Obligation Mogo A.S 9.5% ( XS1831877755 ) en EUR

Mogo A.S

100 % ▼

Lettonie

XS1831877755 ( en EUR )

9.5% par an ( paiement semestriel )

09/07/2022 - Obligation échue

Prospectus brochure de l'obligation Mogo A.S XS1831877755 en EUR 9.5%, échue

100 000 EUR

75 000 000 EUR

Mogo A.S. est une société financière technologique qui offre des solutions de crédit numérique et de gestion de patrimoine aux consommateurs, principalement en Europe et en Amérique du Nord.

L'obligation XS1831877755 émise par Mogo A.S. (Lettonie), d'un montant total de 75 000 000 EUR, avec un taux d'intérêt de 9,5 %, une taille minimale d'achat de 100 000 EUR, une maturité au 09/07/2022 et une fréquence de paiement semestrielle, a été remboursée à son échéance à 100% de sa valeur nominale.

Prospectus dated 27 November 2018

Mogo Finance
Luxembourg
Listing Prospectus

EUR 25,000,000.00
9.50 % Senior Secured Bonds 2018/2022 (the "New Bonds")
to be consolidated and form a single series with the existing
EUR 50,000,000.00
9.50 % Senior Secured Bonds 2018/2022 (the "Existing Bonds")
with a Term from 11 July 2018 until 10 July 2022
of 27 November 2018
International Securities Identification Number (ISIN): XS1831877755
Common Code: 183187775
Issue price of Existing Bonds: 100 per cent
Issue price of New Bonds: 100 per cent plus accrued unpaid interests
Mogo Finance (the "Issuer"), a public limited liability company (société anonyme) incorporated and existing
under the laws of the Grand Duchy of Luxembourg has issued 9.50% senior secured bonds due 10 July 2022
for an initial aggregate principal amount of EUR 25,000,000.00 (the "New Bonds"), to be consolidated and
form a single series with the 9.50% senior secured bonds due 10 July 2022 for an initial aggregate principal
amount of EUR 50,000,000.00 (the "Existing Bonds" and, together with the New Bonds, the "Bonds") as
from 16 November 2018 (the "Issue Date").
The Bonds constitute direct, general, unconditional, unsubordinated and secured obligations of the Issuer. The
Bonds wil at al times rank pari passu in right of payment with al other present and future secured obligations
of the Issuer and senior to al its existing and future subordinated debt. The Bonds are unconditional y and
irrevocably guaranteed on a joint and several basis by AS "mogo" (Latvia), mogo OÜ (Estonia); UAB "mogo
LT" (Lithuania), Mogo LLC (Georgia), Mogo sp. z o.o. (Poland), Mogo IFN SA (Romania), Mogo Bulgaria
EOOD (Bulgaria), Mogo Loans SRL (Moldova), Mogo Albania sh.a. (Albania), OOO " " (Belarus),
SIA HUB 3 (Latvia), Risk Management Service OÜ (Estonia), MOGO Universal Credit Organization LLC
(Armenia), (Ukraine), AS "HUB 1" (Latvia), AS "HUB 2" (Latvia) and AS "HUB 4"
(Latvia) (the "Guarantors" and each a "Guarantor") under the terms and conditions set forth herein
(col ectively the "Guarantees" and each a "Guarantee"). The Bonds are further secured by the Transaction
Securities (as defined below) granted by certain other direct and indirect subsidiaries of the Issuer (the
"Pledgors" and, together with the Guarantors, the "Security Providers").
This document (the "Prospectus") constitutes a prospectus pursuant to Article 5 para. 3 of the Directive
2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be
published when securities are offered to the public or admitted to trading as amended by the Directive
2010/73/EC of the European Parliament and of the Council in order for the Bonds to be admitted to trading on
Frankfurt Stock Exchange's regulated market segment. This Prospectus has been approved by the
Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveil ance du Secteur
1

