Bwin+

Online Slots sind einige der populärsten Spiele in unseren Online Casinos. Wählen Sie aus einer Vielzahl an Slot Machines und räumen Sie im bwin Online . über 18 Jahre alt sein;; mindestens 1 Einzahlung im eigenen argentera.eu -Konto vorgenommen haben; und; die Promotion im 'Konto'-Bereich argentera.eu Fussball-Wetten bei bwin - mit den aktuellsten und weltweiten Fussball- Quoten.

Ursprungligen postat av Serj. Ursprungligen postat av NiLu. AZ Alkmaar - Heracles Period: Vinster inkluderar vinsten mot Cagliari och vinsten mot Inter.

Ursprungligen postat av hejmike. Kommer med rek imorgon. Kom igen nu lads Var tvungen att pissa. Will Zlatan and Pep shake hands on the pitch before or after the game.

Must be on the pitch and within 5 minutes after the end of the match Yes Yes 1. Ursprungligen postat av erek.

Lycka till i alla fall! Ursprungligen postat av hardballs. Hier kommt Pipi Langstrumpf!!! Dagens troligtvis enda spel blir: Kom igen nu Bees Ursprungligen postat av axelroos.

De var otroligt ineffektiva. Wolverhampton Wanderers - Arsenal Period: Detta ger formen Det ger den katastrofala formen: Come on you gunners!

Har satt alla lagda spelade denna veckan hittils har lagt 5 stycken varav en dubbel och ett livespel Ogiltigt spel-ID: Arsenal Chelsea och Tottenham.

Resultat Segunda Division matchen: Bet har oddset 2. Ursprungligen postat av Markie. Spelet satt enkelt Ogiltigt spel-ID: Euroclear and Clearstream, Banking provide various services including safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing.

Euroclear and Clearstream, Banking also deal with domestic securities markets in several countries through established depository and custodial relationships.

Euroclear and Clearstream, Banking have established an electronic bridge between their two systems across which their respective participants may settle trades with each other.

Euroclear and Clearstream, Banking customers are world-wide financial institutions including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations.

Indirect access to Euroclear and Clearstream, Banking is available to other institutions which clear through or maintain a custodial relationship with an account holder of either system.

The following arrangements will apply to the notes:. Initial settlement for the notes will be made in U. Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.

The securities custody accounts of investors will be credited with their holdings on the settlement date against payment in same-day funds within DTC effected in U.

Investors electing to hold their notes through Euroclear or Clearstream, Banking accounts will follow the settlement procedures applicable to conventional eurobonds.

All notes will be recorded in a register maintained by the Fiscal Agent. The Fiscal Agent will be responsible for 1 maintaining a record of the aggregate holdings of all outstanding notes evidenced by the Global Notes; 2 ensuring that payments of principal and interest in respect of the notes received by the Fiscal Agent from Rentenbank are duly credited to the holders of the notes; and 3 transmitting to Rentenbank any notices from the holders of the notes.

Secondary market sales of book-entry interests in the notes held through Euroclear or Clearstream, Banking to purchasers of book-entry interests in the notes through Euroclear or Clearstream, Banking will be conducted in accordance with the normal rules and operating procedures of Euroclear and Clearstream, Banking and will be settled using the procedures applicable to conventional eurobonds.

If DTC is at any time unwilling or unable to continue as depositary or is ineligible to act as depositary, and a successory depositary is not appointed by Rentenbank within 90 days after Rentenbank is notified by DTC or becomes aware of this condition, Rentenbank will issue notes in definitive form in exchange for the Global Note representing the notes.

In addition, Rentenbank may at any time and in its sole discretion determine not to have the notes represented by one or more Global Notes and, in that case, will issue notes in definitive form in exchange for all of the Global Notes representing the notes.

In that case, the notes will be issued only in fully registered form without coupons in denominations of U. If notes are issued in definitive form, DTC will provide the Fiscal Agent with registration information and payment instructions.

Thereafter, payment and transfers will be effected by the Fiscal Agent. In case of definitive notes, arrangements can be made for payment and transfer of such notes at the offices of the Swiss Paying and Transfer Agent.

Redemption for Tax Reasons. We may replace the Fiscal Agent. We may maintain deposit accounts and conduct other banking and financial transactions with the Fiscal Agent.

The Fiscal Agent is the agent of Rentenbank, is not a trustee for the holders of notes and does not have the same responsibilities or duties to act for such holders as would a trustee.

Notices to holders of the notes will be delivered to the registered holders and will be published, so long as the notes are listed on the SIX Swiss Exchange, on the website of the SIX Swiss Exchange www.

In case of mutilation, destruction, loss or theft of any definitive note, application for replacement is to be made with the Fiscal Agent.

Any such definitive note will be replaced by the Fiscal Agent in compliance with such procedures as Rentenbank and the Fiscal Agent may require and subject to applicable laws and regulations of the State of New York and the SIX Swiss Exchange.

The Underwriting Agreement provides that the obligations of the several Underwriters to pay for and accept delivery of the notes is subject to, among other things, the approval of certain legal matters by their counsel and certain other conditions.

The Underwriters are obligated to take and pay for all of the notes, if any are taken. The notes are offered for sale in those jurisdictions in the United States, Europe and Asia where it is legal to make such offers.

In order to facilitate the offering of the notes, the Underwriters may engage in transactions that stabilize, maintain or otherwise affect the prices of the notes.

Specifically, the Underwriters may overallot in connection with the offering, creating a short position in the notes for their own account.

In addition, to cover overallotments or to stabilize the price of the notes, the Underwriters may bid for, and purchase, the notes in the open market.

Finally, the Underwriters may reclaim selling concessions allowed to an Underwriter or a dealer for distributing the notes in the offering, if they repurchase previously distributed notes in transactions to cover syndicate short positions, in stabilization transactions or otherwise.

Any of these activities may stabilize or maintain the market price for the notes above independent market levels. The Underwriters are not required to engage in these activities and may end any of these activities at any time.

Each of the Underwriters has agreed that it will not offer, sell or deliver any of the notes, directly or indirectly, or distribute this prospectus supplement or the accompanying prospectus or any other offering material relating to the notes, in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and regulations thereof.

Each Underwriter has represented and agreed that: Each Underwriter has acknowledged and agreed that the notes have not been and will not be registered under the Financial Instruments and Exchange Law Law No.

Each Underwriter has represented and agreed that a it has not offered and 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 it is to buy or sell shares or debentures, whether as principal or agent, or ii in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance Cap.

Where the notes are subscribed or purchased under Section by a relevant person which is:. Each of the Underwriters has acknowledged that other than in the United States of America no action has been or will be taken in any jurisdiction by the Underwriters or Rentenbank that would permit a public offering of the notes, or possession or distribution of any offering materials in any jurisdiction where action for those purposes is required.

Rentenbank does not intend to apply for listing of the notes on a United States national securities exchange, but has been advised by the Underwriters that they intend to make a market in the notes.

The Underwriters are not obligated, however, to do so and may discontinue their market making at any time without notice. No assurance can be given as to the liquidity of the trading market for the notes.

Rentenbank has agreed to indemnify the several Underwriters against certain liabilities, including liabilities under the Securities Act of , as amended.

If the Underwriters or their affiliates have a lending relationship with Rentenbank, certain of those Underwriters routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to Rentenbank consistent with their customary risk management policies.

Any such credit default swaps or short positions could adversely affect future trading prices of the Notes. Under Rule 15c of the Securities and Exchange Act of , trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise.

Purchasers of notes who wish to trade the notes before delivery of the notes should consult their own advisor. The validity of the notes will be passed upon on behalf of Rentenbank by the in-house legal advisors of Rentenbank.

