   {  0     v (i)  anycalculationpursuanttothisAgreementortheotherRelevantDocuments 9 whichisdirectlyorindirectlybasedontheAcceptedClaimsAmountortheAccepted  InterestAmountshallberecalculatedasiftheAcceptedClaimsAmountortheAccepted  InterestAmounthadbeentheassochangedAcceptedClaimsAmountortheAccepted r InterestAmountwitheffectfromthedateofthisAgreement;L  M  e= 0     v (ii)  ifanyamountshallhavebeenpaidorallocatedonthebasisoftheprevious  calculationthensuchpaymentorallocationshallbereversedorasthecasemaybe  reallocatedtotheextentrequiredinordertoreflectsuchrecalculation.i   Section10.3  L  M  WaiverL  M  .NofailureonthepartoftheHMTCommissionerstoexerciseand ' nodelayinexercising,andnocourseofdealingwithrespectto,anyright,powerorprivilege  undertheAgreementoranyotherRelevantDocumentshallimpairthatright,poweror  privilegeoroperateasawaiverorvariationthereof,norshallanysingleorpartialexercise `  ofanyright,powerorprivilegeunderanyRelevantDocumentprecludeanyotherorfurther S+! exercisethereofortheexerciseofanyotherright,powerorprivilege.Anylibertyorpower " whichmaybeexercisedoranydeterminationwhichmaybemadeunderthisAgreementby # theHMTCommissioners(includinganyact,matterorthingasagreed,specified,determined,  $ decidedornotifiedbytheHMTCommissionerstotheGuaranteeFundorIceland)maybe !W% exercisedormadeintheabsoluteandunfettereddiscretionoftheHMTCommissionersfrom J""& timetotime,whichwillnotbeunderanyobligationtogivereasonstherefor. #'   Section10.4  L  M  NoticesL  M  .Allnotices,requests,instructions,directionsandothercommunica $ ) tionsprovidedforhereinshallbegivenormadeinwritinginEnglishbypersonallydelivered v%N!* letterorbyfax(andmaybecopied,butnotvalidlyserved,byemail)deliveredtothe A&"+ intendedrecipientasfollows:  '",  '#-   (a) v L  M  iftotheGuaranteeFund,toitatBorgartun26,3rdfloor,105Reykjavik,Iceland, ( Fax:+3545902606,Attn.:ManagingDirector,withacopytoIceland,atMinistryof  Finance,ArnarhvoliLindargtu,150Reykjavk,Iceland,Fax:+3545628280,Attn.:Perma  nentSecretary; a   (b) v iftoIceland,toitatMinistryofFinance,ArnarhvoliLindargtu,150Reykjavk,  Iceland,Fax:+3545628280,Attn.:PermanentSecretary;and    (c) v L  M  inthecaseoftheHMTCommissioners,tothematHMTreasury,1HorseGuards  X Road,LondonSW1A2HQ,UnitedKingdomand+44(0)2072705764(attention:Tom K #  Scholar);and      (d) v L  M  L  M  inthecaseoftheFSCS,toitatFinancialServicesCompensationScheme,7L  M  thL  M  ԀFloor,   LloydsChamber,1PortsokenStreet,LondonE18BN,UnitedKingdomand+44(0)207892 wO  7637(attention:MarkNeale).L  M   B  ExceptasotherwiseprovidedinthisAgreement,allsuchcommunicationsshallbedeemed   tohavebeendulygiven,(i)whenpersonallydeliveredattheaddressofthePersontobe {  served,atthetimewhenitissoleft(or,ifleftonadaythatisnotaBusinessDay,at8:15am nF (localtime)onthenextfollowingBusinessDay),and(ii)whensentbyfacsimiletransmis 9 sion,whenconfirmationofreceiptisreceivedfromthereceivingfacsimilemachine(or,if  sentonadaythatisnotaBusinessDay,at8:15am(localtime)onthenextfollowing  BusinessDay),L  M  providedthat,inprovingthegivingofnoticeunderorinconnectionwiththis r Agreement,itshallbesufficienttoprovethatthenoticewasdeliveredtotheaddressfor e= service. 0   Section10.5  L  M  Amendments,EtcL  M  .ExceptasotherwiseexpresslyprovidedinthisAgreement,  anyprovisionofthisAgreementand(exceptasspecificallyprovidedtherein)anyother i RelevantDocumentmaybemodified,supplementedorwaivedonlyinwritingexecutedby \4 thePartiesL  M  Ԁaffectedbythemodification,supplementorwaiverL  M  . '   Section10.6  L  M  SuccessorsandAssignsL  M  .(a)ThisAgreementshallbebindinguponandinure  tothebenefitoftheParties.NoPartymayassign,transferorencumberanyofitsrightsor `  obligationsunderthisAgreementoranyotherRelevantDocument(anyattempttodoso S+! beingnullandvoidL  M  abinitioL  M  ). "   (b) v L  M  ThisAgreementismadeandenteredintoforthesoleprotectionandlegalbenefitof  $ thePartiesL  M  L  M  andnootherPersonshallbeadirectorindirectlegalbeneficiaryof,orhaveany !W% directorindirectcauseofactionorclaiminconnectionwith,thisAgreementunderthe J""& Contracts(RightsofThirdParties)Act1999,L  M  providedL  M  ԀthattheFSCShasthebenefitofand #' mayenforceanyrightaccordedtoit,oranytermorconditionexpressedtobeforitsbenefit, #( inthisAgreement. $ )   Section10.7  CaptionsL  M  .Thetableofcontentsandcaptionsandsectionheadingsappearing A&"+ hereinareincludedsolelyforconvenienceofreferenceandarenotintendedtoaffectthe  '", interpretationofanyprovisionofthisAgreement. '#- Ї  Section10.8  L  M  CounterpartsL  M  .ThisAgreementmaybeexecutedinanynumberofcounter ( parts,allofwhichtakentogethershallconstituteoneandthesameinstrument,andanyof  thePartiesmayexecutethisAgreementbyexecutinganysuchcounterpart.Eachcounterpart  shallbeanoriginalcopyofthisAgreement,buttheyshalltogetherconstituteoneandthe a sameinstrument. T,   Section10.9  L  M  GoverningLawL  M  .THISAGREEMENTANDANYMATTER,CLAIMOR  DISPUTEARISINGOUTOFORINCONNECTIONWITHIT,WHETHERCONTRAC   TUALORNONCONTRACTUAL,SHALLBEGOVERNEDBY,ANDCONSTRUEDIN  X ACCORDANCEWITH,THELAWSOFENGLAND. K #    Section10.10L  M  ArbitrationL  M  .(a)L  M  ԀL  M  ANYDISPUTE,LEGALACTIONORPROCEEDINGBY    ORAGAINSTANYPARTYHERETOWITHRESPECTTOORARISINGOUTOFTHIS   AGREEMENT,WHETHERCONTRACTUALORNONCONTRACTUALANDINCLUD wO  INGANYDISPUTE,LEGALACTIONORPROCEEDINGREGARDINGTHEEXIS B  TENCE,VALIDITY,FORMATIONORL  M  TERMINATIONOFTHISAGREEMENT(L  M  A     L  M  DISPUTEL  M  )L  M  ԀSHALLBESETTLEDBYL  M  FINALANDBINDINGARBITRATIONIN   ACCORDANCEWITHTHEPCARULES,WHICHRULESAREDEEMEDINCORPO {  RATEDBYREFERENCEINTOTHISCLAUSEEXCEPTTOTHEEXTENTTHATTHEY nF RELATETOTHENATIONALITYOFTHEARBITRATOR. 9 0  (b)0vL  M  Inanyarbitralproceedingsasreferredtoinparagraph(a)above:vv      v (i)  L  M  thenumberofarbitratorsshallbethree; e= 0     v (ii)  ifallPartiesarepartytothearbitralproceedings,eachof(A)theReimburse  mentPartiesjointly(andfailingsuchjointappointmentArticle7(2)ofthePCARules  shallapply),and(B)theHMTCommissionersshallappointonearbitratorandthetwo i arbitratorsthusappointedshallchoosethethirdarbitratorwhowillactasthepresiding \4 arbitratorofthearbitraltribunal;' 0     v (iii)  theappointingauthorityshallbetheSecretaryGeneralofthePermanentCourt  ofArbitration;`  0     v (iv)  theplaceofarbitrationshallbeLondon,England;" 0     v (v)  thelanguagetobeusedinthearbitralproceedingsshallbeEnglish; $ 0     v (vi)  L  M  theIBARulesontheTakingofEvidenceinInternationalArbitrationof29May J""& 2010shallapply;#' 0     v (vii)  thearbitraltribunalshalluseitsbesteffortstomakeafinalawardwithintwelve $ ) monthsoftheappointmentofthethirdarbitratorwhoactsasthepresidingarbitratorof v%N!* thearbitraltribunal,andshallconductthearbitralproceedingsaccordingly;A&"+    '", <?v?v<0     v &   (viii)  thearbitraltribunalshallruleinaccordancewiththelawsofEngland(andnot, ( fortheavoidanceofdoubt,asL  M  amiablecompositeurL  M  ԀorL  M  exaequoetbonoL  M  );andL  M  '( @?v?v4@0     v (ix)  L  M  allParties,thearbitratorsandtheSecretaryGeneralandtheInternational a BureauofthePermanentCourtofArbitrationshallprotecttheconfidentialityofthe T, existenceofthearbitralproceedingsandofanyinformationreceivedbytheminconnec  tionwithsuchproceedings. ??v: ?v?  Section10.11 : L  M  WaiverofSovereignImmunityL  M  .EachoftheReimbursementParties  X consentsgenerallytotheissueofanyprocessinconnectionwithanyDisputeandtothe K #  givingofanytypeofrelieforremedyagainstit,includingthemaking,enforcementor    executionagainstanyofitsPropertyorassets(regardlessofitsortheiruseorintendeduse)    ofanyorder,judgmentoraward(including,fortheavoidanceofdoubt,anyarbitralaward   madeinarbitralproceedingspursuanttoL  M  Section10.10L  M  ).IfanyReimbursementPartyorany wO  ofitsPropertyorassetsisentitledinanyjurisdictiontoanyimmunityfromserviceof B  processorofotherdocumentsrelatingtoanyDispute,ortoanyimmunityfromjurisdiction,    suit,judgment,award,execution,attachment(whetherbeforejudgment,inaidofexecution   orotherwise)orotherlegalprocess,thisisirrevocablywaivedtothefullestextentpermitted {  bythelawofthatjurisdiction.EachoftheReimbursementPartiesalsoirrevocablyagrees nF nottoclaimanysuchimmunityforthemselvesortheirrespectivePropertyorassets.The 9 Partiesconfirm(i)thatthisparagraphdoesnotextendtoanyassetsofIcelandwhichenjoy  immunityundertheViennaConventiononDiplomaticRelations,anyassetsofIceland  locatedinIcelandwhicharenecessaryfortheproperfunctioningofIcelandasasovereign r power,ortoanyassetsoftheCentralBankofIceland(L  M  SeWlabanki0slandsL  M  )and(ii)nothing e= inthisAgreementoranyotherRelevantDocumentisintendedtoremoveorshallhavethe 0 effectofremovingfromIcelanditscontrolofitsnaturalresourcesanditsrighttodecideon  theutilisationandformofownershipthereof.    Section10.12 : L  M  SeverabilityL  M  .Theillegalityorunenforceabilityinanyjurisdictionofany \4 provisionhereoforofanydocumentrequiredhereundershallnotinanywayaffectorimpair ' thelegalityorenforceabilityoftheremainingprovisionsofthisAgreementorsuchother  documentinsuchjurisdictionorsuchprovisioninanyotherjurisdiction.    L  M  [L  M  SignaturesFollowL  M  .] S+!   #   INWITNESSWHEREOF,thePartieshavecausedthisAgreementtobedulyexecuted ( anddeliveredasofthedayandyearfirstabovewritten.  *dBd^^^^w^^ww^^w^^^^BC??, dd ,y +  #aa #  a TheDepositorsandInvestorsGuaranteeFund a ofIceland(L  M  Tryggingarsj;WurInnstWueigenda T, ogFjrfestaL  M  )   # #     By:L  M  Ԁ__________________________________ #   #   X  Name:[*]L  M   # X  #  K #  L  M  Title:[*] #K # #     #  #    Iceland #  #     #  #  wO  By:__________________________________L  M   #wO  #  B  Name:L  M  [*]L  M   #B  #     L  M  Title:[*] #   #     #  #  {  TheCommissionersofHerMajestysTreasury #{  #  nF  #nF  #  9! By:__________________________________ #9" #  # Name:L  M  [*] #$ #  % Title:[*]&    )   L  M  SCHEDULEI ( toReimbursementAgreement     L  M  AcceptanceandAmendmentAgreementL  M  meanstheAcceptanceandAmendment a Agreementdated19October2009betweentheParties. T,   AcceptedClaimsAmountmeans,atanytime,theamountoftheAssignedClaim  (expressedinISK)L  M  whichhasatthattimebeenacceptedbytheWindingupBoardof   Landsbanki(orbyacompetentcourt,suchcourtdeterminationtoprevailifdifferentfrom  X suchWindingupBoardacceptanceandbindinguponsuchWindingupBoard)asconstitut K #  ingavalidclaiminthewindingupofLandsbankiunderArticle112oftheIcelandicActno.    21/1991onBankruptciesetc.(Lgnr.21/1991umgjaldYrotaskiptio.fl.).L  M        AcceptedInterestAmountL  M  means,atanytime,theamountofanyinterestincludedinthe wO  AcceptedClaimsAmount.L  M   B    AssignedClaimL  M  means,collectively,theclaimsagainstLandsbankiassignedorex   pressedtobeassignedtotheGuaranteeFundbyFSCSpursuanttotheFSCSDeedof {  Assignment.L  M   nF   L  M  ActNo.98/1999L  M  meanstheIcelandicActNo.98/1999onDepositandInvestor  CompensationScheme(L  M  Lgnr.98/1999uminnstWutryggingarogtryggingakerfifyrir  fjrfestaL  M  )asinforceon11October2008. r   AgreementL  M  hasthemeaningsetforthintheintroductionhereto. 0   ApplicableLawL  M  meansanyapplicablestatute,law,regulation,ordinance,rule,judg  ment,ruleofcommonlaw,order,decree,approval,concession,grant,franchise,license, i agreement,directive,guideline,policy,requirementorothergovernmentalrestrictionorany \4 similarformofdecisionof,ordeterminationby(oranyinterpretationoradministrationof ' anyoftheforegoingby),anyGovernmentalAuthority,whetherineffectasofthedatehereof  or(unlessacontraryindicationappearsinthisAgreementoranyotherRelevantDocument)  thereafter. `    ArrearsRateL  M  means,atanytimeofdetermination,arateL  M  perannumL  M  Ԁequaltothesum " of(a)fortheperiodfromthedateofthisAgreementtotheSecondPhaseStartDate,theFirst # PhaseRateplus0.3percent.L  M  perannumL  M  ,and(b)fortheperiodfromtheSecondPhaseStart  $ Dateonwards,theSecondPhaseCIRRplus0.5percent.L  M  perannumL  M  . !W%   BusinessDayL  M  meansaday(otherthanSaturdayorSunday)onwhichcommercialbanks #' arenotauthorizedorrequiredtocloseinReykjavik(Iceland)orLondon(England). #(   L  M  CommencementDateL  M  means5June2009. v%N!*   L  M  DefaultedAmountL  M  meanseachamountwhichhasfallendueforpaymentbyaReim  '", bursementPartybutremainsunpaidinbreachofthetermsofthisAgreement.L  M   '#- Ї  L  M  Directive94/19/ECL  M  L  M  ԀmeansDirective94/19/ECoftheEuropeanParliamentandofthe ( Councilof30May1994ondepositguaranteeschemesasinforceon11October2008  (subjecttoanycontraryindication).    L  M  DisbursementL  M  L  M  ԀmeansadisbursementmadeortobemadeunderthisAgreement. T,   L  M  DisbursementDateL  M  meansthedateonwhichaDisbursementisoristobemade.    L  M  DisbursementRequestL  M  L  M  ԀmeansanoticesubstantiallyintheformofL  M  ScheduleIIL  M  .  X   L  M  DNBL  M  L  M  ԀmeansL  M  L  M  DNBL  M  asdefinedintheL  M  NLReimbursementandIndemnityAgreementL  M  .L  M        L  M  L  M  DNBAssignmentAgreementL  M  meanstheL  M  L  M  DNBAssignmentAgreementL  M  asdefinedin   theL  M  NLReimbursementandIndemnityAgreement. wO    euroL  M  or L  M  HL  M  L  M  ԀL  M  meansthelawfulcurrencyforthetimebeingoftheMemberStatesofthe    EuropeanUnionthatadoptorhaveadoptedtheeuroastheirlawfulcurrencyinaccordance   withlegislationoftheEuropeanCommunityrelatingtoEconomicandMonetaryUnion. {    L  M  ExcessPaymentL  M  meansanypaymentinexcessofanamountofH20,887inrespectof 9 anyclaimorclaimsofaLandsbankiDepositor(notincluding,fortheavoidanceofdoubt,  anyformerLandsbankiDepositorwhobecameadepositorofNBIhf.)otherthanaLands  bankiLondonDepositor. r   L  M  FacilityL  M  L  M  Ԁmeansthetermfacilitydescribedinparagraph(a)ofL  M  Section2.1L  M  . 0   L  M  FacilityL  M  ԀAmountL  M  L  M  Ԁhasthemeaningascribedtheretoinparagraph(a)ofL  M  Section2.1L  M  .    L  M  FirstPhaseRateL  M  L  M  Ԁmeans3.3L  M  L  M  percent.L  M  perannumL  M  . \4   L  M  FSCSL  M  meanstheFinancialServicesCompensationSchemeLimited.    L  M  FSCSL  M  ԀBankAccountL  M  L  M  ԀmeansoneormorebankaccountsmaintainedbytheHMT `  CommissionersintheirbooksfortheFSCS.L  M   S+!   L  M  FSCSL  M  ԀDeedofAssignmentL  M  meansthedeedofassignmentofclaimstobeenteredinto # betweentheGuaranteeFundandtheFSCSintheformagreedbetweenthePartiesbeforethe  $ dateofthisAgreement. !W%   GovernmentalAuthorityL  M  meansanynationorgovernment,anystateormunicipality, #' anymultilateralorsimilarorganizationoranyotheragency,instrumentalityorpolitical #( subdivisionthereofandanyentityexercisingexecutive,legislative,judicial,monetary, $ ) regulatoryoradministrativefunctionsoforpertainingtogovernment. v%N!*   L  M  GuaranteeFundL  M  hasthemeaningsetforthintheintroductionhereto.  '",  '#-   GuaranteeFundEstateProceedsmeans(i)anyL  M  ԀorallL  M  amountL  M  sL  M  ԀL  M  asthecontextrequires ( L  M  receivedbytheGuaranteeFundL  M  ԀinrespectoftheclaimsoforformerlyofLandsbanki  DepositorsorotherwiseinrespectoftheinsolvencyofLandsbankiL  M  ,and(ii)anyL  M  orall  L  M  amountL  M  sL  M  ԀL  M  asthecontextrequiresL  M  receivedbyDNBwhichispayablebyDNBtoTheNether a landspursuanttoparagraph2.4oftheDNBAssignmentAgreement,and(iii)anyL  M  orall T, L  M  amountL  M  sL  M  ԀL  M  asthecontextrequiresL  M  receivedbytheFSCSwhichispayablebytheFSCStothe  HMTCommissionerspursuanttoparagraph2.5oftheFSCSDeedofAssignment.L  M      L  M  HMTCommissionersL  M  hasthemeaningsetforthintheintroductionhereto.  X   L  M  HMTInterestShareReceiptsL  M  means,atanytime,theaggregateofallamountsapplied    inaccordancewithparagraph(a)(ii)(B)(1)ofSection4.5atorpriortothattime.L  M        L  M  HMTInterestShareL  M  means,atanytime,afractionoftheInterestProceedsatthattime, wO  calculatedbymultiplyingthoseInterestProceedsbyafractiondependentontheRecovery B  Percentageatthattimeanddeterminedinaccordancewiththefollowingtable:L  M      *p Vdd dd y y ??p,v ZR,Z\+  8){ {  8L  M  L  M  RecoveryPercentageL  M  @-  $$ @HMTInterestShareL  M  L  M  TE+    $$ T86orlessL  M  @- }U$$ @ZeroL  M  L  M  TE+}U   $$ T86L  M  L  M  Ԁ87L  M  @- R*$$ @L  M  0.05L  M  L  M  TE+R*   $$ TL  M  L  M  87L  M  L  M  Ԁ88L  M  @- '$$ @L  M  0.10L  M  L  M  TE+'   $$ TL  M  L  M  88L  M  L  M  Ԁ89L  M  @- $$ @L  M  0.15L  M  L  M  TE+   $$ TL  M  90L  M  ԀL  M  L  M  Ԁ91L  M  @- $$ @L  M  0.20L  M  L  M  TE+   $$ TL  M  91L  M  ԀL  M  L  M  Ԁ92L  M  @- ~$$ @L  M  0.25L  M  L  M  TE+~   $$ TL  M  92L  M  ԀL  M  L  M  Ԁ93L  M  @- {S $$ @L  M  0.35L  M  L  M  TE+{S!   $$ TL  M  93L  M  ԀL  M  L  M  Ԁ94L  M  @- P("$$ @L  M  0.45L  M  L  M  TE+P(#   $$ TL  M  94L  M  ԀL  M  L  M  Ԁ95L  M  @- %$$$ @L  M  0.55L  M  L  M  TE+%%   $$ TL  M  95L  M  ԀL  M  L  M  Ԁ96L  M  @- &$$ @L  M  0.65L  M  L  M  TE+'   $$ TL  M  96L  M  ԀL  M  L  M  Ԁ97L  M  @- ($$ @L  M  0.75L  M  L  M  TE+)   $$ TL  M  97L  M  ԀL  M  L  M  Ԁ98L  M  @- |*$$ @L  M  0.85L  M  L  M  TE+|+   $$ TL  M  98L  M  ԀL  M  L  M  Ԁ99L  M  @- yQ,$$ @L  M  0.95L  M  L  M  VE+yQ-   $$ VL  M  99L  M  ԀL  M  L  M  Ԁ100L  M  @- N&.$$ @L  M  1L  M  L  M  ;1/N&/    $$ ;  L  M  L  M  HMTsSettlementAccountL  M  meansoneormorebankaccountsmaintainedbytheHMT 0 CommissionersfromtimetotimeasnotifiedbytheHMTCommissionerstotheGuarantee 1 Fund.  