Exhibit 4.1
Agency Agreement
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LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
as Issuer
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DEUTSCHE BANK TRUST COMPANY AMERICAS
as Registrar and Paying Agent
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AGENCY AGREEMENT
relating to the issue of
U.S.$ o
o% Notes due o
of
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
-------------------------------------
January o, 2005
Agency Agreement
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TABLE OF CONTENTS
Clause Page
1. Definitions and Interpretation...........................................3
2. Appointment of Registrar and Paying Agent................................4
3. The Notes................................................................5
4. Issuance of Notes........................................................5
5. Payments.................................................................6
6. Miscellaneous Duties of the Registrar and the Paying Agent...............7
7. Indemnity................................................................8
8. Fees and Expenses........................................................9
9. Terms of Appointment.....................................................9
10. Changes in Agents.......................................................10
11. Merger and Consolidation................................................12
12. Notification of Changes to Agents.......................................12
13. Communication Between the Parties.......................................12
14. Taxes and Stamp Duties..................................................12
15. Notices and Communications..............................................12
16. Governing Law and Place of Jurisdiction.................................13
17. Severability and Partial Invalidity.....................................13
18. Amendment...............................................................13
19. Counterparts............................................................14
SIGNATURES....................................................................15
SCHEDULE 1
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PART I: German language form of Global Certificate.........................S-1
PART II: English language form of Global Certificate.......................S-3
ANNEX A - PART I: German language form of Purchases and Cancellations......S-5
ANNEX A - PART II: English language form of Purchases and Cancellations....S-6
SCHEDULE 2
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PART I: German language form of Guarantee to be issued in case of
substitution of the Issuer.................................................S-7
PART II: English language form of Guarantee to be issued in case of
substitution of the Issuer................................................S-10
SCHEDULE 3
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The Specified Offices of the Registrar and Paying Agent...................S-13
SCHEDULE 4
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PART I: German language form of Terms and Conditions......................S-14
PART II: English language form of Terms and Conditions....................S-22
Agency Agreement
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THIS AGREEMENT is made on January o, 2005
BETWEEN
(1) LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK ("L-Bank" or the "Issuer");
and
(2) DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation,
(hereinafter referred to in such respective capacity as "Registrar" and
"Paying Agent", which expressions shall include any successor registrar or
paying agent appointed in accordance with Clause 10).
PREAMBLE
(A) The Issuer and Citigroup Global Markets Limited (the "Manager") have
entered into a subscription agreement dated January o, 2005 pursuant to
which the Issuer has agreed to issue on January o, 2005, or on such
later date not being later than o as the Issuer and the Manager may agree
(the "Closing Date"), and the Manager has agreed to purchase o% Notes due
o in an aggregate principal amount of U.S.$ o divided into o notes in
the principal amount of U.S.$ 1,000 each, which will rank equally among
themselves (the "Notes"); and
(B) The Issuer wishes to engage Deutsche Bank Trust Company Americas to act as
Registrar and as Paying Agent in respect of the Notes upon the terms and
conditions set forth in this Agreement and the Schedules hereto.
IT IS HEREBY AGREED as follows:
1. DEFINITIONS AND INTERPRETATION
(1) In this Agreement:
"Agent(s)" means the Registrar or the Paying Agent or any of them.
"Clearing System" means DTC.
"Conditions" means the terms and conditions of the Notes, attached hereto
in Schedule 4.
"DTC" means The Depository Trust Company, a New York Corporation.
"Exchange Act" means the United States Securities Exchange Act of 1934, as
amended.
"Global Certificate" means the permanent DTC global certificate(s)
representing the Notes, a form which is attached hereto in Schedule 1.
"Holder" means the persons registered in the register kept by the Registrar
and holding a beneficial interest or right in the Notes.
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"New York Business Day" means a day (other than Saturdays and Sundays) on
which banking institutions in New York City are not obliged and not
authorized to close.
"Specified Office" of any Agent means the office specified against its name
in Schedule 3 hereto or, in the case of any Agent not originally party
hereto, specified in its terms of appointment or such other office in the
same city as such Agent may specify by notice to the Issuer and the other
parties hereto in accordance with Clause 10(10) hereof.
(2) Expressions defined elsewhere in this Agreement shall have the meanings so
indicated. Expressions defined in the Conditions and not otherwise defined
in this Agreement shall have the same meanings in this Agreement, except
where the context otherwise requires.
(3) All references in this Agreement to costs or charges or expenses shall
include any value added tax or similar tax charged or chargeable in respect
thereof, if applicable.
(4) All references in this Agreement to principal and/or interest or both in
respect of the Notes or to any moneys payable by the Issuer under this
Agreement shall have the meaning set out in ss. 4 of the Conditions.
(5) All references in this Agreement to an agreement, instrument or other
document (including, without limitation, this Agreement, the Notes and the
Conditions appertaining thereto) shall be construed as a reference to that
agreement, instrument or document as the same may be amended, varied or
supplemented from time to time.
2. APPOINTMENT OF REGISTRAR AND PAYING AGENT
(1) L-Bank hereby appoints Deutsche Bank Trust Company Americas to act as
Registrar in respect of the Notes, and Deutsche Bank Trust Company Americas
hereby accepts such appointment, and agrees to act in such capacity, upon
the terms and subject to the conditions set out below, for the purposes of:
(a) authenticating and delivering the Global Certificate;
(b) maintaining a Register pertaining to the Notes in accordance with the
Conditions; and
(c) performing all other obligations and duties imposed upon it by the
Conditions and this Agreement.
(2) L-Bank hereby appoints Deutsche Bank Trust Company Americas to act as
Paying Agent in respect of the Notes, and Deutsche Bank Trust Company
Americas accepts such appointment, and agrees to act in such capacity, upon
the terms and subject to the conditions set out below, for the purposes of:
(a) paying sums due on the Notes;
(b) determining the interest and/or other amounts payable in respect of
the Notes in accordance with the Conditions;
(c) arranging on behalf of L-Bank for notices to be communicated to
Holders; and
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(d) performing all other obligations and duties imposed upon it by the
Conditions and this Agreement.
3. THE NOTES
(1) The Notes will be represented by one or more permanent Global Certificates
without interest Coupons and will be kept in custody by Deutsche Bank Trust
Company Americas, a New York banking corporation, or any successor, as
custodian for DTC as specified in the Conditions. The Global Certificate
will be issued in registered form in the name of Cede & Co., as nominee of
DTC, recorded in a Register kept by the Registrar, and will represent the
Notes kept in custody for financial institutions that are participants in
DTC.
(2) Each Global Certificate shall:
(a) be printed or typewritten in substantially the form (duly completed)
set out in Schedule 1 hereto (or in such other form as the Issuer and
the Registrar shall have agreed);
(b) have attached thereto the Conditions set out in Schedule 4 hereto;
(c) be executed manually by two authorized signatories or an
attorney-in-fact of the Issuer;
(d) be authenticated manually by or on behalf of the Registrar; and
(e) bear a unique serial number.
4. ISSUANCE OF NOTES
(1) The Issuer shall, not later than 2:00 p.m. (New York time) on the second
New York Business Day prior to the Closing Date:
(a) confirm to the Registrar by facsimile or any electronic information
system agreed between the Registrar and the Issuer all such
information as the Registrar may reasonably require to carry out its
functions under this Agreement and such details as are necessary to
enable it to authenticate and deliver the Global Certificate; and
(b) designate by facsimile the account of the Issuer to which payment of
the proceeds of the issuance of the Notes should be made.
(2) The Issuer shall ensure that the Notes are assigned all applicable
securities numbers, including German securities code (WKN), common code,
ISIN and CUSIP.
(3) On or before 10:00 a.m. (New York time) on the New York Business Day prior
to the Closing Date (or any other time agreed between the Registrar and the
Issuer having regard to the rules of DTC), the Registrar shall authenticate
and deliver the Global Certificate to Deutsche Bank Trust Company Americas,
in its capacity as custodian for DTC. The Registrar shall on the Closing
Date transfer the proceeds of issue received from the Manager to the Issuer
to the account notified in accordance with sub-clause 1(b) above. The
Manager shall give instructions to DTC to credit Notes represented by the
Global Certificate in accordance with the normal operating procedures of
DTC.
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(4) Where the Registrar acts as Agent for the Issuer in respect of receiving
the proceeds of the Notes, if on the Closing Date the Registrar does not
receive the full proceeds of issue in respect of any Note, the Registrar
shall:
(a) continue to hold such Note to the order of the Issuer;
(b) notify the Issuer forthwith of the non-receipt of the proceeds of
issue in respect of such Note; and, subsequently,
(c) notify the Issuer forthwith upon receipt of the full proceeds of issue
in respect of such Note.
The Registrar shall pay to the Issuer the amount received by the Registrar
from the Manager in respect of such Note on the same day (or, if not
possible, as soon as practicable thereafter) as the funds are credited to
the account designated by the Registrar.
(5) The Registrar shall hold in safe custody all unauthenticated Global
Certificates delivered to it in accordance with this Clause 4 and shall
ensure that each Global Certificate is authenticated and delivered only in
accordance with the terms hereof and the Global Certificate.
(6) The Registrar is authorized by the Issuer to authenticate the Global
Certificate as may be required to be authenticated hereunder by the
signature of any person duly authorized for the purpose by the Registrar.
(7) For the purposes of this Clause 4 the Registrar is entitled to treat a
telephone or facsimile communication from a person purporting to be (and
who the Registrar believes in good faith to be) the authorized
representative of the Issuer named in the list referred to in, or notified
pursuant to, Clause 9(7) as sufficient instructions and authority of the
Issuer for the Registrar to act in accordance with this Clause 4, provided
that the Registrar takes all reasonable precautions necessary to verify the
accuracy of such telephone or facsimile communication before carrying out
any of its tasks envisaged hereunder. Any telephone communication shall be
followed as soon as practicable by a facsimile confirmation of such
communication.
5. PAYMENTS
In order to provide for the payment of the principal of, and interest on, the
Notes, as such payment shall become due and payable:
(1) The Issuer shall pay to the Paying Agent the amount in U.S.$ of interest
on, or principal of, the Notes on each date on which any such payment in
respect of the Notes becomes due in same day funds by 10:00 a.m. (New York
time) to the account of Deutsche Bank Aktiengesellschaft with Deutsche Bank
Trust Company Americas.
(2) The Paying Agent shall give payment instructions to the Issuer not later
than five Frankfurt business days prior to any relevant payment date with
regard to the payment to be made on that payment date pursuant to
sub-clause (1) above.
(3) Subject to the receipt by the Paying Agent of the necessary funds as
provided in sub-clause (1) above, the Paying Agent shall pay or cause to be
paid on behalf of the Issuer to the registered holder of the Global
Certificate all amounts due in respect of the Notes in the manner provided
in the Conditions. If any payment provided for in
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sub-clause (1) is made late but otherwise in accordance with the provisions
of this Agreement, the Paying Agent shall nevertheless make payments in
respect of the Notes as aforesaid following receipt by it of such payment.
