COREALCREDIT BANK AG

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European Economic Area; (iv) under certain circumstances the United States, Canada or Switzerland and their national banks and regional administartions and political subdivisions in these states; the European Central Bank and further claims as set out in the Pfandbrief Act (Pfandbriefgesetz). A Cover Pool may furthermore include the following assets: (i) equalisation claims converted into bearer bonds; (ii) money claims against a suitable credit institution, in an amount up to 10 per cent. of the aggregate principal amount of outstanding Public Sector Pfandbriefe, provided that the share of money claims against any one credit institution does not exceed 2 per cent. of the aggregate principal amount of outstanding Public Pfandbriefe; and (iii) any claims arising under derivative transactions, as would qualify for a Mortgage Pfandbrief Cover Pool, subject to the conditions and restrictions described above. Insolvency Proceedings In the event of the institution of insolvency proceedings over the assets of a Pfandbrief Bank, any Cover Pool maintained by it would not be part of the insolvency estate, and, therefore, such insolvency would not automatically result in the insolvency of a Cover Pool. Only if the relevant Cover Pool were to become insolvent at the same time or thereafter would separate insolvency proceedings be initiated against such Cover Pool by the BaFin. In this case, holders of Pfandbriefe would have priority of claim over the assets of the respective Cover Pool. Their priority of claim would also extend to any interest accrued after the commencement of insolvency proceedings. Furthermore, but only to the extent that they suffer any loss, the holders of Pfandbriefe would also have recourse to any assets of the Pfandbrief Bank not included in the Cover Pools. As regards such assets, holders of the Pfandbriefe would rank equally with other unsecured and unsubordinated creditors of the Pfandbrief Bank. In the case of the insolvency of the Pfandbrief Bank, one or two administrators (Sachwalter – "Administrator") will be appointed to administer each Cover Pool for the sole benefit of the holders of Pfandbriefe. The Administrator(s) will be appointed by the court having jurisdiction at the location of the head office of the Pfandbrief Bank upon request of the BaFin before or after the institution of insolvency proceedings. The Administrator(s) will be subject to the supervision of the court and of the BaFin with respect to the duties of the Pfandbrief Bank arising in connection with the administration of the assets included in the relevant Cover Pool. The Administrator(s) will be entitled to dispose of the assets in the Cover Pool and receive all payments on the relevant assets to ensure full satisfaction of the claims of the holders of Pfandbriefe. To the extent, however, that it is obvious that such assets are not necessary to satisfy the claims of Pfandbrief holders, the insolvency receiver of the Pfandbrief Bank is entitled to demand transfer of any such assets to the insolvency estate. Subject to the consent of the BaFin, the Administrator may transfer to another Pfandbrief Bank all or part of the cover assets and the liabilities arising from the Pfandbriefe issued against such assets. 170
HOLDERS' MEETING AND RESOLUTIONS For certain Notes, the Final Terms may provide that the Conditions may be amended by the Issuer with consent of the Holders by way of a majority resolution in a Holders' meeting or by a vote not requiring a physical meeting (Abstimmung ohne Versammlung) in accordance with the German Act on Issues of Debt Securities of 5 August 2009, as amended (Schuldverschreibungsgesetz, "SchVG"). A majority resolution in accordance with the SchVG is binding for all Holders of the relevant series of Notes. Details on Holders' Meetings and resolutions for a specific Series of Notes will be described in the relevant Final Terms. The following sections provide an overview of the statutory provisions of the SchVG. (i) Overview of the SchVG The SchVG applies to debt securities "from an issue of identical debt securities" (Gesamtemission) which are governed by German law. Consequently, the SchVG is not limited to issuers with registered offices in Germany. The SchVG does not apply to debt securities for which the issuer or a joint obligor (Mitverpflichteter) is the Federal Republic of Germany, a German federal state (Land) or a municipality, or to covered bonds (gedeckte Schuldverschreibungen) within the meaning of the German Pfandbrief Act (Pfandbriefgesetz – "PfandBG"). Under the new SchVG, it is possible to extensively change and therefore restructure the conditions (the so-called terms and conditions) of those debt securities to which the SchVG applies. Amendments to the terms and conditions of debt securities are only allowed if and to the extent the relevant terms and conditions themselves provide for such changes and only with the debtor's consent. Any amendments to terms and conditions are only binding in respect of the debt securities of a specific issuance. If the terms and conditions provide for the possibility of majority resolutions with binding effect on all securities holders, a joint representative for the securities holders may be appointed. (ii) Individual subjects of resolutions The SchVG does not provide an exclusive list of admissible amendments to the terms and conditions but provides an exemplary list. Individual subjects for resolutions may include: � amendments to the principal claim (due date, amount, currency, rank, debtors, object of performance); � amendments to or removal of ancillary conditions of the debt securities; � modification or waiver of a right of termination and removal of the effect of the collective right of termination; � substitution and release of security; � amendments to legal transactions with joint obligors; and � amendments to ancillary claims (due date, amount, exclusion, currency, rank, debtors, object of performance); 171
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This document constitutes two base
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The distribution of this Prospectus
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SIGNIFICANT CHANGE IN THE ISSUER'S
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Operational Risks Operational risk
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Foreign Currency Notes A holder of
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� BVG-Grundstücks- und Verwertun
