Linde Aktiengesellschaft Linde Finance BV

Transcrição

Base Prospectus
Dated 1 April 2016
This document constitutes two base prospectuses for the purposes of article 5.4 of Directive 2003/71/EC of the European
Parliament and of the Council of November 4, 2003, as amended (the "Prospectus Directive"): (i) the base prospectus of Linde
Aktiengesellschaft in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC)
No. 809/2004 of 29 April 2004, as amended ("Non-Equity Securities") and (ii) the base prospectus of Linde Finance B.V. in
respect of Non-Equity Securities (together, the "Base Prospectus").
Linde Aktiengesellschaft
(Munich, Federal Republic of Germany)
as Issuer and, in respect of Notes issued by
Linde Finance B.V., as Guarantor
Linde Finance B.V.
(Amsterdam, The Netherlands)
as Issuer
€ 10,000,000,000 Debt Issuance Programme
Application has been made to the Luxembourg Stock Exchange for notes (the "Notes") issued under this Base Prospectus (the
"Prospectus") during the period of 12 months from the date of this Base Prospectus under the € 10,000,000,000 Programme
for the Issuance of Debt Instruments (the "Programme") to be admitted to trading on the Luxembourg Stock Exchange's
Regulated Market (which is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC)
and to be listed on the Official List of the Luxembourg Stock Exchange. Notes issued under the Programme may also be listed
on the Frankfurt Stock Exchange or may not be listed at all. The maximum aggregate principal amount of Notes outstanding
under the Programme will not exceed € 10,000,000,000.
Application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent
authority under the Luxembourg law dated 10 July 2005 on prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières), as amended (the "Luxembourg Prospectus Law"), which transforms the Prospectus Directive into Luxembourg
law to approve this document as a Base Prospectus and to provide the competent authorities in the Federal Republic of
Germany ("Germany"), The Netherlands and the Republic of Austria with a certificate of approval attesting that the Prospectus
has been drawn up in accordance with the Luxembourg Prospectus Law ("Notification"). Each Issuer may request the CSSF to
provide competent authorities in additional host Member States within the European Economic Area with a Notification. By
approving a prospectus, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the
quality or solvency of the Issuers (as defined below).
Application has been made for this Prospectus to be approved by the CSSF. This Prospectus has been filed with said authority
and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website
of Linde Group (www.linde.com). This Prospectus succeeds the Prospectus dated 2 April 2015. It is valid for a period of 12
months after its approval.
Arranger
Deutsche Bank
Dealers
Barclays
Citigroup
Commerzbank
Deutsche Bank
HSBC
Morgan Stanley
UniCredit Bank
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RESPONSIBILITY STATEMENT
Linde Aktiengesellschaft ("Linde AG", and together with its consolidated subsidiaries, the "Linde Group",
"Group" or "Linde" or the "Company" or, in connection with Notes issued by Linde Finance B.V., the
"Guarantor") with its registered office in Munich and Linde Finance B.V. ("Linde Finance") with its
registered office in Amsterdam (each an "Issuer" and together the "Issuers") are solely responsible for the
information given in this Prospectus and for the information which will be contained in the relevant final
terms (the "Final Terms").
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
This Prospectus should be read and understood in conjunction with any supplement hereto and with any
other documents incorporated herein by reference and, in relation to any Tranche of Notes, together with
the relevant final terms.
Each Issuer has confirmed to the dealers set forth in the section "Names and Addresses" and any additional
dealer appointed from time to time under the Programme (each a "Dealer" and together the "Dealers") that
this Prospectus contains all information with regard to the Issuers and the Notes which is material in the
context of the Programme and the issue and offering of Notes thereunder, the information contained herein
with respect to the Issuers and the Notes is accurate in all material respects and is not misleading, the
opinions and intentions expressed therein with respect to the Issuers and the Notes are honestly held, there
are no other facts with respect to the Issuers or the Notes the omission of which would make the
Prospectus misleading in any material respect; and that all reasonable enquiries have been made to
ascertain all facts and to verify the accuracy of all statements contained herein.
NOTICE
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other document entered into in relation to the Programme or any information supplied by
any Issuer or such other information as in the public domain and, if given or made, such information must
not be relied upon as having been authorised by the Issuers, the Dealers or any of them.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any
other person mentioned in this Prospectus, excluding the Issuers, is responsible for the information
contained in this Prospectus or any supplement hereto, or any Final Terms or any other document
incorporated herein by reference, and accordingly, and none of these persons accepts any responsibility for
the accuracy and completeness of the information contained in any of these documents.
This Prospectus is valid for 12 months after its approval and this Prospectus and any supplement hereto as
well as any Final Terms reflect the status as of their respective dates of issue. The delivery of this
Prospectus or any supplement hereto or any Final Terms and the offering, sale or delivery of any Notes
may not be taken as an implication that the information contained in such documents is accurate and
complete subsequent to their respective dates of issue or that there has been no adverse change in the
financial situation of the Issuers since such date or that any other information supplied in connection with
the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the
date indicated in the document containing the same.
Each of the Issuers has undertaken, in connection with the listing of the Notes on the official list of and the
admission of the Notes to trading on the Regulated Market of the Luxembourg Stock Exchange, that if,
while Notes of an Issuer are outstanding and admitted to trading on the Regulated Market of the
Luxembourg Stock Exchange, in the event of any significant new factor, material mistake or inaccuracy
relating to the information included in the Prospectus (or any of the documents incorporated by reference in
this Prospectus) which is capable of affecting the assessment of the Notes and which arises or is noted
between the time when this Prospectus has been approved and the closing of any tranche of Notes offered
to the public or, as the case may be, when trading of any tranche of Notes on a regulated market begins,
whichever occurs later, such Issuer and/or Guarantor will prepare or procure the preparation of a
supplement to this Prospectus or, as the case may be, publish a new Prospectus for use in connection with
any subsequent issue by such Issuer of Notes to be admitted to trading on the Regulated Market of the
Luxembourg Stock Exchange. Each of the Issuers will, at the specified offices of the Paying Agents,
provide, free of charge, upon the oral or written request therefor, a copy of this Prospectus (or any
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document incorporated by reference in this Prospectus and, in particular, a copy of the most recently
published audited annual financial statements of each of the Issuers and the Guarantor, and of any interim
financial statements of the Guarantor). Written or oral requests for such documents should be directed to
the specified office of any Paying Agent or the specified office of the Listing Agent in Luxembourg.
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final
Terms come are required to inform themselves about and observe any such restrictions. For a description
of the restrictions applicable in the United States of America, the European Economic Area, the United
Kingdom, The Netherlands, Japan and Hong Kong, see "Subscription and Sale". In particular, the Notes
have not been and will not be registered under the United States Securities Act of 1933, as amended, and
are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes
may not be offered, sold or delivered within the United States of America or to U.S. persons.
This Prospectus may be used for subsequent offers by the Dealers and/or further financial intermediaries
only insofar if and for the period so specified in the Final Terms for the relevant Tranche of Notes.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing
Notes issued under the Programme is entitled to use the Prospectus, if and for the period so
specified in the Final Terms, as set out in "Consent to the Use of the Prospectus" on page 57.
This Prospectus and any Final Terms may not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer(s) (if any)
who is (are) specified in the relevant Final Terms as the stabilising manager(s) (or persons acting on
its (their) behalf) may overallot Notes or effect transactions with a view to supporting the price of
the Notes at a level higher than that which might otherwise prevail. However, there is no assurance
that such Dealer (or persons acting on its behalf) will undertake stabilisation action. Any
stabilisation action may begin at any time after the adequate public disclosure of the final terms of
the offer of the Notes is made and, if begun, may be ended at any time, but it must end no later than
the 30 days after the Issue Date and 60 days after the date of the allotment of the relevant Tranche of
the Notes. Any stabilisation action or over-allotment must be conducted by the relevant stabilising
manager(s) (or person(s) acting on behalf of any stabilising manager(s)) in accordance with all
applicable laws and rules.
In this Prospectus, all references to "€", "EUR" or "Euro" are to the single legal currency of the European
Economic and Monetary Union.
The language of the Prospectus is English. The German versions of the English language sets of Terms
and Conditions and Guarantee are shown in the Prospectus for additional information. As to form and
content, and all rights and obligations of the Holders and the Issuer under the Notes to be issued, German
is the controlling legally binding language if so specified in the relevant Final Terms. In respect of the
Guarantee, the German language version is always controlling and legally binding as to form and content,
and all rights and obligations of the Holders and the Guarantor thereunder.
FORWARD-LOOKING STATEMENTS
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement
that does not relate to historical facts and events. They are based on analyses or forecasts of future results
and estimates of amounts not yet determinable or foreseeable. These forward-looking statements are
identified by the use of terms and phrases such as "anticipate", "believe, "could", "estimate", "expect",
"intend", "may", "plan", "predict", "project", "will" and similar terms and phrases, including references and
assumptions. This applies, in particular, to statements in this Prospectus containing information on future
earning capacity, plans and expectations regarding Linde Group's business and management, its growth
and profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuers make to the best of their present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including Linde Group's financial condition
and results of operations, to differ materially from and be worse than results that have expressly or implicitly
been assumed or described in these forward-looking statements. Linde Group's business is also subject to
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a number of risks and uncertainties that could cause a forward-looking statement, estimate or prediction in
this Prospectus to become inaccurate. Accordingly, investors are strongly advised to read the following
sections of this Prospectus: "Risk Factors", "Linde Aktiengesellschaft" and "Linde Finance B.V.". These
sections include more detailed descriptions of factors that might have an impact on Linde Group's business
and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuers nor the Dealers assume any obligation, except as required by law, to
update any forward-looking statement or to conform these forward-looking statements to actual events or
developments.
5
TABLE OF CONTENTS
Page
Summary ......................................................................................................................................................... 6
Section A
Introduction and Warnings ....................................................................................................... 6
Section B
Issuer and Guarantor ............................................................................................................... 7
Section B
Issuer ....................................................................................................................................... 9
Section C
Securities ............................................................................................................................... 11
Section D
Risks ...................................................................................................................................... 14
Risks specific to Linde AG as Issuer and Guarantor ............................................................. 14
Risks specific to Linde Finance B.V. ..................................................................................... 15
Risks specific to the Securities .............................................................................................. 16
Section E
Offer of the Securities ............................................................................................................ 17
German Translation of the Summary / Deutsche Übersetzung der Zusammenfassung ............................... 18
Abschnitt A
Einleitung und Warnhinweise ................................................................................................ 18
Abschnitt B
Emittentin und Garantin ......................................................................................................... 19
Abschnitt B
Emittentin .............................................................................................................................. 22
Abschnitt C
Wertpapiere ........................................................................................................................... 23
Abschnitt D
Risiken................................................................................................................................... 27
Risiken, die der Linde AG als Emittentin und Garantin eigen sind ........................................ 27
Risiken, die der Linde Finance B.V. eigen sind ..................................................................... 29
Risiken, die den Wertpapieren eigen sind ............................................................................. 29
Abschnitt E
Angebot von Wertpapieren .................................................................................................... 31
Risk Factors ................................................................................................................................................... 32
Linde Aktiengesellschaft - Issuer and Guarantor - ........................................................................................ 44
Linde Finance B.V. - Issuer - ......................................................................................................................... 54
Consent to the Use of the Prospectus ........................................................................................................... 58
General Description of the Programme ......................................................................................................... 59
German language Terms and Conditions / Deutsche Fassung der Anleihebedingungen ............................. 62
Option I - Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung .................................. 62
Option II - Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung ............................ 86
Option III - Anleihebedingungen für Schuldverschreibungen ohne periodische Verzinsung
(Nullkupon) ............................................................................................................................................. 107
English language Terms and Conditions ..................................................................................................... 126
Option I - Terms and Conditions that apply to Notes with fixed interest rates ....................................... 126
Option II - Terms and Conditions that apply to Notes with variable interest rates ................................. 148
Option III - Terms and Conditions that apply to Notes without periodic interest payments
(Zero Coupon) ........................................................................................................................................ 168
German language Guarantee and Negative Pledge / Deutsche Fassung der Garantie und
Negativverpflichtung .................................................................................................................................... 185
English language Guarantee and Negative Pledge..................................................................................... 188
Description of Rules Regarding Resolutions of Holders.............................................................................. 191
Form of Final Terms / Muster der Endgültigen Bedingungen ...................................................................... 193
Use of Proceeds .......................................................................................................................................... 208
Taxation ....................................................................................................................................................... 209
Subscription and Sale.................................................................................................................................. 217
Information relating to the People's Republic of China (the "PRC") Currency Controls .............................. 221
General Information ..................................................................................................................................... 225
Incorporation by Reference ......................................................................................................................... 227
Names and Addresses ................................................................................................................................ 229
6
SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered
in Sections A – E (A.1 – E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type
of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the Summary with the mention of "not applicable".
The Summary contains options, characterised by square brackets or typesetting in italics (other than the
respective translations of specific legal terms), and placeholders regarding the Notes to be issued under the
Programme. The summary of the individual issue of Notes will include the options relevant to this issue of
Notes as determined by the applicable Final Terms and will contain the information, which had been left
blank, as completed by the applicable Final Terms.
Element
A.1
A.2
Section A – Introduction and warnings
Warnings
Consent to the use of the
Prospectus
Warning that:

this Summary should be read as an introduction to the
Prospectus;

any decision to invest in the Notes should be based on
consideration of the Prospectus as a whole by the investor;

where a claim relating to the information contained in the
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of the Member States,
have to bear the costs of translating the Prospectus, before
the legal proceedings are initiated; and

civil liability attaches only to the Issuers who have tabled the
Summary including any translation thereof, but only if the
Summary is misleading, inaccurate or inconsistent when
read together with the other parts of the Prospectus or it
does not provide, when read together with the other parts of
the Prospectus, key information in order to aid investors
when considering whether to invest in such Notes.
[Each Dealer and/or each further financial intermediary
subsequently reselling or finally placing the Notes is entitled to
use the Prospectus for the subsequent resale or final placement
of the Notes during the offer period for the subsequent resale or
final placement of the Notes from [●] to [●], provided however,
that the Prospectus is still valid in accordance with Article 11(2)
of the Luxembourg Prospectus Law relating to prospectuses for
securities (Loi relative aux prospectus pour valeurs mobilières),
as amended, which implements Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003
(as amended).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery.
Any supplement to the Prospectus is available for viewing in
electronic form on the website of the Luxembourg Stock
Exchange (www.bourse.lu) and on the website of Linde Group
(www.linde.com).
When using the Prospectus, each Dealer and/or relevant further
financial intermediary must make certain that it complies with all
7
applicable laws and regulations in force in the respective
jurisdictions.
In the event of an offer being made by a Dealer and/or a
further financial intermediary the Dealer and/or the further
financial intermediary shall provide information to investors
on the terms and conditions of the Notes at the time of that
offer.]
[Not applicable. No consent has been given.]
Section B – [Issuer] [Guarantor]
Element
B.1
Legal and commercial
name
Linde Aktiengesellschaft ("Linde AG")
B.2
Domicile / Legal form /
Legislation / Country of
incorporation
Linde AG is a German stock corporation (Aktiengesellschaft)
incorporated under the laws of and domiciled in the Federal
Republic of Germany.
B.4b
Known trends affecting
the Issuer and the
industries in which it
operates
Development in the global economy generally affects Linde AG's
sales and earnings and a negative economic environment may
adversely affect operating margins. In addition, significant
variations in the cost and availability of raw materials, energy,
intermediates and services may adversely affect Linde AG's
operating results.
The markets for industrial gases, plants and related services are
characterised by strong competition generally consisting of a few
large, internationally active providers and a large number of
smaller, mostly local, providers. Competition is also increasing in
the healthcare sector which is largely state-regulated. Potential
budget cuts in this area and the increasing trend towards
outsourcing by government agencies and health insurance funds
have given rise to highly competitive tendering processes which
has intensified the pressure on prices and the risk of losing
contracts.
Linde AG operates in regulated industries and changes in
regulatory controls and associated implementation of measures
to comply with regulations could negatively affect earnings.
B.5
Description of the Group
and the Issuer's position
within the Group
Linde AG is the ultimate parent company of the Linde Group.
The Linde Group consists of more than 500 subsidiaries and 35
associated companies or joint ventures worldwide in which
Linde AG has significant influence or joint control.
B.9
Profit forecast or
estimate
Not applicable. No profit forecast or estimate has been included.
B.10
Nature of any
qualifications in the audit
report on historical
financial information
Not applicable. The audit opinions with respect to the
consolidated financial statements of Linde AG for the financial
years ended 31 December 2015 and 2014 do not include any
qualifications.
B.12
Selected historical key financial information
The financial information presented below is taken from the consolidated financial statements
of Linde AG for 2015. The consolidated financial statements of Linde AG for 2015 have been
audited by KPMG AG Wirtschaftsprüfungsgesellschaft, Munich, and the financial information
for 2014 is presented as comparative information.
IN € MILLIONS
31 DECEMBER 2015
31 DECEMBER 2014
Sales
Earnings after tax and noncontrolling interests
17,944
1,149
17,047
1,102
8
Cash flow from operating activities
Total assets
Total equity
3,593
35,347
15,449
3,001
34,425
14,267
Material adverse change
in the prospects of the
Issuer
There has been no material adverse change in the prospects of
Linde AG since 31 December 2015.
Significant change in the
financial
and
trading
position
Not applicable. There has been no significant change in the
financial or trading position of Linde AG since 31 December
2015.
B.13
Recent events
Not applicable. There are no recent events since the date of the
last published audited financial statements (31 December 2015)
particular to Linde which are to a material extent relevant to the
solvency of Linde.
B.14
Please see Element B.5.
B.15
Statement of dependency
upon other entities within
the group
Not applicable. Linde AG is not dependent upon other entities
within the Linde Group.
Principal activities
Linde is one of the largest gases and engineering companies
with approximately 64,500 employees working in more than 100
countries worldwide. In the 2015 financial year, the Linde Group
generated revenue of € 17.944 billion and an operating profit
(EBITDA before nonrecurring items and including the share of
net income from associates and joint ventures) of € 4.131 billion.
The strategy of the Linde Group is geared towards long-term,
profitable growth and focuses on the development of its
international business with forward-looking products and
services. Linde is committed to technologies and products that
unite the goals of customer value and sustainable development.
Gases Division
The gases business has a long tradition at the Company and
originated with the inventions of Dr Carl von Linde, who invented
the cryogenic process thereby laying the cornerstone for today's
Gases Division. The Linde Group is a world leader in the
international gases industry. The company offers a wide range of
compressed and liquefied gases as well as chemicals and is a
partner for a variety of industries. Linde gases, such as oxygen,
nitrogen, hydrogen, helium and specialty gases, are used, for
example, in the energy sector, steel production, chemical
processing, environmental protection and welding as well as in
food processing, glass production and electronics. The Gases
Division is also investing in the expansion of its healthcare
business and is a leading global player in the development of
environmentally friendly hydrogen technologies.
Engineering Division
Linde's Engineering Division is active across the world with four
product lines: olefin plants, natural gas plants and air separation
plants, as well as hydrogen and synthesis gas plants. The
Engineering Division comprises in particular of the technology,
engineering, procurement, project management and construction
of industrial plants. Linde plants are used in a wide variety of
fields such as the petrochemical and chemical industries,
refineries and fertiliser plants, to recover air gases, to produce
hydrogen and synthesis gases, to treat natural gas and in the
pharmaceutical industry. Plants constructed by the Engineering
Division are also owned and operated by the Gases Division.
The Engineering Division is located in Pullach near Munich with
branches and subsidiaries worldwide.
9
Other Activities
Other Activities comprises in particular Gist, Linde's logistic
services business.
B.16
Controlling Persons
Not applicable. Linde AG is to its knowledge not controlled.
B.17
Credit ratings of the
Issuer or its debt
securities
Standard & Poor's Credit Market Services France SAS1,3 has
assigned the long-term credit rating of A+4 to Linde AG.
Moody's Deutschland GmbH2,3 has assigned the long-term
credit rating of A24 to Linde AG.
[The Notes have been assigned a rating of [●] by [●].]
[B.18
Nature and scope of the
Guarantee
Linde AG guarantees unconditionally and irrevocably the due
payment of interest and principal and additional amounts, if any,
for Notes issued by Linde Finance B.V.]
Section B – Issuer
[Element
B.1
Legal and commercial
name
Linde Finance B.V.
B.2
Domicile / Legal form /
Legislation / Country of
incorporation
Linde Finance B.V. is a Dutch private company with limited
liability (besloten vennotschap met beperkte aansprakelijkheid)
incorporated under the laws of and domiciled in The
Netherlands.
B.4b
Known trends affecting
the Issuer and the
industries in which it
operates
Linde Finance B.V. acts solely to facilitate the financing of the
Linde Group. The business of Linde Finance B.V. is directly
related to the extent the Linde Group utilises Linde Finance B.V.
for future funding needs. The extent future funding needs arise
depends on the development of the operating business and
investment projects of Linde AG and its subsidiaries.
B.5
Description of the Group
and the Issuer's position
within the Group
Linde Finance B.V. is a wholly-owned subsidiary of Linde
Holdings Netherlands B.V. and has no subsidiaries. Linde
Holdings Netherlands B.V. is a wholly-owned subsidiary of Linde
AG.
B.9
Profit forecast or
estimate
Not applicable. No profit forecast or estimate has been included.
B.10
Nature of any
qualifications in the
audit report on historical
financial information
Not applicable. The audit opinions with respect to the financial
statements of Linde Finance B.V. for the financial years ended
31 December 2015 and 2014 do not include any qualifications.
B.12
Selected historical key financial information
The financial information presented below is taken from the unconsolidated financial
statements of Linde Finance B.V. for 2015. The unconsolidated financial statements of Linde
Finance B.V. for 2015 have been audited by KPMG Accountants N.V., Amstelveen, and the
financial information for 2014 is presented as comparative information.
1
2
3
4
Standard & Poor's Credit Market Services France SAS is established in the European Community and is registered under
Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating
agencies, as amended (the "CRA Regulation").
Moody's Deutschland GmbH is established in the European Community and is registered under the CRA Regulation.
The European Securities and Markets Authority publishes on its website (http://www.esma.europa.eu/page/List-registeredand-certified-CRAs) a list of credit rating agencies registered in accordance with the CRA Regulation. That list is updated
within five working days following the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European
Commission shall publish that update list in the Official Journal of the European Union within 30 days following such update.
A credit rating assesses the creditworthiness of an entity and informs an investor therefore about the probability of the entity
being able to redeem invested capital. It is not a recommendation to buy, sell or hold securities and may be revised or
withdrawn by the rating agency at any time.
10
In € Thousands
Interest income
Net interest result
Net profit after taxation
Total assets
Share capital
31 December 2015
587,938
25,642
17,543
11,897,582
5,000
31 December 2014
595,684
22,462
17,161
12,202,621
5,000
Material adverse change
in the prospects of the
Issuer
There has been no material adverse change in the prospects of
Linde Finance B.V. since 31 December 2015.
Significant change in the
financial and trading
position
Not applicable. There has been no significant change in the
financial or trading position of Linde Finance B.V. since
31 December 2015.
B.13
Recent events
Not applicable. There are no recent events particular to Linde
Finance B.V. which are to a material extent relevant to the
solvency of Linde Finance B.V.
B.14
Please see Element B.5.
Statement of
dependency upon other
entities within the group
Linde Finance B.V. is a fully owned subsidiary of Linde Holdings
Netherlands B.V., which is, in turn, a fully owned subsidiary of
Linde AG.
B.15
Principal activities
Linde Finance B.V. engages in several activities in the field of
finance. Linde Finance B.V. serves as a vehicle for the financing
activities of the Linde Group including the issuance of bonds as
well as performing certain administrative functions.
B.16
Controlling Persons
Linde Holdings Netherlands B.V. is the sole shareholder of Linde
Finance B.V. Linde AG is the sole shareholder of Linde Holdings
Netherlands B.V.
B.17
Credit ratings of the
Issuer or its debt
securities
Standard & Poor's Credit Market Services France SAS1,3 has
assigned the credit rating of A+4 to Linde Finance B.V.
Moody's Deutschland GmbH2,3 has assigned the credit rating of
A24 to Linde Finance B.V.
[The Notes have been assigned a rating of [●] by [●].]
B.19
Summary information
about the Guarantor
Please see Linde AG - B.1 to B.18;
In the case of an issue of Notes by Linde Finance B.V. insert the
information under Linde AG - B.1 to B.18 into the summary of
the individual issue of Notes under this Element B.19 and
number the Elements about Linde AG as Guarantor as follows:
B.19 B.1., etc.]
1
2
3
4
11
Element
C.1
Section C – Securities
Class and type of the
Notes / Security
Identification Number
Class
The Notes are unsecured.
[Fixed Rate Notes
The Notes bear interest at a fixed rate throughout the entire term
of the Notes].
[Floating Rate Notes
The Notes will bear interest at a rate determined [(and as
adjusted for the applicable margin)] on the basis of a reference
rate appearing on the agreed screen page of a commercial
quotation service.]
[Zero Coupon Notes
There will not be any periodic payments of interest on the
Notes.]
ISIN
[●]
Common Code
[●]
WKN
[●]
C.2
Currency
The Notes are issued in [●]
C.5
Restrictions on free
transferability
Not applicable. The Notes are freely transferable.
C.8
Rights attached to the
Notes (including ranking
of the Notes and
limitations to those
rights)
[Early redemption in the case of fixed rate Notes or zero
coupon Notes
The Notes can be redeemed prior to their stated maturity [at the
option of the] [Issuer,] [and] [or] [the holders of the Notes (the
"Holders")] [or] for taxation reasons, for reason of minimal
outstanding aggregate principal amount, for reasons of a change
of control in respect of Linde AG or upon the occurrence of an
event of default.]
[Early redemption in the case of floating rate Notes
The Notes can be redeemed prior to their stated maturity [at the
option of the Issuer, or] for taxation reasons, for reason of
minimal outstanding aggregate principal amount, for reasons of
a change of control in respect Linde AG or upon the occurrence
of an event of default.]
[Early Redemption at the option of the [Issuer] [and][or] [the
Holders] at specified redemption amount(s) in the case of
fixed rate Notes or zero coupon Notes
The Notes can be redeemed at the option of the [Issuer]
[and][or] [the Holders] upon giving notice within the specified
notice period to [the Holders] [or] [the Issuer][, as the case may
be,] on a date or dates specified prior to such stated maturity
and at the specified redemption amount(s), in the case of fixed
rate Notes, together with accrued interest to, but excluding, the
relevant redemption date.]
12
[Early redemption at the option of the Issuer at the principal
amount of the respective Note in the case of floating rate
Notes
The Notes can be redeemed in whole or in part at the option of
the Issuer for the first time on [●] and on each interest payment
date thereafter upon giving notice within the specified notice
period to the Holders at the principal amount of the respective
Note together with accrued interest to, but excluding, the
relevant redemption date.]
[Early Redemption at the option of the Issuer for
Inconvertibility, Non-transferability or Illiquidity in the case
of fixed rate Notes denominated in Renminbi
If by reason of Inconvertibility, Non-transferability or Illiquidity the
Issuer is not able to satisfy in full payments in respect of the
Notes when due in Renminbi in Hong Kong, the Issuer may
redeem the Notes at the U.S. Dollar Equivalent of the Early
Redemption Amount together (if applicable) with the U.S. Dollar
Equivalent of the interest accrued to (but excluding) the date of
redemption.]
Early redemption for taxation reasons
Early Redemption of the Notes for reasons of taxation will be
permitted, if as a result of any change in, or amendment to the
laws or regulations (including any amendment to, or change in,
an official interpretation or application of such laws or
regulations), of [in the case of Notes issued by Linde AG the
Federal Republic of Germany] [in case of Notes issued by Linde
Finance B.V. the Netherlands or the Federal Republic of
Germany] or any political subdivision or taxing authority thereof
or therein affecting taxation or the obligation to pay duties of any
kind, the Issuer [or, in case of Notes issued by Linde Finance
B.V., the Guarantor,] will become obligated to pay additional
amounts on the Notes.
Early Redemption for reason of minimal outstanding
aggregate principal amount
The Notes provide for the option of the Issuer to call and redeem
the Notes at [their principal amount, in the case of floating rate
Notes] [or, as the case may be, their early redemption amount,
in the case of fixed rate Notes or zero coupon Notes] [together
with accrued interest to, but excluding, the relevant redemption
date, in the case of fixed rate Notes or floating rate Notes] in the
event that the Issuer [in case of Notes issued by Linde Finance
B.V., the Guarantor] or any subsidiary has purchased Notes
equal to or in excess of 75% of the aggregate principal amount
of the Notes initially issued.
Early redemption for reasons of a change of control in
respect of Linde AG
The Notes provide for the option of the Holders to demand
redemption of Notes at their [principal amount, in the case of
floating rate Notes] [or, as the case may be, their early
redemption amount, in the case of fixed rate Notes or zero
coupon Notes] [together with accrued interest to, but excluding,
the relevant redemption date, in the case of fixed rate Notes or
floating rate Notes] in the event of a change of control in respect
of Linde AG.
Early redemption in an event of default (including cross
default)
The Notes provide for events of default (including cross default)
entitling Holders to demand immediate redemption of Notes [at
13
their principal amount together with accrued interest to, but
excluding, the relevant redemption date in the case of fixed rate
Notes or floating rate Notes] [or, in the case of zero coupon
Notes, at their early redemption amount].
Status of the Notes
The obligations under the Notes constitute unsecured and
unsubordinated obligations of the Issuer ranking pari passu
among themselves and pari passu with all other unsecured and
unsubordinated obligations of the Issuer except for any
obligations preferred by law.
Negative pledge
The Terms and Conditions of the Notes contain a negative
pledge provision of the Issuer.
Resolutions of Holders
In accordance with the German Act on Debt Securities of 2009
(Schuldverschreibungsgesetz – "SchVG") the Notes contain
provisions pursuant to which Holders may agree by resolution to
amend the Terms and Conditions (with the consent of the
Issuer) and to decide upon certain other matters regarding the
Notes. Resolutions of Holders properly adopted, either in a
meeting of Holders or by vote taken without a meeting in
accordance with the Terms and Conditions, are binding upon all
Holders. Resolutions providing for material amendments to the
Terms and Conditions require a majority of not less than 75% of
the votes cast. Resolutions regarding other amendments are
passed by a simple majority of the votes cast.
C.9
Please see Element C.8.
Interest rate
[[●] % per annum in the case of fixed rate Notes.]
[In the case of floating rate Notes [EURIBOR][LIBOR for the
specified currency] [AUD-BBR-BBSW] [[plus][minus] the margin
[of [●] % per annum] for each interest period.]
[In the case of zero coupon Notes Not applicable. No periodic
payments of interest.]
Interest commencement
date
[The issue date of the Notes.] [Not applicable for zero coupon
Notes. No periodic payments of interest.]
Interest payment dates
[●] [Not applicable for zero coupon Notes. No periodic payments
of interest.]
Underlying on which
interest rate is based
[Not applicable in the case of fixed rate Notes. The interest rate
is not based on an underlying.]
[EURIBOR][LIBOR for the specified currency] [AUD-BBRBBSW]
[Not applicable in the case of zero coupon Notes. No periodic
payments of interest.]
Maturity date including
repayment procedures
[[●] in the case of fixed rate Notes or zero coupon Notes]
[In the case of floating rate Notes the interest payment date
falling in [the redemption month].]
Payment of principal in respect of Notes shall be made to the
Clearing System or to its order for credit to the accounts of the
relevant account holders of the Clearing System.
Indication of yield
[[●] % per annum]
[Not applicable in the case of floating rate Notes. No yield is
calculated.]
Name of representative
of the Holders
[Not applicable. In accordance with the SchVG the Notes
provide that the Holders may by majority resolution appoint a
representative for all Holders (the "Holders' Representative").
14
The responsibilities and functions assigned to the Holders'
Representative appointed by a resolution are determined by the
SchVG and by majority resolutions of the Holders.]
[[●] has been designated in the Terms and Conditions of the
Notes as representative for all Holders (the "Holders'
Representative"). The duties, rights and functions of the
Holders' Representative are determined by the relevant
provisions of the Terms and Conditions.]
C.10
C.11
Please see Element C.9.
Explanation how the
value of the investment
is affected in the case
the Notes have a
derivative component in
the interest payment
Not applicable. [The interest payment has no derivative
component.] [No periodic payments of interest.]
Admission to trading on
a regulated market or
equivalent market
Regulated market of the [Luxembourg Stock Exchange]
[Frankfurt Stock Exchange].
Element
Section D - Risks
Risks specific to Linde AG as [Issuer] [Guarantor]
D.2
Key information on the
key risks that are
specific to the Issuer
• The economic environment and market crises may adversely
affect Linde's business and financial position.
• Natural disasters, pandemics or terrorist acts may adversely
affect Linde's financial position and operating results.
• Crises and other developments in politically unstable
countries could adversely affect Linde's business and
financial position.
• The availability, quality and cost of raw materials, energy,
input materials and intermediate products could have a
material adverse effect on Linde's profitability and financial
position.
• Noncompliance with laws and/or regulations and the
introduction of new laws and/or regulations might negatively
affect Linde's competitiveness, business and financial
position.
• Product liability claims, litigation, administrative proceedings
and other legal and regulatory risks may adversely affect
Linde's business and financial position.
• Linde is subject to risks arising from complex major projects.
• Stoppages in and technical failures of production plants
could result in loss of earnings, damage to the Group's
reputation, penalties and liabilities to customers and other
persons and may adversely affect Linde's business and
financial position.
• Non-compliance with environmental and safety standards
may result in serious damages and may adversely affect
Linde's business and financial position.
• In the markets for industrial gases, healthcare, engineering
and related services, strong competition may adversely
affect Linde's business, profitability and financial position.
• Cost pressure in the healthcare sector and the current trend
towards outsourcing by government agencies and health
insurance funds bear a greater risk that the planned growth
15
and profitability targets cannot be met.
• Low oil prices could have a material adverse effect on
Linde's business, financial condition and results of
operations.
• Failure to access or develop technology and gases
applications could have a material impact on Linde's future
business and results.
• Due to the high level of volatility in energy prices and the
price of raw materials, there is a risk of insufficient pricing in
respect of contracts with Linde’s suppliers and such
insufficient pricing could have a significant impact on Linde's
financial condition and results.
• Defaults in connection with the execution and
commercialisation of existing and future projects could have
a material adverse effect on Linde's business, financial
condition and results of operation.
• Linde may be subject to inadequate insurance coverage.
• Linde is exposed to credit risks, counterparty risks, interest
rate risks, exchange rate risks and other financial risks.
• Linde is exposed to risks arising out of its pension liabilities.
• Linde is subject to risks adhering to the purchase and sale of
companies.
• Failure to identify and execute growth and productivity
opportunities may adversely affect Linde's profitability and
competitive position.
• Linde is subject to risks in connection with future changes in
taxation and uncertain tax environments. Future tax audits of
Linde may lead to additional tax claims which could have a
material adverse effect on Linde's financial position.
• Linde is subject to risks due to limited labour resources.
There is no guarantee that Linde will succeed in the future in
hiring and retaining the required number of qualified staff. In
addition, Linde is subject to the general risk of industrial
action.
• Linde is subject to risks associated with the use of
information technology.
• A disability to protect intellectual property or an infringement
of intellectual property by third parties may have a material
impact on Linde's competitiveness, profitability and financial
position.
• There may be risks which are unknown to Linde or which are
currently believed to be immaterial which could, however,
have a material adverse effect on Linde's business,
competitive position, financial position and results of
operations.
[Risks specific to Linde Finance B.V.
D.2
key risks that are
specific to the Issuer
Linde Finance is a finance entity for the Linde Group. As such, it
raises funding and lends these funds to companies within the
Linde Group by way of short and long term inter company loans.
Typically, the terms of those inter company loans match the
payment obligations of Linde Finance under the Notes issued by
it to fund those loans. In the event that a company fails to make
a payment under an inter company loan, Linde Finance may not
be able to meet its own payment obligations under the Notes
issued by it.]
16
Risks specific to the Securities
D.3
key risks that are
specific to the securities
Notes may not be a suitable Investment for all Investors
Each potential investor in Notes must determine the suitability of
that investment in light of its own circumstances.
Currency Risk
A Holder of Notes denominated in another currency than its
home currency is exposed to the risk, that changes in currency
exchange rates may affect the yield of such Notes.
Liquidity Risk
There can be no assurance that a liquid secondary market for
the Notes will develop or, if it does develop, that it will continue.
In an illiquid market, an investor might not be able to sell his
Notes at any time at fair market prices. The possibility to sell the
Notes might additionally be restricted by country specific
reasons.
Risk of Early Redemption
A Holder of Notes is exposed to the risk that due to early
redemption his investment will have a lower than expected yield.
Also, the Holder may only be able to reinvest on less favourable
conditions as compared to the original investment.
Market Price Risk
The Holder of Notes is exposed to the risk of an unfavourable
development of market prices of its Notes, which materialises if
the Holder sells the Notes prior to the final maturity of such
Notes.
[Fixed Rate Notes
A Holder of Fixed Rate Notes is exposed to the risk that the
price of such Notes falls as a result of changes in the market
interest rate.]
[Floating Rate Notes
A Holder of Floating Rate Notes is exposed to the risk of
fluctuating interest rate levels and uncertain interest income.
Fluctuating interest rate levels make it impossible to determine
the profitability of Floating Rate Notes in advance.]
[Zero Coupon Notes
A holder of Zero Coupon Notes is exposed to the risk that the
price of such Note falls as a result of changes in the market
interest rate. Prices of Zero Coupon Notes are more volatile than
prices of Fixed Rate Notes and are likely to respond to a greater
degree to market interest rate changes than interest bearing
notes with a similar maturity.]
Since the Terms and Conditions of the Notes provide for
resolutions of Holders of a series of Notes, either to be passed in
a meeting of Holders or by vote taken without a meeting, a
Holder is subject to the risk that its rights against the Issuer
under the Terms and Conditions of the relevant series of Notes
or against the Guarantor under the Guarantee (in the case of
Notes issued by Linde Finance) are amended, reduced or even
cancelled by a majority resolution of the Holders. As resolutions
properly adopted are binding on all Holders, certain rights of
such Holder against the Issuer under the Terms and Conditions
may be amended or reduced or even cancelled.
Holders' Representative
Since the Terms and Conditions of the Notes provide for the
appointment of a Holders' Representative, it is possible that a
17
Holder may be deprived of its individual right to pursue and
enforce its rights under the Terms and Conditions against the
Issuer or the Guarantor (in case of Notes issued by Linde
Finance), such right passing to the Holders' Representative who
is then responsible to claim and enforce the rights of all Holders.
[Renminbi ("RMB") denominated fixed rate Notes
RMB is not freely convertible; there are significant restrictions on
remittance of RMB into and outside the People's Republic of
China (the "PRC"). In the event that funds cannot be repatriated
outside the PRC in RMB, this may affect the overall availability
of RMB outside the PRC and the ability of the relevant Issuer to
source RMB to finance its obligations under RMB Notes.
There is only limited availability of RMB outside the PRC, which
may affect the liquidity of the RMB Notes and the relevant
Issuer’s ability to source RMB outside the PRC to service the
RMB Notes.
The RMB Notes are subject to exchange rate risks concerning
RMB and euro. The value of the RMB payments may vary with
the prevailing exchange rates. If the value of the RMB
depreciates against the euro or other applicable foreign
currency, the value of a Holder’s investment in euro or other
applicable foreign currency will decline.]
Element
Section E – Offer of the Securities
E.2b
Reasons for the offer and
use of proceeds when
different from making
profit and/or hedging
certain risks
[The net proceeds from the issue will be used for general
financing purposes of the Linde Group companies.]
[●]
E.3
A description of the
terms and conditions of
the offer
[No public offer is being made or contemplated.]
The total amount of the [issue] [offer] is [●].
[The offer period commences on [●] and ends on [●].]
[The minimum subscription amount is [●].]
[The maximum subscription amount is [●].]
[The expected price at which the Notes will be offered is [●].]
[●]
E.4
Any interest that is
material to the issue/offer
including conflicting
interests
[●]
E.7
Estimated expenses
charged to the investor
by the issuer or the
offeror
[●]
18
GERMAN TRANSLATION OF THE SUMMARY
DEUTSCHE ÜBERSETZUNG DER ZUSAMMENFASSUNG
Zusammenfassungen sind zusammengesetzt aus Offenlegungspflichten, die als "Punkte" benannt sind.
Diese Punkte sind in die Abschnitte A – E (A.1 – E.7) nummeriert.
Diese Zusammenfassung (die "Zusammenfassung") enthält alle Punkte, die in eine Zusammenfassung für
diese Art von Schuldverschreibungen und die Emittentin aufzunehmen sind. Da einige Punkte nicht zu
berücksichtigen sind, kann die Nummerierung Lücken aufweisen.
Auch wenn ein Punkt wegen der Art der Schuldverschreibungen und der Emittenten in die
Zusammenfassung aufgenommen werden muss, ist es möglich, dass bezüglich dieses Punktes keine
relevante Information gegeben werden kann. In einem solchen Fall ist in der Zusammenfassung eine kurze
Beschreibung des Punktes unter Bezeichnung als "nicht anwendbar" enthalten.
Die Zusammenfassung enthält durch eckige Klammern oder Kursivschreibung gekennzeichnete Optionen
und Leerstellen bezüglich der Schuldverschreibungen, die unter dem Programm begeben werden können.
Die Zusammenfassung der einzelnen Emission der Schuldverschreibungen wird die nur für diese Emission
von Schuldverschreibungen relevanten Optionen, wie durch die Endgültigen Bedingungen festgelegt, und
die ausgelassenen, durch die Endgültigen Bedingungen vervollständigten Leerstellen beinhalten.
Punkt
A.1
A.2
Abschnitt A – Einleitung und Warnhinweise
Warnhinweise
Zustimmung zur
Verwendung des
Prospektes
Warnhinweis, dass

die Zusammenfassung als
verstanden werden sollte;

sich der Anleger bei jeder Entscheidung in die
Schuldverschreibungen zu investieren, auf den Prospekt als
Ganzen stützen sollte;

ein Anleger, der wegen der in dem Prospekt enthaltenen
Angaben Klage einreichen will, nach den nationalen
Rechtsvorschriften seines Mitgliedstaats möglicherweise für
die Übersetzung des Prospekts aufkommen muss, bevor das
Verfahren eingeleitet werden kann; und

