exv4w4w1

Exhibit 4.4.1

14 March 2008

SAP AG
as Borrower

DEUTSCHE BANK AG
ABN AMRO BANK N.V., NIEDERLASSUNG DEUTSCHLAND
BNP PARIBAS S.A.
COMMERZBANK AKTIENGESELLSCHAFT
J.P. MORGAN PLC
SUMITOMO MITSUI BANKING CORPORATION
as Mandated Lead Arrangers

DEUTSCHE BANK AG PARIS BRANCH
as Offer Guarantor

Certain Financial Institutions
as Existing Lenders

Certain Financial Institutions
as New Lenders

DEUTSCHE BANK LUXEMBOURG S.A.
as Agent

ACCESSION AGREEMENT

relating to the

€5,000,000,000 (subsequently reduced to €2,947,679,513.45)
SYNDICATED MULTICURRENCY TERM LOAN
FACILITY AGREEMENT
dated 1 October 2007

CONTENTS


CLAUSE	PAGE

1. INTERPRETATION		4
2. AMENDMENT		4
3. TRANSFER		4
4. REPRESENTATIONS		5
5. SYNDICATION DATE		6
6. MISCELLANEOUS		6
SCHEDULE 1 Existing Lenders and New Lenders		7
Part A Existing Lenders		7
Part B Portions Transferred		8
Part C Allocation of participations in Loans outstanding following Transfers		10
SIGNATORIES TO THE ACCESSION AGREEMENT		12

THIS AGREEMENT is made on 14 March 2008

Between:

(1)		SAP AG (the “Borrower”);

(2)		DEUTSCHE BANK AG, ABN AMRO BANK N.V., NIEDERLASSUNG DEUTSCHLAND, BNP PARIBAS S.A., COMMERZBANK AKTIENGESELLSCHAFT, J.P. MORGAN PLC and SUMITOMO MITSUI BANKING CORPORATION as mandated lead arrangers (the “Mandated Lead Arrangers”);

(3)		THE FINANCIAL INSTITUTIONS identified in Part A of Schedule 1 (Existing Lenders and New Lenders) as existing lenders (the “Existing Lenders”);

(4)		THE FINANCIAL INSTITUTIONS identified in Part B of Schedule 1 (Existing Lenders and New Lenders) as new lenders (the “New Lenders”);

(5)		DEUTSCHE BANK AG PARIS BRANCH as offer guarantor (the “Offer Guarantor”); and

(6)		DEUTSCHE BANK LUXEMBOURG S.A. as agent of the other Finance Parties (the “Agent”).

whereas:

1.		The Borrower, the Mandated Lead Arrangers, the Existing Lenders, the Offer Guarantor and the Agent entered into or, as the case may be, acceded to a facility agreement dated 1 October 2007 (as amended and restated pursuant to an Amendment and Restatement Agreement dated 27 February 2008, the “Facility Agreement”) whereby a €5,000,000,000 syndicated multicurrency term loan facility was made available to the Borrower. As a result of voluntary cancellations of the Available Facility and voluntary prepayments of Loans, the Total Commitments were subsequently reduced to €2,947,679,513.45.

2.		The Offer Guarantor has confirmed that the Offer Guarantee Discharge Date has occurred.

3.		The Borrower, the Mandated Lead Arrangers, the Existing Lenders, the Offer Guarantor and the Agent wish to record the arrangements agreed between them to amend the Facility Agreement as set out herein.

4.		The Borrower, the Mandated Lead Arrangers, the Offer Guarantor, the Agent, the Existing Lenders and the New Lenders wish to record the arrangements agreed between them to transfer (in part) from the Existing Lenders to the New Lenders the Existing Lenders’ participations in Loans drawn and outstanding under the Facility Agreement.

it is agreed as follows:

INTERPRETATION

Save as otherwise defined herein, a term defined in the Facility Agreement has the same meaning in this Agreement. The principles of construction set out in the Facility Agreement will have effect as if set out in this Agreement.

AMENDMENT

The Borrower, the Mandated Lead Arrangers, the Existing Lenders, the Offer Guarantor and the Agent agree that, with effect from and including the date hereof, a new definition of “Treaty State” is inserted after the definition of “Treaty Lender” in Clause 15.1 (Definitions) of the Facility Agreement:

““Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”) with Germany which makes provision for full exemption from any tax imposed by Germany on interest payments under a Finance Document.”

3.		TRANSFER

3.1		Confirmation by Existing Lender

Each Existing Lender (in respect of itself) confirms that the details set out in Part A of Schedule 1 (Existing Lenders and New Lenders) under the heading “Existing Lenders’ participations in Loans outstanding” accurately summarise its respective participations in Loans outstanding.