(4) If for any reason the Paying Agent considers in its sole discretion
(exercised in good faith) that the amounts to be received by the Paying
Agent pursuant to sub-clause (1) will be, or the amounts actually received
by it pursuant thereto are, insufficient to satisfy all claims in respect
of all payments then falling due in respect of the Notes, the Paying Agent
shall promptly notify the Issuer thereof. The Paying Agent shall not be
obliged to pay any such claims until the Paying Agent has received the full
amount of all such payments.
(5) If the Paying Agent pays any amounts to the Holders at a time when it has
not received payment in full in respect of the relevant Notes in accordance
with sub-clause (1) (the excess of the amounts so paid over the amounts so
received being the "Shortfall"), the Issuer shall, in addition to paying
amounts due under sub-clause (1), pay to the Paying Agent on demand
interest (at a rate which represents the Paying Agent's cost of funding the
Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the
receipt in full by the Paying Agent of the Shortfall. The Paying Agent
shall supply the Issuer with evidence as to the determination of the
aforementioned interest rate.
(6) All payments due in respect of the Notes shall be made to, or to the order
of, the registered holder of the Global Certificate for payment through
DTC's settlement system to the relevant DTC participants, subject to and in
accordance with the provisions of the Global Certificate and the
Conditions. On the occasion of any such payment the Paying Agent to which
the Global Certificate was presented for the purpose of making such payment
shall cause the appropriate Schedule to the relevant Global Certificate to
be annotated so as to evidence the amounts and dates of such payments of
principal and/or interest as applicable.
(7) If the amount of principal and/or interest then due for payment is not paid
in full by the Issuer to the Paying Agent (otherwise than by reason of a
deduction required by law to be made therefrom), the Paying Agent to which
a Global Certificate is presented for the purpose of making such payment
shall make a record of such Shortfall on the Global Certificate and such
record shall, in the absence of manifest error, be prima facie evidence
that the payment in question has not to that extent been made.
6. MISCELLANEOUS DUTIES OF THE REGISTRAR AND THE PAYING AGENT
Notices
(1) Upon the receipt by the Paying Agent of a demand or notice from any Holder
in accordance with the Conditions the Paying Agent shall forward a copy
thereof to the Issuer.
(2) On behalf of and at the request and expense of the Issuer, the Paying Agent
shall cause to be published, or delivered to Holders, all notices required
to be given by the Issuer to the Holders in accordance with the Conditions.
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Notices of Withholding or Deduction
(3) If the Issuer is, in respect of any payment, required to withhold or deduct
any amount for or on account of taxes or duties of whatever nature as
specifically contemplated under the Conditions, the Issuer shall give
notice thereof to the Paying Agent as soon as it becomes aware of the
requirement to make such withholding or deduction and shall give to the
Paying Agent such information as it shall require to enable it to comply
with such requirement.
Documents Available for Inspection
(4) The Paying Agent shall hold available for inspection by the Holders at the
Specified Offices during normal business hours copies of all documents
required to be made available by the Conditions in respect of the Notes.
(5) For the above purposes, the Issuer shall furnish to the Paying Agent a
sufficient number of copies of each of the relevant documents.
Cancellation of Notes
(6) All Notes which are repurchased by or on behalf of the Issuer and
surrendered to the Registrar for cancellation, shall be cancelled by the
Registrar, in accordance with the procedures established for that purpose
by DTC, resulting in a reduction of the aggregate amount of Notes
represented by the Global Certificate by the aggregate amount of Notes so
cancelled. On the same day such cancellation is effected, the Registrar
shall record such cancellation of Notes on the Register in such a way that
the aggregate amount of Notes cancelled at any time together with the
aggregate principal amount of Notes then outstanding and represented by the
Global Certificate shall equal the aggregate principal amount of Notes
originally issued by the Issuer.
(7) A certificate of cancellation stating:
(a) the aggregate principal amount of Notes which have been cancelled and
the aggregate amount paid in respect thereof; and
(b) the aggregate amount paid in respect of interest on the Notes
shall be given to the Issuer by the Registrar as soon as reasonably
practicable and in any event within three months after the date of such
cancellation.
(8) The Registrar shall keep a full and complete Register of all Notes and of
their repurchase by or on behalf of the Issuer and their cancellation. The
Registrar shall at all reasonable times make such Register available to the
Issuer and the Paying Agent and any persons authorized by either of them
for inspection and for the taking of copies thereof or extracts therefrom.
7. INDEMNITY
(1) The Issuer shall indemnify each of the Agents against any claim, demand,
action, liability, loss or expense (including legal fees) which it may
incur or which may be made against it as a result or arising out of any
failure to pay or delay in paying any of the same.
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(2) Each of the Agents shall severally indemnify the Issuer and its respective
directors, officers and employees, and any affiliate of the Issuer against
any claim, demand, action, liability, loss, cost or expense (including all
reasonable costs, charges or expenses paid or incurred in disputing or
defending any of the foregoing) which it may incur, as a result or arising
out of any negligent or willful breach by such Agent of its obligations
under this Agreement.
8. FEES AND EXPENSES
(1) The Issuer shall pay to the Registrar for account of the Agents (as long as
such functions are performed within the Deutsche Bank network) such fees as
may have been agreed between itself and Deutsche Bank Aktiengesellschaft on
behalf of the Registrar on November 8, 2004 in respect of, inter alia, the
services of the Agents hereunder. The Issuer shall not be concerned with
the apportionment of payment among the Agents.
(2) The Issuer shall reimburse each Agent for all reasonable expenses
(including legal fees) properly incurred in connection with its services
hereunder.
(3) In the event that the Registrar deems it necessary that the fees agreed
between itself and the Issuer be amended, the Registrar shall negotiate
such amendment with the Issuer in good faith with the aim of continuing the
provision of the services under this Agreement. Should the Issuer and the
Registrar reach no agreement regarding the amendment of the fee
arrangement, the initial agreement between the parties shall remain in
force.
(4) The Issuer shall pay all documentary and other taxes and duties (including
any interest and penalties thereon or in connection therewith) which may be
payable upon or in connection with the execution and delivery of this
Agreement and any letters of appointment under which any Agent is appointed
as agent hereunder. The Issuer shall indemnify each Agent against any
claim, demand, action, liability, loss or expense (including legal fees)
which it may incur or which may be made against it as a result or arising
out of any failure to pay or delay in paying any of the same.
9. TERMS OF APPOINTMENT
(1) Each of the Agents may, in connection with its services hereunder:
(a) except as ordered by a court of competent jurisdiction or as required
by law, treat the registered holder of the Global Certificate as the
owner thereof and make payments thereon accordingly;
(b) assume that the terms of the Notes as issued are correct;
(c) rely upon the terms of any notice, communication or other document
reasonable believed by it to be genuine;
(d) engage and pay for the advice or services of any lawyers or other
experts whose advice or services may to it seem necessary and rely
upon any advice so obtained. Such Agent shall be protected and shall
incur no liability as against the Issuer in respect of any action
taken, or suffered to be taken, in accordance with such advice and in
good faith; and
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(e) treat itself as being released from any obligation to take any action
hereunder which it reasonably expects will result in any expense or
liability to it, the payment of which within a reasonable time is not,
in its reasonable opinion, assured to it.
(2) In acting hereunder and in connection with the Notes, the Agents shall act
solely as agents of the Issuer and will not thereby assume any obligations
towards or relationship of agency or trust for or with any of the Holders.
(3) In acting hereunder and in connection with the Notes, the Agents shall not
be liable for the legality, validity or enforceability of the Notes.
(4) Each Agent may purchase, hold and dispose of Notes and may enter into any
transaction (including, among other transactions, any depositary, trust or
agency transaction) with any Holder or with any other party hereto in the
same manner as if it had not been appointed as the agent of the Issuer.
(5) The Issuer shall indemnify each Agent against any claim, demand, action,
liability, loss or expense (including legal fees and any applicable value
added tax) which such Agent may incur, otherwise than as a result of or
arising out of any negligent or willful breach by such Agent of its
obligations under this Agreement.
(6) The obligations of the Agents hereunder shall be several and not joint.
(7) The Issuer shall provide the Registrar with a list of persons authorized to
execute documents and take action on its behalf in connection with this
Agreement, such list to be signed by two duly authorized signatories of the
Issuer. The Issuer shall notify the Registrar immediately if any of such
persons ceases to be so authorized or if any additional person becomes so
authorized by notice signed by two duly authorized signatories of the
Issuer.
10. CHANGES IN AGENTS
(1) The Registrar may (subject to sub-clause (3) below) at any time resign as
Registrar by giving at least 90 days' written notice to the Issuer of such
intention on its part, specifying the date on which its desired resignation
shall become effective.
(2) The Registrar may (subject to sub-clause (3) below) be removed at any time
by the Issuer on at least 45 days' written notice to the Registrar, signed
on behalf of the Issuer and specifying such removal and the date when it
shall become effective.
(3) Any resignation under sub-clause (1) or removal under sub-clauses (2) or
(4) shall only take effect upon the appointment by the Issuer as
hereinafter provided, of a successor Registrar and (other than in cases of
insolvency of the Registrar) on the expiry of the notice to be given under
Clause 12. The Issuer agrees with the Registrar that if, by the day falling
ten days before the expiry of any notice under sub-clause (1), it has not
appointed a successor Registrar, then the Registrar shall be entitled, on
behalf of the Issuer, to appoint as a successor Registrar in its place a
reputable financial institution of good standing which the Issuer shall
approve (such approval not to be unreasonably withheld or delayed).
(4) In case at any time the Registrar resigns, or is removed, or becomes
incapable or acting or is adjudged insolvent, or files a voluntary petition
in insolvency or makes an assignment for the benefit or its creditors or
consents to the appointment of an
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administrator, liquidator or other receiver of all or a substantial part of
its property, or admits in writing its inability to pay or meet its debts
as they mature or suspends payment thereof, or if any order of any court is
entered approving any petition filed by or against it under the provisions
of any applicable bankruptcy or insolvency law, a successor Registrar,
which shall be a reputable financial institution in good standing may be
appointed by the Issuer by an instrument in writing filed with the
successor Registrar. Upon the appointment as aforesaid of a successor
Registrar and acceptance by the latter of such appointment and (other than
in case of insolvency of the Registrar when it shall be of immediate
effect) upon expiry of the notice to be given under Clause 12 the Registrar
so superseded shall cease to be the Registrar hereunder.
(5) Subject to the applicable provisions of the Conditions, the Issuer may,
after prior consultation with the Registrar, terminate the appointment of
the Paying Agent at any time and/or appoint one or more further Paying
Agents by giving to the Registrar and to the Paying Agent at least 45 days'
written notice to that effect (other than in the case of insolvency of the
Paying Agent).
(6) Subject to the applicable provisions of the Conditions, the Paying Agent
may resign its appointment hereunder at any time by giving the Issuer and
the Registrar at least 45 days' written notice to that effect.
(7) Upon its resignation or removal becoming effective, the Registrar or the
Paying Agent concerned;
(a) shall forthwith transfer all moneys held by it hereunder and, if
applicable, the documents and records referred to in Clauses 6(4), (5)
and (8) to its successor Agent hereunder or, if there is in the case
of the termination of appointment of the Paying Agent no successor
Paying Agent, to the Registrar; and
(b) shall be entitled to the payment by the Issuer of its fees and
expenses for the services therefore rendered hereunder in accordance
with the terms of Clause 8.