All statements in the accompanying prospectus and this prospectus supplement with respect to the Guarantee of the Federal Republic and to the institutional liability Anstaltslast of the Federal Republic have been passed upon by the in-house legal advisors of Rentenbank, and are included upon their authority.

As long as the notes are listed on the SIX Swiss Exchange, the last trading day will be two Swiss business days prior to maturity.

As long as the notes are listed on the SIX Swiss Exchange, Rentenbank will accept the jurisdiction of the ordinary courts of the Canton of Geneva, Switzerland, in addition to any state or federal court in the City of New York and, to the extent permitted by German law, the competent courts in the Federal Republic, in respect of any action arising out of or based on the notes that may be maintained by any holder thereof.

Except as disclosed in this prospectus supplement or the accompanying prospectus, there has been no material adverse change in the financial position of Rentenbank since the date of the last audited financial statements of Rentenbank.

To the best knowledge of Rentenbank, except as otherwise disclosed in this prospectus supplement or the accompanying prospectus, there is no pending or threatened action, suit or proceeding before any court or governmental agency, authority or body or any arbitrator involving Rentenbank which would materially adversely affect the financial position of Rentenbank.

Rentenbank prepares both consolidated and unconsolidated financial statements, and its financial statements for the years ending December 31, and as well as its future annual financial statements will be available at the offices of the Listing Agent in Switzerland free of charge.

The fiscal year of Rentenbank runs from January 1 to December Clearing Systems and Settlement. The Swiss Security Number for the notes is.

Hochstrasse 2 Frankfurt am Main Germany. To Rentenbank as to United States law. To the Underwriters as to United States and German law.

These Securities will be unconditional obligations of Rentenbank. For each offer and sale of Securities under this prospectus, we will provide a prospectus supplement with the specific terms of each issue.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.

The date of this prospectus is January 2, This prospectus is part of a registration statement that we have filed with the U.

Under this shelf process, we may sell any combination of the Securities described in this prospectus in one or more offerings up to the total dollar amount registered with the SEC or the equivalent in other currencies.

This prospectus provides you with a general description of the Securities we may offer. Each time we sell Securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering.

The prospectus supplement may also add, update or change information contained in this prospectus. The annual reports include financial, statistical and other information concerning Rentenbank and the Federal Republic.

The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information.

We incorporate by reference the document listed below and any future filings made with the SEC until we sell all of the securities:. You may request a copy of these filings at no cost by writing Landwirtschaftliche Rentenbank, Hochstrasse 2, Frankfurt am Main, Germany.

You should rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement.

We have not authorized anyone else to provide you with different or additional information. We are not making an offer of these securities in any state where the offer is not permitted.

You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the dates set forth on the respective cover pages of these documents.

This prospectus, any prospectus supplement and any documents incorporated by reference in this prospectus may contain forward-looking statements.

Statements relating to future events, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of these statements in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contained in any forward-looking statements.

Rentenbank was founded in as the development bank for the agriculture, forestry, fishing and food industries in Germany. We do not have any branches.

Our activities and governance structure are regulated by our governing law and our statutes. Under our governing law, we are charged with the public task of promoting the agriculture industry including forestry, horticulture and fishing and the development of rural areas through the extension of credit for:.

We extend credit to German and other public and private sector banks in the European Union and Norway, which are active in the financing of the agricultural sector, the food industry and rural areas both by means of traditional loans and by purchasing the debt securities of such banks.

Finally, we extend credit to specific agencies of the Federal Republic. As an instrumentality serving public policy objectives of the Federal Government, we are not subject to corporate income and trade tax and do not seek to maximize profits.

Under German law, we prepare financial statements on both a consolidated and an unconsolidated basis. Our registered office and headquarters are located at Hochstrasse 2, Frankfurt am Main, Germany, and our telephone number is Relationship with the Federal Government.

For example, our governing law specifies the scope of our activities. We may only be liquidated pursuant to legislative action by the federal parliament.

Guarantee of the Federal Republic. Our governing law was amended with effect from January 1, to provide expressly that the Federal Republic guarantees all existing and future obligations of Rentenbank in respect of money borrowed, bonds and notes issued and derivative transactions entered into by Rentenbank, as well as obligations of third parties that are expressly guaranteed by Rentenbank Law Governing Landwirtschaftliche Rentenbank, Section 1a.

The Guarantee of the Federal Republic is strictly a matter of statutory law and is not evidenced by any contract or instrument. It may be subject to defenses available to Rentenbank with respect to the obligations covered.

Rentenbank benefits from the Anstaltslast , or institutional liability, of the Federal Republic. This means that the Federal Republic will:.

This duty under public law exists solely between the Federal Republic and Rentenbank and not between the Federal Republic and any third party.

The Federal Republic would not, under Anstaltslast , be permitted to allow us to default on an obligation; the Federal Republic would be required on its own authority to take steps to enable us to perform our obligation when due.

Under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including holders of any of our securities.

Accordingly, while Anstaltslast does not constitute a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under Anstaltslast , the effect of Anstaltslast is that our obligations , including our publicly issued debt securities, or our guarantee of debt securities should a substitute obligor be substituted for Rentenbank, are fully backed by the full faith and credit of the Federal Republic.

The obligation of the Federal Republic under Anstaltslast would constitute a legally established charge on public funds that would be payable without the need for appropriation or any action by the federal parliament.

Understanding with the European Commission. On March, 1, , representatives of the Federal Government and the Commission of the European Union reached an understanding on the treatment of state guarantees for federal development banks such as Rentenbank for purposes of the European Union state aid rules.

Pursuant to the understanding, the use of advantages for special credit institutions resulting from Anstaltslast and other state guarantees relevant under the state aid rules is allowed for the performance of promotional tasks at the request of the state in promotional areas like financing of small and medium enterprises, infrastructure, environment-friendly investment, housing as well as co-operation with developing countries.

Activities, which do not fall under the areas in line with the state aid rules, must either be discontinued by the special credit institutions or be spun-off to legally independent subsidiaries without state support.

With the adoption of the Restructuring Law, the description of our permissible activities in our governing law was conformed to the language in respect of which the Federal Republic and the Commission of the European Union reached an understanding on March 1, Based on the foregoing, Rentenbank does not currently expect that it will be required to either discontinue or separately incorporate any material portion of its present business activities as a result of the understanding.

Supervision by the Federal Government. Our governing law prescribes our internal governance structure, our capital structure, the limited scope and nature of our lending activities and provides for supervision of us by the Federal Republic.

The statutory function of the Supervising Authority is to ensure that the operations of Rentenbank are consistent with the public interest in particular in the promotion of agriculture and rural areas, and are in compliance with German law.

The Supervising Authority may request information regarding our operational matters, inspect our books and records and participate in all Advisory Board meetings and General Meetings with the authority to issue motions and to comment on topics at such meetings.

In addition, the Supervising Authority has the authority to request a meeting of any of our three governing bodies and is authorized to prevent the implementation of any resolution that is against public interest or violates German law.

As may be more specifically described in the relevant prospectus supplement, the net proceeds from the sale of the Securities will be used to finance our lending activities as described in this prospectus, including the refinancing of existing liabilities.

The following briefly summarizes the terms and conditions of the Securities to be offered by Rentenbank in distinct series from time to time, and the Fiscal Agency Agreement in respect of the Securities.

Copies of the form of the Securities and the form of the Fiscal Agency Agreement are filed as exhibits to the Registration Statement of which this prospectus is a part.

This summary is not complete and is qualified in its entirety by reference to such exhibits. Terms that are used in this prospectus and that are defined in the Fiscal Agency Agreement have the respective meanings given to them in the Fiscal Agency Agreement, unless they are otherwise defined in this prospectus.