zivilrechtlich nur die Emittentinnen haften, die die
Zusammenfassung samt etwaiger Übersetzungen vorgelegt
und übermittelt haben, und dies auch nur für den Fall, dass
die Zusammenfassung verglichen mit den anderen Teilen
des Prospekts irreführend, unrichtig oder inkohärent ist oder
verglichen mit den anderen Teilen des Prospekts
wesentliche Angaben, die in Bezug auf Anlagen in die
betreffenden
Wertpapiere
für
die
Anleger
eine
Entscheidungshilfe darstellen, vermissen lassen.
Einleitung
zum
Prospekt
[Jeder Platzeur und/oder jeder weitere Finanzintermediär, der
die emittierten Schuldverschreibungen nachfolgend weiter
verkauft oder endgültig platziert, ist berechtigt, den Prospekt für
den späteren Weiterverkauf oder die endgültige Platzierung der
Schuldverschreibungen während der Angebotsperiode für den
späteren Weiterverkauf oder die endgültige Platzierung vom [●]
bis [●] zu verwenden, vorausgesetzt jedoch, dass der Prospekt
in Übereinstimmung mit Artikel 11 Absatz 2 des geänderten
Luxemburger Wertpapierprospektgesetzes (Loi relative aux
prospectus pour valeurs mobilières), welches die geänderte
Richtlinie 2003/71/EG des Europäischen Parlaments und des
Rates vom 4. November 2003 umsetzt, noch gültig ist.
Der Prospekt darf potentiellen Investoren nur zusammen mit
sämtlichen bis zur Übergabe veröffentlichten Nachträgen
übergeben werden. Jeder Nachtrag zum Prospekt kann in
19
elektronischer Form auf der Internetseite der Wertpapierbörse
Luxemburg (www.bourse.lu) und der Internetseite des Linde
Konzerns (www.linde.com) eingesehen werden.
Bei der Nutzung des Prospektes hat jeder Platzeur und/oder
jeweiliger weiterer Finanzintermediär sicherzustellen, dass er
alle anwendbaren, in den jeweiligen Jurisdiktionen geltenden
Gesetze und Rechtsvorschriften beachtet.
Für den Fall, dass ein Platzeur und/oder weiterer
Finanzintermediär ein Angebot macht, informiert dieser
Platzeur und/oder weiterer Finanzintermediär die Anleger
zum
Zeitpunkt
der
Angebotsvorlage
über
die
Angebotsbedingungen der Schuldverschreibungen.]
[Nicht anwendbar. Die Zustimmung wurde nicht erteilt.]
Punkt
Abschnitt B – [Emittentin] [Garantin]
B.1
Gesetzliche und
kommerzielle
Bezeichnung
Linde Aktiengesellschaft ("Linde AG")
B.2
Sitz / Rechtsform /
geltendes Recht/ Land
der Gründung
Linde AG ist eine nach dem Recht der Bundesrepublik
Deutschland gegründete deutsche Aktiengesellschaft mit Sitz in
der Bundesrepublik Deutschland.
B.4b
Bereits bekannte Trends,
die sich auf den
Emittenten und die
Branchen, in denen er
tätig ist, auswirken
Die Entwicklung des globalen ökonomischen Umfelds
beeinflusst grundsätzlich auch die Umsätze und das Ergebnis
der Linde AG. Ein negatives wirtschaftliches Umfeld in den
Absatzmärkten kann die operativen Margen der Linde AG
nachteilig beeinflussen. Zusätzlich können Schwankungen von
Beschaffungskosten und die Verfügbarkeit von Rohstoffen,
Energie, Zwischenprodukten und Dienstleistungen das operative
Ergebnis der Linde AG negativ beeinflussen.
Die Märkte für Industriegase und Industriegasanlagen und die
dazugehörigen Dienstleistungen sind durch einen hohen
Wettbewerb gekennzeichnet. Auf diesen Märkten sind einige
große Anbieter und eine Vielzahl kleinerer, meist regionaler
Anbieter aktiv. Auch in der Gesundheitsbranche, die großenteils
staatlich reguliert ist, nimmt der Wettbewerb zu. Mögliche
Haushaltskürzungen in diesem Bereich und der zunehmende
Trend staatlicher Einrichtungen und Krankenkassen zur
Auslagerung
haben
zu
sehr
wettbewerbsintensiven
Ausschreibungsverfahren geführt, die den Preisdruck und das
Risiko des Verlusts von Aufträgen erhöht haben.
Linde AG ist in regulierten Branchen tätig und regulatorische
Änderungen können die Geschäftstätigkeit sowie das Ergebnis
der Linde AG negativ beeinflussen.
B.5
Beschreibung der
Gruppe und der Stellung
des Emittenten innerhalb
dieser Gruppe
Linde AG ist die Muttergesellschaft der Linde-Gruppe. Die
Linde-Gruppe besteht aus mehr als 500 Tochterunternehmen
und 35 assoziierten Unternehmen bzw. Joint Ventures weltweit,
auf die die Linde AG signifikanten Einfluss oder über die die
Linde AG gemeinsame Kontrolle ausübt.
B.9
Gewinnprognosen oder schätzungen
Nicht anwendbar. Es wurden keine Gewinnprognosen oder schätzungen aufgenommen.
B.10
Art etwaiger
Einschränkungen im
Bestätigungsvermerk zu
den historischen
Finanzinformationen
Nicht anwendbar. Die Bestätigungsvermerke in Bezug auf die
Konzernabschlüsse der Linde AG für die zum 31. Dezember
2015 und 2014 endenden Geschäftsjahre enthält keine
Einschränkungen.
20
B.12
Ausgewählte wesentliche historische Finanzinformationen
Die nachstehend dargestellten Finanzinformationen wurden dem Konzernabschluss 2015 der
Linde AG entnommen. Der Konzernabschluss 2015 der Linde AG wurde von der KPMG AG
Wirtschaftsprüfungsgesellschaft, München, geprüft und die Finanzinformationen für 2014
dienen als Vergleichsinformationen.
IN € MILLIONEN
Umsatz
Ergebnis nach Steuern und
Anteilen anderer Gesellschafter
Cash Flow aus betrieblicher
Tätigkeit
Bilanzsumme
Eigenkapital
31. DEZEMBER 2015
31. DEZEMBER 2014
17.944
1.149
17.047
1.102
3.593
3.001
35.347
15.449
34.425
14.267
Wesentliche
Verschlechterung der
Aussichten des
Emittenten
Seit dem 31. Dezember 2015 sind keine wesentlichen
nachteiligen Veränderungen in den Aussichten der Linde AG
eingetreten.
Signifikante
Veränderungen in der
Finanz- bzw.
Handelsposition
Nicht anwendbar. Seit dem 31. Dezember 2015 sind keine
wesentlichen Veränderungen in der Finanzlage oder der
Handelsposition der Linde AG eingetreten.
B.13
Letzte Ereignisse
Entfällt. Es gibt keine Ereignisse aus der jüngsten Zeit der
Geschäftstätigkeit von Linde seit dem letzten veröffentlichten
geprüften Jahresabschluss (31. Dezember 2015), die für die
Bewertung der Zahlungsfähigkeit von Linde in hohem Maße
relevant sind.
B.14
Bitte siehe Element B.5.
B.15
Angabe zur Abhängigkeit
von anderen
Unternehmen innerhalb
der Gruppe
Nicht anwendbar. Die Linde AG ist nicht von anderen
Unternehmen innerhalb des Linde Konzerns abhängig.
Haupttätigkeiten
Linde ist eines der größten Gase- und Engineeringunternehmen,
das mit ungefähr 64.500 Mitarbeitern in mehr als 100 Ländern
tätig ist. Im Geschäftsjahr 2015 erwirtschaftete der Linde
Konzern einen Gesamtumsatz von € 17,944 Mrd. und ein
operatives Ergebnis (EBITDA vor Sondereinflüssen und
inklusive des anteiligen Ergebnisses aus verbundenen
Unternehmen und Joint Ventures) von € 4,131 Mrd. Die
Strategie der Linde Group ist auf langfristiges, profitables
Wachstum
ausgerichtet.
Die
Weiterentwicklung
des
internationalen Geschäfts mit zukunftsweisenden Produkten und
Dienstleistungen steht dabei im Mittelpunkt. Linde entwickelt
Technologien und Produkte, die Kundennutzen mit einem
Beitrag zur nachhaltigen Entwicklung verbinden.
Gases Division
Das Geschäft mit Gasen hat bei der Gesellschaft eine lange
Tradition und geht auf die Erfindungen von Dr. Carl von Linde
zurück, der das Kryogenverfahren erfand und damit den
Grundstein für die heutige Gases Division legte. Die Gases
Division nimmt im internationalen Gasemarkt eine weltweit
führende Position ein. Das Unternehmen bietet eine breite
Palette an Druck- und Flüssiggasen sowie Chemikalien und ist
Partner für unterschiedlichste Industrien. Gase von Linde, wie
z.B. Sauerstoff, Stickstoff, Wasserstoff, Helium und Spezialgase,
21
werden beispielsweise im Energiesektor, in der Stahlproduktion,
der Chemieverarbeitung, dem Umweltschutz, dem Schweißen
sowie in der Lebensmittelverarbeitung, der Glasproduktion und
der Elektronik eingesetzt. Darüber hinaus baut die Linde Group
ihre Healthcare-Sparte aus und ist zudem eines der weltweit
führenden Unternehmen in der Weiterentwicklung der
umweltfreundlichen Wasserstoff-Technologien.
Die Engineering Division von Linde ist weltweit mit vier
Produktlinien
aktiv:
Olefin-Anlagen,
Erdgas-Anlagen,
Luftzerlegungs-Anlagen sowie Wasserstoff- und SynthesegasAnlagen. Die Engineering Division umfasst insbesondere die
Technologie, das Engineering, die Beschaffung, die
Projektleitung und den Bau von Industrie-Anlagen. Linde
Anlagen werden für Projekte in den verschiedensten Bereichen,
in der Petrochemie und der chemischen Industrie, bei
Raffinerien und Düngemittelfabriken, für die Gewinnung von
Luftgasen, zur Erzeugung von Wasserstoff und Synthesegasen,
zur Erdgasbehandlung sowie in der pharmazeutischen Industrie
eingesetzt. Von der Engineering Division errichtete Anlagen
gehören auch der Gases Division und werden von dieser
betrieben.
Die Engineering Division hat ihren Hauptsitz in Pullach bei
München
und
weltweite
Niederlassungen
und
Tochtergesellschaften.
Sonstige Aktivitäten
Das Segment Sonstige Aktivitäten beinhaltet insbesondere die
Gist Division, Linde’s Geschäftsbereich für Logistikdienstleistungen.
1
2
3
4
B.16
Beherrschungsverhältnis
Nicht anwendbar. Die Linde AG wird ihrer Kenntnis nach nicht
von einer anderen Gesellschaft beherrscht.
B.17
Kreditratings der
Emittentin oder ihrer
Schuldtitel
Der Linde AG wurde von Standard & Poor's Credit Market
Services France SAS1,3 das langfristige Kreditrating A+4 erteilt.
Der Linde AG wurde von Moody's Deutschland GmbH2,3 das
langfristige Kreditrating A24 erteilt.
[Den Schuldverschreibungen wurde das Rating [●] von [●]
erteilt.]
[B.18
Art und Umfang der
Garantie
Linde AG garantiert die pünktliche Zahlung von Zinsen und
Kapital sowie von etwaigen zusätzlichen Beträgen, die unter den
Schuldverschreibungen, die von der Linde Finance B.V.
begeben wurden, zu zahlen sind.]
Standard & Poor's Credit Market Services France SAS hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß
der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über
Ratingagenturen, in der jeweils geltenden Fassung (die "Ratingagentur-Verordnung") registriert.
Moody's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Ratingagentur-Verordnung registriert.
Die
Europäische
Wertpapier
und
Marktaufsichtsbehörde
veröffentlicht
auf
ihrer
Webseite
(http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) ein Verzeichnis der nach der RatingagenturVerordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines
Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission
veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der
Aktualisierung.
Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die
Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung
Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder
zurückgenommen werden.
22
[Punkt
Abschnitt B – Emittentin
B.1
Gesetzliche und
kommerzielle
Bezeichnung
Linde Finance B.V.
B.2
Sitz / Rechtsform /
geltendes Recht/ Land
der Gründung
Linde Finance B.V. ist eine nach dem Recht der Niederlande
gegründete niederländische Gesellschaft mit beschränkter
Haftung (besloten vennotschap met beperkte aansprakelijkheid)
mit Sitz in den Niederlanden.
B.4b
Bereits bekannte Trends,
die sich auf den
Emittenten und die
Branchen, in denen er
tätig ist, auswirken
Linde Finance B.V. hat ausschließlich die Aufgabe die
Finanzierung der Linde-Gruppe zu unterstützen. Das Geschäft
von Linde Finance B.V. steht direkt in Bezug zu dem Umfang, in
dem die Linde-Gruppe die Linde Finance B.V. für zukünftigen
Finanzierungsbedarf einsetzt. Der Umfang, in dem zukünftiger
Finanzierungsbedarf entsteht, hängt von der Entwicklung des
operativen Geschäfts und den Investitionen der Linde AG und
ihrer Tochterunternehmen ab.
B.5
Beschreibung der
Gruppe und der Stellung
des Emittenten innerhalb
dieser Gruppe
Linde Finance B.V. ist eine 100%ige Tochter der Linde Holdings
Netherlands B.V. und hat keine eigenen Tochtergesellschaften.
Linde Holdings Netherlands B.V. ist eine 100%ige Tochter der
Linde AG.
B.9
Gewinnprognosen oder schätzungen
Nicht anwendbar. Es wurden keine Gewinnprognosen oder schätzungen aufgenommen.
B.10
Art etwaiger
Einschränkungen im
Bestätigungsvermerk zu
den historischen
Finanzinformationen
Nicht anwendbar. Die Bestätigungsvermerke in Bezug auf die
Jahresabschlüsse der Linde Finance B.V. für die zum
31. Dezember 2015 und 2014 endenden Geschäftsjahre
enthalten keine Einschränkungen.
B.12
Ausgewählte wesentliche historische Finanzinformationen
Die nachstehend dargestellten Finanzinformationen wurden dem nicht konsolidierten
Jahresabschluss 2015 der Linde Finance B.V. entnommen. Der nicht konsolidierten
Jahresabschluss 2015 der Linde Finance B.V. wurde von KPMG Accountants N.V.,
Amstelveen, geprüft und die Finanzinformationen für 2014 dienen als Vergleichsinformationen.
IN € TAUSEND
Zinserträge
Zinsergebnis
Ergebnis nach Steuern
Bilanzsumme
Stammkapital
B.13
31. DEZEMBER 2015
31. DEZEMBER 2014
587.938
25.642
17.543
11.897.582
5.000
595.684
22.462
17.161
12.202.621
5.000
Wesentliche
Verschlechterung der
Aussichten des
Emittenten
Seit dem 31. Dezember 2015 sind keine wesentlichen
nachteiligen Veränderungen in den Aussichten der Linde
Finance B.V. eingetreten.
Signifikante
Veränderungen in der
Finanzbzw.
Handelsposition
Nicht anwendbar. Seit dem 31. Dezember 2015 sind keine
wesentlichen Veränderungen in der Finanzlage oder der
Handelsposition der Linde AG eingetreten.
Letzte Ereignisse
Nicht anwendbar. Es gibt keine Ereignisse aus der jüngsten Zeit
der Geschäftstätigkeit von Linde Finance B.V., die für die
Bewertung der Zahlungsfähigkeit von Linde Finance B.V. in
hohem Maße relevant sind.
23
B.14
Bitte siehe Element B.5.
Angabe zur Abhängigkeit
von anderen
Unternehmen innerhalb
der Gruppe
Linde Finance B.V. ist eine 100%ige Tochter der der Linde
Holdings Netherlands B.V., die wiederum eine 100%ige Tochter
der Linde AG ist.
B.15
Haupttätigkeiten
Linde Finance B.V. ist in verschiedenen Finanzbereichen aktiv.
Linde
Finance
B.V.
ist
ein
Vehikel
für
die
Finanzierungsaktivitäten der Unternehmen der Linde-Gruppe
einschließlich der Begebung von Schuldverschreibungen sowie
der Durchführung bestimmter administrativer Aufgaben.
B.16
Beherrschungsverhältnis
Linde Holdings Netherlands B.V. ist der einzige Gesellschafter
der Linde Finance B.V. Linde AG ist der einzige Gesellschafter
der Linde Holdings Netherlands B.V.
B.17
Kreditratings
Emittentin
oder
Schuldtitel
der
ihrer
Der Linde Finance B.V. wurde von Standard & Poor's Credit
Market Services France SAS1,3 das Kreditrating A+4 erteilt.
Der Linde Finance B.V. wurde von Moody's Deutschland
GmbH2,3 das Kreditrating A24 erteilt.
[Den Schuldverschreibungen wurde das Rating [●] von [●]
erteilt.]
B.19
Zusammenfassende
Informationen in Bezug
auf die Garantin
Siehe Linde AG - B.1 bis B.18;
Im Fall einer Emission von Schuldverschreibungen durch die
Linde Finance B.V. die Informationen unter Linde AG - B.1 to
B.18 in die emissionspezifische Zusammenfassung unter
diesem Element B.19 einfügen und die Elemente in Bezug auf
Linde AG als Garantin wie folgt nummerieren: B.19 B.1, etc.]
Punkt
C.1
Abschnitt C – Wertpapiere
Gattung und Art der
Schuldverschreibungen /
Wertpapierkennnummer
Gattung
Die Schuldverschreibungen sind nicht besichert.
[Fest verzinsliche Schuldverschreibungen
Die Schuldverschreibungen werden mit einem festen Zinssatz
über die gesamte Laufzeit der Schuldverschreibungen verzinst.]
[Variabel verzinsliche Schuldverschreibungen
Die Schuldverschreibungen werden mit einem Zinssatz verzinst
[(angepasst um die anwendbare Marge)], der auf der Basis
eines Referenzzinssatzes bestimmt wird, der auf der
vereinbarten Bildschirmseite eines Kursdienstes angezeigt wird.]
[Nullkupon-Schuldverschreibungen
Es erfolgen keine periodischen Zinszahlungen
Schuldverschreibungen.]
1
2
3
4
auf
die
Standard & Poor's Credit Market Services France SAS hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß
der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom 16. September 2009 über
Ratingagenturen, in der jeweils geltenden Fassung (die "Ratingagentur-Verordnung") registriert.
Moody's hat seinen Sitz in der Europäischen Gemeinschaft und ist gemäß der Ratingagentur-Verordnung registriert.
Die
Europäische
Wertpapier
und
Marktaufsichtsbehörde
veröffentlicht
auf
ihrer
Webseite
(http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) ein Verzeichnis der nach der RatingagenturVerordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf Werktagen nach Annahme eines
Beschlusses gemäß Artikel 16, 17 oder 20 der Ratingagentur-Verordnung aktualisiert. Die Europäische Kommission
veröffentlicht das aktualisierte Verzeichnis im Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der
Aktualisierung.
Ein Kreditrating ist eine Einschätzung der Kreditwürdigkeit einer Rechtsperson und informiert den Anleger daher über die
Wahrscheinlichkeit mit der die Rechtsperson in der Lage ist, angelegtes Kapital zurückzuzahlen. Es ist keine Empfehlung
Wertpapiere zu kaufen, zu verkaufen oder zu halten und kann jederzeit durch die Ratingagentur geändert oder
zurückgenommen werden.
24
ISIN
[●]
Common Code
[●]
WKN
[●]
C.2
Währung
Die Schuldverschreibungen sind in [●] begeben.
C.5
Beschränkungen der
freien Übertragbarkeit
Nicht anwendbar.
übertragbar.
C.8
Rechte, die mit den
Schuldverschreibungen
verbunden sind
(einschließlich Rang der
und Beschränkungen
dieser Rechte)
[Vorzeitige Rückzahlung im Fall von festverzinslichen
Schuldverschreibungen oder Nullkupon-Schuldverschreibungen
Die Schuldverschreibungen sind vor Ablauf ihrer festgelegten
Laufzeit [nach Wahl] [der Emittentin[,] [und][oder] [der
Gläubiger,] aus steuerlichen Gründen, bei geringem
ausstehendem Gesamtnennbetrag, bei Eintritt eines Kontrollwechsels bei der Linde AG oder eines Kündigungsereignisses
rückzahlbar.]
Die
sind
frei
[Vorzeitige Rückzahlung im Fall von variabel verzinslichen
Die Schuldverschreibungen sind vor Ablauf ihrer festgelegten
Laufzeit [nach Wahl der Emittentin,] aus steuerlichen Gründen,
bei geringem ausstehendem Gesamtnennbetrag, bei Eintritt
eines Kontrollwechsels bei der Linde AG oder eines
Kündigungsereignisses rückzahlbar.]
[Vorzeitige Rückzahlung nach Wahl der [Emittentin]
[und/oder] [der Gläubiger] zu dem(n) festgelegten
Rückzahlungsbetrag(beträgen) im Fall von festverzinslichen
Schuldverschreibungen oder Nullkupon-Schuldverschreibungen
Die Schuldverschreibungen sind nach Wahl der [Emittentin]
[und/oder] [der Gläubiger] unter Einhaltung der festgelegten
Kündigungsfrist durch Kündigung gegenüber [den Gläubigern]
[oder] [der Emittentin] rückzahlbar, und zwar zu dem(n)
festgelegten Zeitpunkt(en) vor der angegebenen Fälligkeit und
zu dem(n) festgelegten Rückzahlungsbetrag(beträgen), im Fall
von festverzinslichen Schuldverschreibungen, nebst etwaigen
bis
zum
jeweiligen
Rückzahlungstag
(ausschließlich)
aufgelaufenen Zinsen.]
[Vorzeitige Rückzahlung nach Wahl der Emittentin zum
Nennbetrag der jeweiligen Schuldverschreibung im Fall von
variabel verzinslichen Schuldverschreibungen
Die Schuldverschreibungen sind nach Wahl der Emittentin
insgesamt oder teilweise erstmals am [●] und danach an jedem
darauf folgenden Zinszahlungstag unter Einhaltung der
festgelegten Kündigungsfrist durch Kündigung gegenüber den
Gläubigern zum Nennbetrag der jeweiligen Schuldverschreibung
nebst etwaigen bis zum jeweiligen Rückzahlungstag
(ausschließlich) aufgelaufenen Zinsen rückzahlbar.]
[Vorzeitige Rückzahlung nach Wahl der Emittentin wegen
Fehlender Konvertierbarkeit, Fehlender Übertragbarkeit
oder Illiquidität im Fall von festverzinslichen, auf Renminbi
lautenden Schuldverschreibungen
Falls die Emittentin aufgrund Fehlender Konvertierbarkeit,
Fehlender Übertragbarkeit oder Illiquidität nicht in der Lage ist,
Zahlungen in Bezug auf die Schuldverschreibungen bei
25
Fälligkeit vollständig in Renminbi in Hongkong zu leisten, kann
die Emittentin die Schuldverschreibungen gegenüber den
Gläubigern kündigen und zum USD-Gegenwert des Vorzeitigen
Rückzahlungsbetrages zuzüglich des USD-Gegenwerts etwaiger
bis zum für die Rückzahlung festgesetzten Tag (ausschliesslich)
aufgelaufener Zinsen zurückzahlen.]
Vorzeitige Rückzahlung aus Steuergründen
Die vorzeitige Rückzahlung der Schuldverschreibungen aus
steuerlichen Gründen ist zulässig, falls als Folge einer Änderung
oder Ergänzung der Gesetze oder Vorschriften (einschließlich
einer Änderung oder Ergänzung der Anwendung oder der
offiziellen Auslegung dieser Gesetze oder Vorschriften) [im Fall
von Schuldverschreibungen, die von der Linde AG begeben
werden der Bundesrepublik Deutschland] [im Fall von
Schuldverschreibungen, die von der Linde Finance B.V.
begeben werden der Niederlande oder der Bundesrepublik
Deutschland] oder deren politischen Untergliederungen oder
Steuerbehörden, die Emittentin [oder, im Falle von
Schuldverschreibungen, die von Linde Finance B.V. begeben
werden, die Garantin] zur Zahlung zusätzlicher Beträge auf die
Schuldverschreibungen verpflichtet ist, wie im Einzelnen in den
Anleihebedingungen der Schuldverschreibungen dargelegt.
Vorzeitige Rückzahlung bei geringem ausstehendem
Gesamtnennbetrag
Die Schuldverschreibungen gewähren der Emittentin das Recht,
die Rückzahlung ihrer Schuldverschreibungen zu [ihrem
Nennbetrag
im
Fall
von
variabel
verzinslichen
Schuldverschreibungen]
[bzw.,
ihrem
vorzeitigen
Rückzahlungsbetrag
im
Fall
von
festverzinslichen
Schuldverschreibungen und Nullkupon-Schuldverschreibungen]
[nebst etwaigen bis zum jeweiligen Rückzahlungstag
(ausschließlich)
aufgelaufenen
Zinsen,
im
Fall
von
festverzinslichen
und
variabel
verzinslichen Schuldverschreibungen] zu verlangen, sofern die
Emittentin [im Falle von Schuldverschreibungen, die von Linde
Finance B.V. begeben werden, die Garantin] oder eine
Tochtergesellschaft
in
einem
Gesamtnennbetrag von 75% oder mehr des ursprünglich
begebenen Gesamtnennbetrages der Schuldverschreibungen
erworben hat.
Vorzeitige Rückzahlung bei Eintritt eines Kontrollwechsels
bei der Linde AG
Die Schuldverschreibungen gewähren den Gläubigern das
Recht, die Rückzahlung ihrer Schuldverschreibungen zu [ihrem
Nennbetrag
im
Fall
von
variabel
verzinslichen
Schuldverschreibungen]
[bzw.,
ihrem
vorzeitigen
Rückzahlungsbetrag
im
Fall
von
festverzinslichen
Schuldverschreibungen und Nullkupon-Schuldverschreibungen]
[nebst etwaigen bis zum jeweiligen Rückzahlungstag
(ausschließlich)
aufgelaufenen
Zinsen
im
Fall
von
festverzinslichen
und
variabel
verzinslichen Schuldverschreibungen] zu verlangen, sofern ein
Kontrollwechsel bei der Linde AG eingetreten ist.
Vorzeitige Rückzahlung bei Eintritt eines Kündigungsereignisses (einschließlich Drittverzug)
Die
sehen
Kündigungsgründe
(einschließlich einer Kündigung im Fall eines Drittverzugs
(Cross-Default) vor, die die Gläubiger berechtigen, die
unverzügliche Rückzahlung ihrer Schuldverschreibungen [zum
26
Nennbetrag nebst etwaigen bis zum jeweiligen Rückzahlungstag
(ausschließlich)
aufgelaufener
Zinsen
im
Fall
von
festverzinslichen
und
variabel
verzinslichen Schuldverschreibungen] [oder, im Fall von
Nullkupon-Schuldverschreibungen,
zum
vorzeitigen
Rückzahlungsbetrag] zu verlangen.
Status der Schuldverschreibungen
Die Schuldverschreibungen begründen nicht besicherte und
nicht nachrangige Verbindlichkeiten der Emittentin, die
untereinander und mit allen anderen nicht besicherten und nicht
nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind
mit Ausnahme von Verbindlichkeiten, die nach geltenden
Rechtsvorschriften vorrangig sind.
Negativerklärung
Die Bedingungen der Schuldverschreibungen enthalten eine
Negativverpflichtung der Emittentin.
Gläubigerbeschlüsse
In Übereinstimmung mit dem Schuldverschreibungsgesetz 2009
("SchVG") sehen die Schuldverschreibungen vor, dass die
Gläubiger durch Beschluss (mit Zustimmung der Emittentin)
Änderungen der Anleihebedingungen zustimmen und gewisse
sonstige Maßnahmen in Bezug auf die Schuldverschreibungen
beschließen. Beschlüsse der Gläubiger können nach Maßgabe
der
Anleihebedingungen
entweder
in
einer
Gläubigerversammlung oder im Wege der Abstimmung ohne
Versammlung gefasst werden und sind für alle Gläubiger
verbindlich. Beschlüsse der Gläubiger, durch welche der
wesentliche Inhalt der Anleihebedingungen geändert wird,
bedürfen einer Mehrheit von mindestens 75% der an der
Abstimmung teilnehmenden Stimmrechte. Sonstige Beschlüsse
bedürfen der einfachen Mehrheit der teilnehmenden
Stimmrechte.
C.9
Bitte siehe Element C.8.
Zinssatz
[[●]% per annum im Fall
Schuldverschreibungen Notes.]
von
fest
verzinslichen
[Im Fall von variabel verzinslichen Schuldverschreibungen der
[EURIBOR][LIBOR für die festgelegte Währung] [AUD-BBRBBSW] [[zuzüglich][abzüglich] die Marge [in Höhe von [●]% per
annum] für jede Zinsperiode.]
[Im
Fall
von
Nullkupon-Schuldverschreibungen
Nicht
anwendbar. Es erfolgen keine periodischen Zinszahlungen.]
Verzinsungsbeginn
[Begebungstag der Schuldverschreibungen.] [Nicht anwendbar
im Fall von Nullkupon-Schuldverschreibungen. Es erfolgen keine
periodischen Zinszahlungen.]
Zinszahlungstage
[●]
[Nicht
anwendbar
Schuldverschreibungen Es
Zinszahlungen.]
Basiswert auf dem der
Zinssatz basiert
[Nicht
anwendbar
im
Fall
von
fest
verzinslichen
Schuldverschreibungen. Der Zinssatz basiert nicht auf einem
Basiswert.]
im
Fall
von
Nullkuponerfolgen keine periodischen
[EURIBOR][LIBOR für die festgelegte Währung] [AUD-BBRBBSW]
[Nicht
anwendbar
Schuldverschreibungen.
Zinszahlungen.]
im
Es
Fall
erfolgen
von
keine
Nullkuponperiodischen
27
Fälligkeitstag
einschließlich
Rückzahlungsverfahren
[[●] im Fall von fest verzinslichen Schuldverschreibungen und
Nullkupon-Schuldverschreibungen.]
[Im Fall von variabel verzinslichen Schuldverschreibungen am in
den [Rückzahlungsmonat] fallenden Zinszahlungstag.]
Zahlungen auf Kapital in Bezug auf die Schuldverschreibungen
erfolgen an das Clearing System oder dessen Order zur
Gutschrift auf den Konten der jeweiligen Kontoinhaber des
Clearing Systems.
Rendite
[[●]% per annum]
[Nicht anwendbar im Fall von variabel verzinslichen
Schuldverschreibungen. Es wird keine Rendite berechnet.]
Name des Vertreters der
Inhaber der
[Nicht anwendbar. In Übereinstimmung mit dem SchVG sehen
die Schuldverschreibungen vor, dass die Gläubiger durch
Beschluss einen gemeinsamen Vertreter bestellen können. Die
Aufgaben und Befugnisse des durch Beschluss bestellten
gemeinsamen Vertreters bestimmen sich nach dem SchVG
sowie den Mehrheitsbeschlüssen der Gläubiger.]
[[●] ist in den Anleihebedingungen der Schuldverschreibungen
als gemeinsamer Vertreter der Gläubiger bestellt. Die Aufgaben
und Befugnisse des gemeinsamen Vertreters bestimmen sich
nach den Anleihebedingungen.]
C.10
C.11
Bitte siehe Element C.9.
Erläuterung wie der Wert
der Anlage beeinflusst
wird, falls die
eine derivative
Komponente bei der
Zinszahlung aufweisen
Nicht anwendbar. [Die Zinszahlung weist keine derivative
Komponente
auf.]
[Es
erfolgen
keine
periodischen
Zinszahlungen.]
Einführung in einen
regulierten Markt oder
einem gleichwertigen
Markt
Regulierter Markt der [Luxemburger
[Frankfurter Wertpapierbörse].
Punkt
Wertpapierbörse]
Abschnitt D – Risiken
Risiken, die der Linde AG als [Emittentin] [Garantin] eigen sind
D.2
Zentrale Angaben zu den
zentralen Risiken, die
dem Emittenten eigen
sind
• Das wirtschaftliche Umfeld und Marktkrisen können Lindes
Geschäft und finanzielle Lage negativ beeinflussen.
• Krisen und andere Entwicklungen in politisch instabilen
Ländern können Lindes Geschäft und finanzielle Lage
negativ beeinflussen.
• Naturkatastrophen, Seuchen oder terroristische Anschläge
können Lindes finanzielle Lage und Betriebsergebnis
beeinträchtigen.
• Die Verfügbarkeit, Qualität und Kosten von Rohmaterialien,
Energie, Hilfsmaterialien sowie Zwischenprodukten können
einen materiellen negativen Einfluss auf Lindes Profitabilität
und finanzielle Lage haben.
• Ein Verstoß gegen bestehende gesetzliche und/oder
regulatorische Vorschriften oder die Einführung neuer
gesetzlicher und/oder regulatorischer Vorschriften können
Lindes Wettbewerbsfähigkeit, Geschäft und finanzielle Lage
negativ beeinflussen.
28
• Produkthaftungsklagen,
Gerichtsprozesse,
behördliche
Verfahren und andere rechtliche und regulatorische Risiken
können Lindes Geschäft und finanzielle Lage negativ
beeinflussen.
• Linde ist Risiken
ausgesetzt.
aus
großen
komplexen
Projekten
• Unterbrechungen und technische Fehler in der Produktion
können
zu
Ertragsausfällen,
Reputationsschäden,
Strafzahlungen
und
Schadensersatzverpflichtungen
gegenüber Kunden und anderen Personen führen und
Lindes Geschäft und finanzielle Lage negativ beeinflussen.
• Eine Nichteinhaltung der Umwelt- und Sicherheitsstandards
kann zu ernsthaften Schäden führen und Lindes Geschäft
und finanzielle Lage negativ beeinflussen.
• Starker Wettbewerb in den Märkten für Industriegase,
Gesundheit, Anlagenbau und dazugehörige Dienstleistungen
kann Lindes Geschäft, Profitabilität und finanzielle Lage
beeinträchtigen.
• Kostendruck im Gesundheitswesen und der gegenwärtige
Trend
zum
Outsourcing
seitens
Behörden
und
Krankenkassen bergen das Risiko, dass geplante
Wachstums- und Profitabilitätsziele nicht erreicht werden
können..
• Niedrige Ölpreise können Lindes Geschäft, finanzielle Lage
und Ergebnis beeinträchtigen.
• Ein fehlender Zugang zu oder eine mangelhafte Entwicklung
von Technologien und Gaseanwendungen können einen
wesentlichen Einfluss auf Lindes zukünftiges Geschäft und
Lindes zukünftige Ergebnisse haben.
• Aufgrund der stark schwankenden Preise für Energie und
Rohstoffe
besteht
das
Risiko
unzureichender
Preisgestaltung im Hinblick auf die Verträge mit Linde‘s
Zulieferern und solche unzureichenden Preisgestaltungen
können einen wesentlichen Einfluss auf Linde's finanzielle
Lage und Ergebnisse haben.
• Leistungsstörungen
im
Zusammenhang
mit
der
Durchführung und Kommerzialisierung bestehender und
künftiger Projekte können Lindes Geschäft, finanzielle Lage
und Betriebsergebnis negativ beeinflussen.
• Linde
kann
dem
Risiko
eines
Versicherungsschutzes ausgesetzt sein.
unzureichenden
• Linde ist Kreditrisiken, Adressausfallrisiken, Zinsrisiken,
Währungsrisiken und anderen finanziellen Risiken
ausgesetzt.
• Linde ist Risiken aus Pensionsverbindlichkeiten ausgesetzt.
• Linde ist Risiken aus dem Erwerb und dem Verkauf von
Unternehmen ausgesetzt.
• Die mangelhafte Identifizierung und Umsetzung von
Wachstums- und Produktivitätssteigerungsmöglichkeiten
kann Lindes Profitabilität und Wettbewerbsposition
beeinträchtigen.
• Linde ist Risiken im Zusammenhang mit einer künftigen
Änderung der Besteuerung und unsicherer steuerlicher
Rahmenbedingungen
ausgesetzt.
Zukünftige
Betriebsprüfungen
können
zu
zusätzlichen
Steuerverbindlichkeiten führen, die Lindes finanzielle Lage
wesentlich beeinträchtigen.
29
• Linde ist einem Risiko aufgrund beschränkter personeller
Ressourcen ausgesetzt. So kann nicht garantiert werden,
dass Linde auch zukünftig beim Einstellen oder Halten
qualifizierter Mitarbeiter erfolgreich ist. Des Weiteren ist
Linde dem allgemeinen Risiko von Arbeitskampfmaßnahmen
ausgesetzt.
• Linde ist Risiken im Zusammenhang mit der Nutzung von
Informationstechnologie ausgesetzt.
• Mangelnder Schutz des geistigen Eigentums oder eine
Verletzung des geistigen Eigentums durch Dritte können
einen
wesentlichen
Einfluss
auf
Lindes
Wettbewerbsfähigkeit, Profitabilität und finanzielle Lage
haben.
• Es kann Risiken geben, die Linde nicht bekannt sind oder
die momentan als nicht wesentlich eingeschätzt werden, die
jedoch einen wesentlichen nachteiligen Effekt auf Lindes
Geschäft, Wettbewerbsposition, finanzielle Lage und
operatives Ergebnis haben können.
[Risiken, die der Linde Finance B.V. eigen sind
D.2
dem Emittenten eigen
sind
Linde Finance ist eine Gesellschaft für Finanzierungsaktivitäten
der Linde-Gruppe. Als solche besteht ihre Aufgabe in der
Aufnahme und Weiterleitung von Kapital für Gesellschaften der
Linde-Gruppe in Form konzerninterner kurz- und langfristigen
Darlehen. In der Regel entsprechen die Konditionen dieser
konzerninternen Darlehen den Zahlungsverpflichtungen der
Linde Finance aus
Schuldverschreibungen, die das
Unternehmen zur Finanzierung dieser Darlehen ausgibt. Falls
eine Konzerngesellschaft mit ihren Zahlungen für ein
konzerninternes Darlehen in Verzug gerät, ist Linde Finance
unter Umständen nicht in der Lage, ihren eigenen
Zahlungsverpflichtungen aus den von ihr ausgegebenen
Schuldverschreibungen nachzukommen.]
Risiken, die den Wertpapieren eigen sind
D.3
den Wertpapieren eigen
sind
Schuldverschreibungen als nicht für alle Investoren
geeignetes Investment
Jeder potentielle Anleger in Schuldverschreibungen muss die
Geeignetheit dieser Investition unter Berücksichtigung seiner
eigenen Lebensverhältnisse einschätzen.
Währungsrisiko
Der Gläubiger von Schuldverschreibungen, die auf eine andere
Währung als seine Heimatwährung lauten, ist dem Risiko
ausgesetzt, dass Wechselkursschwankungen die Rendite solcher
Schuldverschreibungen beeinflussen können.
Liquiditätsrisiko
Es besteht keine Gewissheit, dass ein liquider Sekundärmarkt für
Schuldverschreibungen entstehen wird, oder sofern er entsteht,
dass er fortbestehen wird. In einem illiquiden Markt könnte es
sein, dass ein Anleger seine Schuldverschreibungen nicht
jederzeit zu angemessenen Marktpreisen veräußern kann. Die
Möglichkeit, Schuldverschreibungen zu veräußern, kann darüber
hinaus aus landesspezifischen Gründen eingeschränkt sein.
Risiko der vorzeitigen Rückzahlung
Der Gläubiger von Schuldverschreibungen ist dem Risiko
ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine
Kapitalanlage eine geringere Rendite als erwartet aufweisen wird.
Außerdem besteht die Möglichkeit, dass der Gläubiger der
30
Schuldverschreibungen eine Wiederanlage nur zu schlechteren
als den Bedingungen des ursprünglichen Investments tätigen
kann.
Marktpreisrisiko
Der Gläubiger von Schuldverschreibungen ist dem Risiko
nachteiliger
Entwicklungen
der
Marktpreise
seiner
Schuldverschreibungen ausgesetzt, welches sich verwirklichen
kann, wenn der Gläubiger seine Schuldverschreibungen vor
Endfälligkeit veräußert.
[Festverzinsliche Schuldverschreibungen
Der Gläubiger von festverzinslichen Schuldverschreibungen ist
dem Risiko ausgesetzt, dass der Kurs einer solchen
Schuldverschreibung infolge von Veränderungen des aktuellen
Marktzinssatzes fällt.]
[Variabel verzinsliche Schuldverschreibungen
Der Gläubiger von variabel verzinslichen Schuldverschreibungen
ist dem Risiko eines schwankenden Zinsniveaus und ungewisser
Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es
unmöglich,
die
Rendite
von
variabel
verzinslichen
Schuldverschreibungen im Voraus zu bestimmen.]
[Nullkupon-Schuldverschreibungen
Der Gläubiger von Nullkupon-Schuldverschreibungen ist dem
Risiko
ausgesetzt,
dass
der
Kurs
einer
solchen
Schuldverschreibung
infolge
von
Veränderungen
des
Marktzinssatzes
fällt.
Kurse
von
NullkuponSchuldverschreibungen
sind
volatiler
als
Kurse
von
festverzinslichen Schuldverschreibungen und reagieren in
höherem Maße auf Veränderungen des Marktzinssatzes als
verzinsliche Schuldverschreibungen mit einer ähnlichen Laufzeit.]
Beschlüsse der Gläubiger
Da die Anleihebedingungen der Schuldverschreibungen
Beschlüsse der Gläubiger einer Serie von Schuldverscheibungen
im Rahmen einer Gläubigerversammlung oder durch
Abstimmung ohne Versammlung vorsehen, ist ein Gläubiger dem
Risiko ausgesetzt, dass seine Rechte gegenüber der Emittentin
oder
gegenüber
der
Garantin
(im
Fall
von
Schuldverschreibungen, die von Linde Finance begeben wurden)
durch einen Mehrheitsbeschluss der Gläubiger geändert,
eingeschränkt oder aufgehoben werden. Da ein solcher
Mehrheitsbeschluss für alle Gläubiger verbindlich ist, können
bestimmte Rechte des Gläubigers gegen die Emittentin aus den
Anleihebedingungen geändert, eingeschränkt oder sogar
aufgehoben werden.
Gemeinsamer Vertreter
Da die Anleihebedingungen der Schuldverschreibungen die
Bestellung eines gemeinsamen Vertreters vorsehen, ist es für
einen Gläubiger möglich, dass sein persönliches Recht zur
Geltendmachung und Durchsetzung seiner Rechte aus den
Anleihebedingungen gegenüber der Emittentin oder gegenüber
der Garantin (im Fall von Schuldverschreibungen, die von Linde
Finance begeben wurden) auf den gemeinsamen Vertreter
übergeht, der sodann allein verantwortlich ist, die Rechte
sämtlicher Gläubiger geltend zu machen und durchzusetzen.
[In Renminbi ("RMB") denominierte festverzinsliche Schuldverschreibungen
RMB ist nicht frei konvertierbar; es gibt wesentliche
Beschränkungen der Übertragbarkeit von RMB von und in die
Volksrepublik China ("China"). Falls Mittel in RMB nicht nach
31
außerhalb Chinas zurückgeführt werden können, kann dies
allgemeine Verfügbarkeit von RMB außerhalb Chinas und
Fähigkeit der jeweiligen Emittentin, RMB zu beziehen um
Verpflichtungen aus den RMB-Schuldverschreibungen
finanzieren, beeinflussen.
die
die
die
zu
RMB sind außerhalb Chinas nur begrenzt verfügbar, was die
Liquidität der RMB-Schuldverschreibungen und die Fähigkeit der
jeweiligen Emittentin, RMB außerhalb Chinas zu beziehen um die
RMB-Schuldverschreibungen zu bedienen, beeinflussen kann.
Die RMB-Schuldverschreibungen unterliegen Wechselkursrisiken
bezüglich RMB und dem Euro. Der Wert der Zahlungen in RMB
kann gemäß der geltenden Wechselkurse schwanken. Sinkt der
Wert des RMB gegenüber dem Euro oder einer anderen
relevanten ausländischen Währung, sinkt der Wert des
Investments des Gläubigers in Euro oder einer anderen
relevanten ausländischen Währung.]
Punkt
Abschnitt E – Angebot von Wertpapieren
E.2b
Gründe für das Angebot
und Zweckbestimmung
der Erlöse, sofern diese
nicht in der
Gewinnerzielung
und/oder der Absicherung
bestimmter Risiken
liegen.
[Die Nettoerlöse der Emission werden für allgemeine
Finanzierungszwecke der Unternehmen der Linde-Gruppe
verwandt.]
[●]
E.3
Beschreibung der
Angebotskonditionen
[Ein öffentliches Angebot findet nicht statt und wird nicht in
Betracht gezogen.]
Die Gesamtsumme [der Emission] [des Angebots] beträgt [●].
[Die Angebotsfrist beginnt am [●] und endet am [●].]
[Der Mindestzeichnungsbetrag beträgt [●].]
[Der Höchstzeichnungsbetrag beträgt [●].]
[Der Preis, zu dem die Schuldverschreibungen voraussichtlich
angeboten werden, ist [●].]
[●]
E.4
Beschreibung aller für die
Emission/das Angebot
wesentlichen, auch
kollidierenden Interessen.
[●]
E.7
Schätzung der Ausgaben,
die dem Anleger vom
Emittenten oder Anbieter
in Rechnung gestellt
werden.
[●]
32
RISK FACTORS
The following is a disclosure of risk factors that are material to the Notes issued under the Programme in
order to assess the market risk associated with these Notes and risk factors that may affect each of the
Issuer's ability to fulfil its obligations under the Notes and the Guarantee and Negative Pledge in the case of
Linde AG.
Risk Factors regarding the Issuers
Risk Factors regarding Linde AG as Issuer and Guarantor
The following is a disclosure of risk factors that may affect Linde AG's ability to fulfil its obligations under the
Notes and the Guarantee. Prospective investors should consider these risk factors before deciding to
purchase Notes issued under the Programme.
Prospective investors should consider all information provided in this Prospectus and consult with their own
professional advisers if they consider it necessary. In addition, investors should be aware that the risks
described may combine and thus intensify one another.
At present, there are no identifiable risks that could jeopardize the continued operations of Linde. However,
there are a number of businesses or operational factors that could adversely affect Linde's operations,
revenues, financial position, cash flows and results. These include:
Risks arising from economic environment and market crises
As a company with global operations, Linde is dependent on the development of the global economy. A
number of risk factors are responsible for the uncertainty regarding the future development of the global
economy. The main structural challenge facing the global economy remains the high level of sovereign debt
in key European economies, as well as in the US and major emerging markets.
Uncertainty regarding the nature, scope and time of structural reforms to reduce sovereign debt and
generate steady growth could put a damper on the investment climate and pose a risk to the forecasted
growth outlook in the medium term. The uncertain future relationship between the United Kingdom and the
European Union, as well as the related economic consequences, could also have a negative impact on the
investment climate and the growth prospects for Europe. The uncertainty regarding the stability of the
positive growth outlook for the US and the future monetary policy pursued by the US Federal Reserve, as
well as its impact on the currencies and economies of the emerging markets, are risk factors for the global
economy. Interest rate policy measures could put the economies of these countries under pressure and
result in increased volatility on the financial markets, with a potential negative impact on the global
economy.
The risk of a more pronounced growth slowdown than expected on the Asian and other high-growth
markets, as well as the possibility of a continued weak economic environment in the South Pacific region,
could have a negative impact on the global economy.
Further economic risks could arise from the uncertain political development of the world's geopolitical crisis
spots. In particular, the global increase in the risk of terrorism could prompt short-term economic slumps.
These economic risks and the further development of oil prices are interrelated. A prolonged phase of low
oil prices would increase the risk of mounting insolvency rates among fracking companies in the US or state
bankruptcies of countries that are heavily relant on oil, both of which would have a negative impact on the
financial markets and the global economy. Particularly for the Engineering Division, the uncertainty
regarding the further development in the oil price poses a risk to the achievement of short-term order intake
targets. Potential customers in the petrochemical and natural gas processing industry could well postpone
their investment plans further if the climate of uncertainty continues. When it comes to integrated gases
projects in the energy sector, the reluctance to invest among customers is also a risk that affects the Gases
Division.
Should the global economy or the economies of certain key countries weaken significantly, there would be
the threat of lost sales, a potential lack of new business and an increase in the risk of bad debts in the
operating business due to the increasing inability of customers to make payments.
Risks due to natural disasters, pandemics or terrorist acts
33
A risk to Linde's employees and to the business, net assets, financial position and results of operations of
the Group is also posed by natural disasters, pandemics and terrorist acts or other criminal attacks. These
risks may also have an indirect impact on Linde if the Group's customers are significantly affected by any of
them.
Risks in politically unstable countries
Linde's business is exposed to economic, political and legal risks due to the international nature of its
business. Some of the countries in which Linde manufactures or offers services or into which it exports are
subject to significantly reduced economic, political, social and legal stability.
Potential risks the Group might encounter in different countries include in particular the nationalisation or
expropriation of assets, legal risks, the prohibition of capital transfers, bad debts with government
institutions, war, terrorist attacks and other unrest. There could also be an indirect negative impact on
Linde's business outside of a region directly affected by the relevant crisis if Linde customers in other
countries were to change their investment and business plans as a result of the relevant political unrest or
due to any imposition or escalation of sanctions.
There is also the fundamental risk that embargoes might be agreed for certain countries in which Linde
operates, which could have an adverse impact on existing trading relations or investment plans which are in
place before the embargo comes into force.
Risks relating to the availability, quality and cost of required materials, energy, products and services
Linde is exposed to risks relating to the availability, quality and cost of raw materials, energy, input
materials, intermediate products and services. These factors, which are involved – inter alia – with the
dependence on major suppliers, may have a material adverse effect on Linde's profitability and financial
position.
Where take-or-pay agreements have been concluded with gases suppliers, sales risks might possibly arise
for the Group if it has not also entered into corresponding agreements with customers. These procurement
contracts often provide that compensation must be paid by Linde if there is a premature termination or if
Linde buys less than the quantities originally specified. Such compensations could have a significant impact
on Linde's financial condition and results. Risks may also arise for the Linde Group if long-term procurement
contracts are not matched by sales contracts covering a similarly long period.
Risks of legal and regulatory requirements
Linde is subject to various legal and regulatory requirements. There is a risk that Linde will be exposed to
civil and criminal liability for failure to comply with these legal and regulatory requirements which could
create significant cost and might have a material adverse effect on Linde's business and its profitability and
financial position. Further, changes in the laws and regulations and new interpretations of existing laws may
also affect permissible activities and the relative costs associated with doing business and thus might also
have a material adverse effect on Linde's profitability and financial position. Particularly in the Healthcare
product area, which is largely state-regulated, regulatory changes could have material adverse effects on
Linde's profitability or on the opportunities for developing new business.
Some operations of the Linde Group are subject to a particularly extensive legal and regulatory framework,
including numerous laws aiming at preventing fraud and abuse, marketing, billing, documenting and record
keeping, and an expanded regulatory oversight. A greater degree of regulatory scrutiny, together with an
extensive legal and regulatory framework, increases the risks that the relevant operations will fail to comply
with the applicable laws and regulations and be exposed to civil and criminal liability. This could have a
material adverse effect on Linde's competitiveness, profitability and financial position.
The Linde Group is also affected by measures being taken to regulate the international financial markets. In
a variety of jurisdictions, Linde must comply with comprehensive rules and reporting requirements when
processing financial transactions. Breaches of these rules and requirements may incur significant penalties
from the relevant supervisory authorities.
Furthermore, Linde cannot completely exclude the possibility that it may become subject of investigations
by antitrust, competition or other authorities and be ordered to pay related fines which may have a
significant impact on Linde’s business and financial condition.
34
Risks of product liability claims and other legal risks
With its international operations, the Linde Group is exposed to numerous legal risks. These may include, in
particular, risks relating to product liability, competition and antitrust law, export control, data protection,
patent law, procurement law, tax legislation and environmental protection in the countries where the Linde
Group operates, including countries such as the United States, where legal risks – in particular legal risks
stemming from class action product liability - have historically been more significant than in other countries.
The outcome of current pending or future proceedings and investigations can often not be predicted with
certainty. Legal or regulatory judgements or agreed settlements may give rise to significant losses, costs
and expenses which are not covered, or not fully covered, by insurance benefits. Such losses, costs and
expenses may have a material adverse impact on the business, earnings and financial position of the
Group.
Risks arising from major projects
Complex and major projects such as plant construction make specific demands on the risk management. In
particular Linde's Engineering Division handles significant contracts which may have a volume of several
hundred million euro or more and may extend over a number of years. Typically, the Engineering Division is
involved in the design and construction of turnkey plants. Potential risks may arise as a result of the
costings and execution of such complex projects which are subject to uncertainties. Risks may include
amongst others unexpected technical problems, supply bottlenecks and quality problems with suppliers of
major components, unforeseen developments during on-site assembly and problems with its partners or
subcontractors. Such problems may cause project delays and cost overruns which could have a material
adverse effect on Linde's business, financial condition and results of operations.
Risk of stoppages in and technical failures of production plants
Linde operates technologically complex and interconnected production plants and builds such plants for
customers. Any stoppage in or any technical failure of such plants could result in serious damage through
accidents, loss of production or custom and therefore revenue and reputation, or could result in penalties
and liability to customers and other persons. Production of Linde's own plants as well as the assembly of
customer's plants may be affected by loss of suppliers or interruptions in the delivery of raw materials, parts,
subassemblies or components.
Environmental and Safety Risks and Risks associated with products and services of Linde
The manufacturing and sale of products as well as the construction of plants by the Linde Group may give
rise to risks associated with the production, filling, storage, handling and transport of raw materials, goods
or waste. Industrial gases are potentially hazardous substances and medical gases and the related
healthcare services must comply with the relevant specifications in order to not adversely affect the health
of patients treated with them.
These products and services, if not handled or performed appropriately, might lead to personal injuries,
business interruptions, environmental damages or other significant damages which may result in a number
of negative consequences, including but not limited to:
•
•
•
•
Liability payments, losses, monetary penalties or compensation payments;
environmental clean-up costs or other costs and expenses;
exclusion from certain market sectors deemed important for future development of the business
(such as medical gases); and
loss of reputation.
In addition, Linde cannot exclude any product defects or inadequate provision of services. Risks associated
with products and services may result in negative consequences such as potential liability claims, contracts
failing to be extended and damage to the Group's reputation.
Such consequences could have a material adverse effect on Linde’s business, financial condition and
results of operations.
35
Competition Risks
The markets for industrial gases, plants and related services are characterised by strong competition
generally consisting of a few large, internationally active providers and a large number of smaller, mostly
local, providers. Since industrial gases are difficult or very expensive to transport over long distances,
market share in regions where a provider is already present with production plants can frequently only be
expanded or maintained by measures to displace competitors, resulting in intensive price competition.
Large providers, in particular, seek to gain or maintain market shares by offering low prices and attractive
payment terms. This means that sometimes only low margins can be attained with the products and
services they offer. There is also intense competition in the plant construction market, which is
characterised primarily by the small number of large and financially strong competitors, and for the
development of competitive products that involve high expenditures in research and development. All the
markets in which Linde Group is active are also characterised by a trend towards consolidation that has
already been ongoing for several years, and Linde expects this trend to continue. This could give rise to
larger enterprise units with bundled purchasing power and cost-effective structures, which in turn would
increase competition even further. Given the current competitive situation, Linde might be unsuccessful in
achieving adequate margins, which could have a material adverse effect on its business, financial condition
and results of operations.
Existing or new competitors that may appear may develop their current products and technologies further or
create alternative ones that are more attractively priced, offer higher quality or are more appealing for other
reasons than Linde's products. If new or better developed products can be offered at more attractive prices,
or if such products are more attractive than Linde's products for other reasons such as a higher degree of
functionality, demand for Linde's products would fall, which could have a material adverse effect on Linde's
business, financial condition and results of operations.
Competition is also increasing in the healthcare sector which is largely state-regulated. Potential budget
cuts in this area and the increasing trend towards outsourcing by government agencies and health
insurance funds have given rise to highly competitive tendering processes which has intensified the
downward pressure on prices and the risk of losing contracts. In addition, changes in the law (for example,
with regard to case-based lump sums or outsourcing and tendering processes) could have an adverse
effect on Linde's revenues and profitability or on the opportunities for developing new business in certain
countries.
Sales risks in the Healthcare product area
In the Healthcare product area, cost pressure in the healthcare sector and the current trend towards
outsourcing by government agencies and health insurance funds means there is a greater risk that the
planned growth and profitability targets cannot be met. These factors are especially evident in sales
markets in the United States and in Europe.
Sales risks associated with sustained low oil prices
Oil prices started falling continually from the summer of 2014, a trend that took the markets completely by
surprise. Particularly for the Engineering Division, the uncertainty regarding the further development in the
oil price poses a risk to the achievement of short-term order intake targets. Potential customers in the
petrochemical and natural gas processing industry could well postpone their investment plans further if the
climate of uncertainty continues. When it comes to integrated gases projects in the energy sector, the
reluctance to invest among customers is also a risk that affects the Gases Division. Therefore, low oil prices
could have a material adverse effect on Linde's business, financial condition and results of operations.
Development of, or access to, technology to support business growth
Linde's success is dependent in part on its continued investment in technologies to develop new products
and services across all businesses, new applications for existing products or to design effective means for
producing industrial gases. Innovative projects differ from normal capital expenditure projects because of
their novelty. Generally, the more innovative the project, the greater the risks attached to it. Despite the
great opportunities for growth which may be presented by the activities of Linde's research departments,
there is a risk that, due to the high level of complexity of the technologies and markets and the fast rate of
change associated with them, projects might be postponed, or might not be able to proceed for
technological, economic, legal, or safety reasons. The collaboration with research and development
partners can give rise to additional risks to the projects' success, e.g. the risk that a partner becomes
36
insolvent. On the other hand, there is also the risk that competitors might develop new technologies faster
or in a more sustainable manner than Linde and then launch them onto the market and through this present
a threat to Linde's core technologies. Failure to access or develop technology or anticipate, manage or
adopt technological changes in operations or product applications on a timely basis could have a material
impact on Linde's future business and results.
Pricing Risks
Risks associated with the setting of prices generally arise in areas where certain cost increases cannot be
passed onto the customer. Here, the high level of volatility in energy prices and the price of raw materials
means that there is a risk that targets for revenue and earnings might not be met if the resulting increase in
costs is either not taken into consideration at all when agreeing contracts and setting prices, not taken into
consideration in good time, or taken into consideration only to suffer a loss in market share. Therefore an
insufficient pricing could have a significant impact on Linde's financial condition and results.
Execution and Commercialisation Risks
Risks associated with the execution and commercialisation of existing and future projects cannot be
completely eliminated. There might be technical or economic problems on the customer side or in the sales
markets which could require changes to the project, as a result of which it may not be possible to produce
the quantities originally assumed in the business model in full or it may only be possible to produce such
quantities behind schedule. This might give rise not only to uneconomic production processes, but also to
significant adverse variances from budgeted cash flow, thereby jeopardising the revenue and earnings
targets Linde has attached to the investment.
In addition, Linde may be required to compensate customers for losses and damages if Linde was unable to
manufacture and deliver the agreed products because, for example, it is unable to achieve the required
production capacities in time. Such compensations could have a material adverse effect on Linde's
business, financial condition and results of operations.
Insurance Risks
As a global group with operations in around 100 countries, Linde is subject to varying degrees of risk and
uncertainty. It is not possible to take out insurance against all risks. Therefore, Linde retains a significant
exposure.
Financial Risks
Due to its global operations, Linde is exposed to a number of financial risks which could have a significant
impact on Linde's financial condition and results. In particular, these include credit risks, counterparty risks,
liquidity risks and risks arising from movements in interest rates and exchange rates. Interest rate risk
arises as a result of fluctuations in interest rates caused by the markets. These fluctuations affect both the
interest expense borne by Linde and the fair values of financial instruments. In the case of exchange rate
risks, it is important to distinguish between operational transaction risks, which are the result for example of
supply contracts for individual projects spread across different currency zones, and translation risks, which
arise from currency translation of the financial statements of subsidiaries where those subsidiaries have a
functional currency other than the Group reporting currency.
Pension risks
In certain countries, companies in the Linde Group have defined benefit commitments to their employees
under occupational pension schemes. Depending on the structure of the schemes, one-off payments may
be made or the employees may be entitled to a pension for life with an annual increase which may be
variable or inflation-linked. As a result, there are risks to the Linde Group arising from inflation or increases
in life expectancy.
The amount of the obligation is the actuarial present value of all pension commitments and is expressed as
the Defined Benefit Obligation (DBO) under IFRS. The amount of the obligation is subject to annual
changes in the valuation assumptions, especially those relating to the discount rate and inflation. This gives
rise to interest rate and inflation risks.
In most pension schemes, the obligation is covered by assets which are maintained separately. The worth
37
of the pension assets is subject to fluctuations in the fair value of those assets (e.g. bonds or shares).
Therefore the Linde Group is exposed to market risks, especially interest rate, spread and share risks.
Risks arising from the acquisition and sale of companies
Linde is exposed to risks adhering to the acquisition and sale of companies, products, and technologies.
Linde has completed a variety of such transactions in the past, which are associated with complex risks,
and expects to continue to enter into such acquisitions and sales in the future. The corresponding risks
include delays and challenges which could arise in the process of integrating companies acquired into the
Linde Group or due to an inadequate review of business and other risks in the context of the acquisition of a
company. In addition, there is the risk that Linde's profitability might be reduced because successful claims
relating to representations and warranties given in the course of the sale of a company are successfully
made against Linde.
Besides, acquisitions carry many additional risks. These include, among others:
•
•
•
•
•
It may not be possible to successfully integrate the acquired business, including its administrative
functions such as accounting and human resources.
It may not be possible to integrate the acquired technologies or products with current products and
technologies.
It may not be possible to retain key personnel of the acquired business.
The purchaser may assume material unknown liabilities of acquired companies, including legal or
intellectual property contingencies or other significant risks that may not have been detected by the
due diligence process.
It may be difficult to implement, restore, or maintain internal controls, procedures, and policies.
In addition, acquired businesses might not perform as anticipated, resulting in Linde AG being forced in the
future to recognize impairment losses on intangible assets acquired and/or the goodwill of the cashgenerating unit(s) to which the goodwill resulting from the business combination was allocated to. Further,
Linde is exposed to risks associated with the business of the acquired businesses, some of which Linde AG
may not presently be aware of; and in general Linde will not have claims against the acquired business or
its shareholders for any such risks.
Risks arising from the failure to identify growth opportunities and to execute productivity improvements
Failure to identify growth opportunities and execute productivity improvements may limit increases in
profitability and may have a material adverse effect on Linde's market and financial position. These risks
can materialise from inadequate processes or a lack of resources to identify opportunities and exploit them.
Tax risks
As a group with global operations, Linde is governed by the tax rules and regulations applicable in each
country in which it operates. A change in such rules and regulations may result in higher tax rates or
expenses and the need to make higher tax payments. In addition, changes in tax legislation may have a
significant impact on the Linde's tax receivables and tax liabilities as well as on its deferred tax assets and
deferred tax liabilities. Moreover, uncertainty about the tax environment in some regions may restrict the
Group's opportunities to enforce its rights under the law. Linde also operates in countries with complex tax
regulations which could be interpreted in different ways. Future interpretations of these regulations and/or
changes in the tax system might have an impact on Linde's tax liabilities, profitability and business
operations. Linde is regularly audited by the tax authorities in various jurisdictions and cannot exclude that
such tax audits will lead to additional tax claims that could have a material adverse effect on its business,
financial condition and results of operations.
Personnel Risk
Linde's success depends to a great extent on its ability to attract and to employ sufficient numbers of
qualified staff. There is no guarantee that Linde will succeed in the future in hiring and retaining the required
number of qualified staff.
In addition, there is the general risk of industrial action which may result in breach of service parameters or
contracts and could have a material adverse effect on Linde's business, financial condition and results of
operations.
38
IT Risks
As a result of the increasing complexity of the electronic information and communication technology, Linde
is exposed to various risks, ranging from the loss or theft of data, cyber-attacks, stoppages and
interruptions to the business, to systems failure and technical obsolescence of IT systems. Many processes
in the Linde organisation are dependent on the reliability of the IT infrastructure, software applications,
templates and data. Breakdowns or interruptions in the relevant systems or data loss generally have a
negative impact on business processes or production. Longer-term shutdowns or critical data loss could
adversely affect the net assets, financial position and results of operations of the Group. In addition,
breaches of data protection rules, unauthorised data retrieval or the loss of personal data or sensitive
corporate data might result in compensation claims, penalty charges, competitive losses, long-term damage
to reputation and a loss of confidence in the company.
Intellectual property and know-how risks
Linde owns a large number of patents and other intellectual property that is of considerable significance to
the business of the group. While there is a presumption that patents are valid, the granting of a patent does
not necessarily imply that they are effective or that potential patent claims can be enforced to the degree
required or desired. In addition, Linde cannot guarantee that all the patents it has applied for or planned in
connection with new technological developments will be granted in each of the countries where Linde
considers this necessary or desirable. Also, the possibility that third parties may infringe Linde's patents
and/or other intellectual property rights and that Linde, for legal or factual reasons, might be unable to halt
such infringements, cannot be excluded.
In addition, non-confidential know-how and industrial secrets that are not patented or cannot be patented
are of paramount importance in Linde's business, in particular in areas with technologically demanding
products and production processes. For example, there is a risk, which has occasionally materialised in the
past, that Linde's competitors are granted patents for products and production processes that at the time
Linde had already produced or implemented without a patent. In the relevant country, this could conceivably
lead to restrictions regarding the sale of the affected products or the application of the relevant production
processes or to an obligation to pay licence fees. Linde cannot be certain that it will be able to protect its
industrial secrets, or that third parties will not develop the same or similar know-how independently.
Should Linde not be able to protect its intellectual property, it may not be able to profit from the advances in
technology it has achieved, which could lead to a reduction in its future results of operations. This could
affect its competitive position and any resulting reduction in revenues would have a material adverse effect
on Linde's business, financial condition and results of operations.
In addition, Linde cannot exclude the possibility that it infringes or will infringe the patents and other
intellectual property rights of third parties. If that were to happen, Linde would be prevented from using the
affected technologies in the countries where such intellectual property rights were granted.
In such cases, Linde may be prohibited from manufacturing or marketing certain products and may be
forced to obtain licences or make changes to its manufacturing processes. Further, it could be exposed to
demands for compensation for infringements. Linde could also be forced to purchase licences to make use
of technology from third parties, which would entail corresponding costs. If such events occur they may
have a material adverse effect on Linde's competitiveness, profitability and financial position.
Other risk factors
Linde's businesses are exposed to varying degrees of risk and uncertainty related to other factors including
competitive pricing, consumption levels, physical risks, rates of inflation, legislative, fiscal and regulatory
developments, loss of reputation, terrorism and economic, political and social conditions in the
environments where it operates. All of these risks could materially affect Linde's business, its turnover,
operating profit, net profit, net assets and liquidity. There may be risks which are unknown to Linde or which
are currently believed to be immaterial.
39
Risk Factors regarding Linde Finance
Linde Finance is a funding vehicle for the Linde Group. As such, it raises finance and on-lends monies to
companies within the Linde Group by way of intra-group loans. Typically, the terms of those intra-group
loans match the payment obligations of Linde Finance under Notes issued by it to fund those loans. In the
event that a company fails to make a payment under an intra-group loan, Linde Finance may not be able to
meet its payment obligations under the Notes issued by it.
Risk Factors regarding the Notes
Notes may not be a suitable investment for all investors
Each potential investor in Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
(i)
have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes,
the merits and risks of investing in the relevant Notes and the information contained or incorporated
by reference in this Prospectus or any applicable supplement;
(ii)
have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation and the investment(s) it is considering, an investment in the Notes and
the impact the Notes will have on its overall investment portfolio;
(iii)
have sufficient financial resources and liquidity to bear all of the risks of an investment in the
relevant Notes, including where principal or interest is payable in one or more currencies, or where
the currency for principal or interest payments is different from the potential investor's currency;
(iv)
understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any
relevant indices and financial markets; and
(v)
be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear the
applicable risks.
Currency Risk
A holder of a Note denominated in another currency than its home currency is exposed to the risk of
changes in currency exchange rates which may affect the yield of such Note. A change in the value of any
foreign currency against the euro, for example, will result in a corresponding change in the euro value of a
Note denominated in a currency other than euro. If the underlying exchange rate falls and the value of the
euro correspondingly rises, the price of the Note expressed in euro falls.
In addition, government and monetary authorities may impose (as some have done in the past) exchange
controls that could adversely affect an applicable currency exchange rate. As a result, investors may
receive less interest or principal than expected, or no interest or principal.
Liquidity Risk
Application has been made to list Notes to be issued under the Programme on the Regulated Market of the
Luxembourg Stock Exchange. In addition, the Programme provides that Notes may be listed on the
Frankfurt Stock Exchange or may not be listed at all. Regardless of whether the Notes are listed or not,
there can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop,
that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair
market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.
Risk of Early Redemption
The applicable Final Terms will indicate whether an Issuer may have the right to call the Notes prior to
maturity (optional call right) on one or several dates or within one or several periods determined beforehand
or whether the Notes will be subject to early redemption upon the occurrence of an event specified in the
40
applicable Final Terms (early redemption event). In addition, each Issuer will always have the right to
redeem the Notes for reason of minimal outstanding amount and if the relevant Issuer is required to pay
additional amounts (gross-up payments) on the Notes for reasons of taxation as set out in the Terms and
Conditions. If the relevant Issuer redeems the Notes prior to maturity or the Notes are subject to early
redemption due to an early redemption event, a holder of such Notes is exposed to the risk that due to such
early redemption his investment will have a lower than expected yield. The Issuer can be expected to
exercise his optional call right if the yield on comparable Notes in the capital market has fallen which means
that the investor may only be able to reinvest the redemption proceeds in comparable Notes with a lower
yield. On the other hand, the Issuer can be expected not to exercise his optional call right if the yield on
comparable Notes in the capital market has increased. In this event an investor will not be able to reinvest
the redemption proceeds in comparable Notes with a higher yield. It should be noted, however, that the
Issuer may exercise any optional call right irrespective of market interest rates on a call date.
Market Price Risk
The development of market prices of the Notes depends on various factors, such as changes of market
interest rate levels, the policies of central banks, overall economic developments, inflation rates or the lack
of or excess demand for the relevant type of Note. The Holder of Notes is therefore exposed to the risk of
an unfavourable development of market prices of its Notes which materialises if other Holders sell the Notes
prior to the final maturity of such Notes. If a Holder of Notes decides to hold the Notes until final maturity the
Notes will be redeemed at the amount set out in the Final Terms.
Fixed Rate Notes
A holder of a Fixed Rate Note is exposed to the risk that the price of such Note falls as a result of changes
in the market interest rate. While the nominal interest rate of a Fixed Rate Note as specified in the
applicable Final Terms is fixed during the life of such Note, the current interest rate on the capital market
("market interest rate") typically changes on a daily basis. As the market interest rate changes, the price of
a Fixed Rate Note also changes, but in the opposite direction. If the market interest rate increases, the price
of a Fixed Rate Note typically falls, until the yield of such Note is approximately equal to the market interest
rate. If the market interest rate falls, the price of a Fixed Rate Note typically increases, until the yield of such
Note is approximately equal to the market interest rate. If the holder of a Fixed Rate Note holds such Note
until maturity, changes in the market interest rate are without relevance to such holder as the Note will be
redeemed at a specified redemption amount, usually the principal amount of such Note.
Floating Rate Notes
A holder of a Floating Rate Note is exposed to the risk of fluctuating interest rate levels and uncertain
interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate
Notes in advance. Neither the current nor the historical value of the relevant floating rate should be taken as
an indication of the future development of such floating rate during the term of any Notes. The effect of a
cap is that the amount of interest will never rise above and beyond the predetermined cap, so that the
holder will not be able to benefit from any actual favorable development beyond the cap. The yield could
therefore be considerably lower than that of similar Floating Rate Notes without a cap.
Zero Coupon Notes
Zero Coupon Notes do not pay current interest but are typically issued at a discount from their nominal
value. Instead of periodical interest payments, the difference between the redemption price and the issue
price constitutes interest income until maturity and reflects the market interest rate. A holder of a Zero
Coupon Note is exposed to the risk that the price of such Note falls as a result of changes in the market
interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely
to respond to a greater degree to market interest rate changes than interest bearing notes with a similar
maturity.
Since the Terms and Conditions of the Notes provide for meetings of Holders of a series of Notes or the
taking of votes without a meeting, a Holder is subject to the risk that its rights against the Issuer under the
Terms and Conditions of the relevant series of Notes or against the Guarantor under the Guarantee (in the
case of Notes issued by Linde Finance) are amended, reduced or even cancelled by a majority resolution of
the Holders. The rules pertaining to resolutions of Holders are set out in the German Act on Debt Securities
41
(Schuldverschreibungsgesetz – "SchVG") and are largely mandatory. According to the SchVG the relevant
majority for Holders' resolutions is generally based on votes cast, rather than on the aggregate principal
amount of the relevant Notes outstanding, therefore, any such resolution may effectively be passed with the
consent of less than a majority of the aggregate principal amount of the relevant Notes outstanding. As
such resolution is binding on all Holders, certain rights of such Holder against the Issuer under the Terms
and Conditions may be amended or reduced or even cancelled.
Holders' Representative
Since the Terms and Conditions of the Notes provide for the appointment of a Holders' Representative,
either in the Terms and Conditions or by a majority resolution of the Holders, it is possible that a Holder may
be deprived of its individual right to pursue and enforce its rights under the Terms and Conditions against
the Issuer or the Guarantor (in case of Notes issued by Linde Finance), such right passing to the Holders'
Representative who is then exclusively responsible to claim and enforce the rights of all the Holders.
Risks related to Renminbi ("RMB") denominated Notes
RMB is not freely convertible; there are significant restrictions on remittance of RMB into and outside the
People's Republic of China (the "PRC")
RMB is not freely convertible at present. This may adversely affect the liquidity of the RMB denominated
Notes ("RMB Notes"); the availability of RMB funds for servicing the RMB Notes may be subject to future
limitations imposed by the PRC government.
The PRC government continues to regulate conversion between RMB and foreign currencies, including the
euro, despite the significant reduction over the years by the PRC government of control over routine foreign
exchange transactions under current accounts. Currently participating banks in offshore RMB settlement
centres (including Singapore, Hong Kong, Macau, Taiwan, Paris, Luxembourg, Doha, Sydney, Toronto,
Kuala Lumpur, Bangkok, Seoul, London and Frankfurt, together the "RMB Settlement Centres") have been
permitted to engage in the settlement of RMB trade transactions. This represents a current account activity.
On 13 October 2011, the People's Bank of China, the central bank of the PRC (the "PBOC") issued the
Measures on Administration of the RMB Settlement in relation to Foreign Direct Investment (the "PBOC
RMB FDI Measures"), as part of implementation of the PBOC's detailed RMB FDI accounts administration
system, which covers almost all aspects of RMB FDI, including capital injection, payment of purchase price
in the acquisition of PRC domestic enterprises, repatriation of dividends and other distributions, as well as
RMB denominated cross-border loans. Under the PBOC RMB FDI Measures, special approval for RMB FDI
and shareholder loans from the PBOC, which was previously required, is no longer necessary. In some
cases however, post-event filing with the PBOC is still necessary.
On 14 June 2012, PBOC further promulgated the Notice on Clarifying the Detailed Operating Rules for
RMB Settlement of Foreign Direct Investment ("PBOC RMB FDI Notice") to provide further guidelines for
implementing the previous PBOC RMB FDI Measures. This PBOC RMB FDI Notice details the rules for
opening and operating the relevant accounts and reiterates the restrictions upon the use of the funds within
different RMB accounts.
On 5 July 2013, PBOC promulgated the Circular on Policies related to Simplifying and Improving Crossborder Renminbi Business Procedures (Yin Fa (2013) No. 168) (the "2013 PBOC Circular"), which, among
other things, provides more flexibility for fund transfers between the RMB accounts held by offshore
participating banks at PRC onshore banks and offshore clearing banks respectively. Various relaxations
have been introduced under this circular but the regulatory position is not entirely clear and practical
uncertainties exist.
On 3 December 2013, the Ministry of Commerce (the "MOFCOM") promulgated the "Circular on Issues in
relation to Cross-border Renminbi Foreign Direct Investment" (the "MOFCOM Circular"), which became
effective on 1 January 2014, to further facilitate RMB foreign direct investments ("RMB FDI") by simplifying
and streamlining the applicable regulatory framework. The MOFCOM Circular replaced the "Notice on
Issues in relation to Cross-border Renminbi Foreign Direct Investment" promulgated by MOFCOM on 12
October 2011 (the "2011 MOFCOM Notice"). Pursuant to the MOFCOM Circular, written approval from the
appropriate office of MOFCOM and/or its local counterparts specifying "Renminbi Foreign Direct
Investment" and the amount of capital contribution is required for each RMB FDI. Compared with the 2011
MOFCOM Notice, the MOFCOM Circular no longer contains the requirements for central level MOFCOM
42
approvals for investments of RMB 300 million or above, or in certain industries, such as financial guarantee,
financial leasing, micro-credit, auction, foreign invested investment companies, venture capital and equity
investment vehicles, cement, iron and steel, electrolyse aluminium, ship building and other industries under
the state macro-regulation. Unlike the 2011 MOFCOM Notice, the MOFCOM Circular has also removed the
approval requirement for foreign investors who intend to change the currency of their existing capital
contribution from a foreign currency to RMB. In addition, the MOFCOM Circular still prohibits RMB FDI
funds from being used for any investments in securities and financial derivatives (except for investments in
PRC listed companies by strategic investors) or for entrustment loans in the PRC.
On 13 February 2015, the State Foreign Exchange Administration ("SAFE") promulgated the Notice on
Further Simplifying and Improving Foreign Exchange Administration Policy of Direct Investment (Hui Fa
(2015) No. 13) (the "2015 SAFE Notice"), which will become effective on and from 1 June 2015. Under the
2015 SAFE Notice, SAFE delegates the authority of approval/registration for direct investment (inbound and
outbound) related matters to commercial banks. However, this 2015 SAFE Notice only applies to direct
investment activities in foreign currency, and whether and how it would affect the RMB direct investment
regime is currently unknown.
The PBOC RMB FDI Measures, PBOC RMB FDI Notice, 2013 PBOC Circular, the MOFCOM Circular, and
the 2015 SAFE Notice, which are new regulations, will be subject to interpretation and application by the
relevant PRC authorities. The reforms which are being introduced and will be introduced in the Shanghai
FTZ (as defined in "PRC Currency Controls") aim to upgrade cross-border trade, liberalise foreign
exchange control, improve convenient cross-border use of RMB and promote the internationalisation of
RMB. However, given the infancy stage of the Shanghai FTZ, how the reforms will be implemented and
whether (and if so when) the reforms will be rolled out throughout China remain uncertain. See "Information
relating to the People's Republic of China (the "PRC") Currency Controls".
There is no assurance that the PRC government will continue to gradually liberalise a control over crossborder RMB remittances in the future or that new PRC regulations will not be promulgated in the future
which have the effect of restricting or eliminating the remittance of RMB into or outside the PRC. In the
event that funds cannot be repatriated outside the PRC in RMB, this may affect the overall availability of
RMB outside the PRC and the ability of the Issuer to source RMB to perform its obligations under Notes
denominated in RMB.
There is only limited availability of RMB outside the PRC, which may affect the liquidity of the RMB Notes
and the Issuer’s ability to source RMB outside the PRC to service the RMB Notes.
As a result of the restrictions by the PRC government on cross-border RMB fund flows, the availability of
RMB outside of the PRC is limited. Currently, licensed banks in Singapore and Hong Kong may offer limited
RMB-denominated banking services to Singapore residents, Hong Kong residents and specified business
customers. The PBOC has also established a RMB clearing and settlement system for participating banks
in the RMB Settlement Centres. A bank designated by PBOC for each RMB Settlement Centre (each an
"RMB Clearing Bank") has entered into settlement agreements with the PBOC to act as the RMB clearing
bank in the respective RMB Settlement Centre.
However, the current size of RMB-denominated financial assets outside the PRC is limited. RMB business
participating banks do not have direct RMB liquidity support from the PBOC. They are only allowed to
square their open positions with the relevant RMB Clearing Bank after consolidating the RMB trade position
of banks outside the RMB Settlement Centres that are in the same bank group of the participating bank
concerned with their own trade position and the relevant RMB Clearing Bank only has access to onshore
liquidity support from the PBOC for the purposes of squaring open positions of participating banks for
limited types of transactions, including open positions resulting from conversion services for corporations
relating to cross-border trade settlement. The relevant RMB Clearing Bank is not obliged to square for
participating banks any open positions resulting from other foreign exchange transactions or conversion
services and the participating banks will need to source RMB from the offshore market to square such open
positions.
Although it is expected that the offshore RMB market will continue to grow in depth and size, its growth is
subject to many constraints as a result of PRC laws and regulations on foreign exchange. There is no
assurance that new PRC regulations will not be promulgated or the settlement agreement will not be
terminated or amended in the future which will have the effect of restricting availability of RMB offshore. The
limited availability of RMB outside the PRC may affect the liquidity of its RMB Notes. To the extent the
43
Issuer is required to source RMB in the offshore market to service its RMB Notes, there is no assurance
that the Issuer will be able to source such RMB on satisfactory terms, if at all.
If the Issuer cannot obtain RMB to satisfy its obligation to pay interest and principal on its RMB Notes as a
result of Inconvertibility, Non-transferability or Illiquidity (each as defined in the Terms and Conditions of
Option I), the Issuer shall be entitled to postpone any such payment or to settle such payment (in whole or
in part) in U.S. dollars at the U.S. Dollar Equivalent (as defined in the Terms and Conditions of Option I), as
the case may be. The Issuer may (but will not be obliged to) redeem the RMB Notes early if it decides to
settle payments at the U.S. Dollar Equivalent due to Inconvertibility, Non-transferability or Illiquidity.
Investments in the RMB Notes are subject to RMB exchange rate risks
The value of the RMB against the euro and other foreign currencies fluctuates from time to time and is
affected by changes in the PRC and international political and economic conditions and by many other
factors. Except in the limited circumstances as described in the Conditions, the Issuer will make all
payments of interest and principal with respect to the RMB Notes in RMB. As a result, the value of these
RMB payments in euro or other applicable foreign currency terms may vary with the prevailing exchange
rates in the marketplace. If the value of RMB depreciates against the euro or other applicable foreign
currency, the value of a Securitiyholder's investment in euro or other applicable foreign currency terms will
decline.
Investments in the RMB Notes are subject to currency risks
If the Issuer is not able, or it is impracticable for it, to satisfy its obligation to pay interest and principal on the
RMB Notes when due, in whole or in part, in RMB in the relevant RMB Settlement Centre as a result of
Inconvertibility, Non transferability or Illiquidity (each, as defined in § 4(8)(d) of the Terms and Conditions of
Option I), the Issuer shall be entitled, on giving not less than five or more than 30 days' irrevocable notice to
the noteholders prior to the due date for payment, to settle any such payment, in whole or in part, in U.S.
dollars on the due date at the U.S. Dollar Equivalent (as defined in the Terms and Conditions of Option I) of
any such interest or principal amount otherwise payable in RMB, as the case may be.
44
LINDE AKTIENGESELLSCHAFT
– Issuer and Guarantor –
History and incorporation
Linde AG was incorporated as a joint stock corporation on 21 June 1879 under the name "Gesellschaft für
Linde's Eismaschinen". Pursuant to a shareholder resolution dated 22 June 1965, the name of the
Company was changed to "Linde Aktiengesellschaft". The Company is recorded in the commercial register
of the Municipal Court of Munich under HRB 169850. It is incorporated under the laws of and domiciled in
the Federal Republic of Germany.
Linde AG's business address and the location of its registered offices is Klosterhofstrasse 1, 80331 Munich,
Germany, telephone number +49 89 357571601.
Pursuant to the Articles of Association of Linde AG (Satzung), Article 2, its object of business is
a)
the manufacture and sale of industrial and other gases and their secondary products and the
construction, acquisition, sale and operation of plants in which industrial and other gases are
manufactured or used;
b)
the manufacture and sale of products in the field of apparatus and mechanical engineering;
c)
the manufacture and sale of products in the field of medical technology, of pharmaceutical products and
of other products in the healthcare area; and
d)
the design and construction, acquisition, sale and operation of industrial process and other industrial
plants, facilities in the healthcare area as well as plants for research purposes.
Linde AG is entitled to take any measures and actions that are related or appropriate to directly or indirectly
serve its object of business. This includes research and development as well as the cooperation with third
