Exhibit 1.1
Dated ____________,
KREDITANSTALT FUR WIEDERAUFBAU
- and -
___________
- and -
___________
- and -
the other MANAGERS named herein
--------------------------------------
SUBSCRIPTION AGREEMENT
U.S.$ _______
__% Global Notes due _______
--------------------------------------
HENGELER MUELLER
Frankfurt am Main
Subscription Agreement KfW
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SUBSCRIPTION AGREEMENT dated __________, 2003
between
(1) KREDITANSTALT FUR WIEDERAUFBAU, an institution organized under public
law of the Federal Republic of Germany (the "Issuer"), and
(2) ____________,
____________,
(each a "Lead Manager" and together the "Lead Managers"), and
(3) ____________,
____________,
____________,
____________,
(together with the Lead Managers, the "Managers").
The parties hereby record the arrangements between them in respect of an issue
of U.S.$_____ __% Global Notes due ________ of the Issuer (the "Notes").
Section 1 Agreement to Issue; the Notes: the Agreements
(1) The Issuer agrees to issue the Notes on ________, 2003 (the "Closing Date").
(2) The terms and conditions applicable to the Notes are set forth in the Terms
and Conditions of the Notes (the "Conditions") attached hereto as Schedule 1.
(3) The Notes will be issued in the denomination of U.S.$ 1,000 each and will be
represented by one or more permanent global certificates without interest
coupons (the "Global Certificates"). The Global Certificates will be kept in
custody by Deutsche Bank Trust Company Americas, a New York banking corporation
("DBTCA"), or any successor, as custodian for The Depository Trust Company, New
York ("DTC"). The Global Certificates will be in registered form in the name of
Cede & Co., as nominee of DTC, recorded in a register (the "Register") kept by
the Registrar (subsection (4)), and will represent the Notes maintained in
custody for financial institutions that are participants in DTC. Euroclear Bank
S.A./N.V., as operator of the Euroclear System and Clearstream Banking, societe
anonyme, Luxembourg, as participants in DTC, will hold interests in the Global
Certificates on behalf of their respective participants through their respective
depositaries, which in turn will hold such interests as participants in DTC. The
Global Certificates will be substantially in the form set out in Schedule 2.
(4) Concurrently with the signing of this Agreement, the Issuer is entering into
the supplemental registrar and paying agency agreement dated __________, 2003
(the "Supplementary
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Agency Agreement") with Deutsche Bank Aktiengesellschaft, as registrar for the
Issuer (the "Registrar") and as paying agent for the Issuer (the "Paying
Agent").
This Agreement and the Supplementary Agency Agreement are together referred to
herein as the "Agreements".
Section 2 Purchase
Each of the Managers agrees, severally and not jointly, to purchase the Notes in
such principal amounts as are set forth in Schedule 3 on __________, 2003 at the
issue price of o% of the principal amount of the Notes (the "Issue Price").
Section 3 Disclosure
The Issuer confirms:
(a) (i) that it has prepared and filed with the Securities and Exchange
Commission (the "Commission") in accordance with the provisions of the
Securities Act of 1933, as amended, and the rules and regulations of
the Commission thereunder (collectively, the "Securities Act"), a
registration statement (number ___), including a prospectus dated
_________, 200[2], and relating to certain of its debt securities
(including the Notes) and to certain debt securities of KfW
International Finance Inc. and the offering thereof from time to time
on a delayed or continuous basis pursuant to Release Nos. 33-6240 and
33-6424 under the Securities Act; (ii) that such registration statement
has been declared effective by the Commission; and (iii) that a
prospectus supplement dated ___________, 200_ reflecting the terms of
the Notes, the terms of the offering thereof and the other matters set
forth therein has been filed pursuant to Rule 424 under the Securities
Act. Such prospectus supplement, in the form dated _________, 200_ and
filed on _________, 200_ pursuant to Rule 424, is herein referred to as
the "Prospectus Supplement". Such registration statement, as amended at
the date hereof, including the exhibits thereto, is herein referred to
as the "Registration Statement", and the prospectus dated _________,
200[2] included therein relating to offerings of securities under the
Registration Statement, as supplemented by the Prospectus Supplement,
is herein referred to as the "Prospectus", except that, if such
prospectus is amended or supplemented on or prior to the date on which
the Prospectus Supplement is first filed pursuant to Rule 424, the term
"Prospectus" shall refer to the prospectus as so amended or
supplemented by the Prospectus Supplement.
(b) that it has caused an application to be made to list the Notes on the
Luxembourg Stock Exchange (the "Stock Exchange") and that the
Prospectus will serve as listing prospectus for the listing of the
Notes on the Stock Exchange.
The Registration Statement and the Prospectus are together referred to as the
"Disclosure Documents".
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The Issuer hereby authorises the Managers to distribute copies of the
Registration Statement and the Prospectus in connection with the offering and
sale of the Notes.
The Issuer and each of the Managers agree that they will comply with the
requirements of the Securities Act in connection with the offering of the Notes
and the distribution of the Prospectus within the United States of America (the
"United States").
Section 4 Stabilisation
(1) In connection with the offering of the Notes, ________ or its affiliates may
over-allot or effect transactions with a view to supporting the market price of
the Notes at a level higher than that which might otherwise prevail for a
limited period after the issue date. However, there may be no obligation on
_________ or its affiliates to do this. Such stabilising, if commenced, may be
discontinued at any time, and must be brought to an end after a limited period.
In doing so, _________ or its affiliates shall act as principal and not as agent
of the Issuer. The Issuer shall not in any event be obligated to issue more than
U.S.$ _________ in principal amount of the Notes.
(2) As between the Issuer and the Lead Managers, any loss resulting from
stabilisation shall be borne, and any profit arising therefrom shall be
retained, by the Lead Managers.
Section 5 Distribution in the United States
(1) Because it is expected that a portion of the Notes will be distributed in
the United States, the Issuer and the Managers agree on the additional terms set
out in Schedule 4.
(2) As specified in Section 4 of Schedule 4, each Manager agrees to notify
Simpson Thacher & Bartlett, as counsel to the Managers, of the U.S. Sales Amount
applicable to it seven calendar days after the Closing Date. The Managers agree
to cause Simpson Thacher & Bartlett to promptly thereafter report the aggregate
U.S. Sales Amounts applicable to the Managers to Sullivan & Cromwell, as counsel
for the Issuer. For purposes of the foregoing, the U.S. Sales Amount applicable
to a Manager shall mean the total aggregate principal amount of Notes initially
sold in the United States by such Manager as part of its initial allotment.
Section 6 Selling Restrictions: Representations and Information by Managers
(1) Each Manager agrees with the Issuer to be bound by the terms and provisions
set out in Schedule 5.
(2) Each Manager agrees with the Issuer that, in connection with the issue,
offering and distribution of the Notes:
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(a) in the United States:
it will comply with the requirements of the Securities Act;
(b) outside the United States:
(i) it will not make, and warrants that it has not made, any
representation regarding the Issuer or the Notes other than
(x) as contained in any of the Agreements and the Disclosure
Documents, or which is fairly derived and is consistent with,
those contained in any of the Agreements and the Disclosure
Documents, or (y) as is approved or provided by the Issuer for
the purpose of the issue, offering and distribution of the
Notes; and
(ii) it will not provide, and warrants that it has not provided,
any information regarding the Issuer or the Notes other than
(x) that which is contained in or is fairly derived from and
is consistent with, any of the Agreements and the Disclosure
Documents, or (y) information already in the public domain.
(3) Each Manager agrees to indemnify the Issuer and each other Manager and their
respective directors, officers and employees, and any affiliate of the Issuer or
such Manager, against any loss, liability, cost, expense, claim or action
(including all reasonable costs, charges or expenses paid or incurred in
disputing or defending any of the foregoing) which any of them may incur or
which may be made against any of them arising out of, in relation to or in
connection with, any failure by it to observe the terms and provisions set out
in Schedule 5 ( to the extent that any such failure relates to the issue,
offering and distribution of the Notes outside the United States) and in
subsection (2)(b).
(4) The obligations of the Managers under Section 6(1) to (3) and Schedule 5 are
several.
Section 7 Listing
(1) The Issuer agrees with the Managers (a) that the Notes are to be listed on
the Stock Exchange, (b) that it will obtain such listing and (c) that it will
use its reasonable endeavours to maintain such listing until none of the Notes
is outstanding or until such time as payment in respect of principal and
interest in respect of the Notes has been duly provided for, whichever is
earlier.
(2) If the Issuer shall at any time determine that it can no longer reasonably
comply with the requirements for the listing of the Notes on the Stock Exchange,
or if maintenance of such listing on the Stock Exchange becomes unduly onerous,
it shall be obliged to use its reasonable endeavours to obtain and thereafter to
maintain a listing of the Notes on such other major stock exchange as it may
(with the approval of each of the Managers) decide.
