Liabilities
WestLB is sole owner and legal responsible body of the Westdeutsche ImmobilienBank. WestLB supports Westdeutsche ImmobilienBank in the execution of its duties in accordance with the following provisions. The Owners are neither obliged to provide funds nor does the Westdeutsche ImmobilienBank have the right to request the provision of funds from the Owners. Westdeutsche ImmobilienBank is responsible for honoring all of its liabilities and assets. The liability of the Owners is limited to the capital share defined in the articles of association.
Concerning the commitment to satisfy the liabilities existing as of 07/08/2005 the following is valid as defined in § 30a of the Saving Bank Law:
- For the liabilities agreed by July 18, 2001 this applies without time limit; for those agreed afterwards until July 18, 2005, this applies only if their maturity does not go beyond December 31, 2015.
- The Owners will promptly honor their obligations from the guarantor’s liability vis-à-vis the creditors of liabilities agreed until July 18, 2005, as soon as they have stated when these liabilities come due, in due manner and in writing that the creditors of these liabilities cannot be satisfied out of the assets of the Westdeutsche ImmobilienBank.
- Commitments of the Westdeutsche ImmobilienBank as a result of its own guarantor’s liability or comparable liability undertaking or a liability arising from the membership in a Savings Bank Association as guarantor are laid down and are due in terms of the sentences 1-3 at the same time as the commitment secured by such an undertaking.
- Several Owners are collectively responsible, in their internal relationship according to their capital shares.