W2   L  M  IcelandL  M  hasthemeaningsetforthintheintroductionhereto. "4   L  M  InterestProceedsL  M  means,atanytime,anamount(expressedinSterling)equaltoa #6 fractionoftheGuaranteeFundEstateProceedsatthattime,calculatedbymultiplyingthe v$N 7 amountofthoseGuaranteeFundEstateProceedsbyL  M  afractionthenumeratorofwhichis A%!8 equaltotheAcceptedInterestAmountandthedenominatorofwhichisequaltotheAc  &!9 ceptedClaimsAmount,ineachcaseatthattime.L  M   &":   'z#;   L  M  &   L  M  ISKL  M  EquivalentL  M  means,inrelationtoanyamountineuroorSterlingandasatanyday, ( theequivalentof'(:suchamountinKr;nurcalculatedattheaverageofthepublisheddailyrates  ofexchangeaspublishedbytheCentralBankofIceland(L  M  SeWlabanki0slandsL  M  )(or,tothe  extentthatnosuchratesofexchangearepublishedbytheCentralBankofIceland,the a publisheddailyratesofexchangederivedfromasourcereasonablyagreedbetweenIceland T, andtheHMTCommissionersor,ifIcelandandtheHMTCommissionersfailtoagreesuch  ratepriortothedateforwhichtherelevantISKEquivalentistobedetermined,asdeter  minedbyarbitrationinaccordancewithL  M  Section10.10L  M  )fortheperiodofonemonthending   onthedayimmediatelyprecedingthatday.  X   L  M  Kr;nurL  M  or L  M  ISKL  M  meansthelawfulcurrencyforthetimebeingofIceland.      L  M  LandsbankiL  M  meansLandsbanki0slandshf.,afinancialundertakingincorporatedunder   thelawsofIceland. wO    L  M  LandsbankiDepositorL  M  meanseachPersonwhohasdepositedanyfunds,orotherwise    hasanycreditbalance,withLandsbankiandwhosecorrespondingclaimagainstLandsbanki   isguaranteedbytheGuaranteeFundaccordingandsubjecttoActNo.98/1999(including, {  fortheavoidanceofdoubt,eachLandsbankiLondonDepositor).L  M   nF   L  M  LandsbankiLondonL  M  meanstheLondonbranchofLandsbanki.    L  M  LandsbankiLondonDepositorL  M  L  M  means(i)eachdepositorwithLandsbankiLondons r  Icesaveproduct;(ii)anypersonwhohassubmittedanapplicationtoopenanaccountwith e= LandsbankiLondons IcesaveproductandhastransferredmoneytoBarclaysasUK 0 clearingbankforLandsbankiLondonbutforwhomno Icesaveaccounthasbeenopened,  sothatthemoneytransferredcontinuestobeheldbyBarclays;and(iii)anyotherperson  whohasdepositedanyfunds,orotherwisehasanycreditbalance,withLandsbankiLondon, i providedthat,inthisfinalcase,thecorrespondingclaimagainstLandsbankiiseligiblefor \4 compensationundertherulesofL  M  theFSCSL  M  . '   L  M  L  M  LienL  M  meansanymortgage,lien,pledge,fiduciarytransfer,charge,encumbranceorother  securityinterest. `    L  M  LoanAgreementL  M  meanstheLoanAgreementdated5June2009betweentheParties. "   L  M  MandatoryPrepaymentEventL  M  meansanyeventorcircumstancespecifiedassuchin  $ paragraph(b)ofL  M  Section4.5L  M  . !W%   L  M  MandatoryPrepaymentRelatedMaterialAdverseEffectL  M  meansanyeffectwhich #' impairstheabilityofanyReimbursementPartytoperformitspaymentorothermaterial #( obligationsunderthisAgreementoranyotherRelevantDocument.L  M   $ )   L  M  L  M  NLQuarterlyInstallmentL  M  Ԁmeansa QuarterlyInstallmentasdefinedintheNL A&"+ ReimbursementandIndemnityAgreement.  '",  '#-   L  M  NLL  M  ԀReimbursementandIndemnityAgreementL  M  meanstheReimbursementandIndemnity ( AgreemententeredortobeenteredintoonoraboutthedateofthisAgreementbetweenthe  GuaranteeFund,IcelandandTheNetherlands.    L  M  NLL  M  ԀReimbursementAmountL  M  means,fromtimetotime,the ReimbursementAmount T, asdefinedintheNLReimbursementandIndemnityAgreement.    L  M  NLL  M  ԀSecondPhaseReimbursementAmountL  M  meansthe SecondPhaseReimbursement   AmountasdefinedintheNLReimbursementandIndemnityAgreement.  X   L  M  OtherGuaranteeFundL  M  meansanydepositguaranteeschemeintroducedandofficially    recognizedinIcelandforthepurposeofDirective94/19/EC(includinganymodificationor    reenactmentthereoforanysubstitutiontherefor),otherthantheGuaranteeFund.     L  M  PartiesL  M  hasthemeaningsetforthintheintroductionhereto. B    L  M  PaymentDateL  M  meansJanuary1,2011andeachApril1,July1,September1and   January1fallingafterJanuary1,2011. {    L  M  PayoutCostsL  M  meansthecostsincurredbyL  M  theFSCSL  M  inpayingcompensationto 9 LandsbankiLondonDepositorsinrespectoftheirclaimsagainstLandsbankiandthe  GuaranteeFundunderActNo.98/1999asreferredtointheRecitals,whichisanamountof   10,000,000(tenmillionpoundsSterling).L  M   r   L  M  PCARulesL  M  meansPermanentCourtofArbitrationOptionalRulesforArbitrating 0 DisputesbetweenTwoPartiesofWhichOnlyOneIsaState,asineffectonthedatehereof.    L  M  PersonL  M  meansanyindividual,corporation,company,voluntaryassociation,partnership, i limitedliabilitycompany,jointventure,trust,unincorporatedorganization,Governmental \4 Authorityorotherentityofwhatevernature. '   L  M  ProRataEntitlementL  M  means,asatanytime,afractioncalculatedbydividing(a)(i)in  theL  M  caseofTheNetherlands,anamountof L  M  1,134,680,211.10L  M  Ԁ(beingtheSterlingequivalent `  oftheL  M  ԀamountoftheNLReimbursementAmountasatthedateoftheNLReimbursement S+! andIndemnityAgreementconvertedintoSterlingatarateofH1.1653to 1.00),or(ii)inthe " caseoftheHMTCommissioners,theaggregateamountofallDisbursementsmadeuptothat # time(whichthePartiesbelievetohavebeenGBP2,254,417,851.51L  M  ԀL  M  asatNovember24,  $ 2010),by(b)theaggregateoftheamountsreferredtoinitem(a)above. !W%   L  M  PropertyL  M  ofanyPersonmeansanyproperty,rightsorrevenues,orinteresttherein,of #' suchPerson. #(   L  M  QuarterlyInstallmentsL  M  meansthequarterlyinstallmentsinwhichtheSecondPhase v%N!* ReimbursementAmountmustbepaid,theamountandnumberofwhicharedeterminedin A&"+ accordancewithL  M  Section4.1L  M  Ԁ(subjecttotheotherprovisionsofthisAgreement).  '",  '#-   L  M  L  M  RecoveryPercentageL  M  means,atanytime,suchfraction,expressedasapercentage,of ( theAcceptedClaimsAmountasunderIcelandicActno.21/1991onBankruptciesetc.(L  M  Lg  nr.21/1991umgjaldYrotaskiptio.fl.L  M  )(orotherwiseunderthelawsofIceland)hasbeenor  isdeemedtohavebeenpaidbytheWindingupBoardofLandsbankiinpaymentofthe a AcceptedClaimsAmountL  M  ԀatthattimeL  M  . T,   obtainedbydividingtheHMTReimbursementProceedsatthattimebytheaggregate  amountoftheReimbursementAmountasatthedateofthisAgreement.L  M       L  M  ReimbursementAmountL  M  L  M  means,atanytime(whetherbeforeoraftertheReimbursement K #  L  M  AmountL  M  isrequiredtobepaidbytheGuaranteeFundtotheL  M  HMTCommissionersL  M  ),the    aggregateamountoftheDisbursements,ortheamountoutstandingforthetimebeingofthat    amount.     L  M  ReimbursementPartiesL  M  means,collectively,theGuaranteeFundandIceland. B    L  M  ReimbursementL  M  PaymentDateL  M  meanseachPaymentDatefallingaftertheSecondPhase   StartDate. {    L  M  RelevantDocumentsL  M  means,collectively,thisAgreement,theSettlementAgreement, 9 theSettlementAgreementSideLetter,theFSCSDeedofAssignmentandanyotheragree  mentordocumentdesignatedasaRelevantDocumentbytheParties.    L  M  RelevantFinancingArrangementL  M  meansanyagreement,arrangementortreatyentered e= intobyanyReimbursementpartywithanyfinancier(includinganySovereign,international 0 organization,privateentityorotherPerson)forthepurposeoffinancingclaimsofany  depositorsofanIcelandicbankwheresuchclaimsarosepriortothedateofthisAgreement,  butexcluding(a)theNLReimbursementandIndemnityAgreement,and(b)anyagreement, i arrangementortreatyenteredintoforthepurposeoffinancingorrefinancing(i)anypartof \4 theReimbursementAmountorcompensationoranyotheramountpayablebyanyReim ' bursementPartytotheHMTCommissionersunderthisAgreementoranyotherRelevant  Document(oranysuccessoragreementordocument),or(ii)anyamountpayablebyany  ReimbursementPartyundertheNLReimbursementandIndemnityAgreementoranyother `   RelevantDocumentsasdefinedintheNLReimbursementandIndemnityAgreement(or S+! anysuccessoragreementordocument). "   L  M  L  M  RelevantIcelandicTotalGovernmentRevenueL  M  means,inrelationtoanyReimbursement  $ PaymentDayfallinginagivenL  M  periodstartingonJuly1ofanyyearandendingonJune30 !W% oftheimmediatelyfollowingyear(a RelevantPeriod),(a)Iceland's TotalCentral J""& GovernmentRevenueforthecalendaryearimmediatelyprecedingthatRelevantPeriodas #' publishedbyL  M  theStatisticalBureauofIceland(L  M  Hagstofa0slandsL  M  ),or(b)ifsuchTotalCentral #( GovernmentRevenue(i)hasnotyetbeenpublished,or(ii)islessthan26percent.ofthe $ ) thenmostrecentestimateofthegrossdomesticproductofIcelandforthecalendaryear v%N!* immediatelyprecedingthatRelevantPeriodaspublishedbytheInternationalMonetaryFund A&"+ initsmostrecentWorldEconomicOutlook(the L  M  RelevantIcelandicGDPL  M  ),anamount  '", equalto26percent.oftheRelevantIcelandicGDP(or,ifthereisamaterialchangeinthe '#- componentelementsoranyofsuchTotalCentralGovernmentRevenueorgrossdomestic ( productoranysuchfigureforsuchTotalCentralGovernmentRevenueorRelevantIcelandic  GDPisnotpublishedbytherelevantorganization,acomparablefigure(orcomparable  figures)forsuchrevenueTotalCentralGovernmentRevenueorRelevantIcelandicGDP a reasonablyagreedbetweenIcelandandtheHMTCommissionersor,ifIcelandandtheHMT T, Commissionersfailtoagreesuchfigure(orfigures)priortothatReimbursementPayment  Day,asdeterminedbyarbitrationinaccordancewithL  M  Section10.10L  M  ).    L  M  SecondPhaseCIRRL  M  meanstheCommercialInterestReferenceRateforSterlingas  X applicableon15June2016andaspublishedbytheOrganisationforEconomicCooperation K #  andDevelopment(or,ifnosuchrateispublishedbythatorganization,acomparablerate    reasonablyagreedbetweenIcelandandtheHMTCommissionersor,ifIcelandandtheHMT    CommissionersfailtoagreesuchcomparableratebeforetheSecondPhaseStartDate,as   determinedbyarbitrationinaccordancewithL  M  Section10.10)L  M  Ԁforaloanwithadurationlonger wO  thanthescheduledpaymentperiodfortheSecondPhaseReimbursementAmount(or(a)if B  thereL  M  isL  M  ԀmoreL  M  thanoneL  M  suchL  M  rateL  M  ԀfL  M  orloanswithadurationlongerthanthescheduledpayment    periodfortheSecondPhaseReimbursementAmount,suchrateforaloanwiththeshortest   durationwhichislongerthansuchscheduledpaymentperiod,and(b)ifthereisnosuchrate {  foraloanwithadurationlongerthanthescheduledpaymentperiodfortheSecondPhase nF ReimbursementAmount,suchrateforaloanwithadurationclosesttosuchscheduled 9 paymentperiod)and,forthispurpose,the L  M  scheduledpaymentperiodfortheSecondPhase  ReimbursementAmountL  M  shallbetheperiodfromtheSecondPhaseStartDatethroughthe  ReimbursementPaymentDateonwhichthelastQuarterlyInstallmentisduetobepaid(as r determinedinaccordancewithL  M  paragraphsL  M  Ԁ(b)L  M  and(c)L  M  ofL  M  Section4.1L  M  ). e=   L  M  SecondPhaseReimbursementAmountL  M  meanstheReimbursementAmountasattheend  ofthedayimmediatelyprecedingtheSecondPhaseStartDate(excluding,however,anypart  oftheReimbursementAmountwhichhasfallendueforpaymentbefore,butremainsunpaid i inbreachofthetermsofthisAgreementon,theSecondPhaseStartDate). \4   L  M  SecondPhaseStartDateL  M  meansJuly1,2016.    L  M  SettlementAgreementL  M  meansthesettlementagreementdatedJune5,2009enteredinto `  betweentheFSCSandtheGuaranteeFundasamendedbyanAmendmentAgreementdated S+! October19,2009. "   L  M  SettlementAgreementSideLetterL  M  meansthesidelettertotheSettlementAgreementto  $ beenteredintobetweentheFSCSandtheGuaranteeFund,confirmingcertainmattersin !W% relationtotheSettlementAgreementandintheformagreedbetweenthePartiesbeforethe J""& dateofthisAgreement. #'   L  M  ShortfallAmountL  M  means,fromtimetotime,(a)anyamountexpressedtobepayableby $ ) theGuaranteeFundtotheHMTCommissionersunderthisAgreementoranyotherRelevant v%N!* Documentwhichhasnotbeenpaid,andremainsunpaid,infullwhendue,attheplaceand A&"+ inthecurrencyinwhichitisexpressedtobepayable,and(b)ifanyobligationofthe  '", GuaranteeFundunderthisAgreementortheotherRelevantDocumentsisorbecomes '#- unenforceable,invalidorillegal,anamountequaltotheaggregateoftheamountswhichthe ( HMTCommissionerswouldotherwisehavebeenentitledtorecoverfromtheGuarantee  Fundifthatobligationhadbeenorhadcontinuedtobeenforceable,validandlegal.    L  M  SovereignL  M  meansanynationorgovernmenthavingsovereignauthority. T,   L  M  SovereignDebtL  M  meansanypresentorfutureborrowing,debtorotherobligation,  whetheractualorcontingent,whichis(a)payabletononresidentsofIcelandor,ifinthe   formofbonds,notes,debentures,loanstockorothersecurities,atleast25percent.in  X aggregateprincipalamountofwhichisorwasinitiallyofferedtononresidentsofIceland, K #  or(b)denominatedinacurrencyotherthanKr;nuror,ifdenominatedinKr;nur,underthe    termsofwhichpaymentofprincipal,premium(ifany)orinterestcanbeorisrequiredtobe    madeinorbyreferencetoanyothercurrency,including,fortheavoidanceofdoubt,(i)any   borrowing,debtorotherobligationowingtotheInternationalMonetaryFund,and(ii)any wO  borrowing,debtorotherobligationowingundertheNLReimbursementandIndemnity B  Agreement.      L  M  SterlingL  M  or  meansthelawfulmeansthelawfulcurrencyforthetimebeingofthe {  UnitedKingdomofGreatBritainandNorthernIreland. nF   L  M  TaxesL  M  meansallpresentandfutureincome,stamp,registrationandothertaxesand  levies,imposts,deductions,chargesandwithholdingswhatsoever,andallinterest,penalties  orsimilaramountswithrespecttheretoorwithrespecttothenonpaymentthereof,nowor r hereafterimposed,assessed,leviedorcollectedbyanyauthority,onorinrespectofthis e= AgreementoranyotherRelevantDocument,anypaymentunderthisAgreementoranyother 0 RelevantDocumentortherecording,registration,notarizationorotherformalizationofany  thereof.    L  M  L  M  TheNetherlandsL  M  meanstheStateoftheNetherlands. \4   '   L  M  L  M  SCHEDULEII ( L  M  tL  M  oL  M  theL  M  DisbursementL  M  ,L  M  ԀReimbursementL  M  ԀandIndemnityL  M  ԀAgreement   ;L  M  L  M  FormofDisbursementRequest a From: v FinancialServicesCompensationSchemeLimited  To:   v TheCommissionersofHerMajestysTreasury   Dated: v [Date] K #   DearSirs/Madams,    L  M    Disbursement,ReimbursementandIndemnityAgreement[]2010 wO  L  M  (the Agreement) B   d>L  M  (a)  0  WerefertotheAgreement.TermsdefinedintheAgreementhavethesamemeaningin   thisDisbursementRequest.{  L  M  (b)  0  ThisisaDisbursementRequest.9 L  M  (c)  0  WewishtorequestaDisbursement,onbehalfoftheGuaranteeFund,onthefollowing  terms:r L  M  E? vb: ?v: E  0  DisbursementDate: [date] 0 Amount(inSterling): [amount] I?v: ? vb: +AI(d)  0  TheDisbursementshouldbecreditedto[specifytheFSCSBankAccount].i L  M  (e)  0  [ImmediatelyupontheproceedsoftheDisbursementbeingcreditedtotheabove ' account,pleasetransferanequivalentsumfromthataccountto[specifyaccountfrom  whichLandsbankiLondonDepositorswillbepaidcompensation]. L  M  Yoursfaithfully, S+! FinancialServicesCompensationSchemeLimited # L  M  Name: !W% Title: #' Name: $ ) Title: v  A&"+ 7 4IcesaveUKDisbursement,ReimbursementandIndemnityAgreement506170772L  M  #4 7DE#  '#- IS,.UK,.;B?vb%?v: B  DrgaWYUWingu!enskitextinngildir. ( VF  BtgreiWslu-,endurgreiWslu-ogskaWleysissamningur  dags.[*],2010 T, milli  Tryggingarsj;WsinnstWueigendaogfjrfesta  X og    0slands   og B  umboWsmannabreskafjrmlarWuneytisins    F   BTGREIVSLU-,ENDURGREIVSLU-OGSKAVLEYSISSAMNINGUR Yessidags. 9 [**],2010(?samningurYessi ),milli TRYGGINGARSJ:VSINNSTVUEIGENDA  OGFJRFESTA ,sjlfseignarstofnunarsemerstofnuWgrundvellislenskralaga(?Trygg  ingarsj;Wur ),0SLANDS(?0sland )og UMBOVSMANNABRESKAFJRMLA r RVUNEYTISINS (umboWsmennbreskafjrmlarWuneytisins).SameiginlegaverWur e= vsaWtilumboWsmannabreskafjrmlarWuneytisins,Tryggingarsj;Wsog0slandssem 0 ?samningsaWila ).    FORSENDURSAMNINGSINS i  lK  SamningsaWilarhafagertmeWsrlnssamningogviWaukasamning,semsamankveWa ' umYaWsamkomulagsemsamningsaWilargerWumeWsrupphafiumYaumlefnisemlUst  erforsendumYessum.SamningsaWilarviljangerameWsrsamningYennanYeimtilgangi  aWnsttumumrddatriWi,ogeinnigtilYessaWfellalnssamninginnogviWaukasamn `  inginnrgildi,endaWlistsamningurYessigildi. S+!   Tryggingarsj;WurbyrgistkrfurinnstWueigendahjLandsbankanumLondonhendur # Landsbankanumskv.lgumnr.98/1999,enmeWYeimvarinnleiddtilskipun94/19/EB,sem  $ nemuralltaW20.887evrumfyrirhverninnstWueiganda. !W%   Breskitryggingarsj;Wurinn(FSCS),hefurgreittttryggingartilinnstWueigendahj #' LandsbankanumLondonvegnakrafnaYeirrahendurLandsbankanumogTryggingarsj;Wi #( grundvellilaganr.98/1999ogstaWinnhafaYessirinnstWueigendurLandsbankans $ ) LondonframseltFSCSumrddarkrfur.FerliWsemFSCS(f.h.Tryggingarsj;Wsins)mun v%N!* viWhafaviWuppgjrtistandandikrafnainnstWueigendaLandsbankanumLondonhendur A&"+ Tryggingarsj;Wnumskv.lgumnr.98/1999,ogferliWsemTryggingarsj;WurmunviWhafaviW  '", uppgjrskuldbindingumsnumgagnvartFSCSerlUstsmatriWumuppgjrssamningnum. '#- Ї  UmboWsmennbreskafjrmlarWuneytisinshafaforfjrmagnaWtgreiWslurrFSCS ( tryggingumvegnakrafnainnstWueigendahjLandsbankanumLondonhendurLands  bankanumogTryggingarsj;Wiskv.lgumnr.98/1999ogtilheyrandikostnaW.SamningsaWil  arhafaorWiWsttirumaWTryggingarsj;WurendurgreiWiFSCSYrfjrhWirsemhannhefur a lagttfyrirvegnatgreiWslutryggingumtilinnstWueigendaLandsbankanumLondon T, (samtalsertlaWaWtgreiWslurafhlfuTryggingarsj;Wsnemi2.254.417.851,51sterlings  pundumYann24.n;vember2010)ogaWumboWsmennbreskafjrmlarWuneytisinsskulisj  FSCSfyrirfjrmunum(f.h.Tryggingarsj;Wsins)tiluppgjrstistandandikrfuminnstWu   eigendaLandsbankanumLondonhendurTryggingarsj;Wnum(samtalstlaWaWnemi  X 20.969.252,03sterlingspundum)skv.l.nr.98/1999samrmiviWskilmlasamningsYessa. K #    SamningsaWilarstaWfestaaWsamiWhafiveriWumsamningYennansamrmiviW?hinum    smduviWmiW fr14.n;vember2008,sem0slandogaWildarrkiEvr;pusambandsinsst;Wu   aW. wO    I.GR.    SKILGREININGAR    iX  Grein1.1Skilgreiningartiltekinnahugtaka.a)Xauhugtksemskilgreinderufylgiskjali nF 1skulusamningiYessumhafaYmerkingusemYarergefin. 9 ???vb%?b)    AWYvervarWarskilgreiningar?vaxtafjrmunum skal,efeitthvaWafhlutdeildTrygg  ingarsj;WsbinuerWrumgjaldmiWliensterlingspundumoghafihannekkiveriWum r reiknaWirafTryggingarsj;Wiskv.aliW7.mgr.4.gr.,umreiknaYfjrhWsterlingspund e= YvgengisemumboWsmennbreskafjrmlarWuneytisinsveljameWsanngjrnumhtti. 