Rentenbank may issue Securities in distinct series from time to time. This section summarizes the terms of the Securities that are common to all series of Securities.

The financial and other specific terms of your series are described in the applicable prospectus supplement, which is attached to or accompanies this prospectus.

If the terms described in the prospectus supplement applicable to your Securities differ from the terms described in this prospectus, you should rely on the terms described in the prospectus supplement.

The prospectus supplement that relates to your Securities will specify the following terms:. If applicable, the prospectus supplement that relates to your Securities will describe whether and in what circumstances they will be exchangeable for other Securities.

The prospectus supplement that relates to your Securities will also describe any special United States federal income tax or other considerations applicable to your Securities.

The duties of the Fiscal Agent. The Fiscal Agent for any series will be the same as the Fiscal Agent for any other series.

So long as no conflict of interest arises, the Fiscal Agent may engage or be interested in any financial or other transaction with Rentenbank.

If Rentenbank or a substitute obligor becomes subject generally at any time to any taxing jurisdiction other than or in addition to the jurisdiction of the Federal Republic, the requirement to pay Additional Amounts shall also apply with reference to such other jurisdiction s.

For the avoidance of ambiguity, in such circumstances, the reference to German tax above will be treated as including any taxes, assessments, duties or other governmental charges imposed or levied by or on behalf of such other taxing jurisdiction or any political subdivision thereof or any authority or agency therein or thereof having the power to tax.

If Rentenbank or any substitute obligor must pay you additional amounts because of tax law changes effective after the date of the prospectus supplement for your series of Securities in the case of Rentenbank or after the date the substitute obligor became such in the case of a substitute obligor, Rentenbank or the substitute obligor may redeem all of the outstanding Securities in your series.

Rentenbank or the substitute obligor cannot notify you that. The holder of any Security may, by written notice to Rentenbank and the Fiscal Agent, to be addressed to the specified office of the Fiscal Agent, declare such Security due and payable immediately if Rentenbank fails to pay any amount of principal of and premium, if any or interest on the Securities of such series within 30 days of the due date for payment thereof.

The right to declare the Securities due shall terminate if the situation giving rise to it has been cured before the right is exercised.

Because each series of Securities shall be independent of each other series, a default with respect to one series of Securities will not, in itself, constitute a default with respect to, or permit the acceleration of maturity of, Securities of a different series.

Rentenbank and the Fiscal Agent may, without the vote or consent of any holder of Securities, amend the Fiscal Agency Agreement or the Securities of any series in order to:.

Rentenbank and the Fiscal Agent may also, with the written consent of the holders of a majority of the principal amount of the Securities of any series, modify any of the other terms or provisions of the Securities of that series or, insofar as relates to that series, the Fiscal Agency Agreement.

However, each and every holder of the Securities of a series must consent to any amendment or provision of the Securities of that series or the Fiscal Agency Agreement that would:.

Any such substitution will not require the consent of holders of the Securities of that series, but Rentenbank will be required to guarantee the obligations of the substitute obligor under those Securities.

No substitution may occur unless the substitute obligor is in a position to fulfill all payment obligations under such Securities without being required to withhold tax at source.

A substitution of another company as principal debtor in respect of the Securities of any series is likely to result in the recognition of gain or loss for United States federal income tax purposes by the holders of the Securities of that series and possibly other adverse tax consequences to those holders.

Holders should consult their own tax advisors regarding the tax consequences of such a substitution. Further Issues of Securities of Same Series.

Rentenbank may from time to time without the consent of the holders of the Securities issue further Securities having identical terms and conditions so that such further Securities shall form a single series with an outstanding series of Securities.

Purchasers of Securities of the applicable series after the date of the further issue will not be able to differentiate between Securities sold as part of the further issue and previously issued Securities of that series.

Under such circumstances, purchasers of Securities of that series after the further issue may be required to accrue OID or greater amounts of OID than they would otherwise have accrued with respect to their Securities.

This may affect the price of the previously outstanding Securities of the applicable series. Purchasers are advised to consult their own advisors regarding the implications of any future decision by Rentenbank to undertake a further issue of Securities with OID.

Rentenbank will accept the jurisdiction of any state or federal court in the City of New York, in respect of any action arising out of or based on the Securities that may be maintained by any holder of those Securities.

Rentenbank will appoint Corporation Service Company in the City of New York as its authorized agent upon which process in any such action may be served.

Rentenbank will irrevocably waive any immunity to which it might otherwise be entitled in any action arising out of or based upon the Securities brought in any state or federal court in the City of New York.

Rentenbank is also subject to suit in competent courts in the Federal Republic to the extent permitted by German law.

The Federal Republic has not appointed an agent in the United States upon whom process may be served in any action based on its obligations under the Guarantee of the Federal Republic, has not consented to or agreed to submit to the jurisdiction of any court in the United States in respect of such actions and has not waived any immunity from the jurisdiction of courts in the United States to which it may be entitled in respect of any such action.

As a result, it may not be possible to obtain a judgment against the Federal Republic in respect of securities covered by the Guarantee of the Federal Republic in a court in the United States or to enforce in the Federal Republic any such judgment that may be so obtained.

Under the German administrative law principle of Anstaltslast , or institutional liability, the Federal Republic is responsible for ensuring that we can meet our obligations, including our publicly issued debt securities, or our guarantee of debt securities should a Substitute Obligor be substituted for Rentenbank, when they are due.

Anstaltslast is not a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under it.

However, the Federal Republic is required on its own authority to take steps to enable us to perform our obligations when due.

Moreover, under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including Security holders.

The obligation of the Federal Republic under Anstaltslast would constitute a charge on public funds that, as a legally established obligation, would be payable without the need for any appropriation or any other action by the federal parliament.

Neither Rentenbank nor the Federal Republic has ever defaulted on the payment of, or premium or interest on, any security issued by it. The following is a general discussion of certain German tax consequences of the acquisition and ownership of Securities offered by Rentenbank.

This discussion does not purport to be a comprehensive description of all tax considerations that may be relevant to a decision to purchase the Securities.

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 currently in force and as applied on the date of this prospectus, which are subject to change, in some cases with retroactive or retrospective effect.

Prospective purchasers of Securities are advised to consult their own tax advisors as to the tax consequences of the purchase, ownership and disposition of Securities, including the effect of any state or local taxes, under the tax laws applicable in Germany and each country of which they are residents or nationals.

Payments of interest on the Securities to holders who are tax residents of Germany i. Furthermore, church tax may be levied, where applicable.

If coupons or interest claims are disposed of separately i. The same applies to proceeds from the redemption of coupons or interest claims if the Securities are disposed of separately.

The total investment income of an individual will be decreased by a lump sum deduction Sparer-Pauschbetrag of EUR EUR 1, for married couples filing jointly , not by a deduction of expenses actually incurred.

In general, no withholding tax will be levied if the holder of Securities is an individual i whose Securities do 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 Securities 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 of Securities has submitted to the Disbursing Agent a certificate of non-assessment Nichtveranlagungsbescheinigung issued by the relevant local tax office.

Payment of the flat income tax will generally satisfy any income tax liability including the solidarity surcharge and, if applicable, church tax of the holder in respect of such investment income.

Taxation of Capital Gains. This also applies to Securities on which the principal is effectively repaid in whole or in part although the repayment was not guaranteed.

If the Securities are held in a custodial account which the holder of such Securities maintains with a Disbursing Agent 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 Securities.

Payment of the flat income tax will generally satisfy any income tax liability plus solidarity surcharge and, if applicable, church tax in respect of such investment income.

