Terms of trade

General terms and conditions

These general terms and conditions apply

from 31 October 2022.

1. Parties

These general terms and conditions apply to credit granted to the business customer ("Customer") by Nordiska Kreditmarknadsaktiebolaget (publ), org.nr. 556760-6032, ("Nordiska" and "Creditor") after an approved application.

2. General

These General Terms and Conditions apply to and form an integral part of the credit agreement between the Customer and the Creditor (the "Credit Agreement"), which sets out the Customer's right to dispose of the amount of credit granted (the "Credit"). The Credit Agreement and these General Terms and Conditions are concluded by the acceptance, on behalf of the Customer, of the terms and conditions of the Credit Agreement and by the approval of the Customer's credit application by the Creditor. The Credit Agreement and these General Terms and Conditions set out all the terms and conditions of the Credit. Qred, a branch of Qred AB, Sweden, CVR number 38972294 ("Qred") handles all matters and communications relating to the Credit on behalf of Nordiska until Nordiska notifies otherwise.

3. Company information

Nordiska is a credit market company whose operations are supervised by the Swedish Financial Supervisory Authority (Finansinspektionen). The company provides, among other things, commercial loans.

4. Credit application

Credit application is done via the Internet on Qred's website, www.qred.com. Any credit commitment is communicated to the Customer electronically. It is a condition for the granting of credit that the Customer is a Danish legal person and that the Customer is represented by the authorised signatory or signatories. The Customer is responsible for ensuring that the information they provide is correct and that any power of attorney is issued if required. The authorised signatory or signatories for the Customer and Guarantors must identify themselves electronically such as MitID or by such other means as the Creditor may require.

5. Credit assessment

Credit approval is based on an individual credit assessment and is decided unilaterally by Nordiska. Credit is only granted if, in the opinion of the Creditor, the Customer has the financial means to implement the Credit Agreement. Nordiska reserves the right to reject an application or propose and grant a lower credit than the amount applied for by the Customer.

6. Term of the credit agreement

The Credit Agreement shall be effective from the time the Credit is disbursed until the full amount is due for payment. Due dates for payment of the Credit are set out in "My Qred" on the Qred website. Granted Credit implies the Customer's right to borrow a credit amount specified in the Credit Agreement, which will be paid by Nordiska to a Danish bank account specified by the Customer in the Credit Agreement. Disbursement takes place on weekdays from 9.00-17.00. Nordiska may grant the Customer a new credit after a new application and a separate credit assessment.

7. Repayment

The credit must be repaid in accordance with the term specified in the Credit Agreement. The Customer shall repay the Credit monthly in the amounts specified in the Credit Agreement. Invoiced amounts must be received by the Creditor no later than the due date by payment into a bank or giro account specified by the Creditor. Late payment of an instalment constitutes a material breach of the Credit Agreement and entitles the Creditor to demand immediate repayment of the Credit and may affect the possibility of being approved for Credit with Nordiska in the future. Due date(s), amount(s) and the Creditor's bank or giro account are shown, among other things, on "My Qred" on Qred's website.

8. Monthly fee

The Customer shall pay to the Vendor a fixed monthly fee as set out in the Credit Agreement. The monthly fee shall be fixed from the time the Credit is disbursed until the full amount has been repaid, subject to any changes as set out in point 11 below. The monthly fee shall be payable throughout the term of the Credit Agreement and until the Credit has been repaid in full.

9. Fees and interest

If the Customer fails to make timely payment of instalments, interest or monthly fees, etc., Nordiska will charge fees, including reminder fees and collection fees, and Nordiska will charge the default interest stipulated in the Credit Agreement. In the event of default, the Customer is obliged to pay costs associated with the recovery of the Creditors' claim, including collection costs, legal fees, etc.

10. Settlement and past debts

The creditor is entitled to settle all outstanding monthly fees, as well as other costs, charges and default interest, before payment of the principal. If Customer has unpaid fees and/or other outstanding balances from previous credit with Vendor, Vendor shall be entitled to make payment of such outstanding balances against Customer's new Credit granted, at the time the new Credit Agreement becomes effective.