Financier "CSSF") and has been applied to be notified to the German Federal Financial Supervisory
Authority (Bundesanstalt für Finanzdienstleistungsaufsicht "BaFin") in accordance with Article 19 of the
Luxembourg Law of 10 July 2005 on prospectuses for securities, as amended. Pursuant to Article 7 para. 7 of
the Luxembourg Law of 10 July 2005 on prospectuses for securities, as amended, by approving the
Prospectus, the CSSF does not take any responsibility for the economic or financial soundness of the
transaction and the Issuer's quality and financial solvency. The approved prospectus may be downloaded from
the Issuer's website (www.mogofinance.com) and the website of the Luxembourg stock exchange
(www.bourse.lu). Application has been made to the Frankfurt Stock Exchange for the Bonds to be admitted to
trading on Frankfurt Stock Exchange's regulated market segment (General Standard), segment for bonds of
Deutsche Börse AG.
Investors should be aware, that an investment in the Bonds involves a risk and that, if certain risks, in
particular those described under "Risk Factors", occur, the investors may lose all or a very substantial
part of their investment.
The distribution of this Prospectus may be limited by certain legislation. Any person who enters into
possession of this Prospectus must take these limitations into consideration. The Bonds are not and wil not be
registered, particularly in accordance with the United States Securities Act of 1933, as amended (the
"Securities Act") or in accordance with securities law of individual states of the United States of America.
Furthermore, they are not permitted to be offered or sold within the United States of America, or for the
account or benefit of a person from the United States of America (as defined under Regulation S under the
Securities Act), unless this ensues through an exemption of the registration requirements of the Securities Act
or the laws of individual states of the United States of America or through a transaction, which is not subject to
the aforementioned provisions.
2

TABLE OF CONTENTS
I. SUMMARY OF THE PROSPECTUS ................................................................. 7
A Introduction and Warnings ................................................................................. 7
B Issuer ................................................................................................................. 7
B(i) Guarantor AS "mogo" (Latvia) .................................................................... 10
B(i ) Guarantor mogo OÜ (Estonia) .................................................................. 13
B(i i) Guarantor UAB "mogo LT" (Lithuania) ...................................................... 14
B(iv) Guarantor Mogo LLC (Georgia) ............................................................... 15
B(v) Guarantor Mogo sp. z o.o. (Poland) .......................................................... 16
B(vi) Guarantor Mogo IFN SA (Romania) ......................................................... 17
B(vi ) Guarantor Mogo Bulgaria EOOD (Bulgaria) ............................................ 18
B(vi i) Guarantor Mogo Loans SRL (Moldova) .................................................. 19
B(ix) Guarantor Mogo Albania sh.a. (Albania) .................................................. 20
B(x) Guarantor OOO " " (Belarus) ................................................. 21
B(xi) Guarantor SIA HUB 3 (Latvia) .................................................................. 22
B(xi ) Guarantor Risk Management Service OÜ (Estonia) ................................ 23
B(xi i) Guarantor MOGO Universal Credit Organization LLC (Armenia) ............ 24
B(xiv) Guarantor (Ukraine) ............................................ 25
B(xv) Guarantor AS "HUB 1" (Latvia) ............................................................... 26
B(xvi) Guarantor AS "HUB 2" (Latvia) ............................................................... 27
B(xvii) Guarantor AS "HUB 4" (Latvia) .............................................................. 28
C Securities......................................................................................................... 29
D Risks ............................................................................................................... 31
E Offer ................................................................................................................ 34
II.
GERMAN TRANSLATION OF THE SUMMARY (DEUTSCHE
ÜBERSETZUNG DER ZUSAMMENFASSUNG) .................................................... 35
A Einführung und Warnhinweise ......................................................................... 35
B Emittent ........................................................................................................... 35
B(i) Garantiegeber AS ,,mogo" (Latvia) ............................................................. 39
B(i ) Garantiegeber mogo OÜ (Estonia) ............................................................ 41
B(i i) Garantiegeber UAB ,,mogo LT" (Lithuania) ............................................... 43
B(iv) Garantiegeber Mogo LLC (Georgia) ......................................................... 44
B(v) Garantiegeber Mogo sp. z o.o. (Poland) ................................................... 45
B(vi) Garantiegeber Mogo IFN SA (Romania) .................................................. 46
B(vi ) Garantiegeber Mogo Bulgaria EOOD (Bulgaria) ...................................... 47
B(vi i) Garantiegeber Mogo Loans SRL (Moldova) ........................................... 48
B(ix) Garantiegeber Mogo Albania sh.a. (Albania) ............................................ 50
B(x) Garantiegeber OOO ,, " (Belarus) .......................................... 51
B(xi) Garantiegeber SIA HUB 3 (Latvia) ........................................................... 52
B(xi ) Garantiegeber Risk Management Service OÜ (Estonia).......................... 53
B(xi i) Garantiegeber MOGO Universal Credit Organization LLC (Armenia) ..... 54
B(xiv) Garantiegeber (Ukraine) ..................................... 55
B(xv) Garantiegeber AS ,,HUB 1" (Latvia) ......................................................... 56
B(xvi) Garantiegeber AS ,,HUB 2" (Latvia) ........................................................ 58
B(xvii) Garantiegeber AS ,,HUB 4" (Latvia) ....................................................... 59
C Wertpapiere ..................................................................................................... 60
D Risiken ............................................................................................................ 63
E Angebot ........................................................................................................... 66
III.
RISK FACTORS ........................................................................................... 68
1.
RISK FACTORS RELATING TO THE ISSUER, THE GROUP AND OUR
BUSINESS .......................................................................................................... 68