0   Grein1.2nnurtlkunarkvWi.(a)Merkingskilgreindrahugtakagildir;hWYvhvort  YauerunotuWeintlueWafleirtlu. i   (b) v XegarorWalagiW?samningiYessum ,?samningsYessa eWasambrilegtorWalager ' notaWerveriWaWvsatilsamningsYessaheildsinnienekkitiltekinnakvWahans.Tilvs  anirkafla,greinar,mlsgreinareWafylgiskjlerutilvsanirkafla,greinar,mlsgreinareWa  fylgiskjlsamningsYessanemaannaWstekiWfram. `    (c) v Tilvsanir?skjl erutilvsanirskjl,gerninga,skriflegasamninga,vottorW,skuld " bindingar,tilkynningarognnurskriflegggnafhvaWatagisemer,hvaWaformisemYau # eru(Y.m.rafrnuformi).  $   (d) v OrWalagiW?YarmeWal/YarmeWtaliW [e.including]erekkitakmarkandi(nemaaW J""& YvmarkisemYaWersrstaklegatekiWfram)ogmerkir?YarmeWalntakmarkana [e.in #' cludingwithoutlimitation]. #(   (e) v AWYvervarWartilvsanirkveWintmabilsemnfrtilgreindridagsetningutilsW v%N!* aritilgreindrardagsetningarskalorWiW?fr merkja?frogmeW ,orWiW?til ogorWasam A&"+  bandiW?framaW skulumerkja?til[umrddsdags]aWsWasttldumdegiundanskildum ,og  '", orWasambandiW?tilogmeW merkir?til[umrddsdags]aW&   sWasttldumdegimeWtldum , ( nemaannaWssrstaklegatekiWfram.'(qc    (f) v OrWin?getur [e.may]og?kann [e.might]ogsambrilegorWsemnotuWeru a tengslumviWrWstfuneinhversaWilagefatilkynnaaWumrddrWstfunsvalfrjlsogaW T, viWkomandisekkiskyltaWgrpatilumrddrarrWstfunar.    (g) v OrWiW?viWvarandi tilviksemleiWirtiluppgreiWsluskyldugefurtilkynnaaWslkttil   viksemleiWirtiluppgreiWsluskylduhafittsrstaWogaWekkihafiveriWbttrYveWa  X falliWfrYvsamrmiviW5.mgr.10.gr. K #    (h) v NemaannaWssrstaklegatekiWframskulu(i)tilvsanirsamninga(Y.m.samning    Yennan)ognnurskjleinnigtakatilallrasWaribreytingaslkumskjlumogsamningum,   enY;aWeinsaWYvmarkisemslkarbreytingareruekki;heimilarskv.viWkomandiskjlum, wO  og(ii)tilvsanirlgsemgildatlkaWarYannigaWYrtakitilallrakvWalaga,reglugerWa B  eWareglnasemhafaYanntilgangaWstyrkja,breyta,komastaW,btaviW,tlkaeWainnleiWa    umrddlgsemgilda.      II.GR. nF LNIV 9 i   Grein2.1LniW.(a)Skv.skilmlumsamningsYessaveitaumboWsmennbreskafjrmla  rWuneytisinsTryggingarsj;WilnsterlingspundummeWhfuWst;laWhmarki r 2.235.000.000sterlingspundeWaaWannarriYeirrifjrhWsemumboWsmennbreskafjr e= mlarWuneytisinsogTryggingarsj;WurkunnaaWkomasrskriflegasamanumhverjum 0 tma(? lnsfjrhWin ).    (b) v BtgreiWsluraflninuskulunUttarafTryggingarsj;Wi,eWaWrumfyrirhanshnd, i (eWa,YartilYaWverWurgert,settarinnlnsreikning,sembervexti,tilaWnUtasWar)eftir \4 faranditilgangi: ' <?v?<0     v (i)  tilaWendurgreiWa(hvortsemermeWskuldajfnuneWaWrumhtti)fjrhWir  semFSCShefurfengiWaWlnifrumboWsmnnumbreskafjrmlarWuneytisins(fyrir `  hndTryggingarsj;Ws)tilaWgreiWattrygginguvegnakrafnainnstWueigendahjLands S+! bankanumLondonskv.lgumnr.98/1999,aWfjrhWalltaW16.872,99sterlingspund " hverjakrfusamtfllnumvxtumYrfjrhWirsemfengnarhafaveriWaWlnifr # 1.okt;ber2009vaxtastigifyrratmabilseinsoglUsteriiliWaliWar2.mgr.4.gr. $ 0     v (ii)  tiluppgjrsFSCS(fyrirhndTryggingarsj;Ws)krfuminnstWueigendahj J""& LandsbankanumLondonskv.lgumnr.98/1999,aWfjrhWalltaW16.872,99sterlings #' pundhverninnstWueiganda(eWa,efviW,sameiginlegrareikningshafa),og#( 0     v (iii)  tilaWbtaFSCSuppogfjrmagnatiltekinnkostnaW.v%N!*   A&"+   & a  (c) v XrttfyrirbliWaWofanskalumboWsmnnumbreskafjrmlarWuneytisinsekkivera ( skyltaWhafaeftirlitmeWeWahafaafskiptiafnotkuneWanUtingu(e.useorapplication)  tgreiWslna.'a(s    Grein2.2Framkvmdlnsins.a)MeWfyrirvaraumbyrgW0slandsskv.samningiYessum T, verWurTryggingarsj;Wureinilntakinnskv.lnssamningnum,hannverWurgreiWandiaWYv  ervarWarallartgreiWslurseminntarverWaafhendiskv.lnssamningnumogverWuraWal  skuldariaWllumfjrhWum(aWmeWtalinni,ogntilokunarWru,endurgreiWslu   fjrhWinniogllumb;tum,kostnaWiogtgjldumtengslumviWhana)semberaWgreiWa  X eWamunukomatilgreiWslutilumboWsmannabreskafjrmlarWuneytisinsskv.samningi K #  YessumogWrumviWeigandiskjlum.      (b) v FSCSgetur,ogTryggingarsj;Wurinn(meWsamYykki0slands)veitirFSCS;aftur   kallanlegaheimildtilaWdragalnssamninginnfyrirhndTryggingarsj;Wsinsformit wO  greiWslnasemFSCSgeturfariWframmeWYvaWafhendaumboWsmnnumbreskafjrmla B  rWuneytisinsrtttfylltatgreiWslubeiWniskv.uppgjrssamningnum.      (c) v AfhendaverWurumboWsmnnumbreskafjrmlarWuneytisinstgreiWslubeiWnifyrir {  kl.11fyrirhdegi(aWLondontma)umbeWnumtgreiWsludegi. nF   (d) v FSCSgeturfyrirhndTryggingarsj;Wsins,dregiWlnssamninginnskv.Yessari2.  mgr.2.gr.:  0     v (i)  TilaWgreiWaYaWsemnauWsynlegtereWaskilegtYeimtilgangisemtilgreint e= er1.mgr.2.gr.;og0 0     v (ii)  Til(ogtilaWtgreiWsludagurverWiekkisWar)30.mars2012ogaWsamanlagWri  hfuWst;lsfjrhWsemverWiekkihrrienlnsfjrhWin.i   Grein2.3FramkvmdtgreiWslu.(a)aWYvtilskildu: ' 0     v (i)  aWsamningurYessihafitekiWgildisamrmiviWVII.gr.,og 0     v (ii)  aWekkertatviksemskaparuppgreiWsluskylduhafiorWiWogveriWtilkynntum S+! tilumboWsmannabreskafjrmlarWuneytisinssemekkihefurveriWleiWrtteWaundan " Ygaveittfyrir,eWamyndi(aWlitiumboWsmannabreskafjrmlarWuneytisinsogn # samYykkisYeirra)leiWaafumbeWinnitgreiWslu,kmitilhennar. $   MunuumboWsmennbreskafjrmlarWuneytisinssjtilYessaWhvertgreiWslaverWi J""& FSCStiltktgreiWsludegihennar.FSCSfraWgangaWhverritgreiWslumeWYvaWgreitt #' verWurinnbankareikningFSCS(eWaefrWstafatgreiWslutilendurgreiWsluYvsem #( FSCShefurfengiWaWlnihjumboWsmnnumbreskafjrmlarWuneytisins,meWYvaW $ ) skuldajafnatgreiWslunnim;tifjrhWinnisemYegarhefurveriWfenginaWlni. v%N!*   (b) v EingnguFSCSgeturogfariWframogtekiWviWandvirWitgreiWsluogTryggingar  '", sj;Wurinn,Yrttfyrirskuldbindingarsnarsemlntakiskv.lnssamningnum(ognYessaW '#- YaWhafihrifYr)hvorkirttngeturgertkrfutilYessaWgetafariWframeWatekiW ( viWandvirWinokkurrartgreiWslu.    Grein2.4StaWfestingtgreiWslna. a   (a) v UmboWsmennbreskafjrmlarWuneytisinsskulu,einsflj;ttogauWiWereftirt  greiWslu,tilkynnaTryggingarsj;Wnumog0slandium  0     v (i)  fjrhWtgreiWslunnarogtgreiWsludaghennar;og X 0     v (ii)  fjrhWendurgreiWslunnarumleiWogtgreiWslanhefurfariWfram.     (b) v MisbresturaWfaraeftiraliWaWofantakmarkarenganhttskyldurogbyrgW   Tryggingarsj;Wsinsog0slandsskv.samningiYessum. wO    III.GR.    ENDURGREIVSLAO.FL.      Grein3.1EndurgreiWsluskuldbinding.grundvelli(a)undirritunarFSCSframsals nF samningiFSCS,(b)tgreiWslnaFSCStryggingumtilinnstWueigendahjLandsbankanum 9 LondonvegnakrafnaYeirrahendurLandsbankanumogTryggingarsj;Wiskv.lgumnr.  98/1999einsogumgeturforsendumsamningsYessa,(c)forfjrmgnunarumboWsmanna  breskafjrmlarWuneytisinstgreiWslumFSCStryggingumoglnafyrirgreiWslunnar, r skuldbindurTryggingarsj;WursigtilaWendurgreiWaumboWsmnnumbreskafjrmlarWu e= neytisinsallartgreiWslursemYeirinnaafhendiskv.samningiYessummeWYvgreiWaendur 0 greiWslufjrhWinasamrmiviWskilmlasamningsYessa.    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semsegiriliWhraWofan.HversfjrhWsemvaxtafjrhWlkkarum,samrmiviW " iliWhraWframan,telsthlutiafendurgreiWslufjrhWinnifrYeimgreiWsludegiendur # greiWsluYegar(efekkivrifyririliWhraWofan)supphWhefWikomiWtilgreiWslu  $ samrmiviWbogcliWhraWofan,ogfallavextirhanasamrmiviWYaW.!W% 0     v (iii)  kvWii-ogiiliWarhraWofangildaekkitengslumviWYanngreiWsludag #' endurgreiWsluYegarsWastarsfj;rWungslegaafborgunkemurtilgreiWslu(einsog #( kvarWaWersamrmiviWcliWhraWofan)ogsrsfj;rWungslegaafborgunsemkemur $ ) tilgreiWsluYeimgreiWsludegiendurgreiWslu,hverjirYeirvextir,semkomatilgreiWslu v%N!* YeimgreiWsludegiendurgreiWslu,oghversfjrhWsemkemurtilgreiWsluYeim A&"+ greiWsludegiendurgreiWslusamrmiviWiiliWhraWofan,skulukomatilgreiWsluaW  '", fulluYeimgreiWsludegiendurgreiWslu.'#- Ї  Grein4.2Vextir.(a)(i)Tryggingarsj;WurskalgreiWaumboWsmnnumbreskafjrmla ( rWuneytisinsvextiafendurgreiWslufjrhWinni,(A)skv.vaxtastigifyrratmabilsfyrirtma  biliWfr1.okt;ber2009tilupphafsdagsseinnatmabils,og(B)skv.viWmiWunarvxtum  seinnatmabilsfyrirtmabiliWfrogmeWupphafsdegiseinnatmabils. a 0     v (ii)  aWYvervarWartmabiliWfr1.okt;ber2009tilfyrstutgreiWsluskv.samningi  Yessum,YskalendurgreiWslufjrhWintiltreikningsvaxtasemberaWgreiWateljast  hverjumtmaverasamanlgWfjrhWallsYesssemFSCShefurgreitttfyrirhnd   Tryggingarsj;WsinsviWuppgjrFSCSkrfuminnstWueigendahjLandbankanum  X Londonskv.lgumnr.98/1999,alltaWfjrhW16.872,99sterlingspundinnstWu K #  eiganda(eWa,YarsemYaWviW,tilsameiginlegrareikningshafa)aWviWbttumvxtum    sembsthafaviWskv.iliWcliWarhraWneWan.   0     v (iii)  SlkirvextirskuluhaldaframaWleggjastaWYvmarkisemgildandilgheim wO  ilabWifyrirogeftirgjaldYrot,;gjaldfrni,endurskipulagningu,skipti,endurskipulagn B  inguinnaneWautanrttar,slit,samkomulag,nauWasamningeWaaWlgunskuldaTrygg    ingarsj;Ws.  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(b) v TilkynningumtilviksemleiWirtiluppgreiWsluskyldu.EfendurgreiWsluaWiliverWur  X varviWaWtilviksemleiWirtiluppgreiWsluskylduhafiorWiWskalhanntilkynnaumboWsmnn K #  umbreskafjrmlarWuneytinuumslkanatburWeinsflj;ttogauWiWeroggreinaYarfrYeim    atvikumeWaaWstWumsemteljastveratilviksemleiWirtiluppgreiWsluskylduoghvaWa    rWstafanirhafaveriWgerWartilaWrWab;tYar.     Grein4.6BtgreiWslukostnaWur.(a)Tryggingarsj;WursamYykkiraWendurgreiWaumboWs B  mnnumbreskafjrmlarWuneytisinsfjrhWtgreiWslukostnaWarvegnaeinnareWafleiri    tgreiWslna(semsamannefnastgreiWslavegnatgreiWslukostnaWar)seminntarvoruafhendi   fyrir31.mars2010. {    (b) v Tryggingarsj;WursamYykkiraWgreiWaumboWsmnnumbreskafjrmlarWuneytisins 9 srhverjumgreiWsludegirinu2011fjrhWsemjafngildirsamtlu(i)fj;rWungst  greiWslukostnaWarog(ii)uppsafnaWravaxtaafYeirrifjrhWvaxtastigifyrratmabilsfr  1.okt;ber2009tilviWkomandigreiWsludags. r   Grein4.7GreiWslur.(a)AlltsemgreitterafendurgreiWslufjrhWinni,vaxtagreiWslurog 0 annaWYaWsemTryggingarsj;WurgreiWirumboWsmnnumbreskafjrmlarWuneytisinsskv.  samningiYessumskalgreittmeWreiWufsterlingspundumnfrdrttar,skuldajfnunareWa  gagnkrfuinnuppgjrsreikningbreskafjrmlarWuneytisinseigisWarenkl.17:00aW i staWartmaLondongjalddagaviWkomandigreiWslu(enhvergreiWslasembersteftirYann \4 tmagjalddagagreiWslunnartelsthafaveriWreiddafhendinstavirkadag),aWYvtilskildu ' aW:  0     v (i)  beristumboWsmnnumbreskafjrmlarWuneytisinsfjrhWfrFSCSsam `  kvmt5.mgr.2.gr.framsalssamningsFSCSskuluumboWsmennbreskafjrmlarWu S+! neytisinseinsflj;ttogsanngjarntgeturtalist:" 0  00v0vv(A) greiWaHollandiYannhlutafjrhWarinnarsemYaWhlutfallsleganrtt  $ tilsamrmiviWii.liWaliWar5.mgr.3.gr.endurgreiWslu-ogskaWleysis !W% samningsinsviWHollandogskalslkgreiWslaveraYeirrimyntsemhner J""& m;ttekinnmyntbreytingaenskiptiyfirevrurskalHollandannastskv. #' endurgreiWslu-ogskaWleysissamningnumviWHolland,#( 0  00v0vv(B) efslkgreiWslaberstfrFSCSannarrimyntensterlingspundum,um v%N!* reiknaYaWsemeftirstenduraffjrhWinnisterlingspundgengiaWsann A&"+ gjrnuvaliFSCSogskalslkgreiWslaeftirumreikningfaraframskv.aliWii.  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V.GR. \4 TAPO.FL. '    Grein5.1Tap.AWkrfuumboWsmannabreskafjrmlarWuneytisinsskalTryggingar  sj;WurgreiWaumboWsmnnumbreskafjrmlarWuneytisinsbturvegnataps,kostnaWareWa `  b;taskyldusemYeirhafaorWiWfyrirafstWumervarWa(a)umreikningreinnimyntyfir S+! aWraskv.samningiYessumeWaWrumviWkomandiskjlum,(b)tilviksemleiWirtilupp " greiWsluskyldueWavanefndafhlfuendurgreiWsluaWilaeinhverjumafskuldbindingumsn # umskv.samningiYessumeWaWrumviWkomandiskjlum,eWa(c)verndun,staWfestingueWa  $ framfylgdrttinda,heimildaeWasrstakrarttindaumboWsmannabreskafjrmlarWuneytis !W% insskv.samningiYessumeWaWrumviWkomandiskjlumaWundanskildum,hverjutilviki, J""& kostnaWiviWgerWard;m,skilningireglnaAlYj;WagerWard;msins,semgerWard;murviW #' gerWard;msmeWferWhefurkvarWaW,sbr.10.mgr.10.gr.,aWskuliborinnafumboWsmnnum #( breskafjrmlarWuneytisins. $ )   Grein5.2Skattar.AlltsemgreitterafendurgreiWslufjrhWinni,vaxtagreiWslureWaannaW A&"+ semendurgreiWsluaWilaberaWgreiWaumboWsmnnumbreskafjrmlarWuneytisinsskv.  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VI.GR. r SKAVLEYSI e=     Grein6.1SrstakaryfirlUsingarogskaWleysi.grundvelligagnkvmnioggegnendur  gjaldisemviWurkennteraWsm;ttekiWogfullngjandi,staWfestisthrmeWeftirfarandi:    (a) v 0slandlUsirYvyfirogundirgengstYskuldbindingugagnvartumboWsmnnum \4 breskafjrmlarWuneytisins,skilyrWislaustogmeW;afturkallanlegumhtti,aWTryggingar ' sj;WurmunitryggjafullagreiWsluogefndirrttumtma(hvortheldurertilgreindum  gjalddagaeWaviWgjaldfellingueWaaWraraWstWur)llumskuldbindingumsnumskv.  samningiYessumogWrumviWkomandiskjlumogtryggjaYannigaWaldreiverWiumneina `  vangreiddafjrhWaWrWa, S+!   (b) v 0slandlUsirYvyfirviWumboWsmennbreskafjrmlarWuneytisinsaWkomitilYess # aWeitthvaWsvangreittmuni0sland,aWkrfu,greiWahinavangreiddufjrhWtilYeirraeins  $ ogYaWvriaWalskuldari,og !W%   (c) v 0slandskuldbindursig;afturkallanlegaogskilyrWislausttilYessaWhaldaumboWs #' mnnumbreskafjrmlarWuneytisinsskaWlausum,aWkrfu,afllumkostnaWi,tapieWa #( byrgWsemkannaWfallaYaWef(a)einhverfjrhWreynistvangreidd,eWa(b)einhver $ ) skuldbindingTryggingarsj;Wsskv.einhverjuviWkomandiskjaliereWareynist;lgmt, v%N!* ;bindandi,;gildeWa;framfylgjanleg.FjrhWin,semkostnaWurinn,tapiWeWaskaWinnnem A&"+ ur,skalverajafnhYeirrifjrhWsemumboWsmennbreskafjrmlarWuneytisinshefWuella  '", ttrttaWendurheimta. '#- Ї  Grein6.2SkilyrWislausarskuldbindingar.Skuldbindingar0slandsskv.YessariVI.gr.eru ( skilyrWislausarog;frvkjanlegar,ognYessaWYaWtakmarkialmenntgildiframangreinds  geturekkertafeftirfarandifaliWsrlausnundanskuldbindingumeWatalistefndYeimeWa  meWneinumhttihafthrifYr: a   (a) v hverskynsframlenging,endurnUjun,uppgjr,mlamiWlun,undanYgaeWalausnaW  YvervarWareinhverjaskuldbindingueWaskuldbindingarendurgreiWsluaWilaskv.Yessum  samningieWaWrumviWkomandiskjlumkraftilagaeWaannanhtt(nemaaWilarsam   YykkimeW;tvrWumhttiaWslkframlenging,endurnUjun,uppgjr,mlamiWlun,undan  X YgaeWalausneigiviWumskuldbindingar0slandsskv.samningiYessum), K #    (b) v hverskynsbreyting,skuldskeyting,framlenging,endurgerWeWaviWb;tviWYennan    samningeWaannaWviWkomandiskjal(nemaaWilarsamYykkimeW;tvrWumhttiaWslk   breyting,skuldskeyting,framlenging,endurgerWeWaviWb;teigiviWumskuldbindingar wO  0slandsskv.YessariVI.gr.), B    (c) v hverskynslausn,skerWing,;fullnustuhfieWagildisleysiveWssemtryggireinhverja   vangreiddafjrhW, {    (d) v hverskynsbreytingskrningu,skipulagieWaeignarhaldiTryggingarsj;WieWa 9 WrumaWilaeWahverskynsaWgerWirvegna;gjaldfrni,endurskipulagningareWasambri  legaraWgerWirvarWandiLandsbankann,Tryggingarsj;WeWaannanaWila,    (e) v tilvisthverskynskrfu,skuldajfnunarrttareWaannarrarttindasemfjrmla e= rWuneytiBretlandskannaWeigahverjusinnihendurTryggingarsj;WieWaWrumaWila, 0 hvortheldurtengslumviWsamningYennaneWannur;skyldviWskipti,    (f) v efeinhverjarskuldbindingarreynast;gildareWa;framfylgjanlegartengslumviWeWa i gagnvarteinhverjumendurgreiWsluaWilavegnasamningsYessaeWaannarsviWkomandiskjals \4 eWaeinhverskvWisgildandilagasemtaliWerkomavegfyrirefndirafhlfuendur ' greiWsluaWilaeinhverjumskuldbindingumsnumskv.samningiYessumeWaWruviWkom  andiskjali(nemaaWYvleytisemYaWeruskuldbindingar0slandseinarskv.YessariVI.gr.  semreynast;gildareWa;framfylgjanlegar), `    (g) v annaWathfieWaathafnaleysieWatfafhvaWatogasemerafhlfuendurgreiWslu " aWilaeWaannarsaWilaeWaaWraraWstWurafhvaWatogasemersemkynnu,efekkinytiviW # kvWaYessarar2.mgr.6.gr.,aWteljastefndskyldumendurgreiWsluaWilaskv.samningi  $ YessumeWaWrumviWkomandiskjlumaWlgumeWaeWlimls !W%   Grein6.3LausnundankrfumfstYegargreitteraWfullu;endurnUjunskuldbindingaviW #' tilteknaraWstWur.Skuldbindingar0slandsskv.YessariVI.gr.,haldagildisnualltYartil #( allareftirstWvarvangreiddrafjrhWahafaveriWgerWarupp,hvaWsemlWurmilligreiWslum $ ) eWaefndum,hvortheldureraWfullueWaaWhluta,ogskuluYrgildaaWfulluYartilallarvan v%N!* greiddarfjrhWirhafaveriWgreiddareWaefndarmeWWrumhttiheildogekkigetiframar A&"+ orWiWumneinavangreiddafjrhWaWrWa.EfeinhverrigreiWsluskv.samningiYessumeWa  '", WruviWkomandiskjalierrifteWahanaYarfaWendurgreiWaeWaskilahenniviW;gjaldfrni, '#- gjaldYrot,endurskipulagningueWaviWaWraraWstWursemvarWaTryggingarsj;WeWaannan ( aWila,eWaafWrumskum,Yskuluskuldbindingar0slandsskv.samningiYessum,aWYv  ervarWarYgreiWslu,teljastendurnUjaWarYeimtmaeinsogviWkomandigreiWslahefWi  veriWgjaldfallinenekkigreidd. a   Grein6.4Eftirgjf(e.Waiver).0slandafsalarsr;afturkallanlegaogskilyrWislaust,aWYv  markisemYaulgsemgildaleyfa,rttisnumtil(a)tilkynningarumsamYykkisamnings  YessaogtilkynningarumhverskynsbyrgWsemsamningurYessikannaWeigaviWum;(b)   allratilkynningasemkrafistkannaWveraskv.lgumsemgildaeWaYvskyniaWviWhalda  X ;skertumllumrttindumumboWsmannabreskafjrmlarWuneytisinsgagnvartTryggingar K #  sj;Wi,Y.m.t.krafna,framlagningar,andmla,snnunarumaWsendhafiveriWtilkynningum    greiWslufall,tilkynningaumvanrksluafhlfuTryggingarsj;WsaWefnaogvirWanokkra    skuldbindingu,samning,skilmla,skilyrWieWakvWieinhverssamningsogallraannarra   tilkynningatileinhversaWilasemkannaWverabyrguraWYvervarWarskuldbindingar wO  Tryggingarsj;Ws,nemaaWYvmarkisemeinhversafframangreindusberumorWumkrafist B  skv.samningiYessum,(c)beitingarrttindumtilframfylgdar,staWfestingareWanUtingar    afhlfuumboWsmannabreskafjrmlarWuneytisinseinhverjumrtti,heimildum,srstk   umrttindumeWarrWumsemYeimberskv.Yessumsamningi,WrumviWkomandiskjlum {  eWameWWrumhtti,og(d)hverskynsskylduYessefnisaWumboWsmennbreskafjrmla nF rWuneytisinsneytimeWtmandihttiallrarttinda,heimilda,srstakrarttindaeWarrWa 9 eWalgmarkiallanskaWasemleiWirafvanefndskv.einhverjuviWkomandiskjali.Xessieftir  gjfgildirntillitstillagasemgildaeWakvWasamningsYessaeWaannarraviWkomandi  skjalasemkunnaaWkveWaumannaW. r   Grein6.5Krfuhafaskipti.0slandier;heimiltaWfullnustagreiWsluskyldusnameWfram 0 salikrfu,skaWleysisyfirlUsingu,endurkrfueWaannanhtt,eWanUtasrnnurrttindi  (eWafrasrnytgreiWslueWaannaWframsalsemleiWirafslkumrttindum)semYaWkann  aWeigagagnvartTryggingarsj;WitengslumviWefndirhansskuldbindingumsnumskv. i samningiYessumeWaWrumviWkomandiskjlumsvolengisemskuldbindingarskv.samn \4 ingnumeWaWrumviWkomandiskjlumeru;greiddareWa;efndar(ogfi0slandgreiWslueWa ' thlutuntengslumviWslkanrttskalYaWYegarstaWafhendaumboWsmnnumbreska  fjrmlarWuneytisinsgreiWslueWathlutun).    