Document:

webmedia_8k-ex1059.htm

 Exhibit 10.59

 

SUPPORT AGREEMENT

 

This Support Agreement (“Agreement”) is entered into as of May 11, 2011 (the “Effective Date”), by and between Justin L. Smith (“Smith”), and Alan M. Meckler (“Stockholder”).

 

Recitals

   

A.   Stockholder is a holder of record or the “beneficial owner” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of certain shares of capital stock of WebMediaBrands Inc., a Delaware corporation (the “Company”).

 

B.   Smith is the founder, chief executive officer and largest stockholder of Inside Network, Inc., a California corporation (“INI”).

 

C.   The Company, Smith and the other holders of INI equity securities are entering into a Stock Purchase Agreement of even date herewith (the “Purchase Agreement”) pursuant to which the Company is agreeing to acquire all of the issued and outstanding capital stock of INI (the “Acquisition”).

 

D.   In order to induce Smith to enter into the Purchase Agreement, Stockholder is entering into this Agreement.

 

Agreement

 

The parties to this Agreement, intending to be legally bound, agree as follows:

 

ARTICLE I

 

Certain Definitions

 

Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Purchase Agreement.  For purposes of this Agreement:

 

1.1   “Change of Control” shall mean (A) the closing of the sale, lease, transfer or other disposition of all or substantially all of the assets of the Company, (B) the consummation of the merger or consolidation of the Company with or into another Person (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold at least fifty percent (50%) of the voting power of the outstanding capital stock of the Company or the surviving or acquiring Person), (C) whether in one transaction or a series of related transactions, the closing of the transfer (whether by merger, consolidation or otherwise) to, or the closing of a tender offer by, a Person or group of affiliated Persons (other than an underwriter of the Company’s securities), of the securities of this Company, if, after such closing, such Person or group of affiliated Persons would hold outstanding stock with fifty percent (50%) or more of the voting power of the Company, (D) a liquidation, dissolution or winding up of the Company or (E) the exclusive, irrevocable licensing of substantially all of the intellectual property of the Company.

 

1.2   “Designated Securities” shall mean those Subject Securities that are entitled to be voted on the composition of the Company’s board of directors over which Stockholder has voting control (within the meaning of Rule 13d-3 under the Exchange Act).

 

1.3   Stockholder shall be deemed to “Own” or to have acquired “Ownership” of a security if Stockholder: (a) is the record owner of such security; or (b) is the “beneficial owner” (within the meaning of Rule 13d-3 under the Exchange Act) of such security.

 

1.4   “Person” shall mean any (a) individual, (b) corporation, limited liability company, partnership or other entity, or (c) governmental authority.

   

  

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1.5   “Subject Securities” shall mean, during the period from the date of this Agreement through the Voting Covenant Expiration Date, all securities of the Company (including all shares of capital stock of the Company and all options, warrants and other rights to acquire shares of capital stock of the Company) Owned by Stockholder as of (a) the record date of any meeting of the stockholders of the Company, however called, or (b) the effective date of any written action by consent of stockholders of the Company.

 

1.6   A Person shall be deemed to have effected a “Transfer” of a security if such Person directly or indirectly: (a) sells, pledges, encumbers, grants an option with respect to, transfers or disposes of such security or any interest in such security to any Person other than Smith; (b) enters into an agreement or commitment contemplating the possible sale of, pledge of, encumbrance of, grant of an option with respect to, transfer of or disposition of such security or any interest therein to any Person other than Smith; or (c) reduces such Person’s beneficial ownership of, interest in or risk relating to such security.

 

1.7   “Voting Covenant Expiration Date” shall mean the earliest of (a) the third anniversary of the Effective Date; (b) the date on which Smith’s employment with the Company terminates for “Cause” (as such term is defined in that certain Employment Agreement between the Company and Smith dated as of the date hereof (the “Employment Agreement”)); (c) if Smith’s employment with the Company terminates for any reason other than “Cause,” the later of the date on which Smith’s employment with the Company terminates and the second anniversary of the Effective Date; (d) an uncured material breach by Smith of any provision of Section 6 (Restrictive Covenants) of the Employment Agreement; (e) a Change of Control; or (f) the date on which Smith first ceases to Own at least 500,000 shares of common stock of the Company (subject to adjustment for stock splits, combinations and similar adjustments).

 

ARTICLE II

 

Voting of Shares

 

2.1   Voting Covenant.  Stockholder hereby agrees that, prior to the Voting Covenant Expiration Date, at any meeting of the stockholders of the Company, however called, and in any written action by consent of stockholders of the Company, unless otherwise directed in writing by Smith, Stockholder shall cause the Designated Securities to be voted in favor of the election of Smith to the Board of Directors of the Company (but only to the extent Smith has met the criteria of the Nominating Committee of the Board of Directors and has agreed to be so nominated to, and to serve on, the Board of Directors).  Prior to the Voting Covenant Expiration Date, Stockholder shall not enter into any agreement or understanding with any Person to vote or give instructions in any manner inconsistent with the preceding sentence.  The parties agree that Stockholder may vote the Designated Securities, in any other manner, on all other matters not expressly agreed to in this Section 2.1.

 

2.2   No Restrictions on Transfer.  Nothing in this Agreement prohibits or otherwise restricts Stockholder from effecting a Transfer of the Subject Securities, provided, however, that any such Transfer of Subject Securities in any single transaction or series of related transactions constituting more than 10% of the Stockholder’s Subject Securities at the Effective Date shall only occur with a similar obligation on the part of the transferee to vote such Transferred Subject Securities consistent with the obligations hereunder.

 

2.3   Proxy.  Contemporaneously with the execution of this Agreement:  (i) Stockholder shall deliver to Smith a proxy in substantially the form attached to this Agreement as Exhibit A, which shall be irrevocable to the fullest extent permitted by law prior to the Voting Covenant Expiration Date with respect to the shares referred to therein (the “Proxy”); and (ii) Stockholder shall use commercially reasonable efforts to cause to be delivered to Smith an additional proxy (in substantially the form attached hereto as Exhibit A) executed on behalf of the record owner of any outstanding Designated Shares of the Company that are owned beneficially (within the meaning of Rule 13d-3 under the Exchange Act), but not of record, by Stockholder.

   

  

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ARTICLE III

 

Representations and Warranties of Stockholder

 

Stockholder hereby represents and warrants to Smith as follows:

 

3.1   Authorization, etc. Stockholder has the right, power, authority and capacity to execute and deliver this Agreement and the Proxy and to perform his or its obligations hereunder and thereunder.  This Agreement and the Proxy have been duly executed and delivered by Stockholder and constitute legal, valid and binding obligations of Stockholder, enforceable against Stockholder in accordance with their terms, subject to (a) laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (b) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

3.2   No Conflicts or Consents.

 

(a)   The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement and the Proxy by Stockholder will not: (i) conflict with or violate any law, rule, regulation, order, decree or judgment applicable to Stockholder or by which he or it or any of his or its properties is or may be bound or affected; or (ii) result in or constitute (with or without notice or lapse of time) any breach of or default under, or give to any other Person (with or without notice or lapse of time) any right of termination, amendment, acceleration or cancellation of, or result (with or without notice or lapse of time) in the creation of any encumbrance or restriction on any of the Subject Securities pursuant to, any contract to which Stockholder is a party or by which Stockholder or any of his or its Affiliates or properties is or may be bound or affected.

    

(b)   The execution and delivery of this Agreement and the Proxy by Stockholder do not, and the performance of this Agreement and the Proxy by Stockholder will not, require any consent or approval of or notice to any Person.

 

3.3   Title to Securities.  As of the date of this Agreement:  (a) Stockholder holds of record (free and clear of any encumbrances or restrictions other than encumbrances and restrictions in favor of Smith pursuant to this Agreement and except for such transfer restrictions of general applicability as may be provided under the Securities Act of 1933, as amended, the Exchange Act, and the “blue sky” laws of the various states of the United States) the number of outstanding shares of capital stock of the Company set forth under the heading “Shares Held of Record” on the signature page hereof; (b) Stockholder holds (free and clear of any encumbrances or restrictions) the options, warrants and other rights to acquire shares of capital stock of the Company set forth under the heading “Options and Other Rights” on the signature page hereof; (c) Stockholder Owns the additional securities of the Company set forth under the heading “Additional Securities Beneficially Owned” on the signature page hereof; and (d) Stockholder does not directly or indirectly Own any shares of capital stock or other securities of the Company, or any option, warrant or other right to acquire (by purchase, conversion or otherwise) any shares of capital stock or other securities of the Company, other than the shares and options, warrants and other rights set forth on the signature page hereof.