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Section 8 Representations and Warranties
(1) The Issuer represents and warrants to the Managers as of the date hereof,
and, in respect of sub-paragraph (i), also as of the Closing Date that:
(a) the Issuer exists as an institution organized under public law of the
Federal Republic of Germany with full power and authority to own its
assets and conduct its business as described in the Disclosure
Documents;
(b) the Agreements constitute valid and legally binding obligations of the
Issuer;
(c) the Notes, when duly issued, authenticated and delivered in accordance
with the provisions of the Agreements, will constitute valid and
legally binding obligations of the Issuer, and the Notes will benefit
from the Anstaltslast of the Federal Republic of Germany as well as
from the statutory guarantee of the Federal Republic of Germany
pursuant to Section 1a of the Law concerning Kreditanstalt fur
Wiederaufbau (Gesetz uber die Kreditanstalt fur Wiederaufbau (the "KfW
Law"));
(d) no action or thing is required to be taken, fulfilled or done
(including the obtaining of any consent or license or the making of any
filing or registration) for the issue of the Notes, the carrying out by
the Issuer of the other transactions contemplated by the Agreements or
the compliance by the Issuer with the terms of the Notes and the
Agreements, except for those which have been, or will prior to the
Closing Date be, obtained and are, or will on the Closing Date be, in
full force and effect;
(e) the execution and delivery of the Agreements, the issue of the Notes,
the carrying out by the Issuer of the other transactions contemplated
by the Agreements and compliance with their terms do not and will not
conflict with or infringe the KfW Law, the Charter of the Issuer or any
of its other obligations or any rule of law to which it is subject;
(f) the Issuer qualifies as a frequent issuer (Daueremittent) pursuant to
Section 3 No. 2 of the German Securities Sales Prospectus Act
(Wertpapier-Verkaufsprospektgesetz) and, therefore, the preparation of
a sales prospectus is not required;
(g) the Registration Statement and the Prospectus comply in all respects
with all applicable legal requirements, the statements contained in the
Registration Statement and the Prospectus are in every material respect
accurate and not misleading, there are no other facts the omission of
which would make any statement in the Registration Statement and the
Prospectus misleading in any material respect, and all reasonable
enquiries have been made by the Issuer to ascertain such facts and to
verify the accuracy of all such information and statements;
Subscription Agreement KfW
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(h) the financial statements of the Issuer that are contained in the
Registration Statement and the Prospectus are prepared in accordance
with accounting principles generally accepted in, and pursuant to the
relevant laws of, the Federal Republic of Germany consistently applied
and present fairly the financial position of the Issuer as at the
dates, and the results of operations of the Issuer for the periods, in
respect of which they have been prepared and since the date of the last
audited financial statements of the Issuer referred to in the
Registration Statement and the Prospectus there has been no change (nor
any development or event reasonably likely to involve a prospective
change) which is materially adverse to the condition (financial or
other), or to the earnings, business or operations, of the Issuer;
(i) there are no pending proceedings against or affecting the Issuer which,
if determined adversely to the Issuer would adversely affect the
ability of the Issuer to perform its obligations under the Agreements
or the Notes or which are otherwise material in the context of the
issue of the Notes and no such proceedings have been pending during the
past two years or, to the best of the Issuer's knowledge, are
threatened or contemplated;
(j) the Issuer has not engaged, and will not engage, in any jurisdiction in
any activity with respect to the issue and offering of the Notes that
is not permitted by the laws of such jurisdiction; and
(k) the Issuer has been informed of the existence of the FSA stabilising
guidance contained in section MAR 2 Annex 2G of the FSA Handbook.
(2) The Issuer agrees to indemnify each Manager and its directors, officers and
employees, and any affiliate of such Manager, against any loss, liability, cost,
expense, claim or action (including all reasonable costs, charges and expenses
paid or incurred in disputing or defending any of the foregoing), which such
Manager or such aforementioned persons may incur or which may be made against it
arising out of, in relation to or in connection with, any inaccuracy or alleged
inaccuracy of any of the representations and warranties contained in subsection
(1) or in connection with any untrue statement or alleged untrue statement
contained in any Disclosure Document or any omission or alleged omission to
state therein a material fact to make the statements therein not misleading,
except insofar as such losses, liabilities, costs, expenses, claims or actions
are caused by any such untrue statement or omission or alleged untrue statement
or omission based upon information relating to any Manager furnished to the
Issuer in writing by such Manager expressly for use therein.
Section 9 Agreements of the Issuer
(1) The Issuer shall bear and pay all stamp and other taxes and duties
(including interest and penalties) payable pursuant to the laws applicable in
the Federal Republic
Subscription Agreement KfW
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of Germany on or in connection with the issue and purchase by the Managers of
the Notes or the execution or delivery of the Agreements.
(2) The Issuer shall forthwith notify the Lead Managers, on behalf of the
Managers, if, at any time prior to payment of the net subscription amount (as
set out in Section 11) to the Issuer, anything occurs which renders or may
render untrue or incorrect in any respect any of the representations and
warranties given by it.
(3) If at any time prior to the Closing Date any event shall occur as a result
of which, in the judgement of the Issuer, it is necessary to amend or supplement
any Disclosure Document in order to make the statements therein, in the light of
the circumstances when any Disclosure Document is delivered, not misleading, the
Issuer shall forthwith prepare and furnish, at its own expense, to the Lead
Managers, on behalf of the Managers, either amendments to the Disclosure
Documents or supplemental information so that the statements in the Disclosure
Documents as so amended or supplemented will, in the light of the circumstances
when the Disclosure Documents are delivered, be accurate and not misleading.
Section 10 Closing Conditions
(1) The Managers shall be obliged to pay for, and take delivery of the Notes
only (A) if: (i) as of the Closing Date, the representations, warranties and
agreements of the Issuer herein contained are true and correct in all material
respects and have been duly complied with (to the extent that such compliance is
due on or before the Closing Date), (ii) no stop order suspending the
effectiveness of the Registration Statement shall be in effect, and no
proceedings for such purpose shall be pending before or threatened by the
Commission and all timely and reasonable requests for additional information
shall have been complied with to the satisfaction of the Lead Managers, and (B)
subject to:
(a) receipt by _____, on behalf of the Managers, on the Closing Date of a
certificate of the Issuer dated the Closing Date and signed on behalf
of the Issuer certifying that as of the Closing Date, the
representations and warranties contained in Section 8(1) and in
Schedule 4 are true and correct as if made on the Closing Date and that
the Issuer has complied with all agreements herein contained (to the
extent that such compliance is due on or before the Closing Date);
(b) receipt by _____, on behalf of the Managers, on the Closing Date of
legal opinions dated the Closing Date, in the form agreed with the Lead
Managers, from:
(i) the Legal Department of the Issuer as to the laws of the
Federal Republic of Germany;
(ii) Sullivan & Cromwell, legal advisers to the Issuer in the
United States;
(iii) Simpson Thacher & Bartlett, legal advisers to the Managers in
the United States; and
Subscription Agreement KfW
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(iv) Hengeler Mueller, legal advisers to the Managers in the
Federal Republic of Germany;
(c) receipt by _____, on behalf of the Managers, on the Closing Date of a
letter dated the Closing Date of Sullivan & Cromwell to the effect that
such counsel has participated in the preparation of the Registration
Statement and the Prospectus and that no fact has come to the attention
of such counsel which would lead them to believe (i) that the
Registration Statement and the Prospectus (except for the financial
statements and other financial or statistical data included therein or
which should have been included therein, as to which such counsel need
express no belief) at the time the Registration Statement became
effective contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or (ii) that the Prospectus
as amended or supplemented, if applicable (except for the financial
statements and other financial or statistical data included therein or
which should have been included therein, as to which such counsel need
express no belief) contained any untrue statement of a material fact or
omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they
were made, not misleading;
(d) receipt by the Registrar on or prior to the date hereof of the Global
Certificates duly executed on behalf of the Issuer for authentication
and delivery on the Closing Date of the Global Certificates to DBTCA,
as custodian for DTC, against payment of the net subscription amount
for the Notes pursuant to Section 11;
(e) receipt by _____, on behalf of the Managers, not later than one
business day in Frankfurt before the Closing Date of the documents
listed in Schedule 6;
(f) receipt by _____, on behalf of the Managers, on the date of this
Agreement and the Closing Date of letters, in the form agreed with the
Lead Managers, dated the date of this Agreement and the Closing Date
respectively, from PwC Deutsche Revision Aktiengesellschaft
Wirtschaftsprufungs-gesellschaft, auditors of the Issuer; and
(g) receipt by _____, on behalf of the Managers, of a copy of the
Supplementary Agency Agreement as executed, delivered and exchanged by
the respective parties thereto.
(2) The Managers may, at their discretion and upon terms as they deem
appropriate, waive compliance with the whole or any part of subsection (1).