3.2

Transfer

(a)		Each Existing Lender agrees with each New Lender set out opposite such Existing Lender’s name in Part B of Schedule 1 (Existing Lenders and New Lenders) to the transfer by each such Existing Lender to each such New Lender by way of assumption of contract (Vertragsübernahme) on 25 March 2008 (the “Effective Date”) of that part of that Existing Lender’s participations in Loans outstanding as is specified in Part B of Schedule 1 (Existing Lenders and New Lenders) in accordance with Clause 24.1 (Assignments and transfers by the Lenders) of the Facility Agreement.

(b)		As consideration for the transfers contemplated by paragraph (a) each New Lender shall make available to the Agent for value on the Effective Date and for onward distribution by the Agent on such date to the respective Existing Lenders an amount in EUR corresponding to the aggregate amount of participations in Loans outstanding transferred to such New Lender as contemplated hereby. Upon receipt by the Agent of such payments from the New Lenders the Agent shall, subject to Clause 29.4 (Clawback) of the Facility Agreement, distribute as soon as practicable after receipt to each Existing Lender an amount in EUR corresponding to the aggregate amount of participations in Loans outstanding transferred by such Existing Lender as contemplated hereby.

3.3

Acceptance by the Agent

The Agent accepts this Agreement as being delivered to it as a Transfer Certificate pursuant to and for the purposes of Clause 24.5 (Procedure for transfer) of the Facility Agreement so as to take effect in accordance with the terms thereof on (and including) the Effective Date and resulting in the final allocations following each transfer contemplated hereby being as set out in Part C of Schedule 1 (Existing Lenders and New Lenders).

3.4		Acknowledgement by New Lenders

(a)		Each New Lender expressly acknowledges the limitations on the Existing Lenders’ obligations set out in paragraph (c) of Clause 24.4 (Limitation of responsibility of Existing Lenders) of the Facility Agreement.

(b)		Each New Lender hereby acknowledges, accepts and consents to the amendment of the Facility Agreement set out in Clause 2 (Amendment).

3.5		Consent, confirmation and undertaking of the Borrower

(a)		The Borrower hereby consents to the transfers contemplated hereby for the purposes of Clause 24.2 (a) (Conditions of assignment or transfer) of the Facility Agreement.

(b)		The Borrower hereby confirms that this Agreement is a Transfer Certificate for the purposes of Clauses 24.5 (Procedure for transfer) and 24.6 (Copy of Transfer Certificate to Borrower) of the Facility Agreement and that, accordingly, upon receipt by it of an executed copy of this Agreement, the Borrower has received a copy of such Transfer Certificate in accordance with that clause.

(c)		The Borrower hereby undertakes not to make use of its right under Clause 8.6 (Voluntary prepayment of Loans) of the Facility Agreement to voluntarily prepay any Loan outstanding on the date hereof during the period beginning on the date hereof and ending on (and including) the Effective Date.

3.6		Amounts payable prior to Effective Date

Any amounts payable to the Existing Lenders by the Borrower pursuant to any Finance Document in respect of any period ending on or before the Effective Date shall be for the account of the Existing Lenders and none of the New Lenders shall have any interest in, or any rights in respect of, any such amount.

3.7

Transfer fees

No fees (as provided in Clause 24.3(a) (Fees) of the Facility Agreement) shall be payable in respect of the transfers contemplated hereby.

3.8

Details for notices

The Facility Office and the address, fax number and attention details for notices of each New Lender for the purposes of Clause 31.2 (Addresses) of the Facility Agreement are as have been notified in writing to the Agent on or prior to the date hereof in accordance with paragraph (b) of that clause.

REPRESENTATIONS

The Borrower hereby repeats on the date hereof each of the Repeating Representations and the representations and warranties set out in Clauses 20.12 (No material adverse change) of the Facility Agreement and makes the representations and warranties set out in Clause 20.8(a) to (c) (No misleading information) of the Facility Agreement, in each case with reference to the facts and circumstances existing on the date hereof, as if such representations and warranties were set out in full herein.

SYNDICATION DATE

The parties to this Agreement agree that the Effective Date shall constitute the Syndication Date within the meaning of the Facility Agreement.

MISCELLANEOUS

6.1

Incorporation of terms

The provisions of Clauses 31 (Notices), 33 (Partial Invalidity), 36.1 (Conclusion of this Agreement), 36.2 (Counterparts), 37 (Governing law) and 38 (Jurisdiction) of the Facility Agreement shall be incorporated in this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” are references to this Agreement and as if references in those clauses to “Party”, “Finance Party” and “Lender” include the New Lenders.

6.2

Designation

In accordance with the Facility Agreement, the Borrower and the Agent designate this Agreement as a Finance Document.

