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«Disposizioni della Borsa Strumenti finanziari: Bonus CAP Certificates linked to 7 shares Emittente: BAYERISCHE HYPO- UND VEREINSBANK Rating ...»

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[If [insert condition for redemption by physical delivery], the Certificate Holder for each Certificate will receive the [Reference Asset][•] [in a quantity expressed by the Ratio] [insert other method to determine the quantity]]. [If applicable, a supplemental cash amount (the "Supplemental Cash Amount") for non-deliverable fractions of Reference Assets will be paid.]] [Repeat regulations for further Observation Dates] [If applicable, insert other method to determine the Early Redemption Amount]] [For all Certificates:

[(1)][(2)] [The redemption at the [Maturity Date][Exercise Date] [or, if applicable, Call Date] is defined

as follows:

[Should no Early Redemption have occurred on any of the Early Redemption Dates,

Redemption will occur on the Redemption Date as follows:]

[in the case of redemption by payment of a Redemption Amount:

The "Redemption Amount" equals an amount in [the Specified Currency][•][insert regulation for dual currency certificate] determined by the Calculation Agent on the [last] [Valuation Date][Observation Date [•]] in accordance with the following [provisions] [formula]:

[insert provisions and/or formula].] [[If [the Reference Price on any Calculation Date during the Observation Period never was equal to or below the Barrier Level] [insert other condition],] [T][t]he Redemption Amount shall [at least] be equal to the [Minimum Amount] [insert other amount or percentage].] [in the case of physical delivery] [If [insert condition for redemption by physical delivery], the Certificate Holder for each Certificate will receive the Reference Asset [in a quantity expressed by the Ratio] [insert other method to determine the quantity]]. If applicable, a supplemental cash amount (the "Supplemental Cash Amount") for non-deliverable fractions of Reference Assets will be paid.]] [The Redemption Amount shall in no event be higher than the Maximum Amount.] [(2)][(3)] [From now on, each reference to the Redemption Amount shall include the Early Redemption Amount as well as the Redemption Amount.] [insert regulation for dual currency certificate]].

The Redemption Amount [is] [and][, the number of deliverable Reference Assets [and any Supplemental Cash Amount] are] subject to adjustment pursuant to the provisions in § 6.

[For Open End Certificates:

([•]) Every Certificate Holder has the right to exercise its Certificates (the "Exercise Right "). The Exercise Right may be exercised in accordance with the following provisions with effect to an Exercise Date. "Exercise Date" is [each Banking Day in the period from (and including) [•] to (and including) [•]] [the last Banking Day of [•] of each year, but not before [•]] [specify different method to determine the Exercise Date].

The Certificate Holder shall exercise the Exercise Right no later than the [tenth] [•] Banking Day prior to the desired Exercise Date, by submitting a written notice (hereinafter the "Exercise Notice") and transferring the Certificates to the Principal Paying Agent (§ 9), by delivery of the Certificates to the Principal Paying Agent’s account [No. 2013] [•] with the Clearing System.

The Exercise Notice must contain, among other things:

(a) the name and address of the Certificate Holder[ with evidence satisfactory to the Principal Paying Agent that such Certificate Holder at the time of such notice is a holder in the relevant Certificates];

(b) security identification number and the number of Certificates for which the Exercise Right is being exercised; and (c) designation of a cash account maintained with a credit institution to which the Redemption Amount is to be transferred.

The Exercise Notice is binding and irrevocable. The Exercise Notice is ineffective if it reaches the Principal Paying Agent after the [tenth] [•] Banking Day prior to the respective Exercise Date or the Certificates to which the Exercise Notice relates are not delivered at the latest on the [tenth] [•] Banking Day prior to the respective Exercise Date, to the Principal Paying Agent. If the stated number of Certificates for which exercise of the Exercise Right is sought shown in the Exercise Notice deviates from the number of Certificates transferred to the Principal Paying Agent, the Exercise Notice shall be deemed to have been submitted for the number of Certificates corresponding to the smaller of the two numbers.

Any remaining Certificates are transferred back to the Certificate Holder at the latter’s expense and risk.] [For Certificates with an option to extend the lifetime:

([•]) The Issuer is authorised to make one or more postponements of the [Valuation Date][Observation Date [•]] [•] [and, as the case may be, the Maturity Date] by [•] [months] [years] at a time. The Issuer shall give notice of the postponement of the [Valuation Date][Observation Date [•]] [•] [and, as the case may be, the Maturity Date] at least [•] [days] [months] in advance of the original [Valuation Date][Observation Date [•]] [•],[and, as the case may be, the Maturity Date] in accordance with § 13. The announcement is irrevocable and must indicate the new [Valuation Date][Observation Date] [and, as the case may be, the new Maturity Date].]

–  –  –

[In case of collateralised Certificates insert:





§ 5a (Collaterals, Liquidation Event, Extraordinary Redemption Right of the Certificate Holders) (1) The payment claims of the Certificate Holders against the Issuer under these Terms and Conditions are collateralized in accordance with the collateral trust agreement (the "Collateral Trust Agreement" (Sicherheitentreuhandvertrag), a copy of which is attached as Annex 2. The Collateral Trust Agreement entered into between the Issuer and Clearstream Banking AG (the "Collateral Trustee" (Sicherheitentreuhänder)) as collateral trustee in favour of the holders of certain collateralised Certificates issued by the Issuer forms an integral part of these Terms and Conditions. In the Collateral Trust Agreement the Issuer agrees to transfer certain securities to the Collateral Trustee as collateral [and/or, in the event of foreign securities as defined in the Collateral Trust Agreement, to assign as collateral the Foreign Securities or the respective claims for transfer of the Foreign Securities] for the secured obligations defined in such agreement. The collateral created under the Collateral Trust Agreement will be held, and in the case of a Liquidation Event (as defined in clause 6.2 of the Collateral Trust Agreement) realised, by the Collateral Trustee in accordance with the terms of the Collateral Trust Agreement.