parties in the fields stated above. Linde AG is entitled to trade and provide services of any kind in the fields
of business named above. It can also limit its activities to individual fields stated above. Linde AG can
establish branch offices in Germany and abroad, establish, acquire and invest in other companies,
especially companies that are engaged, in whole or in part, in the aforementioned fields of business. Linde
AG can change the structure of companies in which it owns investments, unite such companies under
common management, or restrict its activities to their management or administration, and dispose of
holdings and investments. It can outsource its operations to affiliates, in whole or in part.
Business overview
In the 2015 financial year, the Linde Group generated revenue of € 17.944 billion and an operating profit
(EBITDA before nonrecurring items and including the share of net income from associates and joint
ventures) of € 4.131 billion. It is one of the largest gases and engineering companies in the world with
approximately 64,500 employees working in more than 100 countries worldwide. The strategy of the Linde
Group is geared towards long-term, profitable growth and focuses on the development of its international
business with forward-looking products and services. The company is committed to technologies and
products that unite the goals of customer value and sustainable development.
Gases Division
The gases business has a long tradition at the Company and originated with the inventions of Dr Carl von
Linde, who invented the cryogenic process thereby laying the cornerstone for today's Gases Division. The
Linde Group is a world leader in the international gases industry. The company offers a wide range of
compressed and liquefied gases as well as chemicals and is a partner for a variety of industries. Linde
gases, such as oxygen, nitrogen, hydrogen, helium and specialty gases, are used, for example, in the
energy sector, steel production, chemical processing, environmental protection and welding as well as in
food processing, glass production and electronics. The Linde Group is also investing in the expansion of its
healthcare business and is a leading global player in the development of environmentally friendly hydrogen
technologies.
45
The customer base is broadly dispersed. The business of the Gases Division is divided along the following
product areas:
•
•
•
•
Cylinder
Bulk
On-site
Healthcare
On-site customers have long-term supply contracts (up to 15 years) while Bulk customers have usually
three-to-five year supply agreements. The Cylinder business is short term by nature, though history shows
that customers exhibit a high degree of loyalty. 27% of the fiscal year 2015 sales of the Gases Division
came from the Cylinder business, 24% from the Bulk business and 25% from the On-site business.
The Healthcare business with medical gases and related products and services contributed 24% in sales of
the Gases Division in the fiscal year 2015. Linde's healthcare activities cover Hospital Care as well as
Homecare. The Hospital business is concerned with offering hospitals and other healthcare institutions
medical gas solutions – covering a wide range of medical gases, medical gas related services, installations,
devices and equipment. Homecare focuses on the provision of medical gases and related medical services
to patients with chronic respiratory diseases in settings other than hospitals.
The Healthcare business is characterised by structural growing base of patients, due to a continuously
increasing and aging population, improving diagnosis capabilities as well as increasing wealth in the growth
regions. However, regulation, the need for budget reductions and bidding processes in the healthcare
systems influence the growth performance in the healthcare industry. Market drivers are innovative services
and business models, high quality care for patients as well as the creation of reliable and cost-effective
services and treatments.
Furthermore, Linde is a global player in the development of environmentally friendly technologies such as
carbon capture or hydrogen technology.
Linde's Engineering Division is active across the world with four product lines: olefin plants, natural gas
plants and air separation plants as well as hydrogen and synthesis gas plants. The engineering division
comprises in particular the technology, engineering, procurement, project management and construction of
industrial plants. Linde plants are used in a wide variety of fields such as the petrochemical and chemical
industries, refineries and fertiliser plants, to recover air gases, to produce hydrogen and synthesis gases, to
treat natural gas and in the pharmaceutical industry. Plants constructed by the Engineering Division are
also owned and operated by the Gases Division.
The Engineering Division is located in Pullach near Munich with branches and subsidiaries worldwide.
Other Activities
Other Activities comprises in particular Gist, Linde's logistic services business.
Executive Board and Supervisory Board
The Linde AG Executive Board consists of the following members: Dr Wolfgang Buechele (Chairman),
Thomas Blades, Dr Christian Bruch, Georg Denoke, Bernd Eulitz, and Sanjiv Lamba.
The members of the Supervisory Board of Linde AG are: Dr Manfred Schneider (Chairman), Hans-Dieter
Katte (Deputy Chairman), Michael Diekmann (Second Deputy Chairman), Professor Dr Ann-Kristin
Achleitner, Dr Clemens Börsig, Anke Couturier, Franz Fehrenbach, Gernot Hahl, Dr Martin Kimmich, Dr
Victoria Ossadnik, Xaver Schmidt, Frank Sonntag.
Statutory Auditors
Linde AG's auditors are KPMG AG Wirtschaftsprüfungsgesellschaft.
Linde AG's auditors for the fiscal years ended 31 December 2015 and 2014 were KPMG AG
Wirtschaftsprüfungsgesellschaft, Ganghoferstrasse 29, 80339 Munich ("KPMG"). KPMG audited Linde
46
Group's annual consolidated financial statements prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the European Union pursuant to EU Regulation No. 1606/2002
of the European Parliament and the Council concerning the use of International Accounting Standards as of
and for the years ended 31 December 2015 and 31 December 2014 and has issued unqualified audit
opinions with respect to these financial statements. KPMG is a member of the German Chamber of Auditors
(Wirtschaftsprüferkammer).
Selected Financial Information
The financial information presented below is taken from the consolidated financial statements of Linde
Group for 2015. The consolidated financial statements for 2015 have been audited by KPMG AG
Wirtschaftsprüfungsgesellschaft, Munich, and the financial information for 2014 is presented as comparative
information.
IN € MILLIONS
Sales
Earnings after tax and noncontrolling interests
Cash
flow
from
operating
activities
Total assets
Total equity
31 DECEMBER 2015
31 DECEMBER 2014
17,944
1,149
17,047
1,102
3,593
3,001
35,347
15,449
34,425
14,267
Principal markets
For the whole year ended 31 December 2015, Linde's activities in Europe accounted for 36%, in North
America for 29%, in South America for 4%, in Asia/Pacific for 28% and in Africa for 3% of the Group's total
sales.
Gases Division
In the gases business, Linde is present in around 100 countries. As industrial and medical gases are mainly
characterised by regional market structures, Linde's leading position in many local markets is particularly
important, especially in the Bulk and Cylinder business areas that produce for the merchant market.
Besides leading market shares in the domestic markets including Scandinavia, the UK, Germany and
Australia, Linde has today also a particularly strong market position in growth markets in Asia, Eastern
Europe and South Africa.
Linde is a market leader in air separation plants and has a strong market position in hydrogen and syngas
facilities. These are the two plant types used by the industrial gases industry, allowing Linde to offer
customers worldwide an integrated solution for the construction and operation of gas production plants.
Besides that, the Engineering Division also holds strong positions in olefin as well as in natural gas
treatment plants. Also customer relations in these fields can be the base for business synergies between
the Gases and Engineering Divisions.
47
Organisational structure of Linde Group
The Linde Group
Gases
Engineering
EMEA
Other Activities
Gist
Americas
Asia/Pacific
Linde AG is the ultimate parent company of the Linde Group. The Group consists of more than 500
subsidiaries and 35 associated companies or joint ventures worldwide in which Linde AG has significant
influence or joint control.
The Group consists of the Gases Division, the Engineering Division and Other Activities. The Gases
Division is organised in three reportable segments: EMEA (Europe, Middle East and Africa), Americas and
Asia/Pacific. Other Activities are Gist, Linde's logistics services business.
Recent Developments and Outlook
General
As of January 2016, economists are expecting a similarly low level of growth in the global economy in 2016
as was achieved in 2015. However, the outlook remains highly uncertain and dependant on various
opportunities and risks, some of which emerged already in 2015. First of all, there are developments in the
emerging markets: The Chinese government is still faced with the particular challenge of driving ahead with
the country's current economic transformation without allowing any major inefficiencies to creep in. Another
challenge relates to economic development in Brazil and Russia in a complex political environment. These
two countries, like other emerging markets, are heavily reliant on oil price developments, which will remain
a focal issue in 2016. Any increase or decrease comes hand-in-hand with advantages and disadvantages,
respectively, for individual countries and industries. But regardless of the actual price that would be set on
the market, it is this volatility and unpredictabilitythat affects the investment plans in many industries. Last
but not least, the central banks have a key role to play. Even in the uncertain growth environment that this
year will bring, they will have to maintain investor trust regarding significant monetary policy shifts. As a
result, they remain a key source of impetus for the global financial system and the global economy. Of
course, existing geopolitical tensions as well as possible new trouble spots could further negatively affect
the economic developments in 2016.
In the light of the macroeconomic trends and industry sector outlook, and adjusted for currency effects,
Linde intends to achieve a Group revenue performance in the range of –3% to +4% in the current 2016
financial year. As far as Group operating profit is concerned, Linde also intends to achieve a currencyadjusted development in the range of –3% to +4% in the 2016 financial year.
Linde will proceed with its efforts to achieve sustainable process optimisation and improvements in
efficiency and remains committed to the systematic implementation of its holistic concept for lasting
productivity gains (High Performance Organisation or HPO), which were launched at an early stage in 2008.
Under the umbrella of HPO, it was Linde's objective to reduce its gross costs in the initial four-year period
from 2009 to 2012 and it is Linde's ambition to continue with this approach in a second four-year period
from 2013 to 2016.
Regarding potential adverse economic and financial developments and the related risks for Linde AG see
also "Risk Factors" on pages 32 - 38.
48
Trend Information
There has been no material adverse change in the prospects of Linde AG since 31 December 2015.
Information on any known trends, uncertainties, demands, commitments or events that are reasonably likely
to have a material effect on the prospects for at least the current financial year do not exist.
Executive Board, Supervisory Board and Board Practice
Executive Board
Pursuant to the articles of association of Linde AG, the Executive Board is composed of a multiple number
of members. The Supervisory Board may appoint one member of the Executive Board as the Chairman and
one member as the Deputy Chairman of the Executive Board.
The current members of Linde AG's Executive Board are:
Dr Wolfgang Buechele
(Chairman)
Chief Executive Officer of Linde AG
Responsible for Gist, Opportunity & Project
Development and the following Corporate &
Support
Functions:
Corporate
Communications & Investor Relations,
Corporate Internal Audit, Corporate Office,
Corporate Strategy & Market Intelligence,
Group Human Resources, Group Legal &
Compliance,
SHEQ
(Safety,
Health,
Environment
and
Quality),
Project
Management
Office/LEAP
Thomas Blades
Responsible for the Americas segment, for
the Global Governance Centres Deliver,
Healthcare and Operations, and for the
Global Gases Businesses Helium & Rare
Gases
Dr Christian Bruch
Responsible for the Engineering Division
and for the Corporate & Support Function
Technology & Innovation
Georg Denoke
Human Resources Director at Linde AG
Responsible for the Corporate & Support
Functions Group Accounting & Reporting,
Group
Information
Services,
Group
Insurance, Group Mergers & Acquisitions,
Group
Procurement,
Group
Risk
Management, Group Tax, Group Treasury,
Operational Finance, Financial Control &
Investments,
Real
Estate
and
for
Finance/Financial Control for the EMEA,
Americas and Asia/Pacific segments
Bernd Eulitz
Responsible for the EMEA (Europe, Middle
East, Africa) segment
Sanjiv Lamba
Responsible for the Asia/Pacific segment
and for the Global Governance Centres
Merchant & Packaged Gases (liquefied
gases and cylinder gas) and Electronics
(electronic gases)
Chairman
of
the
Supervisory Board of
Merck KGaA (Darmstadt,
Germany)
Member of the Board of
Partners, E. Merck KG
(Darmstadt, Germany)
Member of the Board of
Directors of Kemira Oyj
(Helsinki, Finland)
Member
of
the
Supervisory Board of
SGL
Carbon
SE
(Wiesbaden, Germany)
49
Members of the Executive Board may be contacted at Linde AG's business address.
Supervisory Board
According to the Articles of Association, the Supervisory Board consists of 12 members. Pursuant to
German Stock Corporation Act (Aktiengesetz) and the German Law on Co-Determination
(Mitbestimmungsgesetz), six of the members are elected by the Shareholders' Meeting and six by the
employees.
The current members of Linde AG's Supervisory Board are as follows:
Dr Manfred Schneider (Chairman)
Chairman of the Supervisory Board of RWE AG
Hans-Dieter Katte* (Deputy Chairman)
Chairman of the Pullach Works Council,
Engineering Division, Linde AG
Michael Diekmann (Second Deputy Chairman)
Deputy Chairman of the Supervisory Boards of
BASF SE and Fresenius SE & Co. KGaA
Member of the Supervisory Board of Fresenius
Management SE
Prof. Dr Ann-Kristin Achleitner
Professor at the Technical University Munich (TUM)
Member of the Supervisory Boards of METRO AG
and Munich Re AG
Member of the Board of Directors of ENGIE SA,
Paris, France
Dr Clemens Börsig
Chairman of the Board of Directors, Deutsche Bank
Foundation, Berlin and Frankfurt am Main,
Germany
Member of the Supervisory Boards of Bayer AG
and Daimler AG
Member of the Board of Directors of Emerson
Electric Company
Member of the Board of Superintendence of Istituto
per le Opere di Religione (IOR)
Anke Couturier*
Head of Global Pensions, Linde AG
Franz Fehrenbach
Chairman of the Supervisory Board of Robert Bosch
GmbH
Managing
Partner
Industrietreuhand KG
of
Robert
Bosch
Member of the Supervisory Board of BASF SE
Deputy chairman of the Supervisory Board of STIHL
AG
Member of the Advisory Board of STIHL Holding
AG & Co. KG
Gernot Hahl*
Chairman of the Worms Works Council, Gases
50
Division, Linde AG
Dr Martin Kimmich*
Second
Munich
authorised
representative,
IG
Metall,
Member of the supervisory boards of MTU Aero
Engines AG and Nokia Solutions and Networks
Management GmbH
Dr Victoria Ossadnik
Member of the Board of Management of Microsoft
Deutschland GmbH
Xaver Schmidt*
Trade Union Secretary of IG Bergbau, Chemie,
Energie, Hanover
Alternate Chairman of the supervisory board of
Berufsgenossenschaftliches
Universitätsklinikum
Bergmannsheil GmbH
Frank Sonntag*
Chairman of the Dresden Works Council, Linde
Engineering Dresden GmbH
* Employee representative
There are no potential conflicts of interest of the members of the Executive Board and the Supervisory
Board between their duties to Linde AG on the one side and their private interests on the other side.
The members of the Supervisory Board may be contacted at Linde AG's business address.
Board practice
Linde AG's governing entities are its Executive Board (Vorstand), Supervisory Board (Aufsichtsrat) and
general shareholders' meeting (Hauptversammlung). The powers of these entities are governed by the
German Stock Corporation Act (Aktiengesetz), the Articles of Association (Satzung) and the rules of
procedure of the Executive and the Supervisory Board. The German Stock Corporation Act requires Linde
AG to have a two-tier management and control system consisting of the Executive Board and the
Supervisory Board. The two boards work independently of each another, and no person may serve as a
member of both boards at the same time. In accordance with the Articles of Association, Linde AG can be
legally represented by two members of the Executive Board or by one member of the Executive Board
together with an authorised signatory (Prokurist), as well as by authorised signatories or other people with
authorisation to sign as designated by the Executive Board.
The Executive Board and Supervisory Board studied the requirements of the German Corporate
Governance Code as amended on 13 May 2013 and 24 June 2014 in detail before issuing the following
declaration of compliance in March 2015.
"The Executive Board and the Supervisory Board of Linde AG declare in accordance with § 161 of the
German Stock Corporation Law: All the recommendations of the 'Government Commission on the German
Corporate Governance Code' as amended from time to time have been complied with since the last
declaration of compliance and – except for the following exception – will be complied with in future.
Clause 4.2.3 para 2 sentence 6
In accordance with clause 4.2.3 para 2 sentence 6 of the German Corporate Governance Code the
Executive Board members' remuneration in total and as to its variable components should be capped at a
given maximum amount. Employment contracts with Executive Board members do not include a ceiling for
the Executive Board members' total remuneration; variable components are capped as is described below.
The components of the variable cash emoluments are limited in terms of amounts. The Long Term
Incentive Plan which provides for remuneration in the form of options to purchase shares (performance
shares) and bonus shares linked to personal investment (matching shares) has a cap in terms of amounts
at the time of the granting of option rights and matching shares rights. However, the value of the
51
performance shares and matching shares after a multi-year qualifying period is not limited in terms of
amounts. An additional cap like that was not deemed appropriate. In such a case, the synchronisation of
interests of shareholders and Executive Board members to be achieved by share-based remuneration
would be disrupted, which in our opinion would not be in the shareholders' interest.
Since in future the value of the performance shares and the matching shares after expiration of a multi-year
qualifying period are not to be capped, a ceiling for the remuneration amount will not be set in future."
Audit committee
The Audit Committee comprises three shareholder representatives and two employee representatives. It
lays the groundwork for the decisions of the Supervisory Board regarding the adoption of the annual
financial statements and the approval of the Group financial statements, taking account of the auditor's
reports, and makes arrangements with the auditors. It supports the Supervisory Board in the execution of its
supervisory duties and monitors, in particular, the accounting process and the effectiveness of the internal
control system, risk management system and internal audit system, as well as the statutory audit. It also
deals with compliance issues. Moreover, it discusses the interim and half-year financial reports with the
Executive Board prior to publication. The Audit Committee also makes a recommendation to the plenary
Supervisory Board regarding the proposal for the election of the company's auditors. The Chairman of the
Audit Committee, Dr Clemens Börsig, is an independent financial expert and, in common with Professor Dr
Ann-Kristin Achleitner and Dr Manfred Schneider, has specialist knowledge and many years' experience of
financial reporting and the application of accounting principles and internal control systems.
Major shareholders
Based on the notices received
from shareholders in compliance
with the German Securities
Trading Act until 30 March 2016,
the following companies directly
and/or indirectly held the following
voting rights (corresponding to
shares) in Linde AG on the
respective
reference
date:Company
Shareholding*
Date of crossing threshold
Norges Bank (The Central Bank of
Norway)
6.62 %
2 September 2015
BlackRock Inc.
5.48 %
1 December 2015
Sun Life Financial Inc. (MFS)
5.13 %
26 January 2009
*
The interest of the respective shareholder might have changed within the notification thresholds since the reference date of
the latest notice.
In case of an investor with a multi-level structure, each company in the chain of companies controlled by the
investor is subject to the obligation to notify reaching, exceeding or falling below the legal thresholds for
significant shareholdings pursuant to sections 21 et seqq. German Securities Trading Act
(Wertpapierhandelsgesetz).
Voting shares are attributed to the indicated shareholders in accordance with section 22 of the German
Securities Trading Act (Wertpapierhandelsgesetz), and/or held directly by them.
52
Ratings
Moody's Deutschland GmbH1,3 has assigned the long-term credit rating of A24 to Linde AG. Standard &
Poor's Credit Market Services France SAS2,3 has assigned the long-term credit rating of A+4 to Linde AG.
Moody’s considers obligations rated A as upper-medium grade and subject to low credit risk. Moody's
appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2
indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating
category. An "A" rating assigned by Standard & Poor's means pursuant to the rating agency that the Issuer
has a strong capacity to meet its financial commitments but is somewhat susceptible to adverse economic
conditions and changes in circumstances.The ratings from "AA" to "CCC" may be modified by the addition
of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
Financial information concerning the Issuer's Assets and Liabilities, Financial Position and Profit
and Losses
The financial statements for the fiscal years ended on 31 December 2015 and 31 December 2014 of Linde
AG are incorporated by reference into this Prospectus.
Legal and arbitration proceedings
Certain companies in the Linde Group are parties to various legal proceedings, including some in which
claims for damages and fines in large amounts have been asserted (see "Risk Factors regarding the
Issuers – Risk Factors regarding Linde AG – Risks of product liability claims and other legal risks"). The
outcome of the litigation to which the respective companies are parties cannot be readily foreseen, but the
Company believes that such litigation should be disposed of without material adverse effect on Linde's
financial condition or profitability.
The Brazilian competition authority CADE imposed fines on a number of gases companies, including
Linde's Brazilian subsidiary, on the grounds of alleged anticompetitive business conduct in the years 1998
to 2004. Seen from today's perspective, Linde believes that this decision will not stand up to judicial review.
Nonetheless, the outcome of these cases is difficult to predict.
Certain subsidiaries of Linde are parties to lawsuits in the United States for alleged injuries arising from
exposure to manganese, asbestos and/or toxic fumes in connection with the welding process. In these
cases, the subsidiaries are typically one of several or many other defendants. The subsidiaries named in
these cases believe that they have strong defences to the claims asserted in the various cases and intend
to defend vigorously such claims. Based on the litigation experience to date, together with current
assessments of the claims being asserted and applicable insurance, Linde believes that the continued
defence and resolution of the welding fumes litigation will not have a material adverse effect on the financial
position or results of operations of the Linde Group. Nonetheless, the outcome of these cases is inherently
uncertain and difficult to predict. A group of defendants to which Linde belongs has brought most of the
previously pending manganese cases to an end by reaching a global resolution agreement with the
plaintiffs' lawyers. The resolution agreement was signed on 18 January 2012 and came into force on
27 April 2012.
1
2
3
4
Moody's Deutschland GmbH is established in the European Community and is registered under Regulation (EC) No
1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies, as amended
(the "CRA Regulation").
the CRA Regulation.
53
Linde AG and its subsidiaries are not parties to any other administrative, governmental, judicial or
arbitration proceedings that have or are reasonably likely to have material adverse effects on Linde's
financial condition or profitability, nor, to its knowledge, have such proceedings been threatened.
Furthermore, the Company is not aware that any such proceedings have been initiated, nor have any such
proceedings been pending in the past 12 months.
Significant change in the Issuer's financial or trading position
There has been no significant change in the financial or trading position of Linde AG since 31 December
2015.
Additional information
Share Capital
Linde AG has a share capital of € 475,476,940.80 (issued) divided into 185,733,180 no par value ordinary
shares. In addition, Linde AG has an authorised share capital of € 84,119,265.28 and the conditionally
authorised capital is € 57,240,000.00 as of 31 December 2015.
The issued shares are bearer shares and fully paid.
Fiscal Year
Linde AG's fiscal year is the calendar year.
Material Contracts
Linde AG as original borrower and guarantor and Linde Finance B.V. as original borrower entered into a
syndicated multi-currency revolving credit facility agreement ("Credit Agreement") dated 18 July 2013 with
several banks as mandated lead arrangers and/or original lenders and Deutsche Bank Luxembourg S.A. as
the facility agent. Pursuant to the Credit Agreement, a multi-currency revolving credit facility in an aggregate
amount equal to € 2.5 billion is made available.
54
LINDE FINANCE B.V.
– Issuer –
History and incorporation
Linde Finance B.V. ("Linde Finance") was incorporated on 12 May 1999, as a private company with limited
liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of The Netherlands. It is
registered in the commercial register of the Chamber of Commerce of Amsterdam (Kamer van Koophandel
Amsterdam) under number 34115238. Its registered seat and head office is at Buitenveldertselaan 106,
1081 AB Amsterdam, The Netherlands and its telephone number is +31 20 3013 800. According to the
Articles of Association of Linde Finance (Article 2), its objects and purpose are:
–
–
–
–
–
–
to incorporate, participate in, manage and finance other companies and enterprises;
to render services of any nature whatsoever to other companies and enterprises and, in general, to
serve the interest of the group of which the Company forms a part;
to acquire and hold either in its own name or in that of any nominee shares, stocks, bonds, loans,
option rights or securities, irrespective of their nature, forms or names, and to exercise all rights and
powers incident to the ownership thereof;
to borrow and to lend moneys, to place public loans and private loans and to enter into any finance
agreement or to perform financial transactions of any kind, on behalf of the Company itself as well as
on behalf of third parties, to invest its equity as well as borrowings in any kind of property real or
personal, interests, rights and securities, irrespective of their nature, forms or names, and any assets
and liabilities;
to provide collateral, to furnish guarantees and other security and to encumber assets as security for
payment of debts of the Company, of group companies and of third parties;
to engage in financial and commercial activities of any nature whatsoever, and, furthermore, any activity
which may be related or conducive to the foregoing.
Business overview
Linde Finance engages in several activities in the field of finance. Linde Finance serves as a vehicle for the
financing activities of the Linde Group including the issuance of bonds as well as performing certain
administrative functions.
Linde Finance complies with Section 3:2 of the Financial Market Supervision Act (Wet op het financieel
toezicht, "FMSA") and therefore is not required to obtain a license pursuant to the FMSA.
Statutory Auditors
KPMG Accountants N.V., Laan van Langerhuize 1, 1186 DS Amstelveen, The Netherlands, have been
appointed as the independent auditors of the Isssuer. They have audited the financial statements prepared
in accordance with Dutch GAAP for the years ending on 31 December 2015 and 2014. KPMG Accountants
N.V. are members of the Nederlandse Beroepsorganisatie van Accountants (NBA).
Selected Financial Information
The financial information presented below is taken from the unconsolidated financial statements of Linde
Finance B.V. for 2015. The unconsolidated financial statements of Linde Finance B.V. for 2015 have been
audited by KPMG Accountants N.V., Amstelveen, and the financial information for 2014 is presented as
comparative information.
IN € THOUSANDS
Interest income
Net interest result
Net profit after taxation
Total assets
Share capital
31 DECEMBER 2015
587,938
25,642
17,543
11,897,582
5,000
31 DECEMBER 2014
595,684
22,462
17,161
12,202,621
5,000
55
Organisational Structure
Linde Finance is a wholly-owned subsidiary of Linde Holdings Netherlands B.V. and has no subsidiaries.
Linde Holdings Netherlands B.V. is a wholly-owned subsidiary of Linde AG.
Trend Information
There has been no material adverse change in the prospects of Linde Finance since 31 December 2015.
Information on any known trends, uncertainties, demands, commitments or events that are reasonably likely
to have a material effect on the prospects of Linde Finance for at least the current financial year do not
exist.
Administrative, Management and Supervisory Bodies
The current Managing Director of Linde Finance is Micha Glaser.
The current members of the Supervisory Board of Linde Finance are:
Georg Denoke (Chairman)
Member of the Executive Board of Linde AG responsible for the following Corporate & Support
Functions:
Group Accounting & Reporting, Group Information
Services, Group Insurance, Group Mergers &
Acquisitions,
Group
Procurement,
Group
Risk
Management, Group Tax, Group Treasury, Operational
Finance, Financial Control & Investments, Real Estate
and for Finance/Financial Control for the EMEA,
Americas and Asia/Pacific segments and Human
Resources Director at Linde AG
Björn Schneider
Head of Group Accounting & Reporting, Group Risk
Management, Group Insurance, Real Estate, Linde AG
Dr Sven Schneider
Head of Group Treasury, Linde AG
There are no potential conflicts of interest of the members of the Supervisory Board and the Managing
Director between their duties to Linde Finance on the one side and their private interests on the other side.
The Managing Director and the members of the Supervisory Board may be contacted at the business
address of Linde Finance.
The size of the Company enables the Supervisory Board to operate without separate committees. This
means that the Supervisory Board as a whole acts as Audit Committee.
Linde Finance is a privately held company and is therefore not subject to public corporate governance
standards.
Major shareholders
Linde Holdings Netherlands B.V. is the sole shareholder of Linde Finance. Linde AG is the sole shareholder
of Linde Holdings Netherlands B.V.
56
Ratings
Standard & Poor's Credit Market Services France SAS1,3 has assigned the credit rating of A+4 to Linde
Finance B.V. Moody's Deutschland GmbH2,3 has assigned the credit rating of A24 to Linde Finance B.V.
Moody’s considers obligations rated A as upper-medium grade and subject to low credit risk. Moody's
appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The
modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2
indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating
category. An "A" rating assigned by Standard & Poor's means pursuant to the rating agency that the Issuer
has a strong capacity to meet its financial commitments but is somewhat susceptible to adverse economic
conditions and changes in circumstances.The ratings from "AA" to "CCC" may be modified by the addition
of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
Financial Information concerning the Issuer's Assets and Liabilities, Financial Position and Profit
and Losses
The financial statements for the fiscal years ended on 31 December 2015 and 31 December 2014 of Linde
Finance are incorporated by reference into this Prospectus.
Legal and arbitration proceedings
Linde Finance is not, or during the last 12 months has not been involved (whether as defendant or
otherwise) in, nor does it have knowledge of any threat of any legal, arbitration, administrative or other
proceedings the result of which may have, in the event of an adverse determination, a material adverse
effect on its financial condition.
Significant change in the Issuer's financial or trading position
There has been no significant change in the financial or trading position of Linde Finance since
31 December 2015.
Additional Information
Share Capital
The authorised capital of Linde Finance amounts to fifteen million euro (€ 15,000,000), divided into fifteen
thousand ordinary shares, each having a nominal value of one thousand euro (€ 1,000).
All shares are owned by Linde Holdings Netherlands B.V. As at the date of this Prospectus, the issued and
paid up capital amounts to € 5,000,000.
Fiscal Year
The financial year of Linde Finance is the calendar year.
Material Contracts
Linde AG as original borrower and guarantor and Linde Finance B.V. as original borrower entered into a
syndicated multi-currency revolving credit facility agreement ("Credit Agreement") dated 18 July 2013 with
1
2
3
4
57
several banks as mandated lead arrangers and/or original lenders and Deutsche Bank Luxembourg S.A. as
the facility agent. Pursuant to the Credit Agreement, a multi-currency revolving credit facility in an aggregate
amount equal to € 2.5 billion is made available.
58
CONSENT TO THE USE OF THE PROSPECTUS
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing the relevant
Notes issued under the Programme is entitled to use the Prospectus if and for the respective offer period
specified in the applicable Final Terms in the Grand Duchy of Luxembourg, in Germany, The Netherlands
and the Republic of Austria for the subsequent resale or final placement of the relevant Notes during the
respective offer period (as determined in the applicable Final Terms) during which subsequent resale or
final placement of the relevant Notes can be made, provided however, that the Prospectus is still valid in
accordance with Article 11(2) of the Luxembourg Prospectus Law which implements Directive 2003/71/EC
of the European Parliament and of the Council of 4 November 2003 (as amended). The Issuer accepts
responsibility for the information given in this Prospectus also with respect to such subsequent resale or
final placement of the relevant Notes.
The Prospectus may only be delivered to potential investors together with all supplements published before
such delivery. Any supplement to the Prospectus is available for viewing in electronic form on the website of
the Luxembourg Stock Exchange (www.bourse.lu) and on the website of Linde Group (www.linde.com).
When using the Prospectus, each Dealer and/or relevant further financial intermediary must make certain
that it complies with all applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary the Dealer
and/or the further financial intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.
Any Dealer and/or a further financial intermediary using the Prospectus shall state on its
website that it uses the Prospectus in accordance with this consent and the conditions
attached to this consent.
59
GENERAL DESCRIPTION OF THE PROGRAMME
I. General
Under this € 10,000,000,000 Debt Issuance Programme, Linde AG and Linde Finance may from time to
time issue notes, (the "Notes") to one or more of the Dealers (as defined herein). The maximum aggregate
principal amount of the Notes from time to time outstanding under the Programme will not exceed
€ 10,000,000,000 (or its equivalent in any other currency). The Issuers may increase the amount of the
Programme in accordance with the terms of the Dealer Agreement from time to time.
Linde AG (the "Guarantor") has given its unconditional and irrevocable Guarantee (the "Guarantee") for
the due payment of the amounts corresponding to the principal of and interest on the Notes issued by Linde
Finance. The Guarantee will be governed by German law.
Notes will be issued on a continuous basis to one or more of the Dealers and any additional Dealer
appointed under the Programme from time to time by the Issuer(s), which appointment may be for a specific
issue or on an ongoing basis. Notes may be distributed by way of offers to the public or private placements
and, in each case, on a syndicated or non-syndicated basis. The method of distribution of each tranche of
Notes (the "Tranche") will be stated in the applicable final terms (the "Final Terms"). The Notes may be
offered to qualified and non-qualified investors.
Notes will be issued in Tranches, each Tranche consisting of Notes which are identical in all respects. One
or more Tranches, which are expressed to be consolidated and forming a single series and identical in all
respects, but having different issue dates, interest commencement dates, issue prices and dates for first
interest payments may form a series ("Series") of Notes. Further Notes may be issued as part of existing
Series.
Notes will be issued in such denominations as may be agreed between the relevant Issuer and the relevant
Dealer(s) and as indicated in the applicable Final Terms save that the minimum denomination of the Notes
will be, if in euro, € 1,000, or, if in any currency other than euro, in an amount in such other currency nearly
equivalent to € 1,000 at the time of the issue of Notes. Subject to any applicable legal or regulatory
restrictions, and requirements of relevant central banks, Notes may be issued in euro or any other currency.
Notes will be issued with a maturity of twelve months or more. The Notes will be freely transferable.
Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as stated in
the applicable Final Terms. The issue price for Notes to be issued will be determined at the time of pricing
on the basis of a yield which will be determined on the basis of the orders of the investors which are
received by the Dealers during the offer period. Orders will specify a minimum yield and may only be
confirmed at or above such yield. The resulting yield will be used to determine an issue price, all to
correspond to the yield.
The yield for Notes with fixed interest rates will be calculated by the use of the ICMA method, which
determines the effective interest rate of notes taking into account accrued interest on a daily basis.
Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade
Notes on the Regulated Market "Bourse de Luxembourg". Notes may further be issued under the
Programme which will be listed on the Frankfurt Stock Exchange or not be listed on any stock exchange.
Deutsche Bank Luxembourg S.A. will act as Luxembourg Listing Agent and Deutsche Bank
Aktiengesellschaft will act as fiscal agent and paying agent (the "Fiscal Agent").
Notes will be accepted for clearing through one or more Clearing Systems as specified in the applicable
Final Terms. These systems will comprise those operated by Clearstream Banking AG, Frankfurt am Main,
Clearstream Banking, société anonyme, Luxembourg and Euroclear Bank SA/NV. Notes denominated in
euro or, as the case may be, such other currency recognised from time to time for the purposes of eligible
collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem, are intended
to be held in a manner, which would allow Eurosystem eligibility. Therefore, these Notes will initially be
deposited upon issue with in the case of (i) a new global note either Clearstream Banking société anonyme,
Luxembourg or Euroclear Bank SA/NV as common safekeeper or, (ii) a classical global note Clearstream
Banking AG, Frankfurt am Main. It does not necessarily mean that the Notes will be recognised as eligible
collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon
issue or at any or all times during their life. Such recognition will depend upon satisfaction of the
Eurosystem eligibility criteria.
60
II. Issue Procedures
General
The relevant Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each
particular Tranche of Notes (the "Conditions"). The Conditions will be constituted by the relevant set of
Terms and Conditions of the Notes set forth below (the "Terms and Conditions") as further specified by
the Final Terms (the "Final Terms") as described below.
Options for sets of Terms and Conditions
A separate set of Terms and Conditions applies to each type of Notes, as set forth below. The Final Terms
provide for the relevant Issuer to choose between the following Options:
-
Option I – Terms and Conditions for Notes with fixed interest rates (and Option I A, Option I B and
Option I C as defined in "Documents incorporated by Reference");
-
Option II – Terms and Conditions for Notes with floating interest rates (and Option II A as defined in
"Documents incorporated by Reference");
-
Option III – Terms and Conditions for Notes without interest payments (Zero Coupon).
With respect to each type of Notes, the respective Option I A and Option II A as well as Option I B and
Option I C are incorporated by reference into this Prospectus for the purpose of a potential increase of
Notes outstanding and originally issued prior to the date of this Prospectus.
Documentation of the Conditions
The relevant Issuer may document the Conditions of an individual issue of Notes in either of the following
ways:
-
The Final Terms shall be completed as set out therein. The Final Terms shall determine which of the
Option I or Option II or Option III, including certain further options contained therein, respectively, shall
be applicable to the individual issue of Notes by replicating the relevant provisions and completing the
relevant placeholders of the relevant set of Terms and Conditions as set out in the Prospectus in the
Final Terms. The replicated and completed provisions of the set of Terms and Conditions alone shall
constitute the Conditions, which will be attached to each global note representing the Notes of the
relevant Tranche. This type of documentation of the Conditions will be required where the Notes are
publicly offered, in whole or in part, or are to be initially distributed, in whole or in part, to non-qualified
investors.
-
Alternatively, the Final Terms shall determine which of Option I or Option II or Option III and of the
respective further options contained in each of Option I, Option II and Option III are applicable to the
individual issue by referring to the relevant provisions of the relevant set of Terms and Conditions as set
out in the Prospectus only. The Final Terms will specify that the provisions of the Final Terms and the
relevant set of Terms and Conditions as set out in the Prospectus, taken together, shall constitute the
Conditions. Each global note representing a particular Tranche of Notes will have the Final Terms and
the relevant set of Terms and Conditions as set out in the Prospectus attached.
Determination of Options / Completion of Placeholders
The Final Terms shall determine which of the Option I or Option II or Option III shall be applicable to the
individual issue of Notes. Each of the sets of Terms and Conditions of Option I or Option II or Option III
contains also certain further options (characterised by indicating the respective optional provision through
instructions and explanatory notes set out either on the left of or in square brackets within the text of the
relevant set of Terms and Conditions as set out in the Prospectus) as well as placeholders (characterised
by square brackets which include the relevant items) which will be determined by the Final Terms as
follows:
Determination of Options
The relevant Issuer will determine which options will be applicable to the individual issue either by
replicating the relevant provisions in the Final Terms or by reference of the Final Terms to the respective
sections of the relevant set of Terms and Conditions as set out in the Prospectus. If the Final Terms do not
61
refer to an alternative or optional provision or such alternative or optional provision is not replicated therein
it shall be deemed to be deleted from the Conditions.
Completion of Placeholders
The Final Terms will specify the information with which the placeholders in the relevant set of Terms and
Conditions will be completed. In the case the provisions of the Final Terms and the relevant set of Terms
and Conditions, taken together, shall constitute the Conditions the relevant set of Terms and Conditions
shall be deemed to be completed by the information contained in the Final Terms as if such information
were inserted in the placeholders of such provisions.
All instructions and explanatory notes and text set out in square brackets in the relevant set of Terms and
Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the
Conditions.
Controlling Language
As to the controlling language of the respective Conditions, the following applies:
-
In the case of Notes (i) offered to the public, in whole or in part, in the Federal Republic of
Germany, or (ii) initially distributed, in whole or in part, to non-qualified investors in the Federal
Republic of Germany, German will be the controlling language. If, in the event of such offers to the
public or distribution to non-qualified investors, however, English is chosen as the controlling
language, a German language translation of the Conditions will be available from the principal
offices of the Fiscal Agent and the Issuers, as specified on the back cover of this Prospectus.
-
In other cases the relevant Issuer will elect either German or English to be the controlling language.
62
TERMS AND CONDITIONS OF THE NOTES
GERMAN LANGUAGE VERSION
(DEUTSCHE FASSUNG DER ANLEIHEBEDINGUNGEN)
Einführung
Die Anleihebedingungen für die Schuldverschreibungen (die "Anleihebedingungen") sind
nachfolgend in drei Optionen aufgeführt:
Option I umfasst den Satz der Anleihebedingungen, der
Schuldverschreibungen mit fester Verzinsung Anwendung findet.
auf
Tranchen
von
Option II umfasst den Satz der Anleihebedingungen, der
Schuldverschreibungen mit variabler Verzinsung Anwendung findet.
auf
Tranchen
von
Option III umfasst den Satz der Anleihebedingungen, der auf
Schuldverschreibungen ohne Verzinsung Anwendung findet (Nullkupon).
Tranchen
von
Der Satz von Anleihebedingungen für jede dieser Optionen enthält bestimmte weitere
Optionen, die entsprechend gekennzeichnet sind, indem die jeweilige optionale
Bestimmung durch Instruktionen und Erklärungen entweder links von dem Satz der
Anleihebedingungen oder in eckigen Klammern innerhalb des Satzes der
Anleihebedingungen bezeichnet wird.
In den Endgültigen Bedingungen wird die Emittentin festlegen, welche der Option I, Option
II oder Option III (einschließlich der jeweils enthaltenen bestimmten weiteren Optionen) für
die einzelne Emission von Schuldverschreibungen Anwendung findet, indem entweder die
betreffenden Angaben wiederholt werden oder auf die betreffenden Optionen verwiesen
wird.
Soweit weder die Emittentin noch die Garantin zum Zeitpunkt der Billigung des Prospektes
Kenntnis von bestimmten Angaben hatte, die auf eine einzelne Emission von
Schuldverschreibungen anwendbar sind, enthält dieser Prospekt Leerstellen in eckigen
Klammern, die die maßgeblichen durch die Endgültigen Bedingungen zu
vervollständigenden Angaben enthalten.
Im Fall, dass die
Endgültigen
Bedingungen, die
für eine einzelne
Emission
anwendbar sind,
nur auf die
weiteren Optionen
verweisen, die im
Satz der Anleihebedingungen der
Option I, Option II
oder Option III
enthalten sind, ist
folgendes
anwendbar
[Die Bestimmungen der nachstehenden Anleihebedingungen gelten für diese
Schuldverschreibungen so, wie sie durch die Angaben der beigefügten endgültigen
Bedingungen (die "Endgültigen Bedingungen") vervollständigt werden. Die Leerstellen in
den
auf
die
anwendbaren
Bestimmungen
dieser
Anleihebedingungen gelten als durch die in den Endgültigen Bedingungen enthaltenen
Angaben ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese
Angaben ausgefüllt wären; alternative oder wählbare Bestimmungen dieser
Anleihebedingungen, deren Entsprechungen in den Endgültigen Bedingungen nicht
ausdrücklich ausgefüllt oder die gestrichen sind, gelten als aus diesen Anleihebedingungen
gestrichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen
dieser Anleihebedingungen (einschließlich der Anweisungen, Anmerkungen und der Texte
in eckigen Klammern) gelten als aus diesen Anleihebedingungen gestrichen, so dass die
Bestimmungen der Endgültigen Bedingungen Geltung erhalten. Kopien der Endgültigen
Bedingungen sind kostenlos bei der bezeichneten Geschäftsstelle der Emissionsstelle und
bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle erhältlich; bei nicht an einer
Börse notierten Schuldverschreibungen sind Kopien der betreffenden Endgültigen
Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuldverschreibungen
erhältlich.]
OPTION I – Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung
ANLEIHEBEDINGUNGEN
(Deutsche Fassung)
§1
WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN
(1)
Währung;
Stückelung.
Diese
Serie
der
(die
63
"Schuldverschreibungen") der [Linde Aktiengesellschaft] [Linde Finance B.V.] (["Linde
AG"] ["Linde Finance B.V."] oder die "Emittentin") wird in [festgelegte Währung] (die
"festgelegte Währung") im Gesamtnennbetrag [Falls die Globalurkunde eine NGN ist,
ist folgendes anwendbar: (vorbehaltlich § 1(4))] von [Gesamtnennbetrag] (in Worten:
[Gesamtnennbetrag in Worten]) in einer Stückelung von [festgelegte Stückelung] (die
"festgelegte Stückelung") begeben.
(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.
Im Fall von
Schuldverschreibungen,
die durch eine
Dauerglobalurkunde verbrieft
sind, ist folgendes
anwendbar
[(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde
(die "Dauerglobalurkunde") ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die
Unterschriften ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von der
Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen.
Einzelurkunden und Zinsscheine werden nicht ausgegeben.]
Im Fall von
die anfänglich
durch eine
vorläufige
Globalurkunde
verbrieft sind, ist
folgendes
anwendbar
[(3) Vorläufige Globalurkunde – Austausch.
(a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die
"vorläufige Globalurkunde") ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde
wird gegen Schuldverschreibungen in der festgelegten Stückelung, die durch eine
Dauerglobalurkunde (die "Dauerglobalurkunde") ohne Zinsscheine verbrieft sind,
ausgetauscht. Die vorläufige Globalurkunde und die Dauerglobalurkunde tragen jeweils
die Unterschriften ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind
jeweils von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift
versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.
(b) Die vorläufige Globalurkunde wird frühestens an einem Tag (der "Austauschtag")
gegen die Dauerglobalurkunde austauschbar, der 40 Tage nach dem Tag der Ausgabe
der vorläufigen Globalurkunde liegt. Ein solcher Austausch soll nur nach Vorlage von
Bescheinigungen gemäß U.S. Steuerrecht erfolgen, wonach der oder die
wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde verbrieften
Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte
Finanzinstitute oder bestimmte Personen, die Schuldverschreibungen über solche
Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde
verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen.
Eine gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung
erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der
Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt
werden, die vorläufige Globalurkunde gemäß diesem Absatz (b) dieses § 1(3)
auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert
werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu liefern.]
(4) Clearing System. Jede Globalurkunde wird solange von einem oder im Namen eines
Clearing Systems verwahrt, bis sämtliche Verbindlichkeiten der Emittentin aus den
Schuldverschreibungen erfüllt sind. "Clearing System" bedeutet [Bei mehr als einem
Clearing System ist folgendes anwendbar: jeweils] folgendes: [Clearstream Banking AG,
Neue Börsenstraße 1, 60487 Frankfurt am Main, Bundesrepublik Deutschland ("CBF")]
[Clearstream Banking, société anonyme, 42 Avenue JF Kennedy, 1855 Luxembourg,
Großherzogtum Luxemburg ("CBL"), Euroclear Bank SA/NV, Boulevard du Roi Albert II,
1210 Brüssel, Belgien ("Euroclear") (CBL und Euroclear jeweils ein "ICSD" und zusammen
die "ICSDs")] sowie jeder Funktionsnachfolger.
Im Fall von
Schuldverschreibungen, die im
[Die Schuldverschreibungen werden in Form einer New Global Note ("NGN") ausgegeben
und von einem common safekeeper im Namen beider ICSDs verwahrt.
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine NGN ist, ist
folgendes
anwendbar
Der Gesamtnennbetrag der durch die Globalurkunde verbrieften Schuldverschreibungen
entspricht dem jeweils in den Registern beider ICSDs eingetragenen Gesamtbetrag. Die
Register der ICSDs (unter denen die Register zu verstehen sind, die jeder ICSD für seine
Kunden über den Betrag ihres Anteils an den Schuldverschreibungen führt) sind
maßgeblicher Nachweis des Gesamtnennbetrages der durch die Globalurkunde verbrieften
64
Schuldverschreibungen, und eine zu diesem Zweck von einem ICSD jeweils ausgestellte
Bescheinigung mit dem Betrag der so verbrieften Schuldverschreibungen ist maßgebliche
Bestätigung des Inhalts des Registers des betreffenden ICSD zu dem fraglichen Zeitpunkt.
Bei jeder Tilgung oder einer Zinszahlung auf die durch die Globalurkunde verbrieften
Schuldverschreibungen bzw. beim Kauf und der Entwertung der durch die Globalurkunde
verbrieften Schuldverschreibungen stellt die Emittentin sicher, dass die Einzelheiten der
Rückzahlung, Zahlung oder des Kaufs und der Entwertung bezüglich der Globalurkunde pro
rata in die Unterlagen der ICSDs eingetragen werden, und dass nach dieser Eintragung
vom Gesamtnennbetrag der in die Register der ICSDs aufgenommenen und durch die
Globalurkunde
verbrieften
der
Gesamtnennbetrag
der
zurückgekauften bzw. gekauften und entwerteten Schuldverschreibungen abgezogen wird.]
[Falls die vorläufige Globalurkunde eine NGN ist, ist folgendes anwendbar: Bei
Austausch nur eines Teils von Schuldverschreibungen, die durch eine vorläufige
Globalurkunde verbrieft sind, wird die Emittentin sicherstellen, dass die Einzelheiten dieses
Austauschs pro rata in die Register der ICSDs aufgenommen werden.]
Im Fall von
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine CGN ist, ist
folgendes
anwendbar
[Die Schuldverschreibungen werden in Form einer Classical Global Note ("CGN")
ausgegeben und von einer gemeinsamen Verwahrstelle im Namen beider ICSDs verwahrt.]
(5) Gläubiger von Schuldverschreibungen. "Gläubiger" bedeutet jeder Inhaber eines
Miteigentumsanteils oder anderen Rechts an den Schuldverschreibungen.
Im Fall von
für die ein
EffektengiroRegister geführt
wird, ist folgendes
anwendbar
[(6) Effektengiro-Register. Die Emittentin und CBF haben vereinbart, dass CBF zum
Effektengiro-Registrar der Emittentin bezüglich der Schuldverschreibungen bestellt wird. In
dieser Funktion und unbeschadet der Emission der Schuldverschreibungen sowie deren
Status als Inhaberpapiere nach deutschem Recht hat CBF zugesagt, als Beauftragte der
Emittentin in den Büchern der CBF Aufzeichnungen über die Schuldverschreibungen, die
auf den Konten der CBF-Kontoinhaber gutgeschrieben sind, zu führen.]
§2
STATUS, NEGATIVVERPFLICHTUNG [Im Fall von Schuldverschreibungen, die von
Linde Finance B.V. begeben werden, einfügen:, GARANTIE UND
NEGATIVVERPFLICHTUNG DER GARANTIN]
Im Fall von
Schuldverschreibungen, die
von Linde AG
begeben werden,
[(1) Status. Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige
Verbindlichkeiten der Emittentin, die untereinander und mit allen anderen nicht besicherten
und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind mit Ausnahme
von Verbindlichkeiten, die nach geltenden Rechtsvorschriften vorrangig sind.
ist folgendes
anwendbar
(2) Negativverpflichtung. Die Emittentin verpflichtet sich, solange Schuldverschreibungen
ausstehen, jedoch nur bis zu dem Zeitpunkt, an dem alle Beträge an Kapital und Zinsen der
Zahlstelle zur Verfügung gestellt worden sind, keine Grundpfandrechte oder sonstigen
dinglichen Sicherungsrechte an gegenwärtigen oder zukünftigen Teilen ihres Vermögens
oder ihrem gegenwärtigen oder zukünftigen Vermögens insgesamt zur Besicherung einer
gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeit, die von der Emittentin oder
einer anderen Person eingegangen oder gewährleistet ist, zu bestellen oder fortbestehen zu
lassen, ohne gleichzeitig die Gläubiger an derselben Sicherheit im gleichen Rang und
gleichen Verhältnis teilnehmen zu lassen.
"Kapitalmarktverbindlichkeit" ist jede Verbindlichkeit zur Zahlung aufgenommener Gelder,
die durch Schuldverschreibungen, die eine ursprüngliche Laufzeit von mehr als einem Jahr
haben und die an einer Börse oder an einem anderen anerkannten Wertpapiermarkt notiert
oder gehandelt werden oder werden können, verbrieft, verkörpert oder dokumentiert ist. Um
etwaige Zweifel bezüglich von asset-backed financings der Emittentin zu vermeiden,
65
schließen die in diesem § 2 benutzten Worte "Vermögen" und "Verbindlichkeiten zur
Zahlung aufgenommener
Gelder" nicht solche Vermögensgegenstände
und
Verbindlichkeiten der Emittentin ein, die im Einklang mit den Gesetzen und den in
Deutschland anerkannten Regeln der Bilanzierung und Buchführung nicht in der Bilanz der
Emittentin ausgewiesen werden müssen und darin auch nicht ausgewiesen werden.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
und
Verbindlichkeiten der Emittentin ein, die im Einklang mit den Gesetzen und den in den
Niederlanden anerkannten Regeln der Bilanzierung und Buchführung nicht in der Bilanz der
Emittentin ausgewiesen werden müssen und darin auch nicht ausgewiesen werden.
(3) Garantie und Negativverpflichtung der Garantin. Die Linde Aktiengesellschaft ("Linde
AG" oder die "Garantin") hat die unbedingte und unwiderrufliche Garantie (die "Garantie")
vom 2. April 2015 für die ordnungsgemäße und pünktliche Zahlung von Kapital und Zinsen
und sonstiger auf die Schuldverschreibungen zahlbarer Beträge übernommen.
Die Garantin hat sich außerdem in einer Negativverpflichtung (die "Negativverpflichtung")
verpflichtet, solange Schuldverschreibungen ausstehen, jedoch nur bis zu dem Zeitpunkt,
an dem alle Beträge an Kapital und Zinsen der Zahlstelle zur Verfügung gestellt worden
sind, keine Grundpfandrechte oder sonstigen dinglichen Sicherungsrechte an
gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder ihrem gegenwärtigen oder
zukünftigen Vermögens insgesamt zur Besicherung einer gegenwärtigen oder zukünftigen
Kapitalmarktverbindlichkeit (wie vorstehend definiert), die von der Garantin oder einer
anderen Person eingegangen oder gewährleistet ist, zu bestellen oder fortbestehen zu
Die Garantie und die Negativverpflichtung stellen einen Vertrag zugunsten jedes Gläubigers
als begünstigtem Dritten gemäß § 328 BGB (Bürgerliches Gesetzbuch) dar, welcher das
Recht jedes Gläubigers begründet, Erfüllung aus der Garantie und der Negativverpflichtung
unmittelbar von der Garantin zu verlangen und die Garantie und die Negativverpflichtung
unmittelbar gegen die Garantin durchzusetzen. Um etwaige Zweifel bezüglich von assetbacked financings der Garantin zu vermeiden, schließen die in diesem § 2 benutzten Worte
"Vermögen" und "Verbindlichkeiten zur Zahlung aufgenommener Gelder" nicht solche
Vermögensgegenstände und Verbindlichkeiten der Garantin ein, die im Einklang mit den
Gesetzen und den in Deutschland anerkannten Regeln der Bilanzierung und Buchführung
nicht in der Bilanz der Garantin ausgewiesen werden müssen und darin auch nicht
ausgewiesen werden.
Kopien der Garantie und Negativverpflichtung werden bei der bezeichneten Geschäftsstelle
der Zahlstelle zur kostenlosen Ausgabe bereitgehalten.]
66
§3
ZINSEN
(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden bezogen auf ihren
Gesamtnennbetrag
verzinst,
und
zwar
vom
[Verzinsungsbeginn]
(der
"Verzinsungsbeginn") (einschließlich) bis zum Fälligkeitstag (wie in § 5(1) definiert)
(ausschließlich) mit jährlich [Zinssatz] %. Die Zinsen sind nachträglich am
[Zinszahlungstag(e)] eines jeden Jahres zahlbar (jeweils ein "Zinszahlungstag"). Die
erste Zinszahlung erfolgt am [erster Zinszahlungstag] [Sofern der erste
Zinszahlungstag nicht der erste Jahrestag des Verzinsungsbeginns ist, ist folgendes
anwendbar: und beläuft sich auf [anfänglicher Bruchteilszinsbetrag je festgelegte
Stückelung] je festgelegte Stückelung. [Sofern der Fälligkeitstag kein Zinszahlungstag
ist, einfügen: Die Zinsen für den Zeitraum vom [letzter dem Fälligkeitstag
vorausgehender Zinszahlungstag] (einschließlich) bis zum Fälligkeitstag (ausschließlich)
belaufen sich auf [abschließender Bruchteilszinsbetrag je festgelegte Stückelung] je
festgelegte Stückelung.]
(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des
Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die
Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, erfolgt die Verzinsung des
ausstehenden Gesamtnennbetrages der Schuldverschreibungen vom Tag der Fälligkeit bis
zum Ablauf des Tages, der dem Tag der tatsächlichen Rückzahlung der
Schuldverschreibungen vorausgeht, in Höhe des gesetzlich festgelegten Satzes für
Verzugszinsen.1
(3) Berechnung der Zinsen für Teile von Zeiträumen. Sofern Zinsen für einen Zeitraum von
weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf der Grundlage des
Zinstagequotienten (wie nachstehend definiert).
(4) Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung eines
Zinsbetrages auf eine Schuldverschreibung für einen beliebigen Zeitraum (der
"Zinsberechnungszeitraum"):
Im Fall von
Actual/Actual
(ICMA Regel 251)
mit nur einer
Zinsperiode
innerhalb eines
Zinsjahres
(ausschließlich
dem Fall eines
ersten oder letzten
kurzen oder
langen Kupons) ist
folgendes
anwendbar
[die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum, geteilt durch die
tatsächliche Anzahl von Tagen in der jeweiligen Zinsperiode.]
Im Fall von
Actual/Actual
(ICMA Regel 251)
mit jährlichen
Zinszahlungen
(einschließlich
dem Fall eines
ersten oder letzten
kurzen Kupons) ist
folgendes
anwendbar
[die tatsächliche Anzahl von Tagen in dem Zinsberechnungszeitraum, geteilt durch die
Anzahl der Tage in der Bezugsperiode, in die der Zinsberechnungszeitraum fällt.]
Im Fall von
Actual/Actual
[die tatsächliche Anzahl von Tagen in dem Zinsberechnungszeitraum, geteilt durch das
1
Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit
zu Zeit bekanntgemachten Basiszinssatz, §§ 288 Absatz 1, 247 BGB.
67
(ICMA Regel 251)
mit zwei oder mehr
gleichbleibenden
Zinsperioden
(einschließlich
dem Fall eines
ersten oder letzten
kurzen Kupons)
innerhalb eines
Zinsjahres ist
folgendes
anwendbar
Produkt aus (1) der Anzahl der Tage in der Bezugsperiode, in die der
Zinsberechnungszeitraum fällt und (2) der Anzahl von Zinszahlungstagen, die in ein
Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu zahlen wären.]
Im Fall von
Actual/Actual
(ICMA Regel 251)
und wenn der
Zinsberechnungszeitraum länger ist
als eine
Bezugsperiode
(langer Kupon) ist
folgendes
anwendbar
[die Summe aus:
(A) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die Bezugsperiode
fallen, in welcher der Zinsberechnungszeitraum beginnt, geteilt durch [Im Fall von
Bezugsperioden, die kürzer sind als ein Jahr ist folgendes anwendbar: das
Produkt aus (1)] [die] [der] Anzahl der Tage in dieser Bezugsperiode [Im Fall von
Bezugsperioden, die kürzer sind als ein Jahr ist folgendes anwendbar: und (2) der
Anzahl von Zinszahlungstagen, die in ein Kalenderjahr fallen oder fallen würden, falls
Zinsen für das gesamte Jahr zu zahlen wären]; und
(B) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die nächste
Bezugsperiode fallen, geteilt durch [Im Fall von Bezugsperioden, die kürzer sind als
ein Jahr ist folgendes anwendbar: das Produkt aus (1)] [die] [der] Anzahl der Tage in
dieser Bezugsperiode [Im Fall von Bezugsperioden, die kürzer sind als ein Jahr ist
folgendes anwendbar: und (2) der Anzahl von Zinszahlungstagen, die in ein
Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu zahlen
wären].]
Folgendes gilt für
alle Optionen von
Actual/Actual
(ICMA Regel 251)
anwendbar außer
Option
Actual/Actual
(ICMA Rule 251)
mit jährlichen
Zinszahlungen
(ausschließlich
dem Fall eines
ersten oder letzten
kurzen oder
langen Kupons)
"Bezugsperiode" bezeichnet den Zeitraum ab dem Verzinsungsbeginn (einschließlich) bis
zum ersten Zinszahlungstag (ausschließlich) oder von jedem Zinszahlungstag
(einschließlich) bis zum nächsten Zinszahlungstag (ausschließlich). [Im Fall eines ersten
oder letzten kurzen Zinsberechnungszeitraumes ist folgendes anwendbar: Zum
Zwecke der Bestimmung der maßgeblichen Bezugsperiode gilt der [Fiktiven
Zinszahlungstag] als Zinszahlungstag.] [Im Fall eines ersten oder letzten langen
Zinsberechnungszeitraumes ist folgendes anwendbar: Zum Zwecke der Bestimmung
der maßgeblichen Bezugsperiode gelten [Fiktive(r) Zinszahlungstag(e)] als
Zinszahlungstag[e]].]
Im Fall von 30/360,
360/360 oder Bond
Basis ist
folgendes
anwendbar
[die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl
der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten zu je 30 Tagen
zu ermitteln ist (es sei denn, (A) der letzte Tag des Zinsberechnungszeitraums fällt auf den
31. Tag eines Monates, während der erste Tag des Zinsberechnungszeitraumes weder auf
den 30. noch auf den 31. Tag eines Monats fällt, in welchem Fall der diesen Tag
enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (B) der
letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, in
welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln
ist).]
Im Fall von
30E/360 oder
Eurobond Basis
ist folgendes
anwendbar
[die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360 (dabei ist die Anzahl
der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu 30 Tagen zu
ermitteln, und zwar ohne Berücksichtigung des ersten oder letzten Tages des
Zinsberechnungszeitraumes, es sei denn, dass im Falle eines am Fälligkeitstag endenden
Zinsberechnungszeitraums der Fälligkeitstag der letzte Tag des Monats Februar ist, in
welchem Fall der Monat Februar als nicht auf einen Monat zu 30 Tagen verlängert gilt).]
68
§4
ZAHLUNGEN
(1) (a) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die
Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes 2 an das
Clearing System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des Clearing Systems außerhalb der Vereinigten Staaten.
(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach
Maßgabe von Absatz 2 an das Clearing System oder (falls anwendbar) dessen Order
zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems.
Im Fall von
Zinszahlungen auf
eine vorläufige
Globalurkunde ist
folgendes
anwendbar
[Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die vorläufige
Globalurkunde verbrieft sind, erfolgt nach Maßgabe von Absatz 2 an das Clearing
System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer
Bescheinigung gemäß § 1(3) (b).]
(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher
Regelungen und Vorschriften [Im Fall von auf RMB lautenden Schuldverschreibungen
ist folgendes anwendbar: und vorbehaltlich der Abwicklung zum USD-Gegenwert
aufgrund Fehlender Konvertierbarkeit, Fehlender Übertragbarkeit oder Illiquidität gemäß
Absatz (8)] erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in der
festgelegten Währung.
(3) Vereinigte Staaten. Für die Zwecke des [Im Fall von Schuldverschreibungen, die
zunächst durch eine vorläufige Globalurkunde verbrieft werden, ist folgendes
anwendbar: § 1(3) und des] Absatzes 1 dieses § 4 bezeichnet "Vereinigte Staaten" die
Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des District of
Columbia) sowie deren Territorien (einschließlich Puerto Rico, der U.S. Virgin Islands,
Guam, American Samoa, Wake Island und Northern Mariana Islands).
(4) Erfüllung. Die Emittentin [Im Fall von Schuldverschreibungen, die von Linde
Finance B.V. begeben werden, ist folgendes anwendbar: bzw. die Garantin] wird durch
Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht
befreit.
(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung
auf einen Tag, der kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf Zahlung
vor dem nächsten Zahltag am jeweiligen Geschäftsort. Der Gläubiger ist nicht berechtigt,
weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen. Für
diese Zwecke bezeichnet "Zahltag" einen Tag (außer einem Samstag oder Sonntag),
Bei nicht auf EUR
lautenden
Schuldverschreibungen, ist
folgendes
anwendbar
[an dem Geschäftsbanken und
Finanzzentrum(en)] abwickeln[.][und]
Im Fall, dass das
Clearing System
und TARGET offen
sein sollen, ist
folgendes
anwendbar
[an dem das Clearing System sowie alle betroffenen Bereiche des Trans-European
Automated Real-time Gross Settlement Express Transfer System 2 ("TARGET") offen sind,
um Zahlungen abzuwickeln.]
Devisenmärkte
Zahlungen
in
[relevante(s)
(6) Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Anleihebedingungen auf
Kapital der Schuldverschreibungen schließen, soweit anwendbar, die folgenden Beträge
ein:
den
Rückzahlungsbetrag
der
Schuldverschreibungen;
den
vorzeitigen
Rückzahlungsbetrag der Schuldverschreibungen; [Falls die Emittentin das Wahlrecht
hat, die Schuldverschreibungen aus anderen als steuerlichen Gründen vorzeitig
zurückzuzahlen, ist folgendes anwendbar: den Wahl-Rückzahlungsbetrag (Call) der
Schuldverschreibungen;]
[falls
der
Gläubiger
ein
Wahlrecht
hat,
die
Schuldverschreibungen vorzeitig zu kündigen, ist folgendes anwendbar: den Wahl-
69
Rückzahlungsbetrag (Put) der Schuldverschreibungen;] sowie jeden Aufschlag sowie
sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbaren Beträge.
Bezugnahmen in diesen Anleihebedingungen auf Zinsen auf Schuldverschreibungen sollen,
soweit anwendbar, sämtliche gemäß § 7 zahlbaren zusätzlichen Beträge einschließen.
(7) Hinterlegung von Kapital und Zinsen. Die Emittentin ist berechtigt, beim Amtsgericht
Frankfurt am Main Zins- oder Kapitalbeträge zu hinterlegen, die von den Gläubigern nicht
innerhalb von zwölf Monaten nach dem Fälligkeitstag beansprucht worden sind, auch wenn
die Gläubiger sich nicht in Annahmeverzug befinden. Soweit eine solche Hinterlegung
erfolgt, und auf das Recht der Rücknahme verzichtet wird, erlöschen die diesbezüglichen
Ansprüche der Gläubiger gegen die Emittentin.
Im Fall von auf
RMB lautenden
Schuldverschreibungen ist
folgendes
anwendbar
[(8) (a) Zahlungsverschiebung oder Abwicklung zum USD-Gegenwert.
Ungeachtet jeglicher entgegenstehender Bestimmungen in diesen Anleihebedingungen,
falls die Emittentin [Im Fall von Schuldverschreibungen, die von Linde Finance B.V.
begeben werden: bzw. die Garantin] nach Treu und Glauben und in wirtschaftlich
angemessener Weise festlegt, dass sie aufgrund Fehlender Konvertierbarkeit, Fehlender
Übertragbarkeit oder Illiquidität (jeweils ein "RMB-Währungsereignis") nicht in der Lage ist,
Zahlungen in Bezug auf die Schuldverschreibungen [Im Fall von Schuldverschreibungen,
die von Linde Finance B.V. begeben werden: bzw. die Garantie] bei Fälligkeit vollständig
in RMB in Hongkong zu leisten, kann die Emittentin [Im Fall von Schuldverschreibungen,
die von Linde Finance B.V. begeben werden: bzw. die Garantin] [falls vorzeitige
Rückzahlung nach Wahl der Emittentin wegen Fehlender Konvertierbarkeit,
Fehlender Übertragbarkeit oder Illiquidität anwendbar ist, gilt folgendes:, vorbehaltlich
einer vorzeitigen Rückzahlung gemäß § 5([7]),] nach eigenem Ermessen (i) die jeweilige
Zahlung um zwei Geschäftstage nach dem Tag, an dem das RMB-Währungsereignis nicht
mehr besteht, verschieben, es sei denn, das RMB-Währungsereignis besteht für bis zu 14
aufeinanderfolgende Kalendertage nach dem jeweiligen Fälligkeitstag fort, oder (ii) jede
derartige Zahlung an dem jeweiligen Fälligkeitstag in US-Dollar zum USD-Gegenwert jedes
solchen RMB-Betrages leisten. Entscheidet sich die Emittentin [Im Fall von
Schuldverschreibungen, die von Linde Finance B.V. begeben werden: bzw. die
Garantin] dafür, die jeweilige Zahlung zu verschieben und das RMB-Währungsereignis
besteht für mehr als 14 aufeinanderfolgende Kalendertage nach dem jeweiligen
Fälligkeitstag fort, wird die Emittentin [Im Fall von Schuldverschreibungen, die von
Linde Finance B.V. begeben werden: bzw. die Garantin] die jeweilige Zahlung an dem
Geschäftstag in US-Dollar zum USD-Gegenwert jedes solchen RMB-Betrages leisten, der
auf den 14. aufeinanderfolgenden Kalendertag nach dem jeweiligen Fälligkeitstag folgt. Bei
Feststellung, dass ein RMB-Währungsereignis eingetreten ist, wird die Emittentin [Im Fall
von Schuldverschreibungen, die von Linde Finance B.V. begeben werden: bzw. die
Garantin] nicht später als 14 Uhr (Hongkong Zeit) am Kurs-Feststellungstag (i) die
Berechnungsstelle (wie in § 6 definiert) benachrichtigen und (ii) die Berechnungsstelle
anweisen, die Gläubiger gemäß § 13 über den Eintritt eines RMB-Währungsereignisses und
die Entscheidung der Emittentin [Im Fall von Schuldverschreibungen, die von Linde
Finance B.V. begeben werden: bzw. die Garantin], Zahlungen zu verschieben oder
Zahlungen in US-Dollar zu leisten, zu benachrichtigen. In diesem Fall wird die Emittentin
[Im Fall von Schuldverschreibungen, die von Linde Finance B.V. begeben werden:
bzw. die Garantin] die Mitteilung an die Gläubiger so früh wie möglich gemäß § 13
veranlassen. Im Fall von Zahlungen gemäß diesem §4[(8)](a) werden die
Schuldverschreibungen vom jeweiligen Fälligkeitstag der Schuldverschreibungen
(einschließlich) bis zum Tag der tatsächlichen Rückzahlung (einschließlich) nicht verzinst.
(b) Zahlungen in US-Dollar. Falls die Emittentin [Im Fall von Schuldverschreibungen, die
von Linde Finance B.V. begeben werden: bzw. die Garantin] entscheidet, Zahlungen in
US-Dollar zu leisten, werden Zahlungen des USD-Gegenwertes des jeweiligen RMBBetrages an die Person(en) gemäß diesem § 4 geleistet. Die Emittentin [Im Fall von
Garantin] wird durch Leistung einer jeder solchen Zahlung von ihrer jeweiligen
Zahlungspflicht unter den Schuldverschreibungen [Im Fall von Schuldverschreibungen,
die von Linde Finance B.V. begeben werden: bzw. unter der Garantie] befreit.
(c) Nichtverfügbarkeit des Kassakurses. Falls (a) die Emittentin [Im Fall von
70
Garantin] entscheidet, Zahlungen in US-Dollar zu leisten und (b) es nicht möglich ist, den
Kassakurs am Kurs-Feststellungstag einzuholen, kann die Emittentin [Im Fall von
Garantin] nach eigenem Ermessen den Kurs-Feststellungstag auf den nächsten
Geschäftstag, an dem der Kassakurs eingeholt werden kann, verschieben, es sei denn, die
Nichtverfügbarkeit des Kassakurses besteht für bis zu 15 aufeinanderfolgende
Kalendertage nach dem Tag, der aufgrund der Nichtverfügbarkeit des Kassakurses der
Kurs-Feststellungstag wäre (der "Anfängliche Kurs-Feststellungstag"), fort. Falls die
Emittentin [Im Fall von Schuldverschreibungen, die von Linde Finance B.V. begeben
werden: bzw. die Garantin] entscheidet, den Kurs-Feststellungstag zu verschieben und der
Kassakurs bis zum 15. aufeinanderfolgenden Kalendertag nach dem Anfänglichen KursFeststellungstag nicht verfügbar ist, ist der erste Geschäftstag nach dem 15.
aufeinanderfolgenden Kalendertag nach dem Anfänglichen Kurs-Feststellungstag der KursFeststellungstag. Wird der Kurs-Feststellungstag verschoben, wird der jeweilige
Fälligkeitstag von Zahlungen auf den zweiten Geschäftstag nach dem KursFeststellungstag verschoben. Die Emittentin [Im Fall von Schuldverschreibungen, die
von Linde Finance B.V. begeben werden: bzw. die Garantin] wird ohne unangemessene
Verzögerung nachdem sie festgestellt hat, dass es nicht möglich ist, den Kassakurs am
Kurs-Feststellungstag einzuholen (i) die Berechnungsstelle benachrichtigen und (ii) die
Berechnungsstelle anweisen, die Gläubiger gemäß § 13 über die Nichtverfügbarkeit des
Kassakurses und die Entscheidung der Emittentin [Im Fall von Schuldverschreibungen,
die von Linde Finance B.V. begeben werden: bzw. die Garantin], den KursFeststellungstag zu verschieben, zu benachrichtigen. In diesem Fall wird die Emittentin [Im
Fall von Schuldverschreibungen, die von Linde Finance B.V. begeben werden: bzw.
die Garantin] die Mitteilung an die Gläubiger so früh wie möglich gemäß § 13 veranlassen.
Im Fall von Zahlungen gemäß diesem §4[(8)](a) werden die Schuldverschreibungen vom
jeweiligen Fälligkeitstag der Schuldverschreibungen (einschließlich) bis zum Tag der
tatsächlichen Rückzahlung (einschließlich) nicht verzinst.
(d) Definitionen. Für die Zwecke dieses Absatzes 8 haben die folgenden Begriffe folgende
Bedeutung:
"Staatliche Stelle" bezeichnet alle de facto oder de jure staatlichen Regierungen
(einschließlich der dazu gehörenden Behörden oder Organe), Gerichte, rechtsprechenden,
verwaltungsbehördlichen oder sonstigen staatlichen Stellen und alle sonstigen
(privatrechtlichen oder öffentlich-rechtlichen) Personen (einschließlich der jeweiligen
Zentralbank), die mit Aufsichtsfunktionen über die Finanzmärkte in Hongkong betraut sind.
"Hong Kong" bezeichnet die Sonderverwaltungszone Hongkong der VRC.
"Illiquidität" bezeichnet die Illiquidität des allgemeinen Renminbi-Devisenmarkts in
Hongkong, ausser in Folge Fehlender Konvertierbarkeit oder Fehlender Übertragbarkeit,
infolgedessen die Emittentin [Im Fall von Schuldverschreibungen, die von Linde
Finance B.V. begeben werden: bzw. die Garantin] (nachdem von ihr alle Anstrengungen
unternommen wurden) nicht die ausreichende Menge an RMB zur vollständigen Erfüllung
ihrer Zahlungsverpflichtungen in Bezug auf die Schuldverschreibungen [Im Fall von
Garantie] erhalten kann,
"Fehlende Konvertierbarkeit" bezeichnet den Eintritt eines Ereignisses, das die
Umwandlung eines fälligen Betrags in Bezug auf die Schuldverschreibungen [Im Fall von
Garantie] in RMB am allgemeinen RMB-Devisenmarkt in Hongkong unmöglich, oder,
nachdem alle Anstrengungen unternommen wurden, undurchführbar macht, sofern diese
Unmöglichkeit oder Undurchführbarkeit ausschließlich auf eine Nichteinhaltung von
Gesetzen, Verordnungen oder Vorschriften einer Staatlichen Stelle seitens der Emittentin
bzw. der Garantin] zurückzuführen ist (es sei denn, die betreffenden Gesetze,
Verordnungen
oder
Vorschriften
werden
nach
dem
Begebungstag
der
Schuldverschreibungen verabschiedet bzw. erlassen und ihre Einhaltung ist der Emittentin
bzw. der Garantin] aufgrund eines außerhalb ihres Einflussbereichs liegenden Ereignisses
71
nicht möglich oder, nachdem von ihr alle Anstrengungen unternommen wurden,
undurchführbar).
"Fehlende Übertragbarkeit" bezeichnet den Eintritt eines Ereignisses, , das eine
Überweisung von RMB zwischen Konten innerhalb Hongkongs oder von einem Konto in
Hongkong auf ein Konto außerhalb Hongkongs unmöglich oder, nachdem alle
Anstrengungen unternommen wurden, undurchführbar macht, sofern diese Unmöglichkeit
oder Undurchführbarkeit ausschließlich auf eine Nichteinhaltung von Gesetzen,
Verordnungen oder Vorschriften einer Staatlichen Stelle seitens der Emittentin [Im Fall von
Schuldverschreibungen, die von Linde Finance B.V. begeben werden: bzw. der
Garantin] zurückzuführen ist (es sei denn, die betreffenden Gesetze, Verordnungen oder
Vorschriften werden nach dem Begebungstag der Schuldverschreibungen verabschiedet
bzw. erlassen und ihre Einhaltung ist der Emittentin [Im Fall von Schuldverschreibungen,
die von Linde Finance B.V. begeben werden: bzw. der Garantin] aufgrund eines
außerhalb ihres Einflussbereichs liegenden Ereignisses nicht möglich oder, nachdem von
ihr alle Anstrengungen unternommen wurden, undurchführbar).
"Kurs-Feststellungstag" bezeichnet den Tag, der zwei Geschäftstage vor dem
Fälligkeitstag der jeweiligen Zahlung gemäß dieser Anleihebedingungen liegt, vorbehaltlich
einer Anpassung gemäß Absatz (c) oben.
"Kassakurs" bezeichnet das arithmetische Mittel zwischen Geld- und Briefkurs zwischen
US-Dollar und RMB für den Kauf von US-Dollar mit Renminbi auf dem außerbörslichen
Renminbi Devisenmarkt in Hongkong mit Abwicklung nach zwei Geschäftstagen zu dem
von der Berechnungsstelle am Kurs-Feststellungstag um ca. 11.00 Uhr (Hongkong Zeit),
unter der Annahme einer tatsächlichen Abwicklung, unter Heranziehung der auf der
Bildschirmseite TRADCNY3 von Reuters unter der Spalte USD/CNH festgelegten Kurse,
oder, sofern solche Kurse nicht zur Verfügung stehen, unter der Annahme eines
synthetischen Geschäfts, unter Heranziehung der Bildschirmseite TRADNDF von Reuters.
Sofern keiner dieser Kurse verfügbar ist, wird die Berechnungsstelle den Kassakurs um ca.
11.00 Uhr (Hongkong Zeit) am Kurs-Feststellungstag als aktuellsten verfügbaren offiziellen
US-Dollar/RMB Kurs für Abwicklungen am übernächsten Geschäftstag, wie vom staatlichen
Devisenamt der Volksrepublik China (State Administration of Foreign Exchange of the
People's Republic of China) veröffentlicht, der auf der Bildschirmseite CNY=SAEC von
Reuters veröffentlicht wird, bestimmen. Verweise auf Bildschirmseiten von Reuters
beziehen sich auf von Reuters so bezeichnete Monitor Money Rates Service Seiten (oder
einen an dessen Stelle tretenden Dienst) oder auf andere Seiten, die diese Seiten zum
Zwecke der Darstellung eines vergleichbaren Devisenwechselkurses gegebenenfalls
ersetzen.
"USD-Gegenwert" eines RMB-Betrags bezeichnet den in US-Dollar anhand des
Kassakurses für den jeweiligen Kurs-Feststellungstag umgewandelten jeweiligen RMBBetrag, wie von der Berechnungsstelle an dem Kurs-Feststellungstag bestimmt und der
Emittentin [Im Fall von Schuldverschreibungen, die von Linde Finance B.V. begeben
werden: bzw. der Garantin] unverzüglich mitgeteilt.
"Geschäftstag" bezeichnet für die Zwecke dieses § 4 Absatz 8 einen Tag (außer einem
Samstag oder Sonntag), an dem Geschäftsbanken für den allgemeinen Geschäftsverkehr
(einschließlich Devisengeschäften) in [Hongkong, Peking] geöffnet sind.
(e) Bezugnahmen. Bezugnahmen auf "RMB" bezeichnen die gesetzliche Währung der
Volksrepublik China, wobei dieser Begriff Hongkong, die Sonderverwaltungszone Macao
der Volksrepublik China und Taiwan ausschließt.
(f) Verbindlichkeit der Festsetzungen. Alle Mitteilungen, Auffassungen, Feststellungen,
Bescheinigungen, Berechnungen, Kursnotierungen und Entscheidungen, die für die Zwecke
dieser Bestimmungen von der Berechnungsstelle abgegeben, zum Ausdruck gebracht,
vorgenommen oder eingeholt werden, sind (außer in Fällen von Vorsatz, Arglist oder
offenkundigen Fehlern) für die Emittentin [Im Fall von Schuldverschreibungen, die von
Linde Finance B.V. begeben werden: bzw. die Garantin], die Erfüllungsgehilfen und alle
Gläubiger verbindlich.]
§5
RÜCKZAHLUNG
(1) Rückzahlung bei Endfälligkeit. Soweit nicht zuvor bereits ganz oder teilweise
72
zurückgezahlt oder angekauft und entwertet [Im Fall von auf RMB lautenden
Schuldverschreibungen ist folgendes anwendbar: bzw. vorbehaltlich einer
Zahlungsverschiebung gemäß § 4 Absatz (8)], werden die Schuldverschreibungen zu ihrem
Rückzahlungsbetrag am [Fälligkeitstag] (der "Fälligkeitstag") zurückgezahlt. Der
"Rückzahlungsbetrag" in Bezug auf jede Schuldverschreibung entspricht dem Nennbetrag
der Schuldverschreibung.
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
[(2) Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Schuldverschreibungen können
insgesamt, jedoch nicht teilweise, nach Wahl der Emittentin mit einer Kündigungsfrist von
nicht weniger als 30 und nicht mehr als 60 Tagen gegenüber der Emissionsstelle und
gemäß § 13 gegenüber den Gläubigern vorzeitig gekündigt und zu ihrem
Rückzahlungsbetrag zuzüglich bis zum für die Rückzahlung festgesetzten Tag
(ausschließlich) aufgelaufener Zinsen zurückgezahlt werden, falls die Emittentin als Folge
einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften in
Deutschland oder deren politischen Untergliederungen oder Steuerbehörden oder als Folge
einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser
Gesetze und Vorschriften (vorausgesetzt diese Änderung oder Ergänzung wird am oder
nach dem Tag, an dem die letzte Tranche dieser Serie von Schuldverschreibungen
begeben wird wirksam) am nächstfolgenden Zinszahlungstag (wie in § 3(1) definiert) zur
Zahlung von zusätzlichen Beträgen (wie in § 7 dieser Bedingungen definiert) verpflichtet
sein wird und diese Verpflichtung nicht durch das Ergreifen vernünftiger der Emittentin zur
Verfügung stehender Maßnahmen vermieden werden kann.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften der
Niederlande oder Deutschlands oder deren politischen Untergliederungen oder
Steuerbehörden oder als Folge einer Änderung oder Ergänzung der Anwendung oder der
offiziellen Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese Änderung oder
Ergänzung wird am oder nach dem Tag, an dem die letzte Tranche dieser Serie von
Schuldverschreibungen begeben wird wirksam) am nächstfolgenden Zinszahlungstag (wie
in § 3(1) definiert) zur Zahlung von zusätzlichen Beträgen (wie in § 7 dieser Bedingungen
definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das Ergreifen
vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden werden kann.]
Eine solche Kündigung darf allerdings nicht (i) früher als 90 Tage vor dem frühst möglichen
Termin erfolgen, an dem die Emittentin verpflichtet wäre, solche zusätzlichen Beträge zu
zahlen, falls eine Zahlung auf die Schuldverschreibungen dann fällig sein würde, oder (ii)
erfolgen, wenn zu dem Zeitpunkt, in dem die Kündigungsmitteilung erfolgt, die Verpflichtung
zur Zahlung von zusätzlichen Beträgen nicht mehr wirksam ist.
Eine solche Kündigung hat gemäß § 13 zu erfolgen. Sie ist unwiderruflich, muß den für die
Rückzahlung festgelegten Termin nennen und eine zusammenfassende Erklärung
enthalten, welche die das Rückzahlungsrecht der Emittentin begründenden Umstände
darlegt.
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
[(3) Rückkauf; Vorzeitige Rückzahlung nach Wahl der Emittentin bei geringem
ausstehendem Gesamtnennbetrag. Die Emittentin oder eine Tochtergesellschaft können
jederzeit Schuldverschreibungen im Markt oder anderweitig zu jedem beliebigen Preis
kaufen. Derartig erworbene Schuldverschreibungen können entwertet, gehalten oder wieder
veräußert
werden.
Falls
die
Emittentin
oder
eine
Tochtergesellschaft
Schuldverschreibungen in einem Gesamtnennbetrag von 75% oder mehr des ursprünglich
begebenen Gesamtnennbetrages der Schuldverschreibungen erworben hat, und der
Gesamtnennbetrag der Schuldverschreibungen in der Globalurkunde um diesen
Prozentsatz reduziert wurde, kann die Emittentin die verbleibenden Schuldverschreibungen
(insgesamt, jedoch nicht teilweise) kündigen und zum vorzeitigen Rückzahlungsbetrag (wie
nachstehend definiert) nebst etwaiger bis zum Rückzahlungstag (ausschließlich)
73
aufgelaufener Zinsen zurückzahlen.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
ausstehendem Gesamtnennbetrag. Die Emittentin, die Garantin oder eine
Tochtergesellschaft der Garantin können jederzeit Schuldverschreibungen im Markt oder
anderweitig zu jedem beliebigen Preis kaufen. Derartig erworbene Schuldverschreibungen
können entwertet, gehalten oder wieder veräußert werden. Falls die Emittentin, die Garantin
oder eine Tochtergesellschaft der Garantin Schuldverschreibungen in einem
Gesamtnennbetrag von 75% oder mehr des ursprünglich begebenen Gesamtnennbetrages
der Schuldverschreibungen erworben hat, und der Gesamtnennbetrag der
Schuldverschreibungen in der Globalurkunde um diesen Prozentsatz reduziert wurde, kann
die Emittentin die verbleibenden Schuldverschreibungen (insgesamt, jedoch nicht teilweise)
kündigen und zum vorzeitigen Rückzahlungsbetrag (wie nachstehend definiert) nebst
etwaiger bis zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzahlen.]
(4) Vorzeitige Rückzahlung nach Wahl des Gläubigers bei Kontrollwechsel. (a) Die
Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden Wahlrechts
des Gläubigers bei einem Kontrollwechsel zu ihrem vorzeitigen Rückzahlungsbetrag nebst
etwaigen bis zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.
(b) Das vorstehende Wahlrecht des Gläubigers entsteht im Falle eines Kontrollwechsels bei
der Linde AG. Ein "Kontrollwechsel" gilt als eingetreten, wenn (i) eine Person oder
mehrere Personen, die abgestimmt handeln, oder ein oder mehrere Dritte, die im Auftrag
einer solchen Person oder Personen handeln, zu irgendeinem Zeitpunkt mittelbar oder
unmittelbar (x) mehr als 50% der Aktien der Linde AG oder (y) eine solche Anzahl von
Aktien der Linde AG erworben hat bzw. haben, auf die mehr als 50% der bei
Hauptversammlungen der Linde AG stimmberechtigten Stimmrechte entfallen und (ii) diese
Akquisition zu einem Entzug oder einer Herabsetzung des Ratings für nicht nachrangige
unbesicherte Verbindlichkeiten der Linde AG auf oder unter Ba1 durch eine Ratingagentur
von Moody's Investors Services Inc. oder BB+ durch eine Ratingagentur von Standard &
Poor's Rating Services, a part of McGraw-Hill Financial Inc. (oder jeweils die
entsprechenden dann geltenden Stufen), führt. Der Eintritt eines Kontrollwechsels bei der
Linde AG ist den Gläubigern unverzüglich gemäß § 13 mitzuteilen.
(c) Um dieses Wahlrecht auszuüben, hat der Gläubiger nicht mehr als [Kündigungsfrist]
Tage nach Mitteilung des Kontrollwechsels durch die Emittentin an die bezeichnete
Geschäftsstelle der Emissionsstelle eine schriftliche Mitteilung zur vorzeitigen Rückzahlung
("Ausübungserklärung") zu schicken. Falls die Ausübungserklärung nach 17:00 Uhr
Frankfurter Zeit am [Kündigungsfrist] Tag nach Mitteilung des Kontrollwechsels durch die
Emittentin eingeht, ist das Wahlrecht nicht wirksam ausgeübt. Die Ausübungserklärung hat
anzugeben: (i) den gesamten Nennbetrag der Schuldverschreibungen, für die das
Wahlrecht
ausgeübt
wird
[und][,]
(ii)
die
Wertpapierkennnummern
dieser
Schuldverschreibungen (soweit vergeben) [Im Fall der Verwahrung der Globalurkunde
durch CBF ist folgendes anwendbar: und (iii) Kontaktdaten sowie eine Kontoverbindung].