SCHEDULE 1
Existing Lenders and New Lenders

Part A
Existing Lenders


	Existing Lenders’ participations in Loans outstanding
Existing Lender	(EUR)
Deutsche Bank Luxembourg S.A.		491,279,918.90
ABN AMRO Bank N.V., Niederlassung Deutschland		491,279,918.91
BNP Paribas S.A. Niederlassung Frankfurt am Main		491,279,918.91
Commerzbank Aktiengesellschaft		491,279,918.91
JPMorgan Chase Bank, N.A.		491,279,918.91
Sumitomo Mitsui Banking Corporation		491,279,918.91

TOTAL		2,947,679,513.45

Part B
Portions Transferred


		Portions of Existing Lenders’ participations in
		Loans outstanding Transferred
Existing Lender	New Lender	€
Deutsche Bank Luxembourg S.A.	The Bank of Tokyo-Mitsubishi UFJ, Ltd., Düsseldorf Branch		145,000,000.00
Deutsche Bank Luxembourg S.A.	Crédit Industriel et Commercial		36,600,405.45
Deutsche Bank Luxembourg S.A.	Crédit Mutuel Banque de l’Economie du Commerce et de la Monétique S.A. Niederlassung Deutschland		72,500,000.00

ABN AMRO Bank N.V., Niederlassung Deutschland	Crédit Industriel et Commercial		35,899,594.55
ABN AMRO Bank N.V., Niederlassung Deutschland	DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main		145,000,000.00
ABN AMRO Bank N.V., Niederlassung Deutschland	Fortis Banque Luxembourg S.A.		128,880,324.36

BNP Paribas S.A. Niederlassung Frankfurt am Main	Fortis Banque Luxembourg S.A.		16,119,675.64
BNP Paribas S.A. Niederlassung Frankfurt am Main	Intesa Sanpaolo S.p.A., Frankfurt Branch		145,000,000.00
BNP Paribas S.A. Niederlassung Frankfurt am Main	Morgan Stanley Bank		55,000,000.00
BNP Paribas S.A. Niederlassung Frankfurt am Main	UBS AG, London Branch		1,660,243.27
BNP Paribas S.A. Niederlassung Frankfurt am Main	Zürcher Kantonalbank		92,000,000.00


		Portions of Existing Lenders’ participations in
		Loans outstanding Transferred
Existing Lender	New Lender	€
Commerzbank Aktiengesellschaft	Barclays Bank PLC		92,000,000.00
Commerzbank Aktiengesellschaft	BoA Netherlands Coöperatieve U.A.		55,000,000.00
Commerzbank Aktiengesellschaft	Landesbank Baden-Württemberg, London Branch		145,000,000.00
Commerzbank Aktiengesellschaft	UBS AG, London Branch		17,779,918.91

JPMorgan Chase Bank, N.A.	Citibank N.A., Frankfurt Branch		92,000,000.00
JPMorgan Chase Bank, N.A.	Credit Suisse		55,000,000.00
JPMorgan Chase Bank, N.A.	Société Générale		145,000,000.00
JPMorgan Chase Bank, N.A.	UBS AG, London Branch		17,779,918.91

Sumitomo Mitsui Banking Corporation	Deutsche Postbank International S.A.		55,000,000.00
Sumitomo Mitsui Banking Corporation	HVB Banque Luxembourg Société Anonyme		145,000,000.00
Sumitomo Mitsui Banking Corporation	Nordea Bank Finland Plc, Niederlassung Deutschland		92,000,000.00
Sumitomo Mitsui Banking Corporation	UBS AG, London Branch		17,779,918.91

Part C
Allocation of participations in Loans outstanding following Transfers


	Participations in Loans outstanding
Lender	(EUR)
Deutsche Bank Luxembourg S.A.		237,179,513.45
ABN AMRO Bank N.V., Niederlassung Deutschland		181,500,000.00
BNP Paribas S.A. Niederlassung Frankfurt am Main		181,500,000.00
Commerzbank Aktiengesellschaft		181,500,000.00
JPMorgan Chase Bank, N.A.		181,500,000.00
Sumitomo Mitsui Banking Corporation		181,500,000.00
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Düsseldorf Branch		145,000,000.00
Crédit Industriel et Commercial		72,500,000.00
Crédit Mutuel Banque de l’Economie du Commerce et de la Monétique S.A. Niederlassung Deutschland		72,500,000.00
DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main		145,000,000.00
Fortis Banque Luxembourg S.A.		145,000,000.00
HVB Banque Luxembourg Société Anonyme		145,000,000.00
Intesa Sanpaolo S.p.A., Frankfurt Branch		145,000,000.00
Landesbank Baden-Württemberg, London Branch		145,000,000.00
Société Générale		145,000,000.00