(8) In the event of the resignation of the Paying Agent or the Registrar, or in
the case of the Registrar, its removal by the Issuer due to any of the
circumstances set out in sub-clause (4) above, such Agent shall bear all
reasonable costs associated with the termination of its services and the
appointment of a successor Agent performing the relevant functions
(including, but not limited to, the cost of all required publications,
agency fees and legal fees, if any, for the preparation and execution of
any necessary documents in this context).
(9) Upon its appointment becoming effective, a successor Registrar and any new
Paying Agent shall, without further act, become vested with all the rights
and obligations of its predecessor or, as the case may be, a Paying Agent
with like effect as if originally named as Registrar or (as the case may
be) a Paying Agent hereunder.
(10) If the Registrar or the Paying Agent determines to change its Specified
Office it shall (after having, in any such case other than a change of
Specified Office within the same city, obtained the prior written approval
of the Issuer thereto) give the Issuer and (if applicable) the Registrar
written notice of such determination giving the address of the new
Specified Office and stating the date on which such change is to take
effect, which shall not be less than 45 days thereafter. The Registrar (on
behalf
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of the Issuer) shall, at the expense of the relevant Agent, within 15 days
of receipt of such notice (unless the appointment of the Registrar or the
Paying Agent, as the case may be, is to terminate pursuant to the above
sub-clauses on or prior to the date of such change) give or cause to be
given not more than 45 days' nor less than 30 days' notice thereof to the
Holders in accordance with the Conditions.
11. MERGER AND CONSOLIDATION
Without prejudice to Clause 10(8) any corporation into which the Registrar or
the Paying Agent may be merged or converted, or any corporation with which the
Registrar or the Paying Agent may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Registrar or the
Paying Agent shall be a party, or any corporation to which the Registrar or the
Paying Agent shall sell or otherwise transfer all or substantially all the
assets of the Registrar or the Paying Agent shall, on the date when such merger,
conversion, consolidation or transfer becomes effective and to the extent
permitted by any applicable laws, become the successor Registrar or Paying Agent
under this Agreement without the execution or filing of any paper or any further
act on the part of the parties hereto, unless otherwise required by the Issuer
and after the said effective date all references in this Agreement to the
Registrar or the Paying Agent shall be deemed to be references to such
corporation. Written notice of any such merger, conversion, consolidation or
transfer shall forthwith be given to the Issuer by the Registrar or the Paying
Agent concerned.
12. NOTIFICATION OF CHANGES TO AGENTS
Following receipt of notice of resignation from the Registrar or the Paying
Agent and forthwith upon appointing a successor Registrar or Paying Agent or on
giving notice to terminate the appointment of any of the Registrar or the Paying
Agent, the Registrar (on behalf of and at the expense of the Issuer or in the
case of Clause 10(8) at the expense of the Agent) shall give or cause to be
given not more than 45 days' nor less than 30 days' notice thereof to the
Holders in accordance with the Conditions.
13. COMMUNICATION BETWEEN THE PARTIES
A copy of all communications relating to the subject matter of this Agreement
between the Issuer and the Holders on the one hand and the Paying Agent on the
other hand shall be sent by the Paying Agent to the Registrar.
14. TAXES AND STAMP DUTIES
The Issuer agrees to pay any and all stamp or documentary taxes or duties which
may be payable in connection with the execution, delivery, performance and
enforcement of this Agreement.
15. NOTICES AND COMMUNICATIONS
(1) Any document or information furnished or supplied under this Agreement
shall be in the English language.
(2) All notices and communications under this Agreement shall be by letter or
facsimile, posted or delivered by hand, or by telephone. Each notice or
communication shall be given as follows:
(a) If to the Issuer, at:
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Landeskreditbank Baden-Wurttemberg - Forderbank
Schlossplatz 10
76113 Karlsruhe
Germany
Telephone: +49 721 150-1144 or -3916
Telefax: +49 721 150-1280
Attention: Bereich Treasury / Abwicklung -
(b) If to the Registrar or the Paying Agent, at:
Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NYC60-2710
United States of America
Telephone: +1 212 250 2157
Telefax: +1 732 578 4635
Attention: Trust & Securities Services
(or in the case of a Registrar not originally a party hereto, specified by
notice to the other parties hereto at or about the time of its appointment
as the Agent of the Issuer).
(3) Every notice or communication sent in accordance with sub-clause (2) shall
be effective as follows:
(a) Letter or facsimile: if sent by letter or facsimile, upon receipt by
the addressee;
(b) By telephone: if made on the telephone, upon being made.
In the case of (a) above, any such notice or communication which would
otherwise take effect after 4:00 p.m. in the place of the addressee on any
particular day shall not take effect until 10:00 a.m. on the immediately
succeeding business day in the place of the addressee.
16. GOVERNING LAW AND PLACE OF JURISDICTION
(1) This Agreement shall be governed by, and construed in accordance with,
German law.
(2) Any action or other legal proceedings ("Proceedings") arising out of or in
connection with this Agreement shall be brought exclusively in the courts
in Frankfurt am Main.
17. SEVERABILITY AND PARTIAL INVALIDITY
Should any provision of this Agreement be or become invalid in whole or in part,
the other provisions shall remain in force. The invalid provision shall be
deemed substituted by a valid provision which accomplishes as far as legally
possible the economic purposes of the invalid provision.
Agency Agreement
- 14 -
18. AMENDMENT
This Agreement may be amended by agreement among the parties hereto without the
consent of the Holders.
19. COUNTERPARTS
This Agreement may be signed in any number of counterparts, all of which, taken
together, shall constitute one and the same agreement.
Agency Agreement
- 15 -
IN WITNESS WHEREOF, the parties hereto have executed this Agency Agreement as of
the date first above written.
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
- ------------------------------ --------------------------------
DEUTSCHE BANK TRUST COMPANY AMERICAS
as Registrar
- ------------------------------ --------------------------------
DEUTSCHE BANK TRUST COMPANY AMERICAS
as Paying Agent
- ------------------------------ --------------------------------
Agency Agreement - Schedules
S-1
SCHEDULE 1
PART I
German language Version of the
FORM OF THE GLOBAL CERTIFICATE
U.S.$ o
----------------------------------------------------------
ISIN ______________________ Common Code ______________
CUSIP _____________________ WKN ______________________
No. R- ____________________
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
Karlsruhe, Bundesrepublik Deutschland
U.S.$ o o% Anleihe fallig o
UNLESS THIS GLOBAL CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY GLOBAL
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.
NAMENS-SAMMELSCHULDVERSCHREIBUNG
uber einen Nennbetrag von
(Betrag in Worten o)
(U.S.$ o)
der o% Globalanleihe fallig o im Gesamtnennbetrag von [Betrag in Worten
o] United States Dollars (U.S.$ o) der Landeskreditbank Baden-Wurttemberg -
Forderbank (die "Emittentin").
Diese Sammelschuldverschreibung verbrieft Teilschuldverschreibungen im
Nennbetrag von je U.S.$ 1.000 (die "Schuldverschreibungen"). Sie ist von der
Emittentin als Namens-Sammelschuldverschreibung an Cede & Co. als Beauftragte
von The Depository Trust Company ("DTC") begeben und in das Verwahr- und
Clearingsystem der DTC zur Verwahrung eingeliefert worden, um die Lieferung und
Ubertragung von Schuldverschreibungen innerhalb des Systems im Buchungswege ohne
Lieferung effektiver Stucke zu ermoglichen. DTC und deren etwaiger Nachfolger
als Verwahrer dieser Sammelschuldverschreibung werden in dieser Urkunde auch als
"Verwahrer" bezeichnet.
Die Anzahl der in dieser Sammelschuldverschreibung verbrieften
Schuldverschreibungen ergibt sich aus den Unterlagen des Verwahrers, die
ihrerseits beruhen auf dem Register der Deutsche Bank Trust Company Americas
(das "Register"), die als Registerstelle fur die Emittentin fungiert, oder eines
etwa von der Emittentin bestellten Nachfolgers in dieser
Agency Agreement - Schedules
S-2
Funktion (die "Registerstelle"). Im Falle von Unstimmigkeiten zwischen dem
Register und den Unterlagen des Verwahrers ist das Register, ausser im Falle
eines offenkundigen Irrtums, massgeblich.
Die Emittentin verpflichtet sich hiermit, nach Massgabe der beigefugten
Anleihebedingungen (die "Anleihebedingungen") an Cede & Co. am Tag der
Falligkeit der Schuldverschreibungen den Kapitalbetrag der Schuldverschreibungen
zu zahlen, die an dem auf das Jahr o bezogenen Stichtag in dieser Urkunde
verbrieft sind, und auf den in dieser Urkunde am jeweiligen Stichtag verbrieften
Kapitalbetrag Zinsen zum Satz von o % per annum zu zahlen. Stichtag ist der
fur jede Zahlung jeweils nach ss. 4(4) der Anleihebedingungen zu bestimmende
Tag. Der mit dieser Urkunde verbriefte Kapitalbetrag wird vom o 200o an
(einschliesslich) bis zum Ablauf des Tages verzinst, der dem Tag vorangeht,
an dem der Kapitalbetrag zur Ruckzahlung fallig wird. Der erste Zinszahlungstag
ist der o 200o.
Diese Sammelurkunde kann nur insgesamt ubertragen werden, und zwar nur entweder
von DTC auf einen Beauftragten der DTC, von einem Beauftragten der DTC auf DTC
oder auf einen anderen Beauftragten der DTC oder von DTC oder einem solchen
Beauftragten auf einen als Nachfolger der DTC fungierenden neuen Verwahrer oder
einen Beauftragten eines solchen neuen Verwahrers. Die Ubertragung ist nur
wirksam, wenn sie in den zu diesem Zweck von der Registerstelle gefuhrten
Unterlagen vermerkt wird.
Die Anleihebedingungen sind Teil dieser Sammelschuldverschreibung.
Diese Sammelschuldverschreibung ist nur wirksam, wenn sie mit der im Namen der
Registerstelle geleisteten handschriftlichen Kontrollunterschrift versehen ist.
Karlsruhe, Bundesrepublik Deutschland
o 200o
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
---------------------------------------
Name:
Position:
---------------------------------------
Name:
Position:
Kontrollunterschrift
(geleistet im Namen von
Deutsche Bank Trust Company Americas
als Registerstelle)
- --------------------------------
Unterschriftsbefugte Person
Agency Agreement - Schedules
S-3
SCHEDULE 1
PART II
English language Version of the
FORM OF THE GLOBAL CERTIFICATE
U.S.$ o
-------------------------------------------------------
ISIN ______________________ Common Code ______________
CUSIP _____________________ WKN ______________________
No. R- ____________________
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
Karlsruhe, Federal Republic of Germany
U.S.$o o% Notes due o
UNLESS THIS GLOBAL CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY GLOBAL
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.
GLOBAL REGISTERED CERTIFICATE
representing a principal amount of
(amount in words o)
(U.S.$ o)
of the o% Notes due o in the aggregate principal amount of (amount in words
o (U.S.$o)), issued by Landeskreditbank Baden-Wurttemberg - Forderbank (the
"Issuer").
