AEG 21604 G Manual de usuario descargar pdf (Pagina 85)

A Noteholder of the fixed rate Notes is particularly exposed to the risk that the price of such Notes falls

as a result of changes in the market interest rate.

The Notes bear a fixed interest rate. A Noteholder of fixed rate notes is particularly exposed to the risk

that the price of such notes falls as a result of changes in the market interest rate. While the nominal inter-

est rate of a fixed rate note as specified in the Terms and Conditions of the Notes is fixed during the life

of the Notes, the market interest rate typically changes on a daily basis. As the market interest rate

changes, the price of fixed rate notes also changes, but in the opposite direction. Thus, if the market inter-

est rate increases, the price of fixed rate notes typically falls, until the yield of such notes is approximately

equal to the market interest rate of comparable issues. If the market interest rate decreases, the price of

fixed rate notes typically increases, until the yield of such notes is approximately equal to the market in-

terest rate of comparable issues. If a Holder of the Notes holds his Notes until maturity, changes in the

market interest rate are without relevance to such Noteholder as the Notes, according to the Terms and

Conditions of the Notes, will be redeemed at the principal amount of the Notes.

A Noteholder is subject to the risk to be outvoted and to lose rights towards the Issuer against his will

in the case that Noteholders agree pursuant to the Terms and Conditions of the Notes to amendments

of the Terms and Conditions of the Notes by majority vote according to the German Act on Debt Secu-

rities of 2009 (Schuldverschreibungsgesetz ).

A Noteholder is subject to the risk of being outvoted and losing rights towards the Issuer against his will

in the event Noteholders agree pursuant to the Terms and Conditions of the Notes to amend the Terms

and Conditions of the Notes by majority vote in accordance with the Schuldverschreibungsgesetz 2009

(Law on Debt Securities). In the case of an appointment of a note holders’ representative (Gemeinsamer

Vertreter) for all Noteholders a particular Noteholder may lose, in whole or in part, the possibility to en-

force and claim his rights against the Issuer.

The market value of the Notes might decrease if the market changes its perception of the Issuer’s cred-

itworthiness following potential future changes of accounting standards and positions.

The Issuer’s consolidated financial statements are issued in accordance with IFRS as adopted by the EU,

and the additional requirements of the laws of Luxembourg (previously Channel Islands). New or

changed accounting standards may lead to adjustments in the relevant Issuer’s accounting positions. This

might lead to a different perception of the market regarding Issuer’s creditworthiness. As a result, there is

a risk that the market value of the Notes might decrease.

There is no restriction on the amount of debt which the Issuer may incur in the future.

Other than the limitation of indebtedness undertaking in the Terms and Conditions of the Notes, there is

no restriction on the amount of debt which the Issuer may issue which ranks equal to the Notes. Any issu-

ance of further debt – to the extent permitted under the Terms and Conditions of the Notes – may reduce

the amount recoverable by the Noteholders upon winding-up or insolvency of the Issuer.

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AEG 21604 G Manual de usuario Pagina 85