 

3.4   Accuracy of Representations.  The representations and warranties contained in this Agreement are accurate in all respects as of the date of this Agreement.

 

ARTICLE IV

 

Additional Covenants of Stockholder

 

4.1   Further Assurances.  From time to time and without additional consideration, Stockholder shall execute and deliver, or cause to be executed and delivered, such additional transfers, assignments, endorsements, proxies, consents and other instruments, and shall use commercially reasonable efforts to take such further actions, as Smith may reasonably request for the purpose of carrying out and furthering the intent of this Agreement.

   

  

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ARTICLE V

 

Miscellaneous

 

5.1   Action in Stockholder Capacity Only.  The parties acknowledge that this Agreement is entered into by Stockholder in his capacity as Owner of the Subject Securities and that nothing in this Agreement shall in any way restrict or limit any director or officer of the Company (including, without limitation, Stockholder) from taking any action in his or her capacity as a director or officer of the Company that he or she, in good faith, reasonably believes is necessary for him or her to comply with his or her fiduciary duties as a director or officer of the Company, and no such action taken (or omitted to be taken) by Stockholder in any such capacity shall be deemed to constitute a breach of or a default under any provision of this Agreement; provided, however, that Stockholder in his capacity as Owner of the Subject Securities is obligated to comply with the terms of this Agreement.  Smith acknowledges that Stockholder cannot bind the Company in connection with any matter contemplated hereby, and is not so binding the Company hereunder, without the express written authorization of the Company’s Board of Directors.

 

5.2   Survival of Representations, Warranties and Agreements.  All representations, warranties, covenants and agreements made by Stockholder in this Agreement shall survive until the Voting Covenant Expiration Date.

 

5.3   Expenses.  All costs and expenses incurred in connection with the transactions contemplated by this Agreement shall be paid by the party incurring such costs and expenses.

 

5.4   Notices.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt between 9:00 am and 5:00 pm local time on a Business Day, or at 9:00 am local time on the next Business Day if delivered other than between 9:00 am and 5:00 pm local time on a Business Day) by delivery in person, by an internationally recognized overnight courier service, by facsimile or registered or certified mail (postage prepaid, return receipt requested) to the respective parties to this Agreement at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 5.4):

 

if to Stockholder:

 

at the address set forth on the signature page hereof; and

 

with a copy (which shall not constitute notice) to:

 

Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, NC 27607

Facsimile: (919) 781-4865

Attention: David L. Wilke, Esq.

    

  

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if to Smith:

 

Justin L. Smith

2328 Williams Street

Palo Alto, CA 94306

Tel No.: (650) 468-5175

Fax No.: (650) 618-2788

 

with a copy (which shall not constitute notice) to:

 

Jones Day

1755 Embarcadero Road

Palo Alto, CA 94303

Attention: R. Todd Johnson, Esq.

Tel No.: (650) 739-3999

Fax No.: (650) 739-3900

 

5.5   Severability.  If any provision of this Agreement or any part of any such provision is held under any circumstances to be invalid or unenforceable in any jurisdiction, then (a) such provision or part thereof shall, with respect to such circumstances and in such jurisdiction, be deemed amended to conform to applicable laws so as to be valid and enforceable to the fullest possible extent, (b) the invalidity or unenforceability of such provision or part thereof under such circumstances and in such jurisdiction shall not affect the validity or enforceability of such provision or part thereof under any other circumstances or in any other jurisdiction, and (c) the invalidity or unenforceability of such provision or part thereof shall not affect the validity or enforceability of the remainder of such provision or the validity or enforceability of any other provision of this Agreement.  Each provision of this Agreement is separable from every other provision of this Agreement, and each part of each provision of this Agreement is separable from every other part of such provision.

 

5.6   Entire Agreement.  This Agreement, the Proxy and any other documents delivered by the parties in connection herewith constitute the entire agreement between the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings between the parties with respect thereto.  No addition to or modification of any provision of this Agreement shall be binding upon either party unless made in writing and signed by both parties.

 

5.7   Assignment; Binding Effect.  Neither this Agreement nor any of the interests or obligations hereunder may be assigned or delegated by Stockholder or Smith, and any attempted or purported assignment or delegation of any of such interests or obligations shall be void.  This Agreement shall only be binding upon the parties hereto, and shall not be binding upon any third party, including any purchaser, transferee, or assignee of the Subject Securities.

 

5.7   Indemnification. Stockholder shall hold harmless and indemnify Smith from and against, and shall compensate and reimburse Smith for, any loss, damage, claim, liability, fee (including attorneys’ fees), demand, cost or expense (regardless of whether or not such loss, damage, claim, liability, fee, demand, cost or expense relates to a third-party claim) that is directly or indirectly suffered or incurred by Smith, or to which Smith otherwise becomes subject, and that arises directly or indirectly from, or relates directly or indirectly to, (a) any inaccuracy in or breach of any representation or warranty contained in this Agreement, or (b) any failure on the part of Stockholder to observe, perform or abide by, or any other breach of, any restriction, covenant, obligation or other provision contained in this Agreement or in the Proxy.

   

  

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5.9   Specific Performance.  The parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement or the Proxy were not performed in accordance with its specific terms or were otherwise breached.  Stockholder agrees that, in the event of any breach or threatened breach by Stockholder of any covenant or obligation contained in this Agreement or in the Proxy, Smith shall be entitled (in addition to any other remedy that may be available to it, including monetary damages) to seek and obtain (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such breach or threatened breach.  Stockholder further agrees that neither Smith nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.9, and Stockholder irrevocably waives any right he or it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

5.10   Non-Exclusivity.  The rights and remedies of Smith under this Agreement are not exclusive of or limited by any other rights or remedies which it may have, whether at law, in equity, by contract or otherwise, all of which shall be cumulative (and not alternative).  Without limiting the generality of the foregoing, the rights and remedies of Smith under this Agreement, and the obligations and liabilities of Stockholder under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities under common law requirements and under all applicable statutes, rules and regulations.  Nothing in this Agreement shall limit any of Stockholder’s obligations, or the rights or remedies of Smith, under any other agreement between Smith and Stockholder; and nothing in any such agreement shall limit any of Stockholder’s obligations, or any of the rights or remedies of Smith, under this Agreement.

 

5.11   Governing Law; Venue.

 

(a)   This Agreement and the Proxy shall be construed in accordance with, and governed in all respects by, the laws of the State of Delaware (without giving effect to principles of conflicts of laws).

   

(b)   Any legal action or other legal proceeding relating to this Agreement or the Proxy or the enforcement of any provision of this Agreement or the Proxy may be brought or otherwise commenced in any state or federal court located in the State of New York. Each party:

    

(i)    expressly and irrevocably consents and submits to the jurisdiction of each state and federal court located in the State of New York in connection with any such legal proceeding;

 

(ii)    agrees that service of any process, summons, notice or document by U.S. mail addressed to him or it at the address set forth on the signature page hereof shall constitute effective service of such process, summons, notice or document for purposes of any such legal proceeding;

 

(iii)   agrees that each state and federal court located in the State of New York shall be deemed to be a convenient forum; and

 

(iv)    agrees not to assert (by way of motion, as a defense or otherwise), in any such legal proceeding commenced in any state or federal court located in the State of Delaware, any claim that such party is not subject personally to the jurisdiction of such court, that such legal proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court.

 

(c)   EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE PROXY OR THE ENFORCEMENT OF ANY PROVISION OF THIS AGREEMENT OR THE PROXY.

   

  

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5.12   Counterparts.  This Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

 

5.13   Captions.  The captions contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

5.14   Attorneys’ Fees.  In any legal action or other legal proceeding relating to this Agreement or the enforcement of any provision of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees, costs and disbursements (in addition to any other relief to which the prevailing party may be entitled).