This Global Certificate represents notes in the principal amount of U.S.$ 1,000
each (the "Notes"). It has been issued by the Issuer as a registered global note
to Cede & Co., as nominee of DTC, and been deposited in the DTC depositary and
clearing system in order to permit delivery and transfer of Notes in book-entry
form without physical delivery of definitive notes within that system. DTC and
its successor, if any, as depositary for this Global Certificate shall herein
also be referred to as the "Depositary".
The number of Notes represented by this Global Certificate shall be evidenced by
the records of the Depositary, which in turn shall be based on the register
maintained by Deutsche Bank Trust Company Americas (the "Register"), or any
successor in such capacity appointed by the Issuer, acting as registrar (the
"Registrar") on behalf of the Issuer. In he case of any inconsistency between
the Register and the records of the Depositary, the Register prevails, except in
the case of manifest error.
Agency Agreement - Schedules
S-4
The Issuer hereby undertakes to pay to Cede & Co., on the maturity date of the
Notes, the principal sum of the Notes represented hereby as of the Record Date
relative to the year o and to pay interest on the principal sum represented
hereby as of each Record Date, all in accordance with the Terms and Conditions
of the Notes (the "Conditions") attached hereto. "Record Date" shall mean the
date determined, in respect of each payment, in accordance with ss. 4(4) of the
Conditions. Interest shall be payable on the principal sum represented by this
Global Certificate at a rate of o % per annum as from o, 200o (inclusive)
until the end of the day preceding the day on which such principal sum becomes
due for redemption. The first interest payment will be o, 200o.
This Global Certificate may not be transferred except as a whole by DTC to a
nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC
or any such nominee to a successor depositary or a nominee of such successor
depositary. Any transfer shall be effective only if registered upon the books
maintained for that purpose by the Registrar.
The Conditions form part of this Global Certificate.
This Global Certificate is only valid if it has been provided with the manual
authentication signature on behalf of the Registrar.
Karlsruhe, Federal Republic of Germany
o 200o
LANDESKREDITBANK BADEN-WURTTEMBERG - FORDERBANK
By:
--------------------------------------
Name:
Title: Authorized Signatory
By:
--------------------------------------
Name:
Title: Authorized Signatory
Authentication signature
for and on behalf of
Deutsche Bank Trust Company Americas
as Registrar
By:
--------------------------------------------
Authorized Officer
Agency Agreement - Schedules
S-5
ANNEX A
PART I
German language Version of
PURCHASES AND CANCELLATIONS
------------------------------------------------------
Im Nennbetrag der Schuldverschreibungen haben die folgenden Anderungen
stattgefunden:
Tag des Kaufs und Betrag der gekauften Verbleibender Nennbetrag Bestatigung des Kaufs und
der Entwertung und entwerteten dieser Globalurkunde der Entwertung durch oder
Schuldverschreibungen nach Kauf und Entwertung fur die Emittentin
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
Agency Agreement - Schedules
S-6
ANNEX A
PART II
English language Version of
PURCHASES AND CANCELLATIONS
-----------------------------------------------------
The following decreases in the principal amount of these Notes have been made:
Date of purchase Nominal amount of Remaining nominal amount Confirmation of purchase
and cancellation Notes purchased and of this Global and cancellation by or on
cancelled Certificate following behalf of the Issuer
such purchase and
cancellation
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
__________________ _____________________ ________________________ _________________________
Agency Agreement - Schedules
S-7
SCHEDULE 2
PART I
German language Version of the
FORM OF GUARANTEE TO BE ISSUED IN CASE OF
SUBSTITUTION OF THE ISSUER
--------------------------------------------------
GARANTIE
der
Landeskreditbank Baden-Wurttemberg - Forderbank
Karlsruhe, Bundesrepublik Deutschland,
zugunsten der Anleiheglaubiger der U.S.$o o% Anleihe fallig o
der Landeskreditbank Baden-Wurttemberg - Forderbank
Karlsruhe, Bundesrepublik Deutschland,
(die "Schuldverschreibungen"),
IM HINBLICK DARAUF, DASS:
(A) die Landeskreditbank Baden-Wurttemberg - Forderbank gemass ss. 8
der Anleihebedingungen die o (die "Nachfolgeschuldnerin") an ihre Stelle als
Hauptschuldnerin fur samtliche Verpflichtungen aus oder im Zusammenhang mit den
nicht nachrangigen Schuldverschreibungen eingesetzt hat,
(B) die Landeskreditbank Baden-Wurttemberg - Forderbank (die "Garantin")
die ordnungsgemasse Zahlung von Kapital und Zinsen sowie von allen sonstigen
Betragen, die auf die Schuldverschreibungen zu zahlen sind, garantieren mochte,
WIRD FOLGENDES VEREINBART:
(1)(a) Die Garantin ubernimmt gegenuber jedem Anleiheglaubiger der
Schuldverschreibungen die unbedingte und unwiderrufliche Garantie fur
die ordnungsgemasse und punktliche Zahlung bei Falligkeit
gemass den Anleihebedingungen von Kapital und Zinsen auf die
Schuldverschreibungen sowie von allen sonstigen Betragen, die
gemass den Anleihebedingungen auf die Schuldverschreibungen zahlbar
sind.
(b) Diese Garantie begrundet eine unbesicherte und nicht nachrangige
Verbindlichkeit der Garantin, die mit allen anderen jeweils
bestehenden, nicht besicherten und nicht nachrangigen Verbindlichkeiten
der Garantin gleichrangig ist.
(c) Samtliche auf Grund dieser Garantie zu zahlenden Betrage werden unter
Einbehalt oder Abzug von Steuern oder sonstigen Abgaben geleistet,
falls ein solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist.
(d) Die Verpflichtungen der Garantin aus dieser Garantie (i) sind
selbststandig und unabhangig von den Verpflichtungen der
Nachfolgeschuldnerin aus den Schuldverschreibungen, (ii) bestehen
unabhangig von der Rechtmassigkeit, Gultigkeit, Verbindlichkeit
oder Durchsetzbarkeit der Schuldverschreibungen und (iii) werden nicht
durch Ereignisse, Bedingungen oder Umstande tatsachlicher oder
Agency Agreement - Schedules
S-8
rechtlicher Art beruhrt, ausser durch die vollstandige, endgultige
und unwiderrufliche Erfullung samtlicher in den Schuldverschreibungen
eingegangenen Zahlungsverpflichtungen.
(2) Diese Garantie und alle darin enthaltenen Vereinbarungen stellen einen
Vertrag zugunsten der Glaubiger als begunstigte Dritte gemass ss. 328 Absatz
1 BGB dar. Sie begrunden das Recht eines jeden Glaubigers, die Erfullung der
hierin eingegangenen Verpflichtungen unmittelbar von der Garantin zu fordern und
diese Verpflichtungen unmittelbar gegenuber der Garantin durchzusetzen.
(3) Die Registerstelle handelt nicht als Treuhander oder in einer ahnlichen
Eigenschaft fur die Anleiheglaubiger.
(4) Die in dieser Garantie verwendeten und nicht anders definierten
Begriffe haben die ihnen in den beigefugten Anleihebedingungen zugewiesene
Bedeutung.
(5) Diese Garantie unterliegt deutschem Recht.
(6) Diese Garantie ist in deutscher Sprache abgefasst. Eine unverbindliche
Ubersetzung in die englische Sprache ist beigefugt.
(7) Das Original dieser Garantie wird der Registerstelle ausgehandigt und
von dieser verwahrt.
(8) Erfullungsort ist Karlsruhe.
(9) Nicht-ausschliesslicher Gerichtsstand fur alle Rechtsstreitigkeiten
aus oder im Zusammenhang mit dieser Garantie ist Frankfurt am Main. Dieser
Gerichtsstand ist ausschliesslich, soweit es sich um Rechtsstreitigkeiten
unter ausschliesslicher Beteiligung von Kaufleuten, juristischen Personen
des offentlichen Rechts, offentlich-rechtliche Sondervermogen oder Personen ohne
allgemeinen Gerichtsstand in der Bundesrepublik Deutschland handelt. Glaubiger,
auf die der vorstehende Satz nicht zutrifft, konnen ihre Anspruche gegen die
Garantin auch am allgemeinen Gerichtsstand der Garantin geltend machen.
(10) Jeder Glaubiger kann in jedem Rechtsstreit gegen die Garantin und in
jedem Rechtsstreit, in dem er und die Garantin Partei sind, seine Rechte aus
dieser Garantie auf der Grundlage einer von einer vertretungsberechtigten Person
der Registerstelle beglaubigten Kopie dieser ohne Vorlage des Originals im
eigenen Namen wahrnehmen und durchsetzen.
Karlsruhe, den o
Agency Agreement - Schedules
S-9
Landeskreditbank Baden-Wurttemberg - Forderbank
__________________________ _____________________________
Wir nehmen die Bedingungen der vorstehenden Garantie ohne Obligo, Gewahrleistung
oder Haftung an.
o, den o
Deutsche Bank Trust Company Americas
__________________________
Anleihebedingungen
Agency Agreement - Schedules
S-10
SCHEDULE 2
PART II
English language Version of the
FORM OF GUARANTEE TO BE ISSUED IN CASE OF
SUBSTITUTION OF THE ISSUER
------------------------------------------------
- Non-binding English Translation -
GUARANTEE
of
Landeskreditbank Baden-Wurttemberg - Forderbank
Karlsruhe, Federal Republic of Germany,
for the benefit of the holders of the U.S.$o o% Notes due o
(the "Notes")
WHEREAS:
(A) Landeskreditbank Baden-Wurttemberg - Forderbank has substituted for
itself o (the "Substituted Debtor") as principal debtor in respect of all
obligations arising from or in connection with the Notes under ss. 8 of the
Terms and Conditions of the Notes (the "Conditions").
(B) Landeskreditbank Baden-Wurttemberg - Forderbank (the "Guarantor")
wishes to guarantee the due payment of principal, interest and any other amounts
payable in respect of any and all Notes.
IT IS AGREED AS FOLLOWS:
(1)(a) The Guarantor unconditionally and irrevocably guarantees to the holders
of the Notes (each a "Holder") the due and punctual payment of the
principal of, and interest on, the Notes, and any other amounts which
may be expressed to be payable under the Notes, as and when the same
shall become due, in accordance with the Conditions.
(b) This Guarantee constitutes an unsecured and unsubordinated obligation
of the Guarantor and ranks pari passu with all other unsecured and
unsubordinated obligations of the Guarantor outstanding from time to
time.
(c) All payments under this Guarantee shall be made with withholding or
deduction of any present or future taxes or other duties if such
withholding or deduction is required by law.
(d) The obligations of the Guarantor under this Guarantee (i) shall be
separate and independent from the obligations of the Substituted Debtor
under the Notes, (ii) shall exist irrespective of the legality,
validity and binding effect or enforceability of the Notes, and (iii)
shall not be affected by any event, condition or circumstance of
whatever nature, whether factual or legal, save the full, definitive
and irrevocable
Agency Agreement - Schedules
S-11
satisfaction of any and all payment obligations expressed to be assumed
under the Notes.
(2) This Guarantee and all undertakings contained herein constitute a
contract for the benefit of the Holders from time to time as third party
beneficiaries pursuant to ss. 328(1) BGB (German Civil Code)1. They give rise to
the right of each such Holder to require performance of the obligations
undertaken herein directly from the Guarantor, and to enforce such obligations
directly against the Guarantor.