2.
RISK FACTORS RELATING TO THE BONDS .......................................... 82
3.
RISKS RELATED TO THE TRANSACTION SECURITIES, THE
GUARANTEES AND THE SECURITY AGENT AGREEMENT............................ 89
IV.
OVERVIEW OF THE GROUP ...................................................................... 94
V.
GENERAL INFORMATION ........................................................................ 101
Responsibility Statement ................................................................................... 101
Subject of this Prospectus ................................................................................. 101
Hyperlinks ......................................................................................................... 101
Forward-looking Statements ............................................................................. 102
Third Party Information ...................................................................................... 102
Presentation of Financial Information ................................................................ 103
Further bonds regarding this Prospectus ........................................................... 103
MiFID II Product Governance ............................................................................ 104
Documents available for Inspection ................................................................... 104
VI.
USE OF NET PROCEEDS ......................................................................... 105
VII. CAPITALIZATION ...................................................................................... 106
VIII.
SELECTED FINANCIAL INFORMATION AND OPERATING DATA ...... 108
1.
Selected consolidated statement of income data ..................................... 108
2.
Selected consolidated statement of financial position data ...................... 109
3.
Selected consolidated statement of cash flow data ................................. 112
4.
Net debt ................................................................................................... 115
5.
Key financial ratios .................................................................................. 116
6.
Other financial data (EBITDA) (in Mil ion EUR) ........................................ 117
7.
Key performance indicators ..................................................................... 117
8.
Auditors ................................................................................................... 121
9.
Changes in the Financial or Trading Position........................................... 121
IX.
SELECTED PORTFOLIO INFORMATION ................................................. 122
1.
Loan portfolio........................................................................................... 122
2.
Total loan portfolio by loan balance ......................................................... 123
3.
Total loan portfolio by duration for which the repayment of loans are
delayed1 ............................................................................................................ 123
4.
Sale of repossessed car from agreement termination date ...................... 123
5.
Classification of our loan portfolio ............................................................ 124
6.
Performing loan portfolio by product ........................................................ 124
7.
Non-performing loan portfolio by product ................................................. 124
8.
Al owance for loan losses ........................................................................ 125
X.
BUSINESS ................................................................................................. 126
1.
Overview ................................................................................................. 126
2.
Strategy ................................................................................................... 127
3.
Key Strengths .......................................................................................... 127
4.
Products .................................................................................................. 131
a.
Financial Leasing .................................................................................. 131
b.
Leaseback ............................................................................................. 132
c. Installment Loans ..................................................................................... 134
5.
Geographic Markets ................................................................................ 134
XI.
PHYSICAL FOOTPRINT ............................................................................ 136
XII. MARKETING .............................................................................................. 138
1.
Marketing organization and development ................................................ 138
4

