Obligation Swiss Credit 5.92936% ( XS0105838964 ) en USD

Société émettrice Swiss Credit
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Suisse
Code ISIN  XS0105838964 ( en USD )
Coupon 5.92936% par an ( paiement annuel )
Echéance 30/12/2027



Prospectus brochure de l'obligation Credit Suisse XS0105838964 en USD 5.92936%, échéance 30/12/2027


Montant Minimal /
Montant de l'émission /
Prochain Coupon 30/12/2025 ( Dans 151 jours )
Description détaillée Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

Analyse d'une Obligation Émise par Credit Suisse : Détails et Contexte Financier Le présent article fournit une analyse détaillée d'une obligation spécifique, offrant un aperçu de ses caractéristiques financières et du contexte de son émetteur. L'instrument financier étudié est une obligation, identifiée par le code ISIN XS0105838964. L'émetteur de cette obligation est Credit Suisse, une institution financière suisse de renommée mondiale qui a longtemps été un pilier du secteur bancaire et des services financiers, offrant une vaste gamme de produits allant de la banque de détail à la gestion de fortune et la banque d'investissement. Fondée en 1856, elle a joué un rôle central dans l'économie suisse et mondiale depuis son pays d'émission, la Suisse. Cependant, il est impératif de noter que l'émetteur a récemment traversé une période de turbulences financières majeures, culminant avec son acquisition par UBS Group AG en mars 2023. Cette opération, orchestrée par les autorités suisses pour stabiliser le système financier, a transformé le paysage de la banque helvétique et a des implications pour les instruments financiers émis par Credit Suisse. Concernant les détails de l'obligation elle-même, celle-ci est actuellement négociée sur le marché à 100% de sa valeur nominale, ce qui indique qu'elle se traite au pair, sans décote ni prime significative au moment de cette analyse. Libellée en dollars américains (USD), elle offre un taux d'intérêt nominal fixe de 5.92936%. Les intérêts sont versés avec une fréquence annuelle (soit 1 paiement par an), offrant ainsi un flux de revenus prévisible aux investisseurs. La maturité de cette obligation est fixée au 30 décembre 2027, ce qui en fait un instrument à revenu fixe de moyen terme. Cette structure en fait un instrument potentiellement attractif pour les investisseurs recherchant une source de revenus stable et un capital remboursé à une échéance définie dans les prochaines années, tout en tenant compte de l'évolution du statut de l'émetteur dans le paysage financier.







CREDIT FIRST
SUISSE BOSTON
Credit Suisse First Boston,
London Branch
U.S.$19,000,000 Discounted Variable Coupon Subordinated Bonds Due 2027
Issue Price: 67.1073819 per cent.
U.S.$46,000,000 Discounted Variable Coupon Subordinated Bonds Due 2026
Issue Price: 69.5690715 per cent.
U.S. $24,000,000 Discounted Variable Coupon Subordinated Bonds Due 2024
Issue Price: 68.3569637 per cent.
The Discounted Variable Coupon Subordinated Bonds Due 2 0 2 7 (the "Tranche A Bonds") of Credit S u i s s e First Boston
(the "Bank"), a S w i s s bank, acting through its London branch (the "Branch"), will be issued in an a g g r e g a t e principal
amount of U . S . $ 1 9 , 0 0 0 , 0 0 0 .
The Discounted Variable Coupon Subordinated B o n d s Due 2026 (the "Tranche B Bonds") of the Bank, acting through
the Branch, will be issued in an a g g r e g a t e principal amount of U . S . $ 4 6 , 0 0 0 , 0 0 0 .
The Discounted Variable Coupon Subordinated Bonds Due 2 0 2 4 (the "Tranche C Bonds") of the Bank, acting through
the Branch, will be issued in an a g g r e g a t e principal amount of U . S . $ 2 4 , 0 0 0 , 0 0 0 .
The Tranche A B o n d s , the Tranche B B o n d s and the Tranche C B o n d s (each a "Tranche") are together referred to herein
a s the "Bonds."
Interest on t h e B o n d s of e a c h Tranche is payable in arrear on t h e d a t e s and in t h e amounts more fully described under
"Terms and Conditions of the Bonds -- Interest".