(3) The Registrar does not act in a fiduciary or in any other similar
capacity for the Holders.
(4) Terms used in this Guarantee and not otherwise defined herein shall
have the meaning attributed to them in the Conditions, a copy of which is
attached hereto.
(5) This Guarantee shall be governed by, and construed in accordance with,
German law.
(6) This Guarantee is written in the German language and attached hereto is
a non-binding English translation.
(7) The original version of this Guarantee shall be delivered to, and kept
by, the Registrar.
(8) Place of performance shall be Karlsruhe.
(9) The place of jurisdiction for all legal proceedings arising out of or
in connection with this Guarantee shall be Frankfurt am Main. This jurisdiction
shall be exclusive for legal proceedings solely involving merchants (Kaufleute),
legal persons under public law (juristische Personen des offentlichen Rechts),
special funds under public law (offentlich-rechtliche Sondervermogen) or persons
not subject to the general jurisdiction of the courts of the Federal Republic of
Germany (Personen ohne allgemeinen Gerichtsstand), otherwise it shall be
non-exclusive.
(10) On the basis of a copy of this Guarantee certified as being a true copy
by a duly authorized officer of the Registrar, each Holder may protect and
enforce in his own name his rights arising under this Guarantee in any legal
proceedings against the Guarantor or to which such Holder and the Guarantor are
parties, without the need for production of this Guarantee in such proceedings.
Karlsruhe, o
- ---------------------------
1 An English language translation of ss. 328(1) BGB (German Civil Code) reads
as follows: "A contract may stipulate performance for the benefit of a
third party, to the effect that the third party acquires the right directly
to demand performance."
Agency Agreement - Schedules
S-12
Landeskreditbank Baden-Wurttemberg - Forderbank
__________________________
We accept the terms of the above Guarantee without recourse, warranty or
liability.
o, o
Deutsche Bank Trust Company Americas
__________________________
Terms and Conditions of the Notes
Agency Agreement - Schedules
S-13
SCHEDULE 3
The Specified Offices of the Registrar and Paying Agent
REGISTRAR
Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
United States of America
PAYING AGENT
Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
United States of America
Agency Agreement - Schedules
S-14
SCHEDULE 4
PART I
German language Version of the
TERMS AND CONDITIONS
-----------------------------------------------------
ANLEIHEBEDINGUNGEN
ss. 1
ALLGEMEINE BESTIMMUNGEN
(1) Nennbetrag; Stuckelung. Die o% Anleihe fallig 200o der Landeskreditbank
Baden-Wurttemberg - Forderbank, Karlsruhe, Bundesrepublik Deutschland (die
"Emittentin") im Gesamtnennbetrag von U.S. $o (in Worten: o) ist in o
untereinander gleichberechtigten Teilschuldverschreibungen von je U.S.$ 1.000
(die "Schuldverschreibungen") eingeteilt.
(2) Form. Die Schuldverschreibungen werden als eine Namensschuldverschreibung
ausgegeben.
(3) Verbriefung. Die Schuldverschreibungen werden durch eine oder mehrere
Dauerglobalurkunden ohne Zinsscheine (die "Globalurkunde") verbrieft. Die
Globalurkunde ist als Namenspapier ausgegeben und auf den Namen von Cede & Co.
als dem Beauftragten von The Depository Trust Company, New York ("DTC")
ausgestellt worden und wird in einem von der Registerstelle (ss. 6) gefuhrten
Register (das "Register") aufgefuhrt. Sie verbrieft die Schuldverschreibungen,
die fur Finanzinstitute verwahrt werden, die DTC-Teilnehmer sind. Jede
Globalurkunde tragt die eigenhandigen Unterschriften zweier ordnungsgemass
bevollmachtigter Vertreter der Emittentin und ist von der Registerstelle oder in
deren Namen mit einer handschriftlichen Kontrollunterschrift versehen.
Einzelurkunden und Zinsscheine werden nicht ausgegeben.
(4) Verwahrung. Die Globalurkunde wird von der Deutsche Bank Trust Company
Americas oder einem etwaigen Rechtsnachfolger als Verwahrer fur DTC verwahrt,
bis samtliche Verpflichtungen der Emittentin aus den Schuldverschreibungen
erfullt sind.
(5) Glaubiger von Schuldverschreibungen. "Anleiheglaubiger" bedeutet jede
Person, die in dem von der Registerstelle gefuhrten Register als Begunstigter
hinsichtlich eines durch die Globalurkunde verbrieften Rechts eingetragen ist.
(6) Bezugnahmen auf Schuldverschreibungen. Bezugnahmen in diesen
Anleihebedingungen auf die "Schuldverschreibungen" schliessen Bezugnahmen
auf jede die Schuldverschreibungen verbriefende Globalurkunde ein, es sei denn,
aus dem Zusammenhang ergibt sich etwas anderes.
(7) Ubertragung. Ubertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus. Ubertragungen von Schuldverschreibungen zwischen
DTC-Teilnehmern erfolgen nach den von DTC hierfur bestimmten Verfahren.
Agency Agreement - Schedules
S-15
ss. 2
STATUS
Die Schuldverschreibungen begrunden nicht besicherte und nicht nachrangige
Verbindlichkeiten der Emittentin, die mit allen anderen nicht besicherten und
nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind, es sei
denn, etwas anderes ist durch zwingende gesetzliche Regelungen vorgeschrieben.
ss. 3
ZINSEN
(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden in Hohe
ihres Nennbetrages verzinst, und zwar vom o (einschliesslich) bis zum Tag
der Endfalligkeit (wie in ss. 5 definiert) (ausschliesslich) mit o% per
annum. Die Zinsen sind [halb]jahrlich nachtraglich am o [und am o] eines
jeden Jahres zahlbar (jeweils ein "Zinszahlungstag"). Die erste Zinszahlung
erfolgt am o.
(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf
des Tages, der dem Tag vorangeht, an dem sie zur Ruckzahlung fallig werden.
Falls die Emittentin die Schuldverschreibungen bei Endfalligkeit nicht einlost,
erfolgt die Verzinsung des ausstehenden Nennbetrages der Schuldverschreibungen
vom Tag der Endfalligkeit (einschliesslich) bis zum Tag der tatsachlichen
Ruckzahlung der Schuldverschreibungen (ausschliesslich) in Hohe des
gesetzlich festgelegten Satzes fur Verzugszinsen1.
(3) Berechnung der Zinsen fur Teile von Zeitraumen. Sofern Zinsen fur einen
Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung
auf der Grundlage des Zinstagequotienten. "Zinstagequotient" bezeichnet im
Hinblick auf die Berechnung eines Zinsbetrages auf eine Schuldverschreibung fur
einen beliebigen Zeitraum (der "Zinsberechnungszeitraum") die Anzahl von Tagen
im Zinsberechnungszeitraum, dividiert durch 360, wobei die Anzahl der Tage auf
der Grundlage eines Jahres von 360 Tagen mit zwolf Monaten zu je 30 Tagen zu
ermitteln ist (es sei denn, (A) der letzte Tag des Zinsberechnungszeitraums
fallt auf den 31. Tag eines Monats, wahrend der erste Tag des
Zinsberechnungszeitraums weder auf den 30. noch auf den 31. Tag eines Monats
fallt, in welchem Fall der diesen Tag enthaltende Monat nicht als ein auf 30
Tage gekurzter Monat zu behandeln ist, oder (B) der letzte Tag des
Zinsberechnungszeitraums fallt auf den letzten Tag des Monats Februar, in
welchem Fall der Monat Februar nicht als ein auf 30 Tage verlangerter Monat zu
behandeln ist).
ss. 4
ZAHLUNGEN
(1)(a) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die
Schuldverschreibungen erfolgen, nach Massgabe des nachstehenden Absatzes 2,
an den eingetragenen Inhaber der Globalurkunde zur Auszahlung uber das
Abrechnungssystem der DTC an die betreffenden DTC-Teilnehmer gegen Vorlage und
Einreichung der die Schuldverschreibungen zum Zeitpunkt der Zahlung verbriefende
Globalurkunde bei der bezeichneten Geschaftsstelle der Zahlstelle.
- --------------------------------
1 Der gesetzliche Verzugszinssatz betragt fur das Jahr funf Prozentpunkte
uber dem von der Deutschen Bundesbank fur die Zeitraume ab dem 1. Januar
bzw. ab dem 1. Juli eines jeden Jahres veroffentlichten Basiszinssatz,
ss.ss. 288 Absatz 1, 247 Absatz 1 BGB.
Agency Agreement - Schedules
S-16
(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen
erfolgt, nach Massgabe von Absatz 2, an den eingetragenen Inhaber der
Globalurkunde zur Auszahlung uber das Abrechnungssystem der DTC an die
betreffenden DTC-Teilnehmer.
(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger
gesetzlicher Regelungen und Vorschriften erfolgen zu leistende Zahlungen von
Kapital und Zinsen auf die Schuldverschreibungen in U.S.-Dollar durch
Uberweisung in gleichtagig verfugbaren Mitteln an den eingetragenen Inhaber der
Globalurkunde zur Auszahlung uber das Abrechnungssystem der DTC an die
betreffenden DTC-Teilnehmer. Der Betrag der Zahlungen an den eingetragenen
Inhaber der Globalurkunde bemisst sich nach dem Gesamtnennbetrag der
Schuldverschreibungen, die durch die Globalurkunde verbrieft werden, so wie er
durch die Registerstelle bei Geschaftsschluss am jeweiligen Stichtag (wie in
Absatz 4 definiert) festgestellt wird.
(3) Erfullung. Die Emittentin wird durch Leistung der Zahlung an den
eingetragenen Inhaber der Globalurkunde oder nach dessen Weisung in Hohe der
geleisteten Zahlungen von ihrer Zahlungspflicht befreit.
(4) Stichtag. Der Stichtag (der "Stichtag") fur Zahlungen von Kapital und
Zinsen ist der zehnte New Yorker Geschaftstag vor dem jeweiligen Falligkeitstag
(wie in Absatz 6 definiert). Ein "New Yorker Geschaftstag" ist jeder Tag, an dem
Banken in New York City nicht verpflichtet und nicht berechtigt sind zu
schliessen.
(5) Zahltag. Fallt der Falligkeitstag einer Zahlung (wie in Absatz 6 definiert)
in Bezug auf eine Schuldverschreibung auf einen Tag, der kein Zahltag ist, so
wird die betreffende Zahlung erst am nachsten Tag, der ein Zahltag ist,
geleistet. Der Anleiheglaubiger ist nicht berechtigt, zusatzliche Zinsen oder
sonstige Zahlungen auf Grund dieser Zahlungsverzogerung zu verlangen. Fur diese
Zwecke bezeichnet "Zahltag" jeden Tag, (i) der ein New Yorker Geschaftstag ist
(wie in Absatz 4 definiert), (ii) an dem Devisenmarkte Zahlungen in New York
abwickeln und (iii) an dem alle betroffenen Bereiche des Trans-European
Automated Real-time Gross settlement Express Transfer System (TARGET)
betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten.
(6) Falligkeitstag. Im Sinne dieser Anleihebedingungen ist "Falligkeitstag" der
vorgesehene Zahlungstermin unabhangig davon, wann die Zahlung nach Absatz 5
tatsachlich zu leisten ist.