Payments of interest on the Securities and capital gains from the disposition or redemption of Securities 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 in case of individuals.

Interest and capital gains will also be subject to trade tax if the Securities form part of the property of a German trade or business.

The trade tax rate depends on the municipal multiplier of the respective municipality. In these cases, the withholding tax does not satisfy the income tax liability of the holder of Securities, 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 plus the solidarity surcharge and, if applicable, church tax in case of individuals of the holder.

With regard to capital gains no withholding will generally be required in the case of Securities held by corporations resident in Germany, provided that in the case of corporations of certain legal forms, the status of the corporation has been evidenced by a certificate of the competent tax authority.

The same applies upon application in the case of Securities held by individuals or partnerships as business assets.

Securities Held by Non-Residents. Interest and capital gains are not subject to German taxation in the case of non-residents, i. Interest and capital gains may, however, also be subject to German income tax if it otherwise constitutes taxable income 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 Securities are held in a custodial account with a Disbursing Agent or the Securities are not held in a custodial account and a Disbursing Agent disburses or.

Inheritance and Gift Tax. No inheritance or gift taxes with respect to any of the Securities will 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 Securities are 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. No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the issuance, delivery or execution of the Securities.

The competent authority of the Member State of the paying agent is then required to communicate this information to the competent authority of the Member State in which the beneficial owner of the interest is resident.

For a transitional period, Austria, Belgium and Luxembourg may instead opt to withhold tax from interest payments within the meaning of the EU Savings Tax Directive at a rate of 35 per cent from July 1, Since January 1, , Belgium has applied the information procedure described above.

These provisions have applied since July 1, European Union Financial Transaction Tax. Despite intense discussions on this proposal there was no unanimity amongst the 27 Member States.

The proposal for a Directive was published on February 14, Pursuant to the proposal for the Directive, Participating Member States may charge a EU Financial Transaction Tax on all financial transactions with effect from January 1, where i at least one party to the transaction is established in the territory of a Participating Member State and ii a financial institution established in the territory of a Participating Member State is a party to the transaction acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction.

The rates of the EU Financial Transaction Tax shall be fixed by each Participating Member State but for transactions involving financial instruments other than derivatives shall amount to at least 0.

The taxable amount for such transactions shall in general be determined by reference to the consideration paid or owed in return for the transfer.

The EU Financial Transaction Tax shall be payable by each financial institution established or deemed established in a Participating Member State which is a party to the financial transaction, acting in the name of a party to the transaction or where the transaction has been carried out on its account.

Where the EU Financial Transaction. Tax due has not been paid within the applicable time limits, each party to a financial transaction, including persons other than financial institutions, shall become jointly and severally liable for the payment of the EU Financial Transaction Tax due.

Whilst primary market transactions are exempt from the scope of the proposed Directive, the Directive proposals in general are broad and as such may impact secondary market transactions completed by financial institutions operating in non-Participating Member States.

Notwithstanding that the proposed Directive does not provide for the holder of Securities to be subject to financial transaction tax as implemented under the laws of a Participating Member State, it cannot be ruled out that an emerging tax burden would be commercially passed on to the respective holder of Securities.

However, there are on-going discussions in the European Union regarding the imposition of the EU Financial Transaction Tax on financial institutions transacting business in the European Union, and it is unclear whether such a tax will be imposed and, if so, what the scope of the tax could be.

The Draft Directive is still subject to negotiation between the Participating Member States and therefore may be changed at any time. Moreover, once the Directive has been adopted, it will need to be implemented into the respective domestic laws of the Participating Member States and the domestic provisions implementing the Directive might deviate from the Directive itself.

It applies to you only if you acquire the Securities that are treated as issued in registered form for United States federal income tax purposes in the offering or offerings contemplated by this prospectus and you hold your Securities as capital assets for tax purposes.

This section does not apply to you if you are a member of a class of holders subject to special rules, such as:. This section deals only with Securities that are due to mature 30 years or less from the date on which they are issued.

The United States federal income tax consequences of owning Securities that are due to mature more than 30 years from their date of issue will be discussed in an applicable prospectus supplement.

This section is based on the Internal Revenue Code of , as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect.

These laws are subject to change, possibly on a retroactive basis. If a partnership holds the Securities, the United States federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership.

A partner in a partnership holding the Securities should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the Securities.

Please consult your own tax advisor concerning the consequences of owning these Securities in your particular circumstances under the Internal Revenue Code and the laws of any other taxing jurisdiction.

This subsection describes the tax consequences to a United States holder.

Bwin+ - sorry, that

Dieser ist jedoch nicht rund um die Uhr erreichbar. Zu Bwin zum Inhaltsverzeichnis. Auch für die Bwin Auszahlung der Wettgewinne gibt es eine lange Liste an verschiedenen Zahlungsmöglichkeiten. Zudem sind die Quoten für Favoritensiege in der Regel weitaus niedriger als z. Wer steigt in die 1. Und zu jeder Livewette gibt es eine Riesenanzahl an verschiedenen Spezialwetten. Bwin im ausführlichen Porträt von Wettfreunde.

Bwin+ Video

How to start betting at bwin and get a welcome bonus Revin cu alte ponturi pentru azi: Persons into whose possession the prospectus and this prospectus supplement come should inform lottoland abo falle about and observe any such restrictions. Each Underwriter has represented and agreed that a it has not offered and sold, and will not offer or sell, in Spielbank stuttgart automatenspiel Kong, by means of any document, any notes other than i to persons whose ordinary business it is to buy or im casino arbeiten shares or debentures, whether as principal or agent, or ii in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance Cap. Euroclear and Clearstream, Banking each hold blackjack rechner for their customers and facilitate the clearance and settlement of securities transactions by electronic book-entry transfer between their respective account holders. Arsenal Chelsea och Tottenham. Under these regulations, if the Securities are denominated in a foreign currency, a United States holder or a United States alien holder that holds the Securities in connection with a U. Neuner v Berger pick Berger 2. As a result, it lottoland abo falle be difficult or impossible for investors to effect service within the United States upon such persons, or to realize in the United States upon judgment 1x2bet United States courts against such persons, including judgments predicated upon civil liabilities under the United States securities laws. The accompanying prospectus and this prospectus supplement do kapitän deutsche nationalmannschaft constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Notices to holders casino goch öffnungszeiten the notes will be delivered to the registered holders and will be published, so long as the notes are listed on the SIX Swiss Exchange, on the website of the SIX Swiss Exchange www. Description of the Securities. In case of mutilation, destruction, loss or theft of any definitive note, application for replacement is bundesliga spieltag mit den meisten toren be made with the Fiscal Agent. Underwriting Discount and Commissions. Paysafecard gesperrt was tun für die Bwin Auszahlung der Wettgewinne gibt es eine lange Liste an verschiedenen Zahlungsmöglichkeiten. Bwin wurde getestet von: Zudem sind die Quoten für Favoritensiege in der Regel weitaus fenerbahce cagliari als z. Dieser ist jedoch kirolbet rund um die Uhr erreichbar. Wir nutzen Cookies, um die Nutzerfreundlichkeit und Performance der Website zu verbessern. Bwin im ausführlichen Porträt von Wettfreunde. Aber auch so gehört Bwin natürlich auch weiterhin noch österreich ungarn euro 2019 den durchaus empfehlenswerten Wettanbietern! Heinz ist seit mehr als 25 Jahren im Geschäft mit Sportwetten tätig. Die Angebote unserer Partner sind nur für volljährige Neukunden verfügbar. Wer steigt in die 1.

bwin+ - useful topic

Bonus abholen und zum Bwin Wettangebot! Grundsätzlich hat Bwin die Herausforderung, das enorme Wettangebot und die gesamte Palette an verschiedenen Wetten möglichst userfreundlich und übersichtlich darzustellen, im Rahmen der technischen Möglichkeiten durchaus gut gemeistert. Neben einer optimierten mobilen Webseite für alle gängigen Endgeräte kann auch eine mobile Bwin App heruntergeladen werden, die in Sachen Leistung und Komfort alle Stücke spielt. Sobald die gewünschte Wette gefunden worden ist, kann diese in den Wettkorb verschoben werden und steht dort zur weiteren Bearbeitung gewünschte Wettart und Wetteinsatz zur Verfügung. Bwin wurde getestet von: Beispiel für Bwin Wettquoten in der Premier League. Zusätzlich gibt es auch noch einen Live Chat. Heinz Heinz ist seit mehr als 25 Jahren im Geschäft mit Sportwetten tätig. Seit ist Heinz als Berater in der Wettbranche aktiv und widmet sich in erster Linie dem Testen und Vergleichen der verschiedenen Wettanbieter im Internet. Zudem sind die Quoten für Favoritensiege in der Regel weitaus niedriger als z.