Unless previously r e d e e m e d or p u r c h a s e d and cancelled, e a c h Tranche A Bond will b e r e d e e m e d at its principal amount
on 30th December, 2027, each Tranche B Bond will be r e d e e m e d at its principal amount on 30th December, 2026 and
each Tranche C Bond will be r e d e e m e d at its principal amount on 30th December, 2 0 2 4 . The Bonds of each Tranche
may b e r e d e e m e d at their relevant early redemption amount, together with a c c r u e d interest, if any, in whole but not in
part, at any time in the event of certain c h a n g e s relating to S w i s s or United Kingdom taxation. S e e "Terms and
Conditions of the B o n d s -- Redemption and P u r c h a s e " .
The Bonds will be direct, subordinated and unsecured obligations of the Bank, acting through the Branch, and payments
of principal and interest will be conditional on the Bank being solvent at the time of payment, all a s more fully described
under "Terms and Conditions of the Bonds -- Status and Subordination".
Application has been m a d e to list the Bonds of each Tranche on the Luxembourg Stock Exchange.
The B o n d s of each Tranche are offered by Credit S u i s s e First Boston (Europe) Limited (the "Manager") when, a s and if
issued by the Bank, acting through the Branch, delivered to and a c c e p t e d by the Manager and subject to its right to
reject orders in whole or in part. The B o n d s of each Tranche will initially be represented by a temporary global bond in
bearer form (each, a "Temporary Global Bond"), without interest c o u p o n s ("Coupons") or talons for further C o u p o n s
("Talons"), which will b e deposited with a common depositary for Morgan Guaranty Trust Company of New York,
Brussels office, a s operator of the Euroclear System ("Euroclear") and Cedelbank on or about 23rd December, 1999.
Interests in each Temporary Global Bond will be exchangeable for interests in a permanent global bond in bearer form
(each, a "Permanent Global Bond"), without C o u p o n s or Talons, on or after a date that is expected to b e 2nd February,
2000, upon certification of non-U.S. beneficial ownership. Definitive Bonds in bearer form, with C o u p o n s and Talons
attached, will only be issued in the limited circumstances described herein.
Credit Suisse First Boston
Offering Circular dated 23rd December, 1999


TERMS AND CONDITIONS OF THE TRANCHE A BONDS
The following is the text of the Terms and Conditions of the Tranche A Bonds which (subject to
modification and save for the italicised text) will be endorsed on each Tranche A Bond in definitive form, if
issued:
The US.$19,000,000 Discounted Variable Coupon Subordinated Bonds Due 2027 (the "Bonds",
which expression shall in these Terms and Conditions ("these Conditions"), unless the context otherwise
requires, include any further bonds issued pursuant to Condition 14 and forming a single series therewith) of
Credit Suisse First Boston (the "Bank"), acting through its London Branch (the "Branch"), are constituted
by an eighth supplemental trust deed (the "Eighth Supplemental Trust Deed") dated 23rd December, 1999
between the Bank, acting through the Branch, and Chase Manhattan Trustees Limited (the "Trustee") as
trustee for the holders of the Bonds (the "Bondholders"), supplemental to the principal trust deed (together
with the Eighth Supplemental Trust Deed, the "Trust Deed") dated 11th May, 1998. The issue of the Bonds
was authorised and approved by a certificate of the Chief Executive Officer of the Credit Suisse First Boston
business unit of the Bank (acting in consultation with the Chief Financial Officer of the Credit Suisse First
Boston business unit of the Bank) dated 21st December, 1999. The statements in these Conditions include
summaries of, and are subject to, the detailed provisions of the Trust Deed. Copies of the Trust Deed are
available for inspection during normal business hours at the principal office for the time being of the
Trustee, being at the date of issue of the Bonds at Trinity Tower, 9 Thomas More Street, London E1 9YT,
England, and at the specified office of each of the paying agents (the "Paying Agents") referred to below.
The Bondholders and the holders (the "Couponholders") of the interest coupons appertaining to the Bonds
(the "Coupons", which expression shall, unless the context otherwise requires, include the talons for further
interest coupons (the "Talons")) are entitled to the benefit of, are bound by, and are deemed to have notice
of, all the provisions of the Trust Deed applicable to the Bonds and the Coupons.
1. Form, Denomination and Title
The Bonds are in bearer form, serially numbered, with Coupons attached on issue, in the
denomination of U.S.$50,000 each. Title to the Bonds and Coupons will pass by delivery. The Bank, the
Branch, the Trustee and any Paying Agent may deem and treat the bearer of any Bond and Coupon as the
absolute owner thereof (whether or not such Bond or Coupon shall be overdue and notwithstanding any
notice to the contrary) for the purpose of making payment and for all other purposes.
