Credit Facility Contract between Danske Bank A/S and Living Brands A/S dated October 25, 2004 (now Bark Copenhagen) for DKK 500,000 floating interest business credit line

If there is more than one borrower, the terms and conditions of the contract shall apply to each borrower.

The credit facility shall be subject to renegotiation every year when the financial statements/annual report/annual statement from the Danish tax authorities are/is available.

The borrower shall pay a separate interest rate (authorised overdraft interest) on any authorised overdraft. Authorised overdraft interest shall be calculated on the utilised part of the authorised overdraft.

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becomes the subject of execution or attachment, suspends payments, becomes subject to insolvency proceedings, commences negotiations on debt restructuring or composition, including asking the bank or another creditor for voluntary composition

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takes up residence outside Denmark and prior to the move fails to make an agreement with the bank about how the borrowings under the credit facility should be repaid

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discontinues its operations through a merger with another company or a demerger

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the value of security that the borrower or a third party has furnished in the form of shares, bonds, currency, mortgages or other price-sensitive securities, or in financial assets, is reduced significantly, and no additional security is furnished which is satisfactory to the bank within 14 days of the bank having requested such security

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insurance taken out on pledged items is not maintained, and if the pledgor does not, within 8 days of the bank having issued a written request for remedial action to be taken, produce a receipt proving that remedial action has been taken

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the bank estimates that there has been a significant negative change in the borrower’s or guarantor’s financial affairs

Environmental affairs

The borrower undertakes to comply with all environmental legislation in force from time to time and any environmental approvals that may apply to the borrower’s business. The borrower shall inform the bank of any changes in the environmental status of the borrower’s business.

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Part 2 The bank’s General Terms and Conditions of Business unless derogated from in Part 1.

The Terms and Conditions of Business contain, among other things, provisions on:

Borrower’s signature

By signing this credit facility contract, the borrower accepts that the bank may change its General Terms and Conditions of Business subject to the notice specified in the Terms and Conditions of Business.

By signing this document, the borrower declares to owe Danske Bank A/S the borrowings under the credit facility from time to time plus interest, commission and any fees and costs.

At the same time, the borrower acknowledges receipt of a copy of the credit facility contract.

1. Introduction

The General Terms and Conditions of Business apply to all transactions between you and the bank. Here you can read about your rights and obligations and the rights and obligations of the bank.

For some agreements the bank has more detailed rules which complement the General Terms and Conditions of Business. These include payment and credit card agreements, deposit agreements, securities trading and foreign exchange transaction agreements. You will receive a copy of these rules when you enter into such agreements with the bank.

If the terms and conditions of any agreement you have entered into with the bank differ from those set out in the Terms and Conditions of Business, the terms and conditions of the agreement shall apply.

The bank may change the Terms and Conditions of Business by giving 1 month’s notice.

3. Authorisation

You may authorise a third party to access your accounts, deposits and safe- deposit boxes. Such authorisation is given in writing, usually by using the bank’s letter of authorisation. If you want to change or revoke the authorisation, this must also be done in writing. The change/revocation becomes effective when the bank has received a written notice from you.

For owner-managed businesses the authorisation expires on the death of the principal, and accounts, deposits and safe-deposit boxes will be blocked until the probate court has decided on the administration of the estate.

All payments made to your account are recorded by the bank. Non-cash payments (such as cheques) are subject to the bank actually receiving the amount. If a cheque bounces, we will draw the amount from your account again. This also applies to cheques received from Danske Bank customers. The bank will notify you of any retransfers from your account. Please note that the reservation applies even if it is not mentioned on receipts or any other notices concerning the payment.

When a deposit is made into an account with the bank, for example a transfer from another bank etc., the money will always be deposited in the account having the specified account number. This means that the bank does not consider any other information such as the account holder’s name.

You should check your bank statements carefully for any unauthorised account movements.

If you discover any such movements, you must contact the bank as soon as possible.

The bank may retransfer any amounts deposited to your account by an apparent mistake made by the bank, for example if the same amount is deposited twice. The same applies if we are required to make a retransfer under any agreements entered into with other Danish banks. The bank will notify you of any retransfers from your account.

In other cases, the bank may change the floating interest and commission rates for deposits and loans without notice, if:

1.

monetary policy or credit policy changes in Denmark or abroad affect the general level of interest in a way which is important to the bank

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any other development occurs in the general level of interest, including in the money and bond market, which is important to the bank

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any market conditions, including competitive conditions in Denmark and abroad, warrants a change in one or several account types

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the bank – independently of the development in the general level of interest – wishes to change its general interest rate fixing and pricing for commercial reasons, for example to protect earnings or to utilise its resources or capacity in a more expedient way.

The bank lays down the terms and conditions applying to the calculation and addition of interest and commission as well as the fixing of an interest date (validation). Such terms and conditions may be changed by the bank from time to time without notice.

You can pick up a brochure on the calculation of interest etc. at the bank. Here you can read more about the calculation and addition of interest and interest dates.

The bank is entitled to charge overdraft or default interest if your account is overdrawn or you are in default.

The bank normally charges a fee for services such as making payments to an overseas account, retrieving records and documents, making photocopies, performing special tasks for you and for sending out dunning letters.

The bank also charges a fee for answering questions from public authorities, such as the tax authorities, which we are bound by law to answer.