2.
Potential customers ................................................................................. 139
3.
Below The Line (BTL) Marketing channels .............................................. 139
a.
Search Engine Marketing ...................................................................... 139
b.
Paid Social media ads ........................................................................... 139
c. Display ads ............................................................................................... 139
d.
E-mail and SMS marketing .................................................................... 140
e.
Affiliate marketing .................................................................................. 140
4.
Above The Line (ATL) Marketing channels .............................................. 140
XIII.
UNDERWRITING AND REVIEW ............................................................. 141
1.
Overview of the underwriting and review process .................................... 141
2.
Loan application processing .................................................................... 142
3.
Risk evaluation and Scoring .................................................................... 142
4.
Vehicle inspection (in case of Financial Leasing and Leaseback) ............ 142
5.
Final loan approval and loan issuance ..................................................... 142
XIV.
PORTFOLIO MANAGEMENT ................................................................. 143
XV. INFORMATION TECHNOLOGY ................................................................ 146
XVI.
CREDIT AND RISK MANAGEMENT ...................................................... 148
1.
Risk management ................................................................................... 148
2.
Risk management process ...................................................................... 148
a.
The Credit Risk ..................................................................................... 148
b.
The Market Risk .................................................................................... 149
c. The Operational Risk ................................................................................ 149
d.
The Reputational Risk ........................................................................... 149
XVII. COMPETITION ....................................................................................... 151
XVIII. INTELLECTUAL PROPERTY ................................................................. 154
XIX.
REGULATORY FRAMEWORK ............................................................... 155
XX. INFORMATION ABOUT THE ISSUER ....................................................... 160
1.
General Information about the Issuer ...................................................... 160
2.
Share Capital and Shareholders of the Issuer ......................................... 161
XXI.
INFORMATION ABOUT THE GROUP AND THE GUARANTORS ......... 164
1.
History of the Group ................................................................................ 164
2.
Beneficial ownership ................................................................................ 164
3.
Issuer and Subsidiaries ........................................................................... 165
4.
Information on about the Group and the Guarantors ................................ 167
a.
AS "mogo" (Latvia) ................................................................................ 167
b.
mogo OÜ (Estonia) ............................................................................... 172
c. UAB mogo LT (Lithuania) ......................................................................... 174
d.
Mogo LLC (Georgia).............................................................................. 176
e.
Mogo sp. z o.o. (Poland) ....................................................................... 179
f. Mogo IFN SA (Romania) .......................................................................... 182
g.
Mogo Bulgaria EOOD (Bulgaria) ........................................................... 185
h.
Mogo Loans SRL (Moldova) .................................................................. 187
i. Mogo Albania sh.a. (Albania) .................................................................... 190
j. OOO " " ("OOO "Mogo Credit"") (Belarus) ........................... 192
k. SIA HUB 3 (Latvia) ................................................................................... 195
l. Risk Management Service OÜ (Estonia). ................................................. 197
m.
MOGO Universal Credit Organization LLC (Armenia) ............................ 199
n.
("MOGO UKRAINE" LLC ) (Ukraine) .................. 203
5