2. Status and Subordination
The Bonds and the Coupons are direct, unsecured and subordinated obligations of the Bank, acting
through the Branch, conditional as described below.
The rights of the Bondholders and Couponholders are subordinated to the claims of Senior Creditors
(as defined below) and, accordingly, payments of principal and interest (other than upon a winding-up or
dissolution (by bankruptcy or otherwise) in Switzerland of the Bank) are conditional upon the Bank being
solvent at the time for payment by the Branch and no principal, early redemption amount (as defined in
Condition 4(b)) or interest (other than as aforesaid) shall be payable in respect of the Bonds except to the
extent that the Branch could make such payment and the Bank would still be solvent immediately thereafter.
For the purpose of these Conditions, the Bank shall be solvent if (i) it is able to pay its debts as they fall due
and (ii) its Assets exceed its Liabilities (each as defined below) (other than its Liabilities to persons who are
not Senior Creditors).
For the purpose of these Conditions, "Senior Creditors" means (i) all depositors and (ii) all other
creditors of the Bank except those whose claims rank or are expressed to rank pari passu with or junior to
the claims of the Bondholders and Couponholders. "Assets" means the consolidated gross assets of the
Bank, and "Liabilities" means the consolidated gross liabilities of the Bank, all as shown by the latest
published audited consolidated balance sheet of the Bank, as adjusted for contingencies and for subsequent
events, all valued in such manner as the Bank or any liquidator (as the case may be) may determine and
calculated in accordance with Swiss generally accepted accounting principles ("GAAP") or, if such audited
balance sheet is prepared in accordance with US. GAAP, US. GAAP.
4


The Bonds rank pari passu among themselves. The Bonds rank prior to the claims of the holders of
any subordinated obligations which rank or are expressed to rank junior to the claims of the Bondholders.
Subject to applicable law, no Bondholder or Couponholder may exercise, claim or plead any right of
set-off, compensation or retention in respect of any amount owed to it by the Bank, acting through the
Branch, arising under or in connection with the Bonds or the Coupons and each Bondholder and
Couponholder shall, by virtue of being the holder of any Bond or Coupon (as the case may be), be deemed to
have waived all such rights of set-off, compensation or retention.
The subordination provisions set out above are irrevocable. The Bank may not create or permit to
exist any charge or other security interest over its assets to secure the obligations of the Bank, acting through
the Branch, in respect of the Bonds.
N.B. The obligations of the Branch in respect of the Bonds and the Coupons are conditional upon the
Bank being solvent for the purpose of this Condition immediately before and after payment by the Brunch. If
this condition is not satisfied any amounts which might otherwise have been allocated in or towards payment
in respect of the Bonds or the Coupons may be used to absorb losses of the Bank.
3. Interest
(a) Each Bond bears interest on its nominal principal amount from, and including, 23rd December,
1999, payable in arrear on the dates (each an "Interest Payment Date") and in the amounts (each an
"Interest Amount") specified below:
Interest Notional
Amount Interest
per Bond Rate
Interest Payment Date (U.S.$) (%)
30th December, 2000 1,341.23 2.63130108
30th December, 2001 2,328.98 4,65795600
30th December, 2002 2,081.46 4.16291500
30th December, 2003 2,328.98 4.65795595
30th December, 2004 2,328.98 4.65795595
30th December, 2005 2,328.98 4.65795600
30th December, 2006 2,328.98 4.65795600
30th December, 2007 2,328.98 4.65795600
30th December, 2008 6,986.93 13.97386795
30th December, 2009 2,328.98 4.65795595
30th December, 2010 2,328.98 4.65795595
30th December, 2011 2,328.98 4.65795600
30th December, 2012 2,792.42 5.58483089
30th December, 2013 2,846.47 5.69294226
30th December, 2014 2,846.47 5.69294232
30th December, 2015 2,846.47 5.69294226
30th December, 2016 2,846.47 5.69294226
30th December, 2017 2,846.47 5.69294226
30th December, 2018 2,846.47 5.69294232
30th December, 2019 2,846.47 5.69294226
30th December, 2020 2,846.47 5.69294232
30th December, 2021 2,846.47 5.69294232
30th December, 2022 2,846.47 5.69294232
30th December, 2023 2,846.47 5.69294226
30th December, 2024 2,846.47 5.69294226
30th December, 2025 2,846.47 5.69294226
30th December, 2026 7.34 0.01467653
30th December, 2027 1,336.74 2.67347289
*These notional interest rates a r e provided solely for convenience a n d not f o r the purpose of calculating any accrued interest.