 

5.15   Waiver.  No failure on the part of a party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of a party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy.  Neither party shall be deemed to have waived any claim available to such party arising out of this Agreement, or any power, right, privilege or remedy of such party under this Agreement, unless the waiver of such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such party; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

 

5.16   Construction.

 

(a)   For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; the feminine gender shall include the masculine and neuter genders; and the neuter gender shall include masculine and feminine genders.

 

(b)   The parties agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement.

 

(c)   As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(d)   Except as otherwise indicated, all references in this Agreement to “Sections” and “Exhibits” are intended to refer to Sections of this Agreement and Exhibits to this Agreement.

   

  

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In Witness Whereof, Smith and Stockholder have caused this Agreement to be executed as of the date first written above.

 

   

	 	/s/ Justin L. Smith
	 	Justin L. Smith
	 	 	 
	 	Address: 	 
	 	 	 
	 	 	 
	 	Facsimile:   	 
	 	 	 
	 	 	 
	 	/s/ Alan M. Meckler
	 	Alan M. Meckler
	 	 	 
	 	Address: 	50 Washington Street 
	 	 	South Norwalk, CT 06854
	 	 	 
	 	Facsimile:	(203) 831-0252
	 	 	 

 

 

 

	

Shares Held of Record

	 	

Options and Other Rights

	 	

Additional Securities Beneficially Owned

	  	 	  	 	  

    

  

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Exhibit A

Form Of Irrevocable Proxy

 

The undersigned stockholder (the “Stockholder”) of WebMediaBrands Inc., a Delaware corporation (the “Company”), hereby irrevocably (to the fullest extent permitted by law) appoints and constitutes Justin L. Smith the attorney and proxy of the Stockholder with full power of substitution and resubstitution, to the full extent of the Stockholder’s rights with respect to the outstanding shares of capital stock of the Company owned of record by the Stockholder as of (i) the record date of any meeting of the stockholders of the Company, however called, or (ii) the effective date of any written action by consent of stockholders of the Company (the “Shares”), for the sole purpose expressly provided in this proxy.  Upon the execution hereof, all prior proxies given by the Stockholder with respect to any of the Shares are hereby revoked, and the Stockholder agrees that no subsequent proxies will be given with respect to any of the Shares.

 

This proxy is irrevocable, is coupled with an interest and is granted in connection with the Support Agreement, dated as of the date hereof, between Smith and the Stockholder (the “Support Agreement”), and is granted in consideration of Smith entering into the Stock Purchase Agreement, dated as of the date hereof, between the stockholders of Inside Network, Inc., a California corporation, the Company and Smith as Stockholder Representative (the “Purchase Agreement”).  This proxy will terminate on the Voting Covenant Expiration Date (as defined in the Support Agreement).

 

The attorney and proxy named above will be empowered, and may exercise this proxy, to vote the Shares at any time until the Voting Covenant Expiration Date at any meeting of the stockholders of the Company, however called, and in connection with any written action by consent of stockholders of the Company solely for the purpose of voting, or providing written consent, in favor of the election of Smith to the Board of Directors of the Company (but only to the extent Smith has met the criteria of the Nominating Committee of the Board of Directors and has agreed to be so nominated to, and to serve on, the Board of Directors).

 

The Stockholder may vote the Shares on all other matters (including for additional nominees to the Board of Directors of the Company up to the number of directors to be elected, less one), in any manner, not expressly referred to in this proxy, and the attorney and proxy named above may not exercise this proxy with respect to such other matters.

 

This proxy shall not be binding upon the heirs, estate, executors, personal representatives, successors and assigns of the Stockholder (including any transferee of any of the Shares, except as otherwise set forth in the Support Agreement).

 

If any provision of this proxy or any part of any such provision is held under any circumstances to be invalid or unenforceable in any jurisdiction, then (a) such provision or part thereof shall, with respect to such circumstances and in such jurisdiction, be deemed amended to conform to applicable laws so as to be valid and enforceable to the fullest possible extent, (b) the invalidity or unenforceability of such provision or part thereof under such circumstances and in such jurisdiction shall not affect the validity or enforceability of such provision or part thereof under any other circumstances or in any other jurisdiction, and (c) the invalidity or unenforceability of such provision or part thereof shall not affect the validity or enforceability of the remainder of such provision or the validity or enforceability of any other provision of this proxy.  Each provision of this proxy is separable from every other provision of this proxy, and each part of each provision of this proxy is separable from every other part of such provision.  This proxy is subject to the terms of the Support Agreement and in the event of an inconsistency between the terms of this proxy and the Support Agreement, the terms of the Support Agreement shall govern.

 

 

	Dated:  _______, 2011	/s/ Alan M. Meckler
	 	Alan M. MecklerExhibit 4.3

 

Dated May 16, 2011

 

KfW
 as Issuer

 

and

 

The Bank of New York Mellon
 as paying agent
 in respect of the Issuer’s global bonds denominated in Euro, global notes denominated in U.S. dollars, Canadian dollars and in other currencies

 

 

and

 

 

The Bank of New York Mellon (Luxembourg) S.A.

as registrar
 in respect of the Issuer’s global bonds denominated in Euro, global notes denominated in U.S. dollars, Canadian dollars and in other currencies

 

 

 

 

AGENCY AGREEMENT

 

 

 

HENGELER MUELLER
 Frankfurt am Main

 

 

THIS AGREEMENT is made on May 16, 2011 BETWEEN:

 

(1)                                 KfW (the “Issuer”), and

 

(2)                                 The Bank of New York Mellon (“BNY Mellon”), with registered office located at One Wall Street, New York, NY 10286, USA, and

 

(3)                                 The Bank of New York Mellon (Luxembourg) S.A. (“BNY Mellon Luxembourg”), with registered office located at 2 — 4 rue Eugene Ruppert, L-2453 Luxembourg.

 

WHEREAS:

 

(A)                             The Issuer, BNY Mellon and BNY Mellon Luxembourg wish to record in this Agency Agreement (the “Agency Agreement”) the arrangements between them in relation to the offering and selling from time to time of global notes by the Issuer denominated in Euro (“Euro-Bonds”), U.S. dollars (“USD-Notes”), Canadian dollars (“CAD-Notes”) and any currency other than U.S. dollars, Euro or Canadian dollars (the “Designated Currencies”)  as designated from time to time in the Conditions applicable to a particular issue of Notes (the “Designated Currency-Notes”).

 

(B)                               The Issuer wishes to engage BNY Mellon as paying agent and BNY Mellon Luxembourg as registrar in respect of its Euro-Bonds, USD-Notes, CAD-Notes and Designated Currency-Notes, and, to the extent required by law, BNY Mellon, acting through its Frankfurt branch, to act as additional paying agent.

 

IT IS HEREBY AGREED as follows:

 

1.                                       CERTAIN DEFINITIONS AND INTERPRETATION

 

1.1                                 The following terms shall, unless the context otherwise requires, have the respective meanings indicated below:

 

“Agent(s)” means the Euro Registrar, the Euro Paying Agent, the U.S. Registrar, the U.S. Paying Agent, the CAD Registrar, the CAD Paying Agent, the Registrar for Designated Currency-Notes, the Paying Agent for Designated Currency-Notes, the Additional Paying Agent (if applicable), the Calculation Agent (if applicable), the Determination Agent (if applicable) and the Exchange Rate Agent (if applicable).

 

“Calculation Agent”, if applicable, means the Relevant Paying Agent in its capacity as calculation agent in respect of the Notes or any other calculation agent appointed by the Issuer in accordance with this Agency Agreement.

 

“Clearing System(s)” means Clearstream Banking AG, Frankfurt am Main (also known as CBF), Euroclear Bank SA/NV (also known as Euroclear), Clearstream Banking, société anonyme, Luxembourg (also known as CBL and together with Euroclear the “ICSDs”), and The Depositary Trust Company (also known as DTC) as the case may be; and “Relevant Clearing System” means, in the case of Euro-Bonds, CBF and DTC, in the case of Designated Currency-Notes, the ICSDs and DTC, and in the case of USD-Notes and CAD-Notes, DTC.