o.
AS "HUB 1" ........................................................................................... 205
p.
AS "HUB 2" ........................................................................................... 208
q.
AS "HUB 4" ........................................................................................... 210
5.
Organization Structure ............................................................................. 213
6.
Properties of the Group ........................................................................... 214
7.
Employees .............................................................................................. 214
8.
Material Agreements ............................................................................... 215
a.
Notes due 31 March 2021 ..................................................................... 215
b.
Mezzanine Facility Agreement .............................................................. 215
c. Mintos....................................................................................................... 216
d.
D.A.A. Investments Limited ................................................................... 220
e.
V.M. Office Limited ................................................................................ 221
f. IN Finance ................................................................................................ 221
g.
IVN Finance .......................................................................................... 221
h.
Ardshinbank (Armenian Bank) ............................................................... 221
9.
Related Party Transactions ..................................................................... 222
a.
LOANS WITH RELATED PARTIES ...................................................... 222
b.
CREDIT DERIVATIVE TRANSACTION (CREDIT DEFAULT SWAP).... 224
10. Legal Proceedings ................................................................................... 224
11. Recent Events and Trends ...................................................................... 225
XXII. MANAGEMENT ...................................................................................... 226
1.
Management ........................................................................................... 226
2.
Corporate Governance ............................................................................ 228
3.
Audit Committee ...................................................................................... 229
4.
Interest of directors and officers............................................................... 229
5.
Litigation statement about directors and officers ...................................... 229
6.
Change of Control over the Group ........................................................... 229
XXIII. TERMS AND CONDITIONS OF THE BONDS ........................................ 230
XXIV. GUARANTEE .......................................................................................... 283
XXV. ADDITIONAL INFORMATION ON THE GUARANTEES, THE
TRANSACTION SECURITIES AND THE SECURITY AGENT ............................ 305
XXVI. TAXATION .............................................................................................. 309
XXVII.
LIMITATIONS ON VALIDITY AND ENFORCEABILITY OF THE
GUARANTEES AND THE BONDS AND CERTAIN INSOLVENCY
CONSIDERATIONS ............................................................................................. 316
XXVIII. SELLING RESTRICTIONS .................................................................. 330
XXIX. GLOSSARY ............................................................................................ 332
XXX. DOCUMENTS INCORPORATED BY REFERENCE ............................... 333

6

I. SUMMARY OF THE PROSPECTUS
Summaries are made up of disclosure requirements known as elements ("Elements"). These Elements
are numbered in Sections A - E (A.1 to E.7). This summary contains al the Elements required to be
included in a summary for this type of securities and issuer. Because some Elements are not required to
be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element
may be required to be inserted in the summary because of the type of securities and issuer, it is possible
that no relevant information can be given regarding the Element. In this case a short description of the
Element is included in the summary with the mention of "not applicable".
A Introduction and Warnings
A.1
Warnings
The following summary should be read as an introduction to this
prospectus (the "Prospectus") and it contains selected information,
which the Issuer views as being essential characteristics of and risks
associated with the Issuer, and the Bonds. Any decision by an investor
to invest in the Bonds should be based on consideration of this
Prospectus as a whole.
Where a claim relating to the information contained in this Prospectus
is brought before a court, the plaintiff investor might, under the national
legislation of the Member State, have to bear the costs of translating
this Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled this
summary including any translation thereof, but only if this summary is
misleading, inaccurate or inconsistent when read together with the
other parts of this Prospectus or it does not provide, when read
together with the other parts of this Prospectus, Key information in
order to aid investors when considering whether to invest in such
securities.
A.2
Consent regarding the Not applicable. Consent regarding the use of the Prospectus for a
subsequent use of the subsequent resale or final placement of the Bonds (as defined under