11. Unforeseen costs

If the Creditor's business should be affected by unforeseeable costs due to legislative decisions, legislation, credit policy measures, changing borrowing costs or other circumstances beyond the Creditor's control or which the Creditor could not reasonably foresee at the time the Credit Agreement was concluded, the Creditor shall have the right to immediately change the monthly fees. Any such change in monthly fees shall be communicated to the Customer via email and on "My Qred" on the Creditor's website at least two (2) months before the change takes effect.

12. Repayment plan

The customer has the right to receive, on request and free of charge during the term of the Credit Agreement, a payment schedule indicating the payment deadlines for instalments, fees, etc. This information can also be found on "My Qred" on the Qred website.

13. Invoicing and payment

The creditor sends a monthly invoice to the Customer by e-mail. Invoices are sent at least eight (8) days before the due date. The invoices contain, among other things, information on the credit amount, monthly fees and the total amount due for the current month. Payment must be made in time for payment to be received in the bank or giro account designated by the Vendor by the due date indicated on the invoice.

14. Currency

The Customer is obliged to pay the monthly fee and, if applicable, default interest, charges and any other costs and fees in connection with the Credit and the Credit Agreement in Danish kroner (DKK). This also applies to early repayment of loans as referred to in point 17.

15. Customer declarations

The customer declares the following:

15.1. Legal status

The customer is a valid existing legal person under Danish law. The Customer declares that the Credit shall be used in accordance with the Customer's registered purposes, which are exclusively part of the business activities. The Customer's company at the time of entering into the Credit Agreement shall be represented by the person or persons having the power of attorney to bind the Customer to this Credit Agreement.

15.2 Customer identification

The Customer has made all necessary decisions and is entitled to enter into the Credit Agreement, which contains valid and binding obligations for the Customer and which can be enforced against the Customer under the Credit Agreement. The performance by the Customer of its obligations under the Credit Agreement shall not be in breach of the Customer's statutes.

15.3. Authorisation

All necessary consents, resolutions and approvals have been received for the Customer to enter into and comply with its obligations under the Credit Agreement and such consents, resolutions and approvals are valid.

15.4. Information

All information provided by the Customer to Qred/Nordiska is accurate, complete and not misleading.

15.5. Money laundering and terrorist financing

The customer has provided accurate and complete information in accordance with the Money Laundering Act.

16. Nordsiska reserves the right to terminate the credit agreement and demand immediate repayment if one of the following circumstances exists:

(i) the Customer has not performed its obligations under the Credit Agreement or otherwise to the Creditor.

(ii) there are reasonable grounds for believing that the Customer will default on its payment obligations to the Creditor.

iii) It is clear that the Customer is seeking to evade payment of the Credit;

iv) The Customer is or is deemed to be insolvent under applicable law or admits its inability to pay its debts when it becomes overdue, suspends payments or enters into composition or other debt arrangement negotiations with the creditor.

v) the Customer has made any false or misleading statements of any kind without rectifying them (if rectification is possible) within ten (10) days of the Customer becoming aware of it; or

(vi) the Credit Agreement is found to be invalid in whole or in part or ceases to be valid.

(vii) the guarantee(s) provided, including the surety, is (are) subject to material deterioration, including because of the proven insolvency of the guarantor.

Nordiska will give the Customer at least 10 days' notice of cancellation of credit. Upon termination, the entire outstanding amount is due for full redemption and outstanding interest and charges are capitalized. Upon termination pursuant to this Section 16, these General Terms and Conditions shall continue to apply until the full amount has been repaid.

17. Early redemption

The customer has the right to redeem the entire credit early without a special fee. In the event of such early repayment, the Customer shall pay the agreed monthly fee for the Credit for the period up to and including the month in which the early repayment takes place.

18. Transfer of credit

The creditor has the right to assign or pledge its rights under the credit agreement to another party without the prior consent of the Customer. The Customer shall not be entitled to assign its rights and obligations under the Credit Agreement to any third party without the prior written consent of the Creditor.

19. Change of guardian

The creditor is entitled to change the loan terms for existing customers without prior approval from the customer. In case the change of terms is of crucial importance, Nordiska/Qred shall notify the Customer at least one (1) month before the change of terms takes effect. If the Customer does not accept the terms, the Customer has the right to terminate the agreement immediately and free of charge, cf. § 17. If the termination is not made before the effective date, the Customer is deemed to have accepted them.