 

“Conditions” means the terms and conditions applicable to a particular issue of Euro-Bonds, USD-Notes, CAD-Notes or Designated Currency-Notes,  forming part of the Global Certificate(s), and “Master Conditions” means the forms of the terms and conditions set out in Schedule 1A (in respect of Euro-Bonds), Schedule 1B (in respect of USD-Notes), Schedule 1C (in respect of CAD-Notes), and Schedule 1D (in respect of Designated Currency-Notes) attached hereto.

 

“Determination Agent”, if applicable, means any determination agent appointed by the Issuer in accordance with this Agency Agreement.

 

“Exchange Rate Agent”, if applicable, means BNY Mellon in its capacity as exchange rate agent for the purpose of converting the Conversion Amount into U.S. dollars (i) in the cases of Euro-Bonds and Designated Currency-Notes, where DTC-Holders do not elect to receive payments in Euro or the

 

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Designated Currency, as applicable, and (ii) in the cases of CAD-Notes where Holders do not elect to receive payments in Canadian dollars, or any other exchange rate agent that the Issuer may appoint in accordance with this Agency Agreement.

 

“Frankfurt Business Day” means any day (other than a Saturday or Sunday) on which credit institutions are open for business in Frankfurt am Main.

 

“Global Certificate” means each of the CBF Global Certificate and the DTC Global Certificate representing a particular issue of Euro-Bonds; the ICSD Global Certificate and the DTC Global Certificate representing a particular issue of Designated Currency-Notes; and the Global Certificate representing a particular issue of USD-Notes or CAD-Notes. A Global Certificate kept in custody for DTC representing a particular issue of Euro-Bonds, USD-Notes, CAD-Notes or Designated Currency-Notes, as the case may be, may consist of one or more global certificates to the extent required by the rules and procedures of DTC. In the event that more than one global certificate is required, each such global certificate shall be identical except for the principal amount thereof and any identifying notations. References herein to “Global Certificate kept in custody for DTC” include, if applicable, any such multiple global certificates.

 

“Master Global Certificates” means the forms of Global Certificates set out in Schedule 2A (in respect of Euro-Bonds), Schedule 2B (in respect of USD-Notes ), Schedule 2C (in respect of CAD-Notes) and Schedule 2D (in respect of Designated Currency-Notes) attached hereto.

 

“New York Business Day” means any day other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in New York.

 

“Note(s)” means any of the Euro-Bonds, the USD-Notes, the CAD-Notes or the Designated Currency-Notes, or all of them.

 

“Paying Agent(s)” means any of the Euro Paying Agent, the U.S. Paying Agent, the CAD Paying Agent or the Paying Agent for Designated Currency-Notes, or the Additional Paying Agent or all of them, and “Relevant Paying Agent” means the Paying Agent who acts as Paying Agent for a particular issue of Notes.

 

“Registrar(s)” means any registrar in respect of Euro-Bonds, USD-Notes, CAD-Notes and Designated Currency-Notes, or all of them.

 

“Supplemental Agency Agreement” means an agreement in or substantially in the form of Schedule 3 attached hereto (or in such other form as the parties thereto may agree) which shall be supplemental to this Agreement.

 

1.2                                Terms not defined in this Agreement shall have the same meanings as in the Master Conditions. Any reference herein to “Frankfurt” shall be a reference to Frankfurt am Main, Federal Republic of Germany (“Germany”) and any reference herein to “New York” shall be a reference to The City of New York in the State of New York, United States of America (“USA”). Any reference herein to the “Principal Financial Centre of the Designated Currency” shall be a reference to the principal financial centre of the country issuing the Designated Currency if and to the extent so specified in § 5(4) of the Conditions of the relevant Designated Currency-Notes.

 

2.                                      APPOINTMENTS

 

2.1                                The Issuer hereby appoints:

 

2.1.1                      BNY Mellon, acting through its London branch, to act as Paying Agent in respect of Euro-Bonds of the Issuer (the “Euro Paying Agent”) and, to the extent required by law, BNY Mellon, acting through its Frankfurt branch, to act as Additional Paying Agent (the “Additional Paying Agent”);

 

2.1.2                      BNY Mellon, acting through its New York branch, to act as Paying Agent in respect of USD-Notes of the Issuer (the “U.S. Paying Agent”) and, to the extent required by law, BNY Mellon, acting through its Frankfurt branch, to act as Additional Paying Agent;

 

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2.1.3                      BNY Mellon, acting through its New York branch, to act as Paying Agent in respect of CAD-Notes of the Issuer (the “CAD Paying Agent”) and, to the extent required by law, BNY Mellon, acting through its Frankfurt branch, to act as Additional Paying Agent;

 

2.1.4                      BNY Mellon, acting through its London branch, to act as Paying Agent in respect of Designated Currency-Notes of the Issuer (the “Paying Agent for Designated Currency-Notes”) and, to the extent required by law, BNY Mellon, acting through its Frankfurt branch, to act as Additional Paying Agent; and

 

2.1.5                      BNY Mellon Luxembourg to act as Registrar in respect of Euro-Bonds, USD-Notes, CAD-Notes and Designated Currency-Notes of the Issuer (in such respective capacities, the “Euro Registrar”, the “USD Registrar”, the “CAD Registrar” and the “Registrar for Designated Currency Notes”).

 

2.1.6                      BNY Mellon Luxembourg to act as Luxembourg listing, paying and transfer agent, where Notes are intended to be listed on the Luxembourg Stock Exchange.

 

2.2                                BNY Mellon and BNY Mellon Luxembourg hereby accept their respective appointment, and agree to act in such capacities, on the terms and conditions set out in this Agency Agreement, the Conditions of the relevant Notes and any Supplemental Agency Agreement.

 

3.                                       SUPPLEMENTAL AGENCY AGREEMENTS; THE NOTES

 

3.1                                On or before the Closing Date (as defined in Clause 3.2) for any issue of Notes, the Issuer and the relevant Agent shall enter into a Supplemental Agency Agreement subjecting such Notes to the provisions of this Agency Agreement and appointing any additional Agent as the case may be. The form(s) of the Global Certificate(s) and of the Conditions applicable to the Notes shall be appended to the Supplemental Agency Agreement.

 

3.2                                Any issue of Notes will be represented by one or more Global Certificates as shall be specified in the Conditions. The Conditions shall be attached to, or endorsed upon, each Global Certificate. Each Global Certificate shall be signed manually by two authorized representatives of the Issuer and dated the date for payment of the net subscription amount for the Notes to the Issuer (the “Closing Date”). Each Global Certificate shall be authenticated manually by or on behalf of the Registrar.

 

3.3                                The parties expect that the Global Certificate(s) and the Conditions will generally be substantially in the form of the Master Global Certificates and the Master Conditions.

 

4.                                       ISSUANCE OF NOTES

 

4.1                               Upon the conclusion of any subscription agreement for the issuance of any Notes, the Issuer shall deliver to BNY Mellon, Frankfurt branch, the Global Certificate(s) executed on behalf of the Issuer in relation to a specific issuance. In respect of USD-Notes, CAD-Notes and the DTC Global Certificate in case of Euro-Bonds and Designated Currency-Notes, BNY Mellon, Frankfurt branch, shall hold the Global Certificate(s) in escrow for on-ward delivery to BNY Mellon, New York branch, for authentication by or on behalf of the Registrar. In respect of the CBF Global Certificate in case of Euro-Bonds, the Issuer shall deliver the CBF Global Certificate authenticated by or on behalf of the Registrar directly to CBF, unless otherwise agreed with BNY Mellon.

 

4.2                               The Registrar shall hold in safe custody all unauthenticated Global Certificates in accordance with Subsection 4.1 above and shall ensure that the same are authenticated and delivered only in accordance with the terms hereof and, if applicable, the relevant Global Certificate(s).

 

4.3.                            The Registrar is authorized by the Issuer to authenticate such Global Certificate as may be required hereunder by the signature of any person duly authorized for such purpose by such Registrar.

 

4.4                               In respect of USD-Notes, CAD-Notes and, in case of Euro-Bonds and Designated Currency-Notes, the DTC Global Certificate, BNY Mellon, New York branch, will act as custodian for DTC.