(7) Bezugnahmen auf Kapital. Bezugnahmen in diesen Anleihebedingungen auf das
Kapital der Schuldverschreibungen schliessen, soweit anwendbar, die
folgenden Betrage ein: den Ruckzahlungsbetrag der Schuldverschreibungen sowie
jeden Aufschlag sowie sonstige auf oder in Bezug auf die Schuldverschreibungen
zahlbaren Betrage.
ss. 5
RUCKZAHLUNG
Ruckzahlung bei Endfalligkeit. Soweit nicht zuvor bereits gemass ss. 9 Abs.
2 und 3 ganz oder teilweise angekauft und entwertet, werden die
Schuldverschreibungen zu ihrem Ruckzahlungsbetrag am o 200o (die
"Endfalligkeit") zuruckgezahlt. Der Ruckzahlungsbetrag in Bezug auf jede
Schuldverschreibung entspricht dem Nennbetrag der Schuldverschreibungen.
Agency Agreement - Schedules
S-17
ss. 6
DIE REGISTERSTELLE UND DIE ZAHLSTELLE
(1) Bestellung; bezeichnete Geschaftsstelle. Die anfanglich bestellte
Registerstelle und die anfanglich bestellte Zahlstelle und ihre anfanglichen
Geschaftsstellen, durch welche sie handeln, lauten wie folgt:
Registerstelle: Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
Zahlstelle: Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
Die Registerstelle und die Zahlstelle behalten sich das Recht vor, jederzeit mit
Zustimmung der Emittentin ihre bezeichneten Geschaftsstellen durch eine andere
bezeichnete Geschaftsstelle in derselben Stadt zu ersetzen und dies gemass
ss. 10 bekannt zu machen.
(2) Anderung der Bestellung oder Abberufung. Die Emittentin behalt sich das
Recht vor, jederzeit die Bestellung der Registerstelle oder einer Zahlstelle zu
andern oder zu beenden und eine andere Registerstelle oder eine zusatzliche oder
andere Zahlstelle zu bestellen, vorausgesetzt, dass stets eine Registerstelle
und eine Zahlstelle vorhanden sein muss, und weiter vorausgesetzt, dass solange
die Schuldverschreibungen an einer Borse zugelassen sind (und die Regeln dieser
Borse es erfordern), die Emittentin eine Zahlstelle mit bezeichneter
Geschaftsstelle an dem Borsenort zu unterhalten hat. Falls Zahlungen bei den
oder durch die Geschaftsstellen aller Zahlstellen ausserhalb der Vereinigten
Staaten auf Grund der Einfuhrung von Devisenbeschrankungen oder ahnlichen
Beschrankungen hinsichtlich der vollstandigen Zahlung oder des Empfangs der
entsprechenden Betrage in U.S.-Dollar widerrechtlich oder tatsachlich
ausgeschlossen werden, hat die Emittentin auch eine Zahlstelle mit bezeichneter
Geschaftsstelle in New York City zu unterhalten. Jede Anderung, Abberufung,
Bestellung oder ein sonstiger Wechsel wird nur wirksam (ausser im
Insolvenzfall, in dem eine solche Anderung sofort wirksam wird), sofern die
Anleiheglaubiger hieruber gemass ss. 10 vorab unter Einhaltung einer Frist
von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.
(3) Erfullungsgehilfen der Emittentin. Die Registerstelle und die Zahlstelle
handeln ausschliesslich als Erfullungsgehilfen der Emittentin und ubernehmen
keinerlei Verpflichtungen gegenuber den Anleiheglaubigern und es wird kein
Auftrags- oder Treuhandverhaltnis zwischen ihnen und den Anleiheglaubigern
begrundet.
ss. 7
STEUERN
Samtliche auf die Schuldverschreibungen zu zahlenden Betrage werden unter
Einbehalt oder Abzug von Steuern oder sonstigen Abgaben geleistet, falls ein
solcher Einbehalt oder Abzug gesetzlich vorgeschrieben ist. Fallen derartigen
Abzuge oder Einbehalte an, so ist die
Agency Agreement - Schedules
S-18
Emittentin nicht verpflichtet, irgendwelche zusatzlichen Betrage auf die
Schuldverschreibungen zu zahlen.
ss. 8
ERSETZUNG
(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, ohne Zustimmung der
Anleiheglaubiger jedes andere Unternehmen an ihrer Stelle als Hauptschuldnerin
(die "Nachfolgeschuldnerin") fur alle Verpflichtungen aus und im Zusammenhang
mit diesen Schuldverschreibungen einzusetzen, vorausgesetzt, dass:
(a) die Nachfolgeschuldnerin alle Rechte und Verpflichtungen der Emittentin in
Bezug auf die Schuldverschreibungen ubernimmt;
(b) die Emittentin und die Nachfolgeschuldnerin alle erforderlichen
Genehmigungen erlangt haben und berechtigt sind, an die Zahlstelle die zur
Erfullung der Zahlungsverpflichtungen aus den Schuldverschreibungen zahlbaren
Betrage in U.S.$ zu zahlen, ohne verpflichtet zu sein, jeweils in dem Land oder
in den Landern, in denen die Nachfolgeschuldnerin ihren Sitz oder Steuersitz
hat, erhobene Steuern oder andere Abgaben jeder Art abzuziehen oder
einzubehalten, die zum Zeitpunkt des Inkrafttretens der Ersetzung den Betrag an
Steuern oder Abgaben ubersteigen, die in dem Land oder in den Landern, in denen
die Emittentin ihren Sitz oder Steuersitz hat, einbehalten oder abgezogen
werden;
(c) die Nachfolgeschuldnerin sich verpflichtet hat, jeden Anleiheglaubiger
hinsichtlich solcher Stempelsteuern, die einem Glaubiger bezuglich der Ersetzung
auferlegt werden, zu entschadigen;
(d) die Emittentin unwiderruflich und unbedingt gegenuber den Anleiheglaubigern
die Zahlung aller von der Nachfolgeschuldnerin auf die Schuldverschreibungen
zahlbaren Betrage zu Bedingungen garantiert, die den Bedingungen der im Agency
Agreement enthaltenen Garantie hinsichtlich der Schuldverschreibungen der
Emittentin entsprechen;
(e) die Anleiheglaubiger als Folge der Ersetzung nicht den Schutz der
Gewahrtragerhaftung nach Artikel 5 Absatz 2 des Gesetzes uber die
Landeskreditbank Baden-Wurttemberg - Forderbank (das "Gesetz"), der Anstaltslast
des Landes Baden-Wurttemberg gemass Artikel 5 Absatz 1 des Gesetzes und der
ausdrucklichen Garantie des Landes Baden-Wurttemberg gemass Artikel 5 Absatz
3 des Gesetzes, in der zum Zeitpunkt des Wirksamwerdens der Ersetzung jeweils
gultigen Fassung, oder einer gleichwertigen Verpflichtung des Landes Baden-
Wurttemberg oder der Bundesrepublik Deutschland ("Deutschland"), die eine solche
Gewahrtragerhaftung, Anstaltslast oder Garantie ersetzt, verlieren; und
(f) der Registerstelle jeweils ein Rechtsgutachten bezuglich der betroffenen
Rechtsordnungen von anerkannten Rechtsanwalten vorgelegt wird, das bestatigt,
dass die Bestimmungen in den vorstehenden Unterabsatzen (a)-(e) erfullt wurden.
(2) Anderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme in
diesen Anleihebedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als
Bezugnahme auf die Nachfolgeschuldnerin.
(3) Bekanntmachung. Jede Ersetzung der Emittentin ist gemass ss. 10 bekannt
zu machen. Die Ersetzung tritt durch eine derartige Bekanntmachung in Kraft. Die
Emittentin
Agency Agreement - Schedules
S-19
(und im Falle einer wiederholten Anwendung dieses ss. 8, jede vorherige
Nachfolgeschuldnerin) ist mit dem Datum der Veroffentlichung der Ersetzung von
allen Verpflichtungen aus den Schuldverschreibungen befreit.
ss. 9
BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG
(1) Begebung weiterer Schuldverschreibungen. Die Emittentin ist berechtigt,
jederzeit ohne Zustimmung der Anleiheglaubiger weitere Schuldverschreibungen mit
gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tags der Begebung, des
Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu begeben, dass
sie mit diesen Schuldverschreibungen eine einheitliche Emission bilden und den
Gesamtnennbetrag der Schuldverschreibungen erhohen.
(2) Ankauf. Die Emittentin ist berechtigt, jederzeit Schuldverschreibungen im
Markt oder anderweitig zu jedem beliebigen Preis anzukaufen. Die von der
Emittentin erworbenen Schuldverschreibungen konnen nach Wahl der Emittentin von
ihr gehalten, weiterverkauft oder beim Registerstelle zwecks Entwertung
eingereicht werden. Sofern diese Kaufe durch offentliches Angebot erfolgen, muss
dieses Angebot allen Anleiheglaubigern gemacht werden.
(3) Entwertung. Samtliche vollstandig zuruckgezahlten oder gemass Absatz 2
zwecks Entwertung eingereichten Schuldverschreibungen sind unverzuglich zu
entwerten und konnen nicht wiederbegeben oder wiederverkauft werden.
ss. 10
BEKANNTMACHUNGEN
(1) Bekanntmachung. Alle Bekanntmachungen, die die Schuldverschreibungen
betreffen, werden entweder (a) in folgenden Zeitungen veroffentlicht: in einer
fuhrenden Tageszeitung mit allgemeiner Verbreitung in Deutschland
(voraussichtlich die Borsen-Zeitung) und in einer in englischer Sprache
erscheinenden und in New York allgemein verbreiteten fuhrenden Tageszeitung
(voraussichtlich das Wall Street Journal), oder (b) durch eine andere Form der
Veroffentlichung, die im Falle der Notierung der Schuldverschreibungen an einer
Borse mit den Regeln einer solchen Borse ubereinstimmt. Jede derartige
Bekanntmachung gilt am dritten Tag nach dem Tag der Veroffentlichung (oder bei
mehreren Veroffentlichungen am dritten Tag nach dem Tag der ersten solchen
Veroffentlichung) als wirksam erfolgt.
(2) Mitteilungen an DTC. Die Emittentin ist berechtigt, eine
Zeitungsveroffentlichung nach vorstehendem Absatz 1 durch eine Mitteilung an DTC
zur Weiterleitung an die Anleiheglaubiger zu ersetzen, vorausgesetzt, dass eine
solche Veroffentlichung im Falle der Notierung der Schuldverschreibungen an
einer Borse mit den Regeln einer solchen Borse ubereinstimmt. Jede derartige
Bekanntmachung gilt am siebten Tag nach dem Tag der Mitteilung an DTC als den
Anleiheglaubigern mitgeteilt.
Agency Agreement - Schedules
S-20
ss. 11
ANWENDBARES RECHT, GERICHTSSTAND UND GERICHTLICHE
GELTENDMACHUNG
(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die
Rechte und Pflichten der Emittentin, der Anleiheglaubiger und der
Erfullungsgehilfen bestimmen sich in jeder Hinsicht nach deutschem Recht.