Für die Ausübungserklärung kann ein Formblatt, wie es bei der bezeichneten
Geschäftsstelle der Emissionsstelle in deutscher und englischer Sprache erhältlich ist und
das weitere Hinweise enthält, verwendet werden. Die Ausübung des Wahlrechts kann nicht
widerrufen werden. Die Rückzahlung der Schuldverschreibungen, für welche das Wahlrecht
ausgeübt worden ist, erfolgt nur gegen Lieferung der Schuldverschreibungen an die
Emittentin oder deren Order.
Falls die
Emittentin das
Wahlrecht hat, die
Schuldverschreibungen vorzeitig
zu festgelegtem/n
Wahlrückzahlungs
betrag/-beträgen
(Call)
zurückzuzahlen,
ist folgendes
anwendbar
[(5) Vorzeitige Rückzahlung nach Wahl der Emittentin.
(a) Die Emittentin kann, nachdem sie gemäß Absatz (b) gekündigt hat, die
Schuldverschreibungen insgesamt oder teilweise innerhalb des/der WahlRückzahlungszeitraums/-zeiträume (Call) am Wahl-Rückzahlungstag (Call) zum/zu den
Wahl-Rückzahlungsbetrag/-beträgen (Call), wie nachstehend angegeben, nebst
etwaigen bis zum Wahl-Rückzahlungstag (Call) (ausschließlich) aufgelaufenen Zinsen
zurückzahlen.
74
Wahl-Rückzahlungszeitraum/-zeiträume
(Call)
[Wahl-Rückzahlungszeitraum/zeiträume]
[____________________________]
[____________________________]
Wahl-Rückzahlungsbetrag/-beträge (Call)
[Wahl-Rückzahlungsbetrag/-beträge]
[____________________________]
[____________________________]
[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu
kündigen, ist folgendes anwendbar: Der Emittentin steht dieses Wahlrecht nicht in
Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits der Gläubiger in
Ausübung seines Wahlrechts nach Absatz 6 dieses § 5 verlangt hat.]
(b) Die Kündigung ist den Gläubigern der Schuldverschreibungen durch die Emittentin
gemäß § 13 bekannt zu geben. Sie beinhaltet die folgenden Angaben:
(i)
die zurückzuzahlende Serie von Schuldverschreibungen;
(ii)
eine Erklärung, ob diese Serie ganz oder teilweise zurückgezahlt wird und im
letzteren
Fall
den
Gesamtnennbetrag
der
zurückzuzahlenden
(iii) den Tag innerhalb des jeweils maßgeblichen Wahl-Rückzahlungszeitraums (Call),
an dem die Rückzahlung nach Ausübung des Wahlrechts der Emittentin erfolgen
wird (der "Wahl-Rückzahlungstag (Call)"). Der Wahl-Rückzahlungstag (Call) darf
nicht weniger als [Mindestkündigungsfrist] und nicht mehr als
[Höchstkündigungsfrist] Tage auf den Tag der Kündigung durch die Emittentin
gegenüber den Gläubigern folgen; und
(iv) den Wahl-Rückzahlungsbetrag (Call), zu dem die Schuldverschreibungen
zurückgezahlt werden.
(c) Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die
zurückzuzahlenden Schuldverschreibungen in Übereinstimmung mit den Regeln des
betreffenden Clearing Systems ausgewählt. [Falls die Schuldverschreibungen in
Form einer NGN begeben werden, ist folgendes anwendbar: Die teilweise
Rückzahlung wird in den Registern von CBL und Euroclear nach deren Ermessen
entweder als Pool-Faktor oder als Reduzierung des Gesamtnennbetrags
wiedergegeben.]]
Falls der Gläubiger
das Wahlrecht hat,
die Schuldverschreibungen
vorzeitig zu
festgelegtem/n
Wahlrückzahlungs
betrag/-beträgen
(Put) zu kündigen,
ist folgendes
anwendbar
[(6) Vorzeitige Rückzahlung nach Wahl des Gläubigers.
(a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden
Wahlrechts durch den Gläubiger innerhalb des/der Wahl-Rückzahlungszeitraums/zeiträume
(Put)
am
Wahl-Rückzahlungstag
(Put)
zum/zu
den
WahlRückzahlungsbetrag/-beträgen (Put), wie nachstehend angegeben nebst etwaigen bis
zum
(Put)
(ausschließlich)
aufgelaufenen
Zinsen
zurückzuzahlen.
(Put)
Wahl-Rückzahlungsbetrag/-beträge (Put)
[____________________________]
[____________________________]
[____________________________]
[____________________________]
Dem Gläubiger steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu,
deren Rückzahlung die Emittentin zuvor in Ausübung ihres Wahlrechts nach diesem § 5
verlangt hat. Der "Wahl-Rückzahlungstag (Put)" ist derjenige Tag innerhalb des jeweils
maßgeblichen Wahl-Rückzahlungszeitraums (Put), an dem die Rückzahlung nach
Ausübung des Wahlrechts des Gläubigers tatsächlich erfolgt.
(b) Um dieses Wahlrecht auszuüben, hat der Gläubiger nicht weniger als
[Mindestkündigungsfrist] Tage und nicht mehr als [Höchstkündigungsfrist] Tage vor
75
Beginn des Wahl-Rückzahlungszeitraumes (Put), innerhalb dessen die Rückzahlung
gemäß der Ausübungserklärung (wie nachstehend definiert) erfolgen soll, an die
bezeichnete Geschäftsstelle der Emissionsstelle eine schriftliche Mitteilung zur
vorzeitigen Rückzahlung ("Ausübungserklärung") zu schicken. Falls die
Ausübungserklärung nach 17:00 Uhr Frankfurter Zeit am [Mindestkündigungsfrist] Tag
vor Beginn des maßgeblichen Wahl-Rückzahlungszeitraums (Put) eingeht, ist das
Wahlrecht nicht wirksam ausgeübt. Die Ausübungserklärung hat anzugeben: (i) den
gesamten Nennbetrag der Schuldverschreibungen, für die das Wahlrecht ausgeübt wird
[und][,] (ii) die Wertpapierkennnummern dieser Schuldverschreibungen (soweit
vergeben) [Im Fall der Verwahrung der Globalurkunde durch CBF ist folgendes
anwendbar: und (iii) Kontaktdaten sowie eine Kontoverbindung]. Für die
Ausübungserklärung kann ein Formblatt, wie es bei der bezeichneten Geschäftsstelle
der Emissionsstelle in deutscher und englischer Sprache erhältlich ist und das weitere
Hinweise enthält, verwendet werden. Die Ausübung des Wahlrechts kann nicht
widerrufen werden. Die Rückzahlung der Schuldverschreibungen, für welche das
Wahlrecht ausgeübt worden ist, erfolgt nur gegen Lieferung der Schuldverschreibungen
an die Emittentin oder deren Order.]
Im Fall von
Schuldverschreibungen, deren
festgelegte
Währung
Renminbi ist und
falls die Emittentin
das Recht zur
vorzeitigen
Rückzahlung
wegen Fehlender
Konvertierbarkeit,
Fehlender
Übertragbarkeit
oder Illiquidität
hat, ist folgendes
anwendbar
[(7) Vorzeitige Rückzahlung nach Wahl der Emittentin wegen Fehlender Konvertierbarkeit,
Fehlender Übertragbarkeit oder Illiquidität. Falls die Emittentin [Im Fall von
Garantin] aufgrund Fehlender Konvertierbarkeit, Fehlender Übertragbarkeit oder Illiquidität
(wie jeweils in § 4 Absatz 8 definiert) nicht in der Lage ist, Zahlungen in Bezug auf die
Schuldverschreibungen [Im Fall von Schuldverschreibungen, die von Linde Finance
B.V. begeben werden: bzw. die Garantie] bei Fälligkeit vollständig in RMB in Hongkong zu
leisten, kann die Emittentin [Im Fall von Schuldverschreibungen, die von Linde Finance
B.V. begeben werden: bzw. die Garantin] die Schuldverschreibungen insgesamt, jedoch
nicht teilweise, mit einer Kündigungsfrist von nicht weniger als 10 und nicht mehr als 30
Tagen unwiderruflich gegenüber den Gläubigern gemäß § 13 vorzeitig kündigen und zum
USD-Gegenwert (wie in § 4 Absatz 8 definiert) des Vorzeitigen Rückzahlungsbetrages
zuzüglich des USD-Gegenwerts etwaiger bis zum für die Rückzahlung festgesetzten Tag
(ausschliesslich) aufgelaufener Zinsen zurückzahlen.]
[(8)] Vorzeitiger Rückzahlungsbetrag.
Falls der vorzeitige
Rückzahlungsbetrag der
Rückzahlungsbetrag ist, ist
folgendes
anwendbar
[[(a)] Für die Zwecke [des Absatzes] [der Absätze] [3] [,] [und] [4] [und] [7] dieses § 5
entspricht der vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem
Rückzahlungsbetrag.]
Rückzahlungsbetrag, oder falls
höher, der
abgezinste
Marktwert ist, ist
folgendes
anwendbar
[(b) Für die Zwecke [des Absatzes] [der Absätze] [3] [und] [4] dieses § 5 entspricht der
vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem (i) Rückzahlungsbetrag
oder (ii), falls höher, dem abgezinsten Marktwert der Schuldverschreibung. Der "abgezinste
Marktwert" wird von der Berechnungsstelle errechnet, indem der Nennbetrag der
Schuldverschreibung und die bis zum [Fälligkeitstag] verbleibenden Zinszahlungen auf
einer jährlichen Basis, bei Annahme eines Jahres mit 365 bzw. 366 Tagen und der Zahl der
tatsächlich in dem Jahr verstrichenen Tage, unter Anwendung der Vergleichbaren
Benchmark Rendite zuzüglich [Prozentsatz]%, abgezinst werden. Die "Vergleichbare
Benchmark Rendite" bezeichnet die am Rückzahlungs-Berechnungstag bestehende
Rendite der entsprechenden [Euro-Referenz-Anleihe der Bundesrepublik Deutschland]
[durch HM Treasury begebenen Sterling-Referenzanleihe des Vereinigten Königreichs]
[Schweizer Franken-Referenz-Bundesanleihe der Schweizerischen Eidgenossenschaft]
[Referenz-U.S. Staatsanleihe (US Treasury debt security) in U.S. Dollar] mit einer Laufzeit,
die mit der verbleibenden Laufzeit der Schuldverschreibung bis zum [Fälligkeitstag]
vergleichbar ist und die im Zeitpunkt der Auswahlentscheidung und entsprechend der
üblichen
Finanzmarktpraxis
zur
Preisbestimmung
bei
Neuemissionen
von
Unternehmensanleihen mit einer bis zum [Fälligkeitstag] der Schuldverschreibung
vergleichbaren Laufzeit verwendet werden würde. "Rückzahlungs-Berechnungstag" ist
76
der dritte Zahltag vor dem [jeweiligen] Rückzahlungstag der Schuldverschreibung gemäß
diesem § 5 [Absatz 3] [bzw.] [Absatz 4].]
§6
DIE EMISSIONSSTELLE[,] [UND] DIE ZAHLSTELLE [UND DIE
BERECHNUNGSSTELLE]
(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle[,]
[und] die anfänglich bestellte Zahlstelle [und die anfänglich bestellte Berechnungsstelle]
und deren jeweilige bezeichnete Geschäftsstelle lauten wie folgt:
Falls die
vorzeitig zum
vorzeitigen
Rückzahlungsbetrag zurück
gezahlt werden
können oder im
Falle von
Schuldverschreibungen, deren
festgelegte
Währung
Renminbi ist, ist
folgendes
anwendbar
Emissions- und Zahlstelle:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services (TSS)
Taunusanlage 12
60325 Frankfurt am Main
Deutschland
[Berechnungsstelle:
[Name und bezeichnete Geschäftsstelle]]
Die Emissionsstelle[,] [und] die Zahlstelle [und die Berechnungsstelle] behalten sich das
Recht vor, jederzeit ihre jeweilige bezeichnete Geschäftsstelle durch eine andere
bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen.
(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor,
jederzeit die Bestellung der Emissionsstelle oder der Zahlstelle [oder der
Berechnungsstelle] zu ändern oder zu beenden und eine andere Emissionsstelle oder
andere Zahlstelle [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird zu
jedem Zeitpunkt [(i)] eine Emissionsstelle [Im Fall von Zahlungen in US-Dollar ist
folgendes anwendbar:, (ii) falls Zahlungen bei den oder durch die Geschäftsstellen der
Zahlstelle außerhalb der Vereinigten Staaten (wie in § 4 definiert) aufgrund der Einführung
von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der vollständigen
Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder
tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in
New York City] [Falls eine Berechnungsstelle bestellt werden soll, ist folgendes
anwendbar: und [(iii)] eine Berechnungsstelle] unterhalten. Eine Änderung, Abberufung,
Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem
eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 13 vorab
unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert
wurden.
(3) Erfüllungsgehilfen der Emittentin. Die Emissionsstelle[,] [und] die Zahlstelle [und die
Berechnungsstelle] handeln ausschließlich als Erfüllungsgehilfen der Emittentin und
übernehmen keinerlei Verpflichtungen gegenüber den Gläubigern und es wird kein
Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet.
§7
STEUERN
Im Fall von
von Linde AG
[Kapital und Zinsen werden ohne Abzug oder Einbehalt gegenwärtiger oder zukünftiger
Steuern, Abgaben oder amtlicher Gebühren gleich welcher Art gezahlt, die von oder in
Deutschland oder für deren Rechnung oder von oder für Rechnung einer dort zur
77
begeben werden,
ist folgendes
anwendbar
Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt, erhoben oder
eingezogen werden (nachstehend zusammen "Quellensteuern" genannt), es sei denn, ein
solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In diesem letzteren Fall wird
die Emittentin die zusätzlichen Beträge an Kapital und Zinsen zahlen, die erforderlich sind,
damit der dem Gläubiger nach diesem Abzug oder Einbehalt zufließende Nettobetrag
jeweils den Beträgen an Kapital und Zinsen entspricht, die ihm zustehen würden, wenn der
Abzug oder Einbehalt nicht erforderlich wäre. Solche zusätzlichen Beträge sind jedoch nicht
zahlbar wegen Steuern, Abgaben oder amtlicher Gebühren, die
(a) von einer als Depotbank oder Inkassobeauftragter des Gläubigers handelnden Person
oder sonst auf andere Weise zu entrichten sind als dadurch, dass die Emittentin aus den
von ihm zu leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt
vornimmt; oder
(b) wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung
des Gläubigers zu Deutschland oder einem anderen Staat der Europäischen Union zu
zahlen sind, und nicht allein deshalb, weil Zahlungen auf die Schuldverschreibungen aus
Quellen in Deutschland stammen (oder für Zwecke der Besteuerung so behandelt
werden) oder dort besichert sind; oder
(c) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die
Besteuerung von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über
deren Besteuerung, an der Deutschland oder die Europäische Union beteiligt ist/sind,
oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder
Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind; oder
(d) aufgrund einer Rechtsänderung zahlbar sind, die später als 30 Tage nach Fälligkeit der
betreffenden Zahlung von Kapital oder Zinsen oder, wenn dies später erfolgt,
ordnungsgemäßer Bereitstellung aller fälligen Beträge und einer diesbezüglichen
Bekanntmachung gemäß § 13 wirksam wird; oder
(e) aufgrund folgender Bestimmungen einzubehalten oder abzuziehen sind: §§1471 bis
1474 des Internal Revenue Code der Vereinigten Staaten von 1986 in der jeweils
geltenden Fassung (das "Steuergesetz"), allen bestehenden oder zukünftigen
Regelungen oder offiziellen Auslegungen zu diesen Sections, einer aufgrund von
§1471(b) des Steuergesetzes abgeschlossenen Vereinbarung oder steuer- oder
aufsichtsrechtlichen Gesetzen, Vorschriften oder Richtlinien, die aufgrund einer im
Zusammenhang mit der Umsetzung dieser Sections des Steuergesetzes
abgeschlossenen zwischenstaatlichen Vereinbarung erlassen werden.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
Steuern, Abgaben oder amtlicher Gebühren gleich welcher Art gezahlt, die von oder in den
Niederlanden oder Deutschland oder für deren Rechnung oder von oder für Rechnung einer
dort zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt,
erhoben oder eingezogen werden (nachstehend zusammen "Quellensteuern" genannt), es
sei denn, ein solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In diesem
letzteren Fall wird die Emittentin die zusätzlichen Beträge an Kapital und Zinsen zahlen, die
erforderlich sind, damit der dem Gläubiger nach diesem Abzug oder Einbehalt zufließende
Nettobetrag jeweils den Beträgen an Kapital und Zinsen entspricht, die ihm zustehen
würden, wenn der Abzug oder Einbehalt nicht erforderlich wäre. Solche zusätzlichen
Beträge sind jedoch nicht zahlbar wegen Steuern, Abgaben oder amtlicher Gebühren, die
vornimmt; oder
des Gläubigers zu den Niederlanden oder einem Einwohner der Niederlande oder einer
Person, die aus steuerlichen Gründen wie ein Einwohner der Niederlande behandelt
wird oder sich dafür entschieden hat, sich wie ein Einwohner der Niederlande besteuern
zu lassen oder der Gläubiger hat eine dauerhafte Niederlassung in den Niederlanden
78
oder einem anderen Staat der Europäischen Union zu zahlen sind, und nicht allein
deshalb, weil Zahlungen auf die Schuldverschreibungen aus Quellen in den
Niederlanden stammen (oder für Zwecke der Besteuerung so behandelt werden) oder
dort besichert sind; oder
deren Besteuerung, an der Deutschland, die Niederlande oder die Europäische Union
beteiligt ist/sind, oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung
oder Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind; oder
§8
VORLEGUNGSFRIST
Die in § 801 Absatz 1 Satz 1 BGB (Bürgerliches Gesetzbuch) bestimmte Vorlegungsfrist
wird für die Schuldverschreibungen auf zehn Jahre verkürzt.
§9
KÜNDIGUNG
Im Fall von
von Linde AG
begeben werden,
[(1) Kündigungsgründe. Jeder Gläubiger ist berechtigt, seine Schuldverschreibungen zu
kündigen und deren sofortige Tilgung zu ihrem Rückzahlungsbetrag, zuzüglich etwaiger bis
zum Tage der Rückzahlung aufgelaufener Zinsen zu verlangen, falls einer der folgenden
Kündigungsgründe ("Kündigungsgründe") vorliegt:
ist folgendes
anwendbar
(a) die Emittentin zahlt Kapital oder Zinsen nicht innerhalb von 30 Tagen nach dem
betreffenden Fälligkeitstag; oder
(b) die Emittentin unterlässt die ordnungsgemäße Erfüllung irgendeiner anderen
Verpflichtung aus den Schuldverschreibungen und diese Unterlassung kann nicht geheilt
werden, oder, falls sie geheilt werden kann, dauert länger als 60 Tage fort, nachdem die
Emissionsstelle hierüber eine Benachrichtigung von einem Gläubiger erhalten hat; oder
(c) eine Kapitalmarktverbindlichkeit (wie in § 2(1) definiert) der Emittentin wird vorzeitig
zahlbar aufgrund einer Pflichtverletzung aus dem dieser Kapitalmarktverbindlichkeit
zugrunde liegenden Vertrages, oder die Emittentin kommt einer Zahlungsverpflichtung in
Höhe
oder
im
Gegenwert
von
mehr
als
€ 150.000.000
aus
einer
Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft oder Garantie, die für eine
Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht innerhalb von 30 Tagen nach
ihrer Fälligkeit bzw. im Falle einer Bürgschaft oder Garantie nicht innerhalb von
30 Tagen nach Inanspruchnahme aus dieser Bürgschaft oder Garantie nach, es sei
denn, die Emittentin bestreitet in gutem Glauben, dass diese Zahlungsverpflichtung
besteht oder fällig ist bzw. diese Bürgschaft oder Garantie berechtigterweise geltend
gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit für die
oder von den daraus berechtigten Gläubiger(n) in Anspruch genommen wird; oder
(d) die Emittentin gibt ihre Zahlungsunfähigkeit bekannt oder stellt ihre Zahlungen ein; oder
(e) ein Gericht eröffnet ein Konkurs- oder sonstiges Insolvenzverfahren gegen die
Emittentin, welches nicht binnen 60 Tagen endgültig oder einstweilen eingestellt wird,
oder die Emittentin beantragt oder leitet ein solches Verfahren ein; oder
79
(f) die Emittentin tritt in Liquidation, es sei denn, dies geschieht im Zusammenhang mit
einer Verschmelzung oder einer anderen Form des Zusammenschlusses mit einer
anderen Gesellschaft und diese Gesellschaft übernimmt alle Verpflichtungen, die die
Emittentin im Zusammenhang mit diesen Schuldverschreibungen eingegangen ist.
Das Kündigungsrecht erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt
wurde.
(2) Quorum. In den Fällen des § 9(1) (b) oder (1) (c) wird eine Kündigung, sofern nicht bei
deren Eingang zugleich einer der in § 9(1) (a) oder (1) (d) bis (1) (f) bezeichneten
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
Kündigungserklärungen von Gläubigern von Schuldverschreibungen von mindestens einem
Zehntel des Gesamtnennbetrages der dann ausstehenden Schuldverschreibungen
eingegangen sind.
(3) Benachrichtigung. Eine Benachrichtigung, einschließlich einer Kündigung der
Schuldverschreibungen gemäß vorstehendem Absatz 1 ist schriftlich in englischer oder
deutscher Sprache gegenüber der Emissionsstelle zu erklären zusammen mit dem
Nachweis durch ein Zertifikat der Depotbank (wie in §14[(4)] definiert) oder in anderer
geeigneter Weise, dass der Benachrichtigende zum Zeitpunkt der Benachrichtigung ein
Gläubiger der betreffenden Schuldverschreibungen ist.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
(a) die Emittentin oder die Garantin zahlt Kapital oder Zinsen nicht innerhalb von 30 Tagen
nach dem betreffenden Fälligkeitstag; oder
Verpflichtung aus den Schuldverschreibungen oder die Garantin unterlässt die Erfüllung
einer Verpflichtung aus der Garantie, auf die in § 2 Bezug genommen wird, und diese
Unterlassung kann nicht geheilt werden, oder, falls sie geheilt werden kann, dauert
länger als 60 Tage fort, nachdem die Emissionsstelle hierüber eine Benachrichtigung
von einem Gläubiger erhalten hat; oder
(c) eine Kapitalmarktverbindlichkeit (wie in § 2(1) definiert) der Emittentin oder der Garantin
wird vorzeitig zahlbar aufgrund einer Pflichtverletzung aus dem dieser
Kapitalmarktverbindlichkeit zugrunde liegenden Vertrages, oder die Emittentin oder die
Garantin kommt einer Zahlungsverpflichtung in Höhe oder im Gegenwert von mehr als
€ 150.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft
oder Garantie, die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht
innerhalb von 30 Tagen nach ihrer Fälligkeit bzw. im Falle einer Bürgschaft oder
Garantie nicht innerhalb von 30 Tagen nach Inanspruchnahme aus dieser Bürgschaft
oder Garantie nach, es sei denn, die Emittentin oder die Garantin bestreitet in gutem
Glauben, dass diese Zahlungsverpflichtung besteht oder fällig ist bzw. diese Bürgschaft
oder Garantie berechtigterweise geltend gemacht wird, oder falls eine für solche
Verbindlichkeiten bestellte Sicherheit für die oder von den daraus berechtigten
Gläubiger(n) in Anspruch genommen wird; oder
(d) die Emittentin oder die Garantin gibt ihre Zahlungsunfähigkeit bekannt oder stellt ihre
Zahlungen ein, oder
Emittentin oder die Garantin, welches nicht binnen 60 Tagen endgültig oder einstweilen
eingestellt wird, oder die Emittentin oder die Garantin beantragt oder leitet ein solches
Verfahren ein, oder die Emittentin beantragt ein "surseance van betaling"
(Schuldenmoratorium im Sinne des niederländischen Insolvenzrechts); oder
(f) die Emittentin oder die Garantin tritt in Liquidation, es sei denn, dies geschieht im
Zusammenhang mit einer Verschmelzung oder einer anderen Form des
80
Zusammenschlusses mit einer anderen Gesellschaft und diese Gesellschaft übernimmt
alle Verpflichtungen, die die Emittentin oder die Garantin im Zusammenhang mit diesen
Schuldverschreibungen eingegangen ist; oder
(g) die Garantie aus irgendeinem Grund nicht mehr gilt.
wurde.
deren Eingang zugleich einer der in § 9(1) (a) oder (1) (d) bis (1) (g) bezeichneten
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
eingegangen sind.
§ 10
ERSETZUNG
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
[(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, sofern sie sich nicht mit einer Zahlung
von Kapital oder Zinsen auf die Schuldverschreibungen in Verzug befindet, ohne
Zustimmung der Gläubiger eine Tochtergesellschaft (wie nachstehend definiert) der
Emittentin an ihrer Stelle als Hauptschuldnerin (die "Nachfolgeschuldnerin") für alle
Verpflichtungen aus und im Zusammenhang mit diesen Schuldverschreibungen
einzusetzen, vorausgesetzt, dass:
(a) die Nachfolgeschuldnerin alle Verpflichtungen der Emittentin in Bezug auf die
Schuldverschreibungen übernimmt;
(b) die Emittentin und die Nachfolgeschuldnerin alle erforderlichen Genehmigungen erlangt
haben und berechtigt sind, an die Emissionsstelle die zur Erfüllung der
Zahlungsverpflichtungen aus den Schuldverschreibungen zahlbaren Beträge in der
hierin festgelegten Währung zu zahlen, ohne verpflichtet zu sein, jeweils in dem Land, in
dem die Nachfolgeschuldnerin oder die Emittentin ihren Sitz oder Steuersitz haben,
erhobene Steuern oder andere Abgaben jeder Art abzuziehen oder einzubehalten;
(c) die Nachfolgeschuldnerin sich verpflichtet hat, jeden Gläubiger hinsichtlich solcher
Steuern, Abgaben oder behördlichen Lasten freizustellen, die einem Gläubiger bezüglich
der Ersetzung auferlegt werden;
(d) die Emittentin unwiderruflich und unbedingt gegenüber den Gläubigern die Zahlung aller
von der Nachfolgeschuldnerin auf die Schuldverschreibungen zahlbaren Beträge zu
Bedingungen garantiert, die den Bedingungen der Garantie der Emittentin vom 2. April
2015 hinsichtlich der Schuldverschreibungen, die von der Linde Finance B.V. unter dem
Debt Issuance Programme begeben werden entsprechen; und
(e) der Emissionsstelle ein oder mehrere Rechtsgutachten von anerkannten
Rechtsanwälten vorgelegt werden, die bestätigen, dass die Bestimmungen in den
vorstehenden Unterabsätzen (a), (b), (c) und (d) erfüllt wurden.
Im Sinne dieses § 10 der Bedingungen bedeutet "Tochtergesellschaft" eine
Kapitalgesellschaft, an der die Linde AG direkt oder indirekt insgesamt nicht weniger als
90% des Kapitals jeder Klasse oder der Stimmrechte hält.
(2) Bekanntmachung. Jede Ersetzung ist gemäß § 13 bekannt zu machen.
(3) Änderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme in diesen
Anleihebedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme
auf die Nachfolgeschuldnerin und jede Bezugnahme auf das Land, in dem die Emittentin
81
ihren Sitz oder Steuersitz hat, gilt ab diesem Zeitpunkt als Bezugnahme auf das Land, in
dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat. Des Weiteren gilt im Fall einer
Ersetzung folgendes:
(a) in § 7 und § 5(2) gilt eine alternative Bezugnahme auf Deutschland als aufgenommen
(zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land,
in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat);
(b) in § 9(1)(d) bis (g) gilt eine alternative Bezugnahme auf die Emittentin in ihrer
Eigenschaft als Garantin als aufgenommen (zusätzlich zu der Bezugnahme auf die
Nachfolgeschuldnerin).]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
Zustimmung der Gläubiger entweder die Garantin oder eine Tochtergesellschaft (wie
nachstehend definiert) der Garantin an ihrer Stelle als Hauptschuldnerin (die
"Nachfolgeschuldnerin") für alle Verpflichtungen aus und im Zusammenhang mit diesen
Schuldverschreibungen einzusetzen, vorausgesetzt, dass:
(d) die Garantin, sofern sie nicht selbst die Nachfolgeschuldnerin ist, unwiderruflich und
unbedingt gegenüber den Gläubigern die Zahlung aller von der Nachfolgeschuldnerin
auf die Schuldverschreibungen zahlbaren Beträge zu Bedingungen garantiert, die den
Bedingungen der Garantie entsprechen; und
In § 7 und § 5(2) gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen
(zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in
dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).]
§ 11
ÄNDERUNG DER ANLEIHEBEDINGUNGEN, GEMEINSAMER VERTRETER[,
ÄNDERUNG DER GARANTIE]
(1) Änderung der Anleihebedingungen. Die Gläubiger können entsprechend den
Bestimmungen des Gesetzes über Schuldverschreibungen aus Gesamtemissionen in
82
seiner jeweils gültigen Fassung (Schuldverschreibungsgesetz – "SchVG") durch einen
Beschluss mit der in Absatz 2 bestimmten Mehrheit über einen im SchVG zugelassenen
Gegenstand eine Änderung der Anleihebedingungen mit der Emittentin vereinbaren oder
sonstige Maßnahmen gemäß dem SchVG beschließen. Die Mehrheitsbeschlüsse der
Gläubiger sind für alle Gläubiger gleichermaßen verbindlich.
(2) Mehrheitserfordernisse. Die Gläubiger entscheiden, vorbehaltlich der Erreichung der
erforderlichen Beschlussfähigkeit, mit einer Mehrheit von 75 % der an der Abstimmung
teilnehmenden Stimmrechte. Beschlüsse, durch welche der wesentliche Inhalt der
Anleihebedingungen nicht geändert wird und die keinen Gegenstand der § 5 Absatz 3, Nr. 1
bis Nr. 9 des SchVG betreffen, bedürfen, vorbehaltlich der Erreichung der erforderlichen
Beschlussfähigkeit, zu ihrer Wirksamkeit einer einfachen Mehrheit der an der Abstimmung
teilnehmenden Stimmrechte.
(3) Beschlussfassung. Beschlüsse der Gläubiger werden nach Wahl der Emittentin im
Wege der Abstimmung ohne Versammlung nach § 18 SchVG oder einer
Gläubigerversammlung nach § 9 SchVG gefasst.
(4) Gläubigerversammlung. Die Teilnahme an der Gläubigerversammlung und die
Ausübung der Stimmrechte ist von einer vorherigen Anmeldung der Gläubiger abhängig.
Die Anmeldung muss unter der in der Bekanntmachung der Einberufung mitgeteilten
Adresse spätestens am dritten Tag vor der Gläubigerversammlung zugehen. Mit der
Anmeldung müssen die Gläubiger ihre Berechtigung zur Teilnahme an der Abstimmung
durch einen in Textform erstellten besonderen Nachweis der Depotbank gemäß
§ 14[(4)](i)(a) und (b) und durch Vorlage eines Sperrvermerks der Depotbank, aus dem
hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Absendung der
Anmeldung (einschließlich) bis zum angegebenen Ende der Gläubigerversammlung
(einschließlich) nicht übertragbar sind, nachweisen.
(5) Abstimmung ohne Versammlung. Zusammen mit der Stimmabgabe müssen die
Gläubiger ihre Berechtigung zur Teilnahme an der Abstimmung durch einen in Textform
erstellten besonderen Nachweis der Depotbank gemäß § 14[(4)](i)(a) und (b) und durch
Vorlage eines Sperrvermerks der Depotbank, aus dem hervorgeht, dass die betreffenden
Schuldverschreibungen ab dem Tag der Stimmabgabe (einschließlich) bis zum letzten Tag
des Abstimmungszeitraums (einschließlich) nicht übertragbar sind, nachweisen.
(6) Zweite Versammlung. Wird für die Gläubigerversammlung gemäß Absatz 4 oder die
Abstimmung ohne Versammlung gemäß Absatz 5 die mangelnde Beschlussfähigkeit
festgestellt, kann – im Fall der Gläubigerversammlung – der Vorsitzende eine zweite
Versammlung im Sinne von § 15 Absatz 3 Satz 2 SchVG und – im Fall der Abstimmung
ohne Versammlung – der Abstimmungsleiter eine zweite Versammlung im Sinne von § 15
Absatz 3 Satz 3 SchVG einberufen. Die Teilnahme an der zweiten Versammlung und die
Ausübung der Stimmrechte sind von einer vorherigen Anmeldung der Gläubiger abhängig.
Für die Anmeldung der Gläubiger zu einer zweiten Versammlung gelten die Regelungen
des Absatz 4 entsprechend.
(7) Gemeinsamer Vertreter.
Falls kein
gemeinsamer
Vertreter in den
Anleihebedingung
en bestellt wird, ist
folgendes
anwendbar
[Die Gläubiger können durch Mehrheitsbeschluss zur Wahrnehmung ihrer Rechte einen
gemeinsamen Vertreter für alle Gläubiger bestellen. Die Bestellung eines Gemeinsamen
Vertreters bedarf einer Mehrheit gemäß § 11 Absatz (2) Satz 1, wenn er ermächtigt werden
soll, Änderungen des wesentlichen Inhalts der Anleihebedingungen oder sonstigen
wesentlichen Maßnahmen zuzustimmen.]
Im Fall der
Bestellung des
gemeinsamen
Vertreters in den
Anleihebedingung
en, ist folgendes
anwendbar
[Gemeinsamer Vertreter ist [Gemeinsamer Vertreter]. Die Haftung des gemeinsamen
Vertreters ist auf das Zehnfache seiner jährlichen Vergütung beschränkt, es sei denn, dem
gemeinsamen Vertreter fällt Vorsatz oder grobe Fahrlässigkeit zur Last.]
Der gemeinsame Vertreter hat die Aufgaben und Befugnisse, welche ihm durch Gesetz
83
oder von den Gläubigern durch Mehrheitsbeschluss eingeräumt wurden. Er hat die
Weisungen der Gläubiger zu befolgen. Soweit er zur Geltendmachung von Rechten der
Gläubiger ermächtigt ist, sind die einzelnen Gläubiger zur selbständigen Geltendmachung
dieser Rechte nicht befugt, es sei denn, der Mehrheitsbeschluss sieht dies ausdrücklich vor.
Über seine Tätigkeit hat der gemeinsame Vertreter den Gläubigern zu berichten. Für die
Abberufung und die sonstigen Rechte und Pflichten des gemeinsamen Vertreters gelten die
Vorschriften des SchVG.
(8) Veröffentlichung. Alle Bekanntmachungen diesen
ausschließlich gemäß den Bestimmungen des SchVG.
Im Falle von
Schuldverschreibu
ngen, die von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
§ 11
betreffend
erfolgen
[(9) Änderung der Garantie. Die oben aufgeführten auf die Schuldverschreibungen
anwendbaren Bestimmungen finden sinngemäß auf die Bestimmungen der Garantie der
Linde AG Anwendung.]
§ 12
BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG
(1) Begebung weiterer Schuldverschreibungen. Die Emittentin ist berechtigt, jederzeit ohne
Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung
(gegebenenfalls mit Ausnahme des Tags der Begebung, des Verzinsungsbeginns und/oder
des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen
eine einheitliche Serie bilden.
(2) Ankauf. Die Emittentin ist berechtigt, Schuldverschreibungen im Markt oder anderweitig
zu jedem beliebigen Preis zu kaufen. Die von der Emittentin erworbenen
Schuldverschreibungen können nach Wahl der Emittentin von ihr gehalten, weiterverkauft
oder bei der Emissionsstelle zwecks Entwertung eingereicht werden. Sofern diese Käufe
durch öffentliches Angebot erfolgen, muss dieses Angebot bezüglich solcher
Schuldverschreibungen allen Gläubigern gemacht werden.
(3) Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind
unverzüglich zu entwerten und können nicht wiederbegeben oder wiederverkauft werden.
§ 13
MITTEILUNGEN
Im Fall von
Schuldverschreibungen, die zum
Handel am
regulierten Markt
der Luxemburger
Börse zugelassen
werden, ist
folgendes
anwendbar
[(1)
Bekanntmachung.
Vorbehaltlich
§ 11
Absatz (8)
erfolgen
alle
die
Schuldverschreibungen betreffenden Mitteilungen durch elektronische Publikation auf der
Internetseite der Luxemburger Börse (www.bourse.lu). Jede Mitteilung gilt am dritten Tag
nach dem Tag der Veröffentlichung als wirksam erfolgt.
(2) Mitteilungen an das Clearing System. Vorbehaltlich § 11 Absatz (8) wird die Emittentin
alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearing System zur
Weiterleitung an die Gläubiger übermitteln. Jede derartige Mitteilung gilt am siebten Tag
nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt. Solange
die Schuldverschreibungen zum Handel am regulierten Markt der Luxemburger Börse
zugelassen sind, findet Absatz 1 Anwendung. Im Fall von Mitteilungen bezüglich des
Zinssatzes, oder falls die Vorschriften der Luxemburger Börse es zulassen, ist die
Emittentin berechtigt, eine Veröffentlichung nach vorstehendem Absatz 1 durch eine
Mitteilung an das Clearing System zur Weiterleitung an die Gläubiger zu ersetzen. Jede
derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing
System als den Gläubigern mitgeteilt.]
Im Fall von
Schuldverschreibungen, die an der
[(1) Bekanntmachung. Vorbehaltlich § 11 Absatz (8) sind alle die Schuldverschreibungen
betreffenden Mitteilungen im Bundesanzeiger zu veröffentlichen. Jede Mitteilung gilt am
84
Frankfurter
Wertpapierbörse
notiert werden, ist
folgendes
anwendbar
dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen am
dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]
Im Fall von
Schuldverschreibungen, die nicht
an einer Börse
notiert sind, ist
folgendes
anwendbar
[(1) Mitteilungen an das Clearing System. Vorbehaltlich § 11 Absatz (8) wird die Emittentin
nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.]
[(2)][(3)] Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden,
müssen schriftlich erfolgen und zusammen mit dem Nachweis seiner Inhaberschaft gemäß
§ 14 Absatz [(4)] an die Emissionsstelle geleitet werden. Eine solche Mitteilung kann über
das Clearing System in der von der Emissionsstelle und dem Clearing System dafür
vorgesehenen Weise erfolgen.
§ 14
ANWENDBARES RECHT, GERICHTSSTAND [, ZUSTELLUNGSBEVOLLMÄCHTIGTER]
UND GERICHTLICHE GELTENDMACHUNG
(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die Rechte und
Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach
deutschem Recht.
(2) Gerichtsstand. Nicht ausschließlich zuständig für sämtliche im Zusammenhang mit den
entstehenden
Klagen
oder
sonstige
Verfahren
("Rechtsstreitigkeiten") ist das Landgericht Frankfurt am Main.
Im Fall von
Schuldverschreibungen, die von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
[(3) Ernennung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten vor
deutschen Gerichten bestellt die Emittentin Linde Aktiengesellschaft, Klosterhofstrasse 1,
80331 München, Deutschland zu ihrem Zustellungsbevollmächtigten in Deutschland.]
[(4)] Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist
berechtigt, in jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem
der Gläubiger und die Emittentin Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu schützen oder
geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die
Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen
und die vollständige Adresse des Gläubigers enthält, (b) den Gesamtnennbetrag der
Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem
Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem
Clearing System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und
(b) bezeichneten Informationen enthält; und (ii) er legt eine Kopie der die betreffenden
Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem
Original eine vertretungsberechtigte Person des Clearing Systems oder des Verwahrers des
Clearing Systems bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die
Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren
erforderlich wäre oder (iii) auf jede andere Weise, die im Lande, in dem der Rechtsstreit
durchgeführt wird, prozessual zulässig ist. Für die Zwecke des Vorstehenden bezeichnet
"Depotbank" jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist,
das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Gläubiger ein
Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing
Systems.
§ 15
SPRACHE
Falls die
Anleihebedingung
en in deutscher
[Diese Anleihebedingungen sind in deutscher Sprache abgefasst. Eine Übersetzung in die
englische Sprache ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die
85
Sprache mit einer
Übersetzung in die
englische Sprache
abgefasst sind, ist
folgendes
anwendbar
Übersetzung in die englische Sprache ist unverbindlich.]
Falls die
Anleihebedingung
en in englischer
Sprache mit einer
Übersetzung in die
deutsche Sprache
abgefasst sind, ist
folgendes
anwendbar
[Diese Anleihebedingungen sind in englischer Sprache abgefasst. Eine Übersetzung in die
deutsche Sprache ist beigefügt. Der englische Text ist bindend und maßgeblich. Die
Übersetzung in die deutsche Sprache ist unverbindlich.]
Falls die
Anleihebedingung
en ausschließlich
in deutscher
Sprache abgefasst
sind, ist folgendes
anwendbar
[Diese Anleihebedingungen sind ausschließlich in deutscher Sprache abgefasst.]
86
OPTION II
Verzinsung
–
Anleihebedingungen
für
mit
variabler
ANLEIHEBEDINGUNGEN
(Deutsche Fassung)
§1
(1)
Währung;
Stückelung.
Diese
Serie
der
(die
Im Fall von
die durch eine
sind, ist folgendes
anwendbar
Im Fall von
die anfänglich
durch eine
vorläufige
Globalurkunde
verbrieft sind, ist
folgendes
anwendbar
Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte
Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen. Eine
gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung erforderlich.
Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der
vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, die
vorläufige Globalurkunde gemäß diesem Absatz (b) dieses § 1(3) auszutauschen.
Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind
nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu liefern.]
87
Im Fall von
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine NGN ist, ist
folgendes
anwendbar
Globalurkunde
verbrieften
der
Gesamtnennbetrag
der
Im Fall von
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine CGN ist, ist
folgendes
anwendbar
Im Fall von
für die ein
wird, ist folgendes
anwendbar
§2
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
88
Gelder"
nicht solche Vermögensgegenstände und
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
Gelder"
nicht solche Vermögensgegenstände und
89
ausgewiesen werden.
§3
ZINSEN
(1) Zinszahlungstage.
(a) Die Schuldverschreibungen werden bezogen auf ihren Gesamtnennbetrag ab dem
[Verzinsungsbeginn] (der "Verzinsungsbeginn") (einschließlich) bis zum ersten
Zinszahlungstag (ausschließlich) und danach von jedem Zinszahlungstag
(einschließlich) bis zum nächstfolgenden Zinszahlungstag (ausschließlich) verzinst.
Zinsen auf die Schuldverschreibungen sind an jedem Zinszahlungstag zahlbar.
(b) "Zinszahlungstag" bedeutet
Im Fall von
festgelegten
Zinszahlungstagen
ist folgendes
anwendbar
[jeder [festgelegte Zinszahlungstage].]
Im Fall von
festgelegten
Zinsperioden ist
folgendes
anwendbar
[(soweit diese Bedingungen keine abweichenden Bestimmungen vorsehen) jeweils der
Tag, der [Zahl] [Wochen] [Monate] nach dem vorausgehenden Zinszahlungstag, oder
im Fall des ersten Zinszahlungstages, nach dem Verzinsungsbeginn liegt.]
(c) Fällt ein Zinszahlungstag auf einen Tag, der kein Geschäftstag ist, so wird der
Zinszahlungstag
Im Fall der
modifizierten
folgender
GeschäftstagKonvention ist
folgendes
anwendbar
[auf den nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in
den nächsten Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den
unmittelbar vorangehenden Geschäftstag vorgezogen.]
Im Fall der FRN
(Floating Rate
Note – variable
verzinsliche
Schuldverschreibung) -Konvention
ist folgendes
anwendbar
[auf den nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in
den nächsten Kalendermonat fallen; in diesem Fall (i) wird der Zinszahlungstag auf den
unmittelbar vorangehenden Geschäftstag vorgezogen und (ii) ist jeder nachfolgende
Zinszahlungstag der jeweils letzte Geschäftstag des Monats, der [Zahl] Monate nach
dem vorangegangenen anwendbaren Zinszahlungstag liegt.]
Im Fall der
folgender
GeschäftstagKonvention ist
folgendes
anwendbar
[auf den nächstfolgenden Geschäftstag verschoben.]
(d) "Geschäftstag" bezeichnet einen Tag
Bei nicht auf EUR
lautenden
[(außer einem Samstag oder Sonntag) an dem Geschäftsbanken allgemein für
Geschäfte in [relevante(s) Finanzzentrum(en)] geöffnet sind und Devisenmärkte
Zahlungen in [relevantes Finanzzentrum(en)] abwickeln][.][und]
90
folgendes
anwendbar
Im Fall, dass das
Clearing System
und TARGET offen
sein sollen, ist
folgendes
anwendbar
Falls der
Referenzsatz der
Angebotssatz für
Einlagen in der
festgelegten
Währung
EURIBOR ist, ist
folgendes
anwendbar
Automated Real-time Gross Settlement Express Transfer System 2 ("TARGET") offen
sind, um Zahlungen abzuwickeln].
[(2) Zinssatz. Der Zinssatz (der "Zinssatz") für jede Zinsperiode (wie nachstehend definiert)
ist, sofern nachstehend nichts Abweichendes bestimmt wird, der Angebotssatz
(ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung für die
jeweilige Zinsperiode, der auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend
definiert) gegen 11.00 Uhr (Brüsseler Ortszeit) angezeigt wird [[zuzüglich] [abzüglich] der
Marge (wie nachstehend definiert)], wobei alle Festlegungen durch die Berechnungsstelle
(wie in § 6 definiert) erfolgen.
"Zinsperiode" bezeichnet jeweils den Zeitraum von
dem Verzinsungsbeginn
(einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) bzw. von jedem
Zinszahlungstag (einschließlich) bis zum jeweils darauffolgenden Zinszahlungstag
(ausschließlich).
"Zinsfestlegungstag" bezeichnet den zweiten TARGET Geschäftstag vor Beginn der
jeweiligen Zinsperiode. "TARGET-Geschäftstag" bezeichnet einen Tag, an dem alle
betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express
Transfer System 2 ("TARGET") offen sind, um Zahlungen abzuwickeln.
[Die "Marge" beträgt [•] % per annum.]
"Bildschirmseite" bedeutet Reuters Bildschirmseite EURIBOR01 oder jede Nachfolgeseite.
Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird kein
Angebotssatz angezeigt (zu der genannten Zeit), wird die Berechnungsstelle von den
Referenzbanken (wie nachstehend definiert) der Euro-Zone, deren jeweilige Angebotssätze
(jeweils als Prozentsatz per annum ausgedrückt) für Einlagen in der festgelegten Währung
für die betreffende Zinsperiode und über einen repräsentativen Betrag gegenüber
führenden Banken im Interbanken-Markt in der Euro-Zone um ca. 11.00 Uhr (Brüsseler
Ortszeit) am Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der
Berechnungsstelle solche Angebotssätze nennen, ist der Zinssatz für die betreffende
Zinsperiode das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das
nächste ein Tausendstel Prozent aufgerundet, wobei 0,0005 aufgerundet wird) dieser
Angebotssätze [[zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die
Berechnungsstelle erfolgen.
Falls an einem Zinsfestlegungstag nur eine oder keine der ausgewählten Referenzbanken
der Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze
nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die
Berechnungsstelle als das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf
das nächste ein Tausendstel Prozent, wobei 0,0005 aufgerundet wird) der Angebotssätze
ermittelt, die von der Berechnungsstelle in angemessener Sorgfalt ausgewählte
Großbanken im Interbanken-Markt in der Euro-Zone der Berechnungsstelle auf ihre Anfrage
als den jeweiligen Satz nennen, zu dem sie um ca. 11.00 Uhr (Brüsseler Ortszeit) am
betreffenden Zinsfestlegungstag Darlehen in der festgelegten Währung für die betreffende
Zinsperiode und über einen repräsentativen Betrag gegenüber führenden Europäischen
Banken anbieten [[zuzüglich] [abzüglich] der Marge].
"Euro-Zone" bezeichnet das Gebiet derjenigen Mitgliedstaaten der Europäischen Union, die
gemäß dem Vertrag über die Gründung der Europäischen Gemeinschaft (unterzeichnet in
Rom am 25. März 1957), geändert durch die Einheitliche Europäische Akte (Single
European Act) von 1986, den Vertrag über die Europäische Union (unterzeichnet in
Maastricht am 7. Februar 1992), den Amsterdamer Vertrag vom 2. Oktober 1997 und den
Vertrag von Lissabon vom 13. Dezember 2007, in seiner jeweils geltenden Fassung, eine
91
einheitliche Währung eingeführt haben oder jeweils eingeführt haben werden.]
"repräsentativer Betrag" bedeutet ein Betrag, der zu der jeweiligen Zeit in dem jeweiligen
Markt für eine einzelne Transaktion repräsentativ ist.
"Referenzbanken" bezeichnet vier Großbanken im Interbanken-Markt in der Euro-Zone.
Falls der Zinssatz nicht gemäß den vorstehenden Bestimmungen dieses Absatzes (2)
ermittelt werden kann, ist der Zinssatz der Angebotssatz auf der Bildschirmseite, wie
vorstehend beschrieben, an dem letzten Tag vor dem Zinsfestlegungstag, an dem dieser
Angebotssatz angezeigt wurde [[zuzüglich] [abzüglich] der Marge (wie vorstehend
definiert)], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.]
Falls der
Referenzsatz der
Angebotssatz für
Einlagen in der
festgelegten
Währung LIBOR
ist, ist folgendes
anwendbar
ist, sofern nachstehend nichts Abweichendes bestimmt wird, der Angebotssatz
(ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung für die
jeweilige Zinsperiode, der auf der Bildschirmseite am Zinsfestlegungstag (wie nachstehend
definiert) gegen 11.00 Uhr (Londoner Ortszeit) angezeigt wird [[zuzüglich] [abzüglich] der
Marge (wie nachstehend definiert)], wobei alle Festlegungen durch die Berechnungsstelle
(wie in § 6 definiert) erfolgen.
"Zinsperiode" bezeichnet jeweils den Zeitraum von dem Verzinsungsbeginn (einschließlich)
bis zum ersten Zinszahlungstag (ausschließlich) bzw. von jedem Zinszahlungstag
(einschließlich) bis zum jeweils darauffolgenden Zinszahlungstag (ausschließlich).
"Zinsfestlegungstag" bezeichnet den [ersten] [zweiten] [relevante(s) Finanzzentrum(en)]
Geschäftstag [vor Beginn] der jeweiligen Zinsperiode. "[relevante(s) Finanzzentrum(en)]
Geschäftstag" bezeichnet einen Tag (außer einem Samstag oder Sonntag), an dem
Geschäftsbanken in [relevante(s) Finanzzentrum(en)] für Geschäfte (einschließlich
Devisen- und Sortengeschäfte) geöffnet sind.
"Bildschirmseite" bedeutet Reuters Bildschirmseite [LIBOR01][LIBOR02] oder jede
Nachfolgeseite.
Sollte zu der genannten Zeit die maßgebliche Bildschirmseite nicht zur Verfügung stehen
oder kein Angebotssatz angezeigt werden, wird die Berechnungsstelle von den
Referenzbanken (wie nachstehend definiert) deren jeweilige Angebotssätze (jeweils als
Prozentsatz per annum ausgedrückt) für Einlagen in der festgelegten Währung für die
betreffende Zinsperiode und über einen repräsentativen Betrag gegenüber führenden
Banken im Londoner Interbanken-Markt um ca. 11.00 Uhr (Londoner Ortszeit) am
Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der Berechnungsstelle
solche Angebotssätze nennen, ist der Zinssatz für die betreffende Zinsperiode das
arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein
Hunderttausendstel Prozent, wobei 0,000005 aufgerundet wird) dieser Angebotssätze
[[zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle
erfolgen.
Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der
Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze nennt, ist
der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die Berechnungsstelle
als das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein
Hunderttausendstel Prozent, wobei 0,000005 aufgerundet wird) der Angebotssätze
ermittelt, die von der Berechnungsstelle in angemessener Sorgfalt ausgewählte
Großbanken im Londoner Interbanken-Markt der Berechnungsstelle auf ihre Anfrage als
den jeweiligen Satz nennen, zu dem sie um ca. 11.00 Uhr (Londoner Ortszeit) an dem
betreffenden Zinsfestlegungstag Darlehen in der festgelegten Währung für die betreffende
Zinsperiode und über einen repräsentativen Betrag gegenüber führenden Europäischen
Banken anbieten [[zuzüglich] [abzüglich] der Marge].
"repräsentativer Betrag" bedeutet ein Betrag, der zu der jeweiligen Zeit in dem jeweiligen
Markt für eine einzelne Transaktion repräsentativ ist.
92
"Referenzbanken" bezeichnet vier Großbanken im Londoner Interbanken-Markt.
Falls der
Referenzsatz der
AUD-BBR-BBSW
(Australischer
Dollar
Bankwechsel
Referenzsatz) ist,
ist folgendes
anwendbar
ist, sofern nachstehend nichts Abweichendes bestimmt wird, der durchschnittliche Mittelsatz
für Wechsel in Australischen Dollar in der festgelegten Laufzeit (ausgedrückt als
Prozentsatz per annum), der auf der Bildschirmseite am Zinsfestlegungstag (wie
nachstehend definiert) gegen 10:10 Uhr (Sydney Ortszeit) angezeigt wird [[zuzüglich]
[abzüglich] der Marge (wie nachstehend definiert)], wobei alle Festlegungen durch die
Berechnungsstelle (wie in § 6 definiert) erfolgen.
"Zinsperiode" bezeichnet jeweils den Zeitraum von
dem Verzinsungsbeginn
(einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) bzw. von jedem
Zinszahlungstag (einschließlich) bis zum jeweils darauffolgenden Zinszahlungstag
(ausschließlich).
"festgelegte Laufzeit" bedeutet ein Zeitraum, der der Zinsperiode entspricht.
"Zinsfestlegungstag" bezeichnet den ersten Sydney Geschäftstag der jeweiligen
Zinsperiode. "Sydney-Geschäftstag" bezeichnet einen Tag (außer einem Samstag oder
Sonntag), an dem Geschäftsbanken in Sydney für Geschäfte (einschließlich Devisen- und
Sortengeschäfte) geöffnet sind.
"Bildschirmseite" bedeutet Reuters Bildschirmseite BBSW oder jede Nachfolgeseite.
Sollte die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird um 10:30 Uhr
(Sydney Ortszeit) kein Angebotssatz angezeigt, wird die Berechnungsstelle von den
Referenzbanken (wie nachstehend definiert), deren jeweilige Angebotssätze für Geld- und
Briefkurse (jeweils als Prozentsatz per annum ausgedrückt) für Wechsel in Australischen
Dollar in der festgelegten Laufzeit und des für die Kursfestlegung auf der Bildschirmseite
festgelegten Typs, welche die Referenzbanken um ca. 10:00 Uhr (Sydney Ortszeit) am
Zinsfestlegungstag angeboten haben oder angeboten hätten, anfordern. Falls zwei oder
mehr Referenzbanken der Berechnungsstelle solche Angebotssätze für Geld- und
Briefkurse nennen, ist der Zinssatz für die betreffende Zinsperiode das arithmetische Mittel
der Geld- und Briefkurse (falls erforderlich, auf- oder abgerundet auf das nächste ein
Tausendstel Prozent aufgerundet, wobei 0,0005 aufgerundet wird) dieser Angebotssätze für
Geld- und Briefkurse [[zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die
Berechnungsstelle erfolgen.
Falls an einem Zinsfestlegungstag nur eine oder keine der ausgewählten Referenzbanken
der Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze für
Geld- und Briefkurse nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per
annum, den die Berechnungsstelle unter Berücksichtigung dann verfügbarer vergleichbarer
Indizes [[zuzüglich] [abzüglich] der Marge] bestimmt.
"Referenzbanken" bezeichnet fünf Finanzinstitute, die autorisiert sind, Angebotssätze für
die Bildschirmseite abzugeben.
Falls ein Mindestund/oder Höchst-
[(3) [Mindest-] [und] [Höchst-] Zinssatz.
93
zinssatz gilt, ist
folgendes
anwendbar
[Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz
niedriger ist als [Mindestzinssatz], so ist der Zinssatz für diese Zinsperiode
[Mindestzinssatz].]
[Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz höher
ist als [Höchstzinssatz], so ist der Zinssatz für diese Zinsperiode [Höchstzinssatz].]]
(4) Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an
dem der Zinssatz zu bestimmen ist, den Zinssatz bestimmen und den auf die
Schuldverschreibungen zahlbaren Zinsbetrag in Bezug auf die festgelegte Stückelung (der
"Zinsbetrag") für die entsprechende Zinsperiode berechnen. Der Zinsbetrag wird ermittelt,
indem der Zinssatz und der Zinstagequotient (wie nachstehend definiert) auf die festgelegte
Stückelung angewendet werden, wobei der resultierende Betrag auf die kleinste Einheit der
festgelegten Währung auf- oder abgerundet wird, wobei 0,5 solcher Einheiten aufgerundet
werden.
(5) Mitteilung von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass
der Zinssatz, der Zinsbetrag für die jeweilige Zinsperiode, die jeweilige Zinsperiode und der
betreffende Zinszahlungstag der Emittentin [Im Fall von Schuldverschreibungen, die von
Linde Finance B.V. begeben werden ist folgendes anwendbar: und der Garantin] und
den Gläubigern gemäß § 13 baldmöglichst, aber keinesfalls später als am vierten auf die
Berechnung jeweils folgenden [TARGET-][Londoner] [relevante(s) Finanzzentrum(en)]
[Sydney] Geschäftstag (wie in § 3(2) definiert) sowie jeder Börse, an der die betreffenden
Schuldverschreibungen zu diesem Zeitpunkt notiert sind und deren Regeln eine Mitteilung
an die Börse verlangen, baldmöglichst, aber keinesfalls später als zu Beginn der jeweiligen
Zinsperiode mitgeteilt werden. Im Fall einer Verlängerung oder Verkürzung der Zinsperiode
können der mitgeteilte Zinsbetrag und Zinszahlungstag ohne Vorankündigung nachträglich
angepasst (oder andere geeignete Anpassungsregelungen getroffen) werden. Jede solche
Anpassung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem
Zeitpunkt notiert sind, sowie den Gläubigern gemäß § 13 mitgeteilt.
(6) Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten,
Festsetzungen, Berechnungen, Quotierungen und Entscheidungen, die von der
Berechnungsstelle für die Zwecke dieses § 3 gemacht, abgegeben, getroffen oder eingeholt
werden, sind (sofern nicht ein offensichtlicher Irrtum vorliegt) für die Emittentin [Im Fall von
Schuldverschreibungen, die von der Linde Finance B.V. emittiert werden, ist
folgendes anwendbar: die Garantin], die Emissionsstelle, die Zahlstelle und die Gläubiger
bindend.
(7) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des
Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die
Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlöst, erfolgt die Verzinsung des
ausstehenden Gesamtnennbetrags der Schuldverschreibungen vom Tag der Fälligkeit bis
zum Ablauf des Tages, der dem Tag der tatsächlichen Rückzahlung der
Schuldverschreibungen vorausgeht, in Höhe des gesetzlich festgelegten Satzes für
Verzugszinsen.1
(8) Zinstagequotient. "Zinstagequotient" bezeichnet im Hinblick auf die Berechnung eines
Zinsbetrages auf eine Schuldverschreibung für einen beliebigen Zeitraum (der
"Zinsberechnungszeitraum"):
Im Fall von
Actual/365 (Fixed)
ist folgendes
anwendbar
[die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365.]
Im Fall von
Actual/360 ist
folgendes
[die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360.]
1
94
anwendbar
§4
ZAHLUNGEN
(1) (a) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die
Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes 2 an das
Clearing System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des Clearing Systems außerhalb der Vereinigten Staaten.
(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach
Maßgabe von Absatz 2 an das Clearing System oder (falls anwendbar) dessen Order
zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems.
Im Fall von
Zinszahlungen auf
eine vorläufige
Globalurkunde ist
folgendes
anwendbar
[Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die vorläufige
Globalurkunde verbrieft sind, erfolgt nach Maßgabe von Absatz 2 an das Clearing
System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer
Bescheinigung gemäß § 1(3) (b).]
Regelungen
und
Vorschriften
erfolgen
zu
leistende
Zahlungen
auf
die
Schuldverschreibungen in der festgelegten Währung.
(4) Erfüllung. Die Emittentin [Im Fall von Schuldverschreibungen, die von Linde Finance
B.V. begeben werden, ist folgendes anwendbar: bzw. die Garantin] wird durch Leistung
der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht befreit.
diese Zwecke bezeichnet "Zahltag" einen Tag, der ein Geschäftstag ist.
ein: den Rückzahlungsbetrag der Schuldverschreibungen; sowie jeden Aufschlag sowie
sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbaren Beträge.
Bezugnahmen in diesen Anleihebedingungen auf Zinsen auf Schuldverschreibungen sollen,
soweit anwendbar, sämtliche gemäß § 7 zahlbaren zusätzlichen Beträge einschließen.
§5
RÜCKZAHLUNG
zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen zu ihrem
Rückzahlungsbetrag am in den [Rückzahlungsmonat] fallenden Zinszahlungstag (der
"Fälligkeitstag") zurückgezahlt. Der "Rückzahlungsbetrag" in Bezug auf jede
Schuldverschreibung entspricht dem Nennbetrag der Schuldverschreibung.
Im Fall von
Schuldver-
95
schreibungen, die
von Linde AG
begeben werden,
ist folgendes
anwendbar
einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften in
Deutschland oder deren politischen Untergliederungen oder Steuerbehörden oder als Folge
einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser
Gesetze und Vorschriften (vorausgesetzt diese Änderung oder Ergänzung wird am oder
nach dem Tag, an dem die letzte Tranche dieser Serie von Schuldverschreibungen
begeben wird wirksam) am nächstfolgenden Zinszahlungstag (wie in § 3(1) definiert) zur
Zahlung von zusätzlichen Beträgen (wie in § 7 dieser Bedingungen definiert) verpflichtet
sein wird und diese Verpflichtung nicht durch das Ergreifen vernünftiger der Emittentin zur
Verfügung stehender Maßnahmen vermieden werden kann.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und -vorschriften der
Niederlande oder Deutschlands oder deren politischen Untergliederungen oder
Steuerbehörden oder als Folge einer Änderung oder Ergänzung der Anwendung oder der
offiziellen Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese Änderung oder
Schuldverschreibungen begeben wird wirksam) am nächstfolgenden Zinszahlungstag (wie
in § 3(1) definiert) zur Zahlung von zusätzlichen Beträgen (wie in § 7 dieser Bedingungen
definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das Ergreifen
vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden werden kann.]
erfolgen, wenn zu dem Zeitpunkt, in dem die Kündigungsmitteilung erfolgt, die Verpflichtung
zur Zahlung von zusätzlichen Beträgen nicht mehr wirksam ist. Der für die Rückzahlung
festgelegte Termin muss ein Zinszahlungstag sein.
darlegt.
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
veräußert
werden.
Falls
die
Emittentin
oder
eine
Tochtergesellschaft
(insgesamt, jedoch nicht teilweise) kündigen und zum Rückzahlungsbetrag nebst etwaiger
bis zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzahlen.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
96
folgendes
anwendbar
kündigen und zum Rückzahlungsbetrag nebst etwaiger bis zum Rückzahlungstag
(ausschließlich) aufgelaufener Zinsen zurückzahlen.]
des Gläubigers bei einem Kontrollwechsel zu ihrem Rückzahlungsbetrag nebst etwaigen bis
zum Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.
Wahlrecht
ausgeübt
wird
[und][,]
(ii)
die
dieser
Falls die
Emittentin das
Wahlrecht hat, die
vorzeitig zum
Rückzahlungsbetrag
zurückzuzahlen,
ist folgendes
anwendbar
Schuldverschreibungen insgesamt oder teilweise am [Zahl] Jahre nach dem
Verzinsungsbeginn folgenden Zinszahlungstag und danach an jedem darauf folgenden
Zinszahlungstag (jeder ein "Wahl-Rückzahlungstag (Call)") zum Rückzahlungsbetrag
nebst etwaigen bis zum jeweiligen Wahl-Rückzahlungstag (Call) (ausschließlich)
aufgelaufenen Zinsen zurückzahlen.
(i)
(ii)
letzteren
Fall
den
Gesamtnennbetrag
der
zurückzuzahlenden
Schuldverschreibungen; und
97
(iii) den
(Call),
der
nicht
weniger
als
[Mindestkündigungsfrist] und nicht mehr als [Höchstkündigungsfrist] Tage
nach dem Tag der Kündigung durch die Emittentin gegenüber den Gläubigern
liegen darf.
wiedergegeben.]]
§6
DIE EMISSIONSSTELLE, DIE ZAHLSTELLE UND DIE BERECHNUNGSSTELLE
(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle, die
anfänglich bestellte Zahlstelle und die anfänglich bestellte Berechnungsstelle und deren
jeweilige bezeichnete Geschäftsstelle lauten wie folgt:
Taunusanlage 12
Deutschland
Berechnungsstelle:
[Name und bezeichnete Geschäftsstelle]
Die Emissionsstelle, die Zahlstelle und die Berechnungsstelle behalten sich das Recht vor,
jederzeit ihre jeweilige bezeichnete Geschäftsstelle durch eine andere bezeichnete
Geschäftsstelle in derselben Stadt zu ersetzen.
jederzeit die Bestellung der Emissionsstelle oder der Zahlstelle oder der Berechnungsstelle
zu ändern oder zu beenden und eine andere Emissionsstelle oder andere Zahlstelle oder
eine andere Berechnungsstelle zu bestellen. Die Emittentin wird zu jedem Zeitpunkt (i) eine
Emissionsstelle [Im Fall von Zahlungen in US-Dollar ist folgendes anwendbar:, (ii) falls
Zahlungen bei den oder durch die Geschäftsstellen der Zahlstelle außerhalb der Vereinigten
Staaten (wie in § 4 definiert) aufgrund der Einführung von Devisenbeschränkungen oder
ähnlichen Beschränkungen hinsichtlich der vollständigen Zahlung oder des Empfangs der
entsprechenden Beträge in US-Dollar widerrechtlich oder tatsächlich ausgeschlossen
werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City] [(iii)] eine
Berechnungsstelle unterhalten. Eine Änderung, Abberufung, Bestellung oder ein sonstiger
Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort
wirksam wird), sofern die Gläubiger hierüber gemäß § 13 vorab unter Einhaltung einer Frist
von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.
(3) Erfüllungsgehilfen der Emittentin. Die Emissionsstelle, die Zahlstelle und die
Berechnungsstelle handeln ausschließlich als Erfüllungsgehilfen der Emittentin und
§7
STEUERN
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In diesem letzteren Fall wird die
Emittentin die zusätzlichen Beträge an Kapital und Zinsen zahlen, die erforderlich sind,
98
vornimmt; oder
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
vornimmt; oder
99
§8
VORLEGUNGSFRIST
§9
KÜNDIGUNG
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
Höhe
oder
im
Gegenwert
von
mehr
als
€ 150.000.000
aus
einer
gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit für die oder
von den daraus berechtigten Gläubiger(n) in Anspruch genommen wird; oder
100
wurde.
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
eingegangen sind.
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
€ 150.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft oder
Garantie, die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht innerhalb
von 30 Tagen nach ihrer Fälligkeit bzw. im Falle einer Bürgschaft oder Garantie nicht
innerhalb von 30 Tagen nach Inanspruchnahme aus dieser Bürgschaft oder Garantie
nach, es sei denn, die Emittentin oder die Garantin bestreitet in gutem Glauben, dass
diese Zahlungsverpflichtung besteht oder fällig ist bzw. diese Bürgschaft oder Garantie
berechtigterweise geltend gemacht wird, oder falls eine für solche Verbindlichkeiten
bestellte Sicherheit für die oder von den daraus berechtigten Gläubiger(n) in Anspruch
genommen wird; oder
Zahlungen ein, oder
(e) ein Gericht eröffnet ein Konkurs- oder sonstiges Insolvenzverfahren gegen die Emittentin
oder die Garantin, welches nicht binnen 60 Tagen endgültig oder einstweilen eingestellt
wird, oder die Emittentin oder die Garantin beantragt oder leitet ein solches Verfahren
ein, oder die Emittentin beantragt ein "surseance van betaling" (Schuldenmoratorium im
Sinne des niederländischen Insolvenzrechts); oder
101
wurde.
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
eingegangen sind.
§ 10
ERSETZUNG
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
102
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
§ 11
103
Beschlussfähigkeit, zu ihrer Wirksamkeit einer einfachen Mehrheit der an der Abstimmung
(3) Beschlussfassung. Beschlüsse der Gläubiger werden nach Wahl der Emittentin im Wege
der Abstimmung ohne Versammlung nach § 18 SchVG oder einer Gläubigerversammlung
nach § 9 SchVG gefasst.
Falls kein
gemeinsamer
Vertreter in den
Anleihebedingung
folgendes
anwendbar
Im Fall der
Bestellung des
gemeinsamen
Vertreters in den
Anleihebedingung
en, ist folgendes
anwendbar
104
Im Falle von
Schuldverschreibu
ngen, die von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
§ 11
betreffend
erfolgen
§ 12
(gegebenenfalls mit Ausnahme des Tags der Begebung, des Verzinsungsbeginns und/oder
des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen
eine einheitliche Serie bilden.
§ 13
MITTEILUNGEN
Im Fall von
Handel am
regulierten Markt
der Luxemburger
Börse zugelassen
werden, ist
folgendes
anwendbar
[(1)
Bekanntmachung.
Vorbehaltlich
§ 11
Absatz (8)
erfolgen
alle
die
zugelassen sind, findet Absatz 1 Anwendung. Im Fall von Mitteilungen bezüglich des
Zinssatzes, oder falls die Vorschriften der Luxemburger Börse es zulassen, ist die
Emittentin berechtigt, eine Veröffentlichung nach vorstehendem Absatz 1 durch eine
Mitteilung an das Clearing System zur Weiterleitung an die Gläubiger zu ersetzen. Jede
derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing
System als den Gläubigern mitgeteilt.]
Im Fall von
Frankfurter
Wertpapierbörse
notiert werden, ist
folgendes
anwendbar
105
Im Fall von
an einer Börse
notiert sind, ist
folgendes
anwendbar
§ 14
Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem
Recht.
entstehenden
Klagen
oder
sonstige
Verfahren
Im Fall von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
Systems.
§ 15
SPRACHE
Falls die
Anleihebedingung
en in deutscher
Sprache mit einer
Übersetzung in die
englische Sprache
abgefasst sind, ist
106
folgendes
anwendbar
Falls die
Anleihebedingung
en in englischer
Sprache mit einer
Übersetzung in die
deutsche Sprache
abgefasst sind, ist
folgendes
anwendbar
Falls die
Anleihebedingung
en ausschließlich
in deutscher
Sprache abgefasst
sind, ist folgendes
anwendbar
107
OPTION III – Anleihebedingungen für Schuldverschreibungen ohne periodische
Verzinsung (Nullkupon)
ANLEIHEBEDINGUNGEN
(Deutsche Fassung)
§1
(1)
Währung;
Stückelung.
Diese
Serie
der
(die
Im Fall von
die durch eine
sind, ist folgendes
anwendbar
Im Fall von
die anfänglich
durch eine
vorläufige
Globalurkunde
verbrieft sind, ist
folgendes
anwendbar
Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde
verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen.
Eine gesonderte Bescheinigung ist hinsichtlich einer jeden solchen Zinszahlung
erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der
Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt
werden, die vorläufige Globalurkunde gemäß diesem Absatz (b) dieses § 1(3)
auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert
werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu liefern.]
108
Im Fall von
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine NGN ist, ist
folgendes
anwendbar
Globalurkunde
verbrieften
der
Gesamtnennbetrag
der
Im Fall von
Namen der ICSDs
verwahrt werden,
und die
Globalurkunde
eine CGN ist, ist
folgendes
anwendbar
Im Fall von
für die ein
wird, ist folgendes
anwendbar
§2
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
109
und
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
und
110
ausgewiesen werden.
§3
ZINSEN
(1) Keine periodischen Zinszahlungen. Es erfolgen keine periodischen Zinszahlungen auf
die Schuldverschreibungen.
(2) Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht
einlösen, fallen auf den ausstehenden Gesamtnennbetrag der Schuldverschreibungen ab
dem Fälligkeitstag bis zum Tag der tatsächlichen Rückzahlung Zinsen in Höhe des
gesetzlich festgelegten Satzes für Verzugszinsen an.1
(3) Zinstagequotient. "Zinstagequotient" bezeichnet im
Zinsberechnungszeitraum (wie nachstehend in § 5[(7)] definiert:
Hinblick
auf
einen
Im Fall von 30/360,
360/360 oder Bond
Basis ist
folgendes
anwendbar
[die Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 360, wobei die Anzahl
der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten zu je 30 Tagen
zu ermitteln ist (es sei denn, (A) der letzte Tag des Zinsberechnungszeitraums fällt auf den
31. Tag eines Monates, während der erste Tag des Zinsberechnungszeitraumes weder auf
den 30. noch auf den 31. Tag eines Monats fällt, in welchem Fall der diesen Tag
enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (B) der
letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, in
welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln
ist).]
Im Fall von
30E/360 oder
Eurobond Basis
ist folgendes
anwendbar
[die Anzahl der Tage im Zinsberechnungszeitraum dividiert durch 360 (dabei ist die Anzahl
der Tage auf der Grundlage eines Jahres von 360 Tagen mit 12 Monaten zu 30 Tagen zu
ermitteln, und zwar ohne Berücksichtigung des ersten oder letzten Tages des
Zinsberechnungszeitraumes, es sei denn, dass im Falle eines am Fälligkeitstag endenden
Zinsberechnungszeitraumes der Fälligkeitstag der letzte Tag des Monats Februar ist, in
welchem Fall der Monat Februar als nicht auf einen Monat zu 30 Tagen verlängert gilt).]
§4
ZAHLUNGEN
(1) Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die Schuldverschreibungen
erfolgen nach Maßgabe des nachstehenden Absatzes 2 an das Clearing System oder (falls
anwendbar) dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des
Clearing Systems außerhalb der Vereinigten Staaten.
Regelungen
und
Vorschriften
erfolgen
zu
leistende
Zahlungen
auf
die
Schuldverschreibungen in der festgelegten Währung.
1
111
(4) Erfüllung. Die Emittentin [Im Fall von Schuldverschreibungen, die von Linde
Finance B.V. begeben werden, ist folgendes anwendbar: bzw. die Garantin] wird durch
Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht
befreit.
diese Zwecke bezeichnet "Zahltag" einen Tag (außer einem Samstag oder Sonntag),
Bei nicht auf EUR
lautenden
folgendes
anwendbar
[an dem Geschäftsbanken und
Finanzzentrum(en)] abwickeln[.][und]
Im Fall, dass das
Clearing System
und TARGET offen
sein sollen, ist
folgendes
anwendbar
Automated Real-time Gross Settlement Express Transfer System 2 ("TARGET") offen sind,
um Zahlungen abzuwickeln.]
Devisenmärkte
Zahlungen
in
[relevante(s)
ein:
den
Rückzahlungsbetrag
der
den
vorzeitigen
Rückzahlungsbetrag der Schuldverschreibungen; [Falls die Emittentin das Wahlrecht
hat, die Schuldverschreibungen aus anderen als steuerlichen Gründen vorzeitig
zurückzuzahlen, ist folgendes anwendbar: den Wahl-Rückzahlungsbetrag (Call) der
Schuldverschreibungen;]
[falls
der
Gläubiger
ein
Wahlrecht
hat,
die
Schuldverschreibungen vorzeitig zu kündigen, ist folgendes anwendbar: den WahlRückzahlungsbetrag (Put) der Schuldverschreibungen;] den Amortisationsbetrag der
Schuldverschreibungen sowie jeden Aufschlag sowie sonstige auf oder in Bezug auf die
Schuldverschreibungen zahlbaren Beträge. Bezugnahmen in diesen Anleihebedingungen
auf Zinsen auf Schuldverschreibungen sollen, soweit anwendbar, sämtliche gemäß § 7
zahlbaren zusätzlichen Beträge einschließen.
§5
RÜCKZAHLUNG
zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen zu ihrem
Rückzahlungsbetrag am [Fälligkeitstag] (der "Fälligkeitstag") zurückgezahlt. Der
"Rückzahlungsbetrag" in Bezug auf jede Schuldverschreibung entspricht dem Nennbetrag
der Schuldverschreibung.
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
gemäß § 13 gegenüber den Gläubigern vorzeitig gekündigt und zu ihrem vorzeitigen
Rückzahlungsbetrag (wie nachstehend definiert) zurückgezahlt werden, falls die Emittentin
als Folge einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und vorschriften in Deutschland oder deren politischen Untergliederungen oder Steuerbehörden
oder als Folge einer Änderung oder Ergänzung der Anwendung oder der offiziellen
Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese Änderung oder
112
Schuldverschreibungen begeben wird wirksam) bei Fälligkeit oder im Fall des Kaufs oder
Tauschs einer Schuldverschreibung zur Zahlung von zusätzlichen Beträgen (wie in § 7
dieser Bedingungen definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das
Ergreifen vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden
werden kann.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
gemäß § 13 gegenüber den Gläubigern vorzeitig gekündigt und zu ihrem vorzeitigen
Rückzahlungsbetrag (wie nachstehend definiert) zurückgezahlt werden, falls die Emittentin
als Folge einer Änderung oder Ergänzung der Steuer- oder Abgabengesetze und vorschriften der Niederlande oder Deutschlands oder deren politischen Untergliederungen
oder Steuerbehörden oder als Folge einer Änderung oder Ergänzung der Anwendung oder
der offiziellen Auslegung dieser Gesetze und Vorschriften (vorausgesetzt diese Änderung
oder Ergänzung wird am oder nach dem Tag, an dem die letzte Tranche dieser Serie von
Schuldverschreibungen begeben wird wirksam) bei Fälligkeit oder im Fall des Kauf oder
Tauschs einer Schuldverschreibung zur Zahlung von zusätzlichen Beträgen (wie in § 7
dieser Bedingungen definiert) verpflichtet sein wird und diese Verpflichtung nicht durch das
Ergreifen vernünftiger der Emittentin zur Verfügung stehender Maßnahmen vermieden
werden kann.]
erfolgen, wenn in dem Zeitpunkt, zu dem die Kündigungsmitteilung erfolgt, die Verpflichtung
zur Zahlung von zusätzlichen Beträgen nicht mehr wirksam ist.
darlegt.
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
veräußert
werden.
Falls
die
Emittentin
oder
eine
Tochtergesellschaft
(insgesamt, jedoch nicht teilweise) kündigen und zum vorzeitigen Rückzahlungsbetrag (wie
nachstehend definiert) zurückzahlen.]
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
kündigen und zum vorzeitigen Rückzahlungsbetrag (wie nachstehend definiert)
zurückzahlen.]
113
des Gläubigers bei einem Kontrollwechsel zu ihrem vorzeitigen Rückzahlungsbetrag
zurückzuzahlen.
Wahlrecht
ausgeübt
wird
[und][,]
(ii)
die
dieser
Falls die
Emittentin das
Wahlrecht hat, die
Schuldverschreibungen vorzeitig
zu festgelegtem(n)
Wahlrückzahlungs
betrag/-beträgen
(Call)
zurückzuzahlen,
ist folgendes
anwendbar
Schuldverschreibungen insgesamt oder teilweise innerhalb des/der WahlRückzahlungszeitraums/-zeiträume (Call) am Wahl-Rückzahlungstag (Call) zum/zu den
Wahl-Rückzahlungsbetrag/-beträgen (Call), wie nachstehend angegeben, zurückzahlen.
(Call)
[____________________________]
[____________________________]
Wahl-Rückzahlungsbetrag/-beträge (Call)
[____________________________]
[____________________________]
[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu
kündigen, ist folgendes anwendbar: Der Emittentin steht dieses Wahlrecht nicht in
Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits der Gläubiger in
Ausübung seines Wahlrechts nach Absatz 6 dieses § 5 verlangt hat.]
(i)
114
(ii)
letzteren
Fall
den
Gesamtnennbetrag
der
zurückzuzahlenden
(iii) den Tag innerhalb des jeweils maßgeblichen Wahl-Rückzahlungszeitraums (Call),
an dem die Rückzahlung nach Ausübung des Wahlrechts der Emittentin erfolgen
wird (der "Wahl-Rückzahlungstag (Call)"). Der Wahl-Rückzahlungstag (Call) darf
nicht weniger als [Mindestkündigungsfrist] und nicht mehr als
[Höchstkündigungsfrist] Tage auf den Tag der Kündigung durch die Emittentin
gegenüber den Gläubigern folgen; und
(iv) den Wahl-Rückzahlungsbetrag (Call), zu dem die Schuldverschreibungen
zurückgezahlt werden.
wiedergegeben.]]
Falls der Gläubiger
das Wahlrecht hat,
die Schuldverschreibungen
vorzeitig zu
festgelegtem/n
Wahlrückzahlungs
betrag/-beträgen
(Put) zu kündigen,
ist folgendes
anwendbar
[(6) Vorzeitige Rückzahlung nach Wahl des Gläubigers.
(a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden
Wahlrechts durch den Gläubiger innerhalb des/der Wahl-Rückzahlungszeitraums/zeiträume
(Put)
am
(Put)
zum/zu
den
WahlRückzahlungsbetrag/-beträgen (Put), wie nachstehend angegeben zurückzuzahlen.
(Put)
Wahl-Rückzahlungsbetrag/-beträge (Put)
[____________________________]
[____________________________]
[____________________________]
[____________________________]
Dem Gläubiger steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu,
deren Rückzahlung die Emittentin zuvor in Ausübung ihres Wahlrechts nach diesem § 5
verlangt hat. Der "Wahl-Rückzahlungstag (Put)" ist derjenige Tag innerhalb des jeweils
maßgeblichen Wahl-Rückzahlungszeitraums (Put), an dem die Rückzahlung nach
Ausübung des Wahlrechts des Gläubigers tatsächlich erfolgt.
(b) Um dieses Wahlrecht auszuüben, hat der Gläubiger nicht weniger als
[Mindestkündigungsfrist] Tage und nicht mehr als [Höchstkündigungsfrist] Tage vor
Beginn des Wahl-Rückzahlungszeitraumes (Put), innerhalb dessen die Rückzahlung
gemäß der Ausübungserklärung (wie nachstehend definiert) erfolgen soll, an die
bezeichnete Geschäftsstelle der Emissionsstelle eine schriftliche Mitteilung zur
vorzeitigen Rückzahlung ("Ausübungserklärung") zu schicken. Falls die
Ausübungserklärung nach 17:00 Uhr Frankfurter Zeit am [Mindestkündigungsfrist] Tag
vor Beginn des maßgeblichen Wahl-Rückzahlungszeitraums (Put) eingeht, ist das
Wahlrecht nicht wirksam ausgeübt. Die Ausübungserklärung hat anzugeben: (i) den
gesamten Nennbetrag der Schuldverschreibungen, für die das Wahlrecht ausgeübt wird
[und][,] (ii) die Wertpapierkennnummern dieser Schuldverschreibungen (soweit
vergeben) [Im Fall der Verwahrung der Globalurkunde durch CBF ist folgendes
anwendbar: und (iii) Kontaktdaten sowie eine Kontoverbindung]. Für die
Ausübungserklärung kann ein Formblatt, wie es bei der bezeichneten Geschäftsstelle
der Emissionsstelle in deutscher und englischer Sprache erhältlich ist und das weitere
Hinweise enthält, verwendet werden. Die Ausübung des Wahlrechts kann nicht
widerrufen werden. Die Rückzahlung der Schuldverschreibungen, für welche das
Wahlrecht ausgeübt worden ist, erfolgt nur gegen Lieferung der Schuldverschreibungen
115
an die Emittentin oder deren Order.]
[(7)] Vorzeitiger Rückzahlungsbetrag.
(a) Für die Zwecke [des Absatzes] [der Absätze] 2 [, 3] [,] [und] [4] dieses § 5 und § 9
entspricht der vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem
Amortisationsbetrag der Schuldverschreibung.
(b) Der Amortisationsbetrag einer Schuldverschreibung entspricht der Summe aus:
(i) [Referenzpreis] (der "Referenzpreis"), und
(ii) dem Produkt aus [Emissionsrendite] (jährlich kapitalisiert) und dem Referenzpreis
ab dem [Tag der Begebung] (einschließlich) bis zu dem vorgesehenen
Rückzahlungstag (ausschließlich) oder (je nachdem) dem Tag, an dem die
Schuldverschreibungen fällig und rückzahlbar werden.
Wenn diese Berechnung für einen Zeitraum, der nicht einer vollen Zahl von
Kalenderjahren entspricht, durchzuführen ist, hat sie im Fall des nicht vollständigen
Jahres (der "Zinsberechnungszeitraum") auf der Grundlage des Zinstagequotienten
(wie vorstehend in § 3 definiert) zu erfolgen.
(c) Falls die Emittentin den vorzeitigen Rückzahlungsbetrag bei Fälligkeit nicht zahlt, wird
der Amortisationsbetrag einer Schuldverschreibung wie vorstehend beschrieben
berechnet, jedoch mit der Maßgabe, dass die Bezugnahmen in Unterabsatz (b)(ii) auf
den für die Rückzahlung vorgesehenen Rückzahlungstag oder den Tag, an dem diese
Schuldverschreibungen fällig und rückzahlbar werden, durch den Tag, an dem die
Zahlung gegen ordnungsgemäße Vorlage und Einreichung der betreffenden
Schuldverschreibungen (sofern erforderlich) erfolgt, ersetzt werden.
Rückzahlungsbetrag, oder falls
höher, der
abgezinste
Marktwert ist, ist
folgendes
anwendbar
[(d) Für die Zwecke [des Absatzes] [der Absätze] [3] [und] [4] dieses § 5 entspricht der
vorzeitige Rückzahlungsbetrag einer Schuldverschreibung dem (i) Rückzahlungsbetrag
oder (ii), falls höher, dem abgezinsten Marktwert der Schuldverschreibung. Der
"abgezinste Marktwert" wird von der Berechnungsstelle errechnet, indem der
Nennbetrag der Schuldverschreibung unter Anwendung der Vergleichbaren Benchmark
Rendite zuzüglich [Abzinsungssatz]% abgezinst wird. Die "Vergleichbare Benchmark
Rendite" bezeichnet die am Rückzahlungs-Berechnungstag bestehende Rendite der
entsprechenden [Euro-Referenz-Anleihe der Bundesrepublik Deutschland] [durch HM
Treasury begebenen Sterling-Referenzanleihe des Vereinigten Königreichs] [Schweizer
Franken-Referenz-Bundesanleihe der Schweizerischen Eidgenossenschaft] [ReferenzU.S. Staatsanleihe (US Treasury debt security) in U.S. Dollar] mit einer Laufzeit, die mit
der verbleibenden Laufzeit der Schuldverschreibung bis zum [Fälligkeitstag]
vergleichbar ist und die im Zeitpunkt der Auswahlentscheidung und entsprechend der
üblichen Finanzmarktpraxis zur Preisbestimmung bei Neuemissionen von
Unternehmensanleihen mit einer bis zum [Fälligkeitstag] der Schuldverschreibung
vergleichbaren
Laufzeit
verwendet
werden
würde.
Der
"RückzahlungsBerechnungstag" ist der dritte Zahltag vor dem [jeweiligen] Rückzahlungstag der
Schuldverschreibung gemäß diesem § 5 [Absatz 3] [bzw.] [Absatz 4].]
§6
DIE EMISSIONSSTELLE[,] [UND] DIE ZAHLSTELLE [UND DIE
BERECHNUNGSSTELLE]
(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle[,]
[und] die anfänglich bestellte Zahlstelle [und die anfänglich bestellte Berechnungsstelle]
und deren jeweilige bezeichnete Geschäftsstelle lauten wie folgt:
Falls die
Schuldver-
Taunusanlage 12
Deutschland
[Berechnungsstelle:
[Name und bezeichnete Geschäftsstelle]]
116
schreibungen
vorzeitig zum
vorzeitigen
Rückzahlungsbetrag
(abgezinster
Marktwert) zurück
gezahlt werden
können, ist
folgendes
anwendbar
Die Emissionsstelle[,] [und] die Zahlstelle [und die Berechnungsstelle] behalten sich das
Recht vor, jederzeit ihre jeweilige bezeichnete Geschäftsstelle durch eine andere
bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen.
jederzeit die Bestellung der Emissionsstelle oder der Zahlstelle [oder der
Berechnungsstelle] zu ändern oder zu beenden und eine andere Emissionsstelle oder
andere Zahlstelle [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird zu
jedem Zeitpunkt [(i)] eine Emissionsstelle [Im Fall von Zahlungen in US-Dollar ist
folgendes anwendbar:, (ii) falls Zahlungen bei den oder durch die Geschäftsstellen der
Zahlstelle außerhalb der Vereinigten Staaten (wie in § 4 definiert) aufgrund der Einführung
von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der vollständigen
Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder
tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in
New York City] [Falls eine Berechnungsstelle bestellt werden soll, ist folgendes
anwendbar: und [(iii)] eine Berechnungsstelle] unterhalten. Eine Änderung, Abberufung,
Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem
eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 13 vorab
unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert
wurden.
(3) Erfüllungsgehilfen der Emittentin. Die Emissionsstelle[,] [und] die Zahlstelle [und die
Berechnungsstelle] handeln ausschließlich als Erfüllungsgehilfen der Emittentin und
§7
STEUERN
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. In diesem letzteren Fall wird
die Emittentin die zusätzlichen Beträge an Kapital und Zinsen zahlen, die erforderlich sind,
vornimmt; oder
117
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
vornimmt; oder
118
§8
VORLEGUNGSFRIST
§9
KÜNDIGUNG
Im Fall von
von Linde AG
begeben werden,
kündigen und deren sofortige Tilgung zu ihrem vorzeitigen Rückzahlungsbetrag (wie in
§ 5[(7)] beschrieben), zu verlangen, falls einer der folgenden Kündigungsgründe
("Kündigungsgründe") vorliegt:
ist folgendes
anwendbar
Höhe
oder
im
Gegenwert
von
mehr
als
€ 150.000.000
aus
einer
gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit für die
oder von den daraus berechtigten Gläubiger(n) in Anspruch genommen wird; oder
wurde.
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
eingegangen sind.
119
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
kündigen und deren sofortige Tilgung zu ihrem vorzeitigen Rückzahlungsbetrag (wie in
§ 5[(7)] beschrieben), zu verlangen, falls einer der folgenden Kündigungsgründe
("Kündigungsgründe") vorliegt:
folgendes
anwendbar
€ 150.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft
oder Garantie, die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht
innerhalb von 30 Tagen nach ihrer Fälligkeit bzw. im Falle einer Bürgschaft oder
Garantie nicht innerhalb von 30 Tagen nach Inanspruchnahme aus dieser Bürgschaft
oder Garantie nach, es sei denn, die Emittentin oder die Garantin bestreitet in gutem
Glauben, dass diese Zahlungsverpflichtung besteht oder fällig ist bzw. diese Bürgschaft
oder Garantie berechtigterweise geltend gemacht wird, oder falls eine für solche
Verbindlichkeiten bestellte Sicherheit für die oder von den daraus berechtigten
Gläubiger(n) in Anspruch genommen wird; oder
Zahlungen ein, oder
Emittentin oder die Garantin, welches nicht binnen 60 Tagen endgültig oder einstweilen
eingestellt wird, oder die Emittentin oder die Garantin beantragt oder leitet ein solches
Verfahren ein, oder die Emittentin beantragt ein "surseance van betaling"
(Schuldenmoratorium im Sinne des niederländischen Insolvenzrechts); oder
wurde.
Kündigungsgründe
vorliegt,
erst
wirksam,
wenn
bei
der
Emissionsstelle
eingegangen sind.
120
§ 10
ERSETZUNG
Im Fall von
von Linde AG
begeben werden,
ist folgendes
anwendbar
Im Fall von
von Linde Finance
B.V. begeben
werden, ist
folgendes
anwendbar
121
§ 11
Beschlussfähigkeit,zu ihrer Wirksamkeit einer einfachen Mehrheit der an der Abstimmung
(3) Beschlussfassung. Beschlüsse der Gläubiger werden nach Wahl der Emittentin im
Wege der Abstimmung ohne Versammlung nach § 18 SchVG oder einer
Gläubigerversammlung nach § 9 SchVG gefasst.
122
Falls kein
gemeinsamer
Vertreter in den
Anleihebedingung
folgendes
anwendbar
Im Fall der
Bestellung des
gemeinsamen
Vertreters in den
Anleihebedingung
en, ist folgendes
anwendbar
Im Falle von
Schuldverschreibu
ngen, die von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
§ 11
betreffend
erfolgen
123
§ 12
(gegebenenfalls mit Ausnahme des Tags der Begebung und/oder des Ausgabepreises) in
der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie
bilden.
§ 13
MITTEILUNGEN
Im Fall von
Handel am
regulierten Markt
der Luxemburger
Börse zugelassen
werden, ist
folgendes
anwendbar
[(1)
Bekanntmachung.
Vorbehaltlich
§ 11
Absatz (8)
erfolgen
alle
die
zugelassen sind, findet Absatz 1 Anwendung. Falls die Vorschriften der Luxemburger Börse
es zulassen, ist die Emittentin berechtigt, eine Veröffentlichung nach vorstehendem
Absatz 1 durch eine Mitteilung an das Clearing System zur Weiterleitung an die Gläubiger
zu ersetzen. Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an
das Clearing System als den Gläubigern mitgeteilt.]
Im Fall von
Frankfurter
Wertpapierbörse
notiert werden, ist
folgendes
anwendbar
Im Fall von
an einer Börse
notiert sind, ist
folgendes
anwendbar
124
§ 14
Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach
deutschem Recht.
entstehenden
Klagen
oder
sonstige
Verfahren
Im Fall von
Linde Finance B.V.
begeben werden,
ist folgendes
anwendbar
Systems.
§ 15
SPRACHE
Falls die
Anleihebedingung
en in deutscher
Sprache mit einer
Übersetzung in die
englische Sprache
abgefasst sind, ist
folgendes
anwendbar
Falls die
Anleihebedingung
en in englischer
Sprache mit einer
Übersetzung in die
deutsche Sprache
abgefasst sind, ist
folgendes
anwendbar
Falls die
Anleihebedingung
125
en ausschließlich
in deutscher
Sprache abgefasst
sind, ist folgendes
anwendbar
126
TERMS AND CONDITIONS OF THE NOTES
ENGLISH LANGUAGE VERSION
Introduction
The Terms and Conditions of the Notes (the "Terms and Conditions") are set forth
below for three options:
Option I comprises the set of Terms and Conditions that apply to Tranches of Notes with
fixed interest rates.
Option II comprises the set of Terms and Conditions that apply to Tranches of Notes
with floating interest rates.
Option III comprises the set of Terms and Conditions that apply to Tranches of Notes
without interest payments (Zero Coupon).
The set of Terms and Conditions for each of these Options contains certain further
options, which are characterised accordingly by indicating the respective optional
provision through instructions and explanatory notes set out either on the left of or in
square brackets within the set of Terms and Conditions.
In the Final Terms the Issuer will determine, which of Option I, Option II or Option III
including certain further options contained therein, respectively, shall apply with
respect to an individual issue of Notes, either by replicating the relevant provisions
or by referring to the relevant options.
To the extent that upon the approval of the Prospectus neither the Issuer nor the
Guarantor had knowledge of certain items which are applicable to an individual issue of
Notes, this Prospectus contains placeholders set out in square brackets which include
the relevant items that will be completed by the Final Terms.
In the case the
Final Terms
applicable to an
individual issue
only refer to the
further options
contained in the
set of Terms and
Conditions for
Option I, Option
II, or Option III,
the following
applies
[The provisions of the following Terms and Conditions apply to the Notes as completed
by the final terms which are attached hereto (the "Final Terms"). The blanks in the
provisions of these Terms and Conditions which are applicable to the Notes shall be
deemed to be completed by the information contained in the Final Terms as if such
information were inserted in the blanks of such provisions; alternative or optional
provisions of these Terms and Conditions as to which the corresponding provisions of
the Final Terms are not completed or are deleted shall be deemed to be deleted from
these Terms and Conditions; and all provisions of these Terms and Conditions which
are inapplicable to the Notes (including instructions, explanatory notes and text set out
in square brackets) shall be deemed to be deleted from these Terms and Conditions, as
required to give effect to the terms of the Final Terms. Copies of the Final Terms may be
obtained free of charge at the specified office of the Fiscal Agent and at the specified
office of any Paying Agent provided that, in the case of Notes which are not listed on
any stock exchange, copies of the relevant Final Terms will only be made available to
Holders of such Notes.]
OPTION I – Terms and Conditions that apply to Notes with fixed interest rates
TERMS AND CONDITIONS
(ENGLISH LANGUAGE VERSION)
§1
CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS
(1) Currency; Denomination. This Series of Notes (the "Notes") of [Linde
Aktiengesellschaft] [Linde Finance B.V.] (["Linde AG"] ["Linde Finance B.V."] or the
"Issuer") is being issued in [Specified Currency] (the "Specified Currency") in the
aggregate principal amount [In the case the global note is a NGN insert: (subject to §
1(4))] of [aggregate principal amount] (in words: [aggregate principal amount in
words]) in denominations of [Specified Denomination] (the "Specified
Denomination").
(2) Form. The Notes are being issued in bearer form.
127
In the case of
Notes which are
represented by a
Permanent
Global Note the
following applies
[(3) Permanent Global Note. The Notes are represented by a permanent global note
(the "Permanent Global Note") without coupons. The Permanent Global Note shall be
signed by authorized signatories of the Issuer and shall be authenticated by or on behalf
of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.]
In the case of
Notes which are
initially
represented by a
Temporary
Global Note the
following applies
[(3) Temporary Global Note – Exchange.
(a) The Notes are initially represented by a temporary global note (the "Temporary
Global Note") without coupons. The Temporary Global Note will be exchangeable
for Notes in the Specified Denomination represented by a permanent global note
(the "Permanent Global Note") without coupons. The Temporary Global Note and
the Permanent Global Note shall each be signed by authorized signatories of the