 

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5.                                       PAYING AGENCY

 

5.1                                In order to provide for the payment of the principal of, and interest on, the Notes, as such payment shall become due and payable the Issuer shall:

 

5.1.1                       in the case of Euro-Bonds, and subject to Clause 5.5 below, pay to the Euro Paying Agent the amount in Euro of interest on, or principal of, all the Notes outstanding or maturing on such due date in same day funds by 12 p.m. (noon) in Frankfurt on each payment date to such account at such bank in Frankfurt as the Euro Paying Agent may specify;

 

5.1.2                       in the case of USD-Notes pay to the U.S. Paying Agent the amount in USD of interest on, or principal of, all the Notes outstanding or maturing on such due date in same day funds by 12 p.m. (noon) in New York on each payment date to such account at such bank in New York as the U.S. Paying Agent may specify;

 

5.1.3                       in the case of CAD-Notes pay to the CAD Paying Agent the amount in CAD of interest on, or principal of, all the Notes outstanding or maturing on such due date in same day funds by 12 p.m. (noon) in New York on each payment date to such account at such bank in New York as the CAD Paying Agent may specify;

 

5.1.4                       in the case of Designated Currency-Notes pay to the Paying Agent for Designated Currency-Notes the amount in the Designated Currency of interest on, or principal of, all the Notes outstanding or maturing on such due date in same day funds by 10 a.m. in the Principal Financial Centre of the Designated Currency, unless otherwise specified in the Supplemental Agency Agreement, or such other time as may be specified by the Paying Agent for Designated Currency-Notes with three Frankfurt and New York Business Days prior notice to the Issuer on each payment date to such account at such bank in the Principal Financial Centre of the Designated Currency as the Paying Agent for Designated Currency-Notes may specify.

 

The Issuer hereby authorizes and directs the Relevant Paying Agent, from the amounts so paid to it to make payment of the principal of, and interest on, the Notes, as specified in Clause 5.3 below, on the relevant payment date as set forth in the Conditions.

 

5.2                                Subject to Clause 5.5 below, the Relevant Paying Agent shall give payment instructions by facsimile or authenticated SWIFT message to the Issuer not later than five Frankfurt Business Days prior to each payment date stating the amount of principal and/or interest payable by the Issuer on the payment date and the account and bank to which payment is to be made.

 

5.3                                Out of the sums paid to the Euro Paying Agent in respect of interest and principal on the Euro-Bonds, the Euro Paying Agent, subject to Clause 5.5 below, shall make payment to CBF in Euro and through BNY Mellon to, or to the order of, the Registered Holder of the DTC Global Certificate, as stipulated in Clause 10.1 and 10.2 below, in the amounts specified in the payment provisions of the Conditions. The Euro Paying Agent shall obtain from the Euro Registrar, and such Registrar shall supply, such details as are required for the Euro Paying Agent to make payment as stated above.

 

Out of the sums paid to the Paying Agent for Designated Currency-Notes in respect of interest and principal on the Designated Currency-Notes, such Paying Agent shall make payments to, or to the order of, the Registered Holder of the ICSD Global Certificate in the designated currency and to, or to the order of, the Registered Holder of the DTC Global Certificate, as stipulated in Clause 10.3 and 10.4 below, in the amounts specified in the payment provisions of the Conditions. The Paying Agent for Designated Currency-Notes shall obtain from the Registrar for Designated Currency-Notes, and such Registrar shall supply, such details as are required for the Paying Agent for Designated Currency-Notes to make payments as stated above.

 

Out of the sums paid to the U.S. Paying Agent in respect of interest and principal on the USD-Notes, the U.S. Paying Agent shall make payment to, or to the order of, the Registered Holder of the Global Certificate as specified in the Conditions.

 

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Out of the sums paid to the CAD Paying Agent in respect of interest and principal on the CAD-Notes, the CAD Paying Agent shall make payment to, or to the order of, the Registered Holder of the Global Certificate, as stipulated in Clause 10.5 and 10.6 below, in the amounts specified in the payment provisions of the Conditions.

 

If for any reason (other than negligence or willful misconduct on the part of the Relevant Paying Agent or its officers, employees or agents) the Relevant Paying Agent does not, by the time specified in Clause 5.1, receive unconditionally the full amount payable by the Issuer to the Relevant Paying Agent on the relevant payment date in respect of all the outstanding Notes, the Relevant Paying Agent shall forthwith notify the Issuer by facsimile and shall not be bound to make any payment of principal or interest in respect of the Notes until it has received to its order, subject to Clause 5.5, the full amount of the moneys then due and payable in respect of all the outstanding Notes, provided, however, that if the Relevant Paying Agent shall, in its discretion, make any payment of principal or interest on or after the payment date therefore in respect of the Notes prior to its unconditional receipt, subject to Clause 5.5, of the full amount payable in respect of all outstanding Notes, the Issuer will promptly pay such amount to the Relevant Paying Agent and shall compensate the Relevant Paying Agent at an agreed-upon rate for the use of such funds.

 

5.4                                Without prejudice to the obligations of the Issuer to make payments in accordance with the provisions of Clause 5.1, if payment of the appropriate amount shall be made by or on behalf of the Issuer later than the time specified in Clause 5.1, but otherwise in accordance with the provisions thereof, the Relevant Paying Agent shall forthwith give notice to the Relevant Clearing System that it has received such amount. Promptly after the receipt of the appropriate amount the Relevant Paying Agent shall make or cause to be made payments as provided in Clauses 5.1, 5.2 and 5.3.

 

5.5                                With regard to any Euro-Bonds, the Euro Paying Agent and the Issuer agree that until further written notice by the Issuer to the Euro Paying Agent, on each date on which any payment of principal or interest on any such Euro-Bonds becomes due, the Issuer itself shall make payment of any amount payable to CBF in accordance with the payment provisions of the Conditions directly to, or to the order of, CBF. Notwithstanding the foregoing, on each date on which any payment of principal or interest on any such Euro-Bonds becomes due, the Issuer shall continue to pay to the Euro Paying Agent in Euro any amount payable to, or to the order of, the Registered Holder of the DTC Global Certificate in accordance with the payment provisions of the Conditions, and the Euro Paying Agent shall make payment to, or to the order of, the Registered Holder of the DTC Global Certificate, as stipulated in Clause 10.1 and 10.2 below, in the amounts specified in the payment provisions of the Conditions. The Euro Registrar shall deliver to the Euro Paying Agent such details as are required for the Issuer to make payment as set forth in this Clause 5.5 and the Euro Paying Agent shall notify the Issuer of these details in accordance with Clause 5.2.

 

5.6                                If the Issuer should default in the payment of principal under the Notes, the Relevant Paying Agent agrees, upon consultation with the Issuer, to calculate the default rate of interest, from time to time applicable, referred to in the interest provisions of the Conditions.

 

5.7                               In respect of monies paid to it relating to any Notes, the Relevant Paying Agent shall not be entitled to exercise any lien, right of set-off or similar claim, and shall not be liable for interest thereon.

 

5.8                                All payments by the Relevant Paying Agent hereunder shall be made without the Relevant Paying Agent charging any commission, fee or cost to the Relevant Clearing System or to any Holder, except as expressly provided for in the payment provisions of the Conditions.

 

5.9                                The Relevant Paying Agent shall maintain records of all payments made in respect of the Notes and shall make such records available to the Issuer upon reasonable request.

 

6.                                       PUBLICATION OF NOTICES AND DOCUMENTS FOR INSPECTION

 

6.1                                On behalf and at the request and expense of the Issuer, the Relevant Paying Agent shall cause to be published any notices and give any notices to the Relevant Clearing System required to be given by the Issuer in accordance with the Conditions.

 

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6.2                                The Issuer shall provide the Relevant Paying Agent at the time agreed with the Relevant Paying Agent from time to time with a copy of all notices in final form (prior to publication) to be issued in connection with the Notes.

 

6.3                                The Issuer shall provide to the Relevant Paying Agent sufficient copies of all documents required by the Conditions to be available for issue or inspection, and the Relevant Paying Agent shall make such copies available to Holders upon their request.

 

7.                                       EARLY REDEMPTION AND REPAYMENT OF NOTES

 

7.1                                If the Issuer decides to redeem any outstanding Notes prior to their Maturity Date in accordance with the Conditions, it shall give notice of such decision to the Relevant Paying Agent not later than 3.00 p.m., Frankfurt time, on the fifth Frankfurt Business Day immediately preceding the date on which the notice shall be published in accordance with the Conditions. The Relevant Paying Agent shall publish and deliver to the Relevant Clearing System such notice not later than three Frankfurt Business Days immediately preceding such date.