5


Each period from, and including, 23rd December, 1999 or an Interest Payment Date to, but excluding, the
first or next Interest Payment Date is called an "Interest Period".
(b) Each Bond will cease to bear interest from the due date for final redemption unless, upon due
presentation, payment of the principal amount or early redemption amount, as the case may be, is
improperly withheld or refused or default is otherwise made in respect of such payment. In either such
event, interest will continue to accrue as provided in the Trust Deed.
4. Redemption and Purchase
(a) Unless previously redeemed or purchased and in each case cancelled as specified below, each
Bond will be redeemed at its principal amount on 30th December, 2027 (the "Maturity Date").
(b) If the Branch satisfies the Trustee immediately prior to giving the notice referred to below that
on the occasion of the next payment due (subject to Condition 2) in respect of the Bonds or the Coupons the
Bank or the Branch will be required to pay additional amounts as provided in Condition 6 or to account to
any taxing authority in the United Kingdom or Switzerland for any amount (other than any tax withheld or
deducted from interest payable on the Bonds or the Coupons) calculated by reference to any amount payable
in respect of the Bonds or the Coupons, the Branch may at its option (subject to Condition 2), having given
not less than 30 nor more than 60 days' notice to the Bondholders in accordance with Condition 11 (which
notice shall be irrevocable), elect to redeem all, but not some only, of the Bonds at any time at the early
redemption amount (as defined below) together with accrued interest which shall, in respect of each Interest
Period, be calculated by multiplying the aggregate Interest Amount payable on the Interest Payment Date
falling immediately after the end of the Interest Period by a fraction of which the numerator is the number of
days elapsed from, and including, in the case of the first Interest Period, 23rd December, 1999 or, in the case
of any subsequent Interest Period, the Interest Payment Date falling at the start of the Interest Period
(determined in the manner described in the next sentence), and the denominator is, in the case of the first
Interest Period, 367 and, in the case of any subsequent Interest Period, 360. The number of days elapsed in
any period shall be determined on the basis of a year of 360 days with 12 30-day months. Upon the expiry of
such notice the Bank, acting through the Branch, shall be bound (subject to Condition 2) to redeem the
Bonds accordingly.
6


For the purpose of these Conditions, the "early redemption amount" in respect of each Bond means
in respect of each period from, and including, a date specified in the table below to, but excluding, the next
such date, the sum of (i) the amount specified opposite the first such date in the table below and (ii) in the
case of a redemption on any date after the first such date, an additional amount representing accrued
principal over the number of days elapsed from, but excluding, the first such date, based on a linear
interpolation between the amount specified opposite the first such date and the amount specified opposite the
next such date (calculated by multiplying such number of days elapsed by the difference between the amount
specified opposite the first such date and the amount specified opposite the next such date and dividing the
resulting product by 360 or, in the case of a redemption on or before 29th December, 1999, by 7):
Amount
per Bond
Date (U.S.$)
23rd December, 1999 33,553.69
30th December, 1999 33,564.94
30th December, 2000 34,151.91
30th December, 2001 34,738.87
30th December, 2002 35,325.84
30th December, 2003 35,912.81
30th December, 2004 36,499.77
30th December, 2005 37,086.74
30th December, 2006 37,673.71
30th December, 2007 38,260.67
30th December, 2008 38,847.64
30th December, 2009 39,434.60
30th December, 2010 40,021.57
30th December, 2011 40,608.54
30th December, 2012 41,195.50
30th December, 2013 41,782.47
30th December, 2014 42,369.44
30th December, 2015 42,956.40
30th December, 2016 43,543.37
30th December, 2017 44,130.34
30th December, 2018 44,717.30
30th December, 2019 45,304.27
30th December, 2020 45,891.24
30th December, 2021 46,478.20
30th December, 2022 47,065.17
30th December, 2023 47,652.13
30th December, 2024 48,239.10
30th December, 2025 48,826.07
30th December, 2026 49,413.03
30th December, 2027 50,000.00
(c) The Bank or any of the Affiliates (as defined in the Trust Deed) may, subject to certain
limitations imposed by Swiss law, at any time purchase Bonds at any price and in any manner and reissue or
resell the same for the purpose of making a market in the Bonds, provided that all unmatured Coupons
appertaining thereto are attached thereto or surrendered therewith.
(d) All Bonds which are redeemed shall forthwith, and Bonds which are purchased by or on behalf
of the Bank or any of the Affiliates may, be cancelled by or on behalf of the Branch (together with all relative
unmatured Coupons purchased therewith) or, in the latter case only, may be reissued or resold.