Issuer and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive
Notes and interest coupons will not be issued.
(b) The Temporary Global Note shall be exchangeable for the Permanent Global Note
from a date (the "Exchange Date") 40 days after the date of issue of the Temporary
Global Note. Such exchange shall only be made upon delivery of certifications to the
effect that the beneficial owner or owners of the Notes represented by the Temporary
Global Note is not a U.S. person (other than certain financial institutions or certain
persons holding Notes through such financial institutions) as required by U.S. tax
law. Payment of interest on Notes represented by a Temporary Global Note will be
made only after delivery of such certifications. A separate certification shall be
required in respect of each such payment of interest. Any such certification received
on or after the 40th day after the date of issue of the Temporary Global Note will be
treated as a request to exchange such Temporary Global Note pursuant to this
subparagraph (b) of this §1(3). Any securities delivered in exchange for the
Temporary Global Note shall be delivered only outside of the United States (as
defined in § 4(3)).]
(4) Clearing System. Each global note will be kept in custody by or on behalf of the
Clearing System until all obligations of the Issuer under the Notes have been satisfied.
"Clearing System" means [If more than one Clearing System the following applies:
each of] the following: [Clearstream Banking AG, Neue Börsenstraße 1, 60487 Frankfurt
am Main, Federal Republic of Germany ("CBF")] [Clearstream Banking, société
anonyme, 42 Avenue JF Kennedy, 1855 Luxembourg, Grand Duchy of Luxembourg
("CBL"), Euroclear Bank SA/NV, Boulevard du Roi Albert II, 1210 Brussels, Belgium
("Euroclear") (CBL and Euroclear each an "ICSD" and together the "ICSDs")] and any
successor in such capacity.
In the case of
Notes kept in
custody on
behalf of the
ICSDs and the
global note is an
NGN the
following applies
[The Notes are issued in new global note ("NGN") form and are kept in custody by a
common safekeeper on behalf of both ICSDs.
The aggregate principal amount of Notes represented by the global note shall be the
aggregate amount from time to time entered in the records of both ICSDs. The records
of the ICSDs (which expression means the records that each ICSD holds for its
customers which reflect the amount of such customer's interest in the Notes) shall be
conclusive evidence of the aggregate principal amount of Notes represented by the
global note and, for these purposes, a statement issued by a ICSD stating the amount of
Notes so represented at any time shall be conclusive evidence of the records of the
relevant ICSD at that time.
On any redemption or payment of interest being made in respect of, or purchase and
cancellation of, any of the Notes represented by the global note the Issuer shall procure
that details of any redemption, payment or purchase and cancellation (as the case may
be) in respect of the global note shall be entered pro rata in the records of the ICSDs
and, upon any such entry being made, the aggregate principal amount of the Notes
recorded in the records of the ICSDs and represented by the global note shall be
reduced by the aggregate principal amount of the Notes so redeemed or purchased and
cancelled.
128
[In the case the Temporary Global Note is an NGN the following applies: On an
exchange of a portion only of the Notes represented by a Temporary Global Note, the
Issuer shall procure that details of such exchange shall be entered pro rata in the
records of the ICSDs.]]
In the case of
Notes kept in
custody on
behalf of the
ICSDs and the
global note is a
CGN the
following applies
[The Notes are issued in classical global note ("CGN") form and are kept in custody by a
common depositary on behalf of both ICSDs.]
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or
other beneficial interest or right in the Notes.
In the case of
Notes for which a
book-entry
register will be
maintained the
following applies
[(6) Book-Entry Register. The Issuer and CBF have agreed that CBF will act as the
Issuer’s book-entry registrar in respect of the Notes. In such capacity and without
prejudice to the issuance of the Notes in bearer form and their status as notes in bearer
form under German law, CBF has agreed, as agent of the Issuer, to maintain records of
the Notes credited to the accounts of the accountholders of CBF.]
§2
STATUS, NEGATIVE PLEDGE [In the case of Notes issued by Linde Finance B.V.
the following applies:, GUARANTEE AND NEGATIVE PLEDGE OF THE
GUARANTOR]
In the case of
Notes issued by
Linde AG the
following applies
[(1) Status. The obligations under the Notes constitute unsecured and unsubordinated
obligations of the Issuer ranking pari passu among themselves and pari passu with all
other unsecured and unsubordinated obligations of the Issuer except for any obligations
preferred by law.
(2) Negative Pledge. So long as any of the Notes remains outstanding, but only up to
the time all amounts of principal and interest have been placed at the disposal of the
Paying Agent, the Issuer undertakes not to grant or permit to subsist any mortgage, land
charge or any other security right in rem (dingliches Sicherungsrecht) over any or all of
its present or future assets, as security for any present or future Capital Market
Indebtedness issued or guaranteed by the Issuer or by any other person, without at the
same time having the Holders share equally and rateably in such security.
"Capital Market Indebtedness" means any obligation for the payment of borrowed
money which is in the form of, or represented or evidenced by, notes with an initial term
longer than one year, which are or are capable of being quoted, listed, dealt in or traded
on a stock exchange or other recognised securities market. For the purposes of
avoiding any doubt in respect of asset-backed financings originated by the Issuer, the
expressions "assets" and "obligations for the payment of borrowed money" as used in
this § 2 do not include assets and obligations of the Issuer which, pursuant to the
requirements of law and accounting principles generally accepted in Germany, need not
be, and are not, reflected in the Issuer's balance sheet.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
preferred by law.
Paying Agent, the Issuer undertakes not to grant or permit to subsist any mortgage, land
charge or any other security right in rem (dingliches Sicherungsrecht) over any or all of
its present or future assets, as security for any present or future Capital Market
129
on a stock exchange or other recognised securities market. For the purposes of
requirements of law and accounting principles generally accepted in The Netherlands,
need not be, and are not, reflected in the Issuer's balance sheet.
(3) Guarantee and Negative Pledge of the Guarantor. Linde Aktiengesellschaft ("Linde
AG" or the "Guarantor") has given its unconditional and irrevocable guarantee (the
"Guarantee") dated 2 April 2015 for the due and punctual payment of principal of and
interest on and any other amounts payable in respect of the Notes.
The Guarantor has further undertaken in a negative pledge (the "Negative Pledge"), so
long as any of the Notes remains outstanding, but only up to the time all amounts of
principal and interest have been placed at the disposal of the Paying Agent, that it will
neither grant nor permit to subsist any mortgage, land charge or any other security right
in rem (dingliches Sicherungsrecht) over any or all of its present or future assets, as
security for any present or future Capital Market Indebtedness (as defined above)
issued or guaranteed by the Guarantor or by any other person, without at the same time
having the Holders share equally and rateably in such security.
The Guarantee and Negative Pledge constitute a contract for the benefit of Holders from
time to time as third party beneficiaries in accordance with § 328 of the German Civil
Code1, giving rise to the right of each Holder to require performance of the Guarantee
and the Negative Pledge directly from the Guarantor and to enforce the Guarantee and
the Negative Pledge directly against the Guarantor. For the purposes of avoiding any
doubt in respect of asset-backed financings originated by the Guarantor, the
this § 2 do not include assets and obligations of the Guarantor which, pursuant to the
be, and are not, reflected in the Guarantor's balance sheet.
Copies of the Guarantee and Negative Pledge may be obtained free of charge at the
specified office of the Paying Agent.]
§3
INTEREST
(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their
aggregate principal amount at the rate of [Rate of Interest]% per annum from (and
including) [Interest Commencement Date] ("Interest Commencement Date") to (but
excluding) the Maturity Date (as defined in § 5(1)). Interest shall be payable in arrears
on [Interest Payment Date or Dates] in each year (each such date, an "Interest
Payment Date"). The first payment of interest shall be made on [First Interest
Payment Date] [If First Interest Payment Date is not first anniversary of Interest
Commencement Date insert: and will amount to [Initial Broken Amount for the
Specified Denomination] per Specified Denomination. [If the Maturity Date is not an
Interest Payment Date the following applies: Interest in respect of the period from
[Interest Payment Date preceding the Maturity Date] (inclusive) to the Maturity Date
(exclusive) will amount to [Final Broken Amount for the Specified Denomination] per
Specified Denomination.]
(2) Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day
preceding the day on which they are due for redemption. If the Issuer shall fail to
1
In English language translation § 328(1) BGB (German Civil Code) reads as follows:
"A contract may stipulate performance for the benefit of a third party, to the effect that the third party acquires the right
directly to demand performance. "
130
redeem the Notes when due, interest shall continue to accrue on the outstanding
aggregate principal amount of the Notes from the due date until the expiry of the day
preceding the day of the actual redemption of the Notes at the default rate of interest
established by law1.
(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a
period of less than a full year, such interest shall be calculated on the basis of the Day
Count Fraction (as defined below).
(4) Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an
amount of interest on any Note for any period of time (the "Calculation Period"):
In the case of
Actual/Actual
(ICMA Rule 251)
with annual
interest
payments
(excluding the
case of short or
long coupons)
the following
applies
[the actual number of days in the Calculation Period divided by the actual number of
days in the respective interest period.]
In the case of
Actual/Actual
(ICMA Rule 251)
with annual
interest
payments
(including the
case of short
coupons) the
following applies
[the actual number of days in the Calculation Period divided by the number of days in
the Reference Period in which the Calculation Period falls.]
In the case of
Actual/Actual
(ICMA Rule 251)
with two or more
constant interest
periods within an
interest year
(including in the
case of short
coupons) the
following applies
[the actual number of days in the Calculation Period divided by the product of (1) the
number of days in the Reference Period in which the Calculation Period falls and (2) the
number of Interest Payment Dates that occur in one calendar year or that would occur in
one calendar year if interest were payable in respect of the whole of such year.]
In the case of
Actual/Actual
(ICMA Rule 251)
is applicable and
if the Calculation
Period is longer
than one
Reference Period
(long coupon)
the following
applies
[the sum of:
(A) the number of days in such Calculation Period falling in the Reference Period in
which the Calculation Period begins divided by [In the case of Reference Periods
of less than one year the following applies: the product of (1)] the number of
days in such Reference Period [In the case of Reference Periods of less than
one year the following applies: and (2) the number of Interest Payment Dates that
occur in one calendar year or that would occur in one calendar year if interest were
payable in respect of the whole of such year]; and
(B) the number of days in such Calculation Period falling in the next Reference Period
divided by [In the case of Reference Periods of less than one year the following
applies: the product of (1)] the number of days in such Reference Period [In the
case of Reference Periods of less than one year the following applies: and (2)
the number of Interest Payment Dates that occur in one calendar year or that would
occur in one calendar year if interest were payable in respect of the whole of such
1
The default rate of interest established by law is five percentage points above the basic rate of interest published by
Deutsche Bundesbank from time to time, §§ 288(1), 247 BGB (German Civil Code).
131
year].]
The following
applies for all
options of
Actual/ Actual
(ICMA Rule 251)
except for option
Actual/Actual
(ICMA Rule 251)
with annual
interest
payments
(excluding the
case of short or
long coupons)
["Reference Period" means the period from (and including) the Interest
Commencement Date to, but excluding, the first Interest Payment Date or from (and
including) each Interest Payment Date to, but excluding the next Interest Payment Date.
[In the case of a short first or last Calculation Period: For the purposes of
determining the relevant Reference Period only, [deemed Interest Payment Date] shall
be deemed to be an Interest Payment Date.] [In the case of a long first or last
Calculation Period the following applies: For the purposes of determining the
relevant Reference Period only, [deemed Interest Payment Date(s)] shall [each] be
deemed to be an Interest Payment Date].
In the case of
30/360,360/360 or
Bond Basis the
following applies
[the number of days in the Calculation Period divided by 360, the number of days to be
calculated on the basis of a year of 360 days with twelve 30-day months (unless (i) the
last day of the Calculation Period is the 31st day of a month but the first day of the
Calculation Period is a day other than the 30th or 31st day of a month, in which case the
month that includes that last day shall not be considered to be shortened to a 30-day
month, or (ii) the last day of the Calculation Period is the last day of the month of
February in which case the month of February shall not be considered to be lengthened
to a 30-day month).]
In the case of
30E/360 or
Eurobond Basis
the following
applies
[the number of days in the Calculation Period divided by 360 (the number of days to be
calculated on the basis of a year of 360 days with twelve 30-day months, without regard
to the date of the first day or last day of the Calculation Period unless, in the case of the
final Calculation Period, the Maturity Date is the last day of the month of February, in
which case the month of February shall not be considered to be lengthened to a 30-day
month.]
§4
PAYMENTS
(1) [(a)] Payment of Principal. Payment of principal in respect of Notes shall be made,
subject to subparagraph (2) below, to the Clearing System or (if applicable) to its
order for credit to the accounts of the relevant account holders of the Clearing
System outside the United States.
(b) Payment of Interest. Payment of interest on Notes shall be made, subject to
subparagraph (2), to the Clearing System or (if applicable) to its order for credit to
the relevant account holders of the Clearing System.
In the case of
interest payable
on a Temporary
Global Note the
following applies
[Payment of interest on Notes represented by the Temporary Global Note shall be
made, subject to subparagraph (2), to the Clearing System or (if applicable) to its
order for credit to the relevant account holders of the Clearing System, upon due
certification as provided in § 1(3) (b).]
(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations [In
the case of Notes denominated in Renminbi, the following applies: and subject to a
settlement at the U.S. Dollar Equivalent due to Inconvertibility, Non-transferability or
Illiquidity in accordance with subparagraph (8)], payments of amounts due in respect of
the Notes shall be made in the Specified Currency.
(3) United States. For purposes of [In the case of Notes which are represented by a
Temporary Global Note the following applies: § 1(3) and] subparagraph (1) of this
§ 4, "United States" means the United States of America (including the States thereof
and the District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).
(4) Discharge. The Issuer [In the case of Notes issued by Linde Finance B.V. the
following applies: or, as the case may be, the Guarantor] shall be discharged by
132
payment to, or to the order of, the Clearing System.
(5) Payment Business Day. If the due date for payment of any amount in respect of any
Note is not a Payment Business Day then the Holder shall not be entitled to payment
until the next such day in the relevant place and shall not be entitled to further interest or
other payment in respect of such delay. For these purposes, "Payment Business Day"
means any day which is a day (other than a Saturday or a Sunday)
In the case of
Notes not
denominated in
EUR the
following applies
[on which commercial banks and foreign exchange markets settle payments in
[relevant financial centre(s)]][.][and]
In the case the
Clearing System
and TARGET
shall be open the
following applies
[on which the Clearing System as well as well as all relevant parts of the TransEuropean Automated Real-time Gross Settlement Express Transfer System 2
("TARGET") are open to effect payments.]
(6) References to Principal and Interest. Reference in these Terms and Conditions to
principal in respect of the Notes shall be deemed to include, as applicable: the Final
Redemption Amount of the Notes; the Early Redemption Amount of the Notes; [If
redeemable at option of Issuer for other than taxation reasons the following
applies: the Call Redemption Amount of the Notes;] [If redeemable at option of the
Holder the following applies: the Put Redemption Amount of the Notes;] and any
premium and any other amounts which may be payable under or in respect of the
Notes. Reference in these Terms and Conditions to interest in respect of the Notes shall
be deemed to include, as applicable, any Additional Amounts which may be payable
under § 7.
(7) Deposit of Principal and Interest. The Issuer may deposit with the local court
(Amtsgericht) in Frankfurt am Main principal or interest not claimed by Holders within
twelve months after the Maturity Date, even though such Holders may not be in default
of acceptance of payment. If and to the extent that the deposit is effected and the right
of withdrawal is waived, the respective claims of such Holders against the Issuer shall
cease.
In the case of
Notes
denominated in
Renminbi, the
following applies
[(8) (a) Payment Postponement or U.S. Dollar Equivalent Settlement.
Notwithstanding any provisions to the contrary in the Terms and Conditions, if by reason
of Inconvertibility, Non-transferability or Illiquidity (each a "RMB Currency Event"), the
Issuer [In the case of Notes issued by Linde Finance B.V.: or, as the case may be,
the Guarantor] determines (in good faith and in a commercially reasonable manner) that
it is not able to satisfy in full payments in respect of the Notes [In the case of Notes
issued by Linde Finance B.V.: or, as the case may be, in respect of the Guarantee]
when due in RMB in Hong Kong, the Issuer [In the case of Notes issued by Linde
Finance B.V.: or, as the case may be, the Guarantor] may [if early redemption at the
option of the Issuer for Inconvertibility, Non-transferability or Illiquidity is
applicable, the following applies:, subject to an early redemption pursuant to § 5([7]),]
at its sole discretion (i) postpone the relevant payment to two Business Days after the
date on which the RMB Currency Event ceases to exist unless that the RMB Currency
Event continues to exist up to 14 consecutive calendar days after the relevant due date,
or (ii) settle any such payment in U.S. dollars on the due date at the U.S. Dollar
Equivalent of any such RMB amount. If the Issuer [In the case of Notes issued by
Linde Finance B.V.: or, as the case may be, the Guarantor] decides to postpone the
relevant payment and the RMB Currency Event continues to exist for more than 14
consecutive calendar days after the relevant due date, the Issuer [In the case of Notes
issued by Linde Finance B.V.: or, as the case may be, the Guarantor] will settle the
relevant payment in U.S. dollars on the Business Day following the 14th consecutive
calendar day after the relevant due date at the U.S. Dollar Equivalent of any such RMB
amount. Upon the determination that a RMB Currency Event has occurred, the Issuer
[In the case of Notes issued by Linde Finance B.V.: or, as the case may be, the
Guarantor] shall by no later than 14:00 (Hong Kong time) on the Rate Calculation Date,
133
(i) notify the Calculation Agent (as defined in § 6), and (ii) instruct the Calculation Agent
to notify the Holders in accordance with §13, of the occurrence of a RMB Currency
Event and the decision of the Issuer [In the case of Notes issued by Linde Finance
B.V.: or, as the case may be, the Guarantor] to postpone payments or to settle
payments in U.S. dollars, as the case may be. In such circumstances, the Issuer [In the
case of Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor]
shall procure the giving of such notice to the Holders as soon as reasonably practicable
in accordance with §13. In the case of payments made under this § 4[(8)](a), no interest
shall accrue from and including the relevant due date of the Notes to and including the
day of actual redemption of the Notes.
(b) U.S. Dollar Payments. If the Issuer [In the case of Notes issued by Linde Finance
B.V.: or, as the case may be, the Guarantor] decides to settle payments in U.S. dollars,
payments of the U.S. Dollar Equivalent of the relevant RMB amount will be made to the
person(s) in accordance with this § 4. Payment made in accordance therewith shall
discharge the obligations of the Issuer [In the case of Notes issued by Linde Finance
B.V.: or, as the case may be, the Guarantor] in respect of that payment under the Notes
[In the case of Notes issued by Linde Finance B.V.: or, as the case may be, in
respect of the Guarantee].
(c) Unavailability of Spot Rate. If (a) the Issuer [In the case of Notes issued by Linde
Finance B.V.: or, as the case may be, the Guarantor] decides to settle payments in
U.S. dollars, and (b) it becomes impossible to obtain the Spot Rate on the Rate
Calculation Date, the Issuer [In the case of Notes issued by Linde Finance B.V.: or,
as the case may be, the Guarantor] may at its sole discretion postpone the Rate
Calculation Date to the next Business Day on which the Spot Rate can be obtained
unless the unavailability of the Spot Rate continues for up to 15 consecutive calendar
days after the day that, but for the unavailability of the Spot Rate, would have been the
Rate Calculation Date (the "Initial Rate Calculation Date"). If the Issuer [In the case of
Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor] decides
to postpone the Rate Calculation Date and the Spot Rate does not become available
until the 15th consecutive calendar day after the Initial Rate Calculation Date, the
Business Day first succeeding the 15th consecutive calendar day after the Initial Rate
Calculation Date shall be the Rate Calculation Date. If the Rate Calculation Date is
postponed the relevant due date for payments will be postponed to the second Business
Day after the Rate Calculation Date. The Issuer [In the case of Notes issued by Linde
Finance B.V.: or, as the case may be, the Guarantor] shall without undue delay after it
has determined that it becomes impossible to obtain the Spot Rate on the Rate
Calculation Date (i) notify the Calculation Agent, and (ii) instruct the Calculation Agent to
notify the Holders in accordance with §13, of the unavailability of the Spot Rate and the
decision of the Issuer [In the case of Notes issued by Linde Finance B.V.: or, as the
case may be, the Guarantor] to postpone the Rate Calculation Date. In such
circumstances, the Issuer [In the case of Notes issued by Linde Finance B.V.: or, as
the case may be, the Guarantor] shall procure the giving of such notice to the Holders
as soon as reasonably practicable in accordance with §13. In the case of payments
made under this § 4[(8)](c), no interest shall accrue from and including the relevant due
date of the Notes to and including the day of actual redemption of the Notes.
(d) Definitions. For the purposes of this subparagraph (8), the following terms shall have
the following meanings:
"Governmental Authority" means any de facto or de jure government (or any agency
or instrumentality thereof), court, tribunal, administrative or other governmental authority
of Hong Kong or any other entity (private or public) charged with the regulation of the
financial markets (including the central bank) of Hong Kong.
"Hong Kong" means the Hong Kong Special Administrative Region of the People's
Republic of China.
"Illiquidity" means the general RMB exchange market in Hong Kong becomes illiquid,
other than as a result of an event of Inconvertibility or Non-transferability, as a result of
which the Issuer [In the case of Notes issued by Linde Finance B.V.: or, as the case
134
may be, the Guarantor] cannot, having used its reasonable endeavours, obtain sufficient
RMB in order to fully satisfy its obligation to make payments in respect of the Notes [In
the case of Notes issued by Linde Finance B.V.: or, as the case may be, in respect of
the Guarantee].
"Inconvertibility" means that it is impossible or, where reasonable endeavours have
been made, impracticable, to convert any amount due in respect of the Notes [In the
case of Notes issued by Linde Finance B.V.: or, as the case may be, in respect of the
Guarantee] in the general RMB exchange market in Hong Kong, other than where such
impossibility or impracticability is due solely to the failure of the Issuer [In the case of
Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor] to
comply with any law, rule or regulation enacted by any Governmental Authority (unless
such law, rule or regulation is enacted after the relevant Issue Date of the Notes and it is
impossible or, having used its reasonable endeavours, impracticable for the Issuer [In
the case of Notes issued by Linde Finance B.V.: or, as the case may be, the
Guarantor], due to an event beyond its control, to comply with such law, rule or
regulation).
"Non-transferability" means that it is impossible or, where reasonable endeavours
have been made, impracticable, to deliver RMB between accounts inside Hong Kong or
from an account inside Hong Kong to an account outside Hong Kong, other than where
such impossibility or impracticability is due solely to the failure of the Issuer [In the case
of Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor] to
comply with any law, rule or regulation enacted by any Governmental Authority (unless
such law, rule or regulation is enacted after the relevant Issue Date of the Notes and it is
impossible or, having used its reasonable endeavours, impracticable for the Issuer [In
the case of Notes issued by Linde Finance B.V.: or, as the case may be, the
Guarantor], due to an event beyond its control, to comply with such law, rule or
regulation).
"Rate Calculation Date" means the day which is two Business Days before the due
date of the relevant payment under these Terms and Conditions subject to an
adjustment in accordance with subparagraph (c) above.
"Spot Rate" means the arithmetic mean of the offer and the bid U.S. Dollar/RMB spot
exchange rate for the purchase of U.S. Dollars with RMB in the over-the-counter RMB
exchange market in Hong Kong for settlement in two Business Days, as determined by
the Calculation Agent at or around 11.00 a.m. (Hong Kong time) on the Rate Calculation
Date, on a deliverable basis by reference to Reuters Screen Page TRADCNY3 under
the column USD/CNH, or if no such rates are available, on a non-deliverable basis by
reference to Reuters Screen Page TRADNDF. If neither rate is available, the Calculation
Agent will determine the Spot Rate at or around 11.00 a.m. (Hong Kong time) on the
Rate Calculation Date as the most recently available U.S. Dollar/RMB official fixing rate
for settlement in two Business Days reported by The State Administration of Foreign
Exchange of the People's Republic of China, which is reported on the Reuters Screen
Page CNY=SAEC. Reference to a page on the Reuters Screen means the display page
so designated on the Reuter Monitor Money Rates Service (or any successor service) or
such other page as may replace that page for the purpose of displaying a comparable
currency exchange rate.
"U.S. Dollar Equivalent" of an RMB amount means the relevant RMB amount
converted into U.S. dollars using the Spot Rate for the relevant Rate Calculation Date as
determined by the Calculation Agent and promptly notified to the Issuer [In the case of
Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor].
"Business Day" means for the purposes of this § 4(8) a day (other than a Saturday or
Sunday) on which commercial banks are open for general business (including dealings
in foreign exchange) in [Hong Kong, Beijing].
(e) References. References to "RMB" are to the lawful currency of the mainland
People’s Republic of China, excluding Hong Kong, the Macau Special Administrative
Region of the People’s Republic of China and Taiwan.
135
(f) Determinations Binding. All notifications, opinions, determinations, certificates,
calculations, quotations and decisions given, expressed, made or obtained for the
purposes of these provisions by the Calculation Agent, will (in the absence of wilful
default, bad faith or manifest error) be binding on the Issuer [In the case of Notes
issued by Linde Finance B.V.: or, as the case may be, the Guarantor], the Agents and
all Holders.]
§5
REDEMPTION
(1) Redemption at Maturity. Unless previously redeemed in whole or in part or
purchased and cancelled [In the case of Notes denominated in Renminbi, the
following applies: or, as the case may be, subject to a Payment Postponement
pursuant to § 4(8)], the Notes shall be redeemed at their Final Redemption Amount on
[Maturity Date] (the "Maturity Date"). The "Final Redemption Amount" in respect of
each Note shall be its principal amount.
In the case of
Notes issued by
Linde AG the
following applies
[(2) Early Redemption for Reasons of Taxation. If as a result of any change in, or
amendment to, the laws or regulations of Germany or any political subdivision or taxing
authority thereto or therein affecting taxation or the obligation to pay duties of any kind,
or any change in, or amendment to, an official interpretation or application of such laws
or regulations, which amendment or change is effective on or after the date on which the
last tranche of this series of Notes was issued, the Issuer is required to pay Additional
Amounts (as defined in § 7 herein) on the next succeeding Interest Payment Date (as
defined in § 3(1)), and this obligation cannot be avoided by the use of reasonable
measures available to the Issuer, the Notes may be redeemed, in whole but not in part,
at the option of the Issuer, upon not more than 60 days' nor less than 30 days' prior
notice of redemption given to the Fiscal Agent and, in accordance with § 13 to the
Holders, at their Final Redemption Amount, together with interest (if any) accrued to the
date fixed for redemption (exclusive).]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
amendment to, the laws or regulations of The Netherlands or Germany or any political
subdivision or taxing authority thereto or therein affecting taxation or the obligation to
pay duties of any kind, or any change in, or amendment to, an official interpretation or
application of such laws or regulations, which amendment or change is effective on or
after the date on which the last tranche of this series of Notes was issued, the Issuer is
required to pay Additional Amounts (as defined in § 7 herein) on the next succeeding
Interest Payment Date (as defined in § 3(1)), and this obligation cannot be avoided by
the use of reasonable measures available to the Issuer, the Notes may be redeemed, in
whole but not in part, at the option of the Issuer, upon not more than 60 days' nor less
than 30 days' prior notice of redemption given to the Fiscal Agent and, in accordance
with § 13 to the Holders, at their Final Redemption Amount, together with interest (if
any) accrued to the date fixed for redemption (exclusive).]
However, no such notice of redemption may be given (i) earlier than 90 days prior to the
earliest date on which the Issuer would be obligated to pay such Additional Amounts
were a payment in respect of the Notes then due, or (ii) if at the time such notice is
given, such obligation to pay such Additional Amounts or make such deduction or
withholding does not remain in effect.
Any such notice shall be given in accordance with § 13. It shall be irrevocable, must
specify the date fixed for redemption and must set forth a statement in summary form of
the facts constituting the basis for the right of the Issuer so to redeem.
In the case of
Notes issued by
Linde AG the
following applies
[(3) Purchase; Early Redemption for Reason of Minimal Outstanding Aggregate
Principal Amount. The Issuer or any subsidiary may at any time purchase Notes in the
open market or otherwise and at any price. Such acquired Notes may be cancelled, held
or resold. In the event that the Issuer or any subsidiary has purchased Notes equal to or
in excess of 75% of the aggregate principal amount of the Notes initially issued and the
aggregate principal amount of the Notes is reduced by this percentage in the global note
136
accordingly, the Issuer may call and redeem the remaining Notes (in whole but not in
part) at the Early Redemption Amount plus accrued interest until the date of redemption
(exclusive).]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
Principal Amount. The Issuer, the Guarantor or any subsidiary of the Guarantor may at
any time purchase Notes in the open market or otherwise and at any price. Such
acquired Notes may be cancelled, held or resold. In the event that the Issuer, the
Guarantor or any subsidiary of the Guarantor has purchased Notes equal to or in excess
of 75% of the aggregate principal amount of the Notes initially issued and the aggregate
principal amount of the Notes is reduced by this percentage in the global note
part) at the Early Redemption Amount plus accrued interest until the date of redemption
(exclusive).]
(4) Early Redemption at the Option of a Holder in case of a Change of Control. (a) The
Issuer shall, at the option of the Holder of any Note, redeem such Note in case of a
Change of Control at their Early Redemption Amount together with accrued interest, if
any, to (but excluding) the last date of redemption.
(b) The preceding option of the Holder arises in case of a Change of Control in respect
of Linde AG. A Change of Control will be deemed to have occurred if (i) any person or
persons acting in concert or any third person or persons acting on behalf of such
person(s) at any time acquire(s) directly or indirectly (x) more than 50% of the shares in
the capital of Linde AG or (y) such number of shares in the capital of Linde AG carrying
more than 50% of the voting rights exercisable at general meetings of Linde AG, and (ii)
such acquisition results in any withdrawal or downgrade to a rating of or below Ba1 by
any rating agency of Moody's Investors Services or BB+ by any rating agency of
Standard & Poor's Rating Services, a part of McGraw-Hill Financial Inc. (or their
respective equivalents at such time) of Linde AG's senior unsecured credit rating. The
occurrence of a Change of Control in respect of Linde AG has immediately to be notified
to the Holders pursuant to § 13.
(c) In order to exercise such option, the Holder must, not more than [Notice to Issuer]
days after the notice of the Change of Control by the Issuer, send to the specified office
of the Fiscal Agent an early redemption notice in written form ("Put Notice"). In the
event that the Put Notice is received after 5:00 p.m. Frankfurt time on the [Notice to
Issuer] day after the notice of the Change of Control by the Issuer, the option shall not
have been validly exercised. The Put Notice must specify (i) the total principal amount of
the Notes in respect of which such option is exercised, [and] (ii) the securities
identification numbers of such Notes, if any [In the case the Global Note is kept in
custody by CBF, insert: and (iii) contact details as well as a bank account]. The Put
Notice may be in the form available from the specified office of the Fiscal Agent in the
German and English language and includes further information. No option so exercised
may be revoked or withdrawn. The Issuer shall only be required to redeem Notes in
respect of which such option is exercised against delivery of such Notes to the Issuer or
to its order.
If the Notes are
subject to Early
Redemption at
the Option of the
Issuer at
specified Call
Redemption
Amounts the
following applies
[(5) Early Redemption at the Option of the Issuer.
(a) The Issuer may, upon notice given in accordance with clause (b), redeem all or some
only of the Notes within the Call Redemption Period(s) on the Call Redemption Date
at the Call Redemption Amount(s) set forth below together with accrued interest, if
any, to (but excluding) the Call Redemption Date.
Call Redemption Period(s)
[Call Redemption Period(s)]
[____________________________]
[____________________________]
Call Redemption Amount(s)
[Call Redemption Amount(s)]
[____________________________]
[____________________________]
137
[If Notes are subject to Early Redemption at the Option of the Holder the
following applies: The Issuer may not exercise such option in respect of any Note
which is the subject of the prior exercise by the Holder thereof of its option to require
the redemption of such Note under subparagraph (6) of this § 5.]
(b) Notice of redemption shall be given by the Issuer to the Holders of the Notes in
accordance with § 13. Such notice shall specify:
(i) the Series of Notes subject to redemption;
(ii) whether such Series is to be redeemed in whole or in part only and, if in part
only, the aggregate principal amount of the Notes which are to be redeemed;
(iii) the date within the relevant Call Redemption Period on which redemption will
occur at the option of the Issuer (the "Call Redemption Date"). The Call
Redemption Date may not be less than [Minimum Notice to Holders] nor more
than [Maximum Notice to Holders] days after the date on which notice is given
by the Issuer to the Holders; and
(iv) the Call Redemption Amount at which such Notes are to be redeemed.
(c) In the case of a partial redemption of Notes, Notes to be redeemed shall be selected
in accordance with the rules of the relevant Clearing System. [In the case of Notes
in NGN form the following applies: Such partial redemption shall be reflected in
the records of CBL and Euroclear as either a pool factor or a reduction in the
aggregate principal amount, at the discretion of CBL and Euroclear.]]
If the Notes are
subject to Early
Redemption at
the Option of a
Holder at
specified Put
Redemption
Amounts the
following applies
[(6) Early Redemption at the Option of a Holder.
(a) The Issuer shall, at the option of the Holder of any Note, redeem such Note within
the Put Redemption Period(s) on the Put Redemption Date at the Put Redemption
Amount(s) set forth below together with accrued interest, if any, to (but excluding) the
Put Redemption Date.
Put Redemption Period(s)
[Put Redemption Period(s)]
[____________________________]
[____________________________]
Put Redemption Amount(s)
[Put Redemption Amount(s)]
[____________________________]
[____________________________]
The Holder may not exercise such option in respect of any Note which is the subject
of the prior exercise by the Issuer of its option to redeem such Note under this § 5.
The "Put Redemption Date" is the date within the relevant Put Redemption Period
on which actual redemption at the option of the Holder will occur
(b) In order to exercise such option, the Holder must, not less than [Minimum Notice to
Issuer] nor more than [Maximum Notice to Issuer] days before the Put
Redemption Period during which such redemption is required to be made as
specified in the Put Notice, send to the specified office of the Fiscal Agent an early
redemption notice in written form ("Put Notice"). In the event that the Put Notice is
received after 5:00 p.m. Frankfurt time on the [Minimum Notice to Issuer] day before
the beginning of the relevant Put Redemption Period, the option shall not have been
validly exercised. The Put Notice must specify (i) the total principal amount of the
Notes in respect of which such option is exercised, [and] (ii) the securities
Notice may be in the form available from the specified office of the Fiscal Agent in
the German and English language and includes further information. No option so
exercised may be revoked or withdrawn. The Issuer shall only be required to redeem
Notes in respect of which such option is exercised against delivery of such Notes to
the Issuer or to its order.]
138
In the case of
Notes
denominated in
Renminbi and if
the Notes are
subject to early
redemption at
the option of the
Issuer for
Inconvertibility,
Nontransferability or
Illiquidity, the
following applies
[(7) Early Redemption at the Option of the Issuer for Inconvertibility, Non-transferability
or Illiquidity. If by reason of Inconvertibility, Non-transferability or Illiquidity (each as
defined in § 4(8)) the Issuer [In the case of Notes issued by Linde Finance B.V.: or,
as the case may be, the Guarantor] is not able to satisfy in full payments in respect of
the Notes [In the case of Notes issued by Linde Finance B.V.: or, as the case may
be, in respect of the Guarantee] when due in RMB in Hong Kong, the Issuer [In the
case of Notes issued by Linde Finance B.V.: or, as the case may be, the Guarantor]
having given not less than 10 nor more than thirty days' notice to the Holders in
accordance with § 13 (which notice shall be irrevocable), may, on expiry of such notice,
redeem all, but not some only, of the Notes at the U.S. Dollar Equivalent (as defined in
§ 4(8)) of the Early Redemption Amount together (if applicable) with the U.S. Dollar
Equivalent of the interest accrued to (but excluding) the date of redemption.]
[(8)] Early Redemption Amount.
In case the Early
Redemption
Amount is the
Final
Redemption
Amount, the
following applies
[[(a)] For purposes of subparagraph[s] [(3)] [,] [and] [(4)] [and] [(7)] of this § 5, the
Early Redemption Amount of a Note shall be its Final Redemption Amount.]
In the case the
early redemption
Amount shall be
the higher of the
Final
Redemption
Amount and the
Present Value,
the following
applies
[(b) For purposes of subparagraph[s] [(3)] [and] [(4)] of this § 5, the Early Redemption
Amount of a Note shall be the higher of (i) its Final Redemption Amount and (ii) the
Present Value. The "Present Value" will be calculated by the Calculation Agent by
discounting the principal amount of a Note and the remaining interest payments to
[Maturity Date] on an annual basis, assuming a 365-day year or a 366-day year, as the
case may be, and the actual number of days elapsed in such year and using the
Comparable Benchmark Yield plus [percentage]%. The Comparable Benchmark Yield
will be the yield at the Redemption Calculation Date on the corresponding [euro
denominated benchmark debt security of the Federal Republic of Germany] [UK
government Sterling denominated benchmark debt security issued by H.M. Treasury]
[Swiss franc denominated benchmark federal bond of the Swiss Confederation] [U.S.
dollar denominated benchmark U.S. Treasury debt security], as having a maturity
comparable to the remaining term of the Note to [Maturity Date] that would be used, at
the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to [Maturity Date].
"Redemption Calculation Date" means the third Payment Business Day prior to the
[respective] date of redemption of the Notes pursuant to this § 5 [subparagraph (3)] [or]
subparagraph (4)] [as the case may be].]
§6
FISCAL AGENT[,][AND] PAYING AGENT [AND CALCULATION AGENT]
(1) Appointment; Specified Offices. The initial Fiscal Agent[,] [and] Paying Agent [and
the Calculation Agent] and their respective initial specified offices are:
If the Notes are
subject to Early
Redemption at
Early
Redemption
Amount or in the
case of Notes
denominated in
Renminbi the
following applies
Fiscal Agent and Paying Agent:
Taunusanlage 12
Germany
[Calculation Agent:
[name and specified office]]
139
The Fiscal Agent[,] [and] the Paying Agent [and the Calculation Agent] reserve the right
at any time to change their respective specified offices to some other specified offices in
the same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to
vary or terminate the appointment of the Fiscal Agent or any Paying Agent [or the
Calculation Agent] and to appoint another Fiscal Agent or another Paying Agent [or
another Calculation Agent]. The Issuer shall at all times maintain [(i)] a Fiscal Agent [In
the case of payments in U.S. dollars the following applies insert:, (ii) if payments at
or through the offices of all Paying Agents outside the United States (as defined in § 4
hereof) become illegal or are effectively precluded because of the imposition of
exchange controls or similar restrictions on the full payment or receipt of such amounts
in United States dollars, a Paying Agent with a specified office in New York City] [If any
Calculation Agent is to be appointed the following applies: and [(iii)] a Calculation
Agent]. Any variation, termination, appointment or change shall only take effect (other
than in the case of insolvency, when it shall be of immediate effect) after not less than
30 nor more than 45 days' prior notice thereof shall have been given to the Holders in
accordance with § 13.
(3) Agents of the Issuer. The Fiscal Agent[,] [and] the Paying Agent [and the Calculation
Agent] act solely as agents of the Issuer and do not have any obligations towards or
relationship of agency or trust to any Holder.
§7
TAXATION
In the case of
Notes issued by
Linde AG the
following applies
[Principal and interest shall be payable without deduction or withholding for or on
account of any present or future taxes, duties or governmental charges of any nature
whatsoever imposed, levied or collected by or in or on behalf of Germany or by or on
behalf of any political subdivision or authority therein having power to tax (hereinafter
together called "Withholding Taxes"), unless such deduction or withholding is required
by law. In such event, the Issuer shall pay such additional amounts of principal and
interest as may be necessary in order that the net amounts received by the Holder after
such deduction or withholding shall equal the respective amounts of principal and
interest which would have been receivable had no such deduction or withholding been
required. No such additional amounts shall, however, be payable on account of any
taxes, duties or governmental charges which:
(a) are payable by any person acting as custodian bank or collecting agent on behalf of
a Holder, or otherwise in any manner which does not constitute a deduction or
withholding by the Issuer from payments of principal or interest made by it; or
(b) are payable by reason of the Holder having, or having had, some personal or
business connection with Germany or another member state of the European Union
and not merely by reason of the fact that payments in respect of the Notes are, or for
purposes of taxation are deemed to be, derived from sources in, or are secured in
Germany; or
(c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation
concerning the taxation of savings, or (ii) any international treaty or understanding
relating to such taxation and to which Germany or the European Union is a party/are
parties, or (iii) any provision of law implementing, or complying with, or introduced to
conform with, such Directive, Regulation, treaty or understanding; or
(d) are payable by reason of a change in a law that becomes effective more than 30
days after the relevant payment of principal or interest becomes due, or is duly
provided for and notice thereof is published in accordance with § 13, whichever
occurs later; or
(e) are deducted or withheld pursuant to Sections 1471 through 1474 of the U.S.
Internal Revenue Code of 1986, as amended (the "Code"), any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices
140
adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
whatsoever imposed, levied or collected by or in or on behalf of The Netherlands or
Germany or by or on behalf of any political subdivision or authority therein having power
to tax (hereinafter together called "Withholding Taxes"), unless such deduction or
withholding is required by law. In such event, the Issuer shall pay such additional
amounts of principal and interest as may be necessary in order that the net amounts
received by the Holder after such deduction or withholding shall equal the respective
amounts of principal and interest which would have been receivable had no such
deduction or withholding been required. No such additional amounts shall, however, be
payable on account of any taxes, duties or governmental charges which:
business connection with The Netherlands or being a (deemed) resident of The
Netherlands or is treated for tax purposes as a resident of The Netherlands or has
elected to be taxed as a resident of The Netherlands or the Holder having a
(deemed) permanent establishment in The Netherlands or another member state of
the European Union and not merely by reason of the fact that payments in respect of
the Notes are, or for purposes of taxation are deemed to be, derived from sources in,
or are secured in The Netherlands; or
relating to such taxation and to which Germany, The Netherlands or the European
Union is a party/are parties, or (iii) any provision of law implementing, or complying
with, or introduced to conform with, such Directive, Regulation, treaty or
understanding; or
occurs later; or
regulations or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code.]
§8
PRESENTATION PERIOD
The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil
Code) is reduced to ten years for the Notes.
§9
EVENTS OF DEFAULT
In the case of
Notes issued by
Linde AG the
following applies
[(1) Events of Default. Each Holder shall be entitled to declare his Notes due and
demand immediate redemption thereof at the Final Redemption Amount , together with
accrued interest (if any) to the date of repayment, in the event that any of the following
events (each, an "Event of Default") occurs:
(a) the Issuer fails to pay principal or interest within 30 days from the relevant due date,
or
141
(b) the Issuer fails duly to perform any other obligation arising from the Notes which
failure is not capable of remedy or, if such failure is capable of remedy, such failure
continues for more than 60 days after the Fiscal Agent has received notice thereof
from a Holder, or
(c) any Capital Market Indebtedness (as defined in § 2(1)) of the Issuer becomes
prematurely repayable as a result of a default in respect of the terms thereof, or the
Issuer fails to fulfil any payment obligation in excess of € 150,000,000 or the
equivalent thereof under any Capital Market Indebtedness or under any guarantee or
suretyship given for any Capital Market Indebtedness of others within 30 days from
its due date or, in the case of a guarantee or suretyship, within 30 days after the
guarantee or suretyship has been invoked, unless the Issuer shall contest in good
faith that such payment obligation exists or is due or that such guarantee or
suretyship has been validly invoked, or if a security granted therefor is enforced on
behalf of or by the creditor(s) entitled thereto, or
(d) the Issuer announces its inability to meet its financial obligations or ceases its
payments, or
(e) a court opens bankruptcy or other insolvency proceedings against the Issuer which
are not permanently or temporarily discontinued within 60 days, or the Issuer applies
for or institutes such proceedings, or
(f) the Issuer goes into liquidation unless this is done in connection with a merger, or
other form of combination with another company and such company assumes all
obligations contracted by the Issuer in connection with this issue.
The right to declare Notes due shall terminate if the situation giving rise to it has been
cured before the right is exercised.
(2) Quorum. In the events specified in § 9 subparagraph (1) (b) or subparagraph (1) (c),
any notice declaring Notes due shall, unless at the time such notice is received any of
the events specified in § 9 subparagraph (1) (a) or (1) (d) through (1) (f) entitling Holders
to declare their Notes due has occurred, become effective only when the Fiscal Agent
has received such notices from the Holders of at least one-tenth of the aggregate
principal amount of Notes then outstanding.
(3) Form of Notice. Any notice, including any notice declaring Notes due, in accordance
with subparagraph (1) shall be made by means of a written declaration in the English or
German language delivered to the specified office of the Fiscal Agent together with
proof that such notifying Holder at the time of such notice is a holder of the relevant
Notes by means of a certificate of his Custodian (as defined in § 14 [(4)]) or in other
appropriate manner.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
demand immediate redemption thereof at the Final Redemption Amount, together with
(a) the Issuer or the Guarantor fails to pay principal or interest within 30 days from the
relevant due date, or
(b) the Issuer fails duly to perform any other obligation arising from the Notes or the
Guarantor fails to perform any obligation arising from the Guarantee referred to in § 2
which failure is not capable of remedy or, if such failure is capable of remedy, such
failure continues for more than 60 days after the Fiscal Agent has received notice
thereof from a Holder, or
(c) any Capital Market Indebtedness (as defined in § 2(1)) of the Issuer or the Guarantor
becomes prematurely repayable as a result of a default in respect of the terms
thereof, or the Issuer or the Guarantor fails to fulfil any payment obligation in excess
of € 150,000,000 or the equivalent thereof under any Capital Market Indebtedness or
under any guarantee or suretyship given for any Capital Market Indebtedness of
142
others within 30 days from its due date or, in the case of a guarantee or suretyship,
within 30 days after the guarantee or suretyship has been invoked, unless the Issuer
or the Guarantor shall contest in good faith that such payment obligation exists or is
due or that such guarantee or suretyship has been validly invoked, or if a security
granted therefor is enforced on behalf of or by the creditor(s) entitled thereto, or
(d) the Issuer or the Guarantor announces its inability to meet its financial obligations or
ceases its payments, or
(e) a court opens bankruptcy or other insolvency proceedings against the Issuer or the
Guarantor which are not permanently or temporarily discontinued within 60 days, or
the Issuer or the Guarantor applies for or institutes such proceedings, or the Issuer
applies for a "surseance van betaling" (debt moratorium within the meaning of the
Statute of Bankruptcy of The Netherlands), or
(f) the Issuer or the Guarantor goes into liquidation unless this is done in connection
with a merger, or other form of combination with another company and such
company assumes all obligations contracted by the Issuer or the Guarantor, as the
case may be, in connection with this issue, or
(g) the Guarantee ceases to be valid and legally binding for any reason whatsoever.
the events specified in § 9 subparagraph (1) (a) or (1) (d), through (1) (g) entitling
Holders to declare their Notes due has occurred, become effective only when the Fiscal
Agent has received such notices from the Holders of at least one-tenth of the aggregate
§ 10
SUBSTITUTION
In the case of
Notes issued by
Linde AG the
following applies
[(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of
principal of or interest on any of the Notes is in default, at any time substitute for the
Issuer any Subsidiary (as defined below) of it as principal debtor in respect of all
obligations arising from or in connection with the Notes (the "Substitute Debtor")
provided that:
(a) the Substitute Debtor assumes all obligations of the Issuer in respect of the Notes;
(b) the Issuer and the Substitute Debtor have obtained all necessary authorizations and
may transfer to the Fiscal Agent in the Specified Currency and without being
obligated to deduct or withhold any taxes or other duties of whatever nature levied by
the country in which the Substitute Debtor or the Issuer has its domicile or tax
residence, all amounts required for the fulfilment of the payment obligations arising
under the Notes;
(c) the Substitute Debtor has agreed to indemnify and hold harmless each Holder
against any tax, duty, assessment or governmental charge imposed on such Holder
in respect of such substitution;
(d) the Issuer irrevocably and unconditionally guarantees in favour of each Holder the
payment of all sums payable by the Substitute Debtor in respect of the Notes on
terms equivalent to the terms of the form of the guarantee of the Issuer dated 2 April
2015 in respect of the Notes issued by Linde Finance B.V. under the Debt Issuance
143
Programme;
(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of lawyers
of recognised standing to the effect that subparagraphs (a), (b), (c) and (d) above
have been satisfied.
For the purposes of this § 10 "Subsidiary" shall mean any corporation in which Linde
AG directly or indirectly in the aggregate holds not less than 90% of the capital of any
class or of the voting rights.
(2) Notice. Notice of any such substitution shall be published in accordance with § 13.
(3) Change of References. In the event of any such substitution, any reference in these
Terms and Conditions to the Issuer shall from then on be deemed to refer to the
Substitute Debtor and any reference to the country in which the Issuer is domiciled or
resident for taxation purposes shall from then on be deemed to refer to the country of
domicile or residence for taxation purposes of the Substitute Debtor. Furthermore, in the
event of such substitution the following shall apply:
(a) in § 7 and § 5(2) an alternative reference to Germany shall be deemed to have been
included in addition to the reference according to the preceding sentence to the country
of domicile or residence for taxation purposes of the Substitute Debtor; and
(b) in § 9(1) (d) to (g) an alternative reference to the Issuer in its capacity as guarantor
shall be deemed to have been included in addition to the reference to the Substitute
Debtor.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
Issuer either the Guarantor or any Subsidiary (as defined below) of the Guarantor as
principal debtor in respect of all obligations arising from or in connection with the Notes
(the "Substitute Debtor") provided that:
under the Notes;
(d) the Guarantor if it is not itself the Substitute Debtor irrevocably and unconditionally
guarantees in favour of each Holder the payment of all sums payable by the
Substitute Debtor in respect of the Notes on terms equivalent to the terms of the
Guarantee;
144
In § 7 and § 5(2) an alternative reference to The Netherlands shall be deemed to have
been included in addition to the reference according to the preceding sentence to the
country of domicile or residence for taxation purposes of the Substitute Debtor.]
§ 11
AMENDMENT OF THE TERMS AND CONDITIONS, HOLDERS' REPRESENTATIVE[,
AMENDMENT OF THE GUARANTEE]
(1) Amendment of the Terms and Conditions. In accordance with the Act on Debt
Securities of 2009, as amended from time to time (Schuldverschreibungsgesetz aus
Gesamtemissionen – "SchVG") the Holders may agree with the Issuer on amendments
of the Terms and Conditions with regard to matters permitted by the SchVG by
resolution with the majority specified in subparagraph (2) or resolve any other matters
provided for by the SchVG. Majority resolutions shall be binding on all Holders.
(2) Majority. Resolutions shall be passed by a majority of not less than 75% of the votes
cast, provided that the quorum requirements are met. Resolutions relating to
amendments of the Terms and Conditions which are not material and which do not
relate to the matters listed in § 5 paragraph 3, Nos. 1 to 9 of the SchVG require a simple
majority of the votes cast, provided that the quorum requirements are met.
(3) Resolution of Holders. Resolutions of Holders shall be passed at the election of the
Issuer by vote taken without a meeting in accordance with § 18 SchVG or in a Holder's
meeting in accordance with § 9 SchVG.
(4) Meeting. Attendance at the meeting and exercise of voting rights is subject to the
Holders' registration. The registration must be received at the address stated in the
convening notice no later than the third day preceding the meeting. As part of the
registration, Holders must demonstrate their eligibility to participate in the vote by means
of a special confirmation of the Custodian in accordance with § 14[(4)](i)(a) and (b) in
text form and by submission of a blocking instruction by the Custodian stating that the
relevant Notes are not transferable from and including the day such registration has
been sent until and including the stated end of the meeting.
(5) Vote without a meeting. Together with casting their votes Holders must demonstrate
their eligibility to participate in the vote by means of a special confirmation of the
Custodian in accordance with § 14[(4)](i)(a) and (b) in text form and by submission of a
blocking instruction by the Custodian stating that the relevant Notes are not transferable
from and including the day such votes have been cast until and including the day the
voting period ends.
(6) Second meeting. If it is ascertained that no quorum exists for the meeting pursuant
to subparagraph (4) or the vote without a meeting pursuant to subparagraph (5), in case
of a meeting the chairman (Vorsitzender) may convene a second meeting in accordance
with section 15 paragraph 3 sentence 2 of the SchVG or in case of a vote without a
meeting the scrutineer (Abstimmungsleiter) may convene a second meeting within the
meaning of section 15 paragraph 3 sentence 3 of the SchVG. Attendance at the second
meeting and exercise of voting rights is subject to the Holders' registration. The
provisions set out in subparagraph (4) shall apply mutatis mutandis to the Holders'
registration for a second meeting.
(7) Holders' Representative.
If no Holders'
Representative is
designated in the
Terms and
Conditions, the
following applies
[The Holders may by majority resolution appoint a common representative (the
"Holders' Representative") to exercise the Holders' rights on behalf of each Holder.
The appointment of a Holders' Representative may only be passed by a majority
pursuant to sentence 1 of § 11 (2) if such Holders' Representative is to be authorised to
consent to a material change in the substance of the Terms and Conditions or other
material matters.]
If the Holders'
Representative is
[The common representative (the "Holders' Representative") shall be [Holders'
Representative]. The liability of the Holders' Representative shall be limited to ten times
145
appointed in the
Terms and
Conditions, the
following applies
the amount of its annual remuneration, unless the Holders' Representative has acted
willfully or with gross negligence.]
The Holders' Representative shall have the duties and powers provided by law or
granted by majority resolution of the Holders. The Holders' Representative shall comply
with the instructions of the Holders. To the extent that the Holders' Representative has
been authorised to assert certain rights of the Holders, the Holders shall not be entitled
to assert such rights themselves, unless explicitly provided for in the relevant majority
resolution. The Holders' Representative shall provide reports to the Holders on its
activities. The regulations of the SchVG apply with regard to the recall and the other
rights and obligations of the Holders' Representative.
(8) Publication. Any notices concerning this § 11 shall be made exclusively pursuant to
the provisions of the SchVG.
In the case of
Notes issued by
Finance B.V. the
following applies
[(9) Amendment of the Guarantee. The provisions set out above applicable to the Notes
shall apply mutatis mutandis to the Guarantee of Linde AG.]
§ 12
FURTHER ISSUES, PURCHASES AND CANCELLATION
(1) Further Issues. The Issuer may from time to time, without the consent of the Holders,
issue further Notes having the same conditions as the Notes in all respects (or in all
respects except for the issue date, Interest Commencement Date and/or issue price) so
as to form a single Series with the Notes.
(2) Purchases. The Issuer may at any time purchase Notes in the open market or
otherwise and at any price. Notes purchased by the Issuer may, at the option of the
Issuer, be held, resold or surrendered to the Fiscal Agent for cancellation. If purchases
are made by public tender, tenders for such Notes must be made available to all
Holders of such Notes alike.
(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be
reissued or resold.
§ 13
NOTICES
In the case of
Notes which are
admitted to
trading on the
regulated market
of the
Luxembourg
Stock Exchange
the following
applies
[(1) Publication. Subject to § 11 (8) all notices concerning the Notes will be made by
means of electronic publication on the internet website of the Luxembourg Stock
Exchange (www.bourse.lu). Any notice so given will be deemed to have been validly
given on the third day following the date of such publication.
(2) Notification to Clearing System. Subject to § 11 (8) the Issuer shall deliver the
relevant notice to the Clearing System for communication by the Clearing System to the
Holders. Any such notice shall be deemed to have been validly given on the seventh
day after the day on which the said notice was given to the Clearing System. So long as
any Notes are admitted to trading on the regulated market of the Luxembourg Stock
Exchange, subparagraph (1) shall apply. In the case of notices regarding the Rate of
Interest or, if the Rules of the Luxembourg Stock Exchange so permit, the Issuer may, in
lieu of publication set forth in subparagraph (1) above, deliver the relevant notice to the
Clearing System, for communication by the Clearing System to the Holders. Any such
notice shall be deemed to have been given to the Holders on the seventh day after the
day on which the said notice was given to the Clearing System.]
In the case of
Notes which are
listed on the
[(1) Publication. Subject to § 11 (8) all notices concerning the Notes shall be published
in the Federal Gazette (Bundesanzeiger). Any notice will be deemed to have been
146
Frankfurt Stock
Exchange the
following applies
validly given on the third day following the date of such publication (or, if published more
than once, on the third day following the date of the first such publication).]
In case of Notes
which are
unlisted the
following applies
[(1) Notification to Clearing System. Subject to § 11 (8) the Issuer shall deliver all
notices concerning the Notes to the Clearing System for communication by the Clearing
System to the Holders. Any such notice shall be deemed to have been validly given on
the seventh day after the day on which the said notice was given to the Clearing
System.]
[(2)][(3)] Form of Notice. Notices to be given by any Holder shall be made by means of
a written declaration to be sent together with an evidence of the Holder´s entitlement in
accordance with §14 [(4)] to the Fiscal Agent. Such notice may be given through the
Clearing System in such manner as the Fiscal Agent and the Clearing System may
approve for such purpose.
§ 14
APPLICABLE LAW, PLACE OF JURISDICTION [, PROCESS AGENT] AND
ENFORCEMENT
(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of
the Holders and the Issuer, shall be governed by German law.
(2) Submission to Jurisdiction. The District Court (Landgericht) in Frankfurt am Main
shall have non-exclusive jurisdiction for any action or other legal proceedings
("Proceedings") arising out of or in connection with the Notes.
In the case of
Notes issued by
Finance B.V. the
following applies
[(3) Appointment of Authorised Agent. For any Proceedings before German courts, the
Issuer has appointed Linde Aktiengesellschaft, Klosterhofstrasse 1, 80331 Munich,
Germany as its authorised agent for service of process in Germany.]
[(4)] Enforcement. Any Holder of Notes may in any Proceedings against the Issuer, or to
which such Holder and the Issuer are parties, protect and enforce in his own name his
rights arising under such Notes on the basis of (i) a statement issued by the Custodian
(as defined below) with whom such Holder maintains a securities account in respect of
the Notes (a) stating the full name and address of the Holder, (b) specifying the
aggregate principal amount of Notes credited to such securities account on the date of
such statement and (c) confirming that the Custodian has given written notice to the
Clearing System containing the information pursuant to (a) and (b) and (ii) a copy of the
Note in global form certified as being a true copy by a duly authorized officer of the
Clearing System or a depository of the Clearing System, without the need for production
in such proceedings of the actual records or the global note representing the Notes or
(iii) any other means of proof permitted in legal proceedings in the country of
enforcement. For purposes of the foregoing, "Custodian" means any bank or other
financial institution of recognized standing authorized to engage in securities custody
business with which the Holder maintains a securities account in respect of the Notes
and includes the Clearing System.
§ 15
LANGUAGE
If the Terms and
Conditions are to
be in the German
language with an
English language
translation the
following applies
[These Terms and Conditions are written in the German language and provided with an
English language translation. The German text shall be controlling and binding. The
English language translation is provided for convenience only.]
If the Terms and
Conditions are to
be in the English
language with a
German
language
[These Terms and Conditions are written in the English language and provided with a
German language translation. The English text shall be controlling and binding. The
German language translation is provided for convenience only.]
147
translation insert
If the Terms and
Conditions are to
be in the English
language only
the following
applies
[These Terms and Conditions are written in the English language only.]
In the case of
Notes which are
to be publicly
offered, in whole
or in part, in the
Federal Republic
of Germany or
distributed, in
whole or in part,
to non-qualified
investors in the
Federal Republic
of Germany with
English language
Terms and
Conditions the
following applies
[Eine deutsche Übersetzung der Bedingungen wird bei der Linde Aktiengesellschaft
Klosterhofstrasse 1, 80331 München, Deutschland zur kostenlosen Ausgabe
bereitgehalten.]
148
OPTION II – Terms and Conditions that apply to Notes with variable interest rates
§1
aggregate principal amount [In the case the global note is a NGN insert: (subject to §
1(4))] of [aggregate principal amount] (in words: [aggregate principal amount in
Denomination").
In the case of
Notes which are
represented by a
Permanent
Global Note the
following applies
[(3) Permanent Global Note. The Notes are represented by a permanent global note (the
"Permanent Global Note") without coupons. The Permanent Global Note shall be
signed by authorized signatories of the Issuer and shall be authenticated by or on behalf
of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.]
In the case of
Notes which are
initially
represented by a
Temporary
Global Note the
following applies
for Notes in the Specified Denomination represented by a permanent global note (the
"Permanent Global Note") without coupons. The Temporary Global Note and the
Permanent Global Note shall each be signed by authorized signatories of the Issuer
and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive Notes
and interest coupons will not be issued.
Global Note. Such exchange shall only be made upon delivery of certifications to the
effect that the beneficial owner or owners of the Notes represented by the Temporary
Global Note is not a U.S. person (other than certain financial institutions or certain
persons holding Notes through such financial institutions) as required by U.S. tax
law. Payment of interest on Notes represented by a Temporary Global Note will be
made only after delivery of such certifications. A separate certification shall be
required in respect of each such payment of interest. Any such certification received
on or after the 40th day after the date of issue of the Temporary Global Note will be
treated as a request to exchange such Temporary Global Note pursuant to this
subparagraph (b) of this §1(3). Any securities delivered in exchange for the
Temporary Global Note shall be delivered only outside of the United States (as
defined in § 4(3)).]
"Clearing System" means [If more than one Clearing System the following applies:
each of] the following: [Clearstream Banking AG, Neue Börsenstraße 1, 60487 Frankfurt
am Main, Federal Republic of Germany ("CBF")] [Clearstream Banking, société
anonyme, 42 Avenue JF Kennedy, 1855 Luxembourg, Grand Duchy of Luxembourg
("CBL"), Euroclear Bank SA/NV, Boulevard du Roi Albert II, 1210 Brussels, Belgium
("Euroclear") (CBL and Euroclear each an "ICSD" and together the "ICSDs")] and any
successor in such capacity.
In the case of
149
Notes kept in
custody on
behalf of the
ICSDs and the
global note is an
NGN the
following applies
global note and, for these purposes, a statement issued by a ICSD stating the amount of
Notes so represented at any time shall be conclusive evidence of the records of the
reduced by the aggregate principal amount of the Notes so redeemed or purchased and
cancelled.
In the case of
Notes kept in
custody on
behalf of the
ICSDs and the
global note is a
CGN the
following applies
[The Notes are issued in classical global note ("CGN") form and are kept in custody by a
common depositary on behalf of both ICSDs.]
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or other
beneficial interest or right in the Notes.
In the case of
Notes for which
a book-entry
register will be
maintained the
following applies
§2
STATUS, NEGATIVE PLEDGE [In the case of Notes issued by Linde Finance B.V.,
GUARANTOR]
In the case of
Notes issued by
Linde AG the
following applies
preferred by law.
(2) Negative Pledge. So long as any of the Notes remains outstanding, but only up to the
time all amounts of principal and interest have been placed at the disposal of the Paying
Agent, the Issuer undertakes not to grant or permit to subsist any mortgage, land charge
or any other security right in rem (dingliches Sicherungsrecht) over any or all of its
present or future assets, as security for any present or future Capital Market
on a stock exchange or other recognised securities market. For the purposes of avoiding
150
any doubt in respect of asset-backed financings originated by the Issuer, the
be, and are not, reflected in the Issuer's balance sheet.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
preferred by law.
(2) Negative Pledge. So long as any of the Notes remains outstanding, but only up to the
time all amounts of principal and interest have been placed at the disposal of the Paying
Agent, the Issuer undertakes not to grant or permit to subsist any mortgage, land charge
or any other security right in rem (dingliches Sicherungsrecht) over any or all of its
present or future assets, as security for any present or future Capital Market
on a stock exchange or other recognised securities market. For the purposes of avoiding
any doubt in respect of asset-backed financings originated by the Issuer, the
security for any present or future Capital Market Indebtedness (as defined above) issued
or guaranteed by the Guarantor or by any other person, without at the same time having
the Holders share equally and rateably in such security.
The Guarantee and Negative Pledge constitute a contract for the benefit of Holders from
time to time as third party beneficiaries in accordance with § 328 of the German Civil
Code1, giving rise to the right of each Holder to require performance of the Guarantee
and the Negative Pledge directly from the Guarantor and to enforce the Guarantee and
the Negative Pledge directly against the Guarantor. For the purposes of avoiding any
doubt in respect of asset-backed financings originated by the Guarantor, the
this § 2 do not include assets and obligations of the Guarantor which, pursuant to the
be, and are not, reflected in the Guarantor's balance sheet.
1
In English language translation § 328 paragraph 1 BGB (German Civil Code) reads as follows:
directly to demand performance."
151
§3
INTEREST
(1) Interest Payment Dates.
(a) The Notes shall bear interest on their aggregate principal amount from [Interest
Commencement Date] (inclusive) (the "Interest Commencement Date") to the first
Interest Payment Date (exclusive) and thereafter from each Interest Payment Date
(inclusive) to the next following Interest Payment Date (exclusive). Interest on the
Notes shall be payable on each Interest Payment Date.
(b) "Interest Payment Date" means
In the case of
Specified
Interest Payment
Dates the
following applies
[each [Specified Interest Payment Dates].]
In the case of
Specified
Interest Periods
the following
applies
[each date which (except as otherwise provided in these Conditions) falls [number]
[weeks] [months] after the preceding Interest Payment Date or, in the case of the
first Interest Payment Date, after the Interest Commencement Date.]
(c) If any Interest Payment Date would otherwise fall on a day which is not a Business
Day, it shall be:
In the case of the
Modified
Following
Business Day
Convention the
following applies
[postponed to the next day which is a Business Day unless it would thereby fall into
the next calendar month, in which event the payment date shall be the immediately
preceding Business Day.]
In the case of the
Floating Rate
Notes (FRN)
Convention the
following applies
[postponed to the next day which is a Business Day unless it would thereby fall into
the next calendar month, in which event (i) the payment date shall be the
immediately preceding Business Day and (ii) each subsequent Interest Payment
Date shall be the last Business Day in the month which falls [insert number] months
after the preceding applicable payment date.]
In the case of the
Following
Business Day
Convention the
following applies
[postponed to the next day which is a Business Day.]
(d) "Business Day" means a day
In the case the
Specified
Currency is not
EUR the
following applies
[(other than a Saturday or a Sunday) on which commercial banks are generally
open for business in, and foreign exchange markets settle payments in [relevant
financial centre(s)][.][and]
In the case the
Clearing System
and TARGET
shall be open the
following applies
[on which the Clearing System as well as all relevant parts of the Trans-European
Automated Real-time Gross Settlement Express Transfer System 2 ("TARGET") are
open to effect payments.]
In the case the
reference rate is
the offered
quotation for
deposits in the
Specified
Currency is
EURIBOR the
[(2) Rate of Interest. The rate of interest (the "Rate of Interest") for each Interest Period
(as defined below) will, except as provided below, be the offered quotation (expressed
as a percentage rate per annum) for deposits in the Specified Currency for that Interest
Period which appears on the Screen Page as of 11:00 a.m. (Brussels time) on the
Interest Determination Date (as defined below) [[plus] [minus] the Margin (as defined
below)], all as determined by the Calculation Agent (as defined in § 6).
152
following applies
"Interest Period" means each period from (and including) the Interest Commencement
Date to (but excluding) the first Interest Payment Date and from (and including) each
Interest Payment Date to (but excluding) the following Interest Payment Date.
"Interest Determination Date" means the second TARGET Business Day prior to the
commencement of the relevant Interest Period. "TARGET Business Day" means a day
which is a day on which all relevant parts of the Trans-European Automated Real-time
Gross Settlement Express Transfer System 2 ("TARGET") are open to effect payments.
["Margin" means [•]% per annum.]
"Screen Page" means Reuters screen page EURIBOR01 or any successor page.
If the Screen Page is not available or if no such quotation appears as at such time, the
Calculation Agent shall request each of the Reference Banks (as defined below) to
provide the Calculation Agent with its offered quotation (expressed as a percentage rate
per annum) for deposits in the Specified Currency for the relevant Interest Period and in
a representative amount to prime banks in the interbank market of the Euro-zone at
approximately 11.00 a.m. (Brussels time) on the Interest Determination Date. If two or
more of the Reference Banks provide the Calculation Agent with such offered
quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean
(rounded if necessary to the nearest one thousandth of a percentage point, with 0.0005
being rounded upwards) of such offered quotations [[plus] [minus] the Margin], all as
determined by the Calculation Agent.
If on any Interest Determination Date only one or none of the Reference Banks provides
the Calculation Agent with such offered quotations as provided in the preceding
paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per
annum which the Calculation Agent determines as being the arithmetic mean (rounded,
if necessary, to the nearest one thousandth of a percentage point, with 0.0005 being
rounded upwards) of the rates, as communicated to (and at the request of) the
Calculation Agent by major banks in the interbank market of the Euro-zone, selected by
the Calculation Agent acting in good faith, at which such banks offer, as at 11.00 a.m.
(Brussels time) on the relevant Interest Determination Date, loans in the Specified
Currency for the relevant Interest Period and in a representative amount to leading
European banks [plus] [minus] the Margin].
As used herein, "Euro-Zone" means the region comprised of those member states of
the European Union that have adopted, or will have adopted from time to time, the single
currency in accordance with the Treaty establishing the European Community (signed in
Rome on 25 March 1957), as amended by the Single European Act 1986, the Treaty on
European Union (signed in Maastricht on 7 February 1992), the Amsterdam Treaty of
2 October 1997 and the Treaty of Lisbon of 13 December 2007, as amended.
"representative amount" means an amount that is representative for a single transaction in the relevant market at the relevant time.
As used herein, "Reference Banks" means four major banks in the interbank market in
the Euro-Zone.
If the Rate of Interest cannot be determined in accordance with the foregoing provisions
of this subparagraph (2), the Rate of Interest shall be the offered quotation on the
Screen Page, as described above, on the last day preceding the Interest Determination
Date on which such offered quotation was displayed [[plus] [minus] the Margin (as
defined above)], all as determined by the Calculation Agent.]
In the case the
reference rate is
the offered
quotation for
deposits in the
Specified
Currency is
(as defined below) will, except as provided below, be the offered quotation (expressed
as a percentage rate per annum) for deposits in the Specified Currency for that Interest
Period which appears on the Screen Page as of 11:00 a.m. (London time) on the
Interest Determination Date (as defined below) [[plus] [minus] the Margin (as defined
below)], all as determined by the Calculation Agent (as defined in § 6).
153
LIBOR the
following applies
"Interest Determination Date" means the [first] [second] [relevant financial centre(s)]
Business Day [prior to the commencement] of the relevant Interest Period. "[relevant
financial centre(s)] Business Day" means a day which is a day (other than a Saturday
or Sunday) on which commercial banks are open for business (including dealings in
foreign exchange and foreign currency) in [relevant financial centre(s)].
"Screen Page" means Reuters screen page [LIBOR01][LIBOR02] or any successor
page.
If the Screen Page is not available or if no such quotation appears as at such time, the
Calculation Agent shall request each of the Reference Banks (as defined below) to
provide the Calculation Agent with its offered quotation (expressed as a percentage rate
per annum) for deposits in the Specified Currency for the relevant Interest Period and in
a representative amount to prime banks in the London interbank market at
approximately 11.00 a.m. (London time) on the Interest Determination Date. If two or
more of the Reference Banks provide the Calculation Agent with such offered
quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean
(rounded if necessary to the nearest one hundred-thousandth of a percentage point, with
0.000005 being rounded upwards) of such offered quotations [[plus] [minus] the
Margin], all as determined by the Calculation Agent.
the Calculation Agent with such offered quotations as provided in the preceding
paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per
annum which the Calculation Agent determines as being the arithmetic mean (rounded if
necessary to the nearest one hundred-thousandth of a percentage point, with 0.000005
being rounded upwards) of the rates, as communicated to (and at the request of) the
Calculation Agent by major banks in the London interbank market, selected by the
Calculation Agent acting in good faith, at which such banks offer, as at 11.00 a.m.
(London time) on the relevant Interest Determination Date, loans in the Specified
Currency for the relevant Interest Period and in a representative amount to leading
European banks [[plus] [minus] the Margin].
"representative amount" means an amount that is representative for a single transaction in the relevant market at the relevant time.
As used herein, "Reference Banks" means four major banks in the London interbank
market.
In the case the
reference rate is
the AUD-BBRBBSW
(Australian
Dollar Bank bill
Reference Rate)
the following
applies
(as defined below) will, except as provided below, be the average mid rate for Australian
Dollar bills of exchange having a tenor of the Designated Maturity (expressed as a
percentage rate per annum) which appears on the Screen Page at approximately 10:10
a.m. (Sydney time) on the Interest Determination Date (as defined below) [[plus] [minus]
the Margin (as defined below)], all as determined by the Calculation Agent (as defined in
§ 6).
154
"Designated Maturity" means a period equivalent to the Interest Period.
"Interest Determination Date" means the first Sydney Business Day of the relevant
Interest Period. "Sydney Business Day" means a day which is a day (other than a
Saturday or Sunday) on which commercial banks are open for business (including
dealings in foreign exchange and foreign currency) in Sydney.
"Screen Page" means Reuters screen page BBSW or any successor page.
If the Screen Page is not available or if no such quotation appears by 10:30 a.m (Sydney
time) the Calculation Agent shall request each of the Reference Banks (as defined
below) to provide the Calculation Agent with its quotations of its bid and ask rates
(expressed as a percentage rate per annum) for Australian Dollar bills of exchange
having a tenor of the Designated Maturity and of the type specified for the purpose of
quoting on the Sceen Page which the Reference banks quoted or would have quoted at
approximately 10:00 a.m. (Sydney time) on the Interest Determination Date. If two or
more of the Reference Banks provide the Calculation Agent with such quotations of the
bid and ask rates, the Rate of Interest for such Interest Period shall be the arithmetic
mean of the bid and ask rates (rounded if necessary to the nearest one thousandth of a
percentage point, with 0.0005 being rounded upwards) of such offered quotations [[plus]
[minus] the Margin], all as determined by the Calculation Agent.
the Calculation Agent with such quotations of the bid and ask rates as provided in the
preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the
rate per annum which the Calculation Agent determines having regard to comparable
indices then available [[plus] [minus] the Margin].
As used herein, "Reference Banks" means five financial institutions authorized to quote
on the Screen Page.
In the case of a
Minimum and/or
Maximum Rate
of Interest the
following applies
[(3) [Minimum] [and] [Maximum] Rate of Interest.
In the case of a
Maximum Rate
of Interest
applies the
following applies
[If the Rate of Interest in respect of any Interest Period determined in accordance with
the above provisions is greater than [Maximum Rate of Interest], the Rate of Interest
for such Interest Period shall be [Maximum Rate of Interest].]]
[If the Rate of Interest in respect of any Interest Period determined in accordance with
the above provisions is less than [Minimum Rate of Interest], the Rate of Interest for
such Interest Period shall be [Minimum Rate of Interest].]
(4) Interest Amount. The Calculation Agent will, on or as soon as practicable after each
time at which the Rate of Interest is to be determined, determine the Rate of Interest and
calculate the amount of interest (the "Interest Amount") payable on the Notes in
respect of the Specified Denomination for the relevant Interest Period. Each Interest
Amount shall be calculated by applying the Rate of Interest and the Day Count Fraction
(as defined below) to the Specified Denomination and rounding the resultant figure to
the nearest unit of the Specified Currency, with 0.5 of such unit being rounded upwards.
(5) Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause
the Rate of Interest, each Interest Amount for each Interest Period, each Interest Period
and the applicable Interest Payment Date to be notified to the Issuer [In the case of
Notes issued by Linde Finance B.V. the following applies: and the Guarantor] and to
155