Section 11 Delivery and Payment
Not later than 10:00 a.m. (New York time) on the Closing Date, _____ on behalf
and for account of the Managers shall pay, or cause payment of, the net
subscription amount of
Subscription Agreement KfW
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U.S.$_____ (being the Issue Price pursuant to Section 2, less the commissions
pursuant to Section 12(1)) in immediately available funds to such account as the
Issuer may specify to the Lead Managers not later than three days before the
Closing Date, such payment to be made against delivery of the Global
Certificates representing the Notes duly authenticated on behalf of the
Registrar.
Section 12 Commissions and Expenses
(1) The Issuer agrees to pay to the Managers on the Closing Date total
commissions of __% of the principal amount of the Notes in consideration of the
obligations of the Managers to purchase the Notes. Such payment will be made by
means of deduction by the Managers from the Issue Price.
(2) In addition to the commissions payable pursuant to subsection (1), the
Issuer agrees to bear (except as may be separately agreed with the Managers) (a)
all costs and expenses (including value added tax thereon, if any) in connection
with (i) the preparation, printing and publication (where required) of the
Disclosure Documents, (ii) the preparation and printing of the Agreements and
all other documents relating to the issue, subscription and offering of the
Notes, (iii) the printing and delivery of the Global Certificates, (iv) the
obtaining and maintaining of the listing of the Notes on the Stock Exchange, (v)
the services of the legal advisers to the Managers in the Federal Republic of
Germany and the United States and of its own legal advisers and accountants in
connection with the issue and subscription of the Notes, and (vi) all
advertising in relation to the issue and offering of the Notes on which the
Issuer and the Lead Managers may agree, and (b) the fees and expenses (including
value added tax thereon) of the Registrar and the Paying Agent in connection
with the preparation and signing of the Agreements, the issue of the Notes and
the performance of their respective duties under the Supplementary Agency
Agreement.
Section 13 Termination
The Lead Managers, on behalf of the Managers, may (after consultation with the
Issuer) by notice to the Issuer, terminate this Agreement at any time prior to
payment of the net subscription monies to the Issuer if, in the opinion of the
Lead Managers, there shall have been such a change in national or international
financial, political or economic conditions or currency exchange rates or
exchange controls as would in their view be likely to prejudice materially the
success of the offering and distribution of the Notes or dealing in the Notes in
the secondary market. Upon such notice being given, the parties to this
Agreement shall be released and discharged from their respective obligations
under this Agreement and shall have no further liability hereunder except for
any liability arising before or in relation to such termination; provided, that
the Issuer shall remain liable under Section 12 for the costs and expenses of
the Managers theretofore incurred or incurred in consequence of the termination.
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Section 14 Communications
(1) Any document or information furnished or supplied in accordance with this
Agreement shall, if not otherwise provided for herein, either be in the German
or English language.
(2) All communications given hereunder shall be given by letter or telefax and
shall become effective upon receipt.
(3) Subject to written notice of change of address, all communications hereunder
shall be given to the following addresses:
(a) If to the Issuer:
Kreditanstalt fur Wiederaufbau
Palmengartenstrasse 5-9
60325 Frankfurt am Main
Telefax: 0049 (69) 7431 4324
Attention: Bereich FM
(b) If to the Managers:
[Insert name and address]
Telefax: ________________________
Attention: ______________________
[Insert name and address]
Telefax: ________________________
Attention: ______________________
[Insert name and address]
Telefax: ________________________
Attention: ______________________
Section 15 The Schedules; Severability
(1) Schedules 1 to 6 form part of this Agreement.
(2) Should any provision of this Agreement be or become invalid in whole or in
part, the other provisions of this Agreement shall remain in force. Any invalid
provision
Subscription Agreement KfW
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shall be replaced by a valid provision which accomplishes as far as legally
possible the economic effects of the invalid provision.
Section 16 Governing Law; Place of Performance; Remedies Cumulative
(1) This Agreement shall in all respects be governed by and construed in
accordance with German law.
(2) Place of performance for the obligations of all parties hereto shall be
Frankfurt am Main.
(3) The remedies provided herein shall be cumulative to any remedies provided by
general provisions of German law.
Section 17 Place of Jurisdiction
Any action or other legal proceedings arising out of or in connection with this
Agreement shall be brought exclusively in the District Court (Landgericht) in
Frankfurt am Main.
Section 18 Counterparts
This Agreement is executed in _____ counterparts in the English language. With
respect to Schedules 1 and 2 the [English] [German] language version shall be
binding. The [German] [English] translations of such Schedules are for
convenience only. One executed counterpart each is issued to the Issuer and to
each of the Managers. Each executed counterpart shall be an original.
This Agreement has been entered into on the date stated at the beginning.
KREDITANSTALT FUR WIEDERAUFBAU
- ---------------------------------------
[NAME OF LEAD MANAGERS]
- ---------------------------------------
- ---------------------------------------
Subscription Agreement KfW
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- ---------------------------------------
[NAME OF MANAGERS]
_______________________________________
_______________________________________
_______________________________________
_______________________________________
- ---------------------------------------
By Powers of Attorney
Subscription Agreement KfW
Schedule 1.1
TERMS AND CONDITIONS OF THE NOTES
Section 1
General Provisions
(1) Principal Amount and Denomination. The issue of the ___% Global Notes due
____________ of Kreditanstalt fur Wiederaufbau, Frankfurt am Main, Federal
Republic of Germany (the "Issuer") in the aggregate principal amount of
U.S.$____________
is divided into ____________ notes in the principal amount of U.S.$ 1,000 each
which rank pari passu among themselves (the "Notes").
(2) Global Certificate. Form. The Notes are represented by one or more permanent
global certificates without interest coupons (the "Global Certificates"). The
Global Certificates are kept in custody by Deutsche Bank Trust Company Americas,
or any successor, as custodian for The Depository Trust Company, New York
("DTC"). The Global Certificates are in registered form in the name of Cede &
Co., as nominee of DTC, recorded in a register (the "Register") and kept by the
Registrar (Section 8). Each Global Certificate is manually signed by two
authorized representatives of the Issuer and manually authenticated by or on
behalf of the Registrar. Copies of the Global Certificates are available free of
charge at the Paying Agent (Section 8).
(3) Transfer. Transfers of Notes shall require appropriate entries in securities
accounts.
Section 2
Status
The Notes constitute unsecured and unsubordinated obligations of the Issuer and
rank pari passu with all other present and future unsecured and unsubordinated
obligations of the Issuer, but subject to any applicable mandatory statutory
exceptions.
Section 3
Interest
(1) Interest Rate and Due Dates. The Notes bear interest at the rate of ___% per
annum as from ____________, 200_. The Notes shall cease to bear interest upon
the end of the day preceding the day on which they become due for redemption.
Interest shall be payable semi-annually in arrears on ____________ and
____________ of each year, commencing on ____________. [IF THE FIRST
Subscription Agreement KfW
INTEREST PERIOD IS LONG OR SHORT, ADD: The first interest payment date will be
____________, 200_ for the period commencing on ____________, 200_ (inclusive)
and ending on ____________, 200_ (exclusive). The interest amount for this
period shall total U.S.$____________ for the aggregate principal amount of
U.S.$____________.]
(2) Late Payment. Should the Issuer fail to redeem the Notes on the due date
therefor, interest on the Notes shall, subject to the provisions of Section
5(3), continue to accrue beyond the due date until actual redemption of the
Notes at the default rate of interest established by law.
(3) Accrued Interest. If it is necessary to compute interest for a period of
other than a full year, interest shall be calculated on the basis of a 360-day
year consisting of twelve 30-day months.
Section 4
Maturity, [Early Redemption,] Repurchase
(1) The Notes shall be redeemed at par on ____________, 200_. Subject to the
provisions of [subsection (2) and] Section 7, neither the Issuer nor any holder
of a Note (each a "Holder") shall be entitled to redeem the Notes prior to their
stated maturity.
[(2) The Notes may be redeemed, as a whole but not in part, on ____________ at
the option of the Issuer upon not less than __ New York Business Days (Section
5(3)) prior written notice given in accordance with Section 10, at a redemption
price equal to ___% of the principal amount of the Notes, together with interest
accrued to, but excluding, ____________.]
(__) The Issuer may at any time purchase and resell Notes in the open market or
otherwise.
Section 5
Payments
(1) Payments. (a) Payments of principal of, and interest on, the Notes shall be
made in United States dollars on the relevant payment date (subsection (4)) to,
or to the order of, the person registered at the close of business on the
relevant Record Date (subsection (2)) in the Register kept by the Registrar.
Payments of principal shall be made upon surrender of the Global Certificates to
the Paying Agent (Section 8).
(b) All payments made by the Issuer to, or to the order of, the person
registered at the close of business on the relevant Record Date in the Register
kept by the Registrar, shall discharge the liability of the Issuer under the
Notes to the extent of the sums so paid.