Prospectus
C.1) has not been granted.
B Issuer
B.1
Legal and commercial Mogo Finance (the "Issuer"). Unless the context otherwise requires,
name of the Issuer.
references to "we", "our", "us", "Mogo" or the "Group" refer to Mogo
Finance and its direct and indirect subsidiaries.
B.2
Domicile and legal The Issuer's domicile is in Luxembourg, Grand Duchy of Luxembourg
form of the Issuer, ("Luxembourg"). The Issuer is a Luxembourg public limited liability
legislation, country of company incorporated and operating under the laws of Luxembourg.
incorporation.
B.4b Known trends affecting Not applicable. There are no known trends affecting the Issuer and the
the Guarantor and the industries in which it operates.
industries in which it
operates
B.5
Description
of
the The Group operates in 12 countries Latvia, Lithuania, Estonia,
group and the Issuer's Georgia, Poland, Romania, Bulgaria, Moldova, Belarus, Albania,
position
within
the Armenia and Ukraine through direct and indirect subsidiaries of the
group.
Issuer. The Issuer is the holding company of the Group.
B.9
Profit
forecast
or Not applicable (as no profit forecasts or estimates are made).
estimate is made
B.10 Qualifications in the Not applicable (as the auditor's reports incorporated by reference to
audit report on the this Prospectus do not contain any qualifications).
historical
financial

information.
B.12 Selected historical key The tables below present key selected consolidated financial
financial information
information for the Group as at and for (i) the financial years ended 31
December 2016 and 31 December 2017, (i ) with respect to the
statement of income data and cash flow data, the nine-month period
ended 30 September 2017 and (i i) the nine-month period ended 30
September 2018. This information has been derived from the Issuer's
audited consolidated financial statements as at and for the year ended
31 December 2017 (including restated comparative financial
information as at and for the financial year ended 31 December 2016)
as wel as from the unaudited financial reports as at and for the nine-
month period ended 30 September 2018 (including comparative
financial information for the nine-month period ended 30 September
2017) and the Group's internal accounting system. The consolidated
annual financial statements of the Group have been prepared in
accordance with the International Financial Reporting Standards as
adopted by the European Union ("IFRS"). The unaudited financial
report for the nine months ended 30 September 2018 consists of the
consolidated statement of financial position as at 30 September 2018
and the related consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated cash
flow statement for the nine months ending 30 September 2018 and is
prepared in accordance with the measurement and recognition
principles of the IFRS.

1.
Selected consolidated statement of income data

Year ended
Year ended
Nine-month
Nine-month
31 December
31 December
period
period
2017
2016
ended 30
ended 30
September
September
2018
2017

(Audited)
(Unaudited)

(in Million EUR)
Interest and similar income .............................
38.4
29.6
41.7
27.0
Net interest income ................................ 29.0
22.4
29.1
20.5
Net profit for the period ................................
9.0
5.6
2.4
7.4
Total comprehensive
income for the
8.5
5.6
2.5
7.2
year/period ................................

2.
Selected consolidated statement of financial position data

Year ended
Year ended
Nine-month
31 December
31 December
period
2017
2016
ended 30
September
2018

(Audited)
(Unaudited)

(in Million EUR)
Total assets ................................
112.5
71.0
158.8
8

Year ended
Year ended
Nine-month
31 December
31 December
period
2017
2016
ended 30
September
2018

(Audited)
(Unaudited)

(in Million EUR)
Non-current borrowings
70.8
51.9
120.1
Current borrowings ................................
25.8
3.4
17.4
Total equity ................................
11.5
13.2
16.4
Total equity and liabilities .............................
112.5
71.0
158.8

3.
Selected consolidated statement of cash flow data

Year ended
Year ended
Nine-month
Nine-month
31 December
31 December
period
period
2017
2016
ended 30
ended 30
September 2018 September 2017

(Audited)
(Unaudited)

(in Million EUR)
Operating profit before
25.9
14.9
25.5
18.5
working capital changes
Cash generated to/from
(18.1)
7.8
(25.7)
(7.7)
operations
Net cash flows to/from
(18.8)
7.3
(26.8)
(8.3)
operating activities
Net cash flows to/from
23.0
(4.4)
29.6
10.0
financing activities
Cash at the end of the
5.2
2.2
6.5
3.3
year/period

No material adverse There has been no material adverse change in the prospects of the
change
in
the Issuer since 31 December 2017.
prospects of the Issuer