the Holders in accordance with § 13 as soon as possible after their determination, but in
no event later than the fourth [TARGET] [London] [relevant financial centre(s)]
[Sydney] Business Day (as defined in § 3(2)) thereafter and, if required by the rules of
any stock exchange on which the Notes are from time to time listed, to such stock
exchange as soon as possible after their determination, but in no event later than the
first day of the relevant Interest Period. Each Interest Amount and Interest Payment
Date so notified may subsequently be amended (or appropriate alternative
arrangements made by way of adjustment) without notice in the event of an extension or
shortening of the Interest Period. Any such amendment will be promptly notified to any
stock exchange on which the Notes are then listed and to the Holders in accordance
with § 13.
(6) Determinations Binding. All certificates, communications, opinions, determinations,
calculations, quotations and decisions given, expressed, made or obtained for the
purposes of the provisions of this § 3 by the Calculation Agent shall (in the absence of
manifest error) be binding on the Issuer, [In the case of Notes issued by Linde
Finance B.V. the following applies: the Guarantor,] the Fiscal Agent, the Paying Agent
and the Holders.
(7) Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day
preceding the day on which they are due for redemption. If the Issuer shall fail to redeem
the Notes when due, interest shall continue to accrue on the outstanding aggregate
principal amount of the Notes from the due date until the expiry of the day preceding the
day of the actual redemption of the Notes at the default rate of interest established by
law.1]
(8) Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an
amount of interest on any Note for any period of time (the "Calculation Period"):
In the case of
Actual/365
(Fixed) the
following applies
[the actual number of days in the Calculation Period divided by 365.]
In the case of
Actual/360 the
following applies
[the actual number of days in the Calculation Period divided by 360.]
§4
PAYMENTS
(1) (a) Payment of Principal. Payment of principal in respect of Notes shall be made,
(b) Payment of Interest. Payment of interest on Notes shall be made, subject to
subparagraph (2), to the Clearing System or (if applicable) to its order for credit to the
relevant account holders of the Clearing System.
In the case of
interest payable
on a Temporary
Global Note the
following applies
[Payment of interest on Notes represented by the Temporary Global Note shall be
made, subject to subparagraph (2), to the Clearing System or (if applicable) to its
order for credit to the relevant account holders of the Clearing System, upon due
certification as provided in § 1(3) (b).]
(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations,
payments of amounts due in respect of the Notes shall be made in the Specified
Currency.
1
Deutsche Bundesbank from time to time, §§ 288 paragraph 1, 247 BGB (German Civil Code).
156
(5) Payment Business Day. If the date for payment of any amount in respect of any Note
is not a Payment Business Day then the Holder shall not be entitled to payment until the
next such day in the relevant place and shall not be entitled to further interest or other
payment in respect of such delay. For these purposes, "Payment Business Day"
means any day which is a Business Day.
Redemption Amount of the Notes; and any premium and any other amounts which may
be payable under or in respect of the Notes. Reference in these Terms and Conditions
to interest in respect of the Notes shall be deemed to include, as applicable, any
Additional Amounts which may be payable under § 7.
of acceptance of payment. If and to the extent that the deposit is effected and the right of
withdrawal is waived, the respective claims of such Holders against the Issuer shall
cease.
§5
REDEMPTION
purchased and cancelled, the Notes shall be redeemed at their Final Redemption
Amount on the Interest Payment Date falling in [Redemption Month] (the "Maturity
Date"). The "Final Redemption Amount" in respect of each Note shall be its principal
amount.
In the case of
Notes issued by
Linde AG the
following applies
or regulations, which amendment or change is effective on or after the date on which the
last tranche of this series of Notes was issued, the Issuer is required to pay Additional
Amounts (as defined in § 7 herein) on the next succeeding Interest Payment Date (as
defined in § 3(1)), and this obligation cannot be avoided by the use of reasonable
measures available to the Issuer, the Notes may be redeemed, in whole but not in part,
at the option of the Issuer, upon not more than 60 days' nor less than 30 days' prior
notice of redemption given to the Fiscal Agent and, in accordance with § 13 to the
Holders, at their Final Redemption Amount, together with interest (if any) accrued to the
date fixed for redemption (exclusive).]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
required to pay Additional Amounts (as defined in § 7 herein) on the next succeeding
Interest Payment Date (as defined in § 3(1)), and this obligation cannot be avoided by
the use of reasonable measures available to the Issuer, the Notes may be redeemed, in
whole but not in part, at the option of the Issuer, upon not more than 60 days' nor less
157
than 30 days' prior notice of redemption given to the Fiscal Agent and, in accordance
with § 13 to the Holders, at their Final Redemption Amount, together with interest (if any)
accrued to the date fixed for redemption (exclusive).]
However, no such notice of redemption may be given (i) earlier than 90 days prior to the
earliest date on which the Issuer would be obligated to pay such Additional Amounts
were a payment in respect of the Notes then due, or (ii) if at the time such notice is
given, such obligation to pay such Additional Amounts or make such deduction or
withholding does not remain in effect. The date fixed for redemption must be an Interest
Payment Date.
specify the date fixed for redemption and must set forth a statement in summary form of
the facts constituting the basis for the right of the Issuer so to redeem.
In the case of
Notes issued by
Linde AG the
following applies
open market or otherwise and at any price. Such acquired Notes may be cancelled, held
or resold. In the event that the Issuer or any subsidiary has purchased Notes equal to or
in excess of 75% of the aggregate principal amount of the Notes initially issued and the
aggregate principal amount of the Notes is reduced by this percentage in the global note
part) at the Final Redemption Amount plus accrued interest until the date of redemption
(exclusive).]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
Guarantor or any subsidiary of the Guarantor has purchased Notes equal to or in excess
of 75% of the aggregate principal amount of the Notes initially issued and the aggregate
principal amount of the Notes is reduced by this percentage in the global note
part) at the Final Redemption Amount plus accrued interest until the date of redemption
(exclusive).]
Change of Control at their Final Redemption Amount together with accrued interest, if
any, to (but excluding) the last date of redemption.
more than 50% of the voting rights exercisable at general meetings of Linde AG, and (ii)
such acquisition results in any withdrawal or downgrade to a rating of or below Ba1 by
any rating agency of Moody's Investors Services or BB+ by any rating agency of
occurrence of a Change of Control in respect of Linde AG has immediately to be notified
to the Holders pursuant to § 13.
have been validly exercised. The Put Notice must specify (i) the total principal amount of
the Notes in respect of which such option is exercised, [and] (ii) the securities
158
respect of which such option is exercised against delivery of such Notes to the Issuer or
to its order.
If the Notes are
subject to Early
Redemption at
the Option of the
Issuer at Final
Redemption
Amount the
following applies
(a) The Issuer may, upon notice given in accordance with clause (b), redeem all or some
only of the Notes on the Interest Payment Date following [number] years after the
Interest Commencement Date and on each Interest Payment Date thereafter (each a
"Call Redemption Date") at the Final Redemption Amount together with accrued
interest, if any, to (but excluding) the respective Call Redemption Date.
and
(iii) the Call Redemption Date, which may not be less than [Minimum Notice to
Holders] nor more than [Maximum Notice to Holders] days after the date on
which notice is given by the Issuer to the Holders.
(c) In the case of a partial redemption of Notes, Notes to be redeemed shall be selected
in accordance with the rules of the relevant Clearing System. [In the case of Notes
in NGN form the following applies: Such partial redemption shall be reflected in
the records of CBL and Euroclear as either a pool factor or a reduction in the
aggregate principal amount, at the discretion of CBL and Euroclear.]]
§6
FISCAL AGENT, PAYING AGENT AND CALCULATION AGENT
(1) Appointment; Specified Offices. The initial Fiscal Agent, Paying Agent and the
Calculation Agent and their respective initial specified offices are:
Taunusanlage 12
Germany
Calculation Agent:
[name and specified office]
The Fiscal Agent, the Paying Agent and the Calculation Agent reserve the right at any
time to change their respective specified offices to some other specified offices in the
same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to
vary or terminate the appointment of the Fiscal Agent or any Paying Agent or the
Calculation Agent and to appoint another Fiscal Agent or another Paying Agent or
another Calculation Agent. The Issuer shall at all times maintain (i) a Fiscal Agent [In
the case of payments in U.S. dollars the following applies insert:, (ii) if payments at
or through the offices of all Paying Agents outside the United States (as defined in § 4
hereof) become illegal or are effectively precluded because of the imposition of
in United States dollars, a Paying Agent with a specified office in New York City] and
[(iii)] a Calculation Agent. Any variation, termination, appointment or change shall only
take effect (other than in the case of insolvency, when it shall be of immediate effect)
after not less than 30 nor more than 45 days' prior notice thereof shall have been given
159
to the Holders in accordance with § 13.
(3) Agents of the Issuer. The Fiscal Agent, the Paying Agent and the Calculation Agent
act solely as agents of the Issuer and do not have any obligations towards or
relationship of agency or trust to any Holder.
§7
TAXATION
In the case of
Notes issued by
Linde AG the
following applies
and not merely by reason of the fact that payments in respect of the Notes are, or for
purposes of taxation are deemed to be, derived from sources in, or are secured in
Germany; or
relating to such taxation and to which Germany or the European Union is a party/are
parties, or (iii) any provision of law implementing, or complying with, or introduced to
conform with, such Directive, Regulation, treaty or understanding; or
occurs later; or
(e) are deducted or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal
Revenue Code of 1986, as amended (the "Code"), any current or future regulations
or official interpretations thereof, any agreement entered into pursuant to Section
1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
Germany or by or on behalf of any political subdivision or authority therein having power
to tax (hereinafter together called "Withholding Taxes"), unless such deduction or
withholding is required by law. In such event, the Issuer shall pay such additional
160
the European Union and not merely by reason of the fact that payments in respect of
the Notes are, or for purposes of taxation are deemed to be, derived from sources in,
or are secured in The Netherlands; or
understanding; or
occurs later; or
(e) are deducted or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal
Revenue Code of 1986, as amended (the "Code"), any current or future regulations
or official interpretations thereof, any agreement entered into pursuant to Section
1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the
implementation of such Sections of the Code.]
§8
PRESENTATION PERIOD
§9
EVENTS OF DEFAULT
In the case of
Notes issued by
Linde AG the
following applies
demand immediate redemption thereof at the Final Redemption Amount , together with
(a) the Issuer fails to pay principal or interest within 30 days from the relevant due date,
or
from a Holder, or
equivalent thereof under any Capital Market Indebtedness or under any guarantee or
suretyship given for any Capital Market Indebtedness of others within 30 days from
its due date or, in the case of a guarantee or suretyship, within 30 days after the
guarantee or suretyship has been invoked, unless the Issuer shall contest in good
faith that such payment obligation exists or is due or that such guarantee or
payments, or
161
are not permanently or temporarily discontinued within 60 days, or the Issuer applies
for or institutes such proceedings, or
the events specified in § 9 subparagraph (1) (a) or (1) (d) through (1) (f) entitling Holders
to declare their Notes due has occurred, become effective only when the Fiscal Agent
has received such notices from the Holders of at least one-tenth of the aggregate
German language delivered to the specified office of the Fiscal Agent together with proof
that such notifying Holder at the time of such notice is a holder of the relevant Notes by
means of a certificate of his Custodian (as defined in § 14 [(4)]) or in other appropriate
manner.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
demand immediate redemption thereof at the Final Redemption Amount, together with
Guarantor fails to perform any obligation arising from the Guarantee referred to in § 2
which failure is not capable of remedy or, if such failure is capable of remedy, such
failure continues for more than 60 days after the Fiscal Agent has received notice
thereof from a Holder, or
(c) any Capital Market Indebtedness (as defined in § 2(1)) of the Issuer or the Guarantor
becomes prematurely repayable as a result of a default in respect of the terms
thereof, or the Issuer or the Guarantor fails to fulfil any payment obligation in excess
of € 150,000,000 or the equivalent thereof under any Capital Market Indebtedness or
under any guarantee or suretyship given for any Capital Market Indebtedness of
others within 30 days from its due date or, in the case of a guarantee or suretyship,
within 30 days after the guarantee or suretyship has been invoked, unless the Issuer
or the Guarantor shall contest in good faith that such payment obligation exists or is
due or that such guarantee or suretyship has been validly invoked, or if a security
granted therefor is enforced on behalf of or by the creditor(s) entitled thereto, or
company assumes all obligations contracted by the Issuer or the Guarantor , as the
162
Agent has received such notices from the Holders of at least one-tenth of the aggregate
German language delivered to the specified office of the Fiscal Agent together with proof
that such notifying Holder at the time of such notice is a holder of the relevant Notes by
means of a certificate of his Custodian (as defined in § 14 [(4)]) or in other appropriate
manner.]
§ 10
SUBSTITUTION
In the case of
Notes issued by
Linde AG the
following applies
provided that:
under the Notes;
Programme;
(a) in § 7 and § 5(2) an alternative reference to Germany shall be deemed to have been
163
included in addition to the reference according to the preceding sentence to the country
of domicile or residence for taxation purposes of the Substitute Debtor; and
Debtor.]
In the case of
Notes issued by
Linde Finance
B.V. the
following applies
under the Notes;
Guarantee;
§ 11
AMENDMENT OF THE TERMS AND CONDITIONS, HOLDERS' REPRESENTATIVE[,
AMENDMENT OF THE GUARANTEE]
(2) Majority. Resolutions shall be passed by a majority of not less than 75% of the votes
cast, provided that the quorum requirements are met. Resolutions relating to
164
relate to the matters listed in § 5 paragraph 3, Nos. 1 to 9 of the SchVG require a simple
majority of the votes cast, provided that the quorum requirements are met.
registration, Holders must demonstrate their eligibility to participate in the vote by means
of a special confirmation of the Custodian in accordance with § 14[(4)](i)(a) and (b) in
text form and by submission of a blocking instruction by the Custodian stating that the
relevant Notes are not transferable from and including the day such registration has
blocking instruction by the Custodian stating that the relevant Notes are not transferable
from and including the day such votes have been cast until and including the day the
voting period ends.
(6) Second meeting. If it is ascertained that no quorum exists for the meeting pursuant to
subparagraph (4) or the vote without a meeting pursuant to subparagraph (5), in case of
a meeting the chairman (Vorsitzender) may convene a second meeting in accordance
with section 15 paragraph 3 sentence 2 of the SchVG or in case of a vote without a
meeting the scrutineer (Abstimmungsleiter) may convene a second meeting within the
meaning of section 15 paragraph 3 sentence 3 of the SchVG. Attendance at the second
meeting and exercise of voting rights is subject to the Holders' registration. The
provisions set out in subparagraph (4) shall apply mutatis mutandis to the Holders'
If no Holders'
Representative
is designated in
the Terms and
Conditions, the
following applies
material matters.]
If the Holders'
Representative
is appointed in
the Terms and
Conditions, the
following applies
Representative]. The liability of the Holders' Representative shall be limited to ten times
the amount of its annual remuneration, unless the Holders' Representative has acted
willfully or with gross negligence.]
In the case of
Notes issued by
Finance B.V. the
[(9) Amendment of the Guarantee. The provisions set out above applicable to the Notes
shall apply mutatis mutandis to the Guarantee of Linde AG.]
165
following applies
§ 12
(1) Further Issues. The Issuer may from time to time, without the consent of the Holders,
issue further Notes having the same conditions as the Notes in all respects (or in all
respects except for the issue date, Interest Commencement Date and/or issue price) so
as to form a single Series with the Notes.
are made by public tender, tenders for such Notes must be made available to all Holders
of such Notes alike.
reissued or resold.
§ 13
NOTICES
In the case of
Notes which are
admitted to
trading on the
regulated market
of the
Luxembourg
Stock Exchange
the following
applies
relevant notice to the Clearing System for communication by the Clearing System to the
Holders. Any such notice shall be deemed to have been validly given on the seventh day
after the day on which the said notice was given to the Clearing System. So long as any
Notes are admitted to trading on the regulated market of the Luxembourg Stock
Exchange, subparagraph (1) shall apply. In the case of notices regarding the Rate of
Interest or, if the Rules of the Luxembourg Stock Exchange so permit, the Issuer may, in
lieu of publication set forth in subparagraph (1) above, deliver the relevant notice to the
Clearing System, for communication by the Clearing System to the Holders. Any such
notice shall be deemed to have been given to the Holders on the seventh day after the
day on which the said notice was given to the Clearing System.]
In the case of
Notes which are
listed on the
Frankfurt Stock
Exchange the
following
applies
[(1) Publication. Subject to § 11 (8) all notices concerning the Notes shall be published in
the Federal Gazette (Bundesanzeiger). Any notice will be deemed to have been validly
given on the third day following the date of such publication (or, if published more than
once, on the third day following the date of the first such publication).]
In case of Notes
which are
unlisted the
following applies
[(1) Notification to Clearing System. Subject to § 11 (8) the Issuer shall deliver all notices
concerning the Notes to the Clearing System for communication by the Clearing System
to the Holders. Any such notice shall be deemed to have been validly given on the
seventh day after the day on which the said notice was given to the Clearing System.]
[(2)][(3)] Form of Notice. Notices to be given by any Holder shall be made by means of a
written declaration to be sent together with an evidence of the Holder´s entitlement in
approve for such purpose
166
§ 14
ENFORCEMENT
In the case of
Notes issued by
Finance B.V. the
following applies
[(4)] Enforcement. Any Holder of Notes may in any Proceedings against the Issuer, or to
which such Holder and the Issuer are parties, protect and enforce in his own name his
rights arising under such Notes on the basis of (i) a statement issued by the Custodian
(as defined below) with whom such Holder maintains a securities account in respect of
the Notes (a) stating the full name and address of the Holder, (b) specifying the
aggregate principal amount of Notes credited to such securities account on the date of
such statement and (c) confirming that the Custodian has given written notice to the
Clearing System or a depository of the Clearing System, without the need for production
in such proceedings of the actual records or the global note representing the Notes or
(iii) any other means of proof permitted in legal proceedings in the country of
§ 15
LANGUAGE
If the Terms and
Conditions are to
be in the German
language with an
English
language
translation the
following applies
If the Terms and
Conditions are to
be in the English
language with a
German
language
translation insert
If the Terms and
Conditions are to
be in the English
language only
the following
applies
In the case of
Notes which are
to be publicly
offered, in whole
or in part, in the
Federal Republic
bereitgehalten.]
167
of Germany or
distributed, in
whole or in part,
to non-qualified
investors in the
Federal Republic
of Germany with
English
language Terms
and Conditions
the following
applies
168
OPTION III – Terms and Conditions that apply to Notes without periodic interest
payments (Zero Coupon)
§1
aggregate principal amount [In the case the global note is a NGN insert: (subject to
§ 1(4))] of [aggregate principal amount] (in words: [aggregate principal amount in
Denomination").
In the case of
Notes which are
represented by a
Permanent
Global Note the
following
applies
[(3) Permanent Global Note. The Notes are represented by a permanent global note
(the "Permanent Global Note") without coupons. The Permanent Global Note shall be
signed by authorized signatories of the Issuer and shall be authenticated by or on
behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.]
In the case of
Notes which are
initially
represented by a
Temporary
Global Note the
following
applies
for Notes in the Specified Denomination represented by a permanent global note
(the "Permanent Global Note") without coupons. The Temporary Global Note and
the Permanent Global Note shall each be signed by authorized signatories of the
Issuer and shall each be authenticated by or on behalf of the Fiscal Agent.
Definitive Notes and interest coupons will not be issued.
Global Note. Such exchange shall only be made upon delivery of certifications to
the effect that the beneficial owner or owners of the Notes represented by the
Temporary Global Note is not a U.S. person (other than certain financial institutions
or certain persons holding Notes through such financial institutions) as required by
U.S. tax law. Payment of interest on Notes represented by a Temporary Global
Note will be made only after delivery of such certifications. A separate certification
shall be required in respect of each such payment of interest. Any such certification
received on or after the 40th day after the date of issue of the Temporary Global
Note will be treated as a request to exchange such Temporary Global Note
pursuant to this subparagraph (b) of this §1(3). Any securities delivered in exchange
for the Temporary Global Note shall be delivered only outside of the United States
(as defined in § 4(3)).]
"Clearing System" means [If more than one Clearing System the following
applies: each of] the following: [Clearstream Banking AG, Neue Börsenstraße 1,
60487 Frankfurt am Main, Federal Republic of Germany ("CBF")] [Clearstream
Banking, société anonyme, 42 Avenue JF Kennedy, 1855 Luxembourg, Grand Duchy
of Luxembourg ("CBL"), Euroclear Bank SA/NV, Boulevard du Roi Albert II, 1210
Brussels, Belgium ("Euroclear") (CBL and Euroclear each an "ICSD" and together the
"ICSDs")] and any successor in such capacity.
In the case of
169
Notes kept in
custody on
behalf of the
ICSDs and the
global note is an
NGN the
following
applies
global note and, for these purposes, a statement issued by a ICSD stating the amount
of Notes so represented at any time shall be conclusive evidence of the records of the
reduced by the aggregate principal amount of the Notes so redeemed or purchased
and cancelled.
In the case of
Notes kept in
custody on
behalf of the
ICSDs and the
global note is a
CGN the
following
applies
[The Notes are issued in classical global note ("CGN") form and are kept in custody by
a common depositary on behalf of both ICSDs.]
(5) Holder of Notes. "Holder" means any holder of a proportionate co-ownership or
other beneficial interest or right in the Notes.
In the case of
Notes for which
a book-entry
register will be
maintained the
following
applies
§2
STATUS, NEGATIVE PLEDGE [In the case of Notes issued by Linde Finance B.V.
GUARANTOR]
In the case of
Notes issued by
Linde AG the
following
applies
other unsecured and unsubordinated obligations of the Issuer except for any
Paying Agent, the Issuer undertakes not to grant or permit to subsist any mortgage,
land charge or any other security right in rem (dingliches Sicherungsrecht) over any or
all of its present or future assets, as security for any present or future Capital Market
170
longer than one year, which are or are capable of being quoted, listed, dealt in or
traded on a stock exchange or other recognised securities market. For the purposes of
requirements of law and accounting principles generally accepted in Germany, need
not be, and are not, reflected in the Issuer's balance sheet.]
In the case of
Notes issued by
Linde Finance
B.V. the
following
applies
other unsecured and unsubordinated obligations of the Issuer except for any
Paying Agent, the Issuer undertakes not to grant or permit to subsist any mortgage,
land charge or any other security right in rem (dingliches Sicherungsrecht) over any or
all of its present or future assets, as security for any present or future Capital Market
longer than one year, which are or are capable of being quoted, listed, dealt in or
traded on a stock exchange or other recognised securities market. For the purposes of
security for any present or future Capital Market Indebtedness (as defined above)
issued or guaranteed by the Guarantor or by any other person, without at the same
time having the Holders share equally and rateably in such security.
The Guarantee and Negative Pledge constitute a contract for the benefit of Holders
from time to time as third party beneficiaries in accordance with § 328 of the German
Civil Code1, giving rise to the right of each Holder to require performance of the
Guarantee and the Negative Pledge directly from the Guarantor and to enforce the
Guarantee and the Negative Pledge directly against the Guarantor. For the purposes of
avoiding any doubt in respect of asset-backed financings originated by the Guarantor,
the expressions "assets" and "obligations for the payment of borrowed money" as used
in this § 2 do not include assets and obligations of the Guarantor which, pursuant to the
requirements of law and accounting principles generally accepted in Germany, need
not be, and are not, reflected in the Guarantor's balance sheet.
1
directly to demand performance."
171
§3
INTEREST
(1) No Periodic Payments of Interest. There will not be any periodic payments of
interest on the Notes.
(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest
shall accrue on the outstanding aggregate principal amount of the Notes as from the
due date to the date of actual redemption at the default rate of interest established by
law1.
(3) Day Count Fraction. "Day Count Fraction" means in respect of a Calculation
Period (as defined below in § 5[(7)]):
In the case of
30/360,360/360
or Bond Basis
the following
applies
[the number of days in the Calculation Period divided by 360, the number of days to be
calculated on the basis of a year of 360 days with twelve 30-day months (unless (i) the
last day of the Calculation Period is the 31st day of a month but the first day of the
Calculation Period is a day other than the 30th or 31st day of a month, in which case
the month that includes that last day shall not be considered to be shortened to a 30day month, or (ii) the last day of the Calculation Period is the last day of the month of
February in which case the month of February shall not be considered to be lengthened
to a 30-day month).]
In the case of
30E/360 or
Eurobond Basis
the following
applies
[the number of days in the Calculation Period divided by 360 (the number of days to be
calculated on the basis of a year of 360 days with twelve 30-day months, without
regard to the date of the first day or last day of the Calculation Period unless, in the
case of the final Calculation Period, the Maturity Date is the last day of the month of
February, in which case the month of February shall not be considered to be
lengthened to a 30-day month.]
§4
PAYMENTS
(1) Payment of Principal. Payment of principal in respect of Notes shall be made,
(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations,
payments of amounts due in respect of the Notes shall be made in the Specified
Currency.
(5) Payment Business Day. If the date for payment of any amount in respect of any
Note is not a Payment Business Day then the Holder shall not be entitled to payment
until the next such day in the relevant place and shall not be entitled to further interest
or other payment in respect of such delay. For these purposes, "Payment Business
1
Deutsche Bundesbank from time to time, §§ 288 paragraph 1, 247 BGB (German Civil Code).
172
Day" means any day which is a day (other than a Saturday or a Sunday)
In the case of
Notes not
denominated in
EUR the
following
applies
[on which commercial banks and foreign exchange markets settle payments in
[relevant financial centre(s)]][.][and]
In the case the
Clearing System
and TARGET
shall be open
the following
applies
[on which the Clearing System as well as well as all relevant parts of the TransEuropean Automated Real-time Gross Settlement Express Transfer System 2
("TARGET") are open to effect payments.]
Redemption Amount of the Notes; the Early Redemption Amount of the Notes; [If
redeemable at option of Issuer for other than taxation reasons the following
applies: the Call Redemption Amount of the Notes;] [If redeemable at option of the
Holder the following applies: the Put Redemption Amount of the Notes;] the
Amortized Face Amount of the Notes and any premium and any other amounts which
may be payable under or in respect of the Notes. Reference in these Terms and
Conditions to interest in respect of the Notes shall be deemed to include, as applicable,
any Additional Amounts which may be payable under § 7.
of acceptance of payment. If and to the extent that the deposit is effected and the right
of withdrawal is waived, the respective claims of such Holders against the Issuer shall
cease.
§5
REDEMPTION
purchased and cancelled, the Notes shall be redeemed at their Final Redemption
Amount on [Maturity Date] (the "Maturity Date"). The "Final Redemption Amount" in
respect of each Note shall be its principal amount.
In the case of
Notes issued by
Linde AG the
following
applies
or regulations, which amendment or change is effective on or after the date on which
the last tranche of this series of Notes was issued, the Issuer is required to pay
Additional Amounts (as defined in § 7 herein) at maturity or upon sale or exchange of
any Note, and this obligation cannot be avoided by the use of reasonable measures
available to the Issuer, the Notes may be redeemed, in whole but not in part, at the
option of the Issuer, upon not more than 60 days' nor less than 30 days' prior notice of
redemption given to the Fiscal Agent and, in accordance with § 13 to the Holders, at
their Early Redemption Amount (as defined below).]
In the case of
Notes issued by
Linde Finance
B.V. the
following
applies
required to pay Additional Amounts (as defined in § 7 herein) at maturity or upon sale
or exchange of any Note, and this obligation cannot be avoided by the use of
reasonable measures available to the Issuer, the Notes may be redeemed, in whole but
173
not in part, at the option of the Issuer, upon not more than 60 days' nor less than
30 days' prior notice of redemption given to the Fiscal Agent and, in accordance with
§ 13 to the Holders, at their Early Redemption Amount (as defined below).]
However, no such notice of redemption may be given (i) earlier than 90 days prior to
the earliest date on which the Issuer would be obligated to pay such Additional
Amounts were a payment in respect of the Notes then due, or (ii) if at the time such
notice is given, such obligation to pay such Additional Amounts or make such
deduction or withholding does not remain in effect.
specify the date fixed for redemption and must set forth a statement in summary form
of the facts constituting the basis for the right of the Issuer so to redeem.
In the case of
Notes issued by
Linde AG the
following
applies
open market or otherwise and at any price. Such acquired Notes may be cancelled,
held or resold. In the event that the Issuer or any subsidiary has purchased Notes
equal to or in excess of 75% of the aggregate principal amount of the Notes initially
issued and the aggregate principal amount of the Notes is reduced by this percentage
in the global note accordingly, the Issuer may call and redeem the remaining Notes (in
whole but not in part) at the Early Redemption Amount.]
In the case of
Notes issued by
Linde Finance
B.V. the
following
applies
Guarantor or any subsidiary of the Guarantor has purchased Notes equal to or in
excess of 75% of the aggregate principal amount of the Notes initially issued and the
aggregate principal amount of the Notes is reduced by this percentage in the global
note accordingly, the Issuer may call and redeem the remaining Notes (in whole but not
in part) at the Early Redemption Amount.]
Change of Control at their Early Redemption Amount.
more than 50% of the voting rights exercisable at general meetings of Linde AG, and
(ii) such acquisition results in any withdrawal or downgrade to a rating of or below Ba1
by any rating agency of Moody's Investors Services or BB+ by any rating agency of
occurrence of a Change of Control in respect of Linde AG has immediately to be
notified to the Holders pursuant to § 13.
have been validly exercised. The Put Notice must specify (i) the total principal amount
of the Notes in respect of which such option is exercised, [and] (ii) the securities
174
respect of which such option is exercised against delivery of such Notes to the Issuer
or to its order.
If the Notes are
subject to Early
Redemption at
the Option of the
Issuer at
specified Call
Redemption
Amounts the
following
applies
(a) The Issuer may, upon notice given in accordance with clause (b), redeem all or
some only of the Notes on the Call Redemption Date within the Call Redemption
Period(s) at the Call Redemption Amount(s) set forth below.
[Call Redemption Period(s)]
[____________________________]
[____________________________]
[Call Redemption Amount(s)]
[____________________________]
[____________________________]
[If Notes are subject to Early Redemption at the Option of the Holder the
following applies: The Issuer may not exercise such option in respect of any Note
which is the subject of the prior exercise by the Holder thereof of its option to require
the redemption of such Note under subparagraph (6) of this § 5.]
(iii) the date within the relevant Call Redemption Period on which redemption will
occur at the option of the Issuer (the "Call Redemption Date"). The Call
Redemption Date may not be less than [Minimum Notice to Holders] nor
more than [Maximum Notice to Holders] days after the date on which notice is
given by the Issuer to the Holders; and
(iv) the Call Redemption Amount at which such Notes are to be redeemed.
(c) In the case of a partial redemption of Notes, Notes to be redeemed shall be
selected in accordance with the rules of the relevant Clearing System. [In the case
of Notes in NGN form the following applies: Such partial redemption shall be
reflected in the records of CBL and Euroclear as either a pool factor or a reduction
in the aggregate principal amount, at the discretion of CBL and Euroclear.]]
If the Notes are
subject to Early
Redemption at
the Option of a
Holder at
specified Put
Redemption
Amounts the
following
applies
[(6) Early Redemption at the Option of a Holder.
(a) The Issuer shall, at the option of the Holder of any Note, redeem such Note on the
Put Redemption Date within the Put Redemption Period(s) at the Put Redemption
Amount(s) set forth below.
[Put Redemption Period(s)]
[____________________________]
[____________________________]
[Put Redemption Amount(s)]
[____________________________]
[____________________________]
The Holder may not exercise such option in respect of any Note which is the subject
of the prior exercise by the Issuer of its option to redeem such Note under this § 5.
The "Put Redemption Date" is the date within the relevant Put Redemption Period
on which actual redemption at the option of the Holder will occur.
(b) In order to exercise such option, the Holder must, not less than [Minimum Notice
to Issuer] nor more than [Maximum Notice to Issuer] days before the Put
175
Redemption Period during which such redemption is required to be made as
specified in the Put Notice (as defined below), send to the specified office of the
Fiscal Agent an early redemption notice in written form ("Put Notice"). In the event
that the Put Notice is received after 5:00 p.m. Frankfurt time on the [Minimum
Notice to Issuer] day before the beginning of the relevant the Put Redemption
Period, the option shall not have been validly exercised. The Put Notice must
specify (i) the total principal amount of the Notes in respect of which such option is
exercised, [and] (ii) the securities identification numbers of such Notes, if any [In
the case the Global Note is kept in custody by CBF, insert: and (iii) contact
details as well as a bank account]. The Put Notice may be in the form available from
the specified office of the Fiscal Agent in the German and English language and
includes further information. No option so exercised may be revoked or withdrawn.
The Issuer shall only be required to redeem Notes in respect of which such option is
exercised against delivery of such Notes to the Issuer or to its order.]
[(7)] Early Redemption Amount.
(a)
For purposes of subparagraph[s] (2) [, (3)] [,] [and] [(4)] of this § 5 and § 9, the
Early Redemption Amount of a Note shall be equal to the Amortized Face
Amount of the Note.
(b)
The Amortized Face Amount of a Note shall be an amount equal to the sum of:
(i)
[Reference Price] (the "Reference Price"), and
(ii)
the product of [Amortization Yield] (compounded annually) and the
Reference Price from (and including) [Issue Date] to (but excluding) the date
fixed for redemption or (as the case may be) the date upon which the Notes
become due and payable.
Where such calculation is to be made for a period which is not a whole number of
years, the calculation in respect of the period of less than a full year (the
"Calculation Period") shall be made on the basis of the Day Count Fraction (as
defined in § 3).
In the case the
early redemption
Amount shall be
the higher of the
Final
Redemption
Amount and the
Present Value,
the following
applies
(c)
If the Issuer fails to pay the Early Redemption Amount when due, the Amortized
Face Amount of a Note shall be calculated as provided herein, except that
references in subparagraph (b)(ii) above to the date fixed for redemption or the
date on which such Note becomes due and repayable shall refer to the date on
which, upon due presentation and surrender of the relevant Note (if required),
payment is made.
[(d)
For purposes of subparagraph[s] [(3)] [and] [(4)] of this § 5, the Early
Redemption Amount of a Note shall be the higher of (i) its Final Redemption
Amount and (ii) the Present Value. The "Present Value" will be calculated by the
Calculation Agent by discounting the principal amount of a Note using the
Comparable Benchmark Yield plus [percentage]%. The Comparable Benchmark
Yield will be the yield at the Redemption Calculation Date on the corresponding
[euro denominated benchmark debt security of the Federal Republic of Germany]
[UK government Sterling denominated benchmark debt security issued by H.M.
Treasury] [Swiss franc denominated benchmark federal bond of the Swiss
Confederation] [U.S. dollar denominated benchmark U.S. Treasury debt
security], as having a maturity comparable to the remaining term of the Note to
[Maturity Date] that would be used, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to [Maturity Date]. "Redemption Calculation
Date" means the third Payment Business Day prior to the [respective] date of
redemption of the Notes pursuant to this § 5 [subparagraph (3)] [or]
subparagraph (4)] [as the case may be].]
§6
FISCAL AGENT[,][AND] PAYING AGENT [AND CALCULATION AGENT]
(1) Appointment; Specified Offices. The initial Fiscal Agent[,] [and] Paying Agent [and
176
the Calculation Agent] and their respective initial specified offices are:
If the Notes are
subject to Early
Redemption at
Early
Redemption
Amount (Present
Value) the
following
applies
Taunusanlage 12
Germany
[Calculation Agent:
[name and specified office]]
The Fiscal Agent[,] [and] the Paying Agent [and the Calculation Agent] reserve the
right at any time to change their respective specified offices to some other specified
offices in the same city.
(2) Variation or Termination of Appointment. The Issuer reserves the right at any time
to vary or terminate the appointment of the Fiscal Agent or any Paying Agent [or the
Calculation Agent] and to appoint another Fiscal Agent or another Paying Agent [or
another Calculation Agent]. The Issuer shall at all times maintain [(i)] a Fiscal Agent [In
the case of payments in U.S. dollars the following applies insert:, (ii) if payments
at or through the offices of all Paying Agents outside the United States (as defined in
§ 4 hereof) become illegal or are effectively precluded because of the imposition of
in United States dollars, a Paying Agent with a specified office in New York City] [If any
Calculation Agent is to be appointed the following applies: and [(iii)] a Calculation
Agent]. Any variation, termination, appointment or change shall only take effect (other
than in the case of insolvency, when it shall be of immediate effect) after not less than
30 nor more than 45 days' prior notice thereof shall have been given to the Holders in
accordance with § 13.
(3) Agents of the Issuer. The Fiscal Agent[,] [and] the Paying Agent [and the
Calculation Agent] act solely as agents of the Issuer and do not have any obligations
towards or relationship of agency or trust to any Holder.
§7
TAXATION
In the case of
Notes issued by
Linde AG the
following
applies
and not merely by reason of the fact that payments in respect of the Notes are, or
for purposes of taxation are deemed to be, derived from sources in, or are secured
in Germany; or
177
relating to such taxation and to which Germany or the European Union is a
party/are parties, or (iii) any provision of law implementing, or complying with, or
introduced to conform with, such Directive, Regulation, treaty or understanding; or
occurs later; or
regulations or official interpretations thereof, any agreement entered into pursuant
to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code.]
In the case of
Notes issued by
Linde Finance
B.V. the
following
applies
Germany or by or on behalf of any political subdivision or authority therein having
power to tax (hereinafter together called "Withholding Taxes"), unless such deduction
or withholding is required by law. In such event, the Issuer shall pay such additional
the European Union and not merely by reason of the fact that payments in respect
of the Notes are, or for purposes of taxation are deemed to be, derived from
sources in, or are secured in The Netherlands; or
understanding; or
occurs later; or
regulations or official interpretations thereof, any agreement entered into pursuant
to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code.]
178
§8
PRESENTATION PERIOD
§9
EVENTS OF DEFAULT
In the case of
Notes issued by
Linde AG the
following
applies
demand immediate redemption thereof at the Early Redemption Amount (as described
in § 5[(7)] , in the event that any of the following events (each, an "Event of Default")
occurs:
(a) the Issuer fails to pay principal or interest within 30 days from the relevant due
date, or
from a Holder, or
equivalent thereof under any Capital Market Indebtedness or under any guarantee
or suretyship given for any Capital Market Indebtedness of others within 30 days
from its due date or, in the case of a guarantee or suretyship, within 30 days after
the guarantee or suretyship has been invoked, unless the Issuer shall contest in
good faith that such payment obligation exists or is due or that such guarantee or
payments, or
are not permanently or temporarily discontinued within 60 days, or the Issuer
applies for or institutes such proceedings, or
the events specified in § 9 subparagraph (1) (a) or (1) (d) through (1) (f) entitling
Agent has received such notices from the Holders of at least one-tenth of the
aggregate principal amount of Notes then outstanding.
In the case of
Notes issued by
Linde Finance
B.V. the
demand immediate redemption thereof at the Early Redemption Amount (as described
in § 5[(7)] in the event that any of the following events (each, an "Event of Default")
179
following
applies
occurs:
Guarantor fails to perform any obligation arising from the Guarantee referred to in
§ 2 which failure is not capable of remedy or, if such failure is capable of remedy,
such failure continues for more than 60 days after the Fiscal Agent has received
notice thereof from a Holder, or
(c) any Capital Market Indebtedness (as defined in § 2(1)) of the Issuer or the
Guarantor becomes prematurely repayable as a result of a default in respect of the
terms thereof, or the Issuer or the Guarantor fails to fulfil any payment obligation in
excess of € 150,000,000 or the equivalent thereof under any Capital Market
Indebtedness or under any guarantee or suretyship given for any Capital Market
Indebtedness of others within 30 days from its due date or, in the case of a
guarantee or suretyship, within 30 days after the guarantee or suretyship has been
invoked, unless the Issuer, or the Guarantor shall contest in good faith that such
payment obligation exists or is due or that such guarantee or suretyship has been
validly invoked, or if a security granted therefor is enforced on behalf of or by the
creditor(s) entitled thereto, or
company assumes all obligations contracted by the Issuer or the Guarantor, as the
Agent has received such notices from the Holders of at least one-tenth of the
aggregate principal amount of Notes then outstanding.
§ 10
SUBSTITUTION
In the case of
Notes issued by
Linde AG the
following
applies
provided that:
180
obligated to deduct or withhold any taxes or other duties of whatever nature levied
by the country in which the Substitute Debtor or the Issuer has its domicile or tax
under the Notes;
Programme;
(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of
lawyers of recognised standing to the effect that subparagraphs (a), (b), (c) and (d)
above have been satisfied.
domicile or residence for taxation purposes of the Substitute Debtor. Furthermore, in
the event of such substitution the following shall apply:
(a) in § 7 and § 5(2) an alternative reference to Germany shall be deemed to have
country of domicile or residence for taxation purposes of the Substitute Debtor; and
Debtor.]
In the case of
Notes issued by
Linde Finance
B.V. the
following
applies
obligated to deduct or withhold any taxes or other duties of whatever nature levied
by the country in which the Substitute Debtor or the Issuer has its domicile or tax
under the Notes;
181
Guarantee;
(e) there shall have been delivered to the Fiscal Agent an opinion or opinions of
lawyers of recognised standing to the effect that subparagraphs (a), (b), (c) and (d)
above have been satisfied.
domicile or residence for taxation purposes of the Substitute Debtor. Furthermore, in
the event of such substitution the following shall apply:
§ 11
AMENDMENT OF THE TERMS AND CONDITIONS, HOLDERS'
REPRESENTATIVE[, AMENDMENT OF THE GUARANTEE]
(2) Majority. Resolutions shall be passed by a majority of not less than 75% of the
votes cast, provided that the quorum requirements are met. Resolutions relating to
relate to the matters listed in § 5 paragraph 3, Nos. 1 to 9 of the SchVG require a
simple majority of the votes cast, provided that the quorum requirements are met.
registration, Holders must demonstrate their eligibility to participate in the vote by
means of a special confirmation of the Custodian in accordance with § 14[(4)](i)(a) and
(b) in text form and by submission of a blocking instruction by the Custodian stating that
the relevant Notes are not transferable from and including the day such registration has
blocking instruction by the Custodian stating that the relevant Notes are not
transferable from and including the day such votes have been cast until and including
the day the voting period ends.
(6) Second meeting. If it is ascertained that no quorum exists for the meeting pursuant
to subparagraph (4) or the vote without a meeting pursuant to subparagraph (5), in
case of a meeting the chairman (Vorsitzender) may convene a second meeting in
accordance with section 15 paragraph 3 sentence 2 of the SchVG or in case of a vote
182
without a meeting the scrutineer (Abstimmungsleiter) may convene a second meeting
within the meaning of section 15 paragraph 3 sentence 3 of the SchVG. Attendance at
the second meeting and exercise of voting rights is subject to the Holders' registration.
The provisions set out in subparagraph (4) shall apply mutatis mutandis to the Holders'
If no Holders'
Representative
is designated in
the Terms and
Conditions, the
following
applies
material matters.]
If the Holders'
Representative
is appointed in
the Terms and
Conditions, the
following
applies
Representative]. The liability of the Holders' Representative shall be limited to ten
times the amount of its annual remuneration, unless the Holders' Representative has
acted willfully or with gross negligence.]
In the case of
Notes issued by
Finance B.V. the
following
applies
[(9) Amendment of the Guarantee. The provisions set out above applicable to the
Notes shall apply mutatis mutandis to the Guarantee of Linde AG.]
§ 12
(1) Further Issues. The Issuer may from time to time, without the consent of the
Holders, issue further Notes having the same conditions as the Notes in all respects (or
in all respects except for the issue date and/or issue price) so as to form a single Series
with the Notes.
are made by public tender, tenders for such Notes must be made available to all
Holders of such Notes alike.
reissued or resold.
§ 13
NOTICES
In the case of
Notes which are
admitted to
trading on the
regulated market
of the
Luxembourg
183
Stock Exchange
the following
applies
relevant notice to the Clearing System for communication by the Clearing System to
the Holders. Any such notice shall be deemed to have been validly given on the
seventh day after the day on which the said notice was given to the Clearing System.
So long as any Notes are admitted to trading on the regulated market of the
Luxembourg Stock Exchange, subparagraph (1) shall apply. If the Rules of the
Luxembourg Stock Exchange so permit, the Issuer may, in lieu of publication set forth
in subparagraph (1) above, deliver the relevant notice to the Clearing System, for
communication by the Clearing System to the Holders. Any such notice shall be
deemed to have been given to the Holders on the seventh day after the day on which
the said notice was given to the Clearing System.]
In the case of
Notes which are
listed on the
Frankfurt Stock
Exchange the
following
applies
[(1) Publication. Subject to § 11 (8) all notices concerning the Notes shall be published
in the Federal Gazette (Bundesanzeiger). Any notice will be deemed to have been
validly given on the third day following the date of such publication (or, if published
more than once, on the third day following the date of the first such publication).]
In case of Notes
which are
unlisted the
following
applies
[(1) Notification to Clearing System. Subject to § 11 (8) the Issuer shall deliver all
notices concerning the Notes to the Clearing System for communication by the
Clearing System to the Holders. Any such notice shall be deemed to have been validly
given on the seventh day after the day on which the said notice was given to the
Clearing System.]
[(2)][(3)] Form of Notice. Notices to be given by any Holder shall be made by means of
a written declaration to be sent together with an evidence of the Holder´s entitlement in
approve for such purpose
§ 14
ENFORCEMENT
In the case of
Notes issued by
Finance B.V. the
following
applies
[(4)] Enforcement. Any Holder of Notes may in any Proceedings against the Issuer, or
to which such Holder and the Issuer are parties, protect and enforce in his own name
his rights arising under such Notes on the basis of (i) a statement issued by the
Custodian (as defined below) with whom such Holder maintains a securities account in
respect of the Notes (a) stating the full name and address of the Holder, (b) specifying
the aggregate principal amount of Notes credited to such securities account on the date
of such statement and (c) confirming that the Custodian has given written notice to the
Clearing System or a depository of the Clearing System, without the need for
production in such proceedings of the actual records or the global note representing the
Notes or (iii) any other means of proof permitted in legal proceedings in the country of
184
§ 15
LANGUAGE
If the Terms and
Conditions are
to be in the
German
language with
an English
language
translation the
following
applies
If the Terms and
Conditions are
to be in the
English
language with a
German
language
translation
insert
If the Terms and
Conditions are
to be in the
English
language only
the following
applies
In the case of
Notes which are
to be publicly
offered, in whole
or in part, in the
Federal Republic
of Germany or
distributed, in
whole or in part,
to non-qualified
investors in the
Federal Republic
of Germany with
English
language Terms
and Conditions
the following
applies
bereitgehalten.]
185
Form of German language version of Guarantee and Negative Pledge:
GARANTIE UND NEGATIVVERPFLICHTUNG
der
Linde Aktiengesellschaft,
München, Bundesrepublik Deutschland,
zugunsten der Gläubiger von Schuldverschreibungen
(die "Schuldverschreibungen"),
die von der
Linde Finance B.V.
(einer mit beschränkter Haftung in den Niederlanden errichteten Gesellschaft)
im Rahmen des Debt Issuance Programme
(wie jeweils abgeändert, ergänzt oder neu gefasst) (das "Programm") begeben werden
IM HINBLICK DARAUF, DASS:
(A) Linde Finance B.V. ("Linde Finance") beabsichtigt, von Zeit zu Zeit Schuldverschreibungen im Rahmen
des Programms zu begeben;
(B) Linde Aktiengesellschaft (die "Garantin") die ordnungsgemäße Zahlung von Kapital und Zinsen sowie
von allen sonstigen Beträgen, die aufgrund der von Linde Finance im Rahmen des Programms begebenen
nicht-nachrangigen Schuldverschreibungen zu zahlen sind, garantieren möchte;
(C) die Garantin gegenüber jedem Gläubiger der von Linde Finance im Rahmen des Programms
begebenen Schuldverschreibungen eine Negativverpflichtung eingehen möchte;
WIRD FOLGENDES VEREINBART:
(1) (a) Die Garantin übernimmt gegenüber jedem Gläubiger (jeweils ein "Gläubiger") der
Schuldverschreibungen (wobei dieser Begriff jede vorläufige oder Dauerglobalurkunde, die
Schuldverschreibungen verbrieft, einschließt), welche jetzt oder zu irgendeinem Zeitpunkt nach dem
Datum dieser Garantie von Linde Finance im Rahmen des Programms begeben werden, die unbedingte
und unwiderrufliche Garantie für die ordnungsgemäße und pünktliche Zahlung bei Fälligkeit gemäß den
Anleihebeedingungen (in der durch die anwendbaren Endgültigen Bedingungen vervollständigten
Fassung) von Kapital und Zinsen auf die Schuldverschreibungen sowie von allen sonstigen Beträgen,
die gemäß den Anleihebedingungen (in der durch die anwendbaren Endgültigen Bedingungen
vervollständigten Fassung) auf Schuldverschreibungen zahlbar sind.
(b) Diese Garantie begründet eine unbedingte, unbesicherte und nicht nachrangige Verbindlichkeit der
Garantin, die mit allen anderen jeweils bestehenden, nicht besicherten und nicht nachrangigen
Verbindlichkeiten der Garantin gleichrangig ist.
(c) Sämtliche auf die Garantie zu zahlenden Beträge werden ohne Abzug oder Einbehalt gegenwärtiger
oder zukünftiger Steuern, Abgaben oder amtlicher Gebühren gleich welcher Art gezahlt, die von oder in
der Bundesrepublik Deutschland oder für deren Rechnung oder von oder für Rechnung einer dort zur
Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt, erhoben oder eingezogen
werden (nachstehend zusammen "Quellensteuern" genannt), es sei denn, ein solcher Abzug oder
Einbehalt ist gesetzlich vorgeschrieben. In diesem letzteren Fall wird die Garantin die zusätzlichen
Beträge zahlen, die erforderlich sind, damit der dem Gläubiger nach diesem Abzug oder Einbehalt
zufließende Nettobetrag jeweils den Beträgen an Kapital und Zinsen entspricht, die ihm zustehen
würden, wenn der Abzug oder Einbehalt nicht erforderlich wäre. Solche zusätzlichen Beträge sind
jedoch nicht zahlbar wegen Steuern, Abgaben oder amtlicher Gebühren, die
(i) von einer als Depotbank oder Inkassobeauftragter des Gläubigers handelnden Person oder sonst auf
andere Weise zu entrichten sind als dadurch, dass Linde Finance oder die Garantin aus jeweils von
ihnen zu leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt; oder
(ii) wegen einer gegenwärtigen oder früheren persönlichen oder geschäftlichen Beziehung des
Gläubigers zur Bundesrepublik Deutschland oder einem Einwohner der Bundesrepublik Deutschland
oder einer Person, die aus steuerlichen Gründen wie ein Einwohner der Bundesrepublik Deutschland
behandelt wird oder sich dafür entschieden hat, sich wie ein Einwohner der Bundesrepublik
186
Deutschland besteuern zu lassen oder der Gläubiger hat eine dauerhafte Niederlassung in der
Bundesrepublik Deutschland oder einem anderen Staat der Europäischen Union zu zahlen sind, und
nicht allein deshalb, weil Zahlungen auf die Schuldverschreibungen aus Quellen in der
Bundesrepublik Deutschland stammen (oder für Zwecke der Besteuerung so behandelt werden) oder
(iii) aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung
von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der
die Bundesrepublik Deutschland oder die Europäische Union beteiligt ist/sind, oder (iii) einer
gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt,
abzuziehen oder einzubehalten sind; oder
(iv) aufgrund einer Rechtsänderung zahlbar sind, die später als 30 Tage nach Fälligkeit der betreffenden
Zahlung von Kapital oder Zinsen oder, wenn dies später erfolgt, ordnungsgemäßer Bereitstellung
aller fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß § 13 der
Anleihebedingungen wirksam wird; oder
(v) aufgrund folgender Bestimmungen einzubehalten oder abzuziehen sind: §§1471 bis 1474 des
Internal Revenue Code der Vereinigten Staaten von 1986 in der jeweils geltenden Fassung (das
"Steuergesetz"), allen bestehenden oder zukünftigen Regelungen oder offiziellen Auslegungen zu
diesen Sections, einer aufgrund von §1471(b) des Steuergesetzes abgeschlossenen Vereinbarung
oder steuer- oder aufsichtsrechtlichen Gesetzen, Vorschriften oder Richtlinien, die aufgrund einer im
Zusammenhang mit der Umsetzung dieser Sections des Steuergesetzes abgeschlossenen
zwischenstaatlichen Vereinbarung erlassen werden.
(d) Die Verpflichtungen der Garantin aus dieser Garantie (i) sind selbständig und unabhängig von den
Verpflichtungen der Linde Finance aus den Schuldverschreibungen, (ii) bestehen unabhängig von der
Rechtmäßigkeit, Gültigkeit, Verbindlichkeit oder Durchsetzbarkeit der Schuldverschreibungen und (iii)
werden nicht durch Ereignisse, Bedingungen oder Umstände tatsächlicher oder rechtlicher Art berührt,
außer durch die vollständige, endgültige und unwiderrufliche Erfüllung sämtlicher in den
Schuldverschreibungen eingegangenen Zahlungsverpflichtungen.
(e) Die Verpflichtungen der Garantin aus dieser Garantie erstrecken sich ohne weiteres auf die
Verpflichtungen einer nicht mit der Garantin identischen Nachfolgeschuldnerin, die infolge einer
Schuldnerersetzung gemäß den Anleihebedingungen (in der durch die anwendbaren Endgültigen
Bedingungen vervollständigten Fassung) in Bezug auf die Schuldverschreibungen entstehen.
(2) Die Garantin verpflichtet sich gegenüber jedem Gläubiger, solange Schuldverschreibungen ausstehen,
jedoch nur bis zu dem Zeitpunkt, an dem alle Beträge an Kapital und Zinsen der Zahlstelle zur Verfügung
gestellt worden sind, keine Grundpfandrechte oder sonstigen dinglichen Sicherungsrechte an
gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder ihrem gegenwärtigen oder zukünftigen
Vermögens insgesamt zur Besicherung einer gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeit,
die von der Garantin oder einer anderen Person eingegangen oder gewährleistet ist, zu bestellen oder
fortbestehen zu lassen, ohne gleichzeitig die Gläubiger an derselben Sicherheit im gleichen Rang und
gleichen Verhältnis teilnehmen zu lassen. "Kapitalmarktverbindlichkeit" ist jede Verbindlichkeit zur
Zahlung aufgenommener Gelder, die durch Schuldverschreibungen, die eine ursprüngliche Laufzeit von
mehr als einem Jahr haben und die an einer Börse oder an einem anderen anerkannten Wertpapiermarkt
notiert oder gehandelt werden oder werden können, verbrieft, verkörpert oder dokumentiert ist. Um etwaige
Zweifel bezüglich von asset-backed financings der Garantin zu vermeiden, schließen die in diesem Absatz
(2) benutzten Worte "Vermögen" und "Verbindlichkeiten zur Zahlung aufgenommener Gelder" nicht solche
Vermögensgegenstände und Verbindlichkeiten der Garantin ein, die im Einklang mit den Gesetzen und den
in Deutschland anerkannten Regeln der Bilanzierung und Buchführung nicht in der Bilanz der Garantin
ausgewiesen werden müssen und darin auch nicht ausgewiesen werden.
(3) Dieser Vertrag und alle darin enthaltenen Vereinbarungen stellen einen Vertrag zugunsten der
Gläubiger als begünstigte Dritte gemäß § 328 Absatz 1 BGB dar. Sie begründen das Recht eines jeden
Gläubigers, die Erfüllung der hierin eingegangenen Verpflichtungen unmittelbar von der Garantin zu fordern
und diese Verpflichtungen unmittelbar gegenüber der Garantin durchzusetzen.
(4) Deutsche Bank Aktiengesellschaft in ihrer Eigenschaft als Emissionsstelle handelt nicht als Treuhänder
oder in einer ähnlichen Eigenschaft für die Gläubiger.
(5) Sofern auf Schuldverschreibungen die Bestimmungen über die Änderung der Anleihebedingungen und
den gemeinsamen Vertreter Anwendung finden, gelten diese Bestimmungen sinngemäß auch für diese
187
Garantie.
(6) Die in diesem Vertrag verwendeten und nicht anders definierten Begriffe haben die ihnen in den
beigefügten Anleihebedingungen zugewiesene Bedeutung.
(7) Dieser Vertrag unterliegt deutschem Recht.
(8) Dieser Vertrag ist in deutscher Sprache abgefasst. Eine unverbindliche Übersetzung in die englische
Sprache ist beigefügt.
(9) Das Original dieses Vertrages wird der Emissionsstelle ausgehändigt und von dieser verwahrt.
(10) Erfüllungsort ist München.
(11) Nicht ausschließlicher Gerichtsstand für alle Rechtsstreitigkeiten aus oder im Zusammenhang mit
diesem Vertrag ist Frankfurt am Main. Jeder Gläubiger kann seine Ansprüche jedoch auch vor jedem
anderen zuständigen Gericht geltend machen.
(12) Jeder Gläubiger kann in jedem Rechtsstreit gegen die Garantin und in jedem Rechtsstreit, in dem er
und die Garantin Partei sind, seine Rechte aus diesem Vertrag auf der Grundlage einer von einer
vertretungsberechtigten Person der Emissionsstelle beglaubigten Kopie dieses Vertrages ohne Vorlage des
Originals im eigenen Namen wahrnehmen und durchsetzen.
München, 2. April 2015
Wir nehmen die Bedingungen der vorstehenden Garantie ohne Obligo, Gewährleistung oder Haftung an.
Frankfurt am Main, 2. April 2015
188
Non-binding translation of the Form of the Guarantee and Negative Pledge:
GUARANTEE AND NEGATIVE PLEDGE
of
Linde Aktiengesellschaft,
Munich, Federal Republic of Germany,
for the benefit of the holders of Notes (the "Notes")
issued by
Linde Finance B.V.
(incorporated as a limited liability company
under the laws of The Netherlands)
under the Debt Issuance Programme
(as amended, supplemented or restated from time to time) (the "Programme")
WHEREAS:
(A) Linde Finance B.V. ("Linde Finance") intends to issue Notes under the Programme from time to time;
(B) Linde Aktiengesellschaft (the "Guarantor") wishes to guarantee the due payment of principal, interest
and any other amounts payable in respect of any and all Notes that may be issued by Linde Finance under
the Programme;
(C) the Guarantor wishes to enter into a negative pledge for the benefit of each Holder of Notes that may be
issued by Linde Finance under the Programme;
IT IS AGREED AS FOLLOWS:
(1) (a) The Guarantor unconditionally and irrevocably guarantees to the holder of each Note (which
expression shall include any Temporary Global Note or Permanent Global Note representing Notes),
(each a "Holder") issued by Linde Finance now or at any time hereafter under the Programme, the due
and punctual payment of the principal of, and interest on, the Notes and any other amounts which may
be expressed to be payable under any Note appertaining thereto, as and when the same shall become
due, in accordance with the Terms and Conditions of the Notes, as completed by the applicable Final
Terms.
(b) This Guarantee constitutes an unconditional, unsecured and unsubordinated obligation of the Guarantor
and ranks pari passu with all other unsecured and unsubordinated obligations of the Guarantor
outstanding from time to time.
(c) All amounts payable in respect of this Guarantee shall be payable without deduction or withholding for or
on account of any present or future taxes, duties or governmental charges of any nature whatsoever
imposed, levied or collected by or in or on behalf of the Federal Republic of Germany or by or on behalf
of any political subdivision or authority therein having power to tax (hereinafter together called
"Withholding Taxes"), unless such deduction or withholding is required by law. In such event, the
Guarantor shall pay such additional amounts as may be necessary in order that the net amounts
received by the Holder after such deduction or withholding shall equal the respective amounts of
principal and interest which would have been receivable had no such deduction or withholding been
required. No such additional amounts shall, however, be payable on account of any taxes, duties or
governmental charges which
(i) are payable by any person acting as custodian bank or collecting agent on behalf of a Holder, or
otherwise in any manner which does not constitute a deduction or withholding by Linde Finance or
the Guarantor from payments of principal or interest made by it; or
(ii) are payable by reason of the Holder having, or having had, some personal or business connection
with the Federal Republic of Germany or being a (deemed) resident of the Federal Republic of
Germany or is treated for tax purposes as a resident of the Federal Republic of Germany or has
elected to be taxed as a resident of the Federal Republic of Germany or the Holder having a
(deemed) permanent establishment in the Federal Republic of Germany or another member state of
the European Union and not merely by reason of the fact that payments in respect of the Notes are,
189
or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the Federal
Republic of Germany; or
(iii) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the
taxation of interest income, or (ii) any international treaty or understanding relating to such taxation
and to which the Federal Republic of Germany or the European Union is a party/are parties, or
(iii) any provision of law implementing, or complying with, or introduced to conform with, such
Directive, Regulation, treaty or understanding; or
(iv) are payable by reason of a change in a law that becomes effective more than 30 days after the
relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is
published in accordance with § 13 of the Terms and Conditions of the Issue, whichever occurs later;
or
(v) are deducted or withheld pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code
of 1986, as amended (the "Code"), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory
legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such Sections of the Code.
(d) The obligations of the Guarantor under this Guarantee (i) shall be separate and independent from the
obligations of Linde Finance under the Notes, (ii) shall exist irrespective of the legality, validity and
binding effect or enforceability of the Notes, and (iii) shall not be affected by any event, condition or
circumstance of whatever nature, whether factual or legal, save the full, definitive and irrevocable
satisfaction of any and all payment obligations expressed to be assumed under the Notes.
(e) The obligations of the Guarantor under this Guarantee shall, without any further act or thing being
required to be done or to occur, extend to the obligations of any Substitute Debtor which is not the
Guarantor arising in respect of any Note by virtue of a substitution pursuant to the Terms and Conditions
of the Notes, as completedby the applicable Final Terms.
(2) The Guarantor undertakes towards each Holder, so long as any of the Notes remains outstanding, but
only up to the time all amounts of principal and interest have been placed at the disposal of the Paying
Agent, that it will (i) neither grant nor permit to subsist any mortgage, land charge or any other security right
in rem (dingliches Sicherungsrecht) over any or all of its present or future assets, as security for any present
or future Capital Market Indebtedness issued or guaranteed by the Guarantor or by any other person,
without at the same time having the Holders share equally and rateably in such security. "Capital Market
Indebtedness" means any obligation for the payment of borrowed money which is in the form of, or
represented or evidenced by, notes with an initial term longer than one year which are, or are capable of
being, quoted, listed, dealt in or traded on a stock exchange or other recognised securities market. For the
purposes of avoiding any doubt in respect of asset-backed financings originated by the Guarantor, the
expressions "assets" and "obligations for the payment of borrowed money" as used in this subparagraph (2)
do not include assets and obligations of the Guarantor which, pursuant to the requirements of law and
accounting principles generally accepted in Germany, need not be, and are not, reflected in the Guarantor's
balance sheet.
(3) This Agreement and all undertakings contained herein constitute a contract for the benefit of the Holders
from time to time as third party beneficiaries pursuant to § 328 paragraph 1 BGB (German Civil Code)1.
They give rise to the right of each such Holder to require performance of the obligations undertaken herein
directly from the Guarantor, and to enforce such obligations directly against the Guarantor.
(4) Deutsche Bank Aktiengesellschaft in its capacity as Fiscal Agent does not act in a fiduciary or in any
other similar capacity for the Holders.
(5) If Notes provide that the provisions regarding the Amendment of the Terms and Conditions and the
Holders' Representative apply to such Notes, such provisions shall be applicable mutatis mutandis also to
this Guarantee.
1
"A contract may stipulate performance for the benefit of a third party, to the effect that the third party acquires the right directly
to demand performance."
190
(6) Terms used in this Agreement and not otherwise defined herein shall have the meaning attributed to
them in the Terms and Conditions of the Notes, a copy of which is attached hereto.
(7) This Agreement shall be governed by, and construed in accordance with, German law.
(8) This Agreement is written in the German language and attached hereto is a non-binding English
translation.
(9) The original version of this Agreement shall be delivered to, and kept by, the Fiscal Agent.
(10) Place of performance shall be Munich.
(11) Non-exclusive place of jurisdiction for all legal proceedings arising out of or in connection with this
Agreement shall be Frankfurt am Main. Each Holder may, however, also pursue his claims before any other
court of competent jurisdiction.
(12) On the basis of a copy of this Agreement certified as being a true copy by a duly authorized officer of
the Fiscal Agent, each Holder may protect and enforce in his own name his rights arising under this
Agreement in any legal proceedings against the Guarantor or to which such Holder and the Guarantor are
parties, without the need for production of this Agreement in such proceedings.
Munich, 2 April 2015
We accept the terms of the above Guarantee without recourse, warranty or liability.
Frankfurt am Main, 2 April 2015
HM-Draft-xx0316
191
DESCRIPTION OF RULES REGARDING RESOLUTIONS OF HOLDERS
The Terms and Conditions pertaining to a certain issue of Notes provide that the Holders may agree to
amendments or decide on other matters relating to the Notes by way of majority resolution to be passed
either in a meeting (Gläubigerversammlung) or by taking votes without a meeting (Abstimmung ohne
Versammlung). Any such resolution duly adopted by majority resolution of the Holders shall be binding on
each Holder of the respective issue of Notes, irrespective of whether such Holder took part in the vote and
whether such Holder voted in favor of or against such resolution.
In addition to the provisions included in the Terms and Conditions of a particular issue of Notes, the rules
regarding resolutions of Holders are set out in the German Act on Debt Securities
(Schuldverschreibungsgesetz – "SchVG"). These rules are largely mandatory, although they permit in
limited circumstances supplementary provisions set out in or incorporated into the Terms and Conditions.
Resolutions of the Holders with respect to the Notes can be passed in a meeting (Gläubigerversammlung)
in accordance with Sections 5 et seqq. SchVG or by way of a vote without a meeting pursuant to
Section 18 and Sections 9 et seqq. SchVG (Abstimmung ohne Versammlung).
The following is a brief summary of some of the statutory rules regarding the convening and conduct of
meetings of Holders and the taking of votes without meetings, the passing and publication of resolutions
as well as their implementation and challenge before German courts.
Rules regarding Holders' Meetings
Meetings of Holders may be convened by the Issuer or a common representative of the Holders (the
"Holders' Representative"), if any. Meetings of Holders must be convened if one or more Holders holding
5% or more of the outstanding Notes so require for specified reasons permitted by statute.
Meetings may be convened not less than 14 days prior to the date of the meeting. Attendance and
exercise of voting rights at the meeting are subject to prior registration of Holders. § 11 of the Terms and
Conditions provides what proof will be required for attendance and voting at the meeting. The place of the
meeting in respect of a German issuer is the place of the issuer's registered office, provided, however, that
where the relevant Notes are listed on a stock exchange within the European Union or the European
Economic Area, the meeting may be held at the place of such stock exchange.
The convening notice shall be made publicly available together with the agenda of the meeting setting out
the proposals for resolution.
Each Holder may be represented by proxy. A quorum exists if Holders' representing by value not less than
50% of the outstanding Notes. If the quorum is not reached, a second meeting may be called at which no
quorum will be required, provided that where a resolution may only be adopted by a qualified majority, a
quorum requires the presence of at least 25% of the aggregate principal amount of outstanding Notes.
All resolutions adopted must be properly published. In the case of Notes represented by one or more
Global Notes, resolutions which amend or supplement the Terms and Conditions have to be implemented
by supplementing or amending the relevant Global Note(s).
In insolvency proceedings instituted in Germany against an Issuer, a Holders' Representative, if
appointed, is obliged and exclusively entitled to assert the Holders' rights under the Notes. Any resolutions
passed by for such purpose by majority resolution the Holders are subject to the provisions of the
Insolvency Code (Insolvenzordnung).
If a resolution constitutes a breach of the statute or the Terms and Conditions, Holders may bring an
action to set aside such resolution. Such action must be filed with the competent court within one month
following the publication of the resolution.
Specific Rules regarding Votes without Meeting
In the case of resolutions to be passed by Holders without a meeting, the rules applicable to Holders'
meetings apply mutatis mutandis to any taking of votes by Holders without a meeting, subject to certain
special provisions. The following summarises such special rules.
The voting shall be conducted by the person presiding over the taking of votes. Such person shall be (i) a
notary public appointed by the Issuer, (ii) where the Holders' Representative has been appointed, the
Holders' Representative if the vote was solicited by the Holders' Representative, or (iii) a person appointed
by the competent court.
192
The notice soliciting the Holders' votes shall set out the period within which votes may be cast. During
such voting period, the Holders may cast their votes to the person presiding over the taking of votes. Such
notice shall also set out in detail the conditions to be met for the votes to be valid. § 11 of the Terms and
Conditions provides what proof will be required for Holders to demonstrate their eligibility to participate in
the vote without a meeting.
The person presiding over the taking of votes shall ascertain each Holder's entitlement to cast a vote
based on evidence provided by such Holder and shall prepare a list of the Holders entitled to vote. If it is
established that no quorum exists, the person presiding over the taking of votes may convene a meeting of
the Holders. Within one year following the end of the voting period, each Holder participating in the vote
may request a copy of the minutes of such vote and any annexes thereto from the Issuer.
Each Holder participating in the vote may object in writing to the result of the vote within two weeks
following the publication of the resolutions passed. The objection shall be decided upon by the person
presiding over the taking of votes. If he remedies the objection, he shall promptly publish the result. If the
person presiding over the taking of votes does not remedy the objection, he shall promptly inform the
objecting Holder in writing.
The Issuer shall bear the costs of the vote and, if the court has convened a meeting, also the costs of such
proceedings.
193
In case of Notes listed on the official list and admitted to trading on the Regulated Market (which is a
regulated market for the purposes of the Market and Financial Instruments Directive 2004/39/EC) of the
Luxembourg Stock Exchange or publicly offered in the Grand Duchy of Luxembourg, the Final Terms of
the Notes will be displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu). In case of
Notes listed on the Frankfurt Stock Exchange or publicly offered in one or more member states of the
European Economic Area other than the Grand Duchy of Luxembourg, the Final Terms will be displayed
on the website of Linde Group (www.linde.com).
FORM OF FINAL TERMS
(MUSTER – ENDGÜLTIGE BEDINGUNGEN)
[Date]
[Datum]
Final Terms
Endgültige Bedingungen
[Linde Aktiengesellschaft][Linde Finance B.V.]
[Title of relevant Tranche of Notes]
[Bezeichnung der betreffenden Tranche Schuldverschreibungen]
Series No.: [●] / Tranche No.: [●]
Serien Nr.: [●] / Tranche Nr.: [●]
Issue Date: [
](1)
Tag der Begebung: [
]
issued pursuant to the € 10,000,000,000 Debt Issuance Programme dated 1 April 2016
begeben aufgrund des € 10.000.000.000 Debt Issuance Programme datiert 1. April 2016
Important Notice
These Final Terms have been prepared for the purpose of Article 5 (4) of the Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003, as amended, and must be read in conjunction
with the Base Prospectus pertaining to the Programme dated 1 April 2016 (the "Prospectus") [and the
supplement(s) dated []]. The Prospectus and any supplement thereto are available for viewing in
electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of
Linde Group (www.linde.com) and copies may be obtained from Linde Aktiengesellschaft,
Klosterhofstrasse 1, 80331 Munich, Germany. Full information is only available on the basis of the
combination of the Prospectus, any supplement and these Final Terms. [A summary of the individual issue
of the Notes is annexed to these Final Terms.](2)
Wichtiger Hinweis
Diese Endgültigen Bedingungen wurden für die Zwecke des Artikels 5 Absatz 4 der Richtlinie 2003/71/EG
des Europäischen Parlaments und des Rates vom 4. November 2003, in der geänderten Fassung,
abgefasst und sind in Verbindung mit dem Basisprospekt vom 1. April 2016 über das Programm (der
"Prospekt") [und dem(den) Nachtrag(Nachträgen) dazu vom []] zu lesen. Der Prospekt sowie etwaige
Nachträge können in elektronischer Form auf der Internetseite der Luxemburger Börse (www.bourse.lu)
und der Internetseite des Linde Konzerns (www.linde.com) eingesehen werden. Kopien sind erhältlich
unter Linde Aktiengesellschaft, Klosterhofstrasse 1, 80331 München, Deutschland. Um sämtliche
Angaben zu erhalten, sind die Endgültigen Bedingungen, der Prospekt und etwaige Nachträge im
Zusammenhang zu lesen. [Eine Zusammenfassung der einzelnen Emission der Schuldverschreibungen
ist diesen Endgültigen Bedingungen angefügt.](2)
(1) The Issue Date is the date of payment and settlement of the Notes. In the case of free delivery, the Issue Date is the
delivery date.
Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung
ist der Tag der Begebung der Tag der Lieferung
2
( ) Not applicable in the case of an issue of Notes with a minimum denomination of at least € 100,000.
Nicht anwendbar im Fall einer Emission von Schuldverschreibungen mit einer Mindeststückelung in Höhe von mindestens
€ 100.000.
194
Part I.: TERMS AND CONDITIONS
Teil I.: ANLEIHEBEDINGUNGEN
[A. In the case the options applicable to the relevant Tranche of Notes are to be determined by
replicating the relevant provisions set forth in the Prospectus as Option I[A][B][C](3), Option II[A](3)
or Option III, including certain further options contained therein, respectively, and completing the
relevant placeholders, insert:(4)
A. Falls die für die betreffende Tranche von Schuldverschreibungen geltenden Optionen durch
Wiederholung der betreffenden im Prospekt als Option I[A][B][C](3), Option II[A](3) oder Option III
aufgeführten Angaben (einschließlich der jeweils enthaltenen bestimmten weiteren Optionen)
bestimmt und die betreffenden Leerstellen vervollständigt werden, einfügen:(4)
The Terms and Conditions applicable to the Notes (the "Conditions") [and the [German] [English]
language translation thereof,] are as set out below.
Die für die Schuldverschreibungen geltenden Anleihebedingungen (die "Bedingungen") [sowie die
[deutschsprachige][englischsprachige] Übersetzung] sind wie nachfolgend aufgeführt.
[in the case of Notes with fixed interest rates replicate here the relevant provisions of Option I[A][B][C](5)
including relevant further options contained therein, and complete relevant placeholders]
[im Fall von Schuldverschreibungen mit fester Verzinsung hier die betreffenden Angaben der Option
I[A][B][C](5) (einschließlich der betreffenden weiteren Optionen) wiederholen und betreffende Leerstellen
vervollständigen]
[in the case of Notes with floating interest rates replicate here the relevant provisions of Option II[A](5)
including relevant further options contained therein, and complete relevant placeholders]
[im Fall von Schuldverschreibungen mit variabler Verzinsung hier die betreffenden Angaben der
Option II[A](5) (einschließlich der betreffenden weiteren Optionen) wiederholen und betreffende
Leerstellen vervollständigen]
[in the case of Notes without periodic interest payment (zero coupon) replicate here the relevant provisions
of Option III including relevant further options contained therein, and complete relevant placeholders]
[im Fall von Schuldverschreibungen ohne periodische Verzinsung (Nullkupon) hier die betreffenden
Angaben der Option III (einschließlich der betreffenden weiteren Optionen) wiederholen und betreffende
Leerstellen vervollständigen]]
[B. In the case the options applicable to the relevant Tranche of Notes are to be determined by
referring to the relevant provisions set forth in the Prospectus as Option I[A][B][C](3), Option
II[A](3) or Option III, including certain further options contained therein, respectively, insert:
B. Falls die für die betreffende Tranche von Schuldverschreibungen geltenden Optionen, die durch
Verweisung auf die betreffenden im Prospekt als Option I[A][B][C](3), Option II[A](3) oder Option III
aufgeführten Angaben (einschließlich der jeweils enthaltenen bestimmten weiteren Optionen)
bestimmt werden, einfügen:
(3) Insert "A", "B" or, as applicable "C" in the case of an increase of an issue of Notes which were originally issued prior to the
date of this Prospectus.
"A", "B" bzw. "C" einfügen im Fall der Aufstockung einer Emission von Schuldverschreibungen, die ursprünglich vor dem
Datum dieses Prospekts begeben wurde.
(4) To be determined in consultation with the Issuer. It is anticipated that this type of documenting the Conditions will be
required where the Notes are to be offered to the public, in whole or in part, or to be initially distributed, in whole or in part,
to non-qualified investors. Delete all references to Part I B. of the Final Terms including numbered paragraphs and
subparagraphs of the Terms and Conditions.
In Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass diese Form der Dokumentation der Bedingungen
erforderlich ist, wenn die Schuldverschreibungen insgesamt oder teilweise anfänglich an nicht qualifizierte Anleger
verkauft oder öffentlich angeboten werden. Alle Bezugnahmen auf Teil I B. der Endgültigen Bedingungen einschließlich
der Paragraphen und Absätze der Anleihebedingungen entfernen.
5
( ) In case of an increase of an issue of Notes which were originally issued prior to the date of this Prospectus, the Terms and
Conditions of the Tranches have to be identical in all respects, but may have different issue dates, interest
commencement dates, issue prices and dates for first interest payments.
Im Fall einer Aufstockung einer Emission von Schuldverschreibungen, die ursprünglich vor dem Datum dieses Prospekts
begeben wurden, müssen die Anleihebedingungen der Tranchen in jeder Hinsicht identisch sein, können aber
unterschiedliche Begebungstage, Verzinsungsbeginne, Ausgabepreise und erste Zinszahlungstage haben.
195
This Part I. of the Final Terms is to be read in conjunction with the set of Terms and Conditions that apply
to Notes [with [fixed] [floating] interest rates] [without periodic interest payments (zero coupon)] (the
"Terms and Conditions") set forth in the Prospectus as [Option I[A][B][C](5)] [Option II[A](5)] [Option III].
Capitalised terms shall have the meanings specified in the Terms and Conditions.
Dieser Teil I. der Endgültigen Bedingungen ist in Verbindung mit dem Satz der Anleihebedingungen, der
auf Schuldverschreibungen [mit [fester] [variabler] Verzinsung] [ohne periodische Verzinsung (Nullkupon)]
Anwendung findet (die "Anleihebedingungen"), zu lesen, der als [Option I[A][B][C](5)] [Option II[A(5)]
[Option III] im Prospekt enthalten ist. Begriffe, die in den Anleihebedingungen definiert sind, haben
dieselbe Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden.
All references in this Part I. of the Final Terms to numbered paragraphs and subparagraphs are to
paragraphs and subparagraphs of the Terms and Conditions.
Bezugnahmen in diesem Teil I. der Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich
auf die Paragraphen und Absätze der Anleihebedingungen.
The blanks in the provisions of the Terms and Conditions, which are applicable to the Notes shall be
deemed to be completed by the information contained in the Final Terms as if such information were
inserted in the blanks of such provisions. All provisions in the Terms and Conditions corresponding to
items in these Final Terms which are either not selected or not completed or which are deleted shall be
deemed to be deleted from the Terms and Conditions applicable to the Notes (the "Conditions").
Die Leerstellen in den auf die Schuldverschreibungen anwendbaren Bestimmungen der
Anleihebedingungen gelten als durch die in den Endgültigen Bedingungen enthaltenen Angaben
ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese Angaben ausgefüllt
wären. Sämtliche Bestimmungen der Anleihebedingungen, die sich auf Variablen dieser Endgültigen
Bedingungen beziehen, die weder angekreuzt noch ausgefüllt oder die gestrichen werden, gelten als in
den auf die Schuldverschreibungen anwendbaren Anleihebedingungen (die "Bedingungen") gestrichen.
CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1)
WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1)
Currency and Denomination(6)
Währung und Stückelung
Specified Currency
Festgelegte Währung
[
]
Aggregate Principal Amount
Gesamtnennbetrag
[
]
Aggregate Principal Amount in words
Gesamtnennbetrag in Worten
[
]
Specified Denomination
Festgelegte Stückelung
[
]
 Permanent Global Note
Dauerglobalurkunde
 Temporary Global Note exchangeable for Permanent Global Note
Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde
Clearing System
Clearing System