Subscription Agreement KfW
(2) Record Date. The record date (the "Record Date") for purposes of transfer
restrictions (Section 1(3)) and payments (subsection (1)) of principal and
interest shall be, in respect of each such payment, the tenth New York Business
Day preceding the relevant payment date.
(3) New York Business Day. If any date for payment of principal or interest to
the registered holder of the Global Certificate(s) is not a New York Business
Day, such payment will not be made until the next day which is a New York
Business Day, and no further interest shall be paid in respect of the delay in
such payment. "New York Business Day" means any day on which banking
institutions in New York City are not obliged and not authorised to close.
(4) Payment Date and Due Date. For the purposes of these Terms and Conditions
"payment date" means the day on which the payment is actually to be made, where
applicable as adjusted in accordance with subsection (3), and "due date" means
the payment date provided for herein, without taking account of any such
adjustment.
Section 6
Taxation
All payments by the Issuer in respect of the Notes shall be made without
deduction or withholding of taxes or other duties, unless such deduction or
withholding 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.
Section 7
Termination for Default
Any Holder may, at his option, declare Notes held by him due and demand
repayment thereof at their principal amount plus interest accrued to the date of
repayment if the Issuer shall fail to pay any amount payable hereunder within 30
days from the relevant due date. The right to declare Notes due shall cease if
the Holder has received the relevant payment before the Holder has exercised
such right. Any notice declaring Notes due shall be made by means of a written
notice to be delivered by hand or registered mail to the Issuer together with
proof that such Holder at the time of such notice is a holder of the relevant
Notes by means of a certificate of the Holder's Custodian pursuant to Section
11(3)(a).
Section 8
The Agents
(1) Initial Agents and Specified Offices. The initial Paying Agent and Registrar
(together the "Agents") and their initial offices through which they act (the
"Specified Offices") are set forth at the end of these Terms and Conditions.
Subscription Agreement KfW
(2) Change of Agents and their Specified Offices. The Issuer reserves the right
at any time to vary or terminate the appointment of the Paying Agent or
Registrar or approve any change in the office through which they act, provided
that there shall at all times be a Registrar and Paying Agent, and provided
further that so long as the Notes are listed on any stock exchange(s) (and the
rules of such stock exchange(s) so require), the Issuer shall maintain a Paying
Agent with a Specified Office in the city in which such stock exchange(s) is
(are) located. The Issuer shall give notice of any change in the Agents or their
Specified Offices by publication in accordance with Section 10.
(3) No Legal Relationship. The Agents in such capacity are acting exclusively as
agents of the Issuer and do not have any legal relationship of whatever nature
with the Holders and are not in any event accountable to any Holder.
Section 9
Further Issues
The Issuer reserves the right, from time to time without the consent of the
Holders, to issue additional notes, on terms identical in all respects to those
set forth herein (except as to the date from which interest shall accrue), so
that such additional notes shall be consolidated with, form a single issue with
and increase the aggregate principal amount of, the Notes. The term "Notes"
shall, in the event of such increase, also include such additionally issued
notes.
Section 10
Notices
All notices regarding the Notes shall be published in the following journals:
(a) so long as the Notes are listed on the Luxembourg Stock Exchange (and the
rules of such Stock Exchange so require) in a leading daily newspaper in
Luxembourg (expected to be the Luxemburger Wort); (b) a leading daily newspaper
of general circulation in the Federal Republic of Germany; and (c) a leading
daily newspaper printed in the English language and of general circulation in
New York City (expected to be the Wall Street Journal). Any notice will become
effective for all purposes on the third day following the date of its
publication, or, if published more than once or on different dates, on the third
day following the first date of any such publication.
Section 11
Governing Law, Jurisdiction, Enforcement, Language
(1) Governing Law. The Notes, both as to form and content, as well as the rights
and duties of the Holders and the Issuer shall be governed by and shall be
construed in accordance with the laws of the Federal Republic of Germany.
Transfers and pledges of
Subscription Agreement KfW
Notes executed between DTC participants and between DTC and DTC participants
shall be governed by the laws of the State of New York.
(2) Jurisdiction. Any action or other legal proceedings arising out of or in
connection with the Notes may exclusively be brought in the District Court
(Landgericht) in Frankfurt am Main.
(3) 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 an 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 DTC and the
Registrar containing the information pursuant to (i) and (ii) and bearing
acknowledgements of DTC and the relevant DTC participant and (b) copies of the
Global Certificates certified as being true copies by a duly authorised officer
of DTC or the Registrar. For purposes of the foregoing, "Custodian" means any
bank or other financial institution of recognised standing authorised to engage
in securities custody business with which the Holder maintains a securities
account in respect of any Notes and includes DTC and any other clearing system
which participates in DTC.
(4) Language. These Terms and Conditions are written in the [English] [German]
language and provided with a[n] [German] [English] language translation. The
[English] [German] text shall be controlling and binding. The [German] [English]
language translation is provided for convenience only.
REGISTRAR AND PAYING AGENT
Deutsche Bank Trust Company Americas
c/o Deutsche Bank Services New Jersey, Inc.
100 Plaza One MSJCY/03-0603
Jersey City, NJ 07311
Subscription Agreement KfW
Schedule 1.2
ANLEIHEBEDINGUNGEN
Section 1
Allgemeine Bestimmungen
(1) Nennbetrag und Stuckelung. Die _ % Globalanleihe fallig 200_ der
Kreditanstalt fur Wiederaufbau, Frankfurt am Main, Bundesrepublik Deutschland
(die "Emittentin") im Gesamtnennbetrag von
U.S.D. _
ist in o untereinander gleichberechtigte Teilschuldverschreibungen im Nennbetrag
von je U.S.D. 1.000 (die "Schuldverschreibungen") eingeteilt.
(2) Globalurkunde. Form. Die Schuldverschreibungen werden durch eine oder
mehrere Dauerglobalurkunden ohne Zinsscheine verbrieft (die "Globalurkunden").
Die Globalurkunden werden von der Deutsche Bank Trust Company Americas ("DBTCA")
oder einem etwaigen Rechtsnachfolger als Verwahrer fur The Depository Trust
Company, New York ("DTC") verwahrt. Die Globalurkunden sind als Namenspapiere
auf den Namen von Cede & Co. als dem Beauftragten von DTC ausgestellt und in ein
Register (das "Register") eingetragen, welches von der Registerstelle gefuhrt
wird. Die Globalurkunden tragen jeweils die eigenhandigen Unterschriften zweier
ordnungsgemass bevollmachtigter Vertreter der Emittentin und sind jeweils von
der Registerstelle oder in deren Namen mit einer handschriftlichen
Kontrollunterschrift versehen. Kopien der Globalurkunden sind bei der Zahlstelle
(section 8) kostenlos erhaltlich.
(3) Ubertragung. Ubertragungen von Schuldverschreibungen setzen entsprechende
Depotbuchungen voraus.
Section 2
Status
Die Schuldverschreibungen begrunden nicht besicherte und nicht nachrangige
Verbindlichkeiten der Emittentin und stehen im gleichen Rang mit allen anderen
gegenwartigen und zukunftigen nicht besicherten und nicht nachrangigen
Verbindlichkeiten der Emittentin, soweit nicht zwingende gesetzliche
Bestimmungen etwas anderes vorschreiben.
Section 3
Zinsen
(1) Zinssatz und Falligkeit. Die Schuldverschreibungen werden vom _ 200_ an mit
jahrlich _ % verzinst. Die Verzinsung der Schuldverschreibungen endet mit dem
Ablauf des Tages, der dem Tag vorangeht, an dem sie zur Ruckzahlung fallig
werden. Die Zinsen sind
halbjahrlich nachtraglich am _ und am _ eines jeden Jahres zur Zahlung fallig,
beginnend am _. [IM FALLE EINES LANGEN ODER KURZEN KUPONS HINZUFUGEN:Der erste
Zinszahlungstermin ist der _ 200_ fur den Zeitraum vom _ 200_ (einschliesslich)
bis zum _ 200_ (ausschliesslich).] Der Zinsbetrag fur diesen Zeitraum belauft
sich auf insgesamt U.S.D. _ fur den Gesamtnennbetrag der Schuldverschreibungen.
(2) Verzug. Sofern die Emittentin die Schuldverschreibungen nicht am
Falligkeitstag zuruckzahlt, werden die Schuldverschreibungen, vorbehaltlich der
Bestimmungen des section 5(3), vom Falligkeitstag bis zur tatsachlichen
Ruckzahlung der Schuldverschreibungen zum gesetzlichen Verzugszinssatz verzinst.
(3) Stuckzinsen. Sind Zinsen auf einen Zeitraum zu berechnen, der nicht ein Jahr
ist, so werden sie auf der Grundlage eines Jahres von 360 Tagen bestehend aus
zwolf Monaten von je 30 Tagen ermittelt.