Grein6.6ViWb;tartrygging.SrstakaryfirlUsingar,skuldbindingarogskaWleysi,sem S+! kveWiWerumYessariVI.gr.,komatilviWb;tarviWogtakmarkastekkinokkurnhttaf " WrumsrstkumyfirlUsingum,skaWleysisyfirlUsingum,tryggingumeWaWrumskjlumeWa # gerningum,semumboWsmennbreskafjrmlarWuneytisinseWaannaraWilihefurnhnd  $ umeWafrsWarhendur. !W%   VII.GR. #' GILDISTKUSKILYRVI #(  L  Grein7.1GildistkuskilyrWi.GildistakasamningsYessaerhWeftirfarandiskilyrWum: v%N!*   (a) v aWumboWsmnnumbreskafjrmlarWuneytisinshafiboristeftirfarandiskjlsem  '", llskuluveraaWefniogformisemYeirteljafullngjandi: '#- Ї0     v (i)  StaWfestingvarWandiendurgreiWslu-ogskaWleysissamningviWHolland.StaW ( festingfrHollandiumaWllumskilyrWumfyrirgildistkuendurgreiWslu-ogskaWleysis  samningsHollands(aWundanskilinnim;ttkustaWfestingarfrumboWsmnnumbreska  fjrmlarWuneytisinsumaWllumskilyrWumsfullngtfyrirgildistkuYessasamnings) a sfullngt.T, 0     v (ii)  LgumrkisbyrgW.AfritafslenskumlgumsemtekiWhafagildiogverWaekki  felldniWureWasniWgenginmeWYj;WaratkvWagreiWsluogkveWaumskilyrWislausaog   skUlausaheimildfyrirYeirriskaWleysisskuldbindingusemtilgreinderVI.gr.ogumaW  X allaraWrarheimildirsemnauWsynlegarteljasttilYessaWtryggjaaWskuldbindingarendur K #  greiWsluaWilaskv.samningiYessumogWrumviWkomandiskjlumsulglegar,gildar,    bindandiogaWfararhfar,samtlggiltrienskriYUWingulaganna,og   0     v (iii)  AWrarheimildir.AfritafundanYgusemSeWlabanki0slandsveittiTryggingar wO  sj;Wiskv.reglum370/2010umgjaldeyrisviWskiptitilYessaWhanngetiundirritaWogupp B  fylltsamningYennanognnurviWkomandiskjl,samtlggiltrienskriYUWingu,og     (b) v LgfrWilit.litfrLexlgfrWistofu,lgfrWilegumrWgjfumTryggingarsj;Ws, {  oglitRkislgmanns,m.a.umstWuogheimildirhversendurgreiWsluaWilaogskuldbindandi nF undirritunsamningsYessaogallraannarraviWkomandiskjalaafYeirrahlfu. 9   (c) v Tryggingarsj;WurogFSCSskuluhafagengiWfrframsalssamningiFSCS.    (d) v Tryggingarsj;WurogFSCSskuluhafagengiWfrhliWarsamningiviWuppgjrssamn e= inginn(e.SettlementAgreementSideLetter). 0   Grein7.2EfndirgildistkuskilyrWa.EfrWstfunumskv.1.mgr.7.gr.erekkilokiWfyrir  31.desember2010: i   (a) v efYaWsem;lokiWerfelstYvaWFSCShefurekkiundirritaWogafhentTryggingar ' sj;WiframsalssamningFSCSoghliWarsamninginnviWuppgjrssamninginngetaendur  greiWsluaWilarriftsamningiYessummeWtilkynningutilumboWsmannabreskafjrmla  rWuneytisins,og `    (b) v efYaWsem;lokiWerfelstYvaWekkihefurveriWgengiWfrWrumrWstfunum " semumgetur1.mgr.7.gr.getaumboWsmennbreskafjrmlarWuneytisinsriftsamningi # YessummeWtilkynningutilTryggingarsj;Wsogafrititil0slands,  $ meWYeimhrifum,bWumtilvikum,aWsamningurYessitelstniWurfallinn. J""&   Grein7.3LoklnssamningsogviWaukasamnings.XanndagsemsamningurYessitekur #( gildifallalnsamningurinnogviWaukasamningurinntgildi,hafiYeirekkiWurfalliWr $ ) gildi. v%N!*   A&"+   &   VIII.GR. ( SRSTAKARYFIRLTSINGAR(e.RepresentationsandWarranties)   ]  Grein8.1SrstakaryfirlUsingarTryggingarsj;Ws.Tryggingarsj;WurlUsiryfirogbyrgist a eftirfarandigagnvartfjrmlarWuneytiBretlandsYeimdegisemsamningurYessiergerWur:'(] T, (A)   v Tryggingarsj;WurinnstWueigendaer(a)sjlfseignarstofnun,semerstofnuWogskrW  aWslenskumlgumogmeWlgmltuskipulagioger,aWYvervarWarslensklgsemum   starfsemihansgilda,g;Wumskilumog(b)hefurallarnauWsynlegarheimildirsemflagtil  X aWfarameWeignirsnarogtilaWstarfameWYeimhttisemhanngerirn. K #  (B)   v SamningurYessi,semogsrhvertviWkomandiskjalannaW,semsj;WurinneraWiliaW,    hafaveriWafhentogeruundirrituWmeWtilskildumhtti,teljastlgmt,gildogfelasr   bindandiskuldbindingu,ogverWurhverjutilvikiframfylgtskv.skilmlumsnum,nemaaW wO  Yvmarkisemalmennsanngirnissj;narmiW,semaWjafnaWiberaWltatilogersrstaklega B  vsaWtillgfrWilitiYvsemumgeturcliW1.mgr.7.gr.,setjaYvskorWur.      Grein8.2SrstakaryfirlUsingarendurgreiWsluaWila.EndurgreiWsluaWilarlUsayfirog {  byrgjastgagnvartumboWsmnnumbreskafjrmlarWuneytisinsfrdagsetningusamnings nF YessaaWundanYgansemSeWlabanki0slandsveittiTryggingarsj;Wisamkvmt.reglumnr. 9 370/2010umgjaldeyrisviWskiptitilYessaWhanngetiundirritaWoguppfylltsamningYennan  ognnurviWkomandiskjlsemumgeturiii.liWaliWar1.mgr.7.gr.sskilyrWislaus,  ;afturkallanlegogfullugildiogaWekkiskrafistfrekaribyrgWar,leyfis,samYykkiseWa r annarrarheimildareWaaWgerWarfrslenskumstj;rnvaldsstofnunumtengslumviWundir e= rituneWauppfyllingusamningsYessaeWaannarraviWkomandiskjalaeWatilaWtryggjaaW 0 skuldbindingarendurgreiWsluaWilasamkvmtsamningiYessumogWrumviWkomandiskjl  umsulglegar,gildandi,bindandiogaWfararhfar.    IX.GR. \4 SRSTAKARSKULDBINDINGAR '  h  Grein9.1SambrilegmeWferW.GrpiendurgreiWsluaWilitilrWstfunarsemtelst?viWkom  andifjrmgnunarrWstfun ogsfjrmgnunaraWilinUturYegarheildinaerlitiWhagstW `  arimeWferWarenumboWsmennbreskafjrmlarWuneytisinsskv.samningiYessumeWa S+! WrumviWkomandiskjlum,eWanUturveWtryggingar,munuendurgreiWsluaWilarltaumboWs " mennbreskafjrmlarWuneytisinsnj;tasmuhagstWumeWferWareWasambrilegsveW # rttar(ogmunuendurgreiWsluaWilarltaskjalfestaYaWnauWsynleganeWaskileganhtt).  $   Grein9.2JfnmeWferW.EfTryggingarsj;WurinnstWueigendaogfjrfesta,annar J""& tryggingarsj;WureWa0slandgreiWirumframgreiWsluskalTryggingarsj;WurgreiWa(eWasjtil #' YessaWannarviWkomanditryggingarsj;WurgreiWi)fjrhWsemerjafnhumframgreiWslunni #( tilhversogeinsafinnstWueigendumhjLandsbankanumLondon,meWYeimfyrirvaraaW $ ) hafiumboWsmennbreskafjrmlarWuneytisinseWaFSCSgreittinnstWueigandahjLands v%N!* bankanumLondonskv.lgumnr.98/1999fjrhWsemerumfram20.887evrurkrfu A&"+ munigreiWslan&  skv.YessarigreinrennatilumboWsmannabreskafjrmlarWuneytisinseWa  '", FSCS,eftirYvsemviW.' 'o '#- Ї  X.GR. ( NNURKVVI   `p  Grein10.1BreytingaWstWum.KomitilYesseinhverjumtmaaWnUjustuIV.greinar a ttektAlYj;Wagjaldeyrissj;WsinsstWu0slandssegiaWskuldaYolilandsinshafihrakaWtil T, munamiWaWviWslktmathansfr19.n;vember2008,samYykkjaumboWsmennbreskafjr  mlarWuneytisins,;ski0slandYess,aWeigafundimeWfulltrum0slandstilaWrWastWuna  oghugahvort,ogYhvernig,skulibreytasamningiYessumogWrumviWkomandiskjlum   YannigaWYauendurspegliYbreytinguaWstWumsemumrWir.  X   Grein10.2AWrarbreytingar.EfbreytingarverWasamYykktrikrfufjrhWeWasam    YykktrivaxtafjrhWvegnakvrWunarslitastj;rnarLandsbankanseWalgbrsd;mst;ls:    0     v (i)  skuluallirtreikningarsamkvmt.samningiYessumeWaWrumviWkomandi wO  skjlumsemerubeinteWa;beintbyggWirsamYykktrikrfufjrhWeWasamYykktri B  vaxtafjrhWendurtreiknaWireinsogsamYykktakrfufjrhWineWasamYykktavaxta    fjrhWinhafiveriWbreyttasamYykktakrfufjrhWineWasamYykktavaxtafjrhWinog   veriWgildifrdagsetningusamningsYessa,{  0     v (ii)  skal,efeinhverfjrhWhefurveriWgreiddeWahennithlutaWgrundvellifyrri 9 treiknings,slkgreiWslaeWathlutungangatilbakaeWahenniendurthlutaWeftirYvsem  viWaWYvmarkisemnauWsynlegtertilaWendurspeglaendurtreikninginn.   Grein10.3Eftirgjf(e.waiver).NlturfjrmlarWuneytiBretlandshjlWaaWnUta e= einhvernrtt,heimildeWasrstkrttindiskv.samningiYessumeWaWruviWkomandiskjali 0 eWatafirverWaslkribeitingueWatiltekinhefWskapastsamskiptumsamningsaWilaogskal  YaWYekkiskerWaYannrtt,YheimildeWaYausrstkurttindieWafelasreftirgjfeWa  frvikfrYeim,ogengineinstknUtingrttar,heimildareWasrrttindaskv.neinuviWkom i andiskjali,eWanUtingYeirraaWhlutatil,skalkomavegfyriraWraeWafrekarinUtinguYeirra \4 eWanUtinguneinsannarsrttar,heimildareWasrstakrarttinda.HverYaurttindieWaheim ' ildsembreskafjrmlarWuneytiWkannaWbeita,eWakvrWunsemYaWkannaWtakaskv.  samningiYessum(Y.m.t.hverskynsrWstfun,mleWaatriWisemrWuneytiWsamYykkir,til  greinir,kvarWar,kveWureWatilkynnirTryggingarsj;WieWaslenskarkinu)erbreskafjr `  mlarWuneytinuheimiltaWbeitaeWagrpatilalfariWoghindrunarlausteftireiginmati S+! hverjumtma,nYessaWkrafistverWirkstuWnings. "   Grein10.4Tilkynningar.Allartilkynningar,beiWnir,fyrirmli,leiWbeiningarognnur  $ samskiptisemkveWiWerumsamningiYessumskulueigasrstaWmeWskriflegumhtti !W% enskumeWboWsendubrfieWasmbrfi(semheimilteraWafritaogsendameWtlvup;sti, J""& entelstYekkigildafhending)tileftirfarandi: #'   (a) v sviWtakandiTryggingarsj;WurinnstWueigandaogfjrfesta,Ytilsj;WsinsaW $ ) Borgartni26,3.hW,105Reykjavk,0slandi,brfasmi+3545902606,b.t.framkvmda v%N!* stj;ra,meWafrititilslenskarkisins,fjrmlarWuneytinu,ArnarhvoliviWLindargtu,150 A&"+ Reykjavk,0slandi,brfasmi:+3545628280,b.t.rWuneytisstj;ra,  '",  '#-   (b) v sviWtakandi0sland,Ytilrkisins,fjrmlarWuneytinu,ArnarhvoliviWLindargtu, ( 150Reykjavk,brfasmi:+3545628280,b.t.rWuneytisstj;ra,og    (c) v suviWtakendurumboWsmennbreskafjrmlarWuneytisins,YtilHMTCommis a sioners,HMTreasury,1HorseGuardsRoad,LondonSW1A2HQ,UnitedKingdomog+44 T, (0)2072705764(attention:TomScholar),og    (d) v sFSCS(breskitryggingarsj;Wurinn)viWtakandi,tilFinancialServicesCompensa   tionScheme,7thFloor,LloydsChamber,1PortsokenStreet,LondonE18BN,UnitedKing  X domog+44(0)2078927637(attention:MarkNeale). K #  EfekkierkveWiWumannaWsamningiYessumskuluallarslkarorWsendingarteljastrtti    legaafhentar,(i)suYrboWsendarheimilisfangsamningsaWilanssemYrerutlaWar,   YeimtmaYegarYreruskildareftir(eWa,suYrskildareftirdegisemerekkivirkur wO  dagur,Ykl.8.15f.h.(aWstaWartma)nstavirkadag),og(ii)suYrsendarmeWbrfasma, B  YegarstaWfestingm;ttkuberstfrbrfasmanumsemtekurviWYeim(eWa,suYrsendar    degisemerekkivirkurdagur,Ykl.8.15f.h.(aWstaWartma)nstavirkadag),endasfull   ngjandi,YegarfraskalsnnuraWtilkynninghafiveriWsendskv.samningiYessumeWa {  tengslumviWhann,aWsUnaframaWtilkynninginhafiveriWafhentheimilisfangiW. nF   Grein10.5Breytingaro.fl.EfekkiersrstaklegakveWiWumannaWsamningiYessum  eraWeinsheimiltaWbreyta,aukaviWeWafallafrkvWihansogannarraviWkomandiskjala  (nemaaWYvleytisemYaukveWasrstaklegaumannaW)meWskriflegusamkomulagimilli r YeirrasamningsaWilasemslkbreyting,viWb;teWaeftirgjfhefurhrif. e=   Grein10.6Arftakarogframsalshafar.(a)SamningurYessierbindandifyrirsamnings  aWilaoggerWurYguYeirra.EngumsamningsaWilaerheimiltaWframselja,yfirfraeWa  bindaneinumkvWumrttindisneWaskuldbindingarskv.samningiYessumeWaWrumviW i komandiskjlum(rWstafanirYttteljast;gildarfrupphafi). \4   (b) v SamningurYessiereingngugerWurtilverndaraWilumoglagalegaYguYeirraog  enginnannaraWiliskalteljastbeinneWa;beinnrtthafiskv.samningiYessumeWahafabeint  eWa;beinttilefnitilmls;knareWakrfugerWartengslumviWhannskv.breskumlgumum `  samningsrttindiYriWjuaWilafr1999(e.Contracts(RightsofThirdParties)Act1999)aW S+! 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"5   ?0sland :hefurYmerkingusemgefinerinnganginumaWsamningiYessum. v$N 7   ?Vaxtafjrmunir :merkirhverjumtmafjrhW(sterlingspundum)semjafngildirhluta  &!9 afhlutdeildTryggingarsj;WsrbinuYeimtma,semreiknuWermeWYvaWmargfaldaupp &": hWhlutdeildarTryggingarsj;WshverjumtmameWhlutfalliYarsemteljarinnersamYykkta 'z#; vaxtafjrhWinognefnarinnersamYykktakrfufjrhWinhvorutilvikiYeimtma. m(E$< Ї  ?JafnvirWisfjrhW(slenskumkr;num) :merkir,aWYvervarWarfjrhWevrumeWa ( sterlingspundumtreikningsdegi,jafngildislkrarupphWarkr;num,reiknaWmeWal  gengieinsogYaWerbirtafSeWlabanka0slands(eWabirtiSeWlabanki0slandsekkislka  gengisskrningu,daggengifraWilasemslenskarkiWogumboWsmennbreskafjrmlarWu a neytisinskomasrsamanumsanngjarnanhtt,eWaefslenskarkiWogumboWsmenn T, breskafjrmlarWuneytisinskomasrekkisamanumslktgengifyrirYdagsetninguYegar  kvarWaskalviWkomandijafngildiISK,eWaeinsogYaWerkvarWaWmeWgerWard;miskv.  10.mgr.10.gr.)fyrirtmabiliWeinnmnuWsemlUkurdeginumfyrirviWkomandidag.     ?Kr;na eWa?ISK :nverandilgeyrir0slandi. K #    ?Landsbanki :Landsbanki0slandshf.,fjrmlafyrirtkisemstofnaWerskv.slenskum    lgum.     ?InnstWueigandihjLandsbankanum :aWilisemlagthefurfjrmuniinninnlnsreikn B  ingeWameWWrumhttiinnstWuhjLandsbankanumogsamsvarandikrfuhendur    LandsbankanumsemTryggingarsj;Wurhefurbyrgstskv.lgumnr.98/1999(Y.m.t.,tilaW   takaafallanvafa,srhverinnstWueigandihjLandsbankanumLondon). {    ?LandsbankinnLondon :tibLandsbankansLondon. 9   ?InnstWueigandihjLandsbankanumLondon :i)srhverinnstWueigandi?Icesave  reiknings hjLandsbankanumLondon,ii)srhveraWili,semlagWiinnums;knumaWopna r ?Icesavereikning hjLandsbankanumLondonogmillifrWipeninganatilBarclaysbanka e= semgreiWslujfnunarbanka(e.clearingbank)LandsbankansLondonBretlandi,enekki 0 hefurveriWopnaWur?Icesavereikningur fyrir,YannigaWmillifrWirpeningareruennhj  Barclaysbankaogiii)srhverannaraWilisemhefurlagtinnfjrmuni,eWameWWrumhtti  innstWuhjLandsbankanumLondon,aWYvtilskildu,YessusWastatilviki,aWsamsvar i andikrafahendurLandsbankanumshfskv.reglumFSCSumtgreiWslutryggingar. \4   ?VeW :hverkynsveWsetning,byrgW,varslaYriWjaaWila,kvWeWannurtrygging.    ?Lnssamningur :lnssamningurdagsettur5.jn2009millisamningsaWila. `    ?TilviksemleiWirtiluppgreiWsluskyldu :atburWureWakringumstWursemskilgreindar " erusemslkarbliW5.mgr.4.gr. #   ?VerulegneikvWhrifsemtengjastuppgreiWsluskyldu :hverskynshrifsemskerWagetu !W% einhversendurgreiWsluaWilatilYessaWefnagreiWsluskyldusnaeWaaWrarskyldursemYUW J""& inguhafaskv.samningiYessumeWaWruviWkomandiskjali. #'   ?rsfj;rWungslegafborguntilHollands :?rsfj;rWungslegafborgun einsogYaWhugtak $ ) erskilgreintendurgreiWsluogskaWleysissamningnumviWHolland. v%N!*   A&"+   & a  ?EndurgreiWsluogskaWleysissamningurviWHolland :endurgreiWsluogskaWleysis ( samningurinn,semgerWurhefurveriWeWagerWurverWursamadegieWaumsvipaWleytiog  samningurYessi,milliTryggingarsj;Ws,0slandsoghollenskarkisins.'a(2    ?EndurgreiWslufjrhWtilHollands :?endurgreiWslufjrhW einsogYaWhugtakerskil T, greinthollenskaendurgreiWsluogskaWleysissamningnum.    ?EndurgreiWslufjrhWtilHollandsseinnatmabili :?endurgreiWslufjrhWseinna   tmabili einsogYaWhugtakerskilgreintendurgreiWsluogskaWleysissamningnumviW  X Holland. K #    ?Annartryggingarsj;Wur :hverskonarinnlnatryggingakerfisemkomiWerf;toger    opinberlegaviWurkennt0slandiskv.tilskipun94/19/EB(Y.m.t.skv.hverskonarbreytingu   henni,endurtgfuhennareWatilskipunsemkemurhennarstaW),annaWenTryggingar wO  sj;WurinnstWueigendaogfjrfesta. B    ?SamningsaWilar :hefurYmerkingusemgefinerinnganginumaWsamningiYessum.     ?GreiWsludagur :1.janar2011ogsrhver1.aprl,1.jl,1.septemberog1.janareftir nF 1.janar2011. 9   ?BtgreiWslukostnaWur :kostnaWursemFSCSstofnartilviWtgreiWslutryggingatilinn  stWueigendaLandsbankansLondonaWYvervarWarkrfurYeirrahendurLandsbankan r umeWaTryggingarsj;Wiskv.lgumnr.89/1999einsogumgeturforsendumYessasamn e= ingsogeraWupphW10.000.000(tumillj;n)sterlingspund. 0   ?ReglurAlYj;WagerWard;msins :reglurAlYj;WagerWard;msinsumgerWard;mdeilu  mlummillitveggjaaWilaYarsemaWeinsannardeiluaWilinnerrkiogtakagildifrogmeW i dagsetningusamningsYessa. \4   ?AWili :einstaklingur,lgaWili,flag,frjlssamtk,sameignarflag,hlutaflag,sam  rekstur,sj;Wur,;skrWstofnun,stj;rnvaldeWannurpers;naafhvaWatogasemer.    ?Hlutfallslegurrttur :hverjumtma,shlutisemreiknaWurermeWYvaWdeila(a) S+! (i)tilvikihollenskarkisins,aWfjrhW [1.134.680.211,10]semsamsvararupphW " endurgreiWslufjrhWarinnartilHollandssterlingspundumdagsetninguendurgreiWsluog # skaWleysissamningsinsviWHolland,umreiknuWsterlingspundgenginuH[1,1653]m;ti  $  [1,00]),eWa(ii)tilvikiumboWsmannabreskafjrmlarWuneytisinsheildarupphWallra !W% tgreiWslnaseminntarhafaveriWafhendiframaWYeimtmasemsamningsaWilarnirmetaaW J""& hafinumiW2.254.417.417.851,51sterlingspundumYann24.n;vember2010,meW(b)saman #' lgWumfjrhWumsemumgeturaliWhraWofan. #(   ?Eign einhversaWila:hverskynseign,rttindieWatekjur,eWahlutdeildslksaWilaYeim. v%N!*   A&"+   & a  ?rsfj;rWungslegarafborganir :rsfj;rWungslegarafborganirsemendurgreiWslaseinna ( tmabilsskalinntafhendimeW,enfjrhWYeirraogfjldierkvarWastsamrmiviW1.  mgr.4.gr.(meWfyrirvaraumnnurkvWiYessasamnings).'a(     ?Endurheimtuhlutfall :merkirhverjumtmahluta,settanframsemhundraWshluta,af T, samYykktukrfufjrhWinniskv.lgumnr.21/1991umgjaldYrotaskiptio.fl.(eWaskv.  slenskumlgum)semhefurveriWgreiddur,eWatelstgreiddur,afslitastj;rnLandsbankans,  tilgreiWslusamYykktukrfufjrhWinniYeimtma.     FengiWmeWYvaWdeilaendurgreiWslufjrhWbreskafjrmlarWuneytisinssemgreidd K #  hefurveriWYeimtmameWsamtluendurgreiWslufjrhWarinnarYanndagsemsamningur    Yessierdagsettur.      ?EndurgreiWslufjrhW :merkirhverjumtma(hvortsemumeraWrWatmabilWur wO  enfariWerframgreiWsluendurgreiWslufjrhWarinnarafhendiTryggingarsj;Wstilbreska B  fjrmlarWuneytisinseWaeftiraWYaWergert)samanlagWartgreiWslufjrhWireWaYfjr    hWsembilieftiraWgreiWat.     ?EndurgreiWsluaWilar :sameiginlega,Tryggingarsj;WurinnstWueigendaogfjrfestaog nF 0sland. 9   ?GreiWsludagurendurgreiWslu :srhvergreiWsludagureftirupphafsdagseinnatmabils.    ?ViWkomandiskjl :vsaralltsenntilYessasamnings,uppgjrssamningsins,hliWar e= samningsinsviWuppgjrssamninginn,framsalssamningFSCSogsrhversannarssamnings 0 eWaskjalssemsamningsaWilartilgreinasemviWkomandiskjal.    ?ViWkomandifjrmgnunarrWstfun :hverssamningur,rWstfuneWamillirkja i samningursemeinhverendurgreiWsluaWilistenduraWmeWeinhverjumfjrmgnunaraWila \4 (Y.m.t.sjlfstWrialYj;Wastofnun,einkaaWilaeWaWrumaWila)YvskyniaWfjrmagna ' krfureinhverrainnstWueigendaslenskumbanka,endahafislkarkrfurmyndastfyrir  dagsetningusamningsYessa,enaWfrtldum(a)endurgreiWsluogskaWleysissamningnum  viWHolland,og(b)hverskynssamningi,rWstfuneWamillirkjasamningisemgerWurer `  YvskyniaWfjrmagnaeWaendurfjrmagna(i)einhvernhlutaendurgreiWslufjrhWarinnar S+! eWatryggingaeWaannarrafjrhWasemeinhverjumendurgreiWsluaWilaberaWgreiWatil " breskafjrmlarWuneytisinsskv.samningiYessumeWaeinhverjuviWkomandiskjali(eWa # samningieWaskjalisemkemurYeirrastaW),eWa(ii)fjrhWsemtilgreiWslukemuraWhlfu  $ endurgreiWsluaWilaskv.endurgreiWsluogskaWleysissamningnumviWHollandeWa?viWkom !W% andiskjlum einsogYaueruskilgreindendurgreiWsluogskaWleysissamningnumviW J""& Holland(eWasamningieWaskjalisemkemurYeirrastaW). #'   ?ViWkomandiheildartekjurrkisins aWYvervarWargreiWsludagendurgreiWslutilteknu $ ) tmabilisemhefst1.jlrhvertoglUkur30.jnnstareftir(?viWkomanditmabil ), v%N!* (a)?heildartekjurslenskarkisins fyriralmanaksrYaWsemnstferundanYessuviWkom A&"+  anditmabiliskv.birtumupplUsingumHagstofu0slands,eWa(b)efheildartekjurslenskark  '", isinsi)hafaekkiveriWbirtareWaii)eruinnanviW26afhundraWiO #  3      ׀afnUjastamativergri (  landsframleiWslu0slandifyriralmanaksrYaWsemnstferundanYessuviWkomandi  tmabiliskv.nUjustuskUrsluAlYj;Wagjaldeyrissj;Wsinsumefnahagshorfurheiminum  (WorldEconomicOutlook)(?viWkomandiverglandsframleiWsla0slandi ),fjrhWsem a samsvarar26afhundraWiafviWkomandivergrilandsframleiWslu0slandi(eWa,efveruleg T, breytingverWurmeginYttumheildartekjumslenskarkisinseWavergrilandsframleiWslu  eWaslktalaerekkibirtafviWkomandistofnun,sambrilegritlu(eWasambrilegumtlum)  fyrirheildartekjurslenskarkisinseWaviWkomandivergalandsframleiWslu0slandisem   0slandogbreskafjrmlarWuneytiWkomasrsamanumsanngjarnanhtteWa,ef0slandog  X breskafjrmlarWuneytiWkomastekkiaWsamkomulagiumYessatlu(tlur)fyrirgreiWslu K #  dagendurgreiWslunnar,semerkvrWuWmeWgerWard;misamrmiviW10.mgr.10.gr.).      ?ViWmiWunarvextirseinnatmabils :viWmiWunarvextirsterlingspundseinsogYeirgilda   15.jn2016ogerubirtirhjOECD(CIRR,CommercialInterestReferenceRatefyrir wO  sterlingspund)(eWasambrilegirvextirsem0slandogbreskafjrmlarWuneytiWkomastaW B  sanngjrnusamkomulagiumefOECDbirtirekkivextina,eWaef0slandogbreskafjrmla    rWuneytiWkomastekkiaWsamkomulagiumsambrilegavextifyrirupphafsdagseinnatma   bilseinsogkvarWaWverWurmeWgerWard;mi,sbr.10.mgr.10.gr.)fyrirlntillengrilns {  tmaentlaWgreiWslutmabilvegnaendurgreiWslufjrhWarseinnatmabils(eWa(a)vextir nF fyrirlnsemermeWskemmstanlnstmasemerlengrientlaWgreiWslutmabilefvextir 9 erumismunandifyrirlnmeWlengrilnstmaentlaWgreiWslutmabilfyrirendurgreiWslu  fjrhWseinnatmabilsogb)vextirfyrirlnmeWlnstmasemfernstYvaWveratlaW  greiWslutmabilefekkierufanlegirvextirfyrirlnmeWlengrilnstmaentlaWagreiWslu r tmabiliWfyrirendurgreiWslufjrhWseinnatmabils,ogskal?tlaWagreiWslutmabiliWfyrir e= endurgreiWslufjrhWseinnatmabils veratmabiliWfrupphafsdegiseinnatmabilsog 0 framyfirgreiWsludagendurgreiWsluYegarsWastarsfj;rWungslegaafborguninkemurgjald  daga(einsogkvarWaWersamrmiviWbogcliW1.mgr.4.gr.).    ?EndurgreiWslufjrhWseinnatmabils :endurgreiWslufjrhWeinsoghnstendurdags \4 lokYessdagssemkemurnstundanupphafsdegiseinnatmabils(Y;aWundanskildum ' hverjumYeimhlutaendurgreiWslufjrhWarinnarsemerhefurWurgjaldfalliWenerenn  ;greiddurtrssiviWskilmlaYessasamningsviWupphafsdagseinnatmabils).    ?Upphafsdagurseinnatmabils :1.jl2016. S+!   ?Uppgjrssamningur :uppgjrssamningurinnfr5.jn2009milliFSCSogTrygg # ingarsj;WseinsoghonumvarbreyttmeWsamningidagsettum19.okt;ber2009.  $   ?HliWarsamninguruppgjrssamningsins :samningursemgeraskaltilhliWarviWupp J""& gjrssamninginnmilliFSCSogTryggingarsj;WssemstaWfestirtiltekinatriWitengslumviW #' uppgjrssamninginn,meWYeimhttisemaWilarhafaorWiWsttirumfyrirdagsetninguYessa #( samnings. $ )  v%N!*   ?VangreiddfjrhW :merkirhverjusinni(a)tilgreindafjrhWsemtilgreiWslukemur ( afhlfuTryggingarsj;WstilumboWsmannabreskafjrmlarWuneytisinsskv.Yessumendur  greiWslusamningieWaWruviWkomandiskjali,semekkihefurveriWgreiddogerfram  ;greiddaWfullugjalddagaYeimstaWogYeimgjaldmiWlisemgreiWaber,og(b)efein a hverskuldbindingTryggingarsj;Wsskv.YessumendurgreiWslusamningieWaWrumviWkom T, andiskjlumreynist;aWfararhf,;gildeWa;lgmt,YfjrhWsemjafngildirsamanlgW  umfjrhWumsemumboWsmnnumbreskafjrmlarWuneytisinsbriellarhendiTrygg  ingarsj;WsefskuldbindinginhefWiveriWeWahefWiframhaldistaWfararhf,gildoglgmt.     ?Fullveldi :fullvaldaYj;WeWarkisstj;rnfullvaldaYj;War. K #    ?Rkisskuldir :hverskonarln,skuldireWaaWrarskuldbindingarsemYegarhefurveriW    stofnaWtileWakannaWverWastofnaWtilframtWinni,sem:a)skalgreiWaaWilumbsettum   utan0slandseWa,efumeraWrWaskuldabrf,skuldaskjal,skuldaviWurkenningar,verWbrfa wO  inneigneWannurverWbrf,Yarsema.m.k.25hundraWshlutarafheildarhfuWst;leruboWin B  eWavoruupphaflegaboWinaWilumbsettumutan0slands,eWab)erutilgreindarWrum    gjaldmiWlienslenskumkr;numeWa,efYrerutilgreindarslenskumkr;num,eruskv.skil   mlumYarsemgreiWslahfuWst;ls,aukaframlags(e.premium)(efumYaWeraWrWa)eWa {  vaxtageturveriWeWaskalveraWrumgjaldmiWlieWamiWastviWannangjaldmiWil,Y.m.t., nF tilaWtakaafallanvafa:(i)hverskonarlntkur,skuldireWaaWrarskuldbindingargagnvart 9 AlYj;Wagjaldeyrissj;Wnumog(ii)hverskonarlntkur,skuldireWaaWrarskuldbindingarskv.  endurgreiWsluogskaWleysissamningnumviWHolland.    ?Sterlingspund eWa?  :nverandilgeyrirHinusameinaWakonungsrkiSt;raBret e= landsogNorWur0rlands. 0   ?Skattar :allirngildandiogsWaritekjuskattar,stimpilgjld,skrningargjldogaWrir  skattar,lagningaroglgur,staWgreiWsluskattaroggjld,hvaWanafnisemnefnast,ogallir i vextir,drttarvextirogannaWsemviWkannaWbtasteWaaWleggjastvegnavangreiWslu \4 Yeirra,hvortsemslkirskattareruneWasWarreiknaWir,lagWireWainnheimtirafhvaWa ' stj;rnvaldisemertengslumviWsamningYennaneWannurviWkomandiskjl,greiWslurskv.  samningiYessumeWaWruviWkomandiskjalieWavegnaYinglUsingar,lgb;kunareWaannarr  aropinberrarskrningarYeirra. `    ?Holland :hollenskarkiW. "   #    i рFYLGISKJALII ( meWtgreiWslu-,endurgreiWsluogskaWleysissamningnum   >EyWublaWfyrirtgreiWslubeiWni {S 8FFr:0  0vFinancialServicesCompensationSchemeLimited(FSCS,(?BreskiTryggingarsj;W  urinn ))vv  c qTil:  0 v TheCommissionersofHerMajesty'sTreasury(UmboWsmennbreskafjrmla V . rWuneytisins)!  vv   Dags.: v [Dagsetning]    f > t L gtiviWtakandi, 1      BtgreiWslu-,endurgreiWslu-ogskaWleysissamningur[]2010   (samningurinn) \   AA O' a)  0  VsaWertilofangreindssamnings.Hugtksemskilgreinderusamningnumhafasmu    merkingutgreiWslubeiWniYessari. lzb)  0  XettaerbeiWniumtgreiWslu._7 *c)  0  :skaWereftirtgreiWsluf.h.Tryggingarsj;WsinnstWueigendaogfjrfestameWeftir  farandiskilmlum: oG}UH? vM 5? vM H0    BtgreiWsludagur: 5 [dags.]: 0    FjrhW(sterlingspundum): 5 [fjrhW] L? vM ? vM 5DLd)  0  BtgreiWslanverWilgWinn[tilgreindurbankareikningurFSCS(breskatryggingar e sj;Wsins)]X0 #e)  0  UmleiWogandvirWitgreiWslunnarhefurveriWlagtinnofangreindanreikning,biWjum   viWyWurumaWmillifrasamsvarandifjrhWafreikningnumyfir[tilgreiniWYann ! bankareikningseminnstWueigendumhjLandsbankanumLondonverWurgreidd vN" tryggingintaf].A#  VirWingarfyllst,  % !^!lFinancialServicesCompensationSchemeLimited(FSCS) Q")' ##Nafn: v  #) $n $| Titill: v  a%9!+ Nafn: v  &"- '#'#Titill: (W$/ <)%J)"%7 4IcesaveBtgreiWslu-,endurgreiWslu-ogskaWleysissamningurBretlands506170772#4 7vJ#UKIS,.  *%1  FylgiskjalII. ( mAU?) dE?$ A^m      REIMBURSEMENTANDINDEMNITYAGREEMENT T, dated[*],2010  among  X TheDepositors'andInvestors'GuaranteeFundofIceland    and   Iceland B  and   TheStateofTheNetherlands nF K   This REIMBURSEMENTANDINDEMNITYAGREEMENT ,dated[**],2010(this   Agreement),among THEDEPOSITORS'ANDINVESTORS'GUARANTEEFUND  OFICELAND (Tryggingarsj;WurInnstWueigendaogFjrfesta),aprivatefoundation r incorporatedunderthelawsofIceland(the GuaranteeFund), ICELAND ( Iceland)and e=  THESTATEOFTHENETHERLANDS ( TheNetherlandsand,togetherwiththe 0 GuaranteeFundandIcelandcollectively,the Parties).    RECITALS i  O  WHEREAS ,thePartieshaveenteredintotheLoanAgreementandtheAcceptanceand ' AmendmentAgreement,whichtogethersetoutthearrangementsinitiallyforeseenbythe  PartiesinrelationtothemattersdescribedintheseRecitals.ThePartiesnowwishtoenter  intothisAgreementtosettlethosematters,andalsototerminatetheLoanAgreementand `  theAcceptanceandAmendmentAgreement,butconditionaluponthisAgreementcoming S+! intoeffect. "   WHEREAS ,theclaimsofLandsbankiAmsterdamDepositorsagainstLandsbankiare  $ guaranteedbytheGuaranteeFundaccordingandsubjecttoActNo.98/1999whichimple !W% mentsDirective94/19/ECuptoEUR20,887perLandsbankiAmsterdamDepositor. J""&   WHEREAS ,DNBhaspaidcompensationtoLandsbankiAmsterdamDepositorsin #( respectoftheirclaimsagainstLandsbankiandtheGuaranteeFundunderActNo.98/1999 $ ) inreturnforanassignmentbysuchLandsbankiAmsterdamDepositorsofsuchclaimsto v%N!* DNB.DNBhasacceptedthemajorityoftheapplicationsforcompensationandhascom A&"+ pletedmakingsuchcompensationpaymentson2June2009.DNBhasrefusedtheapplica  '", tionsofaminorityofLandsbankiAmsterdamDepositorsforpaymentofcompensation. '#- CertainoftheseLandsbankiAmsterdamDepositorshaveopposedsuchrefusalbyDNB. ( DNB'srefusalissubjecttojudicialreviewanditisuncertainonthedateofthisAgreement  towhatextentDNBmaybeorderedbyacourttopaycompensationinrespectofthese  claims. a   WHEREAS ,TheNetherlandshasprefinancedthepaymentofcompensationbyDNBin  respectoftheclaimsofLandsbankiAmsterdamDepositorsagainstLandsbankiandthe  GuaranteeFundunderActNo.98/1999andrelatedcosts.ThePartieshaveagreedthatthe   GuaranteeFundshallreimburseTheNetherlandsforitsprefinancinginaccordancewiththe  X termsofthisAgreement.Inaddition,inthisAgreement,thePartiesdeterminetheamount K #  forwhichtheGuaranteeFundshallreimburseTheNetherlands.      WHEREAS ,thePartiesconfirmthatthisAgreementhasbeennegotiatedinaccordance   withthe AgreedGuidelinesof14November2008asagreedbetweenIcelandandthe wO  memberstatesoftheEuropeanUnion. B    ARTICLEI   DEFINITIONS {   T[  Section1.1 M CertainDefinedTerms.(a)Asusedherein,thetermsdefinedinScheduleI 9 shallhavethemeaningsetoutinthatSchedule.    (b) v Forthepurposeofthedefinitionsof InterestProceeds,ifanypartoftheGuarantee r FundEstateProceedsshallbedenominatedinacurrencyotherthaneuroandshallnothave e= beenconvertedbytheGuaranteeFundpursuanttoparagraph(a)ofSection3.7,suchamount 0 shallbeconvertedintoeuroatsuchrateasmaybereasonablyselectedbyTheNetherlands.    Section1.2 M OtherInterpretativeProvisions.(a)Themeaningsofdefinedtermsareequally i applicabletothesingularandpluralformsofthedefinedterms. \4   (b) v Thewords hereof, herein, hereunderandsimilarwordsrefertothisAgreement  asawholeandnottoanyparticularprovisionofthisAgreement,andanysubsection,  Section,ArticleandSchedulereferencesaretothisAgreementunlessotherwisespecified. `    (c) v Theterm documentsincludesanyandalldocuments,instruments,writtenagree " ments,certificates,indentures,noticesandotherwritings,howeverevidenced(including # electronically).  $   (d) v Theterm includingisnotlimitingand(excepttotheextentspecificallyprovided J""& otherwise)shallmean includingwithoutlimitation. #'   (e) v Unlessotherwisespecified,inthecomputationofperiodsoftimefromaspecified $ ) datetoalaterspecifieddate,theword fromshallmean fromandincluding,thewords v%N!*  toand untileachshallmean tobutexcluding,andtheword throughshallmean to A&"+ andincluding.  '",  '#-   (f) v Theterms mayand mightandsimilartermsusedwithrespecttothetakingof ( anactionbyanyPersonshallreflectthatsuchactionisoptionalandnotrequiredtobetaken  bysuchPerson.    (g) v Theterm continuationofaMandatoryPrepaymentEventshallreflectthatsuch T, MandatoryPrepaymentEventhasoccurredandhasnotbeenremediedandnotbeenwaived  inaccordancewithSection9.5.    (h) v Unlessotherwiseexpresslyprovidedherein:(i)referencestoagreements(including  X thisAgreement)andotherdocumentsshallbedeemedtoincludeallsubsequentamendments K #  andothermodificationsthereto,butonlytotheextentthatsuchamendmentsandother    modificationsarenotprohibitedbyanyRelevantDocument,and(ii)referencestoany    ApplicableLawaretobeconstruedasincludingallstatutoryandregulatoryprovisionsor   rulesconsolidating,amending,replacing,supplementing,interpretingorimplementingsuch wO  ApplicableLaw. B     ARTICLEII   REIMBURSEMENT,ETC. {  i   Section2.1 M Undertakingtoreimburse.Inconsiderationof(a)theexecutionbyDNBof 9 theDNBAssignmentAgreement,(b)thepaymentofcompensationbyDNBtoLandsbanki  AmsterdamDepositorsinrespectoftheirclaimsagainstLandsbankiandtheGuaranteeFund  underActNo.98/1999asreferredtointheRecitals,and(c)theprefinancingbyThe r NetherlandsofthepaymentofsuchcompensationbyDNB,theGuaranteeFundundertakes e= toreimburseTheNetherlandsforthatprefinancingandtothereforepaytoTheNetherlands 0 theReimbursementAmountinaccordancewiththetermsofthisAgreement.    Section2.2 M ReimbursementAmount.ThePartiesagree,forallpurposesunderthis i AgreementandtheotherRelevantDocuments,thattheReimbursementAmountasatthedate \4 ofthisAgreementshallbeanamountofEUR1,322,242,850(onebillionthreehundred ' twentytwomilliontwohundredfortytwothousandeighthundredandfiftyeuro)andthat  theReimbursementAmountmayreducefromtimetotimeinaccordancewiththetermsof  thisAgreement. `    ARTICLEIII " PAYMENTSOFREIMBURSEMENT,COMPENSATIONANDPAYOUTCOSTS #  _o  Section3.1 M PaymentoftheReimbursement.(a)ThisSection3.1shallapplyfromthe !W% SecondPhaseStartDateandonwards. J""&   (b) v Subjecttoparagraph(d)below,theGuaranteeFundagreestopaytoTheNetherlands #( theSecondPhaseReimbursementAmountinconsecutiveQuarterlyInstallments,payable $ ) oneachReimbursementPaymentDate. v%N!*   (c) v ThenumberofandamountofQuarterlyInstallmentsshallbecalculatedasfollows:  '",  '#- 0     v (i)  if,asatthedayimmediatelyprecedingtheSecondPhaseStartDate,the ( aggregateoftheISKEquivalentoftheSecondPhaseReimbursementAmountandthe  ISKEquivalentoftheUKSecondPhaseReimbursementAmountisequaltoorlessthan  ISK45,000,000,000,(A)thenumberofQuarterlyInstallmentsshallbefour,and(B)the a amountofeachQuarterlyInstallmentshallbetheSecondPhaseReimbursementAmount T, dividedbyfour; 0     v (ii)  if,asatthedayimmediatelyprecedingtheSecondPhaseStartDate,the   aggregateoftheISKEquivalentoftheSecondPhaseReimbursementAmountandthe  X ISKEquivalentoftheUKSecondPhaseReimbursementAmountismorethanISK K #  45,000,000,000,(A)thenumberofQuarterlyInstallmentsshallbethelesserof(I)four    plusanadditionalfourforeachISK10,000,000,000(orportionthereof)bywhichthat    aggregateexceedsISK45,000,000,000,and(II)118,and(B)theamountofeachQuar   terlyInstallmentshallbetheSecondPhaseReimbursementAmountdividedbythe wO  numberofQuarterlyInstallmentssodetermined;B  0  (d) v (i)  notwithstandingparagraphs(b)and(c)aboveandsubjecttoparagraph(iii)   below,ifonanyReimbursementPaymentDatetheaggregateof(A)theISKEquivalents {  onthatReimbursementPaymentDateoftheQuarterlyInstallmentpayableonthat nF ReimbursementPaymentDateandtheamountofcompensationpayableonthatReim 9 bursementPaymentDatepursuanttoparagraph(a)ofSection3.2,and(B)theISK  EquivalentsoftheUKQuarterlyInstallmentpayableonoraboutthatReimbursement  PaymentDateandtheamountofcompensationpayableonoraboutthatReimbursement r PaymentDatepursuanttoparagraph(a)ofSection4.2oftheUKDisbursement,Reim e= bursementandIndemnityAgreement,exceeds1.25percent.ofRelevantIcelandicTotal 0 GovernmentRevenueinrelationtothatReimbursementPaymentDate,then(X)such  aggregateshallbereducedbytheminimumamountnecessarytoensurethatsuchaggre  gatenolongerexceeds1.25percent.ofRelevantIcelandicTotalGovernmentRevenue i inrelationtothatReimbursementPaymentDate,(Y)theamountofsuchreduction \4 (expressedinKr;nur)shallbeattributedtoTheNetherlandsandtheHMTCommissioners ' inaccordancewiththeirrespectiveProRataEntitlements,and(Z)theamountofthe  QuarterlyInstallmentreferredtoinitem(A)above(and,iftheProRataEntitlementof  TheNetherlandsexceedstheamountofsuchQuarterlyInstallment,theamountof `  compensationreferredtointhatitem)willbereducedbytheProRataEntitlementofThe S+! Netherlandsofsuchreduction(convertedintoeuroattherateusedtocalculatetheISK " Equivalentsreferredtoabove).# 0     v (ii)  AnyamountbywhichaQuarterlyInstallmentoranyamountofcompensation !W% isreducedpursuanttoparagraph(i)abovewillremainpayableandwillbeaddedtothe J""& QuarterlyInstallmentdueonthenextReimbursementPaymentDate(butthatQuarterly #' Installment,thusincreased,willbesubjecttotheapplicationofparagraph(i)aboveand #( accordinglywill(subjectalwaystoparagraph(iii)below)onlybepayableifandtothe $ ) extentpayablepursuanttoparagraph(i)above).Anyamountbywhichanamountof v%N!* compensationisreducedpursuanttoparagraph(i)abovewillbedeemedpartofthe A&"+  ReimbursementAmountfromtheReimbursementPaymentDateonwhich,absent  '", paragraph(i)above,thatamountwouldhavebeenpayableinaccordancewithparagraphs ( (b)and(c)above,andcompensationwillaccrueonitaccordingly.  0     v (iii)  Paragraphs(i)and(ii)aboveshallnotapplyinrelationtotheReimbursement a PaymentDateonwhichthelastQuarterlyInstallmentisduetobepaid(asdeterminedin T, accordancewithparagraph(c)above)andtheQuarterlyInstallmentdueonthatReim  bursementPaymentDate,anycompensationduetobepaidonthatReimbursement  PaymentDateandanyamountpayableonthatReimbursementPaymentDatepursuant   toparagraph(ii)aboveshallbepayableonthatReimbursementPaymentDateinfull. X   Section3.2 M Compensation.