Ubertragungen und Verpfandungen von bei DTC verwahrten Schuldverschreibungen,
die zwischen DTC-Teilnehmern und zwischen der DTC und DTC-Teilnehmern
durchgefuhrt werden, unterliegen dem Recht des Staates New York.
(2) Gerichtsstand. Die Emittentin unterwirft sich hiermit unwiderruflich der
Gerichtsbarkeit der Staats- und Bundesgerichte in New York County im Staat New
York fur samtliche im Zusammenhang mit den Schuldverschreibungen entstehenden
Klagen oder sonstige Verfahren, die von den Anleiheglaubigern oder von anderen
Personen eingeleitet werden, und bestellt Law Debenture Corporate Services Inc.,
767 Third Avenue - 31st Floor, New York, NY 10017, als ihren
Zustellungsbevollmachtigten. Die Gerichtsstandsvereinbarung erstreckt sich nicht
auf Rechtsstreitigkeiten auf Grund der Wertpapiergesetze (securities laws) der
Vereinigten Staaten. Unabhangig von der vorstehenden Gerichtsstandsvereinbarung
konnen die Anleiheglaubiger oder andere Personen ein Verfahren gegen die
Emittentin vor jedem zustandigen Gericht in Frankfurt am Main, Deutschland,
einleiten. Dieser Gerichtsstand ist ausschliesslich gemass ss. 38 ZPO unter
ausschliesslicher Beteiligung von Kaufleuten, juristischen Personen des
offentlichen Rechts, offentlich-rechtlichen Sondervermogen und Personen ohne
allgemeinen Gerichtsstand in Deutschland; im Ubrigen ist der Gerichtsstand nicht
ausschliesslich.
(3) Verzicht auf Immunitat. Die Emittentin verzichtet unbedingt und
unwiderruflich auf hoheitliche Immunitat vor der Gerichtsbarkeit jeglicher
Gerichte und vor rechtlichen Verfahren, einschliesslich der Immunitat auf
Grund des United States Foreign Sovereign Immunities Act 1976, sofern die
Emittentin im Hinblick auf rechtliche Verfahren vor Staats- oder Bundesgerichten
in New York County im Staat New York oder vor zustandigen deutschen Gerichten
bezuglich ihrer Verpflichtungen aus oder in Zusammenhang mit den
Schuldverschreibungen Immunitat geniesst. Der Verzicht (i) erstreckt sich
nicht auf Rechtsstreitigkeiten auf Grund der Wertpapiergesetze (securities laws)
der Vereinigten Staaten, (ii) stellt keinen wirksamen Verzicht auf Immunitat im
Hinblick auf Pfandung und Zwangsvollstreckung bezuglich Vermogensgegenstande
dar, fur welche ein solcher Verzicht auf Immunitat unter den Gesetzen der
Vereinigten Staaten oder Deutschland (je nachdem, wo eine solche Massnahme
durchgefuhrt worden ist) nicht zulassig ist, (iii) gilt, sofern er in
Zusammenhang mit rechtlichen Verfahren, die vor zustandigen deutschen Gerichten
eingeleitet werden konnen, mit dem Inhalt, der die weitest gehende, rechtlich
zulassige Wirkung unter deutschen Recht hat, und (iv) erstreckt sich nicht auf
die Immunitat vor einem Arrest zur Sicherung der Vollstreckung aus einem
kunftigen Urteil oder zur Sicherung der Zustandigkeit.
(4) Gerichtliche Geltendmachung. Jeder Anleiheglaubiger von
Schuldverschreibungen ist berechtigt, in jedem Rechtsstreit gegen die Emittentin
oder in jedem Rechtsstreit, in dem der Anleiheglaubiger und die Emittentin
Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen zu
schutzen oder geltend zu machen, indem er (a) eine Bescheinigung der Depotbank
beibringt, bei der er fur die Schuldverschreibungen ein Wertpapierdepot
unterhalt, welche (i) den vollstandigen Namen und die vollstandige Adresse des
Anleiheglaubigers enthalt, (ii) den Gesamtnennbetrag der Schuldverschreibungen
bezeichnet, die unter dem Datum der Bestatigung auf dem Wertpapierdepot verbucht
sind, und (iii) bestatigt, dass die Depotbank gegenuber DTC eine schriftliche
Erklarung abgegeben hat, die die vorstehend unter (i) und (ii) bezeichneten
Agency Agreement - Schedules
S-21
Informationen enthalt und die Empfangsbestatigung der DTC und des betreffenden
DTC-Teilnehmers tragt, und (b) eine Kopie der die betreffenden
Schuldverschreibungen verbriefende Globalurkunde vorlegt, deren Ubereinstimmung
mit dem Original eine vertretungsberechtigte Person der DTC oder des Verwahrers
der DTC bestatigt hat. Unbeschadet des Vorstehenden kann jeder Glaubiger seine
Rechte aus den Schuldverschreibungen auch auf jede andere Weise schutzen oder
geltend machen, die im Land des Rechtsstreits prozessual zulassig ist. Fur die
Zwecke des Vorstehenden bezeichnet "Depotbank" jede Bank oder ein sonstiges
anerkanntes Finanzinstitut, das berechtigt ist, das Depotgeschaft zu betreiben,
und bei der/dem der Anleiheglaubiger ein Wertpapierdepot fur die
Schuldverschreibungen unterhalt, einschliesslich der DTC und jedes weiteren
Clearingsystems, das bei dieser DTC ein Konto unterhalt.
ss. 12
SPRACHE
Diese Anleihebedingungen sind in deutscher Sprache abgefasst. Eine Ubersetzung
in die englische Sprache ist beigefugt. Der deutsche Text ist bindend und
massgeblich. Die Ubersetzung in die englische Sprache ist unverbindlich.
Agency Agreement - Schedules
S-22
SCHEDULE 4
PART II
English language Version of the
TERMS AND CONDITIONS
----------------------------------------------------------------------
- Non-binding English Translation -
TERMS AND CONDITIONS OF THE NOTES
ss. 1
GENERAL PROVISIONS
(1) Principal Amount; Denomination. The o% Notes due o of Landeskreditbank
Baden-Wurttemberg - Forderbank, Karlsruhe, Federal Republic of Germany (the
"Issuer") in the aggregate principal amount of U.S.$o (in words: o) is
divided into o notes in the principal amount are being issued in denominations
of 1,000 which rank pari passu among themselves (the "Notes").
(2) Form. The Notes are issued in registered form.
(3) Global Certificate. The Notes are represented by one or more permanent
global certificates without interest coupons (the "Global Certificate"). The
Global Certificate is in registered form in the name of Cede & Co., as nominee
of The Depository Trust Company, New York ("DTC") recorded in a register (the
"Register") and kept by the Registrar. The Global Certificate represents the
Notes kept in custody for financial institutions that are participants in DTC.
Each Global Certificate is manually signed by two authorized representatives of
the Issuer and manually authenticated by or on behalf of the Registrar.
Definitive certificates representing individual Notes and interest coupons shall
not be issued.
(4) Custody. The Global Certificate will be kept in custody by Deutsche Bank
Trust Company Americas, or any successor, as custodian for DTC until all
obligations of the Issuer under the Notes have been satisfied.
(5) Holder of Notes. "Holder" means the persons registered in the Register kept
by the Registrar and holding a beneficial interest or right in the Notes.
(6) References to Notes. References herein to the "Notes" include (unless the
context otherwise requires) references to any Global Certificate representing
the Notes.
(7) Transfers. Transfers of Notes require appropriate book-entries in
securities accounts. Transfers of book-entry interests in the Notes between DTC
participants shall be effected in accordance with procedures established for
this purpose by DTC.
ss. 2
STATUS
The Notes constitute unsecured and unsubordinated obligations of the Issuer and
rank pari passu with all other unsecured and unsubordinated obligations of the
Issuer except as otherwise determined by mandatory rules of law.
Agency Agreement - Schedules
S-23
ss. 3
INTEREST
(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest
on their principal amount at the rate of o per cent. per annum from (and
including) o to (but excluding) the Maturity Date (as defined in ss. 5).
Interest shall be payable [semi-]annually in arrears on o [and on o] in each
year (each such date, an "Interest Payment Date"). The first payment of interest
shall be made on o.
(2) Accrual of Interest. The Notes shall cease to bear interest from the expiry
of the day preceding their Maturity Date. If the Issuer shall fail to redeem the
Notes when due, interest shall continue to accrue on the outstanding principal
amount of the Notes beyond the due date until the expiry of the day preceding
the actual redemption of the Notes at the default rate of interest established
by law1.
(3) Calculation of Interest for Partial Periods. If interest is required to be
calculated for a period of less than a full year, such interest shall be
calculated on the basis of the Day Count Fraction. "Day Count Fraction" means,
in respect of the calculation of an amount of interest on any Note for any
period of time (the "Calculation Period"): the number of days in the Calculation
Period divided by 360, the number of days to be calculated on the basis of a
year of 360 days with 12 30-day months (unless, (A) the last day of the
Calculation Period is the 31st day of a month, but the first day of the
Calculation Period is a day other than the 30th or 31st day of a month, in which
case the month that includes that last day shall not be considered to be
shortened to a 30-day month, or (B) the last day of the Calculation Period is
the last day of the month of February in which case the month of February shall
not be considered to be lengthened to a 30-day month).
ss. 4
PAYMENTS
(1) (a) Payment of Principal. Payment of principal in respect of Notes shall be
made, subject to subparagraph (2) below, to, or to the order of, the registered
holder of the Global Certificate for payment through DTC's settlement system to
the relevant DTC participants upon presentation and surrender of the Global
Certificate representing the Notes at the time of payment at the specified
office of the Paying Agent.
(b) Payment of Interest. Payment of interest on Notes shall be made, subject to
subparagraph (2), to, or to the order of, the registered holder of the Global
Certificate for payment through DTC's settlement system to the relevant DTC
participants.
(2) Manner of Payment. Subject to applicable fiscal and other laws and
regulations, payments of principal and interest due in respect of the Notes
shall be made in U.S.$ and paid by wire transfer in same day funds to the
registered holder of the Global Certificate for payment through DTC's settlement
system to the relevant DTC participants. The amount of payments to the
registered holder of the Global Certificate shall correspond to the aggregate
principal amount of Notes represented by the Global Certificate, as established
by the Registrar at the close of business on the relevant Record Date (as
defined in subparagraph (4)).
- --------------------
1 The default rate of interest established by law is five percentage points
above the basic rate of interest published by Deutsche Bundesbank for the
periods as of January 1 and July 1, respectively, of each year, ss.ss.
288(1), 247(1) German Civil Code.
Agency Agreement - Schedules
S-24
(3) Discharge. The Issuer shall be discharged by payment to, or to the order
of, the registered holder of the Global Certificate to the extent of the sums
paid.
(4) Record Date. The record date (the "Record Date") for purposes of payments
of principal and interest shall be, in respect of each such payment, the tenth
New York Business Day preceding the relevant Due Date (as defined in
subparagraph (6)). A "New York Business Day" means any day on which banking
institutions in New York City are not obliged and not authorized to close.