Section 4
Falligkeit; [Vorzeitige Ruckzahlung]; Ruckkauf
(1) Die Schuldverschreibungen sind am _ 200_ zu ihrem Nennbetrag zuruckzuzahlen.
Vorbehaltlich der Bestimmungen [von Absatz (2) und] des Section 7 ist weder die
Emittentin noch ein Glaubiger der Schuldverschreibungen (jeweils ein
"Anleiheglaubiger") berechtigt, die Schuldverschreibungen vor ihrer Falligkeit
zur Ruckzahlung zu kundigen.
[(2) Die Schuldverschreibungen konnen am _ nach Wahl der Emittentin insgesamt,
jedoch nicht teilweise, mit einer Vorankundigungsfrist von mindestens _ New
Yorker Geschaftstagen (section 5(3)) durch Bekanntmachung gemass section 10
zum Ruckkaufpreis von _ % ihres Nennbetrages zusammen mit den Stuckzinsen bis
zum _ (ausschliesslich) zur Ruckzahlung gekundigt werden.]
(_) Die Emittentin ist berechtigt, Schuldverschreibungen jederzeit im Markt oder
anderweitig zu kaufen und wieder zu verkaufen.
Section 5
Zahlungen
(1) Zahlungen. (a) Zahlungen von Kapital und Zinsen auf die
Schuldverschreibungen erfolgen am jeweiligen Zahlungstag (Absatz (4)) in United
States Dollars an die Person, die bei Geschaftsschluss am jeweiligen Stichtag
(Absatz 2) in das von der Registerstelle gefuhrte Register eingetragen ist oder
nach deren Order. Zahlungen von Kapital erfolgen gegen Einreichung der
Globalurkunden bei der Zahlstelle (section 8).
(b) Zahlungen der Emittentin an die Person, die bei Geschaftsabschluss am
jeweiligen Stichtag in das von der Registerstelle gefuhrte Register eingetragen
ist, oder nach deren Order befreien die Emittentin in Hohe der geleisteten
Zahlungen von ihren Verbindlichkeiten aus den Schuldverschreibungen.
(2) Stichtag. Der Stichtag (der "Stichtag") fur die Zwecke von Zahlungen (Absatz
(1)) von Kapital und Zinsen ist hinsichtlich jeder derartigen Zahlung der zehnte
New Yorker Geschaftstag vor dem jeweiligen Falligkeitstag.
(3) New Yorker Geschaftstag. Ist ein Falligkeitstag fur die Zahlung von Kapital
oder Zinsen nicht ein New Yorker Geschaftstag, so wird die betreffende Zahlung
erst am nachsten Tag, der ein New Yorker Geschaftstag ist, geleistet, ohne
dass wegen dieser Zahlungsverzogerung zusatzliche Zinsen gezahlt werden. Ein
"New Yorker Geschaftstag" ist jeder Tag, an dem Banken in New York City nicht
verpflichtet und nicht berechtigt sind, zu schliessen.
(4) Zahlungstag und Falligkeitstag. Im Sinne dieser Anleihebedingungen ist
"Zahlungstag" der Tag, an dem, gegebenenfalls aufgrund einer Anpassung gemass
Absatz (3), die Zahlung tatsachlich zu leisten ist, und "Falligkeitstag" der
vorgesehene Zahlungstermin ohne Berucksichtigung einer solchen Anpassung.
Section 6
Steuern
Samtliche Zahlungen der Emittentin auf die Schuldverschreibungen sind ohne Abzug
oder Einbehalt von Steuern oder sonstigen Abgaben zu leisten, es sei denn, die
Emittentin ist rechtlich verpflichtet, solche Steuern oder Abgaben abzuziehen
oder einzubehalten. Fallen derartige Abzuge oder Einbehalte an, so ist die
Emittentin nicht verpflichtet, irgendwelche zusatzlichen Betrage auf die
Schuldverschreibungen zu zahlen.
Section 7
Kundigung durch Anleiheglaubiger
Jeder Anleiheglaubiger ist berechtigt, seine Schuldverschreibungen zur
Ruckzahlung zum Nennbetrag zuzuglich bis zum Ruckzahlungstag aufgelaufener
Zinsen zu kundigen, falls die Emittentin nach Massgabe dieser Anleihebedingungen
zahlbare Betrage nicht innerhalb von 30 Tagen nach dem betreffenden
Falligkeitstag zahlt. Das Kundigungsrecht erlischt, wenn der Anleiheglaubiger
die betreffende Zahlung erhalten hat, bevor er das Kundigungsrecht ausgeubt hat.
Die Kundigung zur Ruckzahlung hat in der Weise zu erfolgen, dass der
Anleiheglaubiger der Emittentin eine schriftliche Kundigungserklarung ubergibt
oder durch eingeschriebenen Brief ubermittelt und dabei durch eine Bescheinigung
seiner Depotbank gemass section 11(3)(a) nachweist, dass er im Zeitpunkt der
Kundigung Glaubiger der betreffenden Schuldverschreibungen ist.
Section 8
Die Erfullungsgehilfen
(1) Anfangliche Erfullungsgehilfen und bezeichnete Geschaftsstellen. Die
anfangliche Zahlstelle und die anfangliche Registerstelle (zusammen die
"Erfullungsgehilfen") und ihre anfanglichen Geschaftsstellen, durch welche sie
handeln (die "bezeichneten Geschaftsstellen"), sind am Ende dieser
Anleihebedingungen aufgefuhrt.
(2) Anderung der Erfullungsgehilfen und ihrer bezeichneten Geschaftsstellen. Die
Emittentin behalt sich das Recht vor, jederzeit die Bestellung der Zahlstelle
oder der Registerstelle zu andern oder zu beenden oder einer Anderung der
Geschaftsstelle, durch welche sie handeln, zuzustimmen, vorausgesetzt, dass
stets eine Registerstelle und eine Zahlstelle vorhanden sein muss, und weiter
vorausgesetzt, dass solange die Schuldverschreibungen an einer Borse oder Borsen
zugelassen sind (und die Regeln dieser Borse(n) es erfordern), die Emittentin
eine Zahlstelle mit bezeichneter Geschaftsstelle an dem Borsenort bzw. den
Borsenorten zu unterhalten hat. Die Emittentin hat jede Anderung in der Person
der Erfullungsgehilfen oder ihrer bezeichneten Geschaftsstellen durch
Veroffentlichung gemass section 10 bekanntzumachen.
(3) Keine Rechtsbeziehungen. Die Erfullungsgehilfen handeln als solche
ausschliesslich als Erfullungsgehilfen der Emittentin und haben keinerlei
rechtliche Beziehung welcher Art auch immer mit den Anleiheglaubigern und sind
den Anleiheglaubigern gegenuber in keinem Fall verantwortlich.
Section 9
Begebung weiterer Schuldverschreibungen
Die Emittentin behalt sich vor, von Zeit zu Zeit ohne Zustimmung der
Anleiheglaubiger weitere Schuldverschreibungen mit gleicher Ausstattung
(gegebenenfalls mit Ausnahme des Tages des Verzinsungsbeginns) in der Weise zu
begeben, dass sie mit den Schuldverschreibungen zusammengefasst werden, eine
einheitliche Emission mit ihnen bilden und ihren Gesamtnennbetrag erhohen. Der
Begriff "Schuldverschreibungen" umfasst im Fall einer solchen Erhohung auch
solche zusatzlich begebenen Schuldverschreibungen.
Section 10
Bekanntmachungen
Alle Bekanntmachungen, die die Schuldverschreibungen betreffen, werden in
folgenden Zeitungen veroffentlicht: (a) solange wie die Schuldverschreibungen an
der Luxemburger Wertpapierborse gelistet sind (und die Regeln dieser Borse das
verlangen) in einer fuhrenden Tageszeitung in Luxemburg (voraussichtlich das
Luxemburger Wort); (b) einer fuhrenden Tageszeitung mit allgemeiner Verbreitung
in der Bundesrepublik Deutschland; und (c) in einer in englischer Sprache
erscheinenden und in New York allgemein verbreiteten fuhrenden
Tageszeitung (voraussichtlich das Wall Street Journal). Samtliche
Bekanntmachungen werden wirksam am dritten Tag, der auf die Veroffentlichung
folgt oder, sofern die Veroffentlichung mehr als einmal oder an verschiedenen
Tagen erfolgt, am dritten Tag, der auf die erste Veroffentlichung folgt.
Section 11
Anwendbares Recht; Gerichtsstand;
Geltendmachung von Anspruchen; Sprache
(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen, die Rechte und
Pflichten der Anleiheglaubiger und der Emittentin 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. Zustandig fur alle Klagen oder sonstigen Verfahren aus oder
im Zusammenhang mit den Schuldverschreibungen ist ausschliesslich das
Landgericht in Frankfurt am Main.
