pdf, 1996K - WestLB

Early Redemption of
Pfandbriefe for Taxation
Reasons:
Events of Default and Cross
Default in Relation to
Pfandbriefe:
Status of Pfandbriefe:
Pfandbriefe will not be subject to early redemption for taxation reasons.
The terms and conditions of Pfandbriefe will not provide for any events of
default and will, therefore, not contain a cross default provision.
The Pfandbriefe will constitute direct, unconditional and unsubordinated
obligations of the Issuer ranking pari passu among themselves. The Pfandbriefe
are covered in accordance with the Pfandbrief Act and rank pari passu with all
other unsubordinated present and future obligations of the Issuer under
Pfandbriefe.
INFORMATION RELATING TO THE PUBLIC OFFER
In case the Instruments are to be distributed in the course of their issuance by means of a public offer the relevant
Final Terms will contain (to the extent this is possible) information in relation to:
• the conditions, offer statistics, the expected timetable and the action
required in connection with the offer;
• the plan of distribution of the Instruments and their allotment;
• the pricing; and
INFORMATION RELATING TO RISK FACTORS
• the placing and underwriting of the Instruments.
The discussion of risk factors is supposed to protect investors from investments for which they are not suitable and to
set out the financial risks associated with an investment in a particular type of Instrument. Prospective investors
should understand the risks of investing in any type of Instrument before they make their investment decision. They
should make their own independent decision to invest in any type of Instrument and as to whether an investment in
such Instrument is appropriate or proper for them based upon their own judgment and upon advice from such
advisors as they consider necessary.
Risk Factors Relevant to
WestLB AG:
Risk Factors Relevant to the
Instruments:
There are certain factors which may have a material adverse effect on the results
of operations or the financial conditions of the Issuer and which may,
consequently, affect the Issuer's ability to fulfil its obligations under Instruments
to be issued under the Programme. These factors are set out in length in the
subsection entitled "Risk Factors – Factors Which May Affect WestLB AG's
Ability to Fulfil Its Obligations under Instruments to Be Issued under the
Programme" and commencing on page 28. The following aspects are discussed
in that subsection:
• integrated bank-wide risk steering;
• market price risk;
• counterparty default risk;
• participation risk;
• liquidity risk; and
• operational risk.
There are certain factors which are material for the purpose of assessing the
risks associated with Instruments to be issued under the Programme. These
factors are set out in the subsection entitled "Risk Factors – Factors Which Are
Material for the Purpose of Assessing the Market Risks Associated with
Instruments to Be Issued under the Programme" and commencing on page 30.
The following aspects are discussed in that subsection:
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