 

7.2                                The Relevant Paying Agent shall, upon receipt of any repayment notice by the Registered Holder of the Global Certificate(s) representing Notes the Conditions of which provide for repayment at the option of the Holders, notify forthwith the Issuer thereof.  The Relevant Paying Agent shall, upon payment by the Issuer of the applicable repayment price, together with accrued interest to the applicable repayment date, cancel the Notes in accordance with Clause 8.

 

8.                                       CANCELLATION OF NOTES

 

8.1                                Promptly upon the Issuer’s request, the Registrar shall take all measures necessary to cancel any Notes which the Issuer has repurchased or whose maturity has been accelerated pursuant to the Conditions and which the Issuer has transferred for that purpose to the Relevant Paying Agent’s account with the Relevant Clearing System. The Registrar shall cause any such Notes (i) when represented by a CBF Global Certificate, to be cancelled in accordance with the procedures established for that purpose by CBF, resulting in a decrease in the aggregate amount of Notes represented by such CBF Global Certificate by the aggregate amount of Notes so cancelled, (ii) when represented by a ICSD Global Certificate, to be cancelled in accordance with the procedures established for that purpose by the ICSDs, resulting in a decrease in the aggregate amount of Notes represented by such ICSD Global Certificate by the aggregate amount of Notes so cancelled, and (iii) when represented by a Global Certificate in the case of USD-Notes and CAD-Notes , or a DTC Global Certificate in the case of Euro-Bonds or Designated Currency-Notes, respectively, to be cancelled in accordance with the procedures established for that purpose by DTC, resulting in a decrease in the aggregate amount of Notes represented by such Global Certificates by the aggregate amount of Notes so cancelled.

 

8.2                                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.

 

8.3                                The Registrar shall furnish the Issuer within ten Frankfurt Business Days from the date of such cancellation with a certificate of cancellation signed by an authorized officer confirming cancellation of such Notes and the corresponding decrease of the relevant Global Certificate.

 

9.                                       DUTIES OF THE REGISTRAR

 

9.1                                The Registrar shall maintain the Register pertaining to Euro-Bonds, USD-Notes, CAD-Notes and Designated Currency-Notes, as the case may be, in Luxembourg, in each case in accordance with the Conditions and subject to reasonable market practice. The respective Register shall show the aggregate amount of Notes represented by each Global Certificate at the date of issue and all subsequent transfers and exchanges involving a change in such amounts and the names of the Relevant Clearing System or its nominee (each a “Payee”). In accordance with reasonable practice, on the first Frankfurt Business Day after the Record Date for any interest payment on the Euro-Bonds or the Designated Currency-Notes, as the case may be, the Registrar shall send the payment details in respect of the Payee and the accounts to which transfers should be made to the Relevant Paying Agent. On the first New York Business Day after the Record Date for any interest payment on the USD-Notes or the CAD-Notes, the

 

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Registrar shall send the payment details in respect of the Payee and the respective accounts to which transfers should be made to the Relevant Paying Agent.

 

9.2                                Transfers or exchanges of Euro-Bonds will be made in accordance with the Conditions, the procedures established for this purpose between CBF, DTC and the Registrar, and CBF’s and DTC’s regulations applicable to such transfers or exchanges. Any such transfer or exchange which results in a change to the principal amount of Euro-Bonds held through CBF and DTC, respectively, is required to be notified by CBF and DTC to the Registrar as a transfer from one Global Certificate to the other. The Registrar shall promptly enter details of the transfer or exchange in the Register pertaining to the Euro-Bonds, which entry shall, without further action, cause the principal amount of each Global Certificate to be amended accordingly.

 

9.3                                Transfers or exchanges of Designated Currency-Notes will be made in accordance with the Conditions, the procedures established for this purpose between the ICSDs, DTC and the Registrar, and the ICSDs’ and DTC’s regulations applicable to such transfers or exchanges. Any such transfer or exchange which results in a change to the principal amount of Designated Currency-Notes held through the ICSDs and DTC, respectively, is required to be notified by the ICSDs and DTC to the Registrar as a transfer from one Global Certificate to the other. The Registrar shall promptly enter details of the transfer or exchange in the Register pertaining to the Designated Currency-Notes, which entry shall, without further action, cause the principal amount of each Global Certificate to be amended accordingly.

 

9.4                                The Registrar shall ensure that no transfers or exchanges of Euro-Bonds or Designated Currency-Notes, as the case may be, shall take place during the period commencing on the Record Date and ending on the related payment date (both dates inclusive) as provided in the Conditions.

 

9.5                                The Registrar shall at all reasonable times during office hours make the relevant Register available to the Issuer and the Paying Agent or any person authorized by either of them for inspections and for the taking of copies thereof or extracts therefrom, and the Registrar shall deliver to such persons information contained in the Register or relating to the Notes as they may reasonably request.

 

9.6                                The Registrar shall cause any Global Certificate which is redeemed to be cancelled and after cancellation to be destroyed in accordance with the procedures established for that purpose by the Relevant Clearing System and shall furnish the Issuer within ten Frankfurt Business Days from the date of redemption with a certificate of destruction signed by an authorized officer confirming destruction of such Global Certificate.

 

10.                                 PAYMENTS TO DTC HOLDERS IN RESPECT OF EURO-BONDS OR DESIGNATED CURRENCY-NOTES AND PAYMENTS TO HOLDERS OF CAD-NOTES

 

10.1                          All amounts of principal and interest due in respect of the Euro-Bonds which are represented by the DTC Global Certificate (each a “DTC EUR Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an effective election to receive all or a portion of its payment in Euro outside DTC (each a “Euro Payment”) in accordance with the procedures described in the payment provisions of the Conditions.

 

10.2                          The Euro Paying Agent shall, from each DTC EUR Amount received by it, make Dollar Payments and Euro Payments in accordance with the payment provisions of the Conditions.

 

10.3                          All amounts of principal and interest due in respect of the Designated Currency-Notes which are represented by the DTC Global Certificate (each a “DTC  Designated Currency Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an effective election to receive all or a portion of its payment in the Designated Currency outside DTC (each a “Designated Currency Payment”) in accordance with the procedures described in the payment provisions of the Conditions.

 

10.4                          The Paying Agent for Designated Currency-Notes shall, from each DTC Designated Currency Amount received by it, make Dollar Payments and Designated Currency Payments in accordance with the payment provisions of the Conditions.

 

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10.5                          All amounts of principal and interest due in respect of the CAD-Notes (each a “CAD Amount”) shall be paid in U.S. dollars (each such payment being referred to herein as a “Dollar Payment”), unless DTC has advised that the relevant Holder has made an effective election to receive all or a portion of its payment in Canadian dollars outside DTC (each a “CAD Payment”) in accordance with the procedures described in the payment provisions of the Conditions.

 

10.6                          The CAD Paying Agent shall, from each CAD Amount received by it, make Dollar Payments and CAD Payments in accordance with the payment provisions of the Conditions.

 

11.                                 FURTHER DUTIES OF THE ISSUER

 

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 Relevant Paying Agent as soon as it becomes aware of the requirement to make such withholding or deduction and shall give to the Relevant Paying Agent such information as it shall require to enable it to comply with such requirement.

 

12.                                 APPOINTMENT AND DUTIES OF THE EXCHANGE RATE AGENT

 

12.1                          BNY Mellon shall act as Exchange Rate Agent in respect of a specific issuance of Notes for which an Exchange Rate Agent is needed, unless another institution is appointed as Exchange Rate Agent in respect of such issuance in accordance with the Conditions.  The Relevant Paying Agent shall inform the Exchange Rate Agent in a timely manner before any date on which a conversion is required to be made, taking into consideration the Conditions.

 

12.2                          Notwithstanding the Relevant Paying Agent’s obligations with respect to the conversion of the Conversion Amount pursuant to the Conditions, the Exchange Rate Agent shall in respect of each issuance of Notes in relation to which it is appointed act as agent for the Relevant Paying Agent and perform such determinations and calculations as specified in the Conditions.