(3) Geltendmachung von Anspruchen. Jeder Anleiheglaubiger kann in
Rechtsstreitigkeiten gegen die Emittentin oder in Rechtsstreitigkeiten, an denen
der Anleiheglaubiger und die Emittentin beteiligt sind, im eigenen Namen seine
Rechte aus den ihm zustehenden Schuldverschreibungen unter Vorlage folgender
Unterlagen wahrnehmen und durchsetzen: (a) einer Bescheinigung seiner Depotbank,
die (i) den vollen Namen und die volle Anschrift des Anleiheglaubigers
bezeichnet, (ii) einen Gesamtnennbetrag von Schuldverschreibungen angibt, die am
Ausstellungstag dieser Bescheinigung dem bei dieser Depotbank bestehenden Depot
des Anleiheglaubigers gutgeschrieben sind, und (iii) bestatigt, dass die
Depotbank der DTC sowie der Registerstelle eine schriftliche Mitteilung gemacht
hat, die die Angaben gemass (i) und (ii) enthalt, und Bestatigungsvermerke der
DTC sowie des betroffenen DTC-Teilnehmers tragt, sowie (b) von einem
Vertretungsberechtigten der DTC oder der Registerstelle beglaubigte Ablichtungen
der Globalurkunden. Im Sinne der vorstehenden Bestimmungen ist "Depotbank" ein
Bank- oder sonstiges Finanzinstitut (einschliesslich DTC und jedes anderen
Clearing Systems, das DTC Teilnehmer ist) von allgemein anerkanntem Ansehen, das
eine Genehmigung fur das Wertpapier-Depotgeschaft hat und bei dem der
Anleiheglaubiger Schuldverschreibungen im Depot verwahren lasst.
(4) Sprache. Diese Anleihebedingungen sind in [englischer] [deutscher] Sprache
abgefasst. Eine Ubersetzung in die [deutsche] [englische] Sprache ist beigefugt.
Der [englische] [deutsche] Text ist verbindlich und massgeblich. Die Ubersetzung
in die [deutsche] [englische] Sprache ist unverbindlich.
REGISTERSTELLE UND ZAHLSTELLE
Deutsche Bank Trust Company Americas
c/o Deutsche Bank Services New Jersey, Inc.
100 Plaza One MSJCY / 03-0603
Jersey City, NJ 07311
Subscription Agreement KfW
Schedule 2.1
English Language Version of the
FORM OF THE GLOBAL CERTIFICATES
U.S.$ 500,000,000
ISIN ____________ Common Code ____________
CUSIP ____________
No. R-____________
KREDITANSTALT FUR WIEDERAUFBAU
Frankfurt am Main, Federal Republic of Germany
U.S.$____________ ___% Global Notes due ____________
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
GLOBAL REGISTERED CERTIFICATE
representing a principal amount of
five hundred million United States dollars
(U.S.$ 500,000,000)
of the ___% Global Notes due ____________ in the aggregate principal amount of
____________ United States dollars (U.S.$____________), issued by Kreditanstalt
fur Wiederaufbau (the "Issuer").
This Global Certificate represents five hundred thousand notes in the principal
amount of U.S.$ 1,000 each (the "Notes"). It has been issued by the Issuer as a
registered global certificate 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
certificates within that system. DTC and its successor, if any, as depositary
for this Global Certificate shall herein also be referred to as the
"Depositary".
Subscription Agreement KfW
The 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, a New York banking
corporation (the "Register"), or any successor in such capacity appointed by the
Issuer, acting as registrar (the "Registrar") on behalf of the Issuer. In the
case of any inconsistency between the Register and the records of the
Depositary, the Register prevails, except in the case of manifest error.
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 ____ 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 Section 5(2) of
the Conditions. Interest shall be payable on the principal sum represented by
this certificate as from ____________, 200_ (inclusive) until the end of the day
preceding the day on which such principal sum becomes due for redemption. The
first interest payment date will be ____________, 200_.
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.
Frankfurt am Main, Federal Republic of Germany
____________, 200_
KREDITANSTALT FUR WIEDERAUFBAU
------------------------------
- --------------------------------
Authentication signature
for and on behalf of
Deutsche Bank Trust Company Americas,
as Registrar
Subscription Agreement KfW
Schedule 2.2
German Language Version of the
FORM OF THE GLOBAL CERTIFICATES
U.S.$ 500.000.000
ISIN ____________ Common Code ____________
CUSIP ____________
No. R-____________
KREDITANSTALT FUR WIEDERAUFBAU
Frankfurt am Main, Bundesrepublik Deutschland
U.S.$_______________% Globalanleihe fallig ____________
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORISED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORISED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORISED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
NAMENS-SAMMELSCHULDVERSCHREIBUNG
uber einen Nennbetrag von
funfhundert Millionen United States Dollars
(U.S.$ 500.000.000)
der ___% Globalanleihe fallig ____________ im Gesamtnennbetrag von ____________
United States Dollars (U.S.$____________) der Kreditanstalt fur Wiederaufbau
(die "Emittentin").
Diese Sammelschuldverschreibung verbrieft funfhunderttausend
Teilschuldverschreibungen im Nennbetrag von je U.S.$ 1.000 (die
"Schuldverschreibungen"). Sie ist von der Emittentin als
Namens-Sammelschuldverschreibung an Cede & Co. als Beauftragte der DTC begeben
und in das Verwahr- und Clearingsystem der DTC zur Verwahrung eingeliefert
worden, um die Lieferung und Ubertragung von Schuldverschreibungen innerhalb
dieses 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.
Subscription Agreement KfW
Die in dieser Sammelschuldverschreibung verbrieften Schuldverschreibungen
ergeben sich aus den Unterlagen des Verwahrers, die ihrerseits beruhen auf dem
Register der Deutsche Bank Trust Company Americas, einer Bankgesellschaft nach
dem Recht des Staates New York (das "Register"), die als Registerstelle fur die
Emittentin fungiert, oder eines etwa von der Emittentin bestellten Nachfolgers
in dieser Funktion (die "Registerstelle"). Im Falle von Unstimmigkeiten zwischen
dem Register und den Unterlagen des Verwahrers ist das Register, au(ss)er im
Falle eines offenkundigen Irrtums, ma(ss)geblich.
Die Emittentin verpflichtet sich hiermit, nach Ma(ss)gabe 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 ____ bezogenen Stichtag in dieser Urkunde
verbrieft sind, und auf den in dieser Urkunde am jeweiligen Stichtag verbrieften
Kapitalbetrag Zinsen zu zahlen. Stichtag ist der fur jede Zahlung jeweils nach
Section 5(2) der Anleihebedingungen zu bestimmende Tag. Der mit dieser Urkunde
verbriefte Kapitalbetrag wird vom ________ 200__ an (einschlie(ss)lich) bis zum
Ablauf des Tages verzinst, der dem Tag vorangeht, an dem der Kapitalbetrag zur
Ruckzahlung fallig wird. Der erste Zinszahlungstag ist der ________ 200__.
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.
Frankfurt am Main, Bundesrepublik Deutschland
________ 200__
KREDITANSTALT FUR WIEDERAUFBAU
------------------------------
- --------------------------------
Kontrollunterschrift
(geleistet im Namen von
Deutsche Bank Trust Company Americas
als Registerstelle)
Subscription Agreement KfW
Schedule 3
MANAGERS' COMMITMENTS
- -------------------------------------------------------------
MANAGER COMMITMENTS
U.S.$
- -------------------------------------------------------------
_____ _____
_____ _____
_____ _____
- -------------------------------------------------------------
TOTAL _____
- -------------------------------------------------------------
Subscription Agreement KfW
Schedule 4
PROVISIONS APPLICABLE BY REASON OF THE DISTRIBUTION
IN THE UNITED STATES
Because it is expected that a portion of the Notes will be distributed in the
United States of America, the Issuer and the Managers agree as follows:
1. Representations and Warranties. The Issuer represents and warrants to
the Managers that:
(a) the Registration Statement has been declared effective and no stop
order suspending the effectiveness of the Registration Statement has
been issued and no proceeding for that purpose has been instituted or,
to the knowledge of the Issuer, threatened by the Commission; and the
Registration Statement and Prospectus comply, or will comply, as the
case may be, in all material respects with the Securities Act and do
not and will not, as of the effective date of the Registration
Statement and any amendment thereto and as of the date of the
Prospectus and any amendment or supplement thereto, contain any untrue
statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not
misleading, and the Prospectus, as amended or supplemented at the
Closing Date, if applicable, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they
were made, not misleading; except that the foregoing representations
and warranties shall not apply to statements or omissions in the
Registration Statement or the Prospectus made in reliance upon and in
conformity with information relating to any Manager furnished to the
Issuer by such Manager through the Lead Managers expressly for use
therein; and
(b) there has not occurred any material adverse change, or any development
involving a prospective material adverse change, in or affecting the
general affairs, business or financial condition of the Issuer and its
subsidiaries taken as a whole or, to the best knowledge of the Issuer,
in the financial, political or economic condition of the Federal
Republic of Germany, in each case from that set forth in the
Registration Statement and the Prospectus.