When talking about fees, it should be noted that there is a difference between “ongoing contractual relationships” and “one-off services”. “One-off services” are when you exchange currency at the bank, for example, or when you buy or sell securities. “Ongoing contractual relationship” on the other hand is an agreement, usually of a specified duration. It could, for example, be an agreement concerning an account or on the bank’s online systems.

The bank may reduce the fees without notice. The bank may also introduce and increase fees for specific services without notice. The same applies to new ongoing contractual relationships.

For existing ongoing contractual relationships, the bank may increase the fees you pay on a regular basis by giving 1 month’s notice, if:

1.

any market conditions, including competitive conditions in Denmark and abroad, warrants a change in one or several fees

2.

the bank wishes to change its general fee structure and pricing for commercial reasons, for example to protect earnings or to utilise its resources or capacity in a more appropriate way.

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any significant changes are made to the basis on which your individual fee terms were fixed, i.e. changes to your business relationship with the bank, such as changes to the size and scope of your deposits, loans or credit facilities.

If, for business reasons, the bank introduces new fees to existing ongoing contractual relationships, it will do so at 1 month’s notice. Such fees will be charged for services for which we have not previously charged a fee, and may be done to protect earnings or to utilise our resources or capacity in a more expedient way.

The bank will place an advertisement in the daily press or send you a letter if we change our interest and commission rates and fees. The new interest and commission rates will also appear from the first bank statement or account statement you receive after the change.

If the interest and commission rates or fees are changed due to changes in the basis on which your individual terms of interest, commission or fees were fixed, the bank will inform you by letter.

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Amounts which the bank pays on your behalf, for example taxes and duties and communication expenses

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expenses incurred by the bank if you are in breach of your contracts, for example payment of insurance premiums concerning pledged security, court expenses, legal assistance etc.

11. Foreign transactions

If you want us to carry out transactions for you in/to a foreign country – including money transfers – we choose the foreign bank or similar institution unless otherwise agreed.

Except for deposits of foreign securities, the bank is not liable for any errors made by the bank chosen or for its financial soundness.

Both you and the bank must respect the terms and conditions of the foreign banks and the legal rules and practices governing the completion of the transaction.

At the bank you can get a detailed brochure on foreign payments to and from Denmark.

The bank is entitled to offset any due or undue receivable from you against any receivable that you may have from us without prior notice.

The bank may send you all information electronically, even if words such as “in writing”, “letter”, “bank statement” etc. are used in our documents, rules etc. This can only be done to the extent that it is possible under current law, or if an agreement has been entered into with you.

The bank reserves the right to record telephone conversations to be able to determine the contents of the conversation.

This is usually only done in connection with currency and securities trading. The recordings are for the bank’s internal use only.

You or the bank may at any time and without notice terminate the customer relationship unless otherwise agreed with us. If the bank terminates the customer relationship, we will specify the cause of such termination.

When the customer relationship ends, we may cancel any guarantees furnished by us and discharge ourselves from other commitments, including foreign currency commitments made by us on your behalf.

At the same time, you must discharge us from any commitments made by us on your behalf and provide security for such commitments if we deem it necessary.

The bank is liable in damages if its fulfilment of agreed obligations is delayed or inadequate due to error or neglect.

Even in areas where stricter liability applies, the bank is not liable for losses caused by:

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breakdown of/lack of access to IT systems or damage to data stored in such systems which is attributable to the events described below, regardless of whether the bank itself or an external contractor is responsible for the operation of the systems

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failure in the bank’s power supply or telecommunications, statutory intervention or administrative acts, natural disasters, war, rebellion, civil unrest, acts of sabotage, terrorism or vandalism (including computer viruses and hacking)

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strike, lockout, boycott or picketing, regardless of whether the dispute is aimed at or initiated by the bank itself or its organisation and regardless of the cause of such dispute. This also applies if the dispute affects only parts of the bank’s operations

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it should have predicted the circumstance which caused the loss when the agreement was made or should have avoided or overcome the cause of the loss

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legislation in any case holds the bank liable for the circumstance which caused the loss.

The bank receives information about you and your accounts, for example your name, address and civil reg. no./CVR no. Such information is typically used for administrative purposes, credit rating and advising and to allow us to provide the financial services that the bank and the Danske Bank group is currently offering and will offer in future.

In the following you can learn more about the situations that decide when we can and must pass on information.

By law, all employees of the bank are required to observe a duty of confidentiality and must not disclose or exploit confidential information about you without proper authorisation.
In some cases, the bank is under an obligation to pass on information to public authorities, such as the tax authorities.
In other cases, we pass on information to the extent permitted by law. For example, we pass on your name and address when you want to transfer amounts to accounts with other banks. This is done so the recipient of the amount knows who made the deposit.
Finally, the bank may pass on information if you have authorised it to do so. You can always change your consent or withdraw it. To allow you to keep track of your consents, we will send you a specification once a year of the information which is disclosed, the purpose of such disclosure and the recipients of the information.

The bank may pass on information to other companies in the Danske Bank group without your consent if it can be classified as usual customer information such as names and addresses. The recipient must, of course, also observe a duty of confidentiality. The information will be used for advising, administration and marketing.
To enable us to offer you the best possible advice, regardless of which branch or company in the Danske Bank group you contact, we ask for your consent to pass on information for use in credit rating and interest fixing. This would allow us to offer prices and terms which, among other things, reflect your level of business with the group.