5. Payments and exchange of Talons
Payments of principal or the early redemption amount in respect of the Bonds will (subject as
provided below) be made in US. dollars only against presentation and surrender (or, in the case of part
7


payment of any sum due, endorsement) of Bonds and payments of interest in respect of the Bonds will
(subject as provided below) be made in US. dollars only against presentation and surrender (or, in the case
of part payment of any sum due, endorsement) of Coupons, in each case at the specified office of any of the
Paying Agents.
Payments in respect of Bonds and Coupons will be made at the specified office of any Paying Agent
by credit or transfer to a U.S. dollar account specified by the payee or, at the option of the payee, by a U.S.
dollar cheque, subject in all cases to any fiscal or other laws and regulations applicable thereto, but without
prejudice to the provisions of Condition 6. Payments of interest due in respect of any Bond other than on
presentation and surrender of matured Coupons shall be made only against presentation and either surrender
or endorsement (as appropriate) of the relevant Bond.
The names of the initial Principal Paying Agent and the other initial Paying Agent and their initial
specified offices are set out below.
The Branch reserves the right at any time to vary or terminate the appointment of any Paying Agent
and to appoint additional or other Paying Agents, provided that it will at all times maintain (a) so long as the
Bonds are listed on the Luxembourg Stock Exchange, a Paying Agent with a specified office in Luxembourg
and (b) in the event of the Proposed EU Withholding Tax Directive (as defined below) being adopted in
substantially the form proposed, a Paying Agent with a specified office in a city approved by the Trustee
outside the European Union. Notice of any such termination or appointment and of any changes in the
specified offices of the Paying Agents will be given to the Bondholders promptly by the Bank, acting
through the Branch, in accordance with Condition 11.
"Proposed EU Withholding Tax Directive" means the proposal presented by the European
Commission to the Council of Ministers of the European Union in May 1998 to oblige member states to
adopt a "withholding tax system" or an "information reporting system" in relation to interest, discounts and
premia.
Each Bond should be presented for payment together with all unmatured Coupons appertaining
thereto (which expression shall include Coupons falling to be issued on exchange of matured Talons) failing
which the full amount of any such missing unmatured Coupon (or, in the case of payment not being made in
full, that proportion of the full amount of such missing unmatured Coupon which the amount so paid bears
to the total amount due) will be deducted from the amount due for payment. Each amount so deducted will
be paid in the manner mentioned above against presentation and surrender (or, in the case of part payment
only, endorsement) of the relevant missing Coupon at any time before the expiry of 10 years after the
Relevant Date (as defined in Condition 6) in respect of the relevant Bond (whether or not the Coupon would
otherwise have become void pursuant to Condition 7) or, if later, five years from the date on which such
Coupon would otherwise have become due, but not thereafter. Upon any of the Bonds becoming due and
repayable, any unmatured Talons appertaining thereto will become void for all purposes and no further
Coupons will be issued in respect thereof.
A holder shall be entitled to present a Bond or Coupon for payment only on a Presentation Date and
shall not, except as provided in Condition 3, be entitled to any further interest or other payment if a
Presentation Date is after the due date,
"Presentation Date" means a day which (subject to Condition 7):
(a) is or falls after the relevant due date; and
(b) is both a business day in the place of presentation and in New York City.
In this Condition, "business day" means a day on which commercial banks and foreign exchange
markets are open in the relevant place.
No further interest or other payment will be made as a consequence of the day on which the relevant
Bond or Coupon may actually be presented for payment under this paragraph falling after the due date for
payment.
On and after the Interest Payment Date on which the final Coupon comprised in any Coupon sheet
matures, the Talon comprised in the Coupon sheet may be surrendered at the specified office of any Paying
8


Agent in exchange for a further Coupon sheet, subject to the provisions of Condition 7. Each Talon shall, for
the purposes of these Conditions, be deemed to mature on the Interest Payment Date on which the final
Coupon comprised in the relative Coupon sheet matures.