(a)TheGuaranteeFundshallpaytoTheNetherlandscompen    sationinrespectoftheReimbursementAmount,(i)fortheperiodfromOctober1,2009to    theSecondPhaseStartDate,attheFirstPhaseRate,and(ii)fortheperiodfromtheSecond   PhaseStartDateonwards,attheSecondPhaseCIRR.Anysuchcompensationshallcontinue wO  toaccrue,tothefullestextentpermittedbyApplicableLaw,afteraswellasbeforeany B  bankruptcy,insolvency,reorganization,liquidation,judicialoroutofcourtreorganization    proceedings,dissolution,arrangementorwindinguporcompositionorreadjustmentofdebts   oftheGuaranteeFund.Fortheavoidanceofdoubt,nocompensationispayableinrespect {  ofanyperiodpriortoOctober1,2009. nF   (b) v Notwithstandingtheforegoing,theGuaranteeFundshallpaytoTheNetherlands  compensationonanyDefaultedAmountattheArrearsRate.Anysuchcompensationshall  becompoundedoneachPaymentDatewiththeamountinrespectofwhichithasaccrued. r   (c) v AccruedcompensationontheReimbursementAmountoranyotheramountshallbe 0 payable(i)inthecaseofcompensationaccruedtothefirstPaymentDate(compoundedwith  theamountinrespectofwhichithasaccruedoneachdatewhichwouldhavebeenaPayment  DateifthefirstPaymentDatehadbeenJanuary1,2010ratherthanJanuary1,2011),onthe i firstPaymentDate,(ii)oneachsubsequentPaymentDate,and(ii)inthecaseofany \4 prepaymentofanypartoftheReimbursementAmount(whethervoluntaryormandatory), ' onthedatesuchpartoftheReimbursementAmountissoprepaid(butsuchcompensation  shallbepayableonlytotheextentaccruedtothedateofprepaymentonthepartofthe  ReimbursementAmountsoprepaid),providedthatcompensationpayableattheArrearsRate `  onDefaultedAmountsshallalsobepayablefromtimetotimeonrequestbyTheNether S+! lands. "   (d) v CompensationaccruingontheReimbursementAmountoranyotheramountshall  $ becomputedonthebasisofayearofthreehundredandsixtyfive(365)daysandactualdays !W% elapsedoccurringintheperiodforwhichpayable. J""&   Section3.3 M OptionalPrepayments.(a)TheGuaranteeFundmayprepaytheReimburse #( mentAmountinwholeorinpart,providedthattheGuaranteeFund(orIcelandonitsbehalf) $ ) shallgiveTheNetherlandsnoticeofsuchprepaymentasprovidedinSection3.4and,upon v%N!* thedatespecifiedinsuchnotice,theamounttobeprepaidandanycompensationpayable A&"+ thereoninaccordancewithSection3.2shallbecomedueandpayableunderthisAgreement.  '", AmountsprepaidunderthisAgreementmaynotbereclaimed. '#- Ї  (b) v Atthesametimeasmakinganyoptionalprepaymentinaccordancewithparagraph ( (a)above,theGuaranteeFundshallmakeaprorataoptionalprepaymentoftheUKReim  bursementAmountthenoutstandingundertheUKDisbursement,Reimbursementand  IndemnityAgreement,suchthatthesameproportionoftheReimbursementAmountandthe a UKReimbursementAmountthenoutstandingisprepaidunderthisAgreementandunderthe T, UKDisbursement,ReimbursementandIndemnityAgreementrespectively(subjecttoany  rounding).    (c) v AnyprepaymentofanyamountoftheReimbursementAmountpursuanttoparagraph  X (a)aboveshall,subjecttoparagraph(b)ofSection3.7,reducetheReimbursementAmount K #  bytheamountoftheprepaymentandshall,ifmadeonoraftertheSecondPhaseStartDate,    beappliedproratatowardseachoftheremainingQuarterlyInstallments.      Section3.4 M CertainNotices.Anoticeofprepaymentpursuanttoparagraph(a)ofSection wO  3.3aboveshallbeeffectiveonlyifreceivedbyTheNetherlandsbeforecloseofbusiness B  (Amsterdamtime)onthedatewhichisthree(3)BusinessDaysbeforethedateofsuch    prepayment.Eachnoticeofprepaymentshallspecifytheamounttobeprepaidandthe   requestedprepaymentdate(whichshallbeaBusinessDay). {    Section3.5 M MandatoryPrepaymentsandotherpaymentsoutofGuaranteeFundEstate 9 Proceeds.(a)  0     v (i)  IftheGuaranteeFundreceivesanyGuaranteeFundEstateProceeds,itshall r withinfive(5)BusinessDayspaytoeachofTheNetherlandsandtheHMTCommission e= ersitsProRataEntitlementtothatamount(suchpayment,totheextenttobemadetoThe 0 Netherlands,tobemadeinthecurrencyrequiredunderSection3.7and,totheextentto  bemadetotheHMTCommissioners,tobemadeinthecurrencyrequiredundertheUK  Disbursement,ReimbursementandIndemnityAgreement),providedthattheGuarantee i Fundshallnotbeobligedtomakesuchpayment(i)if,totheextentandforaslongasthe \4 termsunderwhichthepaymentmadetotheGuaranteeFundandresultinginreceiptby ' theGuaranteeFundoftherelevantamountprohibitstheGuaranteeFundfromapplying  thatamounttowardsanypaymenttoanyotherPerson,or(ii)ifandtotheextentthatthe  GuaranteeFundisrequiredtopaytherelevantamounttoDNBundertheDNBAssign `  mentAgreement,ortotheFSCSundertheFSCSDeedofAssignmentortheUKSettle S+! mentAgreement." 0     v (ii)  AnyamountreceivedbyTheNetherlandsoutofGuaranteeFundEstatePro  $ ceeds(whetherpursuantto(x)paragraph(i)above,(y)paragraph2.4oftheDNBAssign !W% mentAgreement,or(z)paragraph(a)(i)(A)ofSection4.7oftheUKDisbursement, J""& ReimbursementandIndemnityAgreement)shallbeapplied:#' H? v: ? vM H0  00v  (A) :  atanytimebeforetheRecoveryPercentageislessthan86,inprepay $ ) mentoftheReimbursementAmount;orv%N!*vv   0  0v  (B) :  atanytimeaftertheRecoveryPercentageislessthan86: '",vv  '#- 0  00v0vv(1) :  first,inpaymenttoTheNetherlandsofsuchamountasisnecessaryto ( ensurethat,aftersuchapplication,theNLInterestShareReceiptsequaltheNL  InterestShareatthattime;and 0  00v  (2) :  second,inprepaymentoftheReimbursementAmount.T,vv 0     v (iii)  AnyprepaymentofanyamountoftheReimbursementAmountpursuanttothis  paragraphshall,subjecttoparagraph(b)ofSection3.7,reducetheReimbursement   Amountbytheamountoftheprepaymentandshall,ifmadeonoraftertheSecondPhase  X StartDate,beappliedproratatowardseachoftheremainingQuarterlyInstallments.K #    (b) v Ifanyofthefollowingevents(eachsucheventa MandatoryPrepaymentEvent)    occurs,thenonandatanytimeduringthecontinuationofthatMandatoryPrepaymentEvent   TheNetherlandsmaybynoticetotheGuaranteeFund,withacopytoIceland,declarethe wO  ReimbursementAmount,anycompensationaccruedthereonandallotheramountspayable B  byanyReimbursementPartyunderthisAgreementoranyotherRelevantDocumenttobe    immediatelydueandpayable,whereuponsuchamountsshallbeimmediatelydueand   payablewithoutpresentment,demand,protestorotherformalitiesofanykind,allofwhich {  areherebyexpresslywaivedbytheReimbursementParties: nF 0     v (i)  (A) : anypartoftheReimbursementAmountorcompensationoranyother  amounttobepaidbyanyReimbursementPartytoTheNetherlandsunderthisAgreement  oranyotherRelevantDocumentshallnotbepaidinfullwhendue,attheplaceandinthe r currencyinwhichitisexpressedtobepayable,unless(1)inthecaseofafailuretosopay e= anypartoftheReimbursementAmountoranycompensationpayableonaPaymentDate 0 pursuanttoSection3.1(inthecaseofanypartoftheReimbursementAmount)or  paragraph(c)(i)ofSection3.2(inthecaseofanycompensation),suchfailureisdue  solelytoadministrativeortechnicalerrorandsuchamountispaidwithinfive(5)Busi i nessDaysoftheduedateforpayment,or(2)inanyothercase,suchamountispaid \4 withintwenty(20)BusinessDaysoftheduedateforpayment,(B)anypaymentof ' ReimbursementAmountorcompensationorofanyotheramountunderthisAgreement  oranyotherRelevantDocumentpreviouslymadebyanyReimbursementPartyis  avoided,setaside,invalidatedorreduced;`  0     v (ii)  anyReimbursementPartyshalldefaultor,inthecaseofadefaultwhichis " capableofremedy,shalldefaultfornotlessthanaperiodendingtwenty(20)Business # Daysaftertheearlierof(A)thedayonwhichTheNetherlandsgivestherelevantReim  $ bursementPartynoticeofthedefault,or(B)thedayonwhichanyseniorofficerofany !W% ReimbursementPartybecomesawareorshouldreasonablyhavebecomeawareofthe J""& default,intheobservanceorperformanceofanyofitsobligationsunderthisAgreement #' oranyotherRelevantDocument(otherthanasprovidedinparagraph(i)above)(andfor #( thispurposea seniorofficershallbe,inthecaseoftheGuaranteeFund,adirectorof $ ) theGuaranteeFundand,inthecaseofIceland,aMinisterorPermanentSecretaryinthe v%N!* MinistryofFinanceortheMinistryofForeignAffairsofIceland,andtheheadsordeputy A&"+ headsofthedepartmentordepartmentswithinthegovernmentofIcelandinchargeof  '", administeringIceland'sSovereignDebt(includingitsdebtunderthisAgreement);'#- Ї0     v (iii)  anyrepresentationmadeordeemedmadebyanyReimbursementPartyinthis ( AgreementoranyotherRelevantDocumentoranydocumentdeliveredbyanyReim  bursementPartyinconnectionwithanyRelevantDocumenthasbeenorshallproveto  havebeenfalseormisleadinginanymaterialrespectasofthetimemadeordeemed a made;T, 0     v (iv)  thepaymentobligationsoftheGuaranteeFundunderthisAgreementandthe  otherRelevantDocumentsshallceasetorankatleastparipassuwiththepresentand   futureclaimsofallofitsothercreditorsorthepaymentobligationsofIcelandunderthis  X AgreementortheotherRelevantDocumentsshallceasetorankatleastparipassuwith K #  thepresentandfutureSovereignDebtofIceland,ineachcaseotherthanclaimswhichare    mandatorilypreferredbyApplicableLawinforceonthedateofthisAgreement;   0     v (v)  (A)thisAgreementoranyotherRelevantDocumentshallatanytimebe wO  suspended,revokedorterminatedorforanyreasonceasetobevalidandbindingorinfull B  forceandeffect(otherthanuponexpirationinaccordancewiththetermsthereoforasa    resultofanyactoromissionofTheNetherlandsorDNB),(B)performancebythe   relevantReimbursementPartyofanyobligationthereundershallbecomeunlawful,(C) {  anyReimbursementPartyshallsoassertinwriting,or(D)thevalidityorenforceability nF thereofshallbecontestedbyanyReimbursementParty;9 0     v (vi)  theGuaranteeFund(A)shallbedissolvedorliquidated,(B)shalladmitin  writingitsinabilityto,orbegenerallyunableto,payitsdebtsassuchdebtsbecomedue, r takingintoaccountanysupportavailabletoit,or(C)suspends(whethervoluntarilyor e= involuntarily)makingpaymentsonanyofitsdebts,ineachcaseexceptifpriortothe 0 occurrenceofsuchevent(1)itsobligationsunderthisAgreementandtheotherRelevant  DocumentshavebeenassumedbyasuccessorentityontermsapprovedbyTheNether  lands(suchapprovalnottobeunreasonablywithheldordelayed),and(2)Icelandhas i providedsuchconfirmationsandenteredintosuchdocumentsasTheNetherlandsmay \4 reasonablyrequiretoensurethatIceland'sobligationsunderthisAgreementandtheother ' RelevantDocumentscontinueinfullforceandeffectasifsuchsuccessorhadbeenaparty  tothisAgreementandtheotherRelevantDocumentsfromtheirinception; 0     v (vii)  Iceland(oranygovernmentalorministerialauthoritythereof)failstomakeany S+! paymentinrespectofanyofitsSovereignDebtonitsduedate(orwithinanyoriginally " applicablegraceperiodsetoutintheagreementconstitutingsuchSovereignDebt)orany # suchSovereignDebtbecomesdueearlierthanitsstateddateofpaymentbyreasonofan  $ eventofdefault(howeverdescribed),providedthatnoMandatoryPrepaymentEventwill !W% occurunderthisparagraph(vii)unlesstheaggregateamountofSovereignDebtinrespect J""& ofwhichanyamounthasnotbeenpaidwhendueorwhichhasbecomedueearlyexceeds #' GBP50,000,000oritsequivalentinothercurrencies;#( 0     v (viii)  (A)anyReimbursementPartyshallfailtocomplywithanyApplicableLaw v%N!* towhichitissubject,incircumstanceswheresuchfailuremighthaveaMandatory A&"+ PrepaymentRelatedMaterialAdverseEffect,or(B)anyApplicableLawatanytime  '", necessarytoenabletheGuaranteeFundorIcelandtocomplywithanyofitsobligations '#- underanyoftheRelevantDocumentsshallberevoked,withdrawn,withheldorotherwise ( notinfullforceandeffectorshallbemodifiedoramendedinamannerthat(inthe  aggregate)hashadorwouldhaveaMandatoryPrepaymentRelatedMaterialAdverse  Effect.a   (c) v NotificationofMandatoryPrepaymentEvent.IfanyReimbursementPartybecomes  awarethataMandatoryPrepaymentEventhasoccurred,itshallnotifyTheNetherlandsof  suchoccurrenceassoonaspossible,togetherwithdetailsoftheeventsorcircumstances   comprisingsuchMandatoryPrepaymentEventandofthestepsbeingtakentoremedythe  X same. K #    Section3.6  PayoutCosts.(a)TheGuaranteeFundagreestopaytoTheNetherlandsthe    amountofitsPayoutCosts,whichthePartiesagree,forallpurposesunderthisAgreement   andtheotherRelevantDocuments,tobeanamountofEUR7,000,000(sevenmillioneuro). wO    (b) v TheGuaranteeFundagreestopaytoTheNetherlandsoneachPaymentDatefalling    in2011anamountequaltotheaggregateof(i)onequarterofthePayoutCosts,and(ii)   compensationontheamountsopaid,accruedattheFirstPhaseRatefromOctober1,2009 {  untiltherelevantPaymentDate. nF   Section3.7  Payments.(a)AllpaymentsofanypartoftheReimbursementAmount,any  compensationandallotheramountstobemadebytheGuaranteeFundtoTheNetherlands  underthisAgreementandtheotherRelevantDocumentsshallbereceivedineuro,in r immediatelyavailablefunds,withoutdeduction,setofforcounterclaim,intheNLSettle e= mentAccountnotlaterthan5:00p.m.(Amsterdamtime)onthedateonwhichsuchpayment 0 isdue(andeachsuchpaymentreceivedaftersuchtimeonsuchduedatetobedeemedto  havebeenreceivedonthenextBusinessDay),providedthat:  0     v (i)  ifTheNetherlandsreceivesanamountfromDNBpursuanttoparagraph2.4 \4 oftheDNBAssignmentAgreement,TheNetherlandsshall,assoonasreasonably ' possible: 0  00v  (A) :  paytotheHMTCommissionerstheirProRataEntitlementtothat `  amounttobeappliedinaccordancewithparagraph(a)(ii)ofSection4.5oftheUK S+! Disbursement,ReimbursementandIndemnityAgreement,suchpaymenttobemade " inthecurrencyreceivedandwithoutmakinganyconversion,withanyconversion # intoSterlingtobemadebytheHMTCommissionerspursuanttotheUKDisburse  $ ment,ReimbursementandIndemnityAgreement;and!W%vv 0  00v  (B) :  ifanysuchpaymentfromDNBisreceivedinacurrencyotherthaneuro, #' converttheremainingamountofsuchpaymentintoeuroatsuchrateasTheNether #( landsmayreasonablyselectandsuchpaymentshallfromthetimeofsuchconver $ ) sionbeappliedinaccordancewithparagraph(a)(ii)ofSection3.5andtotheextent v%N!* thatitissoappliedinaccordancewithparagraph(a)(ii)(A)orparagraph(a)(ii)(B)(2) A&"+ ofSection3.5shallsatisfytheobligationtorepaytheReimbursementAmountupto  '", theeuroamountobtainedbyTheNetherlandsasaresultofsuchconversion;and'#-vv Ї0     v (ii)  ifTheNetherlandsreceivesanamountfromtheHMTCommissionerspursuant ( toparagraph(a)(i)(A)ofSection4.7oftheUKDisbursement,Reimbursementand  IndemnityAgreement,paragraph(i)(B)aboveshallapplymutatismutandis.   (b) v IftheGuaranteeFundmakesapaymenttoTheNetherlandsthatisinsufficientto T, dischargeallmaturedpaymentsthendueunderthisAgreementandtheotherRelevant  DocumentsfromtheGuaranteeFundtoTheNetherlands,thatpaymentshallbeapplied(i)  first,towardsdischarginganycostsandexpensesofTheNetherlandswhichtheGuarantee   FundisrequiredtoreimbursepursuanttothisAgreementoranyotherRelevantDocument,  X (ii)second,towardspaymentofanyaccruedcompensationwhichisduebutunpaidunder K #  thisAgreementoranyotherRelevantDocument,and(iii)third,towardspaymentofsuch    partoftheReimbursementAmountasisthendue.      (c) v IfanypaymentunderthisAgreementisstatedtobedueonadaythatisnota wO  BusinessDay,orifanyperiodbyreferencetowhichanysuchsumiscalculatedunderthis B  AgreementoranyotherRelevantDocumentwouldendonadaywhichisnotaBusiness    Day,thensuchdateorperiodshallbeextendedtothenextBusinessDayandsuchextension   oftimeshallinsuchcasebeincludedinthecomputationofpaymentofcompensation(if {  applicable),providedthat,ifsuchextensionwouldcausesuchpaymenttobemade,orsuch nF periodtoend,inthenextfollowingcalendarmonth,suchdateshallbebroughtforwardto, 9 orsuchperiodshallend,onthenextprecedingBusinessDay.    ARTICLEIV r LOSSES,ETC. e=  7  Section4.1  Losses.TheGuaranteeFundshallpaytoTheNetherlands,upontherequest  ofTheNetherlands,suchamountasshallbesufficienttocompensateitforanyloss,costor  liabilitythatisattributableto(a)theconversionofonecurrencyintoanothercurrency i pursuanttothisAgreementoranyotherRelevantDocument,(b)theoccurrenceofany \4 MandatoryPrepaymentEventoranybreachbyanyReimbursementPartyofanyofits ' obligationsunderthisAgreementoranyotherRelevantDocument,or(c)thepreservation,  perfectionorenforcementofanyright,powerorprivilegeofTheNetherlandsunderthis  AgreementoranyotherRelevantDocument,otherthan,ineachcase,any costsofarbitra `  tionwithinthemeaningofthePCARuleswhichanarbitraltribunalinarbitrationproceed S+! ingsasreferredtoinSection9.10hasdeterminedaretobebornebyTheNetherlands. "   Section4.2  Taxes.AllpaymentsofanypartoftheReimbursementAmountorcompensa  $ tionandallotheramountspayableunderthisAgreementoranyotherRelevantDocument !W% byanyReimbursementPartytoTheNetherlandsshallbemadefreeandclearofandwithout J""& reductionorliabilityfororonaccountofanyTaxes,providedthatifanyReimbursement #' PartyshallberequiredbyApplicableLawtodeductanyTaxesfromsuchpayments,thenthe #( sumpayableshallbeincreasedasnecessarysothataftermakingallrequireddeductions $ ) (includingdeductionsapplicabletoadditionalsumspayableunderthisSection4.2)The v%N!* Netherlandsreceivesanamountequaltothesumitwouldhavereceivedhadnosuch A&"+ deductionsbeenmade.  '",  '#-   Section4.3  Fullandfinalsettlement(a)TheNetherlandsshallnothave(andtothe ( extentthatabsentthisSection4.3itwouldhave,itirrevocablyrenounces)anyclaimagainst  anyReimbursementPartyinrelationtothepaymentofcompensationbyDNBinrespectof  theclaimsofLandsbankiAmsterdamDepositorsasreferredtointheRecitals,otherthanthe a claimsofTheNetherlandsunderthisAgreementandtheotherRelevantDocuments. T,   (b) v NoReimbursementPartyshallmake(andtotheextentthatabsentthisparagraph(b)  itwouldhave,itirrevocablyrenounces)anyclaim,orinitiateanyproceedings,including   indemnificationproceedingsagainstTheNetherlandsorDNBinrelationto(i)thepayment  X ofcompensationbyDNBinrespectofclaimsofLandsbankiAmsterdamDepositorsas K #  referredtointheRecitals(includinganyrejectionsofsuchclaims),or(ii)anyclaimofa    LandsbankiAmsterdamDepositorinrespectofwhichcompensationwasnotpaidbyDNB    (forwhateverreason).DNBhasthebenefitofandmayenforcetheprovisionsofthe   precedingsentence. wO     ARTICLEV    INDEMNITY   S   Section5.1  Representation,warrantyandindemnity.Forgoodandvaluableconsider nF ation,thereceiptandsufficiencyofwhichareherebyacknowledged,Icelandhereby: 9   (a) v irrevocablyandunconditionallyrepresents,warrantsandundertakestoTheNether  landsthattheGuaranteeFundwillensurethefullandpunctualpaymentandperformance r (whetheratstatedmaturity,uponaccelerationorotherwise)ofallitsobligationsunderthis e= AgreementandtheotherRelevantDocumentsandthusensurethattherewillatnotimebe 0 anyShortfallAmount;    (b) v undertakestoTheNetherlandsthat,wheneverthereisanyShortfallAmount,itwill, i ondemand,paythatShortfallAmounttoTheNetherlandsasifitweretheprincipalobligor; \4 and '   (c) v undertakestoindemnifyTheNetherlands,ondemand,againstanycost,lossor  liabilitysufferedbyTheNetherlandsif(a)anyShortfallAmountarises,or(b)anyobligation `  oftheGuaranteeFundunderthisAgreementoranyotherRelevantDocumentisorbecomes S+! illegal,notbinding,invalidorunenforceable.Theamountofthecost,lossorliabilitywill " beequaltotheamountwhichTheNetherlandswouldotherwisehavebeenentitledto # recover.  $   Section5.2  ObligationsUnconditional.TheobligationsofIcelandunderthisArticleV J""& shallbeunconditionalandabsoluteand,withoutlimitingthegeneralityoftheforegoing, #' shallnotbereleased,dischargedorotherwiseaffectedby: #(   (a) v anyextension,renewal,settlement,compromise,waiverorreleaseinrespectofany v%N!* obligation(s)ofanyReimbursementPartyunderthisAgreementortheotherRelevant A&"+  Documents,byoperationoflaworotherwise(otherthanwithrespecttoanysuchextension,  '", renewal,settlement,&   compromise,waiverorreleaseagreedinaccordancewiththeterms ( hereunderasexpresslyapplyingtotheobligationsofIcelandhereunder);'(    (b) v anymodification,novation,extension,restatementoforsupplementtothisAgree a mentoranyotherRelevantDocument(otherthanwithrespecttoanymodification,novation, T, extension,restatement,amendmentoforsupplementagreedinaccordancewiththeterms  hereofasexpresslyapplyingtotheobligationsofIcelandunderthisArticleV);    (c) v anyrelease,impairment,nonperfectionorinvalidityofanyLiensecuringany  X Shortfall; K #    (d) v anychangeinthecorporateexistence,structureorownershipoftheGuaranteeFund    oranyotherPerson,oranyinsolvency,reorganisationorsimilarproceedingsinrespectof   Landsbanki,theGuaranteeFundoranyotherPerson; wO    (e) v theexistenceofanyclaim,setofforotherrightsthatTheNetherlandsmayhaveat    anytimeagainsttheGuaranteeFundoranyotherPerson,whetherinconnectionherewith   orwithanyunrelatedtransactions; {    (f) v anyinvalidityorunenforceabilityrelatingtooragainstanyReimbursementPartyfor 9 anyreasonofthisAgreementoranyotherRelevantDocument,oranyprovisionofApplica  bleLawpurportingtoprohibittheperformancebyanyReimbursementPartyofanyofits  obligationsunderthisAgreementoranyotherRelevantDocument(otherthananysuch r invalidityorunenforceabilitywithrespectsolelytotheobligationsofIcelandunderthis e= ArticleV); 0   (g) v anyotheractoromissiontoactordelayofanykindbyanyReimbursementParty  oranyotherPersonoranyothercircumstancewhatsoeverthatmight,butfortheprovisions i ofthisSection5.2,constitutealegalorequitabledischargeoftheobligationsofanyReim \4 bursementPartyunderthisAgreementoranyotherRelevantDocument. '   Section5.3  DischargeOnlyuponPaymentinFull;ReinstatementInCertainCircum  stances.TheobligationsofIcelandunderthisArticleVconstitutecontinuingobligations `  whichwillextendtotheultimatebalanceofanyShortfallAmount,regardlessofany S+! intermediatepaymentordischarge,whetherinwholeorinpart,andshallremaininfullforce " andeffectuntilallShortfallAmountsshallhavebeenpaidorotherwiseperformedinfulland # nootherShortfallAmountcanarise.IfatanytimeanypaymentmadeunderthisAgreement  $ oranyotherRelevantDocumentisrescindedormustotherwiseberestoredorreturnedupon !W% theinsolvency,bankruptcy,reorganizationorsimilareventoftheGuaranteeFundorany J""& otherPersonorotherwise,thentheobligationsofIcelandhereunderwithrespecttosuch #' paymentshallbereinstatedatsuchtimeasthoughsuchpaymenthadbeenduebutnotmade #( atsuchtime. $ )   Section5.4  Waiver.Icelandherebyirrevocablyandunconditionallywaives,tothefullest A&"+ extentpermittedbyApplicableLaw,(a)noticeofacceptanceofthisAgreementandnotice  '", ofanyliabilitytowhichthisAgreementmayapply,(b)allnoticesthatmayberequiredby '#- ApplicableLaworotherwisetopreserveintactanyrightsofTheNetherlandsagainstthe ( GuaranteeFund,includinganydemand,presentment,protest,proofofnoticeofnon  payment,noticeofanyfailureonthepartoftheGuaranteeFundtoperformandcomplywith  anycovenant,agreement,term,conditionorprovisionofanyagreementandanyothernotice a toanyotherPersonthatmaybeliableinrespectoftheobligationsoftheGuaranteeFund T, exceptanyoftheforegoingasmaybeexpresslyrequiredhereunder,(c)anyrighttothe  enforcement,assertionorexercisebyTheNetherlandsofanyright,power,privilegeor  remedyconferreduponitunderthisAgreement,anyotherRelevantDocumentorotherwise,   and(d)anyrequirementthattheNetherlandsexhaustanyright,power,privilegeorremedy,  X ormitigateanydamagesresultingfromadefault,underthisAgreementoranyotherRele K #  vantDocument.ThiswaiverappliesirrespectiveofanyApplicableLaworanyprovisionof    thisAgreementoranyotherRelevantDocumenttothecontrary.      Section5.5  Subrogation.Icelandshallnotenforceanypaymentbywayofsubrogation, wO  indemnity,contributionorotherwise,orexerciseanyotherright,(orotherwisebenefitfrom B  anypaymentorothertransferarisingfromanysuchright)whichitmayhaveagainstthe    GuaranteeFundbyreasonoftheperformancebyitofitsobligationsunderthisAgreement   oranyotherRelevantDocumentsolongasanyobligationsunderthisAgreementorany {  otherRelevantDocumentremainunpaidorunsatisfied(and,ifIcelandreceivesanypayment nF ordistributioninrelationtosuchrights,itwillpromptlyturnsuchpaymentordistribution 9 overtoTheNetherlands).    Section5.6  Additionalsecurity.Therepresentation,warranty,undertakingandindemnity r setoutinthisArticleVisinadditiontoandisnotinanywayprejudicedbyanyother e= representation,warranty,indemnity,securityorotherdocumentorinstrumentnowor 0 subsequentlyheldbyTheNetherlandsoranyotherPerson.    ARTICLEVI i CONDITIONSPRECEDENT \4    Section6.1  ConditionsPrecedent.TheeffectivenessofthisAgreementissubjecttothe  conditionsprecedentthat:    (a) v TheNetherlandsshallhavereceivedthefollowingdocuments,eachofwhichshall S+! beinformandsubstancesatisfactorytoTheNetherlands: " 0     v (i)  Confirmationre.UKDisbursement,ReimbursementandIndemnityAgreement.  $ ConfirmationfromtheHMTCommissionersthatallconditionsprecedenttobesatisfied !W% inorderfortheUKDisbursement,ReimbursementandIndemnityAgreementtobecome J""& effective(otherthanreceiptofconfirmationfromTheNetherlandsthatallconditions #' precedenttobesatisfiedinorderforthisAgreementtobecomeeffective)havebeen #( satisfied;$ ) 0     v (ii)  AuthorisingAct.AcopyofanActfromIceland,whichhascomeintoforceand A&"+ isnot,ornolonger,capableofbeingrevokedoravoidedbyanyreferendumandwhich  '", providesfortheunconditionalandunreservedauthorizationoftheindemnitysetoutin '#- ArticleVandforanyotherauthorizationnecessarytoensurethattheobligationsofthe ( ReimbursementPartiesunderthisAgreementandtheotherRelevantDocumentsarelegal,  valid,bindingandenforceable,togetherwithacertifiedtranslationthereofintoEnglish; 0     v (iii)  Otherauthorizations.AcopyofanexemptiongrantedbytheCentralBankof T, Iceland(SeWlabanki0slands)totheGuaranteeFundunderRules370/2010onForeign  ExchangeinrespectoftheGuaranteeFund'sexecutionandperformanceofthisAgree  mentandtheotherRelevantDocuments,togetherwithacertifiedtranslationthereofinto   English;and X 0     v (iv)  OpinionsofCounsel.AnopinionofLex,legaladviserstotheGuaranteeFund    astothelawsofIcelandandanopinionoftheStateAttorneyofIceland(RkislgmaWur)    inrespectof,interalia,thecapacityanddueauthorizationof,andvalidexecutionofthis   AgreementandeachotherRelevantDocumentby,eachoftheReimbursementParties; wO  andB    (b) v theGuaranteeFundandDNBshallhaveenteredintotheDNBAssignmentAgree   mentandtheDNBPariPassuAgreement. {    Section6.2  DNBAssignmentAgreementandDNBPariPassuAgreement.(a)TheDNB 9 AssignmentAgreementshallprovidethat:  0     v (i)  DNBshallassigntotheGuaranteeFund,inconsiderationoftheGuarantee r Fund'sundertakingtoreimburseTheNetherlandsassetoutinSection2.1,theclaims(or e= partsthereof)oftheLandsbankiAmsterdamDepositorsagainstLandsbankiassignedto 0 DNBinconnectionwithitspaymentofcompensationinrespectofthoseclaims,allas  detailedintheDNBAssignmentAgreement; 0     v (ii)  DNBagreesthatitshallnothave(andtotheextentthatabsentsuchagreement \4 itwouldhave,itirrevocablyrenounces)anyclaimagainsttheGuaranteeFundorIceland ' inrelationtothepaymentofcompensationbyDNBinrespectoftheclaimsofLands  bankiAmsterdamDepositorsasreferredtointheRecitalsandthatbothReimbursement  PartiesshallhavethebenefitofandmayenforcethisagreementbyDNB;`  0     v (iii)  itshallbegovernedby,andconstruedinaccordancewith,thelawsofThe " NetherlandsandthelawsofIcelandassetoutinit;and# 0     v (iv)  itwilltakeeffectsimultaneouslywiththisAgreement.!W%   (b) v TheDNBPariPassuAgreementshallprovidethat: #' 0     v (i)  totheextentthat,followingtheassignmentreferredtoinparagraph(a)above, $ ) DNBretainsanypartofanyclaim(duetothefactthatsuchclaimexceedstheamount v%N!* assignedtotheGuaranteeFund),thenthepartoftheclaimwhichhasbeenassignedtothe A&"+ GuaranteeFundshall,tothefullestextentpermittedbyApplicableLaw,rankparipassu  '", inallrespectswiththepartofthatclaimretainedbyDNB;'#- Ї0     v (ii)  intheeventthat,foranyreasonwhatsoever(includinganypreferentialstatus ( accordedtotheGuaranteeFundunderanyApplicableLawofIceland),followingthe  assignmentofapartofanygivenclaimtotheGuaranteeFund,eithertheGuaranteeFund  orDNBexperiencesagreaterproratalevelofrecoveryinrespectofsuchclaim,thanthat a experiencedbytheother,theGuaranteeFundorDNB(asappropriate)shall,assoonas T, practicable,unlessparagraph(iii)belowapplies,makesuchbalancingpaymenttoDNB  ortheGuaranteeFund,asthecasemaybe,asisnecessarytoensurethateachofthe  GuaranteeFund'sandDNB'sproratalevelofrecoveryinrespectofsuchclaimisthe   sameastheother's; X 0     v (iii)  if(A)acourtofIcelandgivesafinalandnonappealableorderorjudgment    which(I)determinesthatallorpartofanyclaimassignedtotheGuaranteeFund,orthe    rightsretainedbyDNB,asthecasemaybe,shallbeentitledtoreceivedistributionsinthe   Landsbankiestateonapreferentialbasisrelativetootherclaimsoriginatingfromthe wO  samedeposits,and(II)isnotinconflictwithanadvisoryopinionobtainedfromtheCourt B  oftheEuropeanFreeTradeAreaonthatpreferentialstatus,or(B)theWindingupBoard    ofLandsbankideterminesthatallorpartofanyclaimassignedtotheGuaranteeFund,or   therightsretainedbyDNB,asthecasemaybe,shallbeentitledtoreceivedistributions {  intheLandsbankiestateonapreferentialbasisrelativetotheotherclaimsoriginating nF fromthesamedepositsbutsuchrulingisnotchallengedinacourtofIcelandbyany 9 depositororcreditorandsuchfailuretochallengeisnottheresultofachangeofApplica  bleLawmadeaftertheCommencementDatewhichrenderssuchachallengemore  difficultorimpossible,then,unlessthatpreferentialstatusresultsfromanyrevocation, r withdrawal,withholdingorotherceasingtobeinfullforceandeffect,oranymodifica e= tionoramendmentofanyApplicableLaweffectedormadeaftertheCommencement 0 Date,theobligationdescribedinparagraph(ii)abovefortheGuaranteeFundorDNB,as  thecasemaybe,tomakebalancingpaymentsshallnotapply; 0     v (iv)  itshallbegovernedby,andconstruedinaccordancewith,thelawsofEngland; \4 and' 0     v (v)  itwilltakeeffectsimultaneouslywiththisAgreement.   Section6.3  SatisfactionofConditionsPrecedent.IftheactionsreferredtoinSection6.1 S+! havenotbeencompletedbyDecember31,2010: "   (a) v ifthenoncompletionconsistsofDNBnothavingexecutedanddeliveredtothe  $ GuaranteeFundtheDNBAssignmentAgreementandtheDNBPariPassuAgreement,the !W% ReimbursementPartiesmay,bynoticetoTheNetherlands,terminatethisAgreement;and J""&   (b) v ifthenoncompletionconsistsofanyotheractionreferredtoinSection6.1,The #( NetherlandsmaybynoticetotheGuaranteeFund,withacopytoIceland,terminatethis $ ) Agreement, v%N!* whereupon,ineachcase,thisAgreementshallceasetohaveanyeffect.  '",  '#-   Section6.4  TerminationofLoanAgreementandAcceptanceandAmendmentAgreement. ( OnthedateonwhichthisAgreementbecomeseffective,theLoanAgreementandthe  AcceptanceandAmendmentAgreementshallterminate,ifnotpreviouslyterminated.    ARTICLEVII T, REPRESENTATIONSANDWARRANTIES   s9  Section7.1  GuaranteeFundrepresentations.TheGuaranteeFundrepresentsand   warrantstoTheNetherlandsasofthedateofthisAgreementasfollows:  X   (a) v TheGuaranteeFundis(a)aprivatefoundation,dulyorganized,validlyexistingand,    totheextentapplicableunderthelawsofIceland,ingoodstandingunderthelawsofIceland,    and(b)hasallrequisitecorporatepowernecessarytoownitsassetsandcarryonitsbusiness   asnowbeingconducted. wO    (b) v ThisAgreementandeachotherRelevantDocumenttowhichitisapartyhavebeen    dulyexecutedanddeliveredbyit,andconstitutelegal,validandbindingobligationsofit,   enforceableagainstitinaccordancewiththeirterms,ineachcaseexceptasmaybelimited {  byequitableprinciplesofgeneralapplicabilitywhicharespecificallyreferredtointhe nF relevantlegalopinionreferredtoinparagraph(a)(iv)ofSection6.1. 9   Section7.2  ReimbursementPartyrepresentations.EachReimbursementPartyrepresents  andwarrantstoTheNetherlandsasofthedateofthisAgreementthattheexemptiongranted r bytheCentralBankofIceland(SeWlabanki0slands)totheGuaranteeFundunderRules e= 370/2010onForeignExchangeinrespectoftheGuaranteeFund'sexecutionandperfor 0 manceofthisAgreementandtheotherRelevantDocumentsreferredtoinparagraph(a)(iii)  ofSection6.1isunconditional,irrevocableandinfullforceandeffectandtherearenoother  authorizations,licenses,consentsorotherapprovalsoractionsrequiredfromanyIcelandic i GovernmentalAuthorityinconnectionwiththeexecutionorperformanceofthisAgreement \4 ortheotherRelevantDocumentsortoensurethattheobligationsoftheReimbursement ' PartiesunderthisAgreementandtheotherRelevantDocumentsarelegal,valid,bindingand  enforceable.    ARTICLEVIII S+! COVENANTS "  4'*"  >Skilgreiningar 0&+ 01.gr. 9/!," 91.gr. >4'-"  >Lnalna 0&. 02.gr. 9/!/" 9x >4'0"  >EndurgreiWslao.fl. 0&xP1 03.gr. 9/!xP2" 92.gr. >4'xP3"  >FyrirkomulagendurgreiWslu, C4 vaxtaogumsUslukostnaWar 0&5 04.gr. 9/!7" 93.gr. >4'9"  >Tapo.fl. 0&: 05.gr. 9/!;" 94.gr. >4'<"  >SkaWleysi 0&|= 06.gr. 9/!|>" 95.gr. >4'|?"  >GildistkuskilyrWi 0&oG@ 07.gr. 9/!oGA" 96.gr. >4'oGB"  >SrstakaryfirlUsingar 0&: C 08.gr. 9/!: D" 97.gr. >4': E"  >Srstakarskuldbindingar 0&!F 09.gr. 9/!!G" 98.gr. >4'!H"  >nnurkvWi 0&!I 010.gr. 9/!!J" 99.gr.7-+!K"  7 1.gr.Skilgreiningar!Definitions f#>L    0YessarigreineruskUrWogskilgreindUmishugtksemnotuWerutextasamningsins. 1$ M  Skilgreiningarnarerusettarframtveimurhlutum.AnnarsvegareruUmissrgreindhugtk $ N skUrWsrstkuyfirliti(ScheduleI)&   semfylgirsamningunum.Hinsvegarergreininnisjlfri ( skilgreinthvaWUmisalmennhugtkenskumlieigaaWmerkjatextasamningsins.'(    2.gr.Lnalna(samningnumviWBretlandeingngu) a    MeWYvaWbreskstj;rnvldhafaekkigertuppallarkrfurumlgmarkstrygginguinn T, stWnaIcesavereikningumBretlandiergertrWfyriraWtryggingarsj;WurinngetidregiW  lnalnusemkomiWerskv.2.gr.tilaWgreiWaYr.   3.gr./2.gr.EndurgreiWslan!Reimbursement  X    0YessarigreinerkveWiWumandlagsamninganna,Y.e.aWendurgreiWastj;rnvldum K #  BretlandiogHollandiYannkostnaWsemYauhafaorWiWfyrirviWfjrmgnunogumsUslu    greiWsluinnstWutryggingartilinnstWueigendatibumLandsbankansYar.EndurgreiWslu    fjrhWinertilvikiHollands1.322.242.850evrurogtilBretlandsaWhmarki2.350.000.000   pund.FjrhWingeturlkkaWeftirYvsemnnarerkveWiWumsamningunum. wO   4.gr./3.gr.AfborganirafendurgreiWslufjrhWinniogkostnaWiviWfjrmgnunhennar    !PaymentsofReimbursement,CompensationandPayoutCosts      0YessukvWierfjallaWumtilhgunendurgreiWsluhfuWst;lsannarsvegar(4.1./3.1.)og {  hinsvegarYesskostnaWar(vaxta)semfallisteraWgreiWaBretumogHollendingumfyrir nF aWhafafjrmagnaWgreiWslulgmarkstryggingarinnartilinnstWueigendaBretlandiog 9 Hollandi(4.2./3.2.).    TilaWtryggjaaWendurgreiWslanverWiekkiofYungbrhefurveriWsamiWumtvennskonar  fyrirvarahenni.AnnarsvegarmhmarkrlegrarendurgreiWsluekkifarayfir5%af r heildartekjumrkisinsnstliWiWreWa1,3%afvergrilandsframleiWslusamatmabili,eftir e= Yvhvortalanerhrri.HinsvegarertryggtaWeittrbtistviWendurgreiWslutmannfyrir 0 hverja10ma.kr.semeftirstWvarnar,semstandaYarfskilmiWaWviWlokjn2016,kunna  aWfarayfir45ma.kr.,enYrskuluannarsgreiddaruppeinuri.Xessirfyrirvararbirtast  b-ogdliWumhluta4.1./3.1. i  Hluti4.1./3.1.TilhgunendurgreiWslu[eftirstWvaendurgreiWslufjrhWarinnar]! ' PaymentoftheReimbursement     XessihlutifjallarumtilhgunendurgreiWslueftirstWvaendurgreiWslufjrhWarinnareins  oghnstendur1.jl2016(e.SecondPhaseStartDate).(aliWur) `    MeWfyrirvaraumhmarkrlegrarendurgreiWsluskv.dliWtekstTIFhenduraWgreiWa S+! eftirstWvarnarrsfj;rWungslegaeftirtldumgjalddgum:1.janar,1.aprl,1.jlog1. " september.(bliWur) #   SamkvmtcliWerfjldigjalddagaogfjrhWafborganakveWinsemhrsegir:  $ (i)0  0EffjrhWeftirstWvanna30.jn2016er45ma.kr.eWalgri,skalhngreiddframan !W% greindumfj;rumgjalddgumogskiptistjafntmilliYeirra.J""& (ii)0  EffjrhWeftirstWvanna30.jn2016erhrrien45ma.kr.,btastviWfj;rirgjald #' dagar(1r)fyrirhverja10ma.kr.semeftirstWvarnarfarayfir45ma.kr.X;getaYeir #( aldreiorWiWfleirien118eWa30r.FjrhWeftirstWvannaskiptistjafntniWurYann $ ) fjldagjalddagasemYannigerkveWinn.v%N!*   SamkvmtdliW(i)getaafborganirogvaxtagreiWslurskv.bogcliWY;aWhmarkialdrei A&"+ numiWhrrifjrhWensemnemur5%afheildartekjumrkissj;WsnstliWnurieWa1,3%  '", afvergrilandsframleiWslusamatmabilieftirYvhvorfjrhWinerhrri.Lkkiafborgun '#- samkvmtYessuleggstsfjrhWviWnstuafborgunskv.dliW(ii)ogsafnarvxtumYar ( tilhnergreidd.Xakskv.dliW(i)Y;einnigviWumallarsWariafborganir,nemahinasW  ustu.SamkvmtdliW(iii)erlleftirstandandifjrhWmeWvxtumkrfsWastagjalddaga  skv.cliWhluta3.1. a  Hluti4.2./3.2.Vextir!Compensation     0YessumhlutaerfjallaWumYvextisemtryggingarsj;WurinngreiWiraffjrmgnun  endurgreiWslufjrhWarinnar.SamkvmtaliWeruvaxtatmabilintv.Annarsvegarfr1.   