Significant changes in Not applicable. There has been no significant change in the financial or
the financial or trading trading position of the Issuer since 30 September 2018.
position
B.13 Recent events
Not applicable. There are no recent events particular to the Issuer
which are to a material extent relevant to the evaluation of the Issuer's
solvency.
B.14 Dependence
upon The Issuer is the holding company of the Group and has no relevant
other entities within the business or operational activities other than the financing of the Group
group
companies. Therefore, the Issuer is dependent on payments of the
operating entities of the Group.
B.15 Description
of
the The Issuer provides financing to the Group companies. The Issuer is
Issuer's
principal financed through its share capital, external debt and cash from the
9

activities
activities of the Group's operating companies.
B.16 Control ing persons
The founders and beneficial owners of the Issuer are Aigars
Kesenfelds, Alberts Pole, Kristaps Ozols and Mris Keiss (the
"Founders"). The Founders are indirect shareholders of the Issuer,
together controlling 94.875% of the voting share capital of the Issuer.
B.17 Credit ratings assigned Not applicable. Neither the Issuer nor the Bonds are rated.
to an Issuer or its debt
securities
B.18 Nature and scope of The obligations of the Issuer under the Bonds will be guaranteed on a
the guarantee
senior basis by the Guarantors (as defined below) under the terms and
conditions outlined here (the "Guarantee"). Al operative group
companies will have to accede to the Guarantee as additional
Guarantors within three months after the grant of the first loan to their
customers.
The Guarantees shal be, unconditional, irrevocable, separate and
independent from the obligations of the Issuer and shal exist
irrespective of the validity and enforceability of the obligations of the
Issuer. Each Guarantee constitutes an independent payment obligation
in the form of a contract for the benefit of the Holders from time to time
as third party beneficiaries.
"Security Agent" means Greenmarck Restructuring Solutions GmbH.
The intent and purpose of each Guarantee is to ensure that the
Holders under all circumstances, whether factual or legal, and
regardless of the validity and enforceability of the obligations of the
Issuer or of any other grounds on the basis of which the Issuer may fail
to effect payment, shal receive the amounts payable as principal,
interest and other amounts to the Holders pursuant to the Terms and
Conditions on due dates as provided in the Terms and Conditions.
Each Guarantee will rank pari passu with al of the relevant Guarantors'
existing and future senior unsecured debt and senior to al of their
existing and future subordinated debt, notwithstanding certain limitation
under the laws of the relevant Guarantor's jurisdiction.
In addition, the validity and enforceability of the Guarantees wil be
subject to certain limitations.
B.19 Information about the The Guarantees are granted by (i) AS "mogo" (Latvia), (i ) mogo OÜ
guarantors
(Estonia), (i i) UAB "mogo LT" (Lithuania), (iv) Mogo LLC (Georgia), (v)
Mogo sp. z o.o. (Poland), (vi) Mogo IFN SA (Romania), (vi ) Mogo
Bulgaria EOOD (Bulgaria), (vi i) Mogo Loans SRL (Moldova), (ix) Mogo
Albania sh.a. (Albania), (x) OOO " " (Belarus), (xi) SIA
HUB 3 (Latvia), (xi ) Risk Management Service OÜ (Estonia), (xi i)
MOGO Universal Credit Organization LLC (Armenia), (xiv)
(Ukraine), (xv) AS "HUB 1" (Latvia), (xvi) AS "HUB 2" (Latvia)
and (xvii) AS "HUB 4" (Latvia) (the "Guarantors"). Al operative group
companies will have to accede to the Guarantee as additional
Guarantors within three months after the grant of the first loan to their
customers.
B(i) Guarantor AS "mogo" (Latvia)
B.19 Legal and commercial AS "mogo" (Latvia). The Guarantor operates under the commercial
B.1
name
name "AS "mogo"".
B.19 Domicile and legal The Guarantor's domicile is in Riga, Latvia. The Guarantor is a Latvian
B.2
form of the Guarantor, joint stock company incorporated and operating under the laws of
legislation, country of Latvia.
10