(5) Payment Business Day. If the Due Date (as defined in subparagraph (6)) of
any amount in respect of any Note is not a Payment Business Day then the Holder
shall not be entitled to payment until the next such day in the relevant place
and shall not be entitled to further interest or other payment in respect of
such delay. For these purposes, "Payment Business Day" means any day which is a
day (i) which is a New York Business Day, (ii) on which foreign exchange markets
settle payments in New York City and (iii) on which all relevant parts of the
Trans-European Automated Real-time Gross settlement Express Transfer system
(TARGET) are operational to forward the relevant payment.
(6) Due Date. For the purposes of these Terms and Conditions, "Due Date" means
the payment date provided for herein, without taking account of any adjustments
to the date when the payment is actually to be made in accordance with
subparagraph (5).
(7) References to Principal. Reference in these Terms and Conditions to
principal in respect of the Notes shall be deemed to include, as applicable: the
Final Redemption Amount of the Notes and any premium and any other amounts which
may be payable under or in respect of the Notes.
ss. 5
REDEMPTION
Redemption at Maturity. Unless previously purchased and cancelled in accordance
with ss. 9 subparagraph (2) and (3), the Notes shall be redeemed at their Final
Redemption Amount on o (the "Maturity Date"). The Final Redemption Amount in
respect of each Note shall be its principal amount.
ss. 6
THE REGISTRAR AND THE PAYING AGENT
(1) Appointment; Specified Offices. The initial Registrar and Paying Agent and
their respective initial specified offices are:
Registrar: Deutsche Bank Trust Company Americas
Trust & Securities Services
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
USA
Paying Agent: Deutsche Bank Company Americas
Trust & Securities Services
Agency Agreement - Schedules
S-25
Global Debt Services
60 Wall Street
27th Floor - MS NY C60-2710
New York, NY 10005
USA
The Registrar and the Paying Agent reserve the right at any time to change, with
the approval of the Issuer, their respective specified offices to some other
specified office in the same city upon giving notice thereof in accordance with
ss. 10.
(2) Change of Agents or Termination of Appointment. The Issuer reserves the
right at any time to vary or terminate the appointment of the Registrar or any
Paying Agent and to appoint another Registrar or additional or other Paying
Agent, provided that the Issuer shall at all times maintain a Registrar and a
Paying Agent, and provided further that so long as the Notes are listed on any
stock exchange (and the rules of such stock exchange so require), the Issuer
shall maintain a Paying Agent with a specified office in the city in which such
stock exchange is located. If payments at or through the offices of all Paying
Agents outside the United States become illegal or are effectively precluded
because of the imposition of exchange controls or similar restrictions on the
full payment or receipt of such amounts in U.S. dollars, the Issuer must
maintain a Paying Agent with a specified office in New York City. Any variation,
termination, appointment or change shall only take effect (other than in the
case of insolvency, when it shall be of immediate effect) after not less than 30
nor more than 45 days' prior notice thereof shall have been given to the Holders
in accordance with ss. 10.
(3) Agents of the Issuer. The Registrar and the Paying Agent act solely as
agents of the Issuer and do not have any obligations towards or relationship of
agency or trust to any Holder.
ss. 7
TAXATION
All payments by the Issuer in respect of the Notes shall be made with
withholding or deduction of taxes or other duties, if such withholding or
deduction is required by law. In the event of such deduction or withholding, the
Issuer shall not be required to pay any additional amounts in respect of the
Notes.
ss. 8
SUBSTITUTION
(1) Substitution. The Issuer may at any time without the consent of the Holders
substitute in its stead any other company as principal debtor (the "Substituted
Debtor") in respect of all obligations arising from the Notes, if:
(a) the Substituted Debtor assumes any and all obligations, and succeeds to any
and all rights, of the Issuer arising from or in connection with the Notes;
(b) the Issuer and the Substituted Debtor have obtained all necessary
authorizations and may transfer to the Paying Agent all amounts in U.S.$
required for the performance of the payment obligations arising from or in
connection with the Notes without being obliged to deduct or withhold any amount
of taxes or other duties of whatever nature levied by the country or countries
in which the Substituted Debtor has its domicile or tax residence which
Agency Agreement - Schedules
S-26
exceeds at the time of the effectiveness of such substitution the amount of
taxes or duties, if any, levied by withholding or deduction by the country or
countries in which the Issuer has its domicile or tax residence;
(c) the Substituted Debtor has agreed to indemnify and hold harmless each
Holder against any stamp duties imposed on such Holder in respect of such
substitution;
(d) the Issuer irrevocably and unconditionally guarantees in favor of each
Holder the payment of all sums payable by the Substituted Debtor in respect of
the Notes on terms equivalent to the terms of the form of the guarantee in
respect of the Notes of the Issuer set out in the Agency Agreement;
(e) the Holders will not lose as a result of such substitution the benefit of
the guarantee obligation pursuant to Article 5 Section 2 of the Act Concerning
Landeskreditbank Baden-Wurttemberg - Forderbank (the "Act"), the maintenance
obligation of the State of Baden-Wurttemberg pursuant to Article 5 Section 1 of
the Act and the explicit guarantee of the State of Baden-Wurttemberg pursuant to
Article 5 Section 3 of the Act, in each case with such contents as are
prevailing at the time of the effectiveness of such substitution, or of an
obligation of the State of Baden-Wurttemberg or the Federal Republic of Germany
("Germany") which is equivalent thereto and which may have replaced such
guarantee obligation, maintenance obligation or guarantee; and
(f) there shall have been delivered to the Registrar an opinion of lawyers of
recognised standing to the effect that subparagraphs (a) - (e) above have been
satisfied.
(2) References. In the event of any substitution, any reference in these Terms
and Conditions to the Issuer shall from then on be a reference to the
Substituted Debtor.
(3) Notice. Any substitution of the Issuer shall be published in accordance
with ss. 10. Upon such publication, the substitution shall become effective, and
the Issuer (and in the event of a repeated application of this ss. 8, any
previous Substituted Debtor) shall be discharged from any and all obligations
under the Notes, on the date on which such substitution is published.
ss. 9
FURTHER ISSUES, PURCHASES AND CANCELLATION
(1) Further Issues. The Issuer may from time to time, without the consent of
the Holders, issue further Notes having the same terms and conditions as the
Notes in all respects (or in all respects except for the issue date, interest
commencement date and/or issue price) so as to form a single issue with and
increase the aggregate principal amount of, the Notes.
(2) Purchases. The Issuer may at any time purchase Notes in the open market or
otherwise and at any price. Notes purchased by the Issuer may, at the option of
the Issuer, be held, resold or surrendered to the Registrar for cancellation. If
purchases are made by tender, tenders for such Notes must be made available to
all Holders of such Notes alike.
(3) Cancellation. All Notes redeemed in full or surrendered for cancellation
pursuant to subparagraph (2) above shall be cancelled forthwith and may not be
reissued or resold.
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ss. 10
NOTICES
(1) Publication. All notices regarding the Notes shall be published either (a)
in a leading daily newspaper of general circulation in Germany (expected to be
the Borsen-Zeitung) and a leading daily newspaper printed in the English
language and of general circulation in New York City (expected to be the Wall
Street Journal), or (b) by any other form of communication which is, in the case
the Notes are listed on a stock exchange, in compliance with the rules of such
stock exchange. Any notice so given shall become effective on the third day
following the date of such publication (or, if published more than once, on the
third day following the first day of any such publication).
(2) Notification to DTC. The Issuer may, in lieu of publication in the
newspapers set forth in subparagraph (1) above, deliver the relevant notice to
DTC, for communication by DTC to the Holders, provided that, so long as the
Notes are listed on any stock exchange, the rules of such stock exchange permit
such form of notice. Any such notice shall be deemed to have been given to the
Holders on the seventh day after the day on which the said notice was given to
DTC.
ss. 11
GOVERNING LAW, PLACE OF JURISDICTION AND ENFORCEMENT
(1) Governing Law. The Notes, both as to form and content, and all rights and
obligations of the Issuer, the Holders, the Registrar and the Paying Agent shall
be governed by German law. Transfers and pledges of Notes executed between DTC
participants and between DTC and DTC participants shall be governed by the laws
of the State of New York.
(2) Submission to Jurisdiction. The Issuer expressly and irrevocably submits to
the jurisdiction of any New York state and United States federal court sitting
in New York County, New York, in actions by any person, including any Holder of
a Note, arising out of or relating to the Notes and, in respect of any such
action, the Issuer will appoint [Law Debenture Corporate Services Inc., 767
Third Avenue - 31st Floor, New York, NY 10017], as agent for service of process;
provided that such submission to jurisdiction does not extend to legal actions
brought under the United States securities laws. Notwithstanding the foregoing,
any action by any person, including any Holder of Notes, may be instituted
against the Issuer in any competent court in Frankfurt am Main, Germany. The
jurisdiction of such courts shall be exclusive according to Section 38 of the
German Code of Civil Procedure (Zivilprozessordnung) for proceedings solely
involving merchants (Kaufleute), legal persons under public law (juristische
Personen des offentlichen Rechts), special funds under public law
(offentlich-rechtliche Sondervermogen) or persons not subject to the general
jurisdiction of the courts of Germany (Personen ohne allgemeinen Gerichtsstand),
otherwise it shall be nonexclusive.
(3) Waiver of Immunity. The Issuer unconditionally and irrevocably waives any
sovereign immunity from jurisdiction of any court or from any legal process with
respect to its property, including any immunity under the United States Foreign
Sovereign Immunities Act of 1976, which it may have in respect of legal process
in relation to its obligations arising out of or relating to the Notes, that may
be instituted in any New York state or United States federal court sitting in
New York County, New York, or in any competent court in Germany. The waiver
shall (i) not extend to actions brought under any United States securities law,
(ii) shall not be deemed to be an effective waiver of immunity from attachment
of, and execution on a judgment against, certain property in respect of which
immunity from such attachment and execution may not be waived under the laws of
the United States or Germany, depending on
Agency Agreement - Schedules
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the place where such action has been initiated, (iii) insofar as it relates to
any action which may be instituted in any competent court in Germany, shall be
deemed to have only been given to the fullest extent permitted by German law,
and (iv) shall not extend to immunity from attachment in aid of jurisdiction or
from prejudgment attachment.
(4) Enforcement. Any Holder may in any proceedings against the Issuer or to
which the Holder and the Issuer are parties protect and enforce in its own name
its rights arising under its Notes on the basis of (a) a certificate issued by
its Custodian (i) stating the full name and address of the Holder, (ii)
specifying the aggregate principal amount of Notes credited on the date of such
statement to such Holder's securities account maintained with such Custodian and
(iii) confirming that the Custodian has given a written notice to the Clearing
System containing the information pursuant to (i) and (ii) and bearing
acknowledgements of the Clearing System and the relevant Clearing System
participant and (b) a copy of the Global Certificate certified as being a true
copy by a duly authorized officer of the Clearing System or a depository of the
Clearing System. Each Holder may, without prejudice to the foregoing, protect
and enforce his rights under these Notes also in any other way which is admitted
in the country of the Proceedings. For purposes of the foregoing, "Custodian"
means any bank or other financial institution of recognized standing authorized
to engage in securities custody business with which the Holder maintains a
securities account in respect of any Notes and includes the Clearing System and
any other clearing system which maintains an account with the Clearing System.
ss. 12
LANGUAGE
These Terms and Conditions are written in the German language and provided with
an English language translation. The German text shall be controlling and
binding. The English language translation is provided for convenience only.