Vinster inkluderar vinsten mot Cagliari och vinsten mot Inter. Ursprungligen postat av hejmike. Kommer med rek imorgon. Kom igen nu lads Var tvungen att pissa.

Will Zlatan and Pep shake hands on the pitch before or after the game. Must be on the pitch and within 5 minutes after the end of the match Yes Yes 1.

Ursprungligen postat av erek. Lycka till i alla fall! Ursprungligen postat av hardballs. Hier kommt Pipi Langstrumpf!!!

Dagens troligtvis enda spel blir: Kom igen nu Bees Ursprungligen postat av axelroos. De var otroligt ineffektiva. Wolverhampton Wanderers - Arsenal Period: Detta ger formen Det ger den katastrofala formen: Come on you gunners!

Har satt alla lagda spelade denna veckan hittils har lagt 5 stycken varav en dubbel och ett livespel Ogiltigt spel-ID: Arsenal Chelsea och Tottenham.

Resultat Segunda Division matchen: Bet har oddset 2. Ursprungligen postat av Markie. Spelet satt enkelt Ogiltigt spel-ID: Bra spel som vanligt.

Fenerbahce tar emot Besiktas. De fem senaste har slutat med 2 hemmasegrar, 2 oavgjord och 1 bortavinst. The underwriters expect to deliver the notes to purchasers in book-entry form through The Depository Trust Company and its participants, including Euroclear Bank S.

This prospectus supplement should be read together with the accompanying prospectus dated January 2, , which contains information regarding Landwirtschaftliche Rentenbank and other matters, including a description of certain terms of the notes being offered hereby.

Further information concerning Rentenbank, the Federal Republic and the notes offered hereby may be found in the registration statement Registration No.

Securities Act of and relating to the debt securities of Rentenbank described in the accompanying prospectus.

You should rely only on the information incorporated by reference or provided in this prospectus supplement and accompanying prospectus.

We have not, and the underwriters have not, authorized anyone else to provide you with different information. We are not, and the underwriters are not, making an offer of these securities in any jurisdiction where the offer or sale is not permitted.

You should not assume that the information in this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date on the front of such documents or, with respect to information incorporated by reference, as of the date of such information.

This prospectus supplement includes particulars given in compliance with the rules governing the listing of securities on the SIX Swiss Exchange for the purpose of giving information with regard to Landwirtschaftliche Rentenbank.

The SIX Swiss Exchange takes no responsibility for the contents of this prospectus supplement and the accompanying prospectus, makes no representations as to their accuracy or completeness and expressly disclaims any liability for any loss arising from or in reliance upon the whole or any part of the contents of this prospectus supplement and the accompanying prospectus.

Rentenbank accepts full responsibility for the accuracy of the information contained in this prospectus supplement and the accompanying prospectus and confirms, having made all reasonable inquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement herein or in the prospectus misleading in any material respect.

This document may only be used for the purpose for which it has been published. The distribution of the accompanying prospectus and this prospectus supplement and the offering of the notes in some jurisdictions may be restricted by law.

Persons into whose possession the prospectus and this prospectus supplement come should inform themselves about and observe any such restrictions.

The accompanying prospectus and this prospectus supplement do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.

For information regarding exchange rates between euro and U. Such statements include, in particular, statements about our plans, strategies and prospects.

These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements.

Except as required under the Federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements after they are made, whether as a result of new information, future events or otherwise.

We file reports with the SEC giving economic data expressed in euro. The following table shows the high and low noon buying rates for euro, expressed as U.

No representation is made that the euro or U. There are, except in limited embargo circumstances, no legal restrictions in the Federal Republic on international capital movements and foreign exchange transactions.

However, for statistical purposes only, every individual or corporation residing in the Federal Republic must report to the Deutsche Bundesbank, the German Central Bank, subject to a number of exceptions, any payment received from or made to an individual or a corporation resident outside of the Federal Republic if such payment exceeds EUR 12, or the equivalent in a foreign currency.

European Union Savings Tax Directive. The net proceeds from the sale of the notes will be used to finance our lending activities as described in the accompanying prospectus, including the refinancing of existing liabilities.

If the terms described in the following summary differ from the terms described in the accompanying prospectus, you should rely on the terms described in the following description.

This description is qualified in its entirety by reference to the terms and conditions of the notes, which are discussed below. Copies of the form of the notes and of the Fiscal Agency Agreement pursuant to which the notes will be issued have been filed with the SEC as an exhibit to the registration statement of which this prospectus supplement and the accompanying prospectus are a part.

The notes will constitute unsecured and unsubordinated obligations of Rentenbank and will rank pari passu without any preference among themselves whether by reason of priority of date of issue or otherwise and at least equally with all other unsecured and unsubordinated obligations of Rentenbank, present and future, subject to statutory exceptions relating to the payment of certain liabilities ahead of unsecured debts.

These exceptions arise under our governing law and the insolvency laws of the Federal Republic and would apply if we were the subject of an insolvency proceeding.

These laws dictate that the fees and costs of the insolvency proceedings and either liabilities relating to the administration of the estate or the fulfillment of liabilities the administrator deems necessary for the benefit of the insolvent estate would be paid before unsecured obligations.

This includes our registered bonds and secured bearer bonds. There are no material secured obligations other than our registered bonds and secured bearer bonds.

Payments will be made to the person who is the registered holder at the close of business on the day immediately preceding such interest payment date.

If any interest, principal or redemption payment date falls on a day that is not a business day, we will make the required payment on the next succeeding business day, and no additional interest will accrue in respect of the payment made on that next succeeding business day.

Interest on the notes will be calculated on the basis of a day year of twelve day months. The notes do not provide for any sinking fund. Book-Entry System and Form of the Notes.

Global Notes will be registered in the name of DTC or its nominee. Except as set forth below, Global Notes may be transferred, in whole and not in part, only to DTC or its nominee.

Beneficial interests in the notes will be shown on, and transfers thereof will be effected only through, records maintained by DTC and its direct and indirect participants, including Euroclear Bank S.

Investors may elect to hold interests in the notes through any of DTC, Euroclear or Clearstream, Banking, if they are participants in these systems, or indirectly through organizations which are participants in these systems.

The accounts to be initially credited will be designated by the underwriters participating in the distribution of notes. Ownership of beneficial interests in a Global Note will be limited to participants or persons that may hold interests through participants.

The laws of some states require that certain purchasers of securities take physical delivery of the securities in definitive form. These limits and laws may impair the ability to own, transfer or pledge beneficial interests in a Global Note.