Clearstream Banking AG 

Euroclear Bank SA/NV

Clearstream Banking société anonyme
(6) The minimum denomination of the Notes will be, if in euro, € 1,000, or, if in any currency other than euro, in an amount in
such other currency nearly equivalent to € 1,000 at the time of the issue of the Notes.
Die Mindeststückelung der Schuldverschreibungen beträgt € 1.000, bzw. falls die Schuldverschreibungen in einer anderen
Währung als Euro begeben werden, einem Betrag in dieser anderen Währung, der zur Zeit der Begebung der
Schuldverschreibungen annähernd dem Gegenwert von € 1.000 entspricht.
196
Global Note(7)
Globalurkunde

Classical Global Note

New Global Note
 Book-Entry Register
Effektengiro-Register
INTEREST (§ 3)
ZINSEN (§ 3)
 Fixed Rate Notes (Option I[A][B][C])(8)
Festverzinsliche Schuldverschreibungen (Option I[A][B][C])
Rate of Interest and Interest Payment Dates
Zinssatz und Zinszahlungstage
Rate of Interest
Zinssatz

[
[
]% per annum
]% per annum
Interest Commencement Date
Verzinsungsbeginn
[
]
Interest Payment Date(s)
Zinszahlungstag(e)
[
]
First Interest Payment Date
Erster Zinszahlungstag
[
]
Initial Broken Amount (for the Specified Denomination)
Anfänglicher Bruchteilzinsbetrag (für die festgelegte Stückelung)
[
]
Interest Payment Date preceding the Maturity Date
Zinszahlungstag, der dem Fälligkeitstag vorangeht
[
]
Final Broken Amount (for the Specified Denomination)
Abschließender Bruchteilzinsbetrag (für die festgelegte Stückelung)
[
]
Interest Commencement Date
Verzinsungsbeginn
[
]
Specified Interest Payment Dates
Festgelegte Zinszahlungstage
[
]
Floating Rate Notes (Option II[A])(7)
Variabel verzinsliche Schuldverschreibungen (Option II[A])
Interest Payment Dates
Zinszahlungstage
Specified Interest Period(s)
Festgelegte Zinsperiode(n)
[number] [weeks][months]
[Zahl] [Wochen][Monate]
Business Day Convention
Geschäftstagskonvention
 Modified Following Business Day Convention
Modifizierte folgender Geschäftstag-Konvention
(7) Complete for Notes kept in custody on behalf of the ICSDs.
Im Fall von Schuldverschreibungen, die im Namen der ICSDs verwahrt werden, ausfüllen.
(8) Insert "A" , "B" or, as applicable, "C" in the case of an increase of an issue of Notes which were originally issued prior to
the date of this Prospectus.
"A", "B" bzw. "C" einfügen im Fall der Aufstockung einer Emission von Schuldverschreibungen, die ursprünglich vor dem
Datum dieses Prospekts begeben wurde.
197
 FRN (Floating Rate Note) Convention (specify period(s))
FRN Konvention (Floating Rate Note)(Zeitraum angeben)
[number] months
[Zahl] Monate
 Following Business Day Convention
Folgender Geschäftstag-Konvention
Business Day
Geschäftstag

relevant financial centre(s)
relevante(s) Finanzzentrum(en)

TARGET
TARGET
[
]
Rate of Interest
Zinssatz

EURIBOR
EURIBOR

LIBOR
LIBOR
Interest Determination Date [first] [second] [relevant financial centre(s)] Business Day
[prior to commencement] of Interest Period
Zinsfestlegungstag [erster] [zweiter] [relevante(s) Finanzzentrum(en)] Geschäftstag
[vor Beginn] der jeweiligen Zinsperiode
Screen page
Bildschirmseite

[LIBOR01][LIBOR02]
[LIBOR01][LIBOR02]
AUD-BBR-BBSW
AUD-BBR-BBSW
 Margin
Marge
[
[
]% per annum
]% per annum
 Minimum Rate of Interest
Mindestzinssatz
[
[
] % per annum
] % per annum
 Maximum Rate of Interest
Höchstzinssatz
[
[
] % per annum
] % per annum

plus
plus

minus
minus‚
[Minimum] [and] [Maximum] Rate of Interest
[Mindest-] [und] [Höchst-] Zinssatz
 Zero Coupon Notes (Option III)
Nullkupon-Schuldverschreibungen (Option III)
Day Count Fraction(9)
Zinstagequotient

Actual/Actual (ICMA Rule 251)
Actual/Actual (ICMA Regelung 251)
 annual interest payment (excluding the case of short or long coupons)
jährliche Zinszahlung (ausschließlich des Falls von kurzen oder langen Kupons)
 annual interest payment (including the case of short coupons)
jährliche Zinszahlung (einschließlich des Falls von kurzen Kupons)
(9) Complete for all Notes.
Für alle Schuldverschreibungen auszufüllen.
198
 two or more constant interest periods within an interest year (including the case of short coupons)
zwei oder mehr gleichbleibende Zinsperioden (einschließlich des Falls von kurzen Kupons)
 Calculation Period is longer than one reference period (long coupon)
Zinsberechnungszeitraum ist länger als eine Bezugsperiode (langer Kupon)
 Reference Period
Bezugsperiode
Deemed Interest Payment Date(s)
Fiktive(r) Zinszahlungstag(e)
[
]
[
]
Maturity Date (11)
Fälligkeitstag
[
]
Redemption Month(12)
Rückzahlungsmonat
[
]

Actual/365 (Fixed)

Actual/360

30/360 or 360/360 or Bond Basis

30E/360 or Eurobond Basis
PAYMENTS (§ 4)(10)
ZAHLUNGEN (§ 4)
 relevant financial centre(s)
relevante(s) Finanzzentrum(en)
 TARGET
TARGET
REDEMPTION (§ 5)
RÜCKZAHLUNG (§ 5)
Redemption at Maturity
Rückzahlung bei Endfälligkeit
Early Redemption
Vorzeitige Rückzahlung
Early Redemption at the Option of a Holder in the case of a Change of Control
Vorzeitige Rückzahlung nach Wahl des Gläubigers bei Kontrollwechsel
Notice to Issuer
Kündigungsfrist
Early Redemption at the Option of the Issuer at Specified Call Redemption Amount(s)(13)
Vorzeitige Rückzahlung nach Wahl der Emittentin zu festgelegtem(n) Wahlrückzahlungsbetrag/-beträgen (Call)
[
[
] days
] Tage
[Yes/No]
[Ja/Nein]
Wahlrückzahlungszeitraum/-zeiträume(Call)
[
]
Wahlrückzahlungsbetrag/-beträge(Call)
[
]
(10) Complete for fixed rate Notes or zero coupon Notes.
Für fest verzinsliche Schuldverschreibungen oder Nullkupon-Schuldverschreibungen auszufüllen.
(12) Complete for floating rate Notes
Für variabel verzinsliche Schuldverschreibungen oder Nullkupon-Schuldverschreibungen auszufüllen.
199
Minimum Notice to Holders(14)
Mindestkündigungsfrist
[
[
] days
] Tage
Maximum Notice to Holders
Höchstkündigungsfrist
[
[
] days
] Tage
Early Redemption at the Option of the Issuer at Final Redemption Amount(15)
Vorzeitige Rückzahlung nach Wahl der Emittentin zum Rückzahlungsbetrag
[Yes/No]
[Ja/Nein]
Interest payment date [number] years after the Interest Commencement Date
and each Interest Payment Date thereafter
Zinszahlungstag [Zahl] Jahre nach dem Verzinsungsbeginn und an jedem
darauf folgenden Zinszahlungstag
Minimum Notice to Holders(13)
[
[
] days
] Tage
Maximum Notice to Holders
[
[
] days
] Tage
Early Redemption at the Option of a Holder at Specified Put Redemption Amount(s)(16)
Vorzeitige Rückzahlung nach Wahl des Gläubigers zu festgelegtem(n) Wahlrückzahlungsbetrag/-beträgen (Put)
[Yes/No]
[Ja/Nein]
Wahlrückzahlungszeitraum/-zeiträume(Put)
[
]
Wahlrückzahlungsbetrag/-beträge(Put)
[
]
Minimum Notice to Issuer
[
[
] days
] Tage
Maximum Notice to Issuer
[
[
] days
] Tage
Early Redemption at the Option of the Issuer for Inconvertibility, Non-transferability or Illiquidity(17) [Yes/No]
Vorzeitige Rückzahlung nach Wahl der Emittentin wegen Fehlender Konvertierbarkeit,
[Ja/Nein]
Fehlender Übertragbarkeit oder Illiquidität
Early Redemption Amount
Vorzeitiger Rückzahlungsbetrag
Final Redemption Amount(18)
Rückzahlungsbetrag

Early Redemption at the Option of the Issuer for reason of
Minimal Outstanding Aggregate Principal Amount
Vorzeitige Rückzahlung nach Wahl der Emittentin
bei geringem ausstehendem Gesamtnennbetrag

Early Redemption at the Option of a Holder in case of a Change of Control
Amortized Face Amount(19)
Amortisationsbetrag
(14) Euroclear requires a minimum notice period of five days.
Eurcolear verlangt eine Mindestkündigungsfrist von fünfTagen.
(15) Complete for floating rate Notes
Für variabel verzinsliche Schuldverschreibungen auszufüllen
(17) Complete for fixed rate Notes denominated in Renminbi.
Für fest verzinsliche Schuldverschreibungen auszufüllen, die auf Renminbi lauten.
(18) Complete for fixed rate Notes.
Für fest verzinsliche Schuldverschreibungen auszufüllen.
200



Reference Price
Referenzpreis
[
Amortization Yield
Emissionsrendite
[
[
]%
]%
[
]%
]%
Higher of Final Redemption Amount and Present Value(20)
Rückzahlungsbetrag, oder falls höher, abgezinster Marktwert


Comparable Benchmark Yield of corresponding
Vergleichbare Benchmark Rendite der entsprechenden
plus [percentage]%
zuzüglich [Prozentsatz]%

euro denominated benchmark debt security of the Federal Republic of Germany
Euro-Referenz-Anleihe der Bundesrepublik Deutschland

UK government Sterling denominated benchmark debt security issued by HM Treasury
Durch HM Treasury begebenen Sterling-Referenzanleihe des Vereinigten Königreichs

Swiss franc denominated benchmark federal bond of the Swiss Confederation
Schweizer Franken-Referenz-Bundesanleihe der Schweizerischen Eidgenossenschaft