 

13.                                 APPOINTMENT AND DUTIES OF THE CALCULATION AGENT

 

13.1                          The Calculation Agent in respect of a specific issuance of Notes shall act in accordance with the Conditions.  If the Relevant Paying Agent shall act as Calculation Agent, such fact will be indicated in the Supplemental Agency Agreement. The Issuer will notify the Calculation Agent by forwarding the applicable pricing prospectus according to the time-line agreed with the Calculation Agent.

 

13.2                          Subject to Clause 13.4, the Calculation Agent shall in respect of each issuance of Notes in relation to which it is appointed as such:

 

13.2.1                obtain such quotes and rates and/or make such determinations, calculations, adjustments and notifications as may be required to be made by it as specified in the Conditions;

 

13.2.2                maintain a record of all quotations obtained by it and of all amounts, rates and other items determined or calculated by it and make such record available for inspection at all reasonable times during normal business hours by the Issuer and the Relevant Paying Agent; and

 

13.2.3                shall communicate to the Relevant Paying Agent in a timely manner the determinations and calculations made by such Calculation Agent in respect of such Notes.

 

13.3                          If the Calculation Agent is unable for any reason to perform the duties specified in Clause 13.2.1 above, it shall forthwith notify the Issuer and the Relevant Paying Agent of such fact.

 

13.4                          If the Issuer has appointed a Determination Agent with respect to which the Calculation Agent is appointed, the determinations made by such Determination Agent in respect of the bases (such as interest rates, conversion rates, prices, indices or otherwise) for the calculations to be made by such Calculation Agent communicated by the Determination Agent to the Calculation Agent shall be binding on the Calculation Agent.

 

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14.                                 CONDITIONS OF APPOINTMENT

 

14.1                          The obligations of the Agents hereunder shall be several, and not joint.

 

14.2                          The Issuer will pay to the Agents a remuneration for all services rendered by the Agents in connection with the Notes and reimburse the Agents for the expenses incurred in connection with their appointment or the exercise of their powers and duties hereunder; all as separately agreed upon by the Agents and the Issuer.

 

14.3                          The Issuer will indemnify and hold harmless each of the Agents against any loss, liability or expense which it may incur or which may be made against it arising out of or in connection with its appointment or the exercise of its power and duties hereunder, except such as may result from such Agent’s own negligence or willful misconduct or that of its officers, employees or agents.

 

14.4                          Each Agent will indemnify and hold harmless the Issuer against any loss, liability or expense incurred by the Issuer resulting from the negligence or willful misconduct on the part of such Agent (or such Agent’s officers, employees or agents) and arising out of or in connection with such Agent’s duties hereunder.

 

14.5                          The indemnity provisions under Clauses 14.3 and 14.4 shall survive the termination or expiry of this Agreement.

 

14.6                          Any Agent may consult with legal and other professional advisers selected in good faith and satisfactory to it, and the legal or other professional opinion of such advisers, as the case may be, shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith and in accordance with such opinion.

 

14.7                          Each of the Agents shall be protected and shall incur no liability for or in respect of any action taken, omitted or suffered in reliance upon any instruction or communication from the Issuer or any document reasonably believed by it to be genuine and to have been delivered, signed or sent by the proper party or parties, except as may result from its own negligence or willful misconduct or that of its officers, employees or agents.

 

14.8                          In acting hereunder and in connection with the Notes, the Agents do not assume any relationship of agency or trust for the Holders, and shall not have any obligation towards them.

 

14.9                          Nothing herein shall be deemed to require any Agent to advance its own funds in the performance of its duties hereunder.

 

15.                                 CHANGES IN AGENTS

 

15.1                          The Issuer may terminate the appointment of any Agent at any time by giving the relevant Agent at least 30 days’ written notice to that effect specifying the date on which such removal shall become effective.

 

15.2                          Any Agent may resign at any time by giving the Issuer at least 45 days’ written notice to that effect specifying the date on which such resignation shall become effective.

 

15.3                          No removal under Clause 15.1 or resignation under Clause 15.2 shall take effect until a successor Agent has been appointed by the Issuer or, in accordance with Clause 15.4, on behalf of the Issuer and such Agent has accepted such appointment. A successor Agent shall be appointed by the Issuer by an instrument in writing given to the successor Agent. The Issuer will inform the superseded Agent in written form about its successor Agent immediately after the appointment of such successor Agent and acceptance by the latter of such appointment. Upon the appointment of such successor Agent, the acceptance by it of such appointment and the expiry of the notice period set forth under Clause 15.1 or Clause 15.2, respectively, the Agent so superseded shall cease to be an Agent hereunder.

 

15.4                          In case of a removal of any Agent in accordance with Clause 15.1 or in case of a resignation of any Agent in accordance with Clause 15.2, that Agent shall be entitled on behalf of and in consultation with the Issuer to appoint as a successor Agent in its place a reputable financial institution having the capability to assume the function of its predecessor Agent, if the Issuer has not appointed a successor

 

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Agent by the day falling 10 days before the expiry of the notice period set forth under Clause 15.1 or 15.2, respectively. The Agent will inform the Issuer in written form about its successor Agent immediately after the appointment of such successor Agent and acceptance by the latter of such appointment. Upon the appointment of such successor Agent, the acceptance by it of such appointment and the expiry of the notice to be given under Clause 15.1 or 15.2, respectively, the Agent so superseded shall cease to be an Agent hereunder. The relevant Agent will bear all its costs incurred by its resignation.

 

15.5                          Notwithstanding the foregoing, the Issuer may terminate the appointment of any Agent at any time with immediate effect and without notice (fristlos) by an instrument in writing if such Agent or any affiliated company (verbundenes Unternehmen) of such Agent shall become unable to properly perform its duties under this Agreement, or shall admit in writing its inability to pay or meet its debts as they severally mature, or shall be subject to a banking moratorium declared under any law, or shall make an assignment or an arrangement for the benefit of its creditors, or shall enter into liquidation, or shall file a petition in bankruptcy or become or be declared bankrupt or insolvent, or if an order of any court shall be entered approving any petition filed by or against the Agent or any affiliated company of such Agent under the provisions of the relevant bankruptcy legislation or under the provisions of any similar legislation, or the Agent or any affiliated company of such Agent shall consent to the appointment of a receiver or an administrator of all or any substantial part of its property or such receiver or administrator shall be appointed, or if any public officer shall take charge or control of the Agent or any affiliated company of such Agent or of its property or affairs, or in the case of any event similar to the foregoing affecting  such Agent or any affiliated company of such Agent. As soon as reasonably practicable the Issuer shall appoint a successor Agent in written form, such appointment becoming effective with its acceptance by the successor Agent. Until the effectiveness of the appointment of the successor Agent all rights and duties of any such Agent hereunder will be assumed by the Issuer.

 

15.6                          Any Agent appointed hereunder shall execute and deliver to the Issuer an instrument accepting such appointment and, without any further act, deed or conveyance, upon its appointment becoming effective, any successor Agent shall become vested with all the authorities, rights, powers, immunities, duties and obligations of such predecessor with like effect as if originally named as Agent in accordance with this Agreement, and such predecessor Agent shall upon payment by the Issuer of any amounts due and payable to the predecessor Agent under Clauses 14.2 and 14.3 of this Agreement become obliged to deliver and pay over to any such successor Agent, and any such successor Agent shall be entitled to receive, all moneys (other than moneys received by the predecessor Agent from the Issuer in respect of amounts paid under Clauses 14.2 and 14.3 of this Agreement), documents and records held by the predecessor Agent hereunder. On the termination of its appointment the Agent shall pass all records and documents held by it pursuant to this Agreement to the respective successor Agent.

 

15.7                          Upon its resignation or removal taking effect, the Paying Agent shall hold all moneys deposited with or held by it hereunder in respect of the Notes to the order of the successor Paying Agent, but shall have no other duties or responsibilities hereunder and shall be entitled to the payment by the Issuer of its remuneration for services rendered hereunder and to the reimbursement of its expenses incurred up to its resignation or removal taking effect in accordance with the terms of Clause 15.3.

 

15.8                          Each Agent shall give not less than 30 days’ written notice to the Issuer of any proposed change in its specified office.