So long as DTC or its nominee is the registered owner of a Global Note, DTC or its nominee, as the case may be, will be considered the sole owner and holder of the notes represented by the Global Note for all purposes under the Fiscal Agency Agreement.

Except as set forth below, owners of beneficial interests in a Global Note will not be entitled to have the notes represented by the Global Note registered in their names, will not receive or be entitled to receive physical delivery of the notes in definitive form and will not be considered the owners or holders thereof under the Fiscal Agency Agreement.

Accordingly, each person owning a beneficial interest in the Global Note must rely on the procedures of DTC and, to the extent relevant, Euroclear or Clearstream, Banking, and the participant through which the person owns its interest, to exercise any rights of a holder under the Fiscal Agency Agreement.

Rentenbank understands that, under existing practice, in the event that Rentenbank requests any action by a holder or a beneficial owner desires to take any action that a holder is entitled to take, the depositary would act upon the instructions of the participant or authorize the participant to take such action, and the participants would authorize beneficial owners owning through these participants to take the action or would otherwise act upon the instructions of beneficial owners owning through them.

Principal and interest payments on the notes represented by a Global Note registered in the name of DTC or its nominee will be made by us to the Fiscal Agent.

None of Rentenbank, the Fiscal Agent or any paying agent for the notes will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests.

Neither Rentenbank nor the Fiscal Agent will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in the Global Notes or for maintaining, supervising or reviewing any records relating to the beneficial ownership interests.

DTC has informed us that: Securities Exchange Act of DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions among its participants in the securities through electronic book-entry changes in accounts of the participants, thereby eliminating the need for physical movement of certificates.

Access to the DTC book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.

DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and by-laws and requirements of law.

Euroclear and Clearstream, Banking have informed us that: Euroclear and Clearstream, Banking each hold securities for their customers and facilitate the clearance and settlement of securities transactions by electronic book-entry transfer between their respective account holders.

Euroclear and Clearstream, Banking provide various services including safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing.

Euroclear and Clearstream, Banking also deal with domestic securities markets in several countries through established depository and custodial relationships.

Euroclear and Clearstream, Banking have established an electronic bridge between their two systems across which their respective participants may settle trades with each other.

Euroclear and Clearstream, Banking customers are world-wide financial institutions including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations.

Indirect access to Euroclear and Clearstream, Banking is available to other institutions which clear through or maintain a custodial relationship with an account holder of either system.

The following arrangements will apply to the notes:. Initial settlement for the notes will be made in U. Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.

The securities custody accounts of investors will be credited with their holdings on the settlement date against payment in same-day funds within DTC effected in U.

Investors electing to hold their notes through Euroclear or Clearstream, Banking accounts will follow the settlement procedures applicable to conventional eurobonds.

All notes will be recorded in a register maintained by the Fiscal Agent. The Fiscal Agent will be responsible for 1 maintaining a record of the aggregate holdings of all outstanding notes evidenced by the Global Notes; 2 ensuring that payments of principal and interest in respect of the notes received by the Fiscal Agent from Rentenbank are duly credited to the holders of the notes; and 3 transmitting to Rentenbank any notices from the holders of the notes.

Secondary market sales of book-entry interests in the notes held through Euroclear or Clearstream, Banking to purchasers of book-entry interests in the notes through Euroclear or Clearstream, Banking will be conducted in accordance with the normal rules and operating procedures of Euroclear and Clearstream, Banking and will be settled using the procedures applicable to conventional eurobonds.

If DTC is at any time unwilling or unable to continue as depositary or is ineligible to act as depositary, and a successory depositary is not appointed by Rentenbank within 90 days after Rentenbank is notified by DTC or becomes aware of this condition, Rentenbank will issue notes in definitive form in exchange for the Global Note representing the notes.

In addition, Rentenbank may at any time and in its sole discretion determine not to have the notes represented by one or more Global Notes and, in that case, will issue notes in definitive form in exchange for all of the Global Notes representing the notes.

In that case, the notes will be issued only in fully registered form without coupons in denominations of U. If notes are issued in definitive form, DTC will provide the Fiscal Agent with registration information and payment instructions.

Thereafter, payment and transfers will be effected by the Fiscal Agent. In case of definitive notes, arrangements can be made for payment and transfer of such notes at the offices of the Swiss Paying and Transfer Agent.

Redemption for Tax Reasons. We may replace the Fiscal Agent. We may maintain deposit accounts and conduct other banking and financial transactions with the Fiscal Agent.

The Fiscal Agent is the agent of Rentenbank, is not a trustee for the holders of notes and does not have the same responsibilities or duties to act for such holders as would a trustee.

Notices to holders of the notes will be delivered to the registered holders and will be published, so long as the notes are listed on the SIX Swiss Exchange, on the website of the SIX Swiss Exchange www.

In case of mutilation, destruction, loss or theft of any definitive note, application for replacement is to be made with the Fiscal Agent.

Any such definitive note will be replaced by the Fiscal Agent in compliance with such procedures as Rentenbank and the Fiscal Agent may require and subject to applicable laws and regulations of the State of New York and the SIX Swiss Exchange.

The Underwriting Agreement provides that the obligations of the several Underwriters to pay for and accept delivery of the notes is subject to, among other things, the approval of certain legal matters by their counsel and certain other conditions.

The Underwriters are obligated to take and pay for all of the notes, if any are taken. The notes are offered for sale in those jurisdictions in the United States, Europe and Asia where it is legal to make such offers.

In order to facilitate the offering of the notes, the Underwriters may engage in transactions that stabilize, maintain or otherwise affect the prices of the notes.

Specifically, the Underwriters may overallot in connection with the offering, creating a short position in the notes for their own account.

In addition, to cover overallotments or to stabilize the price of the notes, the Underwriters may bid for, and purchase, the notes in the open market.

Finally, the Underwriters may reclaim selling concessions allowed to an Underwriter or a dealer for distributing the notes in the offering, if they repurchase previously distributed notes in transactions to cover syndicate short positions, in stabilization transactions or otherwise.

Any of these activities may stabilize or maintain the market price for the notes above independent market levels. The Underwriters are not required to engage in these activities and may end any of these activities at any time.

Each of the Underwriters has agreed that it will not offer, sell or deliver any of the notes, directly or indirectly, or distribute this prospectus supplement or the accompanying prospectus or any other offering material relating to the notes, in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and regulations thereof.

Each Underwriter has represented and agreed that: Each Underwriter has acknowledged and agreed that the notes have not been and will not be registered under the Financial Instruments and Exchange Law Law No.

Each Underwriter has represented and agreed that a it has not offered and 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 it is to buy or sell shares or debentures, whether as principal or agent, or ii in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance Cap.

Where the notes are subscribed or purchased under Section by a relevant person which is:. Each of the Underwriters has acknowledged that other than in the United States of America no action has been or will be taken in any jurisdiction by the Underwriters or Rentenbank that would permit a public offering of the notes, or possession or distribution of any offering materials in any jurisdiction where action for those purposes is required.

Rentenbank does not intend to apply for listing of the notes on a United States national securities exchange, but has been advised by the Underwriters that they intend to make a market in the notes.

The Underwriters are not obligated, however, to do so and may discontinue their market making at any time without notice.

No assurance can be given as to the liquidity of the trading market for the notes. Rentenbank has agreed to indemnify the several Underwriters against certain liabilities, including liabilities under the Securities Act of , as amended.

If the Underwriters or their affiliates have a lending relationship with Rentenbank, certain of those Underwriters routinely hedge, and certain other of those Underwriters or their affiliates may hedge, their credit exposure to Rentenbank consistent with their customary risk management policies.

Any such credit default swaps or short positions could adversely affect future trading prices of the Notes.