okt;ber2009til1.jl2016semsvarartil3%rigagnvartHollandiog3,3%rigagnvart  X BretlandioghinsvegarfrYeimdegiogYartilfjrhWineraWfullugreiddCIRRvxtum, K #  enYeirerumishireftirYvhversulngumtmaeftirstWvarnarverWagreiddar.TilaWtaka    afallanvafaeraliWskUrttekiWframaWengirvextirverWagreiddirfyrirtmabiliWframaW    1.okt;ber2009.     Vextirnireruskv.cliWkrfirsmugjalddgumogafborganirafendurgreiWslufjrhW wO  inni,enverWidrtturgreiWslumleggsthana0,3%lagfyrravaxtatmabilinuog0,5% B  hinusWaraYartilgreiWslanhefurveriWinntafhendi,skv.bliW.     Hluti4.3./3.3.Valfrjlsinnborgun!OptionalPrepayments {     Tryggingarsj;Wnumerskv.aliWheimiltaWgreiWainnendurgreiWslufjrhWinahvenr nF semergildistmasamningsinsmeWtilkynninguYarumsamrmiviWkvWisamningsins. 9 SlkarendurgreiWslureru;afturkrfar.    NUtisj;WurinnYessaheimildberhonumskv.bliWskyldatilaWgreiWasamsvarandifjr  hW(hlutfallslega)tilbeggjasamningsaWila,Y.e.bWitilBretlandsogHollands. r   FyrirframgreiWslurskuluskv.cliWrennatilaWgreiWaniWurhfuWst;lendurgreiWslu e= fjrhWarinnar.EfYrkomatileftir1.jl2016skuluYrdreifastjafnttilaWgreiWaniWur 0 allareftirstandandiafborganir.    0llumtilfellumeruYessarsrstkuendurgreiWslurtryggingarsj;Wiog/eWaslenskarkinu  aWkostnaWarlausu.XannigerhgtaWgreiWalniWupphvenrsemerefhagstWarifjr i mgnunfst. \4  Hluti4.4./3.4.Tilkynningar!CertainNotices     Tilkynnaberbreskumoghollenskumstj;rnvldumumvalkvWafyrirframgreiWsluskv.  hluta3.3.fyrirlokvinnudagsYremurvirkumdgumWurengreiWslanaWfarafram.Tiltaka `  skalfjrhWfyrirframgreiWslunnaroghvaWadaghnferfram. S+!  Hluti4.5./3.5.SkyldubundininnborgunmeWfjrmunumrhlutdeildTryggingarsj;Ws # innstWueigendaogfjrfesta!MandatoryPrepaymentandotherpaymentsoutof  $ GuaranteeFundEstateProceeds !W%    XessihlutikveWurumtilhgunendurgreiWslnarbiLandsbankans.SamkvmtaliW J""& (i)YessakvWisskuldbindurtryggingarsj;WurinnsigtilYessaWltaallargreiWslurrbi #' bankanssemvarWainnstWutryggingarnarrennatillkkunarendurgreiWslufjrhWarinnar #( innanfimmvirkradagafrm;ttkuYeirra.GreiWslurnarskulurennahlutfallslegatilBret $ ) landsogHollandssamkvmtfyrirkomulagisemertlistaWnnarkvWinu.GreiWslursem v%N!* berasteftir1.jl2016skulugangatiljafnrarlkkunarallraeftirstandandiafborgana. A&"+    TvrundanYgurerufrYessarigreiWsluskyldu:  '", ! ! ikmo(}x0_ikmo"i(m"  i(mC  2}!3  Ԉ0    &   EfgreiWslatiltryggingarsj;WsinsrYrotabinuerhWYvskilyrWiaWhnsekkigreidd ( tilYriWjaaWila(svolengisemslktskilyrWierfyrirhendi).'(D i(mC C ݌ Ќ  "i(m"  i(mVE  2}!3  Ԉ0    Eftryggingarsj;WnumberskyldatilYessaWgreiWaviWkomandifjrhWannaWhvorttil  breskraeWahollenskrastj;rnvaldasamkvmtframsalssamningiviWhvorYeirraumsig.i(mVE E ݌a Ќ    0aliW(ii)eraWfinnasrkvWiumskiptingufallinnavaxtakrfurTIFfrokt;ber T, 2008til22.aprl2009.EfthlutunuppkrfurTIFnemurhrrahlutfallien86%munu  aWilarskiptameWsrYeimfjrmunumsemYannigerutilkomnir.0meginatriWumerYar  kveWiWumaWefendurheimturnema87%YfiviWsemjendurTIF5%afandvirWivaxta   krafnanna,Yegarendurheimturnema88%btastnnur5%viWogsvokollafkollialltYar  X tilumfullarendurheimtureraWrWaenYergertrWfyriraWviWsemjendurnirhafifengiW K #  vextinaaWfullugreidda.VerWiendurheimtur86%eWaminnifellurYessiskuldbindingniWur.      0bliWkvWisinserutilgreindYautilviksemheimilaBretlandiogHollandiaWgjaldfella    nfrekarifyrirvaraallaendurgreiWslufjrhWina,unnavextiogaWrargreiWsluskuldbind   ingarsamkvmtsamningunum.TilvikinsemleittgetatiluppgreiWsluskylduerueftirtalin: wO  H? vb:  fxv<( H(i)0  a)EfgreiWslurfaraekkiframYeimtma,staWoggjaldmiWlisemsamningarnirgera B  rWfyrir.FresturtilaWbeitaYessurrWieru5dagarfrYvvanefndsrstaW,ef    stWurhennarerutknilegseWlis,en20dagarefvanefndstafarafWrumorskum.  0  b)EfannanhtterkomisthjgreiWslum,Yr;giltareWalkkaWar.{  (ii)0  EfvanskilhafaorWiW.EfhgterbtarYeimmY;fyrstgrpatilYeirrarrWasem nF bliWurgreinirYegarvanskilhafavaraWmeiraen20dagafrYvaWBretlandeWaHol 9 landtilkynnirumvanefndeWatryggingarsj;WnumeWatilteknumfulltrumslenskra  stj;rnvaldavarkunnugtumhanaeWamttveraYaW. (iii)0  EfyfirlUsingarsemtryggingarsj;WurinneWastj;rnvldhafagefiWeWaerutalinhafa r gefiWsambandiviWsamninganareynastrangareWavillandiYegaryfirlUsinginvar e= gefineWaertalinhafaveriWgefin.0 (iv)0  EfkrfursamkvmtsamningunumhttaaWnj;taa.m.k.smurtthWarogaWrarkrf  ursemerutileWakunnaaWstofnasthendurtryggingarsj;WnumeWastj;rnvldum,aW  undanYegnumkrfumsemerurtthrrisamkvmtYeimlgumsemYegarerugildi i viWundirritunsamningsins.\4 (v)0  EfeinhverjumkvWumsamningannaerfrestaW,Yaueru;gilteWarifteWaefeinhver ' kvWihttaaWteljastgildiogskuldbindandifyriraWilana.Einnigefeinhverskuld  bindingtryggingarsj;WsinseWastj;rnvaldareynist;lgleg. (vi)0  Eftryggingarsj;WurinnerleysturuppeWahanngeturekkigreittskuldirsnarYegarYr `  fallagjalddaga,aWteknutillititilallramgulegrarrWa,eWahttiraWgreiWaYr S+! vegnafyrirsjanlegrafjrhagserfiWleika.XettaY;ekkiviWefannaraWilihefurtekiW " yfirskuldbindingarsj;WsinsWurentilslkskemurmeWskilmlumsemBretlandeWa # Hollandfallastog0slandhefurstaWfestaWYaWstandiaWfulluviWallarskuldbindingar  $ snarsamkvmtsamningunum.!W% (vii)0  Vanefnistj;rnvldgreiWsluannarrarskuldaraWfjrhWyfir 50.000.000eWajafngildi J""& YeirrarupphWarWrumgjaldmiWlum.#' (viii)0  a)Faritryggingarsj;WurinneWastj;rnvldekkiaWlgumeWareglummeWYeim #( afleiWingumaWgetaYeirratilaWuppfyllaskyldursnarsamkvmtsamkomulaginu $ ) skerWistverulega.b)Einnigefeinhverlgsemgeratryggingarsj;WnumeWa0slandi v%N!* kleiftaWstandaviWskuldbindingarsnareruafturklluWeWafallargildi,eWagerWar A&"+ verWaYeimbreytingarsemhafaveruleganeikvWhrifgetu0slandseWatryggingar  '", sj;WsinstilaWgreiWasamkvmtsamkomulaginueWauppfyllaaWrarskyldursnar.'#- L fxv<( ? vb: K L  SamkvmtcliWYessahlutaskulutryggingarsj;Wurinnogstj;rnvldtilkynnaBretlandi ( ogHollandieinsflj;ttoghgterefYauverWaYessskynjaaWeitthvertframangreindratil  vikaskv.bliWeigiviWoggeragreinfyrirtilhvaWarWstafanahafiveriWgripiWtilaWbta  rvanefndinni. a  Hluti4.6./3.6.UmsUslukostnaWur!PayoutCosts     0YessumhlutaerfjallaWumYannkostnaWsemfallisthefurveriWaWgreiWabreskumog  hollenskumstj;rnvldumfyrirumsUslumeWkrfurinnstWueigendaLandsbankans.0tilviki   Hollandsnemurhann7millj;numevraogtilvikiBretlands10millj;numpunda.0sWara  X tilvikinuerfjrhWintilgreindframsalssamningnumviWbreskatryggingarsj;Winn(FSCS). K #   Hluti4.7./3.7.GreiWslur!Payments       SamkvmtYessukvWiskuluafborganirafendurgreiWslufjrhWinni,vaxtagreiWslurog   hverskynsgreiWsluraWrarverabreskumpundumsamkvmtbreskasamningnumogevrum wO  samkvmthollenskasamningnum.AllargreiWslurskulufaraframnfrdrttar,skattlagning B  arogskuldajfnunarafnokkrutagi.      ReynisteinhvergreiWsla;fullngjandi(lgriensamningurinnkveWurum)rennurhn   fyrsttilgreiWslukostnaWarogannarratgjaldasemtryggingarsj;WurinneWastj;rnvldeiga {  aWberasamkvmtkvWumsamningsins,sWanuppfallnavextiogloksinnhfuWst;l nF inn. 9  5.gr./4.gr.Tapo.fl.!Lossesetc.     Samkvmt1.mgr.YessakvWisskaltryggingarsj;Wurinnbtabreskumoghollenskum r stj;rnvldumallanYannkostnaWsemYaukunnaaWverWafyrira)viWaWumreiknagreiWslur e= annangjaldmiWil,b)vegnaatvikasemleittgetatilgjaldfellingarallrarendurgreiWslu 0 fjrhWarinnar(skv.4.5./3.5)eWac)viWaWframfylgjaoggtarttindasinnasamkvmt  samningunum,annanenYannsemAlYj;WagerWard;mst;llinnkannaWmlafyrirumaWskuli  borinnafBretumeWaHollendingum. i   Skv.2.mgr.skuluallargreiWslursamkvmtsamningunumveragerWarnnokkursfr \4 drttareWabyrgWarvegnaskatta,engeriviWeigandilggjfrWfyrirgreiWsluskattaaf ' greiWslummunuYrverWahkkaWarsemsamsvararslkumupphWumYannigaWbreskog  hollenskstj;rnvldverWiskaWlausafslku.    SamningarnirfelasrfulltuppgjrmillisamningsaWilaskv.3.mgr.Bretlandog `  HollandeigaYvekkikrfufrekarigreiWslumafhlfutryggingarsj;Wsinsogstj;rnvalda S+! vegnauppgjrsinnstWumYarlendumtibumLandsbankansenkveWiWerumsamn " ingunum.Jafnframtmunutryggingarsj;WurinnogslenskarkiWekkigerakrfureWahefja # mlaferligegnBretlandiogHollandieWaYarlendumtryggingarsj;Wumvegna(i)tgreiWslna  $ tilinnstWueigendaeWa(ii)krafnainnstWueigendasemtryggingarsj;Wirnirfallastekkiog !W% hafaYvekkigreitt. J""&   #(  6.gr./5.gr.SkaWleysi!Indemnity  (  Hluti6.1./5.1.!SrstakaryfirlUsingarogskaWleysi!Representation,warrantyand  indemnity a    SamkvmtaliWbyrgjaststj;rnvldaWtryggingarsj;Wurinnstandiskilvslegaskil T, llumgreiWslum,uppfylliallarskuldbindingarsamkvmtendurgreiWslusamningumogsj  tilYessaWekkertvantiYarupp,Y.e.a.s.aWeftirstWvar(e.shortfall)verWiengar.    SamkvmtbliWbyrgjaststj;rnvldaWgreiWaeftirstWvarnar,verWiYreinhverjar,meW   fllnumkostnaWisemvrirkiWaWalskuldariYeirraogskuldbindasigsamkvmtcliWtil  X aWhaldabreskumoghollenskumstj;rnvldumskaWlausum,efgreiWslufallverWurhjtrygg K #  ingarsj;WnumeWaeinhvergreiWslareynist;fullngjandi.     Hluti6.2./5.2.:skilyrtarskuldbindingar!Obligationsunconditional      HrerutiltekinnokkuratriWisemgetaekkihafthrifbyrgWslenskarkisinsogYaWaf wO  salarsraWberafyrirsigtilaWlosnaundanskuldbindingumsamkvmtsamningnum,svo B  semumboWsleysitryggingarsj;Wsins,endurskipulagninghansog/eWaLandsbankans,breyt    ingarsamningsskjlunumo.fl.    Hluti6.3./5.3.Lausnundanskuldbindingumsamkvmtsamningnum!Dischargeonly nF uponPaymentinFull 9    byrgWrkisinsersamfelldtendurgreiWslutmannogfellurfyrstrgildiYegarendur  greiWslufjrhWinhefurveriWgreiddaWfullu.EfeinhvergreiWslasamkvmtsamningnum  er;fullngjanditelsthnekkigreiddheldurgjaldfallin. r  Hluti6.4./5.4.Eftirgjf!Waiver 0    SamkvmtYessukvWiafsalarrkiWsrrttitiltilkynningaafUmsutagi.   Hluti6.5./5.5.AWilaskipti!Subrogation i    SamkvmtYessukvWigeturrkiWekkiuppfylltskuldbindingarsnarsamkvmtsamn \4 ingnummeWframsaliannarskonarrttindumeWakrfumsemYaWkannaWeigahendur ' tryggingarsj;Wnum.AllargreiWslurskulum..o.verabeinhrWumpeningum.   Hluti6.6./5.6.ViWb;tartrygging!Additionalsecurity `     HrerrttaWaWyfirlUsingarogskaWleysisamkvmtYessarigreinkomatilviWb;tarog S+! takmarkaekkinokkurnhttrtthollenskraogbreskrastj;rnvaldasemleiddurerafWrum " yfirlUsingum,skjlumeWagerningum. #  7.gr./6.gr.GildistkuskilyrWi!ConditionsPrecedent !W%    0YessarigreinerkveWiWumYauskilyrWisemYurfaaWverauppfyllttilYessaWsamning J""& arnirWlistgildi. #'  Hluti7.1./6.1.GildistkuskilyrWi!ConditionsPrecedent $ )    SamkvmtYessumhlutatakasamningarnirgildiYegareftirtalinskilyrWieruuppfyllt: v%N!* a)0  XegarBretlandiogHollandihafaboristeftirtalinskjlYvformiogefnisemYautelja A&"+  fullngjandi: '", K"? vb:  fxv<( K0  i)0StaWfestingarfrhvorumhinnaviWsemjendannaumsig(HollanditilvikiBretlands (  ogBretlanditilvikiHollands)umaWllskilyrWifyrirgildistkubeggjasamningasu  uppfyllt(nnurenviWtakaviWkomandistaWfestinga). 0  ii)0AfritaflgumerhafaviWvarandigildiogheimilastj;rnvldumaWtakastYrskuld a bindingarherWarsemsamningarnirkveWaum.LggiltYUWingenskuskalfylgja.T, 0  iii)0AfritafundanYguerSeWlabankinnhefurveitttryggingarsj;Wnumfrreglumum  gjaldeyrishfttilaWsj;Wurinngetiuppfylltskuldbindingarsnarsamkvmtsamning  unum.  O fxv<( ? vb: y Ob)0  litrkislgmannsvegnaslenskarkisinsogLgmannsstofunnarLEXvegnaTryggingar  X sj;WsinnstWueigendaogfjrfestaerstaWfestam.a.aWYeirsemundirritasamninganahafi K #  tilYessheimildogumboW,umframfylgnisamningannao.fl.   c)0  Xegartryggingarsj;WurinnhefurgertframsalssamningogjafnstWusamning(PariPassu)    viWSeWlabankaHollands(DNB)annarsvegarogframsalssamningoguppgjrssamning   viWTryggingarsj;WBretlands(FSCS)hinsvegar.wO   Hluti6.2.FramsalssamningurogjafnstWusamningur!DNBAssignmentAgreement    andDNBPariPassuAgreement      0aliWYessahlutaernnarkveWiWumefniframsalssamningsSeWlabankaHollandsog {  Tryggingarsj;WsinnstWueigendaogfjrfesta,enhollenskiseWlabankinnskalframselja nF tryggingarsj;WnumallarkrfurinnstWueigendaYeimtibumLandsbankanssemhann 9 fkkframseldarfrinnstWueigendumviWtgreiWslur,hverjutilfellialltaW20.887evrum.  SamskonarkvWierframsalssamningnumviWbreskatryggingarsj;Winn.    0bliWerfjallaWumefnijafnstWusamningsinsviWHolland(nefndurPariPassuAgree r mentviWHollandogSettlementAgreement(uppgjrssamningur)viWBretland).Samkvmt e= liWum(i)og(ii)skuluYrkrfursemframseldarerutilslenskatryggingarsj;Wsinsvegna 0 greiWslulgmarkstryggingarverajafnstWarYeimkrfumsemerlendutryggingarsj;Wirnir  haldaeftirvegnagreiWslnaYeirraumfram20.887evrur,aWsvomikluleytisemlgheimila.  VerWivartviW;jafnvgiviWendurgreiWslurskuliYvjafnaYaWthlutfallslega.Samskonar i kvWieruppgjrssamningnumviWBretland. \4   0liW(iii)erhinsvegaraWfinnafyrirvaravegna;vissuumYaWhvortslenskitryggingar ' sj;Wurinnnj;tisamkvmtslenskumlgumsrstaksforgangs(e.superpriority)framyfir  YerlenduvegnaYessaWgreiWslurhanssnaaWYvlgmarkisemlginuminnstWutrygg  ingarkveWaum.VegnaYessaerkveWiWumaWkomistslenskurd;mst;llaWYeirriendan `  leguniWurstWuaWtryggingarsj;Wurinnnj;tislksforgangsvarWandigreiWslurrYrotabi S+! Landsbankans,ogslkniWurstaWaerekkiandstWuviWrWgefandilitEFTAd;mst;lsins, " eWakveWiskilanefndLandsbankansaWkrfurtryggingarsj;Wannanj;tisrstWuviWt # greiWslurrYrotabinuogkvrWunumYaWerekkiskotiWtild;mst;la,Yskuliskyldatil  $ YessaWjafnagreiWslurnarmillisj;Wannaekkigilda.SamskonarkvWieruppgjrssamn !W% ingnumviWBretland. J""&  Hluti7.2./6.3.EfndirgildistkuskilyrWa!SatisfactionofConditionsPrecedent #(    XettakvWigerirorWikveWnurWfyriraWsamningsaWilargetiriftsamningunumef $ ) framangreindskilyrWifyrirgildistkuYeirrahafaekkiveriWuppfylltfyrir31.desember2010. v%N!* X;hefurYaWekkihrifsamkvmtefnisnufyrrensamningarnirhafaveriWundirritaWir. A&"+ XangaWtilerkvWiWfyrstogfremsttilmarksumYaWstefnumiWsamningsaWilaaWljka  '", mlinusemfyrstYeimgrundvellisemsamningarnirmlaaWWruleytifyrirum. '#- Ї Hluti7.3./6.4.NiWurfellinglnssamningaogviWaukasamninga!TerminationofLoan ( AgreementandAcceptanceandAmendmentAgreement     HrerrttaWaWlnssamningarnirfr5.jn2009ogviWb;tarsamningarfr19.okt;ber  s..fallaniWurviWgildistkuYessarasamninga. a  8.gr./7.gr.UmboWogheimildir!RepresentationsandWarranties     0bWumsamningunumeraWfinnatskUringueWlislenskatryggingarsj;Wsinsogfullyrt  aWhanngetiboriWrttindiogskyldursemlgaWili.Samningarnirsuframkvmdirrttan   htt,lglegir,bindandioggildir,aWteknutillititilhugsanlegratakmarkanalgumumgjald  X YroteWaannarrisambrilegrilggjf. K #   9.gr./8.gr.Srstakarskuldbindingar!Covenants    Hluti9.1./8.1.SambrilegmeWferW!ComparabilityofTreatment wO     XettakvWitryggirlnveitendumsamarttoghugsanlegirframtWarlnveitendurf B  vegnagreiWslnakrafnatengdrainnstWumsemurWutilfyrirgildistkusamningannareynist    YaukjrhagstWari.XettaYUWiraWgangitryggingarsj;WurinneWaslenskarkiWtilsamninga   viWaWraaWilaenBretaogHollendingavegnagreiWslnatilinnstWueigenda,ogYeirsamning {  areruhagstWarilnveitandaenYessirsamningar,Yskulusj;Wurinnogstj;rnvldveita nF BretumogHollendingumsmuskilmla.TekiWerframaWYettaeigiekkiviWumhugsanlega 9 samningatilendurfjrmgnunarYessarasamninga.   Hluti9.2./8.2.JfnmeWferW!Equaltreatment r    KomitilYessaWWruminnstWueigendumgamlaLandsbankanssgreittmeiraensem e= nemur20.887evrumYskaltryggingarsj;WurinngreiWabreskumeWahollenskuminnstWu 0 eigendumsamsvarandigreiWslu,enhafierlendutryggingarsj;WirnirgreittviWkomandiinn  stWueigendumumframgreiWslurnarYskulugreiWslurtryggingarsj;WsinsrennatilYeirra.   10.gr./9.gr.TmiskvWi!Miscellaneous \4 Hluti10.1./9.1.BreytingaWstWum!Changeofcircumstance     0YessumhlutaeraWfinnaendurskoWunarkvWisamninganna.XarsegiraWlnveitendur  samYykkiaWeigaviWrWurtilaWmetaYrfendurskoWunsamningannaefgreiWsluYols `  lenskarkisinsversnartilmunaaWmatiAlYj;Wagjaldeyrissj;WsinsfrYvsemvarn;vember S+! 2008. "  Hluti10.2./9.2.AWrarbreytingar!Otherchanges  $    HrermltfyrirumhvernigmeWskulifaraefbreytingverWursamYykktrikrfufjrhW !W% eWasamYykktrivaxtafjrhWvegnakvrWunarslitastj;rnarLandsbankanseWad;mst;ls. J""&  Hluti10.3./9.3.Eftirgjf!Waiver #(    0YessumhlutaerrttaWaWY;svoaWBretlandogHollandnUtisrekkieinhvernrttsem $ ) YaueigasamkvmtlgumeWasamningunum,YsekkilitiWsvoaWYauhafimeWYv v%N!* afsalaWsrYeimrtti. A&"+    '",  & ,  Hluti10.4./9.4.Tilkynningar!Notices (    HreraWfinnakvWiumfyrirkomulagtilkynningaogstaWlaWarreglurumYaWhvenr  Yrteljastkomnartilvitundarm;ttakanda.  ',(  Hluti10.5./9.5.Breytingar!Amendments T,    AllarbreytingarsamningunumverWuraWgerameWskriflegusamkomulagiallraaWila.   Hluti10.6./9.6.Framsalrttindaogskuldbindinga!SuccessorsandAssigns      SamningsaWilumerekkiheimiltaWframseljarttindieWaskyldursamkvmtsamningun  X umogenginnsemekkieraWiliaWsamningunumgeturbyggtrttYeim,fyrirutanhollenska K #  ogbreskatryggingarsj;WinnYeimtilvikumYegarYaWersrstaklegatekiWfram.     Hluti10.7./9.7.Fyrirsagnir!Captions      HrerrttaWaWefnisyfirlit,fyrirsagnirogheitigreinasueingngutilhgWaraukaog wO  ekkihlutiafefnisamningannaeWatlaWaWhafahrifYaW. B   Hluti10.8./9.8.Samhlj;Waeintk!Counterparts      HrkemurframaWsamninginnmegigeraeinsmrgumsamhlj;WaeintkumogYrfer {  enrttaWaWllmyndiYauhlutaafsamagerningnum. nF  Hluti10.9./9.9.Lgsemgilda!Governinglaw     SamkvmtYessukvWiberaWleysargreiningiumframkvmdsamningsinsgrund  vellibreskralaga. r  Hluti10.10./9.10.GerWard;mur!Arbitration 0    SamkvmtaliWYessakvWisberaWleggjahverskynsgreining,mlshfWuneWamla  ferliervarWatlkunogefnisamningannagerWAlYj;WagerWard;mst;lsinsHaag(e.Perma  nentCourtofArbitration!PCA).SamkvmtbliWskulugerWard;msmennveraYrr.Efallir i samningsaWilareigaaWildaWdeilumlinuskuluTIFogstj;rnvldtilnefnaeinnYeirrasam \4 eiginlegaogHollandeWaBretlandeinn.XessirtveirsammlastsWanumYriWjamannogskal ' hannsitjaforstid;msins.AlYj;WagerWard;mst;llinnhlutasttilumYessartilnefningar.  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