U.S. dollar denominated benchmark U.S. Treasury debt security
Referenz-U.S. Staatsanleihe (US Treasury debt security) in U.S. Dollar
FISCAL AGENT[,] [AND] PAYING AGENT [AND CALCULATION AGENT] (§ 6)
EMISSIONSSTELLE[,] [UND] ZAHLSTELLEN [UND BERECHNUNGSSTELLE] (§ 6)
Calculation Agent
Berechnungsstelle
[Not applicable][
[Nicht anwendbar][
AMENDMENT OF THE TERMS AND CONDITIONS, HOLDERS' REPRESENTATIVE[, AMENDMENT
OF THE GUARANTEE] (§ 11)
ÄNDERUNG DER ANLEIHEBEDINGUNGEN, GEMEINSAMER VERTRETER[, ÄNDERUNG DER
GARANTIE] (§ 11)
 Appointment of a Holders' Representative by resolution passed by Holders and not in the Terms and
Conditions
Bestellung eines gemeinsamen Vertreters der Gläubiger durch Beschluss der Gläubiger und nicht in
den Anleihebedingungen
 Appointment of a Holders' Representative in the Terms and Conditions
Bestellung eines gemeinsamen Vertreters der Gläubiger in den Anleihebedingungen
(19) Complete for zero coupon Notes.
Für Nullkupon Schuldverschreibungen auszufüllen.
]
]
201
Name and address of the Holders' Representative (specify details)
Name und Anschrift des gemeinsamen Vertreters (Einzelheiten einfügen)
NOTICES (§ 13)
MITTEILUNGEN (§ 13)
Place and medium of publication
Ort und Medium der Bekanntmachung
 Website of the Luxembourg Stock Exchange (www.bourse.lu)
Internetseite der Luxemburger Wertpapierbörse (www.bourse.lu)
 Federal Gazette
Bundesanzeiger
 Clearing System
Clearing System
LANGUAGE OF THE TERMS AND CONDITIONS(21) (§ 15)
SPRACHE DER ANLEIHEBEDINGUNGEN (§ 15)
 German and English (German controlling)
Deutsch und Englisch (deutscher Text maßgeblich)
 English and German (English controlling)
Englisch und Deutsch (englischer Text maßgeblich)
 English only
Ausschließlich Englisch
 German only(22)
Ausschließlich Deutsch]
Part II.: ADDITIONAL INFORMATION(23)
Teil II.: ZUSÄTZLICHE INFORMATIONEN
A. Essential information
Grundlegende Angaben
Interests of Natural and Legal Persons involved in the Issue/Offer
Interessen von Seiten natürlicher und juristischer Personen,
die an der Emission/dem Angebot beteiligt sind
[None] [specify details]
[Keine] [Einzelheiten einfügen]
(21) To be determined in consultation with the Issuer. It is anticipated that, subject to any stock exchange or legal requirements
applicable from time to time, and unless otherwise agreed, in the case of Notes publicly offered, in whole or in part, in
Germany, or distributed, in whole or in part, to non-qualified investors in Germany, German will be the controlling
language. If, in the event of such public offer or distribution to non-qualified investors, however, English is chosen as the
controlling language, a German language translation of the Conditions will be available from the principal office of Linde
Aktiengesellschaft.
In Abstimmung mit der Emittentin festzulegen. Es wird erwartet, dass vorbehaltlich geltender Börsen- oder anderer
Bestimmungen und soweit nicht anders vereinbart, die deutsche Sprache für Schuldverschreibungen maßgeblich sein
wird, die insgesamt oder teilweise öffentlich zum Verkauf in Deutschland angeboten oder an nicht qualifizierte Anleger in
Deutschland verkauft werden. Falls bei einem solchen öffentlichen Verkaufsangebot oder Verkauf an nicht qualifizierte
Anleger die englische Sprache als maßgeblich bestimmt wird, wird eine deutschsprachige Übersetzung der Bedingungen
bei der Hauptgeschäftsstelle der Linde Aktiengesellschaft erhältlich sein.
(22) Use only in the case of Notes not publicly offered and/or not intended to be listed on any regulated market within the
European Economic Area.
Nur im Fall Schuldverschreibungen zu nutzen, die nicht öffentlich angeboten und nicht am regulierten Markt innerhalb des
Europäischen Wirtschaftsraums zum Handel zugelassen werden sollen.
(23) There is no obligation to complete Part II. of the Final Terms in its entirety in case of Notes with a Specified Denomination
of at least € 100,000 or its equivalent in any other currency, provided that such Notes will not be listed on any regulated
market within the European Economic Area. To be completed in consultation with the Issuer.
Es besteht keine Verpflichtung, Teil II. der Endgültigen Bedingungen bei Schuldverschreibungen mit einer festgelegten
Stückelung von mindestens € 100.000 oder dem Gegenwert in einer anderen Währung vollständig auszufüllen, sofern
diese Schuldverschreibungen nicht an einem regulierten Markt innerhalb des Europäischen Wirtschaftsraums zum Handel
zugelassen werden. In Absprache mit der Emittentin auszufüllen.
202
 So far as the Issuer
is aware, certain of the Dealers and their
affiliates may be customers of, borrowers from or creditors of the Issuer [and/or the Guarantor] and/or
its affiliates. In addition, certain Dealers and their affiliates have
engaged, and may in the future engage, in investment banking and/or
commercial banking transactions with, and may perform services for
the Issuer [and/or the Guarantor] and its affiliates in the ordinary course of business.
Nach Kenntnis der Emittentin können bestimmte Platzeure und mit ihnen
verbundene Unternehmen Kunden von, Kreditnehmer oder Gläubiger der
Emittentin [und/oder der Garantin] und mit ihr verbundener Unternehmen sein.
Außerdem sind bestimmte Platzeure an Investment BankingTransaktionen und/oder Commercial Banking-Transaktionen mit
der Emittentin beteiligt, oder könnten sich in Zukunft daran beteiligen,
und könnten im gewöhnlichen Geschäftsverkehr Dienstleistungen
für die Emittentin [und/oder die Garantin] und mit ihr verbundene Unternehmen erbringen.
 Other interest (specify)
Andere Interessen (angeben)
Reasons for the offer(24)
Gründe für das Angebot
[specify details]
[Einzelheiten einfügen]
Estimated net proceeds(25)
Geschätzter Nettobetrag der Erträge
[
]
Estimated total expenses of the issue
Geschätzte Gesamtkosten der Emission
[
]
Eurosystem eligibility(26)
EZB-Fähigkeit
Intended to be held in a manner which would allow
Eurosystem eligibility
Soll in EZB-fähiger Weise gehalten werden
[Yes/No]
[Ja/Nein]
B. Information concerning the securities to be offered/admitted to trading
Informationen über die anzubietenden bzw. zum Handel zuzulassenden
Wertpapiere
Securities Identification Numbers
Wertpapier-Kenn-Nummern
Common Code
Common Code
[
]
ISIN Code
ISIN Code
[
]
German Securities Code
Deutsche Wertpapier-Kenn-Nummer (WKN)
[
]
(24) If reasons for the offer is different from general financing purposes of the Linde Group include those reasons here.
Sofern die Gründe für das Angebot nicht in allgemeinen Finanzierungszwecken der Gesellschaft der Linde-Gruppe
bestehen, sind die Gründe hier anzugeben.
(25) If proceeds are intended for more than one use will need to split out and present in order of priority.
Sofern die Erträge für verschiedene Verwendungszwecke bestimmt sind, sind diese aufzuschlüsseln und nach der
Priorität der Verwendungszwecke darzustellen.
(26) Select "Yes" if the Notes are in NGN form and are to be kept in custody by an ICSD as common safekeeper or if the Notes
are in CGN form and to be kept in custody by Clearstream Banking AG, Frankfurt. Select "No" if the Notes are in NGN
form and are to be kept in custody by the common service provider as common safekeeper.
"Ja" wählen, falls die Schuldverschreibungen in Form einer NGN begeben und von einem ICSD als common safekeeper
gehalten werden sollen oder falls die Schuldverschreibungen in Form einer CGN begeben und von Clearstream Banking
AG, Frankfurt gehalten werden sollen. "Nein" wählen, falls die Schuldverschreibungen in Form einer NGN begeben und
vom common service provider als common safekeeper gehalten werden sollen.
203
Any other securities number
Sonstige Wertpapiernummer
[
]
Historic Interest Rates and further performance as well as volatility(27)
Zinssätze der Vergangenheit und künftige Entwicklungen sowie ihre Volatilität
Details of historic [EURIBOR][LIBOR][AUD-BBR] rates
and the further performance as well as their volatility
can be obtained from
[Reuters [EURIBOR01][LIBOR01][LIBOR02][AUD-BBR-BBSW]]
[Not applicable]
Einzelheiten zu vergangenen [EURIBOR][LIBOR][AUD-BBR] Sätzen
und Informationen über künftige Entwicklungen sowie ihre Volatilität
können abgerufen werden unter
[Reuters [EURIBOR01][LIBOR01][LIBOR02][AUD-BBR-BBSW]]
[Nicht anwendbar]
Description of any market disruption or settlement disruption events
[Not applicable][Please see
that effect the [EURIBOR][LIBOR][AUD-BBR-BBSW] rates
§ 3 of the Terms and Conditions]
Beschreibung etwaiger Ereignisse, die eine Störung des Marktes oder
[Nicht anwendbar]
der Abrechnung bewirken und die [EURIBOR][LIBOR][AUD-BBR-BBSW]
[Bitte siehe
Sätze beeinflussen
§ 3 der Anleihebedingungen]
Yield to final maturity(28)
Rendite bei Endfälligkeit
[
]
Representation of debt security holders including an identification
of the organisation representing the investors and provisions applying
to such representation. Indication of where the public may have
access to the contracts relation to these forms of representation(29)
[Not applicable] [Specify details]
Vertretung der Schuldtitelinhaber unter Angabe der die
Anleger vertretenden Organisation und der für diese Vertretung
geltenden Bestimmungen. Angabe des Ortes, an dem die
Öffentlichkeit die Verträge, die diese Repräsentationsformen regeln, einsehen
kann
[Nicht anwendbar] [Einzelheiten einfügen]
Resolutions, authorisations and approvals by virtue
of which the Notes will be created
Beschlüsse, Ermächtigungen und Genehmigungen, welche die
Grundlage für die Schaffung der Schuldverschreibungen bilden
C.
[Specify details]
Terms and conditions of the offer(30)
Bedingungen und Konditionen des Angebots
C.1 Conditions, offer statistics, expected timetable and actions required to apply
for the offer
[Not applicable]
Bedingungen, Angebotsstatistiken, erwarteter Zeitplan und erforderliche Maßnahmen
für die Antragstellung
[Nicht anwendbar]
Conditions to which the offer is subject
Bedingungen, denen das Angebot unterliegt
Total amount of the offer; if the amount is not fixed, description of the
arrangements and time for announcing to the public the definitive
amount of the offer
Gesamtsumme des Angebots wenn die Summe nicht feststeht,
[Specify details]
[Specify details]
(27) Only applicable for Floating Rate Notes. Not required for Notes with a Specified Denomination of at least € 100,000.
Nur bei variabel verzinslichen Schuldverschreibungen anwendbar. Nicht anwendbar auf Schuldverschreibungen mit einer
festgelegten Stückelung von mindestens € 100.000.
(28) Only applicable for Fixed Rate Notes.
Nur für festverzinsliche Schuldverschreibungen anwendbar.
(29) Specify further details in the case a Holders' Representative will be appointed in § 11 of the Conditions.
Weitere Einzelheiten für den Fall einfügen, dass § 11 der Bedingungen einen Gemeinsamen Vertreter bestellt.
(30) Complete with respect to an offer of Notes to the public with a Specified Denomination of less than € 100,000.
Bei öffentlichem Angebot von Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 100.000
auszufüllen.
204
Beschreibung der Vereinbarungen und des Zeitpunkts für die Ankündigung
des endgültigen Angebotsbetrags an das Publikum
Time period, including any possible amendments,
during which the offer will be open and description of the application process
Frist – einschließlich etwaiger Änderungen –
während der das Angebot vorliegt und Beschreibung des Prozesses für
die Umsetzung des Angebots
A description of the possibility to reduce subscriptions and the manner
for refunding excess amount paid by applicants
Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und
der Art und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner
Details of the minimum and/or maximum amount of application (whether in
number of notes or aggregate amount to invest)
Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung entweder in
Form der Anzahl der Schuldverschreibungen oder des aggregierten zu
investierenden Betrags)
[Specify details]
[Specify details]
[Specify details]
Method and time limits for paying up the notes and for delivery of the notes
Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung
[Specify details]
Manner and date in which results of the offer are to be made public
Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des Angebots
offen zu legen sind
[Specify details]
The procedure for the exercise of any right of pre-emption, the negotiability
of subscription rights and the treatment of subscription rights not exercised.
Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit
der Zeichnungsrechte und die Behandlung der nicht ausgeübten
Zeichnungsrechte
31
C.2 Plan of distribution and allotment( )
Plan für die Aufteilung der Wertpapiere und deren Zuteilung
If the Offer is being made simultaneously in the markets of two or more
countries and if a tranche has been or is being reserved for certain
of these, indicate such tranche
Erfolgt das Angebot gleichzeitig auf den Märkten zweier oder mehrerer
Länder und wurde/ wird eine bestimmte Tranche einigen dieser Märkte
vorbehalten, Angabe dieser Tranche
Process for notification to applicants of the amount allotted and
indication whether dealing may begin before notification is made
Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe,
ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist
C.3
Pricing(32)
Kursfeststellung
Expected price at which the Notes will be offered
Preis zu dem die Schuldverschreibungen voraussichtlich
angeboten werden
Amount of expenses and taxes charged to the subscriber / purchaser
Kosten/Steuern, die dem Zeichner/Käufer in Rechnung gestellt
werden
[Specify details]
[Not applicable]
[Nicht anwendbar]
[Specify details]
[Specify details]
[Not applicable]
[Nicht anwendbar]
[Specify details]
[Specify details]
auszufüllen.
32
( ) Complete with respect to an offer of Notes to the public with a Specified Denomination of less than € 100,000.
auszufüllen.
205
C.4
Placing and underwriting(33)
Platzierung und Emission
Name and address of the co-ordinator(s) of the global offer and of
single parts of the offer and, to the extent known to the Issuer or the
offeror, or the placers in the various countries where the offer takes place
Name und Anschrift des Koordinator/der Koordinatoren des globalen
Angebots oder einzelner Teile des Angebots – sofern der Emittentin
oder dem Anbieter bekannt – in den einzelnen Ländern des Angebots
[
]
Date of Subscription Agreement
Datum des Übernahmevertrages
[
]
Material features of the Subscription Agreement
Hauptmerkmale des Übernahmevertrages
[
]
Dealer / Management Group (specify)
Platzeur / Bankenkonsortium (angeben)
[
]
 Firm commitment
Feste Zusage
[
]
 No firm commitment / best efforts arrangements
Ohne feste Zusage / zu den bestmöglichen Bedingungen
[
]
Management/Underwriting Commission (specify)
Management- und Übernahmeprovision (angeben)
[
]
Selling Concession (specify)
Verkaufsprovision (angeben)
[
]
Method of distribution
Vertriebsmethode
 Non-syndicated
Nicht syndiziert
 Syndicated
Syndiziert
Subscription Agreement
Übernahmevertrag
Management Details including form of commitment(34)
Einzelheiten bezüglich des Bankenkonsortiums einschließlich der Art der Übernahme
Commissions(35)
Provisionen
Stabilising Dealer(s)/Manager(s)
Kursstabilisierende(r) Platzeur(e)/Manager
D. Listing and admission to trading
Börsenzulassung und Notierungsaufnahme
[None] [Specify details]
[Keiner] [Einzelheiten einfügen]
[Yes/No]
[Ja/Nein]
 Regulated Market of the Luxembourg Stock Exchange
Regulierter Markt der Luxemburger Wertpapierbörse
 Regulated Market of the Frankfurt Stock Exchange
Regulierter Markt der Frankfurter Wertpapierbörse
auszufüllen.
(34) Not required for Notes with a Specified Denomination of at least € 100,000.
Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 100.000.
(35) To be completed in consultation with the Issuer.
In Abstimmung mit der Emittentin auszuführen.
206
Date of admission
Datum der Zulassung
[
]
Estimate of the total expenses related to admission to trading(36)
Geschätzte Gesamtkosten für die Zulassung zum Handel
[
]
All regulated markets or equivalent markets on which, to the knowledge
of the Issuer, notes of the same class of the notes to be offered or admitted
to trading are already admitted to trading(37)
Angabe sämtlicher regulierter oder gleichwertiger Märkte,
auf denen nach Kenntnis der Emittentin Schuldverschreibungen
der gleichen Wertpapierkategorie, die zum Handel angeboten
oder zugelassen werden sollen, bereits zum Handel zugelassen sind
 Regulated Market of the Luxembourg Stock Exchange
Regulierter Markt der Luxemburger Wertpapierbörse
 Regulated Market of the Frankfurt Stock Exchange
Regulierter Markt der Frankfurter Wertpapierbörse
Issue Price
Ausgabepreis
Name and address of the entities which have a firm
commitment to act as intermediaries in secondary trading,
providing liquidity through bid and offer rates and description
of the main terms of their commitment
Name und Anschrift der Institute, die aufgrund einer festen
Zusage als Intermediäre im Sekundärhandel tätig sind und
Liquidität mittels Geld- und Briefkursen erwirtschaften,
und Beschreibung der Hauptbedingungen der
Zusagevereinbarung
[
[
]%
]%
E. Additional Information
Zusätzliche Informationen
Rating(38)
Rating
[
[Specify whether the relevant rating agency is established in the European Community and is registered or
has applied for registration pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of
the Council of 16 September 2009 on credit rating agencies, as amended (the "CRA Regulation").]
The European Securities and Markets Authority ("ESMA") publishes on its website
(http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) a list of credit rating agencies
registered in accordance with the CRA Regulation. That list is updated within five working days following
the adoption of a decision under Article 16, 17 or 20 CRA Regulation. The European Commission shall
publish that updated list in the Official Journal of the European Union within 30 days following such
update.
[Einzelheiten einfügen, ob die jeweilige Ratingagentur ihren Sitz in der Europäischen Gemeinschaft hat
und gemäß Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates vom
16. September 2009 über Ratingagenturen, in der jeweils geltenden Fassung (die "RatingagenturVerordnung") registriert ist oder die Registrierung beantragt hat.]
(36) Not required for Notes with a Specified Denomination of less than € 100,000.
Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 100.000.
(37) In case of a fungible issue, need to indicate that the original notes are already admitted to trading. Not required for Notes
with a Specified Denomination of at least € 100,000.
Im Falle einer Aufstockung, die mit einer vorangegangenen Emission fungibel ist, ist die Angabe erforderlich, dass die
ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen
mit einer festgelegten Stückelung von mindestens € 100.000.
38
( ) Do not complete, if the Notes are not rated on an individual basis. In case of Notes with a Specified Denomination of less
than € 100,000, need to include a brief explanation of the meaning of the ratings if this has been previously published by
the rating provider.
Nicht auszufüllen, wenn kein Einzelrating für die Schuldverschreibungen vorliegt. Bei Schuldverschreibungen mit einer
festgelegten Stückelung von weniger als € 100.000, kurze Erläuterung der Bedeutung des Ratings wenn dieses unlängst
von der Ratingagentur erstellt wurde.
]
207
Die Europäische Wertpapier und Marktaufsichtsbehörde ("ESMA") veröffentlicht auf ihrer Webseite
(http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) ein Verzeichnis der nach der
Ratingagentur-Verordnung registrierten Ratingagenturen. Dieses Verzeichnis wird innerhalb von fünf
Werktagen nach Annahme eines Beschlusses gemäß Artikel 16, 17 oder 20 der RatingagenturVerordnung aktualisiert. Die Europäische Kommission veröffentlicht das aktualisierte Verzeichnis im
Amtsblatt der Europäischen Union innerhalb von 30 Tagen nach der Aktualisierung.
F. Information to be provided regarding the consent by the Issuer or person responsible for
drawing up the Prospectus
Zur Verfügung zu stellende Informationen über die Zustimmung des Emittenten oder der für die
Erstellung des Prospekts zuständigen Person
Offer period during which subsequent resale or final placement of the Notes
by Dealers and/or further financial intermediaries can be made
Angebotsfrist, während derer die spätere Weiterveräußerung
oder endgültige Platzierung von Wertpapieren durch die Platzeure oder
weitere Finanzintermediäre erfolgen kann
THIRD PARTY INFORMATION
INFORMATIONEN VON SEITEN DRITTER
With respect to any information included herein and specified to be sourced from a third party (i) the Issuer
confirms that any such information has been accurately reproduced and as far as the Issuer is aware and
is able to ascertain from information available to it from such third party, no facts have been omitted the
omission of which would render the reproduced information inaccurate or misleading and (ii) the Issuer
has not independently verified any such information and accepts no responsibility for the accuracy thereof.
Hinsichtlich der hierin enthaltenen und als solche gekennzeichneten Informationen von Seiten Dritter gilt
Folgendes: (i) Die Emittentin bestätigt, dass diese Informationen zutreffend wiedergegeben worden sind
und – soweit es der Emittentin bekannt ist und sie aus den von diesen Dritten zur Verfügung gestellten
Informationen ableiten konnte – keine Fakten weggelassen wurden, deren Fehlen die reproduzierten
Informationen unzutreffend oder irreführend gestalten würden; (ii) die Emittentin hat diese Informationen
nicht selbständig überprüft und übernimmt keine Verantwortung für ihre Richtigkeit.
[Linde Aktiengesellschaft] [Linde Finance B.V.]
[Name & title of signatory]
[Name und Titel des Unterzeichnenden]]
208
USE OF PROCEEDS
Except as disclosed in the relevant Final Terms, as applicable, the net proceeds from each issue will be
used for general financing purposes of the Linde Group companies.
HM-Draft-xx0316
209
TAXATION
PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX
ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND
DISPOSITION OF NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES, UNDER
THE TAX LAWS OF GERMANY, THE NETHERLANDS, THE GRAND DUCHY OF LUXEMBOURG, THE
REPUBLIC OF AUSTRIA AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS.
The following is a general discussion of certain German, Dutch, Luxembourg and Austrian tax
consequences of the acquisition and ownership of Notes. This discussion does not purport to be a
comprehensive description of all tax considerations which may be relevant to a decision to purchase
Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply
to a particular purchaser. This summary is based on the laws of Germany, The Netherlands, the GrandDuchy of Luxembourg and the Republic of Austria currently in force and as applied on the date of this
Base Prospectus. These laws are subject to change, possibly with retroactive or retrospective effect.
1. Germany
Income tax
Notes held by tax residents as private assets
-
Taxation of interest
Payments of interest on the Notes to Holders who are tax residents of Germany (i.e., persons whose
residence or habitual abode is located in Germany) are subject to German income tax. In each case where
German income tax arises, a solidarity surcharge (Solidaritätszuschlag) is levied in addition. Furthermore,
church tax may be levied, where applicable. If coupons or interest claims are disposed of separately (i.e.
without the Notes), the proceeds from the disposition are subject to income tax. The same applies to
proceeds from the redemption of coupons or interest claims if the Note is disposed of separately.
On payments of interest on the Notes to individual tax residents of Germany income tax is generally levied
as a flat income tax at a rate of 25% (plus solidarity surcharge in an amount of 5.5% of such tax, resulting
in a total tax charge of 26.375%, plus, if applicable, church tax). As from 1 January 2015, the church tax is
generally levied by way of withholding unless the Holder has filed a blocking notice (Sperrvermerk) with
the German Federal Tax Office (Bundeszentralamt für Steuern). The total investment income of an
individual will be decreased by a lump sum deduction (Sparer-Pauschbetrag) of € 801 (€ 1,602 for married
couples filing jointly), not by a deduction of expenses actually incurred.
If the Notes are held in a custodial account which the Holder maintains with a German branch of a German
or non-German bank or financial services institution or with a securities trading business or bank in
Germany (the "Disbursing Agent") the flat income tax will be levied by way of withholding at the
aforementioned rate from the gross interest payment to be made by the Disbursing Agent.
In general, no withholding tax will be levied if the Holder is an individual (i) whose Note does not form part
of the property of a trade or business and (ii) who filed a withholding exemption certificate
(Freistellungsauftrag) with the Disbursing Agent but only to the extent the interest income derived from the
Note together with other investment income does not exceed the maximum exemption amount shown on
the withholding exemption certificate. Similarly, no withholding tax will be deducted if the Holder has
submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungs-Bescheinigung)
issued by the relevant local tax office.
If no Disbursing Agent (as defined above) is involved in the payment process the Holder will have to
include its income on the Notes in its tax return and the flat income tax of 25% plus solidarity surcharge
and, if applicable, church tax will be collected by way of assessment.
Payment of the flat income tax will generally satisfy any income tax liability (including solidarity surcharge
and, if applicable, church tax) of the Holder in respect of such investment income. Holders may apply for a
tax assessment on the basis of general rules applicable to them if the resulting income tax burden is lower
than 25%. In this case income-related expenses cannot be deducted from the investment income, except
for the aforementioned annual lump sum deduction.
210
-
Taxation of capital gains
From 1 January 2009, also capital gains realised by individual tax residents of Germany from the
disposition or redemption of the Notes acquired after 31 December 2008 will be subject to the flat income
tax on investment income at a rate of 25% (plus solidarity surcharge in an amount of 5.5% of such tax,
resulting in a total tax charge of 26.375%, plus, if applicable, church tax), irrespective of any holding
period. As from 1 January 2015, the church tax is generally levied by way of withholding unless the Holder
has filed a blocking notice with the German Federal Tax Office. This will also apply to Notes on which the
principal is effectively repaid in whole or in part although the repayment was not guaranteed.
If the Notes are held in a custodial account which the Holder maintains with a Disbursing Agent (as
defined above) the flat income tax will be levied by way of withholding from the difference between the
redemption amount (or the proceeds from the disposition) and the issue price (or the purchase price) of
the Notes. If the Notes have been transferred into the custodial account of the Disbursing Agent only after
their acquisition, and no evidence on the acquisition data has been provided to the new Disbursing Agent
by the Disbursing Agent which previously kept the Notes in its custodial account, withholding tax will be
levied on 30% of the proceeds from the disposition or redemption of the Notes.
If no Disbursing Agent is involved in the payment process the Holder will have to include capital gains from
the disposition or redemption of the Notes in its tax return and the flat income tax of 25% plus solidarity
surcharge and, if applicable, church tax will be collected by way of assessment.
Payment of the flat income tax will generally satisfy any income tax liability (including solidarity surcharge
and, if applicable, church tax) of the Holder in respect of such investment income. Holders may apply for a
tax assessment on the basis of general rules applicable to them if the resulting income tax burden is lower
than 25%. In this case as well income-related expenses cannot be deducted from the investment income,
except for the aforementioned annual lump sum deduction.
Notes held by tax residents as business assets
Payments of interest on Notes and capital gains from the disposition or redemption of Notes held as
business assets by German tax resident individuals or corporations (including via a partnership, as the
case may be), are generally subject to German income tax or corporate income tax (in each case plus
solidarity surcharge and if applicable, church tax). The interest and capital gain will also be subject to trade
tax if the Notes form part of the property of a German trade or business.
If the Notes are held in a custodial account which the Holder maintains with a Disbursing Agent (as
defined above) tax at a rate of 25% (plus a solidarity surcharge of 5.5% of such tax and, if applicable,
church tax) will also be withheld from interest payments on Notes and (since 1 January 2009) generally
also from capital gains from the disposition or redemption of Notes held as business assets. In these
cases the withholding tax does not satisfy the income tax liability of the Holder, as in the case of the flat
income tax, but will be credited as advance payment against the personal income or corporate income tax
liability and the solidarity surcharge (and, if applicable, against the church tax) of the Holder.
With regard to capital gains no withholding will generally be required in the case of Notes held by
corporations resident in Germany, provided that in the case of corporations of certain legal forms the
status of corporation has been evidenced by a certificate of the competent tax office, and upon application
in the case of Notes held by individuals or partnerships as business assets.
Notes held by non-residents
Interest and capital gains are not subject to German taxation in the case of non-residents, i.e. persons
having neither their residence nor their habitual abode nor legal domicile nor place of effective
management in Germany, unless the Notes form part of the business property of a permanent
establishment maintained in Germany. Interest may, however, also be subject to German income tax if it
otherwise constitutes income taxable in Germany, such as income from the letting and leasing of certain
German-situs property or income from certain capital investments directly or indirectly secured by German
situs real estate.
Non-residents of Germany are in general exempt from German withholding tax on interest and capital
gains and from solidarity surcharge thereon. However, if the interest or capital gain is subject to German
taxation as set forth in the preceding paragraph and the Notes are held in a custodial account with a
211
Disbursing Agent (as defined above), withholding tax will be levied as explained above at "Notes held by
tax residents as business assets" or at "Notes held by tax residents as private assets", respectively.
Inheritance and Gift Tax
No inheritance or gift taxes with respect to any Note will generally arise under the laws of Germany, if, in
the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither the
donor nor the donee, is a resident of Germany and such Note is not attributable to a German trade or
business for which a permanent establishment is maintained, or a permanent representative has been
appointed, in Germany. Exceptions from this rule apply to certain German citizens who previously
maintained a residence in Germany.
Other Taxes
No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the
issuance, delivery or execution of the Notes. Currently, net assets tax (Vermögensteuer) is not levied in
Germany.
2. The Netherlands
General
The following summary outlines certain Netherlands tax consequences to holders of Notes. The summary
does not purport to present any comprehensive or complete picture of all Netherlands tax aspects that
could be of relevance to the acquisition, ownership and disposal of Notes by a (prospective) Holder of
Notes who may be subject to special tax treatment.
The summary is based on the tax laws and practice of The Netherlands as in effect on the date of this
Prospectus, which are subject to changes that could prospectively or retrospectively affect the stated tax
consequences. The Netherlands means the part of the Kingdom of the Netherlands located in Europe.
Prospective Holders should consult their own professional adviser with respect to the tax consequences of
any acquisition, ownership or disposal of the Notes in their individual circumstances.
Withholding Tax
All payments under the Notes may be made free of withholding or deduction of or for any taxes of
whatever nature imposed, levied, withheld or assessed by The Netherlands or any political subdivision or
taxing authority thereof or therein, provided that the Notes will not (a) in part or in whole be convertible into
(rights to purchase) equity interest in any of Linde Finance, Linde AG and/or an entity related thereto,
and/or (b) (i) carry interest (the payment of which is) in any way contingent on (the distribution of) profits of
Linde Finance, Linde AG and/or any entity related thereto, and (ii) have a term – legally or de facto –
exceeding 50 years or have no fixed term, and (iii) be subordinated.
Taxes on Income and Capital Gains
A Holder will not be subject to Netherlands taxes on income or capital gains in respect of the Notes,
including such tax on any payment under the Notes in respect of any gain realised on the disposal,
deemed disposal or redemption of the Notes, provided that:
(a) such Holder is neither a resident nor deemed to be a resident of The Netherlands, Bonaire, SintEustatius or Saba; and
(b) such Holder does not have an enterprise or an interest in an enterprise that is, in whole or in part,
carried on through a permanent establishment or a permanent representative in The Netherlands, Bonaire,
Sint-Eustatius or Saba and to which enterprise or part of an enterprise the Notes are attributable; and
(c) if such Holder is an individual, neither such Holder nor any of the Holder's spouse, partner, a person
deemed to be the Holder's partner, or other persons sharing such Holder's house or household, or certain
other of such Holder's relatives (including foster children), whether directly and/or indirectly as (deemed)
settlor, grantor or similar originator (the "Settlor") or upon the death of the Settlor, the Settlor's
beneficiaries (the "Beneficiaries") in proportion to their entitlement to the estate of the Settlor of a trust,
212
foundation or similar arrangement (a "Trust") (a) indirectly has the disposition of the proceeds of the Notes
in The Netherlands, nor (b) has a substantial interest in Linde Finance and/or any other entity that legally
or de facto, directly or indirectly, has the disposition of the proceeds of the Notes in The Netherlands. For
purposes of this clause (c) a substantial interest is generally not present if a Holder does not hold, alone or
together with the Holder's spouse, partner, a person deemed to be such Holder's partner, other persons
sharing such Holder's house or household, or certain other of such Holder's relatives (including foster
children), or a Trust of which the Holder or any of the aforementioned persons is a Settlor or a Beneficiary,
whether directly or indirectly, (a) the ownership of, certain other rights, such as usufruct, over or rights to
acquire (whether or not already issued) shares representing 5% or more of the total issued and
outstanding capital (or the issued and outstanding capital of any class of shares) of a company; or (b) the
ownership of, or certain other rights, such as usufruct over, profit participating certificates (winstbewijzen),
or membership rights in a co-operative association, that relate to 5% or more of the annual profit of a
company or co-operative association or to 5% or more of the liquidation proceeds of a company or cooperative association; or (c) membership rights representing 5% or more of the voting rights in a cooperative association's general meeting; and
(d) if such Holder is a company, such Holder does not have a substantial interest in Linde Finance, or if
such Holder has a substantial interest in Linde Finance, (a) such substantial interest is not held with the
avoidance of Netherlands income tax or dividend withholding tax as (one of) the main purpose(s), or (b)
such Holder does not form part of an artificial structure or series of structures (such as structures which
are not put into place for valid business reasons reflecting economic reality). For purpose of this clause, a
substantial interest is generally not present if a holder does not hold, whether directly or indirectly, (a) the
ownership of, certain other rights, such as usufruct, over, or rights to acquire (whether or not already
issued), shares representing 5% or more of the total issued and outstanding capital (or the issued and
outstanding capital of any class of shares) of a company; or (b) the ownership of, or certain other rights,
such as usufruct over, profit participating certificates (winstbewijzen) that relate to 5% or more of the
annual profit of a company or to 5% or more of the liquidation proceeds of a company; and
(e) if such Holder is an individual, such income or capital gain does not form a "benefit from miscellaneous
activities" (resultaat uit overige werkzaamheden) in The Netherlands which, for instance, would be the
case if the activities in The Netherlands with respect to the Notes exceed "normal active asset
management" (normaal, actief vermogensbeheer) or if income and gains are derived from the holding,
whether directly or indirectly, of (a combination of) shares, debt claims or other rights (a "lucrative
interest", lucratief belang) that the holder thereof has acquired under such circumstances that such
income and gains are intended to be remuneration for work or services performed by such holder (or a
related person) in The Netherlands, whether within or outside an employment relation, where such
lucrative interest provides the holder thereof, economically speaking, with certain benefits that have a
relation to the relevant work or services.
Gift, Estate and Inheritance Taxes
No gift, estate or inheritance taxes will arise in The Netherlands with respect to an acquisition of Notes by
way of a gift by, or on the death of, a Holder who is neither resident nor deemed to be resident in The
Netherlands for Netherlands inheritance and gift tax purposes, unless in the case of a gift of Notes by an
individual who at the date of the gift was neither resident nor deemed to be resident in The Netherlands,
such individual dies within 180 days after the date of the gift, while being resident or deemed to be
resident in The Netherlands.
For purposes of Netherlands gift and inheritance tax, an individual who holds the Netherlands nationality
will be deemed to be resident in The Netherlands if such individual has been resident in The Netherlands
at any time during the ten years preceding the date of the gift or the individual's death.
For purposes of Netherlands gift tax, an individual not holding the Netherlands nationality will be deemed
to be resident in The Netherlands if such individual has been resident in The Netherlands at any time
during the twelve months preceding the date of the gift.
For Netherlands gift and inheritance tax purposes, a gift that is made under a condition precedent is
deemed to have been made at the moment such condition precedent is satisfied. If the condition
precedent is fulfilled after the death of the donor, the gift is deemed to be made upon the death of the
donor.
213
For Netherlands gift, estate and inheritance tax purposes, (i) a gift by a Trust, will be construed as a gift by
the Settlor, and (ii) upon the death of the Settlor, as a rule, the Settlor's Beneficiaries, will be deemed to
have inherited directly from the Settlor. Subsequently, the Beneficiaries will be deemed the Settlor of the
Trust for purposes of the Netherlands gift, estate and inheritance tax in case of subsequent gifts or
inheritances.
Other Taxes and duties
No Netherlands registration tax, capital tax, transfer tax, stamp duty or any other similar documentary tax
or duty, other than court fees, will be payable in The Netherlands in respect of or in connection with the
execution, delivery and/or enforcement by legal proceedings (including the enforcement of any foreign
judgment in the courts of The Netherlands) of the documents relating to the issue of the Notes or the
performance by Linde Finance of its obligations thereunder or under the Notes.
3. Grand Duchy of Luxembourg
Non-Residents
Under the existing laws of Luxembourg there is no withholding tax on the payment of interest on, or
reimbursement of principal of, the Notes made to non-residents of Luxembourg through a paying agent
established in Luxembourg.
Since 1 January 2015 the exchange of information procedure provided for under the Luxembourg laws of
21 June 2005 (or the relevant Accords) apply.
Residents
Under the Luxembourg law dated 23 December 2005 as amended, a 10% Luxembourg withholding tax is
levied on interest payments or similar income made by Luxembourg paying agents to (or for the benefit of)
Luxembourg individual residents. This withholding tax also applies on accrued interest received upon
disposal, redemption or repurchase of the Notes.
If the individual Holder holds the Notes in the course of the management of his or her private wealth, the
aforementioned 10% withholding tax will operate a full discharge of income tax due on such payments.
Interest on Notes paid by a Luxembourg paying agent to a resident Holder of Notes who is not an
individual is not subject to withholding tax.
When used in the preceding paragraphs "interest", "paying agent" and "residual entity" have the
meaning given thereto in the Luxembourg laws of 21 June 2005 (or the relevant Accords) and
23 December 2005, as amended. "Interest" will include accrued or capitalised interest at the sale,
repayment or redemption of the Notes. Payments of interest or similar income under the Notes to
Clearstream Banking AG, Clearstream Banking, société anonyme and Euroclear Bank SA/NV and
payments by or on behalf of Clearstream Banking, société anonyme to financial intermediaries will not give
rise to a withholding tax under Luxembourg law.
4. Republic of Austria
Income tax
Austrian Resident Taxpayers
Individuals having a domicile or their habitual abode in Austria or corporations having their corporate seat
or their place of management in Austria are considered residents for Austrian income and corporate
income tax law purposes, respectively.
Individual residents
-
Notes held as private assets
Generally income arising with respect to the Notes in the form of either
(i)
fixed or floating interest payments (Zinserträge) or
(ii)
realised capital gains (Einkünfte aus realisierten Wertsteigerungen)
214
qualifies as "investment income" (Einkünfte aus Kapitalvermögen) and, as such, is taxed under a special
regime at a flat rate of 27.5%. Realised capital gains are the difference between (a) the amount realised
(e.g., the sale proceeds, the redemption or other pay-off amount, or the fair market value in case of a
deemed realisation) and (b) the acquisition costs; in both cases (amount realised and acquisition costs)
including accrued interest, if any.
For Notes held as private assets, the acquisition costs do not include ancillary acquisition costs
(Anschaffungsnebenkosten). An average price is determined regarding Notes not acquired at the same
time, but held in the same securities account with the same securities identification number. Expenses and
costs (Aufwendungen und Ausgaben) that are directly connected with investment income are not tax
effective.
Capital gains are not only taxed upon an actual disposition or redemption of the Notes, but also upon a
deemed realization.
•
A deemed realisation takes place due to a loss of the Austrian taxing right in the Notes (e.g. move
abroad, donation to a non-resident, etc.). In case of relocation of the Noteholder to another EU
member state or certain member states of the European Economic Area or a transfer of Notes for
no consideration to another individual resident in another EU member state or certain member
states of the European Economic Area, the possibility of a tax deferral exists, to be elected for in
the tax return of the Noteholder in the year of his or her relocation. If the Notes are held in an
Austrian securities account, the Austrian withholding agent (custodian or paying agent) has to
impose the withholding tax only upon an actual disposition of the Notes or withdrawal from the
account. If the holder of the notes has timely notified the Austrian withholding agent of his or her
relocation to another EU Member State, not more than the value increase in the Notes until
relocation is subject to Austria withholding tax. An exemption of withholding tax applies in case of
moving to another EU Member State if the Noteholder presents to the Austrian withholding agent
a tax assessment notice of the year of migration in which the option for a deferral of tax has been
exercised.
•
A deemed realisation also takes place upon withdrawals (Entnahmen) from an Austrian securities
account and other transfers of Notes from one Austrian securities account to another one.
Exemptions apply in this case for a transfer of the Notes to another deposit account, if certain
information procedures are fulfilled and no loss of the Austrian taxing right occurs.
If an Austrian custodian (inländische depotführende Stelle, also referred to as "securities account keeping
agent") or an Austrian paying agent (auszahlende Stelle) is involved in paying investment income (interest
or capital gains), 27.5% withholding taxation is imposed. The Austrian custodian or paying agent has the
responsibility to deduct and pay the withholding tax to the respective tax office.
The withholding tax generally results in a final income taxation; an option to assess the income at the
progressive income tax rate exists (in particular for investors whose regular personal income tax rate is
lower than 27.5%). If no withholding tax is imposed (e.g., because the Notes are held through a foreign
paying agent), the investment income arising from the Notes generally has to be included into the income
tax return in accordance with the law and will be subject to the special flat tax rate of 27.5%.
Losses from Notes held as private assets may only offset other investment income (excluding, inter alia,
interest income from bank deposits and other claims against banks) and must not offset any other income.
Mandatory loss-offsetting rules to be handled by Austrian custodians apply. A carry-forward of losses is
not possible in this context.
-
Notes held as business assets
Generally, the same rules as described in the previous heading apply regarding Notes that are held as
business assets by tax residents who are individuals. The most important differences are the following:
•
Realised capital gains, contrary to interest income, have to be included in the annual tax return,
since despite a 27.5% withholding taxation that is also imposed in the context of Notes held as
business assets if an Austrian custodian is involved, no final income taxation applies.
•
Write-downs and realised losses regarding the Notes held as business assets may be offset with
positive income from realised capital gains that are investment income in the first place; 55% of
the remaining losses may be offset against other income or carried forward.
•
The acquisition costs of Notes held as business assets may also include ancillary costs incurred
upon the acquisition.
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•
Loss off-setting is not made by the custodian, but can only be made in the assessment of the
individual.
It is noted that expenses and costs (Aufwendungen und Ausgaben) directly connected with investment
income are also not tax effective in case the Notes are held as business assets.
Corporate residents
Corporate investors deriving business income from the Notes may avoid the application of withholding tax
by filing a declaration of exemption (Befreiungserklärung) with the Austrian withholding tax agent, who has
to forward a copy thereof to the tax office. Income derived from the Notes by corporate investors (including
any capital gains) is subject to corporate income tax at the general corporate income tax rate of 25%.
A special tax regime applies for private foundations (Privatstiftungen).
Notes held by non-residents
Individuals who have neither a domicile nor their habitual abode in Austria or corporate investors that have
neither their corporate seat nor their place of management in Austria ("non-residents") are not taxable in
Austria with their income from the Notes provided the income is not attributable to a permanent
establishment in Austria.
Non-resident investors who are resident individuals of an EU Member State and who hold the Notes
through an Austrian paying agent have to consider the EU Savings Tax Directive regarding particular
withholding tax rules (see in this respect below under the heading "EU Savings Tax Directive").
An Austrian paying agent or depository may abstain from levying 27,5% withholding tax under § 94 (5) and
(13) EStG.
If any Austrian withholding tax is deducted by the securities depository or paying agent, the tax withheld
shall be refunded to the non-resident Noteholder upon his application which has to be filed with the
competent Austrian tax authority within five calendar years following the date of the imposition of the
withholding tax.
If non-residents receive income from the Notes through an Austrian permanent establishment, they are to
a large extent subject to the same tax treatment as resident investors.
EU Withholding Tax Act
The EU Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (the
"EU Savings Tax Directive") provides for an exchange of information between the authorities of EU
member states regarding interest payments made in one member state to beneficial owners who are
individuals and resident for tax purposes in another member state.
Austria has implemented the EU Savings Tax Directive by way of the EU Withholding Tax Act
(EU-Quellensteuergesetz) which provides for a withholding tax rather than for an exchange of information.
Such EU Withholding Tax is levied on interest payments within the meaning of the EU Withholding Tax Act
made by a paying agent located in Austria to an individual resident for tax purposes in another member
state of the European Union or certain dependent and associated territories. Further, withholding tax will
be deducted - on a pro rata temporis basis - in case of changes of the individual's withholding tax status
such as changes of his country of residence or transfer of his securities to a deposit account outside of
Austria. The EU withholding tax currently amounts to 35%. No EU Withholding Tax is deducted if the EUresident investor provides the paying agent with a certificate drawn up in his name by the tax office of his
member state of residence. Such certificate has to indicate, among other things, the name and address of
the investor, the paying agent as well as the bank account number of the individual investor or the
identification number of the notes (§ 10 EU Withholding Tax Act).
Upon a proposal of the European Commission, the EU Savings Tax Directive was repealed by the Council
of the European Union on 10 November 2015 which – in the case of Austria – will enter into effect as from
1 January 2017 (on certain accounts Austria has undertaken to initiate automatic exchange of information
from 30 September 2017 with respect to taxable periods beginning on or after 1 January 2016) and as
from 1 January 2016 in the case of all other EU Member States.
Holders who are individuals should note that the Issuer will not pay additional amounts under § 7(c) of the
Terms and Conditions of the Notes in respect of any withholding tax imposed as a result of the EU
Savings Tax Directive.
Final note on withholding tax imposed in Austria
216
Assuming that neither of the Issuers uses a branch or permanent establishment in Austria for the payment
of interest under the Notes, neither of the Issuers do assume any responsibility for Austrian withholding tax
(Kapitalertragsteuer) or EU Withholding Tax (EU-Quellensteuer) charged in Austria at source and is not
obliged to make additional payments in case of withholding tax deductions at source.
5. The proposed Financial Transaction Tax (the "FTT")
On 14 February 2013, the European Commission published a proposal (the "Commission’s Proposal")
for a Directive for a common FTT in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria,
Portugal, Slovenia and Slovakia (the "participating Member States"). However, Estonia has since stated
that it will not participate.
The Commission’s Proposal has very broad scope and could, if introduced, apply to certain dealings in the
Notes (including secondary market transactions) in certain circumstances. The issuance and subscription
of Notes should, however, be exempt.
Under the Commission’s Proposal the FTT could apply in certain circumstances to persons both within
and outside of the participating Member States. Generally, it would apply to certain dealings in the Notes
where at least one party is a financial institution, and at least one party is established in a participating
Member State. A financial institution may be, or be deemed to be, "established" in a participating Member
State in a broad range of circumstances, including (a) by transacting with a person established in a
participating Member State or (b) where the financial instrument which is subject to the dealings is issued
in a participating Member State.
However, the FTT proposal remains subject to negotiation between the participating Member States. It
may therefore be altered prior to any implementation, the timing of which remains unclear. Additional EU
Member States may decide to participate.
Prospective holders of the Notes are advised to seek their own professional advice in relation to the FTT.
217
SUBSCRIPTION AND SALE
1. Underwriting
Notes may be sold from time to time by the Issuers to any one or more of Deutsche Bank
Aktiengesellschaft and the other Dealers specified herein (the "Dealers"). The arrangements under which
Notes may from time to time be agreed to be sold by the Issuer to, and purchased by, Dealers are set out
in an Amended and Restated Dealer Agreement dated 1 April 2016 (the "Dealer Agreement") and made
between the Issuers, the Guarantor and the Dealers. Any such agreement will, inter alia, make provision
for the form and terms and conditions of the relevant Notes, the price at which such Notes will be
purchased by the Dealers and the commissions or other agreed deductibles (if any) payable or allowable
by the Issuers in respect of such purchase. The Dealer Agreement makes provision for the resignation or
termination of appointment of existing Dealers and for the appointment of additional or other Dealers either
generally in respect of the Programme or in relation to a particular Tranche of Notes. A Subscription
Agreement prepared in connection with a particular Tranche of Notes will typically be dated on or about
the respective date of the Final Terms applicable to such Tranche of Notes.
2. Selling Restrictions and other Restrictions
General
Each Dealer has acknowledged that, other than with respect to the listing of the Notes on the relevant
stock exchange, no action has been or will be taken in any country or jurisdiction by the Issuer or the
Dealers that would permit a public offering of Notes, or possession or distribution of any offering material
in relation thereto, in any country or jurisdiction where action for that purpose is required. Each Dealer will
(to the best of its knowledge) comply with all applicable laws and regulations in each country or jurisdiction
in or from which it purchases, offers, sells or delivers Notes or has in its possession or distributes such
offering material, in all cases at its own expense.
United States of America
(a)
Each Dealer has acknowledged that the Notes have not been and will not be registered under the
Securities Act, and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons except in accordance with Regulation S under the Securities Act or pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act.
(b)
Each Dealer has represented and agreed that it has not offered and sold any Notes, and will not offer
and sell any Notes constituting part of its allotment within the United States or to, or for the account or
benefit of a U.S. person, except in accordance with Rule 903 or Rule 904 of Regulation S under the
Securities Act. Accordingly, each Dealer further has represented and agreed that neither it, its
affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed
selling efforts with respect to any Note, it and they have complied and will comply with the offering
restrictions requirements of Regulation S, and it and they will not offer or sell the Notes in the United
States by any form of general solicitation or general advertising within the meaning of Regulation D
under the Securities Act or in any manner involving a public offering within the meaning of Section
4(2) of the Securities Act.
(c)
Each Dealer who has purchased Notes of a Tranche hereunder (or in the case of a sale of a Tranche
of Notes issued to or through more than one Dealer, each of such Dealers as to the Notes of such
Tranche purchased by or through it or, in the case of a syndicated issue, the relevant Lead Manager)
shall determine and notify to the Fiscal Agent the completion of the distribution of the Notes of such
Tranche. On the basis of such notification or notifications, the Fiscal Agent has agreed to notify such
Dealer/Lead Manager of the end of the distribution compliance period with respect to such Tranche.
Each Dealer also has agreed that, at or prior to confirmation of any sale of Notes, it will have sent to
each distributor, dealer or person receiving a selling concession, fee or other remuneration that
purchases Notes from it during the distribution compliance period a confirmation or notice to
substantially the following effect:
"The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 as
amended (the "Securities Act") and no Dealer (or persons covered by Rule 903 (c)(2)(iv)) may offer
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or sell any Notes constituting part of its allotment within the United States or to, or for the account or
benefit of, U.S. persons except in accordance with Rule 903 or Rule 904 of Regulation S under the
Securities Act. Terms used above have the meanings given to them by Regulation S."
Terms used in the above paragraph have the meanings given to them by Regulation S.
Each Dealer has represented and agreed that it has not entered and will not enter into any
contractual arrangement with respect to the distribution or delivery of Notes, except with its affiliates
or with the prior written consent of the Issuer.
(d)
Notes will be issued in accordance with the provisions of United States Treasury Regulations Section
1.163-5(c)(2)(i)(D) (the "D Rules"), or in accordance with the provisions of United States Treasury
Regulations Section 1.163-5(c)(2)(i)(C) (the "C Rules") (or, any successor rules in substantially the
same form as the C Rules or D Rules, as applicable, for purposes of Section 4701 of the U.S.
Internal Revenue Code), or held by Clearstream Banking AG, Frankfurt am Main pursuant to the
terms of a book-entry-registration agreement, as specified in the applicable Final Terms.
In respect of Notes issued in accordance with the D Rules, each Dealer has represented and agreed
that:
(i)
except to the extent permitted under the D Rules, (x) it has not offered or sold, and during the
restricted period will not offer or sell, Notes to a person who is within the United States or its
possessions or to a United States person, and (y) such Dealer has not delivered and will not
deliver within the United States or its possessions Notes that are sold during the restricted
period;
(ii)
it has and throughout the restricted period will have in effect procedures reasonably designed to
ensure that its employees or agents who are directly engaged in selling Notes are aware that
such Notes may not be offered or sold during the restricted period to a person who is within the
United States or its possessions or to a United States person, except as permitted by the
D Rules;
(iii) if such Dealer is a United States person, it has represented that it is acquiring the Notes for
purposes of resale in connection with their original issuance and if such Dealer retains Notes for
its own account, it will only do so in accordance with the requirements of the D Rules;
(iv) with respect to each affiliate that acquires from such Dealer Notes for the purposes of offering or
selling such Notes during the restricted period, such Dealer either (x) repeats and confirms the
agreements contained in sub-clauses (i), (ii) and (iii) on such affiliate's behalf or (y) agrees that it
will obtain from such affiliate for the benefit of the Issuer the agreements contained in subclauses (i), (ii) and (iii).
Terms used in the above paragraph have the meanings given to them by the U.S. Internal Revenue
Code of 1986, as amended, and regulations thereunder, including the D Rules.
In addition, in respect of Notes issued in accordance with the C Rules, Notes must be issued and
delivered outside the United States and its possessions in connection with their original issuance.
Each Dealer has represented and agreed that it has not offered, sold or delivered and will not offer,
sell or deliver, directly or indirectly, Notes within the United States or its possessions in connection
with their original issuance. Further, each Dealer has represented and agreed in connection with the
original issuance of Notes, that it has not communicated, and will not communicate, directly or
indirectly, with a prospective purchaser if such purchaser is within the United States or its
possessions and will not otherwise involve its U.S. office in the offer or sale of Notes. Terms used in
this paragraph have the meanings given to them by the U.S. Internal Revenue Code of 1986, as
amended, and regulations thereunder, including the C Rules.
Notes issued pursuant to the D Rules (other than Temporary Global Notes) will bear the following
legend: "Any United States person who holds this obligation will be subject to limitations under the
United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the
Internal Revenue Code".
219
European Economic Area
In relation to each Member State of the European Economic Area (the EU plus Iceland, Norway and
Liechtenstein) which has implemented the Prospectus Directive (each, a "Relevant Member State"), each
Dealer has represented and agreed, and each further Dealer appointed under the Programme will be
required to represent and agree, that with effect from and including the date on which the Prospectus
Directive is implemented in that Relevant Member State (the "Relevant Implementation Date") it has not
made and will not make an offer of Notes which are the subject of the offering contemplated by this
Prospectus as completed by the applicable Final Terms in relation thereto to the public in that Relevant
Member State, except that it may, with effect from and including the Relevant Implementation Date, make
an offer of such Notes to the public in that Relevant Member State:
(a)
if the applicable Final Terms in relation to the Notes specify an offer of those Notes other than
pursuant to Article 3 (2) of the Prospectus Directive in that Relevant Member State (a "Non-exempt
Offer"), following the date of publication of a prospectus in relation to such Notes which has been
approved by the competent authority in that Relevant Member State or, where appropriate,
approved in another Relevant Member State and notified to the competent authority in that Relevant
Member State, provided that any such prospectus has subsequently been completed by the
applicable Final Terms contemplating such Non-exempt Offer, in accordance with the Prospectus
Directive, in the period beginning and ending on the dates specified in such prospectus or such
Final Terms, as applicable and the relevant Issuer has consented in writing to its use for the
purpose of that Non-exempt Offer;
(b)
at any time to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(c)
at any time to fewer than 150 natural or legal persons (other than qualified investors as defined in
the Prospectus Directive) subject to obtaining the prior consent of the relevant Dealer or Dealers
nominated by the Issuer for any such offer; or
(d)
at any time in any other circumstances falling within Article 3 (2) of the Prospectus Directive,
provided that no such offer of Notes referred to in (b) to (d) above shall require the relevant Issuer or any
Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a
prospectus pursuant to Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any
Notes in any Relevant Member State means the communication in any form and by any means of
sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to
decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State, the expression "Prospectus
Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and includes
any relevant implementing measure in each Relevant Member State.
United Kingdom
Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be
required to represent and agree, that:
(a) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated an invitation or inducement to engage in investment activity (within the meaning of
Section 21 of the Financial Services and Markets Act 2000 ("FSMA")) received by it in connection with
the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to
the Issuer or the Guarantor; and
(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything
done by it in relation to any Notes in, from or otherwise involving the United Kingdom.
The Netherlands
required to represent and agree, that it has complied and will comply with the requirement under the Dutch
Savings Certificates Act (Wet inzake spaarbewijzen) that bearer Zero Coupon Notes and other Notes
which qualify as savings certificates as defined in the Dutch Savings Certificates Act may be transferred
and accepted only through the mediation of either the relevant Issuer or a Member of Euronext
220
Amsterdam N.V. with due observance of the Dutch Savings Certificates Act (including registration
requirements), except in the case of (i) the initial issue of such Notes to the first holders thereof, (ii) any
transfer and acceptance by individuals who do not act in the conduct of a profession or trade, and (iii) any
transfer and acceptance of such Notes, if they are physically issued outside The Netherlands and are not
distributed in The Netherlands in the course of primary trading or immediately thereafter.
Each Dealer has represented and agreed that, in order to offer the Notes in The Netherlands, it is either
licensed or exempt under Section 2:96 of the Act on the Financial Supervision (Wet op het financieel
toezicht).
required to represent, warrant and agree, that it will not make an offer of Notes to the public in the
Netherlands in reliance on Article 3(2) of the Prospectus Directive unless (i) such offer is made exclusively
to persons or entities which are qualified investors as defined in the Dutch Financial Supervision Act (Wet
op het financieel toezicht) or (ii) standard exemption wording is disclosed as required by Article 5:20(5) of
the Dutch Financial Supervision Act or (iii) such offer is otherwise made in circumstances in which
Article 5:20(5) of the Dutch Financial Supervision Act is not applicable, provided that no such offer of
Notes shall require the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus
Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.
Japan
Each Dealer has acknowledged that the Notes have not been and will not be registered under the
Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) (the "Financial
Instruments and Exchange Law"). Each Dealer has represented and agreed, and each further Dealer
appointed under the Programme will be required to represent and agree, that it will not offer or sell any
Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used
herein means any person resident in Japan, including any corporation or other entity organised under the
laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan
except only pursuant to an exemption from the registration requirements of, and otherwise in compliance
with, the Financial Instruments and Exchange Law and any applicable laws, regulations and guidelines of
Japan.
Hong Kong
required to represent and agree, that
(a) it has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any Notes
other than (i) to persons whose ordinary business is to buy or sell shares or debentures (whether as
principal or agent); or (ii) to "professional investors" as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (ii) in other
circumstances which do not result in the document being a "prospectus" as defined in the Companies
Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning
of that Ordinance; and
(b) it has not issued or had in its possession for the purposes of issue, and will not issue or have in its
possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to the Notes, which is directed at, or the contents of which are likely to
be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities
laws of Hong Kong) other than with respect to Notes which are or are intended to be disposed of only
to persons outside Hong Kong or only to "professional investors" as defined in the Securities and
Futures Ordinance and any rules made under that Ordinance.
221
Information relating to the People's Republic of China (the "PRC") Currency
Controls
The following is a general description of certain currency controls in the PRC and is based on the law and
relevant interpretations thereof in effect as at the date of this Prospectus, all of which are subject to
change, and does not constitute legal advice. It does not purport to be a complete analysis of all applicable
currency controls in the PRC relating to the RMB Notes. Prospective holders of RMB Notes who are in any
doubt as to PRC currency controls are advised to consult their own professional advisers.
Renminbi is not a freely convertible currency. The remittance of Renminbi into and outside the PRC is
subject to control imposed under PRC law.
Current Account Items
Under the applicable PRC foreign exchange control regulations, current account items refer to any
transaction for international receipts and payments involving goods, services, earnings and other frequent
transfers.
Prior to July 2009, all current account items were required to be settled in foreign currencies. Since July
2009, the PRC has commenced a pilot scheme, pursuant to which Renminbi may be used for settlement
of imports and exports of goods between approved pilot enterprises in five designated cities in the PRC
including Shanghai, Guangzhou, Dongguan, Shenzhen and Zhuhai and enterprises in designated offshore
jurisdictions including Hong Kong and Macau. In June 2010, August 2011 and February 2012 respectively,
the PRC government promulgated the Circular on Issues concerning the Expansion of the Scope of the
Pilot Programme of Renminbi Settlement of Cross-Border Trades (Yin Fa (2010) No. 186), the Circular on
Expanding the Regions of Cross-border Trade Renminbi Settlement (Yin Fa (2011) No. 203),and the
Circular on Matters Relevant to the Administration of Enterprises Engaged in Renminbi Settlement of
Export Trade in Goods (Yin Fa (2012) No. 23). Pursuant to these circulars (i) Renminbi settlement of
imports and exports of goods and of services and other current account items became permissible, (ii) the
list of designated pilot districts were expanded to cover all provinces and cities in the PRC, (iii) the
restriction on designated offshore districts has been lifted, and (iv) any enterprise qualified for the export
and import business is permitted to use Renminbi as settlement currency for exports of goods, provided
that the relevant provincial government has submitted to PBOC and five other PRC authorities (the "Six
Authorities") a list of key enterprises subject to supervision and the Six Authorities have verified and
signed off such list (the "Supervision List"). On 12 June 2012, the PBOC issued a notice stating that the
Six Authorities had jointly verified and announced a Supervision List and as a result any enterprise
qualified for the export and import business is permitted to use Renminbi as settlement currency for
exports.
On 5 July 2013, the PBOC promulgated 2013 PBOC Circular with the intent to improve the efficiency of
cross border Renminbi settlement and facilitate the use of RMB for the settlement of cross border
transactions under current accounts and capital accounts. In particular, the 2013 PBOC Circular simplifies
the procedures for cross border Renminbi trade settlement under current account items. For example,
PRC banks, based on due diligence review to know their clients (i.e., PRC enterprises), may conduct
settlement for such PRC enterprises (except for the enterprises on the Supervision List) upon the PRC
enterprises presenting the payment instruction. PRC banks may also allow PRC enterprises to receive
payments under current account items prior to the relevant PRC bank's verification of underlying
transactions (noting that verification of underlying transactions is usually a precondition for cross border
remittance).
On 1 November 2014, the PBOC promulgated the Notice on Matters concerning Centralised Cross-Border
RMB Fund Operation Conducted by Multinational Enterprise Groups, which provides that qualified
multinational enterprise groups ("MEG"s) may carry out cross-border Renminbi fund centralised operations
via a group member incorporated in the PRC, which operations include (i) two-way Renminbi cash pooling
arrangement and (ii) centralised receipt and payment of cross-border Renminbi under the current account.
A qualified MEG shall have a revenue generated by domestic participating group members of no less than
RMB 5 billion, and a revenue generated by foreign participating group members of no less than RMB 1
billion. The group parent company of a qualified MEG may incorporate in or outside the PRC.
As new regulations, the above circulars will be subject to interpretation and application by the relevant
PRC authorities. Local authorities may adopt different practices in applying theses circulars and impose
conditions for settlement of current account items. Further, if any new PRC regulations are promulgated in
222
the future which have the effect of permitting or restricting (as the case may be) the use of Renminbi for
payment of transactions categorised as current account items, then such settlement will need to be made
subject to the specific requirements or restrictions set out in such rules.
On 29 September 2013, China (Shanghai) Pilot Free Trade Zone ("Shanghai FTZ") was officially opened
for operation which covers an aggregated area of more than 28 square kilometres comprising four bonded
zones in Shanghai. According to the master plan promulgated by the State Council and the local
regulations promulgated by the Shanghai Municipal Government, a series of reforms are being and will be
introduced to the Shanghai FTZ to, amongst others, upgrade cross-border trade, simplify customs
procedures, liberalise foreign exchange control, improve convenient cross-border use of Renminbi and
promote the internationalisation of Renminbi.
On 2 December 2013, PBOC promulgated the Opinions on Financial Support to China (Shanghai) Pilot
Free Trade Zone (the "PBOC FTZ Opinions"), which set more specific reforming plans to be implemented
within the Shanghai FTZ with regard to, inter alia, (i) free cash flow among the free-trade accounts opened
by enterprises resident in the Shanghai FTZ and several other types of non-resident and offshore
accounts, (ii) expedited cross-border Renminbi settlement under current account items for
enterprises/individuals in the Shanghai FTZ (except for the enterprises on the Supervision List); and (iii)
two-way Renminbi cash pooling arrangement which allows an enterprise resident in the Shanghai FTZ to
provide centralised current account receipt/payment services for its affiliates within and outside of China.
On 20 February 2014, the PBOC Shanghai headquarter promulgated the Circular on Supporting the
Expansion of Cross-Border Use of Renminbi for China (Shanghai) Pilot Free Trade Zone (the "FTZ RMB
Expansion Circular"). The FTZ RMB Expansion Circular sets out in principle that any policies and
measures promulgated at the state level to encourage or support the expansion of cross-border use of
Renminbi shall be applicable to the FTZ. In furtherance to the reform plans contemplated in the PBOC
FTZ Opinions, the FTZ RMB Expansion Circular provides a series of measures, including, inter alia, (i)
individuals employed or operating business in the Shanghai FTZ may open its own bank settlement
accounts to conduct cross border RMB settlements under current account items; (ii) enterprises resident in
Shanghai FTZ may centralise/consolidate their cross border Renminbi payments/receipts under the
current account items with their onshore and offshore "associated entities" (which can be an affiliate of the
relevant enterprise within the group or an entity outside the company group which is a frequent supplier or
a close trading partner of the relevant enterprise) and, for that purpose, the group headquarter shall
designate a group member registered and operating in the Shanghai FTZ which shall open a special RMB
deposit account to be used for the above-mentioned centralised payments/receipts and enter into an
agreement with the relevant parties participating in the centralised Renminbi payment/receipt
arrangements.
Given the infancy stage of the Shanghai FTZ, it will take some time for the regulators to put in place
detailed implementation rules guiding the practice. In addition, whether and if so when the reforms may be
rolled out to other places of China remain uncertain.
Capital Account Items
Under the applicable PRC foreign exchange control regulations, capital account items include crossborder transfers of capital, direct investments, securities investments, derivative products and loans.
Capital account payments have been generally subject to approval of the relevant PRC authorities.
However, as will be introduced below, it has been announced that as from 1 June 2015, the capital
account regulation in relation to direct investment will be delegated from the governmental authority (i.e.
the local branches of the State Foreign Exchange Administration, "SAFE") to commercial banks.
Prior to October 2011, settlements for capital account items are generally required to be made in foreign
currencies. For instance, foreign investors (including any Hong Kong investors) were required to make any
capital contribution to foreign invested enterprises in a foreign currency in accordance with the terms set
out in the relevant joint venture contracts and/or articles of association as approved by the relevant
authorities. Foreign invested enterprises or relevant PRC parties were also generally required to make
capital item payments including proceeds from liquidation, transfer of shares, reduction of capital, interest
and principal repayment to foreign investors in a foreign currency. That said, the relevant PRC authorities
might have granted approval for a foreign entity to make a capital contribution or a shareholder's loan to a
foreign invested enterprise with Renminbi lawfully obtained by it outside the PRC and for the foreign
invested enterprise to service interest and principal repayment to its foreign investor outside the PRC in
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Renminbi on a trial basis. The foreign invested enterprise might be required to complete registration and
verification process with the relevant PRC authorities before such Renminbi remittances.
On 13 October 2011, the PBOC promulgated the PBOC RMB FDI Measures, pursuant to which, PBOC
special approval for RMB FDI and shareholder loans which is required by the PBOC Notice concerning
Clarification of Certain Issues on Cross-border RMB Settlement (the "PBOC Notice") promulgated on
3 June 2011 is no longer necessary. The PBOC RMB FDI Measures provide that, among others, foreign
invested enterprises are required to conduct registrations with the local branch of the PBOC within 10
working days after obtaining the business licences for the purpose of Renminbi settlement; a foreign
investor is allowed to open Renminbi special accounts for designated usage in relation to making equity
investment in a PRC enterprise or receiving Renminbi proceeds from distribution (dividends or otherwise)
by its PRC subsidiaries (if a foreign investor intends to use such Renminbi proceeds to reinvest onshore or
increase the registered capital of the PRC subsidiaries). The PBOC RMB FDI Measures also state that
Renminbi debt and foreign currency debt of a foreign invested enterprise from its offshore shareholders,
offshore affiliates and offshore financial institutions constitute its foreign debt quota, and a foreign invested
enterprise may open a Renminbi account to receive its Renminbi proceeds borrowed offshore by
submitting the Renminbi loan contract to the commercial bank and make repayments of principal and
interest on such debt in Renminbi by submitting certain documents as required to the commercial bank.
On 14 June 2012, PBOC further promulgated the PBOC RMB FDI Notice to provide further guidelines for
implementing the previous PBOC RMB FDI Measures. This PBOC RMB FDI Notice details the rules for
opening and operating the relevant accounts and reiterates the restrictions upon the use of the funds
within different RMB accounts.
According to the 2013 PBOC Circular, onshore non-financial enterprises may apply to PRC banks for
extending Renminbi loans to its offshore group entities through Renminbi cash pooling arrangements. All
participants of a cash pool are required to be in the same group with equity connections among each other
or under the common control by the same ultimate parent company. Moreover, one of those onshore
enterprises should act as the regional headquarters or perform the function of investment management.
In addition, the 2013 PBOC Circular provides that onshore non-financial enterprises may provide
Renminbi-denominated external guarantee according to applicable PRC law. When such enterprises
perform such guarantee, PRC banks may provide RMB settlement services (i.e. remittance of enforcement
proceeds) directly, which seems to indicate that approval by the SAFE for enforcement (which would be
required in the case of the external guarantees in foreign currencies) is no longer required. However,
SAFE has not amended its positions under its other rules, nor has it issued any regulations to confirm the
positions in the 2013 PBOC Circular. Therefore, there remain potential inconsistencies between the
provisions of the 2013 PBOC Circular and those in other SAFE rules. It is also unclear how SAFE will deal
with such inconsistencies in practice.
On 3 December 2013, MOFCOM promulgated the MOFCOM Circular, which became effective on
1 January 2014. Pursuant to the MOFCOM Circular, written approval from the appropriate office of
MOFCOM and/or its local counterparts specifying "Renminbi Foreign Direct Investment" and the amount of
capital contribution is required for each RMB FDI. Compared with the 2011 MOFCOM Notice, the
MOFCOM Circular no longer contains the requirements for central level MOFCOM approvals for
investments of RMB 300 million or above, or in certain industries, such as financial guarantee, financial
leasing, micro-credit, auction, foreign invested investment companies, venture capital and equity
investment vehicles, cement, iron and steel, electrolyse aluminium, ship building and other industries
under the state macro-regulation. Unlike the 2011 MOFCOM Notice, the MOFCOM Circular has also
removed the approval requirement for foreign investors who intend to change the currency of their existing
capital contribution from a foreign currency to RMB. In addition, the MOFCOM Circular still prohibits RMB
FDI funds from being used for any investments in securities and financial derivatives (except for
investments in PRC listed companies by strategic investors) or for entrustment loans in the PRC.
On 13 February 2015, SAFE promulgated the 2015 SAFE Notice, which will become effective on and from
1 June 2015. Under the 2015 SAFE Notice, SAFE delegates the authority of approval/registration for direct
investment (inbound and outbound) related matters to commercial banks. However, this 2015 SAFE
Notice only applies to direct investment activities in foreign currency, and whether and how it would affect
the Renminbi direct investment regime primarily regulated by PBOC is currently unclear.
As new regulations, the PBOC RMB FDI Measures, the PBOC RMB FDI Notice, the 2013 PBOC Circular,
the MOFCOM Circular and the 2015 SAFE Notice will be subject to interpretation and application by the
224
relevant PRC authorities. There is no assurance that approval of such remittances, borrowing or provision
of external guarantee in RMB will continue to be granted or will not be revoked in the future. Further, since
the remittance of RMB by way of investment or loans are now categorised as capital account items, such
remittances will need to be made subject to the specific requirements or restrictions set out in the relevant
SAFE rules. Further, if any new PRC regulations are promulgated in the future which have the effect of
permitting or restricting (as the case may be) the remittance of Renminbi for payment of transactions
categorised as capital account items, then such remittances will need to be made subject to the specific
requirements or restrictions set out in such rules.
It is worth noting that the convertibility of Renminbi for capital account items is included in the master plan
of the State Council as one of the innovative measures for the financial system reform to be introduced to
the Shanghai FTZ on a trial basis. The recently promulgated PBOC FTZ Opinions set more specific
reforming plans to be implemented within the Shanghai FTZ, including, inter alia, (i) financial institutions
and enterprises resident in the Shanghai FTZ may borrow Renminbi from overseas provided that such
Renminbi proceeds must not be used for securities investment, derivatives investment or entrustment
loans; (ii) enterprises conducting outbound investment from Shanghai FTZ may, according to the local
regulations in Shanghai, process cross-border payment/receipt and currency exchange with banks directly
without being conditional upon regulatory approvals, (iii) qualified employees working in the Shanghai FTZ
may conduct overseas investment according to the regulations and remit their income outside of China
after tax clearance; and (iv) offshore parent companies of enterprises resident in the Shanghai FTZ may
issue Renminbi bonds in the domestic capital market according to the regulations.
In addition, the FTZ RMB Expansion Circular provides some clarification and guidance on borrowings in
Renminbi and intra-group cash pooling, including, inter alia, (i) financial institutions and enterprises
resident in the Shanghai FTZ may borrow mid-to-long term foreign debts (i.e. loans with a tenor exceeding
1 year) in Renminbi from an offshore lender subject to a limit imposed by PBOC (the "PBOC Limit") which
is determined based on a formula (with reference to the paid-in capital of the relevant borrower and certain
macro prudential regulatory ratio) set out by PBOC, and (ii) enterprises resident in the Shanghai FTZ may
conduct intra-group cross border Renminbi cash pooling business and, for that purpose, the group
headquarter shall designate a group member registered and operating in the Shanghai FTZ which shall
open a special Renminbi deposit account to be used for the above-mentioned cash pooling business and
enter into agreement with the relevant affiliates participating in the centralised payment/receipt
arrangements. The FTZ RMB Expansion Circular also contemplates that financial assets transactions and
precious metals denominated and settled in Renminbi on the Foreign Exchange Trading System and the
Shanghai Gold Exchange will be available to investors in the Shanghai FTZ and outside China.
On 21 May 2014, the PBOC Shanghai headquarter promulgated the Implementation Rules on Separate
Accounting Unit in the Shanghai Free Trade Zone (for trial implementation, Yin Zong Bu Fa (2014) No. 46)
(the "2014 PBOC FTZ Rules"), under which entities incorporated inside the Shanghai FTZ or offshore and
qualified employees working in the Shanghai FTZ may open a free trade account ("FTA") denominated in
Renminbi and foreign currency with financial institutions in Shanghai (not necessarily the bank subbranches in the Shanghai FTZ). Funds (denominated in Renminbi or foreign currency) within the FTA can
be used for current account and capital account purposes, and for items of current account and capital
account which relevant regulations allow for conversion, the funds in the FTA can be freely converted
between Renminbi and foreign currencies. In addition, funds in the FTA can be freely transferred between
the FTA and (i) other FTAs held by other entities/individuals; (ii) offshore bank accounts; (iii) other onshore
non-resident bank account outside the Shanghai FTZ.
On 12 February 2015, PBOC Shanghai headquarters further promulgated the Implementation Rules on
Offshore Financing and Cross-border Fund Flow Macro Diligent Administration of Separate Accounting
Unit in the Shanghai Free Trade Zone (the "2015 PBOC FTZ Rules"). The 2015 PBOC FTZ Rules allow
financial institutions in Shanghai and FTA holding entities to obtain funds from offshore denominated in
Renminbi or foreign currency, with a maximum threshold calculated based on a formula set out in the 2015
PBOC FTZ Rules.
As new regulations, the above two FTZ Rules will be subject to interpretation and application by the local
authority and banks at the Shanghai FTZ. Given the infancy stage of the Shanghai FTZ, it will take some
time for the regulators to put in place detailed implementation rules guiding the practice. In addition,
whether and if so when the reforms may be rolled out to other places of China remain uncertain.
225
GENERAL INFORMATION
Interests of Natural and Legal Persons involved in the Issue/Offer
Except as discussed in the relevant Final Terms, certain of the Dealers and their affiliates may be
customers of, borrowers from or creditors of Linde AG, Linde Finance and/or their affiliates. In addition,
certain Dealers and their affiliates have engaged, and may in the future engage, in investment banking
and/or commercial banking transactions with, and may perform services for Linde AG, Linde Finance and
their affiliates in the ordinary course of business.
Authorisation
The establishment of the Programme and of the Notes to be issued thereunder was authorised by the
members of the Board of Directors of Linde AG on 17 March 2000, by the Board Resolution of the
members of the Board of Directors of Linde Finance on 12 April 2000 and by resolution of the Supervisory
Board of Linde Finance on 13 April 2000, respectively. The increase of the Programme Amount from
€ 4,000,000,000 to € 5,000,000,000 was authorised by the members of the Board of Directors of Linde AG
on 25 February 2003 and by the Supervisory Board on 14 March 2003 and by the members of the Board
of Directors of Linde Finance on 9 April 2003.
The update of the Programme and the increase of the Programme amount from € 5,000,000,000 to
€ 10,000,000,000 was authorized by the members of the Board of Directors of Linde AG on 14 November
2006, by the members of the Supervisory Board of Linde AG on 28 November 2006 and by the members
of the Supervisory Board of Linde Finance on 26 March 2007.
The Issuers and the Guarantor have obtained or will obtain from time to time all necessary consents,
approvals and authorizations in connection with the issue and performance of the Notes.
Listing and admission to trading of the Notes on the Luxembourg Stock Exchange
Application has been made for admittance to trading of the Notes issued under the Programme on the
Regulated Market of the Luxembourg Stock Exchange and to list such Notes on the Official List of the
Luxembourg Stock Exchange.
Clearing System
The Notes have been accepted for clearance through CBL, CBF and Euroclear. The appropriate German
securities number (WKN) (if any), Common Code and ISIN for each Tranche of Notes allocated by CBL
and Euroclear will be specified in the applicable Final Terms. If the Notes are to clear through an additional
or alternative clearing system the appropriate information will be specified in the applicable Final Terms.
Documents on Display
So long as Notes are capable of being issued under the Programme, copies of the following documents
will, when published, be available free of charge from the registered office of the relevant Issuer and from
the specified offices of the Paying Agents for the time being in Frankfurt am Main:
(a) copies of the constitutional documents (with an English translation where applicable) of each of the
Issuers;
(b) copies of the audited consolidated annual financial statements of Linde Group in respect of the
financial years 2014 and 2015;
(c) copies of the audited unconsolidated financial statements of Linde AG in respect of the financial years
2014 and 2015;
(d) copies of the audited unconsolidated annual financial statements of Linde Finance in respect of the
financial years 2014 and 2015;
(e) a copy of this Prospectus;
(f) a copy of any supplement to this Prospectus; and
(g) a copy of the Guarantee and Negative Pledge.
226
In the case of Notes listed on the official list of and admitted to trading on the Luxembourg Stock
Exchange or publicly offered in the Grand Duchy of Luxembourg, the applicable Final Terms will be
displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu). In the case of Notes listed
on the Frankfurt Stock Exchange or publicly offered in one or more member states of the European
Economic Area other than the Grand Duchy of Luxembourg, the applicable Final Terms will be displayed
on the website of Linde Group (www.linde.com).
For the avoidance of doubt, the content of the websites mentioned in this Prospectus does not form part of
the Prospectus (except with respect to the documents incorporated by reference into the Prospectus).
227
INCORPORATION BY REFERENCE
The following documents are incorporated into this Prospectus by reference:
Linde AG
Audited consolidated financial statements of Linde Group as of
the financial year ended 31 December 2015 (IFRS)
Group - Statement of profit or loss (page 116)
Group - Statement of financial position (page 118 to page 119)
Group - Statement of comprehensive income (page 117)
Group - Statement of cash flows (page 120 to page 121)
Notes to the Group financial statements (page 124 to page 220)
Auditors' report (page 221 to page 222)
Audited consolidated financial statements of Linde Group as of
the financial year ended 31 December 2014 (IFRS)
Group - Statement of profit or loss (page 156)
Group - Statement of financial position (page 158 to page 159)
Group - Statement of comprehensive income (page 157)
Group - Statement of cash flows (page 160 to page 161)
Notes to the Group financial statements (page 167 to page 264)
Audited unconsolidated financial statements of Linde Aktiengesellschaft as of
the financial year ended 31 December 2015 (German GAAP)
Income statement (page 3)
Balance sheet (page 2)
Notes (page 6 to page 51)
Auditors' report (page 52)
Audited unconsolidated financial statements of Linde Aktiengesellschaft as of
the financial year ended 31 December 2014 (German GAAP)
Income statement (page 3)
Balance sheet (page 2)
Notes (page 8 to page 53)
Linde Finance
Audited unconsolidated financial statements of Linde Finance B.V. as of the financial
year ended 31 December 2015 (Dutch GAAP)
Balance sheet as at 31 December 2015 (page 8 to page 9)
Profit and loss account for the year ended 31 December 2015 (page 10)
Cashflow statement as of the financial year ended 31 December 2015 (page 11)
Notes to the annual accounts 31 December 2015 (page 14 to page 24)
Audited unconsolidated financial statements of Linde Finance B.V. as of the financial
year ended 31 December 2014 (Dutch GAAP)
Balance sheet as at 31 December 2014 (page 8 to page 9)
Profit and loss account for the year ended 31 December 2014 (page 10)
Cashflow statement as of the financial year ended 31 December 2014 (page 11)
Notes to the annual accounts 31 December 2014 (page 14 to page 25)
Terms and Conditions of the Notes
Set of Terms and Conditions for Notes with fixed interest rates contained in the Base Prospectus
dated 28 March 2013 ("Option I A") pages 60-82 and 121-141;
Set of Terms and Conditions for Notes with floating interest rates contained in the Base Prospectus
dated 28 March 2013 ("Option II A") pages 83-102 and 142-160;
228
dated 1 April 2014 ("Option I B") pages 59-82 and 121-142.
dated 2 April 2015 ("Option I C") pages 61-105 and 125-146.
Any information incorporated by reference that is not included in the above cross-reference list is
considered as additional information and is not required by the relevant schedules of the Commission
Regulation (EC) 809/2004, as amended.
The documents incorporated by reference into this Prospectus are available free of charge and may be
inspected during usual business hours on any working day from the date hereof for the whole life of the
Prospectus in respect of Notes listed on the official list of and traded on the Regulated Market of the
Luxembourg Stock Exchange or listed on the Frankfurt Stock Exchange at the offices of Deutsche Bank
Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Germany and on the website of the
Luxembourg Stock Exchange (www.bourse.lu).
229
NAMES AND ADDRESSES
Klosterhofstrasse 1
80331 Munich
Germany
Linde Finance B.V.
Buitenveldertselaan 106
1081 AB Amsterdam
The Netherlands
Telephone number: +49 89 35757 1601
Telephone number: +31 20 3013 800
Arranger
Grosse Gallusstrasse 10–14
Germany
Dealers
Barclays Bank PLC
5 The North Colonnade
Canary Wharf
London E14 4BB
United Kingdom
Citigroup Global Markets Limited
Citigroup Centre
Canada Square
Canary Wharf
London E14 5LB
United Kingdom
Commerzbank Aktiengesellschaft
Kaiserstrasse 16 (Kaiserplatz)
Germany
Grosse Gallusstrasse 10–14
Germany
HSBC Bank plc
8 Canada Square
London E14 5HQ
United Kingdom
Morgan Stanley & Co. International plc
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
UniCredit Bank AG
Arabellastraße 12
81925 München
Germany
Agents
Fiscal and Paying Agent
Taunusanlage 12
Germany
Luxembourg Listing Agent
Deutsche Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
1115 Luxembourg
Luxembourg
230
Legal Advisers
To the Issuers and the Guarantor
as to Dutch Law
Freshfields Bruckhaus Deringer LLP
Strawinskylaan 10
1077XZ Amsterdam
The Netherlands
To the Issuers and the Guarantor
as to German Law
Freshfields Bruckhaus Deringer LLP
Bockenheimer Anlage 44
Germany
To the Dealers
as to German Law
Hengeler Mueller
Partnerschaft von Rechtsanwaelten mbB
Bockenheimer Landstrasse 24
Germany
Auditors
To the Issuers
For Linde Aktiengesellschaft
For Linde Finance B.V.
KPMG AG Wirtschaftsprüfungsgesellschaft
Ganghoferstrasse 29
80339 Munich
Germany
KPMG Accountants N.V.
Laan van Langerhuize 1-11
1186 DS Amstelveen
The Netherlands

Linde Aktiengesellschaft Linde Finance BV

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