Under Rule 15c of the Securities and Exchange Act of , trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise.

Purchasers of notes who wish to trade the notes before delivery of the notes should consult their own advisor. The validity of the notes will be passed upon on behalf of Rentenbank by the in-house legal advisors of Rentenbank.

All statements in the accompanying prospectus and this prospectus supplement with respect to the Guarantee of the Federal Republic and to the institutional liability Anstaltslast of the Federal Republic have been passed upon by the in-house legal advisors of Rentenbank, and are included upon their authority.

As long as the notes are listed on the SIX Swiss Exchange, the last trading day will be two Swiss business days prior to maturity. As long as the notes are listed on the SIX Swiss Exchange, Rentenbank will accept the jurisdiction of the ordinary courts of the Canton of Geneva, Switzerland, in addition to any state or federal court in the City of New York and, to the extent permitted by German law, the competent courts in the Federal Republic, in respect of any action arising out of or based on the notes that may be maintained by any holder thereof.

Except as disclosed in this prospectus supplement or the accompanying prospectus, there has been no material adverse change in the financial position of Rentenbank since the date of the last audited financial statements of Rentenbank.

To the best knowledge of Rentenbank, except as otherwise disclosed in this prospectus supplement or the accompanying prospectus, there is no pending or threatened action, suit or proceeding before any court or governmental agency, authority or body or any arbitrator involving Rentenbank which would materially adversely affect the financial position of Rentenbank.

Rentenbank prepares both consolidated and unconsolidated financial statements, and its financial statements for the years ending December 31, and as well as its future annual financial statements will be available at the offices of the Listing Agent in Switzerland free of charge.

The fiscal year of Rentenbank runs from January 1 to December Clearing Systems and Settlement. The Swiss Security Number for the notes is.

Hochstrasse 2 Frankfurt am Main Germany. To Rentenbank as to United States law. To the Underwriters as to United States and German law. These Securities will be unconditional obligations of Rentenbank.

For each offer and sale of Securities under this prospectus, we will provide a prospectus supplement with the specific terms of each issue. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.

The date of this prospectus is January 2, This prospectus is part of a registration statement that we have filed with the U. Under this shelf process, we may sell any combination of the Securities described in this prospectus in one or more offerings up to the total dollar amount registered with the SEC or the equivalent in other currencies.

This prospectus provides you with a general description of the Securities we may offer. Each time we sell Securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering.

The prospectus supplement may also add, update or change information contained in this prospectus. The annual reports include financial, statistical and other information concerning Rentenbank and the Federal Republic.

The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will automatically update and supersede this information.

We incorporate by reference the document listed below and any future filings made with the SEC until we sell all of the securities:.

You may request a copy of these filings at no cost by writing Landwirtschaftliche Rentenbank, Hochstrasse 2, Frankfurt am Main, Germany.

You should rely only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized anyone else to provide you with different or additional information.

We are not making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the dates set forth on the respective cover pages of these documents.

This prospectus, any prospectus supplement and any documents incorporated by reference in this prospectus may contain forward-looking statements.

Statements relating to future events, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any of these statements in light of new information or future events.

Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those contained in any forward-looking statements.

Rentenbank was founded in as the development bank for the agriculture, forestry, fishing and food industries in Germany.

We do not have any branches. Our activities and governance structure are regulated by our governing law and our statutes. Under our governing law, we are charged with the public task of promoting the agriculture industry including forestry, horticulture and fishing and the development of rural areas through the extension of credit for:.

We extend credit to German and other public and private sector banks in the European Union and Norway, which are active in the financing of the agricultural sector, the food industry and rural areas both by means of traditional loans and by purchasing the debt securities of such banks.

Finally, we extend credit to specific agencies of the Federal Republic. As an instrumentality serving public policy objectives of the Federal Government, we are not subject to corporate income and trade tax and do not seek to maximize profits.

Under German law, we prepare financial statements on both a consolidated and an unconsolidated basis. Our registered office and headquarters are located at Hochstrasse 2, Frankfurt am Main, Germany, and our telephone number is Relationship with the Federal Government.

For example, our governing law specifies the scope of our activities. We may only be liquidated pursuant to legislative action by the federal parliament.

Guarantee of the Federal Republic. Our governing law was amended with effect from January 1, to provide expressly that the Federal Republic guarantees all existing and future obligations of Rentenbank in respect of money borrowed, bonds and notes issued and derivative transactions entered into by Rentenbank, as well as obligations of third parties that are expressly guaranteed by Rentenbank Law Governing Landwirtschaftliche Rentenbank, Section 1a.

The Guarantee of the Federal Republic is strictly a matter of statutory law and is not evidenced by any contract or instrument.

It may be subject to defenses available to Rentenbank with respect to the obligations covered. Rentenbank benefits from the Anstaltslast , or institutional liability, of the Federal Republic.

This means that the Federal Republic will:. This duty under public law exists solely between the Federal Republic and Rentenbank and not between the Federal Republic and any third party.

The Federal Republic would not, under Anstaltslast , be permitted to allow us to default on an obligation; the Federal Republic would be required on its own authority to take steps to enable us to perform our obligation when due.

Under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including holders of any of our securities.

Accordingly, while Anstaltslast does not constitute a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under Anstaltslast , the effect of Anstaltslast is that our obligations , including our publicly issued debt securities, or our guarantee of debt securities should a substitute obligor be substituted for Rentenbank, are fully backed by the full faith and credit of the Federal Republic.

The obligation of the Federal Republic under Anstaltslast would constitute a legally established charge on public funds that would be payable without the need for appropriation or any action by the federal parliament.

Understanding with the European Commission. On March, 1, , representatives of the Federal Government and the Commission of the European Union reached an understanding on the treatment of state guarantees for federal development banks such as Rentenbank for purposes of the European Union state aid rules.

Pursuant to the understanding, the use of advantages for special credit institutions resulting from Anstaltslast and other state guarantees relevant under the state aid rules is allowed for the performance of promotional tasks at the request of the state in promotional areas like financing of small and medium enterprises, infrastructure, environment-friendly investment, housing as well as co-operation with developing countries.

Activities, which do not fall under the areas in line with the state aid rules, must either be discontinued by the special credit institutions or be spun-off to legally independent subsidiaries without state support.

With the adoption of the Restructuring Law, the description of our permissible activities in our governing law was conformed to the language in respect of which the Federal Republic and the Commission of the European Union reached an understanding on March 1, Based on the foregoing, Rentenbank does not currently expect that it will be required to either discontinue or separately incorporate any material portion of its present business activities as a result of the understanding.

Supervision by the Federal Government. Our governing law prescribes our internal governance structure, our capital structure, the limited scope and nature of our lending activities and provides for supervision of us by the Federal Republic.

The statutory function of the Supervising Authority is to ensure that the operations of Rentenbank are consistent with the public interest in particular in the promotion of agriculture and rural areas, and are in compliance with German law.

The Supervising Authority may request information regarding our operational matters, inspect our books and records and participate in all Advisory Board meetings and General Meetings with the authority to issue motions and to comment on topics at such meetings.

In addition, the Supervising Authority has the authority to request a meeting of any of our three governing bodies and is authorized to prevent the implementation of any resolution that is against public interest or violates German law.

As may be more specifically described in the relevant prospectus supplement, the net proceeds from the sale of the Securities will be used to finance our lending activities as described in this prospectus, including the refinancing of existing liabilities.

The following briefly summarizes the terms and conditions of the Securities to be offered by Rentenbank in distinct series from time to time, and the Fiscal Agency Agreement in respect of the Securities.

Copies of the form of the Securities and the form of the Fiscal Agency Agreement are filed as exhibits to the Registration Statement of which this prospectus is a part.