20. Limitation of liability

Nordiska is not liable for any loss resulting from a change in Danish or foreign law, Danish or foreign authorities, acts of war, pandemics, strikes, blockades, boycotts, lockouts, natural disasters, vandalism, disruptions in mail, telephone, fax or e-mail traffic, IT outages, or other disruptions in the distribution of electricity or other similar events beyond the control of Nordiska (called force majeure). The reservation with respect to strikes, blockades, boycotts and lockouts, or other similar events applies even if the Creditor is subject to such measures. In no event shall the Vendor be liable for any indirect, consequential, loss of business, damages and/or lost profits.

Nordiska's liability shall in all cases be limited to the sum of the principal and the fees paid by the Customer.

21. Self-debtor bond

Any Credit is conditional upon the Customer's owner providing a self-debtor's bond as security for payment of the Credit. If the Customer has several owners, they shall be jointly and severally liable as guarantors.

22. Change of contact details

The Customer and the Guarantor shall immediately notify Nordiska of any change of name, address, telephone number, e-mail address or other information that may be considered relevant to the Creditor and/or to the performance of the Credit Agreement. In the event of any change to the information required by the Money Laundering Act (see paragraph 27 below), the Customer shall immediately notify the Creditor via Qred of such change.

23. Ownership

If the ownership of the Customer changes, the Customer shall immediately notify the Creditor via Qred and provide the Creditor with any information requested by Nordiska or Qred. The Customer shall disclose any owners who, directly or indirectly, own 25% or more of the equity or voting rights in the Customer or who otherwise exercise control over the Customer.

24. communication

The Vendor shall communicate to the Customer in accordance with these terms and conditions by email to the Customer's specified email address or, if the Vendor and Qred consider it appropriate, by any other means and/or on My Qred. A notice shall be deemed received by Customer no later than seven (7) days after publication on "My Qred" on the Creditor's website.

25. Complaints and disputes

Complaints regarding the Credit or the Creditors' activity may be submitted to Qred's customer service telephone number 89 87 10 06 or communicated to Qred via e-mail support@qred.dk or at the address Qred, branch of Qred AB, Sweden, Box 309 Fruebjergvej 3, 2100 Copenhagen. If the Customer is still not satisfied, a complaint may be submitted to the Creditors' Complaints Officer at info@nordiska.se or by post to Nordiska Kreditmarknadsaktiebolaget (publ), Att. Complaints Officer, Box 173, 101 23 Stockholm, Sweden. Danish law applies to the Credit Agreement and these General Terms and Conditions. Disputes shall be settled by the ordinary courts in Denmark with Copenhagen City Court as the place of jurisdiction.

26. Privacy and handling of personal data

The collection and processing of personal data is carried out in accordance with the legislation in force at any time concerning the processing of personal data. Data is processed mainly for the purpose of the Creditor verifying identity and performing a credit assessment in order to comply with applicable money laundering legislation. For a more detailed description, please see the Creditor's privacy policy on Nordiska's website, www.nordiska.se/privacy-policy/, and Qred's privacy policy on Qred's website, www.qred.com. By accepting the agreement, Customer confirms to have received and read the privacy policy.

27. Money laundering

Nordiska is a credit market company whose operations are supervised by the Swedish Financial Supervisory Authority (Finansinspektionen). As a credit market company, Nordiska is obliged to comply with Swedish legislation on preventive measures against money laundering and terrorist financing. According to the legislation, Nordiska is obliged to obtain customer due diligence in order to prevent money laundering and terrorist financing. Therefore, both new and existing customers will experience that Kreditor asks a number of questions that shed light on the company's business as well as the customer's identity. As a customer, you may find that the creditor requires additional documentation that clarifies the origin of the money or the purpose of the loan.

By entering into the Credit Agreement, the Customer undertakes to provide the information requested by the Vendor via Qred in order to comply with the requirements of the applicable legislation. The Creditor has the right to cancel the agreement or refuse credit to the Customer if verification or documentation of the information cannot be obtained.