Currency Swap Agreement between Sturlugata 8 ehf. and Islandsbanki-FBA hf. dated December 27, 2001

Contract Categories: Business Finance › Exchange Agreements
Summary

This agreement is between Sturlugata 8 ehf. and Islandsbanki-FBA hf. for a currency swap involving USD 13,789,027.87 and ISK 1,400,000,000, with payments made in seven annual installments from 2002 to 2008. The contract sets interest rates, payment schedules, and collateral requirements. If the value of the collateral falls or losses exceed 50% of its value, the bank can demand additional security or terminate the contract. Both parties confirm understanding of the contract terms and have received independent advice.

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EX-10.42 9 w58844ex10-42.txt CURRENCY EXCHANGE AGREEMENT... OFFICER'S CERTIFICATE I do hereby certify and represent that: 1. I am the duly elected Secretary of deCODE genetics, Inc., a Delaware corporation. 2. Pursuant to Rule 306(a) of Regulation S-T, the following exhibit 10.42 to deCODE genetics, Inc.'s Annual Report on Form 10-K is a fair and accurate English translation of a document prepared in the Icelandic language. IN WITNESS WHEREOF, I have signed this Officer's Certificate in my capacity as Secretary of deCODE genetics, Inc. on this 21 day of March, 2002. By: /s/ Tanya Zharov ----------------------------------- Name: Tanya Zharov Title: Secretary and Corporate Counsel Exhibit 10.42 Currency Swap Contract Identification: 0500/GMVT/01122701 Contracting parties: Sturlugata 8 ehf., State Reg. No. 581201-2490, Sturlugata 8, 101 Reykjavik, hereinafter referred to as the Customer and Islandsbanki-FBA hf., State Reg. No. 550500-3530, Kirkjusandur 2, 155 Reykjavik, hereinafter referred to as the Bank. Contract Date: 21 December 2001 First interest day: 1 January 2002 Final date: 1 December 2008 Exchange of amounts during the The Contracting Parties pay their principals term of the Contract: in 7 equal instalments annually, starting on 1 December 2002. Customer commitment:
Principal: Currency Foreign amount Initial Initial ISK conversion value Equivalent ------------------------------------------------------------------ USD 13,789,027.87 101.53 1,400,000,000.- ------------------------------------------------------------------ Total ISK 1,400,000,000.-
Interest term 3 months at a time First due date Interest 1 March 2002. Instalments 1 December 2002 Instalments The above principals shall be paid in 7 equal instalments annually. Rate of interest LIBOR-BBA in accordance with the below + 2.85% margin annually
Initial rate of interest Currency Base interest Margin (%) Total interest (%) rate ------------------------------------------------------------------ USD 2.85 ------------------------------------------------------------------ The interest determination will be 28 December 2001
Banking day rule The following banking day. Day rule A/360 and 30/360 for ISK. Payment terms The Bank shall withdraw from the account of the Customer on the due dates as follows:
Currency Account Number USD xxx-38-xxxxxx
Bank's commitment Principal ISK 1,400,000,000.- Indexation The principal is linked to the consumer price index Base index 219.5 Interest term One year at a time First due date 1 December 2002 Instalments The above principal shall be paid in 7 equal instalments. Due dates of instalments and interest are the same. Rate of interest The fixed interest rate is 8.5% per year. Banking day rule The following banking day. Day rule 30/360 Payment terms The Bank shall deposit on the Customer's bank account No. xxx-xx-xxxxxx on the due dates.
Gjaldmiolaskiptasamningur Sturlugotu 8 ehf. Numer:0500GMVT01122701 og Islandsbanka-FBA General terms: In the event that the losses of the Customer as a result of the Contract exceed 50% of the market value of the collateral placed as security for the trading, ISFBA my require the customer to provide security/additional security, which ISFBA considers adequate, within 3-7 days. The same applies even if there is no loss on the Contract if the market value of the collateral falls. Requests for collateral will be made by telephone, e-mail or fax. Notification shall be regarded as sent to the correct address if it has been sent to the e-mail address / fax number supplied by the Customer. A notice given over the telephone is regarded as being immediately notified to the Customer. In the event that the Customer does not provide security/additional security within the time limit set, ISFBA may, without any obligation to do so, call in or terminate the Contract without notice. In addition to the provisions of this Contract, the General Terms for the Market Transactions of Islandsbanki-FBA and the General Terms on Interest and Currency Swaps published by the Icelandic Bankers' Association and the Icelandic Savings Banks' Association in February 1998 (1 Edition) shall apply. The Customer has acquainted himself with these terms. In the event of conflicts between this Contract and the General Terms the provisions of this Contract shall apply. Signature: In witness hereof, the parties have signed this Contract in two identical copies, one copy to be retained by each party. By his signature the Customer authorises the above account transfers. The Customer furthermore confirms by his signature that he has acquainted himself with the nature of currency and interest swap contracts and that he has had the benefit of advice from an expert outside the Bank before he signed the Contract.
Reykjavik, 27 December 2001 Islandsbanki-FBA hf. Sturlugata 8 ehf. Guomundur P Guomundsson [sign.] Tomas Sigurosson [sign.] Porvaldur Egilsson [sign.]