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in the above-mentioned class action
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� on the basis of a reference rat
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Early Redemption for Reasons of Tax
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Liquiditätsrisiken können sich au
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Gegenläufig variabel verzinsliche
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Die Bank ist im Handelsregister bei
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Seit 2005 erfolgt eine Verlustteiln
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unbesicherte und nachrangige Verbin
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Endgültigen Bedingungen angegeben
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öffentlichen Angebots oder in Form
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problems, i.e. the risk that the go
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The Bank's real estate business and
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Hedging Transactions Holders should
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Floating Rate Notes A key differenc
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Additional Risk Factors relating to
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GENERAL GENERAL DESCRIPTION OF THE
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� the Terms and Conditions will b
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Ernst & Young is a member of the Ch
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Fitch confirmed the "AA-" rating of
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Loan portfolio The total COREALCRED
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usiness. The increase on the previo
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MANAGEMENT AND SUPERVISORY BODIES M
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Conflicts of Interests Although, at
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appeal with the Cologne Higher Regi
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TERMS AND CONDITIONS OF THE NOTES T
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A. TERMS AND CONDITIONS OF NOTES IN
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einer jeden solchen Zinszahlung erf
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ist]. § 2 STATUS [Im Fall von nich
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der Emittentin nicht mehr im Einkla
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Schuldverschreibungen werden zu ein
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dieser Angebotssätze [im Fall eine
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[Falls ein Mindestzinssatz gilt ein
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etreffenden Zeitraum angewendet wir
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(A) der Anzahl von Tagen in dem Zin
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"D1" ist der erste Tag des Zinsbere
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jeweiligen Kontoinhaber des Clearin
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Schuldverschreibungen;] [im Fall vo
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werden kann. Eine solche Kündigung
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(iv) den Wahl-Rückzahlungsbetrag (
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Schuldverschreibung dem Amortisatio
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anfänglich bezeichnete Geschäftss
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Beträge (die "zusätzlichen Beträ
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länger als 60 Tage fortdauert, nac
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Satz 11 des Kreditwesengesetzes ist
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[Im Fall von Schuldverschreibungen,
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Abstimmung ohne Versammlung getroff
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§ [14] ANWENDBARES RECHT, GERICHTS
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Text ist bindend und maßgeblich. D
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und wird durch einen bevollmächtig
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[Falls die Globalurkunde eine NGN i
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einfügen]%. Die Zinsen sind nachtr
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"[Londoner] [zutreffenden anderen O
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Europäischen Union, die gemäß de
Page 119 and 120: werden. Falls die Emittentin die Sc
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Page 125 and 126: Zinsberechnungszeitraums fällt; Pe
Page 127 and 128: Rückzahlungsbetrag der Schuldversc
Page 129 and 130: Sie beinhaltet die folgenden Angabe
Page 131 and 132: Die Emissionsstelle [[,] [und] [die
Page 133 and 134: einheitliche Serie bilden. (2) Anka
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Page 137 and 138: C. TERMS AND CONDITIONS OF JUMBO PF
Page 139 and 140: [festgelegten Endfälligkeitstag ei
Page 141 and 142: dritten Tag nach dem Tag der Veröf
Page 143 and 144: § 12 TEILUNWIRKSAMKEIT Sollten irg
Page 145 and 146: Dies sind die Endgültigen Bedingun
Page 147 and 148: Language of Conditions 7 ) Sprache
Page 149 and 150: Bestimmungsstelle [Ja/Nein] � Fis
Page 151 and 152: Margin Marge � flat keine � plu
Page 153 and 154: [Deemed Interest Payment Date] 13 )
Page 155 and 156: � Deduction of unaccrued interest
Page 157 and 158: Bestellung oder Abberufung durch Me
Page 159 and 160: [Additional Risk Factors 23 ) Zusä
Page 161 and 162: Zinssätze der Vergangenheit Detail
Page 163 and 164: A description of the possibility to
Page 165 and 166: Estimate of the total expenses rela
Page 167 and 168: COREALCREDIT BANK AG [Name & title
Page 169: the respective principal amount or,
Page 173 and 174: The joint representative's liabilit
Page 175 and 176: permitted by U.S. tax regulations.
Page 177 and 178: pursuant to an exemption from the r
Page 179 and 180: opt for inclusion of investment inc
Page 181 and 182: Inheritance tax / gift tax The tran
Page 183 and 184: Residents According to the law of 2
Page 185 and 186: DOCUMENTS INCORPORATED BY REFERENCE
Page 187: NAMES AND ADDRESSES Issuer COREALCR
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COREALCREDIT BANK AG

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