 

15.9                          Any change in any Agent shall be notified by the Issuer to the respective other Agents and to the Payees. The Issuer shall also give or cause notice thereof to be given to the Holders in accordance with the Conditions.

 

16.                                 NOTICES

 

16.1                          Unless hereunder otherwise specifically provided, any order, notice, request, direction or other communication from the Issuer made or given in relation to the Notes under any provision of this Agreement shall be sufficient if it is signed by two duly authorized officers of the Issuer, and delivered by the Issuer to the Registrar and the Paying Agent.

 

16.2                          Notices shall be addressed to the relevant party hereto as follows:

 

(a)                                 If to the Issuer:

 

11

 

KfW

Palmengartenstraße 5-9

60325 Frankfurt am Main

Federal Republic of Germany

 

Telefax: 0049 69 7431 4324

Attention: Bereich FM

 

(b)                                 If to the Registrar:

 

The Bank of New York Mellon (Luxembourg) S.A.

Vertigo Building — Polaris

2 — 4 rue Eugene Ruppert

L-2453 Luxembourg

 

Fax:                                                                           +352 24 524 204

E-mail:                                                             LUXMB_SPS@bnymellon.com

 

(c)                                  If to the Euro Paying Agent or the Paying Agent for Designated Currency-Notes:

 

The Bank of New York Mellon, London branch

One Canada Square

London E14 5AL

United Kingdom

 

Attention:                                         Corporate Trust Administration

Fax:                                                                           +44 20 7964 4637

 

(d)                                 If to the U.S. Paying Agent or the CAD Paying Agent:

 

The Bank of New York Mellon, New York branch

101 Barclay Street

New York

NY 10286

USA

 

Attention:                                         Corp Trust Administration

Fax:                                                                           +1 212 815 5915

 

(e)                                  If to the Additional Paying Agent:

 

The Bank of New York Mellon Filiale Frankfurt am Main

Bockenheimer Landstrasse 24

60323 Frankfurt am Main

Federal Republic of Germany

 

Attention:                                         Rudolf Schiffer

Fax:                                                                           +49 69 97 151 272

 

or at any other address of which any of the foregoing shall have notified the others in accordance with this Clause 16.2.

 

17.                                MISCELLANEOUS

 

17.1                          This Agreement may be amended by the parties hereto without the consent of any Holder for the purpose of curing any ambiguity or of curing, correcting or supplementing any defective provision

 

12

 

contained herein, or in any manner which the parties hereto may mutually deem necessary or desirable and which shall not be inconsistent with the Notes and which shall not, in their opinion, be materially prejudicial to the interest of the Holders.

 

17.2                          This Agreement shall in all respects be governed by and construed in accordance with the laws of the Federal Republic of Germany without regard to conflict of laws principles.

 

17.3                          Any action or other legal proceedings arising out of or in connection with this Agreement shall be brought in the District Court (Landgericht) in Frankfurt am Main, Germany.

 

17.4                          This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed counterparts hereof shall constitute a single instrument.

 

This Agreement has been entered into on the date stated at the beginning.

 

 

	
KfW
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
The Bank of New York Mellon
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    
	
The Bank of New York Mellon (Luxembourg) S.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
						

 

13

 

Schedule 1A

 

German Language Version of the

TERMS AND CONDITIONS OF EURO-BONDS

 

ANLEIHEBEDINGUNGEN FÜR EURO-BONDS

 

[to be inserted]

 

Non-binding English Translation of the

TERMS AND CONDITIONS OF EURO-BONDS

 

[to be inserted]

 

Schedule 1B

 

English Language Version of the
 TERMS AND CONDITIONS OF USD-NOTES

 

[to be inserted]

 

Non-binding German Translation of the

TERMS AND CONDITIONS OF USD-NOTES

 

ANLEIHEBEDINGUNGEN FÜR USD-NOTES

 

[to be inserted]

 

Schedule 1C

 

English Language Version of the
 TERMS AND CONDITIONS OF CAD-NOTES

 

[to be inserted]

 

Non-binding German Translation of the

TERMS AND CONDITIONS OF CAD-NOTES

 

ANLEIHEBEDINGUNGEN FÜR CAD-NOTES

 

[to be inserted]

 

Schedule 1D

 

English Language Version of the 
 TERMS AND CONDITIONS OF DESIGNATED CURRENCY-NOTES

 

[to be inserted]

 

Non-binding German Translation of the

TERMS AND CONDITIONS OF DESIGNATED CURRENCY-NOTES

 

ANLEIHEBEDINGUNGEN FÜR DESIGNATED CURRENCY-NOTES

 

[to be inserted]

 

14

 

Schedule 2A

 

German Language Version of the

FORM OF THE CBF GLOBAL CERTIFICATE FOR EURO-BONDS

 

[to be inserted]

 

Non-binding English Translation of the

FORM OF THE CBF GLOBAL CERTIFICATE FOR EURO-BONDS

 

[to be inserted]

 

German Language Version of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR EURO-BONDS

 

[to be inserted]

 

Non-binding English Translation of the

FORM OF THE DTC GLOBAL CERTIFICATE FOR EURO-BONDS

 

[to be inserted]

 

Schedule 2B

 

English Language Version of the
 FORM OF THE GLOBAL CERTIFICATES FOR USD-NOTES

 

[to be inserted]

 

Non-binding German Translation of the
 FORM OF THE GLOBAL CERTIFICATES FOR USD-NOTES

 

[to be inserted]

 

Schedule 2C

 

English Language Version of the
 FORM OF THE GLOBAL CERTIFICATES FOR CAD-NOTES

 

[to be inserted]

 

Non-binding German Translation of the
 FORM OF THE GLOBAL CERTIFICATES FOR CAD-NOTES

 

[to be inserted]

 

Schedule 2D

 

English Language Version of the

FORM OF THE ICSD GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

 

[to be inserted]

 

Non-binding German Translation of the  
  FORM OF THE ICSD GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

 

[to be inserted]

 

English Language Version of the
 FORM OF THE DTC GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

 

15

 

[to be inserted]

 

Non-binding German Translation of the
 FORM OF THE DTC GLOBAL CERTIFICATE FOR DESIGNATED CURRENCY-NOTES

 

[to be inserted]

 

16

 

Schedule 3

 

FORM OF SUPPLEMENTAL AGENCY AGREEMENT

 

Supplement No.: · to the

Agency Agreement

dated May 16, 2011 between

KfW (the “Issuer”),

The Bank of New York Mellon (“BNY Mellon”)

and The Bank of  New York Mellon (Luxembourg) S.A. (“BNY Mellon Luxembourg”),

as amended from time to time

 

This Agreement between the Issuer and BNY Mellon acting through its [New York/London branch] as paying agent, BNY Mellon Luxembourg as registrar as well as BNY Mellon acting through its Frankfurt branch as additional paying agent [(the “Agent[s]”)] is in relation to the issue of debt securities (the “Issue”) identified below and supplemental to the above-referenced Agency Agreement (the “Agency Agreement”). The parties hereby reconfirm the terms and conditions of the Agency Agreement and agree that the Issue shall be subject in all respects to such terms and conditions.

 

The term “Issue” means the [insert currency and amount] [Floating Rate] Global [Bonds] [Notes] due [·] (the [“Notes”] [“Bonds”]) to be issued on [·] which will be evidenced by the Global Certificates attached hereto in Annexes 1 and 2 and governed by the Terms and Conditions of the [Notes] [Bonds] (the “Conditions”) attached hereto in Annex 3.

 

[KfW hereby appoints the Paying Agent as Calculation Agent in relation to this Issue.]

 

This Agreement constitutes an authorization of BNY Mellon Luxembourg to authenticate the Global Certificates.

 

	
KfW
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
The Bank of New   York Mellon  
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
The Bank of New   York Mellon (Luxembourg) S.A.  
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    

 

Dated:             [·]

 

17

 

Annex 1

 

[English][German] Language Version of the

FORM OF THE GLOBAL CERTIFICATES

 

 

[To be attached]

 

 

Annex 2

 

Non-Binding [English][German] Translation of the

FORM OF THE GLOBAL CERTIFICATES

 

 

[To be attached]

 

 

Annex 3

 

TERMS AND CONDITIONS OF THE NOTES

 

 

[To be attached]

 

18

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