6. Taxation
All payments of principal, the early redemption amount and interest in respect of the Bonds and the
Coupons by the Branch will be made without withholding or deduction for, or on account of, any present or
future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on
behalf of the United Kingdom or Switzerland or any political sub-division thereof or by any authority
therein or thereof having power to tax unless the withholding or deduction of such taxes, duties, assessments
or governmental charges is required by law. In that event, the Branch will pay such additional amounts as
may be necessary in order that the net amounts received by the Bondholders and Couponholders after such
withholding or deduction shall equal the respective amounts of principal, the early redemption amount and
interest which would have been receivable in respect of the Bonds or, as the case may be, Coupons in the
absence of such withholding or deduction, except that no such additional amounts shall be payable with
respect to any Bond or Coupon presented for payment:
(a) in the United Kingdom or Switzerland; or
(b) by or on behalf of a holder who (i) is able to avoid such withholding or deduction by satisfying
any statutory requirements or by making a declaration of non-residence or other claim for
exemption to the relevant tax authority; or (ii) is liable for such taxes, duties, assessments or
governmental charges in respect of such Bond or Coupon by reason of his having some
connection with the United Kingdom or Switzerland otherwise than merely by the holding of
such Bond or Coupon; or
(c) more than 30 days after the Relevant Date except to the extent that the holder thereof would have
been entitled to such additional amounts on presenting the same for payment on such thirtieth
day, assuming, whether or not it is in fact the case, such thirtieth day to be a Presentation Date
(as defined in Condition 5).
As used herein, the "Relevant Date" means, with respect to any payment, the date on which such
payment first becomes due, but, if the full amount of the money payable has not been received in London by
the Principal Paying Agent or the Trustee on or prior to such due date, it means the date on which, the full
amount of such money having been so received, notice to that effect shall have been duly published in
accordance with Condition 11, Any reference in these Conditions to principal, the early redemption amount
or interest shall be deemed also to refer to any additional amounts which may be payable pursuant to this
Condition or any undertakings given in addition thereto or in substitution therefor pursuant to the Trust
Deed.
7. Prescription
Bonds and Coupons (which for this purpose shall not include Talons) will become void unless
presented for payment within periods of 10 years (in the case of Bonds) and five years (in the case of
Coupons) from the Relevant Date (as defined in Condition 6) in respect thereof, subject to the provisions of
Condition 5.
There shall not be included in any Coupon sheet issued upon exchange of a Talon any Coupon the
claim for payment in respect of which would be void pursuant to this Condition 7 or Condition 5.
8. Events of Default
The Trustee at its discretion may, and if so requested in writing by the holders of at least 25 per cent.
in principal amount of the Bonds then outstanding or if so directed by an Extraordinary Resolution (as
defined below) of the Bondholders shall (subject in each case to being indemnified to its satisfaction), give
notice to the Bank that the Bonds are, and they shall accordingly forthwith become, immediately due and
repayable at the early redemption amount, together with accrued interest calculated in the manner provided
in Condition 3 in respect of each Interest Period and at a rate of 8.099540 per cent. per annum in respect of
9


any period from, and including, the Maturity Date as provided in the Trust Deed, in any of the following
events ("Events of Default"):
(a) there is a default for more than 22 days in the payment of any interest due in respect of the
Bonds, and so that for the purpose of this paragraph (a) a payment of interest shall be deemed to
be due even if the condition set out in the second paragraph of Condition 2 is not satisfied; or
(b) any order shall be made by any competent court or other authority or resolution passed by the
Bank for the dissolution or winding-up of the Bank or for the appointment of a liquidator,
receiver, administrator or manager of the Bank or of all or a substantial part of its assets, save for
the purposes of reorganisation on terms approved in writing by the Trustee; or
(c) the Bank shall stop payment or shall be unable to, or shall admit to creditors generally its
inability to, pay its debts as they fall due, or shall be adjudicated or found bankrupt or insolvent,
or shall enter into any composition or other arrangements with its creditors generally,
PROVIDED, in the case of any Event of Default other than that described in paragraphs (a) and (in the case
of winding-up or dissolution of the Bank) (b), the Trustee shall have certified to the Bank that the Event of
Default is, in its opinion, materially prejudicial to the interests of the Bondholders.
9. Enforcement
(a) The Trustee may at any time, at its discretion and without notice, take such proceedings against
the Bank and/or the Branch as it may think fit to enforce the provisions of the Trust Deed, the Bonds and the
Coupons, but it shall not be bound to take any such proceedings or any other action in relation to the Trust
Deed, the Bonds or the Coupons unless (a) it shall have been so directed by an Extraordinary Resolution of
the Bondholders or so requested in writing by the holders of at least 25 per cent. in principal amount of the
Bonds then outstanding, and (b) it shall have been indemnified to its satisfaction.