2. Agreements of the Issuer. The Issuer agrees as follows:
(a) if not filed as of the date hereof, to file the Prospectus Supplement
with the Commission within the time periods specified by Rule 424 under
the Securities Act;
(b) to deliver, at the expense of the Issuer, to the Lead Managers and to
U.S. counsel for the Managers, a conformed copy of the Registration
Statement (as originally filed) and each amendment thereto, in each
case without exhibits, and, during
Subscription Agreement KfW
the period mentioned in paragraph (e) below, to each Manager as many
copies of the Prospectus (including all amendments and supplements
thereto) as the Lead Managers may reasonably request;
(c) before filing any amendment or supplement to the Registration Statement
or the Prospectus applicable to the Notes, whether before or after the
time the Registration Statement becomes effective, to furnish to the
Lead Managers a copy of the proposed amendment or supplement for review
and not to file any such proposed amendment or supplement to which the
Lead Managers promptly and reasonably object;
(d) to advise the Lead Managers promptly, and to confirm such advice in
writing (i) as to when any amendment to the Registration Statement
applicable to the Notes shall have become effective, (ii) of any
request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus for any
additional information, in each case applicable to the Notes, (iii) of
the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation or
threatening of any proceeding for that purpose and (iv) of the receipt
by the Issuer of any notification with respect to the suspension of the
qualification of the Notes for offer and sale in any jurisdiction or
the initiation or threatening of any proceeding for such purpose; and
to use its best efforts to prevent the issuance of any such stop order
or notification and, if issued, to obtain as soon as possible the
withdrawal thereof;
(e) if, during such period of time within six months after the first date
of the public offering of the Notes, as in the opinion of U.S. counsel
for the Managers, a prospectus is required by law to be delivered in
connection with sales by any Manager or dealer, any event shall occur
as a result of which it is necessary to amend or supplement the
Prospectus in order to make the statements therein, in the light of the
circumstances when the Prospectus is delivered to a purchaser, not
misleading, or if it is necessary to amend or supplement the Prospectus
to comply with law, forthwith to notify the Lead Managers and upon
request of the Lead Managers to prepare and furnish, at their own
expense, to the Managers and to the dealers (whose names and addresses
the Lead Managers will furnish to the Issuer) to which Notes may have
been sold by any Manager and to any other dealers, such amendments or
supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in
the light of the circumstances when the Prospectus is delivered to a
purchaser, be misleading or so that the Prospectus, as so amended or
supplemented, will comply with law; and in case any Manager is required
to deliver the Prospectus in connection with sales of any Notes at any
time six months or more after the date of the Prospectus, upon request
of the Lead Managers but at the expense of such Manager, to prepare and
furnish to such Manager an amended or supplemented Prospectus complying
with Section 10(a)(3) of the Securities Act;
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(f) to make generally available to holders of the Notes and to the Lead
Managers as soon as practicable an earnings statement or statements of
the Issuer (in the English language) covering a period of at least
twelve months beginning with the first fiscal year of the Issuer
occurring after the effective date of the Registration Statement, which
shall satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 of the Commission promulgated thereunder;
(g) to endeavour to qualify the Notes for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Lead Managers
shall reasonably request and to continue such qualification so long as
reasonably necessary for the distribution of the Notes and to pay all
fees and expenses (including fees and disbursements of counsel to the
Managers) reasonably incurred in connection with such qualification and
in connection with the determination of the eligibility of the Notes
for investment under the laws of such jurisdictions as the Lead
Managers may designate; provided that the Issuer shall not be required
to register or qualify as a foreign corporation or a dealer in
securities or to subject itself to taxation or to file a general
consent to service of process in any jurisdiction.
3. Indemnification. The Issuer agrees to indemnify each Manager and its
directors, officers and employees and each person, if any, who controls any
Manager within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act, and any affiliate of such Manager, from and against any
and all losses, claims, damages and liabilities arising out of or in connection
with the distribution of the Notes in the United States (including without
limitation the legal fees and other expenses incurred in connection with any
such suit, action or proceeding or claim asserted) caused by any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement or the Prospectus or any preliminary prospectus
supplement, or caused by any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information furnished to the Issuer in
writing by such Manager through the Lead Managers expressly for use therein;
provided that the foregoing indemnity with respect to any preliminary prospectus
supplement shall not inure to the benefit of any Manager (or to the benefit of
any person controlling such Manager) from whom the person asserting any such
losses, claims, damages or liabilities purchased Notes if such untrue statement
or omission or alleged untrue statement or omission made in such preliminary
prospectus supplement is eliminated or remedied in the Prospectus and, if
required by law, a copy of the Prospectus shall not have been furnished to such
person at or prior to the written confirmation of the sale of such Notes to such
person.
Each Manager agrees, severally and not jointly, to indemnify the Issuer, its
directors (or persons performing similar functions), officers and employees and
other persons who sign the Registration Statement and each person, if any, who
controls the Issuer within
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the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act to the same extent as the foregoing indemnity from the Issuer to
such Manager, but only with reference to information furnished to the Issuer by
such Manager in writing through the Lead Managers expressly for use in the
Registration Statement, the Prospectus, any amendment or supplement thereto, or
any preliminary prospectus.
If any suit, action, proceeding (including any governmental investigation),
claim or demand shall be brought or asserted in the United States against any
person in respect of which indemnity may be sought pursuant to either of the two
preceding paragraphs, such person (the "Indemnified Person") shall promptly
notify the person against whom such indemnity may be sought (the "Indemnifying
Person") in writing, and the Indemnifying Person, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Person may designate in such proceeding and shall pay the fees and
disbursements of such counsel related to such proceeding. In any such
proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Person and the Indemnified
Person shall have mutually agreed to the contrary, (ii) the Indemnifying Person
has failed within a reasonable time after receiving such request to retain
counsel reasonably satisfactory to the Indemnified Person or (iii) the named
parties to any such proceeding (including any impleaded parties) include both
the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the Indemnifying Person
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm
(in addition to any local counsel) for all such Indemnified Persons, and that
all such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm for the Managers shall be designated in writing by _____________,
on behalf of the Lead Managers, and any such separate firm for the Issuer or its
directors or officers who sign the Registration Statement and such control
persons of the Issuer shall be designated in writing by the Issuer. The
Indemnifying Person shall not be liable for any settlement of any proceeding in
which it has elected to participate effected without its written consent, but if
such a suit is settled with such consent or if any proceeding in which the
Indemnifying Person, after having received notice thereof, shall have elected
not to participate is settled with or without such consent or if there be a
final judgement for the plaintiff, the Indemnifying Person agrees to indemnify
the Indemnified Person from and against any loss or liability by reason of such
settlement or judgement. Notwithstanding the foregoing sentence, if at any time
an Indemnified Person shall have requested an Indemnifying Person to reimburse
the Indemnified Person for fees and expenses of counsel as contemplated by the
third sentence of this paragraph, the Indemnifying Person agrees that it shall
be liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 30 days after receipt
by such Indemnifying Person of the aforesaid request and (ii) such Indemnifying
Person shall not have reimbursed the Indemnified Person in accordance with such
request prior to the date of such settlement. No Indemnifying Person shall,
Subscription Agreement KfW
without the prior written consent of the Indemnified Person, effect any
settlement of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Person, unless such settlement includes an
unconditional release of such Indemnified Person from all liability on claims
that are the subject matter of such proceeding.
If the indemnification provided for in this Section 3 is unavailable or
insufficient to hold harmless an Indemnified Person, then each Indemnifying
Person shall contribute to the amount paid or payable by such Indemnified Person
as a result of the losses, claims, damages or liabilities referred to above (i)
in such proportion as is appropriate to reflect the relative benefits received
by the Issuer on the one hand and the Managers on the other from the offering of
the Notes or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Issuer on the one hand and the Managers on the other in connection
with the statements or omissions which resulted in losses, claims, damages or
liabilities as well as any other relevant equitable considerations. The relative
benefits received by the Issuer on the one hand and the Managers on the other
shall be deemed to be in the same proportion as the total net proceeds from the
offering (before deducting expenses) received by the Issuer bear to the total
underwriting discounts and commissions received by the Managers. The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Issuer,
on the one hand, or the Managers, on the other, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such untrue statement or omission. The amount paid by an Indemnified Person as a
result of the losses, claims, damages or liabilities referred to in the first
sentence of this subsection shall be deemed to include any legal or other
expenses reasonably incurred by such Indemnified Person in connection with
investigating or defending any action or claim which is the subject of this
subsection. Notwithstanding the provisions of this subsection, no Manager shall
be required to contribute any amount in excess of the amount by which the total
price at which the Notes subscribed by it and distributed to the public were
offered to the public exceeds the amount of any damages which such Manager has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The Managers' obligations in this subsection to
contribute are several in proportion to their respective underwriting
commitments and not joint.