	Participations in Loans outstanding
Lender	(EUR)
Barclays Bank PLC		92,000,000.00
Citibank N.A., Frankfurt Branch		92,000,000.00
Nordea Bank Finland Plc, Niederlassung Deutschland		92,000,000.00
Zürcher Kantonalbank		92,000,000.00
BoA Netherlands Coöperatieve U.A.		55,000,000.00
Credit Suisse		55,000,000.00
Deutsche Postbank International S.A.		55,000,000.00
Morgan Stanley Bank		55,000,000.00
UBS AG, London Branch		55,000,000.00

TOTAL		2,947,679,513.45

SIGNATORIES TO THE ACCESSION AGREEMENT

THE BORROWER


SAP AG

By: /s/ DR. BRANDT		/s/ SCHOLTEN

THE MANDATED LEAD ARRANGERS


DEUTSCHE BANK AG

By: /s/ GAAB		/s/ NEIDERT

ABN AMRO BANK N.V., NIEDERLASSUNG DEUTSCHLAND


By: /s/ GRUNWALD		/s/ MEISER

BNP PARIBAS S.A.


By: /s/ SCHRÖTER		/s/ CÉBÉLIEN

COMMERZBANK AKTIENGESELLSCHAFT


By: /s/ SCHERFF		/s/ RICHEBÄCHER

J.P. MORGAN PLC

By: /s/ BLACKBOROUGH

SUMITOMO MITSUI BANKING CORPORATION


By: /s/ LEGENS		/s/ KLEIN

THE EXISTING LENDERS

DEUTSCHE BANK LUXEMBOURG S.A.


By:		/s/ BUDZISCH		/s/ BREYER-SIMSKI

ABN AMRO BANK N.V., NIEDERLASSUNG DEUTSCHLAND


By:		/s/ GRUNWALD		/s/ MEISER

BNP PARIBAS S.A. NIEDERLASSUNG FRANKFURT AM MAIN


By:		/s/ SCHRÖTER		/s/ CÉBÉLIEN

COMMERZBANK AKTIENGESELLSCHAFT


By:		/s/ BOTHE		/s/ WEINACHT

JPMORGAN CHASE BANK, N.A.


By:		/s/ BLACKBOROUGH

SUMITOMO MITSUI BANKING CORPORATION


By:		/s/ LEGENS		/s/ KLEIN

THE NEW LENDERS

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., DÜSSELDORF BRANCH


By:		/s/ TRENOUTH

CRÉDIT INDUSTRIEL ET COMMERCIAL


By:		/s/ DESLAURIERS		/s/ PLATTARD

CRÉDIT MUTUEL BANQUE DE L’ECONOMIE DU COMMERCE ET DE LA MONÉTIQUE S.A. NIEDERLASSUNG DEUTSCHLAND


By:		/s/ FOLLINI		/s/ LORANG

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN


By:		/s/ PELZER

FORTIS BANQUE LUXEMBOURG S.A.


By:		/s/ WEINS		/s/ THILL

HVB BANQUE LUXEMBOURG SOCIÉTÉ ANONYME


By:		/s/ MOOS		/s/ MÖLLER

INTESA SANPAOLO S.P.A., FRANKFURT BRANCH


By:		/s/ PERAZZO		/s/ RÜCKER

LANDESBANK BADEN-WÜRTTEMBERG, LONDON BRANCH


By:		/s/ MARCH		/s/ LAVIOLETTE

SOCIÉTÉ GÉNÉRALE


By:		/s/ BECK		/s/ ENGELHARD

BARCLAYS BANK PLC


By:		/s/ POPE

CITIBANK N.A., FRANKFURT BRANCH


By:		/s/ KROHN

NORDEA BANK FINLAND PLC, NIEDERLASSUNG DEUTSCHLAND


By:		/s/ HASTRICH		/s/ LARSEN

ZÜRCHER KANTONALBANK


By:		/s/ POLTERA		/s/ SCHMIDLIN

BOA NETHERLANDS COÖPERATIEVE U.A.


By:		/s/ STAGG		/s/ BROUWEN

CREDIT SUISSE


By:		/s/ KRAMER		/s/ SCHWARZENBERGER

DEUTSCHE POSTBANK INTERNATIONAL S.A.


By:		/s/ BRANDT		/s/ LAUDWEIN

MORGAN STANLEY BANK


By:		/s/ CROSS

UBS AG, LONDON BRANCH


By:		/s/ VANCE		/s/ HERBERT

THE OFFER GUARANTOR

DEUTSCHE BANK AG PARIS BRANCH


By:		/s/ DRAY		/s/ MARTINELLI

THE AGENT

DEUTSCHE BANK LUXEMBOURG S.A.


By:		/s/ BELHOSTE		/s/ EWERHARDY