(b) No Bondholder or Couponholder shall be entitled to proceed directly against the Bank or the
Branch unless the Trustee, having become bound so to proceed, fails so to do within a reasonable period and
the failure shall be continuing.
10. Replacement of Bonds, Coupons and Talons
Should any Bond, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced
at the specified office of the Principal Paying Agent or the Paying Agent in Luxembourg for the time being
upon payment by the claimant of the expenses incurred in connection therewith and on such terms as to
evidence and indemnity as the Bank, acting through the Branch, may reasonably require. Mutilated or
defaced Bonds, Coupons or Talons must be surrendered before replacements will be issued.
11. Notices
All notices to the Bondholders will be valid if published (i) in the Financial Times or, if publication
in the Financial Times is not practicable, in such other leading English language daily newspaper with
general circulation in Europe as the Trustee may approve and (ii) so long as the Bonds are listed on the
Luxembourg Stock Exchange, in the Luxemburger Wort or any other daily newspaper of general circulation
in Luxembourg approved by the Trustee. Such notices shall be deemed to have been given on the date of
such publication in both relevant newspapers or, if so published more than once, on the date of the first such
publication. If publication is not practicable in any such newspaper as is mentioned above, notices will be
valid if given in such other manner, and shall be deemed to have been given on such date, as the Trustee
shall determine. Couponholders shall be deemed for all purposes to have notice of the contents of any notice
given to the Bondholders in accordance with this Condition 11.
12. Meetings of Bondholders, Modification, Waiver and Substitution
The Trust Deed contains provisions for convening meetings of Bondholders to consider any matter
affecting their interests, including the modification by Extraordinary Resolution of these Conditions or any
of the provisions of the Trust Deed. The quorum at any such meeting for passing an Extraordinary
Resolution will be one or more persons holding or representing a clear majority in principal amount of the
10


Bonds for the time being outstanding, or at any adjourned such meeting one or more persons being or
representing Bondholders whatever the principal amount of the Bonds so held or represented, except that at
any meeting, the business of which includes the modification of certain of these Conditions or of certain of
the provisions of the Trust Deed, the necessary quorum for passing an Extraordinary Resolution will be one
or more persons holding or representing not less than three-quarters, or at any adjourned such meeting not
less than one-quarter, of the principal amount of the Bonds for the time being outstanding.
An Extraordinary Resolution passed at any meeting of Bondholders will be binding on all
Bondholders, whether or not they are present at the meeting, and on all Couponholders. The Trust Deed
provides that the Trustee may agree, without the consent of the Bondholders or Couponholders, to any
modification of, or to the waiver or authorisation of any breach or proposed breach of, any of these
Conditions or any of the provisions of the Trust Deed which is not, in the opinion of the Trustee, materially
prejudicial to the interests of the Bondholders or to any modification which is of a formal, minor or technical
nature or which is made to correct a manifest error. The Trust Deed further provides that the Trustee shall
not exercise its powers of modification, waiver or authorisation in contravention of any express direction
given by Extraordinary Resolution of the Bondholders.
The Trust Deed provides that the Bank shall not consolidate with or merge into any other Person (as
defined in the Trust Deed) or convey, transfer or lease its properties and assets substantially as an entirety to
any Person, unless the Person formed by such consolidation or into which the Bank is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and assets of the Bank
substantially as an entirety is a corporation (including a bank), partnership or trust (or a branch of any
thereof), is validly existing under the laws of the jurisdiction of its organisation and shall expressly assume
in writing the due and punctual payment of the principal of and interest on all the Bonds pursuant to the
terms thereof and the performance or observance of every covenant in respect of the Bonds on the part of the
Bank to be performed or observed.
Upon any consolidation or merger of the Bank into any other Person or any conveyance, transfer or
lease of the properties and assets of the Bank substantially as an entirety to another Person, (i) the successor
Person formed by such consolidation or into which the Bank is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Bank, as the case may be, under the Trust Deed with the same effect as if such successor Person had
been named as the Bank therein, and thereafter, except in the case of a lease to another Person, the
predecessor Person shall be relieved of all obligations and covenants under the Trust Deed and the Bonds
and (ii) all references to Switzerland or the United Kingdom, as the case may be, in the Trust Deed and the
Bonds shall be deemed to be references to the jurisdiction of incorporation or organisation of such successor
Person. The Trust Deed provides that the Bank will give prompt written notice to the Trustee of any such
consolidation, merger, conveyance, transfer or lease and will cause prompt notice thereof to be given to the
Bondholders in accordance with Condition 11.