The indemnity agreements contained in this Section 3 are in addition to any
liability which the Indemnifying Persons may otherwise have to the Indemnified
Persons referred to above.
Subscription Agreement KfW
The indemnity provisions contained in this Section 3 and the representations and
warranties of the Issuer contained herein shall remain operative and in full
force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of any Manager or any person controlling any
Manager or by or on behalf of the Issuer, its officers or directors (or persons
performing similar functions) or any person controlling the Issuer or signing
the Registration Statement and (iii) acceptance of and payment for any of the
Notes.
4. Sale in the United States. The Managers have agreed for the benefit of the
Issuer in the invitation telex with respect to the offering of the Notes to
comply with certain limits on the amount of Notes that may be sold in the United
States (__% of the aggregate principal amount). Each Manager agrees to notify
Simpson Thacher & Bartlett, as counsel to the Managers, of the U.S. Sales Amount
applicable to it seven calendar days after the Closing Date. The Managers agree
to cause Simpson Thacher & Bartlett to promptly thereafter report the aggregate
U.S. Sales Amounts applicable to the Managers to Sullivan & Cromwell, as counsel
for the Issuer. For purposes of the foregoing, the U.S. Sales Amount applicable
to a Manager shall mean the total aggregate principal amount of Notes initially
sold in the United States by such Manager as part of its initial allotment.
Nothing in this Schedule 4 shall constitute a submission by the Issuer or any
Manager to the jurisdiction of any court of or in the United States.
5. Stabilisation
In connection with this offering of notes, _____ or its affiliates may purchase
and sell the Notes in the open market. These transactions may include short
sales, stabilizing transactions and purchases to cover positions created by
short sales. Short sales involve the sale by _____ or its affiliates of a
greater number of the Notes than they are required to purchase in the offering.
Stabilizing transactions consist of certain bids or purchases made for the
purpose of preventing or retarding a decline in the market price of the Notes
while the offering is in progress.
_____ may also impose a penalty bid. This occurs when a particular Manager
repays to _____ a portion of the underwriting discount received by it because
_____ or its affiliates have repurchased Notes sold by or for the account of
such Manager in stabilizing or short covering transactions.
These activities by _____ or its affiliates may stabilize, maintain or otherwise
affect the market price of the notes. As a result, the price of the Notes may be
higher than the price that otherwise might exist in the open market. If these
activities are commenced, they may be discontinued by _____ or its affiliates at
any time. These transactions may be effected in the over-the-counter market or
otherwise.
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6. Interpretation
Notwithstanding that this Schedule shall be governed by and construed in
accordance with German law, any terms used in this Schedule reflecting terms
used in U.S. federal securities laws shall be interpreted according to the
meanings attributed to them in such laws.
Subscription Agreement KfW
Schedule 5
SELLING RESTRICTIONS
(1) Each Manager acknowledges that no selling prospectus (Verkaufsprospekt)
within the meaning of the Securities Sales Prospectus Act of the Federal
Republic of Germany (Wertpapier-Verkaufsprospektgesetz) of September 9, 1998, as
amended, has been and will be registered and published in the Federal Republic
of Germany. Each Manager represents and agrees that it has not offered and sold
and will not offer or sell any Notes in the Federal Republic of Germany
otherwise than in accordance with the provisions of the Securities Sales
Prospectus Act.
(2) Each Manager represents and agrees that: (a) it has not offered or sold and,
prior to the expiration of the period of six months from the Closing Date will
not offer or sell any Notes to persons in the United Kingdom except to persons
whose ordinary activities involve them in acquiring, holding, managing or
disposing of investments, whether as principal or agent, for the purpose of
their businesses or otherwise in circumstances which have not resulted and will
not result in an offer to the public in the United Kingdom within the meaning of
the Public Offers of Securities Regulations 1995, as amended; (b) it has only
communicated or caused to be communicated and will only communicate or cause to
be communicated any invitation or inducement to engage in investment activity
(within the meaning of Section 21 of the Financial Services and Markets Act 2000
(the "FSMA")) received by it in connection with the issue or the sale of such
Notes in circumstances in which Section 21(1) of the FSMA does not apply to the
Issuer; and (c) it has complied and will comply with all applicable provisions
of the FSMA with respect to anything done by it in relation to the Notes in,
from or otherwise involving the United Kingdom.
As used herein, "United Kingdom" means the United Kingdom of Great Britain and
Northern Ireland.
(3) Each Manager agrees that in connection with any distribution of the Notes in
the United States such Manager will comply with and cause any of its affiliates
which offers or sells Notes in the United States to comply with applicable
United States law.
(4) Each Manager acknowledges and agrees that it will not offer or sell any
Notes directly or indirectly in Japan or to, or for the benefit of any Japanese
person or to others, for re-offering or re-sale directly or indirectly in Japan
or to any Japanese person, except in each case pursuant to an exemption from the
registration requirement of, and otherwise in compliance with, the Securities
and Exchange Law of Japan and any other applicable laws and regulations of
Japan. For purposes of this paragraph, "Japanese Person" means any person
resident in Japan, including any corporation or other entity organised under the
laws of Japan.
Subscription Agreement KfW
(5) Each Manager represents and agrees that it has not offered or sold, and has
agreed not to offer or sell any Notes, directly or indirectly, in Canada in
contravention of the securities laws of Canada or any province or territory
thereof and represents that any offer of Notes in Canada will be made only
pursuant to an exemption from the requirement to file a prospectus in the
province or territory of Canada in which such offer is made. Each Manager also
represents and agrees that it will send to any dealer who purchases from it any
Notes a notice stating in substance that by purchasing such Notes, such dealer
represents and agrees that it has not offered or sold, and will not offer or
sell, directly or indirectly, any of such Notes in Canada or any province or
territory thereof or to, or for the benefit of, any resident of Canada in
contravention of the securities laws of Canada or any province or territory
thereof and that any offer of Notes in Canada will be made only pursuant to an
exemption from the requirement to file a prospectus in the province or territory
of Canada in which such offer is made, and that such dealer will deliver to any
other dealer to whom it sells any such Notes a notice to the foregoing effect.
(6) Each Manager acknowledges and agrees that (1) it has not offered or sold and
will not offer or sell the Notes, by means of any document, to persons in Hong
Kong other than to persons whose ordinary business it is to buy or sell shares
or debentures, whether as principal or agent, or in circumstances which do not
constitute an offer to the public within the meaning of the Companies Ordinance
(Cap. 32) of Hong Kong and (2) unless it is a person permitted to do so under
the securities laws of Hong Kong, it has not issued or had in its possession for
the purpose of issue and will not issue or have in its possession for the
purpose of issue any advertisement, invitation or document relating to the Notes
in Hong Kong other than with respect to Notes intended to be disposed of to
persons outside Hong Kong or to be disposed of in Hong Kong only to persons
whose business involves the acquisition, disposal or holding of securities
whether as principal or agent.
(7) Each Manager acknowledges that (other than in the United States) no action
has been or will be taken in any jurisdiction by the Managers or the Issuer that
would permit a public offering of the Notes, or possession or distribution of
any of the Disclosure Documents or any other offering material, in any
jurisdiction where action for those purposes is required. Each Manager will
comply with all applicable laws in each jurisdiction in which it purchases,
offers, sells or delivers Notes or has in its possession or distributes any of
the Disclosure Documents or any other offering material.
Subscription Agreement KfW
Schedule 6
DOCUMENTS TO BE FURNISHED PURSUANT TO Section 10(1)(e)
(1) A certificate issued by two duly authorised officers of the Issuer to
the effect that:
(a) the certified copy of the Law concerning the Kreditanstalt fur
Wiederaufbau with a non-binding certified English translation,
and
(b) the certified copy of the Charter (Satzung) of the Issuer in
the German language with a non-binding certified English
translation
provided by the Issuer are true, accurate and up-to-date;
(2) a certified copy of the resolution of the Board of Directors
(Verwaltungsrat) authorizing the issue of notes up to a specified
amount together with a certificate by officers of Kreditanstalt fur
Wiederaufbau that this amount will not be exceeded as a result of the
issue of the Notes;
(3) a certified excerpt of the list of persons authorized to sign on behalf
of the Issuer as of the Closing Date;
(4) if signing on behalf of the Issuer is by an attorney-in-fact, the
original copy of the power of attorney signed by two members of the
Board of Management of the Issuer by which the person(s) named therein
is (are) empowered by the Issuer to execute and deliver on its behalf
the Subscription Agreement, the Supplementary Agency Agreement, the
Global Certificates and all other documents relating to the issue,
subscription and offering of the Notes; and
(5) a confirmation of the notice of effectiveness from the Commission for
the Registration Statement file number _____.
Unless otherwise indicated above, all certified copies shall be certified by two
duly authorised officers of the Issuer to be accurate, complete and up-to-date.