This summary is not complete and is qualified in its entirety by reference to such exhibits. Terms that are used in this prospectus and that are defined in the Fiscal Agency Agreement have the respective meanings given to them in the Fiscal Agency Agreement, unless they are otherwise defined in this prospectus.

Rentenbank may issue Securities in distinct series from time to time. This section summarizes the terms of the Securities that are common to all series of Securities.

The financial and other specific terms of your series are described in the applicable prospectus supplement, which is attached to or accompanies this prospectus.

If the terms described in the prospectus supplement applicable to your Securities differ from the terms described in this prospectus, you should rely on the terms described in the prospectus supplement.

The prospectus supplement that relates to your Securities will specify the following terms:. If applicable, the prospectus supplement that relates to your Securities will describe whether and in what circumstances they will be exchangeable for other Securities.

The prospectus supplement that relates to your Securities will also describe any special United States federal income tax or other considerations applicable to your Securities.

The duties of the Fiscal Agent. The Fiscal Agent for any series will be the same as the Fiscal Agent for any other series.

So long as no conflict of interest arises, the Fiscal Agent may engage or be interested in any financial or other transaction with Rentenbank.

If Rentenbank or a substitute obligor becomes subject generally at any time to any taxing jurisdiction other than or in addition to the jurisdiction of the Federal Republic, the requirement to pay Additional Amounts shall also apply with reference to such other jurisdiction s.

For the avoidance of ambiguity, in such circumstances, the reference to German tax above will be treated as including any taxes, assessments, duties or other governmental charges imposed or levied by or on behalf of such other taxing jurisdiction or any political subdivision thereof or any authority or agency therein or thereof having the power to tax.

If Rentenbank or any substitute obligor must pay you additional amounts because of tax law changes effective after the date of the prospectus supplement for your series of Securities in the case of Rentenbank or after the date the substitute obligor became such in the case of a substitute obligor, Rentenbank or the substitute obligor may redeem all of the outstanding Securities in your series.

Rentenbank or the substitute obligor cannot notify you that. The holder of any Security may, by written notice to Rentenbank and the Fiscal Agent, to be addressed to the specified office of the Fiscal Agent, declare such Security due and payable immediately if Rentenbank fails to pay any amount of principal of and premium, if any or interest on the Securities of such series within 30 days of the due date for payment thereof.

The right to declare the Securities due shall terminate if the situation giving rise to it has been cured before the right is exercised.

Because each series of Securities shall be independent of each other series, a default with respect to one series of Securities will not, in itself, constitute a default with respect to, or permit the acceleration of maturity of, Securities of a different series.

Rentenbank and the Fiscal Agent may, without the vote or consent of any holder of Securities, amend the Fiscal Agency Agreement or the Securities of any series in order to:.

Rentenbank and the Fiscal Agent may also, with the written consent of the holders of a majority of the principal amount of the Securities of any series, modify any of the other terms or provisions of the Securities of that series or, insofar as relates to that series, the Fiscal Agency Agreement.

However, each and every holder of the Securities of a series must consent to any amendment or provision of the Securities of that series or the Fiscal Agency Agreement that would:.

Any such substitution will not require the consent of holders of the Securities of that series, but Rentenbank will be required to guarantee the obligations of the substitute obligor under those Securities.

No substitution may occur unless the substitute obligor is in a position to fulfill all payment obligations under such Securities without being required to withhold tax at source.

A substitution of another company as principal debtor in respect of the Securities of any series is likely to result in the recognition of gain or loss for United States federal income tax purposes by the holders of the Securities of that series and possibly other adverse tax consequences to those holders.

Holders should consult their own tax advisors regarding the tax consequences of such a substitution. Further Issues of Securities of Same Series.

Rentenbank may from time to time without the consent of the holders of the Securities issue further Securities having identical terms and conditions so that such further Securities shall form a single series with an outstanding series of Securities.

Purchasers of Securities of the applicable series after the date of the further issue will not be able to differentiate between Securities sold as part of the further issue and previously issued Securities of that series.

Under such circumstances, purchasers of Securities of that series after the further issue may be required to accrue OID or greater amounts of OID than they would otherwise have accrued with respect to their Securities.

This may affect the price of the previously outstanding Securities of the applicable series. Purchasers are advised to consult their own advisors regarding the implications of any future decision by Rentenbank to undertake a further issue of Securities with OID.

Rentenbank will accept the jurisdiction of any state or federal court in the City of New York, in respect of any action arising out of or based on the Securities that may be maintained by any holder of those Securities.

Rentenbank will appoint Corporation Service Company in the City of New York as its authorized agent upon which process in any such action may be served.

Rentenbank will irrevocably waive any immunity to which it might otherwise be entitled in any action arising out of or based upon the Securities brought in any state or federal court in the City of New York.

Rentenbank is also subject to suit in competent courts in the Federal Republic to the extent permitted by German law. The Federal Republic has not appointed an agent in the United States upon whom process may be served in any action based on its obligations under the Guarantee of the Federal Republic, has not consented to or agreed to submit to the jurisdiction of any court in the United States in respect of such actions and has not waived any immunity from the jurisdiction of courts in the United States to which it may be entitled in respect of any such action.

As a result, it may not be possible to obtain a judgment against the Federal Republic in respect of securities covered by the Guarantee of the Federal Republic in a court in the United States or to enforce in the Federal Republic any such judgment that may be so obtained.

Under the German administrative law principle of Anstaltslast , or institutional liability, the Federal Republic is responsible for ensuring that we can meet our obligations, including our publicly issued debt securities, or our guarantee of debt securities should a Substitute Obligor be substituted for Rentenbank, when they are due.

Anstaltslast is not a formal guarantee of our obligations by the Federal Republic, and our creditors do not have a direct claim against the Federal Republic under it.

However, the Federal Republic is required on its own authority to take steps to enable us to perform our obligations when due.

Moreover, under German law, we would be required to enforce our rights against the Federal Republic in the event we needed to do so in order to meet our obligations to third parties, including Security holders.

Grundsätzlich hat Bwin die Herausforderung, das enorme Wettangebot und die gesamte Palette an verschiedenen Wetten möglichst userfreundlich und übersichtlich darzustellen, im Rahmen der technischen Möglichkeiten durchaus gut gemeistert. Unabhängig von der gewählten Einzahlung kann nach erfolgter Anmeldung auch der Bwin Neukundenbonus in Anspruch genommen werden. Bei Bwin gibt es die Möglichkeiten mit Kreditkarte, Banküberweisung, Sofortüberweisung, Paysafecard, Paypal und noch einigen anderen un bekannten Varianten die Einzahlungen auf das Wettkonto vorzunehmen. Sobald die gewünschte Wette gefunden worden ist, kann diese in den Wettkorb verschoben werden und steht dort zur weiteren Bearbeitung gewünschte Wettart und Wetteinsatz zur Verfügung. Einzahlung, Wettabgabe und Auszahlung funktionieren einwandfrei. Leider hinken aber die Wettquoten etwas hinter der vergleichbaren Konkurrenz nach. Heinz ist seit mehr als 25 Jahren im Geschäft mit Sportwetten tätig. Zu Bwin zum Inhaltsverzeichnis. Dort ist auch ein übersichtlich aufgebautes Kontaktformular zu finden, über das dem Bwin Kundensupport das Problem geschildert werden kann. Neben einer optimierten mobilen Webseite für alle gängigen Endgeräte kann auch eine mobile Bwin App heruntergeladen werden, die in Sachen Leistung und Komfort alle Stücke spielt.

0 thoughts to “Bwin+”

Hinterlasse eine Antwort

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind markiert *