Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
"<strong>KfW</strong> Securities" means the €121,000,000 floating rate medium term notes<br />
(Inhaberschuldverschreibungen), divided in six series governed by German law,<br />
(the aggregate nominal amount of each of the series reflecting the initial aggregate<br />
nominal amount of the Class A Notes, the Class B Notes, the Class C Notes, the<br />
Class D Notes, the Class E Notes and the Class F Notes) and issued by <strong>KfW</strong> under<br />
the €25,000,000,000 <strong>KfW</strong> Note Programme which are represented by global<br />
certificates deposited with Clearstream Frankfurt and each note thereunder is in<br />
the denomination of €100,000 and has its maturity on the Scheduled Maturity<br />
Date. See "THE TRUST AGREEMENT" and "THE COLLATERAL ".<br />
Credit Swap Agreement The Issuer will enter into a credit default swap with the Credit Swap Counterparty<br />
pursuant to a 1992 ISDA Master Agreement (Multicurrency – Cross Border) and<br />
Schedule, together with a credit default swap confirmation (the "Credit Swap<br />
Agreement"). The Issuer will be obliged to make an Issuer Payment (as defined in<br />
"Principal Reductions" below) to the Credit Swap Counterparty following<br />
satisfaction of certain Conditions to Payment (as defined in "MAIN<br />
PROVISIONS OF THE CREDIT SWAP AGREEMENT") in relation to a<br />
Reference Entity or Reference Obligation (each as defined in "Reference<br />
Portfolio" below), as the case may be.<br />
On each Payment Date, the Credit Swap Counterparty shall pay to the Issuer an<br />
amount equal to the sum of the aggregate Interest Amount due in respect of the<br />
Notes as at such Payment Date, the Issuer Fees and the Issuer Expenses (each as<br />
defined in "TERMS AND CONDITIONS OF THE NOTES – Condition 5.8<br />
Payments of Interest") due in respect of the relevant Interest Period less the<br />
Collateral Income in respect of the relevant Interest Period (each a "Credit Swap<br />
Counterparty Payment"). See "MAIN PROVISIONS OF THE CREDIT SWAP<br />
AGREEMENT".<br />
Trust Agreement Pursuant to the Trust Agreement between, inter alios, the Trustee and the Issuer,<br />
the Trustee shall inter alia (a) hold and administer the Issuer Collateral (as defined<br />
herein) for the benefit of the Secured Parties, (b) administer the <strong>KfW</strong> Collateral<br />
(as defined in "Collateral" below) for the benefit of the Credit Swap Counterparty,<br />
(c) verify the Final Values of Impaired Reference Obligations (each as defined in<br />
"Principal Reductions" below), Settlement Amounts, Issuer Payments and the<br />
allocation of amounts equal thereto towards the reduction of the Outstanding<br />
Principal Amount of the Notes and (d) supervise and verify determinations and<br />
calculations of the Servicer and the Administrator and other actions of the Issuer<br />
and the Administrator in connection with the Notes and the Swap Agreements (as<br />
defined below). See "THE TRUST AGREEMENT" and "THE COLLATERAL".<br />
"Accrued Settlement Amount" means, in respect of any Interest Payment Date,<br />
the aggregate Settlement Amounts (as defined in "Principal Reductions" below) in<br />
respect of which the calculation thereof has been verified by the Verification<br />
Agent (as defined herein) at least 2 Business Days prior to such Interest Payment<br />
Date and (save in respect of the first Interest Payment Date) after the date falling 2<br />
Business Days prior to to the immediately preceding Interest Payment Date.<br />
"Swap Agreements" means the Primary Credit Swap Agreements, the Senior<br />
Credit Swap Agreement (each as defined on the cover page (ii) hereof) and the<br />
Credit Swap Agreement.<br />
7
Change language