Subject as provided in the Trust Deed, the Bank may, without the consent of the Trustee or the
Bondholders or the Couponholders assign to another branch of the Bank outside of Switzerland the
obligations of the Branch under the Trust Deed and the Bonds.
Without limiting the foregoing, and subject as provided in the Trust Deed, the Trustee may agree,
without the consent of the Bondholders or the Couponholders, to the substitution at any time or times of any
Affiliate or any affiliate of any successor Person referred to above, as the principal debtor under the Trust
Deed, the Bonds and the Coupons subject to (in the case of the substitution of any company which is an
Affiliate or an affiliate of such successor Person) the irrevocable guarantee on a subordinated basis
equivalent to that mentioned in Condition 2 in respect of the Trust Deed, the Bonds and the Coupons by the
Bank or such successor Person. Notwithstanding the foregoing, no such guarantee will be required if the
relevant Affiliate or affiliate of such successor Person has a credit rating at the time of substitution equal to
or better than that of the Bank or such successor Person.
In connection with the exercise by it of any of its trusts, powers or discretions (including, without
limitation, any modification, waiver, authorisation or substitution), the Trustee shall have regard to the
general interests of the Bondholders as a class but shall not have regard to any interests arising from
circumstances particular to individual Bondholders (whatever their number) and, in particular but without
11


limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for
individual Bondholders or Couponholders (whatever their number) resulting from their being for any
purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any
particular territory and the Trustee shall not be entitled to require, nor shall any Bondholder or
Couponholder be entitled to claim, from the Bank or the Branch or any other person any indemnification or
payment in respect of any tax consequence of any such exercise upon individual Bondholders or
Couponholders except to the extent already provided for in Condition 6 and/or any undertaking given in
addition to, or in substitution for, Condition 6 pursuant to the Trust Deed.
Any such modification, waiver, authorisation or substitution shall be binding on the Bondholders and
the Couponholders and, unless the Trustee agrees otherwise, any such modification or substitution shall be
notified to the Bondholders by the Branch as soon as practicable thereafter in accordance with Condition 11.
13. Indemnification of, and Transactions by, the Trustee
The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from
responsibility in certain circumstances, including provisions relieving it from instituting proceedings to
enforce repayment unless indemnified to its satisfaction. The Trustee is entitled to enter into business
transactions with the Bank or any Affiliate without accounting for any profit resulting therefrom.
14. Further Issues
The Bank is at liberty from time to time without the consent of the Bondholders or Couponholders to
create and issue further bonds and/or notes either ranking pari passu in all respects (or in all respects save
for the first payment of interest thereon) and so that the same shall be consolidated and form a single series
with the outstanding bonds and/or notes of any series (including the Bonds) constituted by the Trust Deed or
any deed supplemental thereto or upon such terms as to ranking, interest, conversion, premium, redemption
and otherwise as the Bank may at the time of issue thereof determine. Any further bonds or notes forming a
single series with the outstanding bonds or notes of any series (including the Bonds) constituted by the Trust
Deed or any deed supplemental thereto shall, and any other further bonds or notes may (with the consent of
the Trustee), be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions
for convening a single meeting of the Bondholders and the holders of bonds or notes of other series in
certain circumstances where the Trustee so decides.
15. Governing Law
The Trust Deed, the Bonds and the Coupons are governed by, and shall be construed in accordance
with, English law.
The Bank, acting through the Branch, has in the Trust Deed irrevocably agreed for the benefit of the
Bondholders and the Couponholders that the courts of England are to have jurisdiction to settle any disputes
which may arise out of or in connection with the Trust Deed, the Bonds or the Coupons and that accordingly
any suit, action or proceedings arising out of or in connection therewith (together referred to as
"Proceedings") may be brought in the courts of England.
The Bank, acting through the Branch, has in the Trust Deed irrevocably and unconditionally waived
and agreed not to raise any objection which it may have now or subsequently to the laying of the venue of
any Proceedings in the courts of England and any claim that any Proceedings have been brought in an
inconvenient forum and irrevocably and unconditionally agreed that a judgment in any Proceedings brought
in the courts of England shall be conclusive and binding upon the Bank and the Branch and may be enforced
in the courts of any other jurisdiction. Nothing in this Condition shall limit any right to take Proceedings
against the Bank or the Branch in any other court of competent jurisdiction, nor shall the taking of
Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction,
whether concurrently or not.
The Bank has in the Trust Deed appointed its London Branch as its agent for service of process in
England in respect of any Proceedings.
12