(2) As long as the Certificates are outstanding, the Issuer has to ensure that a Collateral Trustee is appointed on the basis of a Collateral Trust Agreement, which is substantially in the form of the attached Collateral Trust Agreement.

(3) Upon the announcement of the occurrence of a Liquidation Event by the Collateral Trustee in accordance with clause 6.3 of the Collateral Trust Agreement, any [payment claims] [●] due under the Certificates shall be replaced by the claim for payment of the Liquidation Amount.

The Liquidation Amount is calculated by the Calculation Agent as defined in Clause 1 of the Collateral Trust Agreement on the basis of reasonable market prices per Certificate in accordance with clause 6.5 of the Collateral Trust Agreement. The so calculated Liquidation Amount will be also announced by the Collateral Trustee. After occurrence of a Liquidation Event, the Collateral Trustee will realise the collateral in accordance with the Collateral Trust Agreement and use the proceeds obtained by it from such realisation of the collateral to satisfy the claims of the Certificate Holders for payment of the Liquidation Amount.

If the proceeds of realisation are not sufficient to pay the Liquidation Amount owed to each Certificate Holder, no further claims against the Collateral Trustee exist. However, this does not affect the right of the Certificate Holders to assert these further claims for payment of the Liquidation Amount against the Issuer.

(4) The Issuer is required to provide collateral to secure the Certificates in accordance with clauses 4 and 10 of the Collateral Trust Agreement. Should the Issuer fail to comply with this requirement within three Banking Days of receipt by the Issuer of a notice from the Collateral Trustee according to clause 10.7 of the Collateral Trust Agreement, the Collateral Trustee will announce this circumstance as set out in § 13. After the announcement has been made, each Certificate Holder shall be entitled to declare its Certificates due and demand immediate redemption thereof at the extraordinary redemption amount defined in § 5a (6) (the "Extraordinary Redemption Amount") for each Certificate (the "Extraordinary Redemption Right"). The Certificate Holder may exercise the Extraordinary Redemption Right from the time of announcement of this circumstance up to the [fifth] [●] Banking Day following a further announcement by the Collateral Trustee that collateralisation has been performed in accordance with the terms of the Collateral Trust Agreement, as specified in § 5a (5).

(5) In order to exercise the Extraordinary Redemption Right under § 5a (4), the Certificate Holder must (i) instruct the depositary bank to submit a written notice to the Principal Paying Agent (§ 9) on the form available from the Principal Paying Agent or by providing all the details and declarations requested in the form (the "Redemption Notice") and (ii) transfer the Certificates to the Issuer, subject to the condition precedent that the Extraordinary Redemption Amount owed to the Certificate Holder has been paid in accordance with § 5a (6).

The Redemption Notice is binding and irrevocable. A Redemption Notice is ineffective if it reaches the Principal Paying Agent after the [fifth] [●] Banking Day following an announcement by the Collateral Trustee according to § 13 that the Certificates are again collateralised in accordance with the terms of the Collateral Trust Agreement. If the stated number of Certificates for which the redemption request is made in the Redemption Notice deviates from the number of Certificates transferred to the Issuer subject to condition precedent, the Redemption Notice shall be deemed to have been submitted for the number of Certificates corresponding to the smaller of the two numbers.

(6) Once the Extraordinary Redemption Right has been effectively exercised, the Principal Paying Agent will forward the Redemption Notice to the Collateral Trustee, who will determine the Extraordinary Redemption Amount payable per redeemed Certificate. For this purpose the Collateral Trustee will – in its reasonable discretion – identify one or more independent banks who play a leading role in the [certificates market] [●] in Germany. Each of these banks will be instructed to determine the reasonable market price of the Certificates that are redeemed on the [second] [●] Banking Day following receipt of the Extraordinary Redemption Notice by the Principal Paying Agent and the transfer of the Certificates to the Issuer subject to condition precedent. The Extraordinary Redemption Amount per Certificate is the arithmetical mean of the reasonable market prices reported to the Collateral Trustee by these banks per Certificate. The Collateral Trustee will inform the Issuer without delay of the Extraordinary Redemption Amount calculated on this basis.

Upon payment of the Extraordinary Redemption Amount, all rights under the redeemed Certificates shall expire.

(7) In the absence of manifest error, all determinations, calculations or other decisions by the Collateral Trustee shall be binding on all parties.

(8) All taxes, fees or other charges in connection with the redemption of the Certificates shall be borne and paid by the Certificate Holders.

(9) If a Liquidation Event should occur following the exercise of the Extraordinary Redemption Right by a Certificate Holder but before payment of the Extraordinary Redemption Amount to the Certificate Holder, the Redemption Notice will become invalid and the Certificate Holder's claim to payment of the Extraordinary Redemption Amount will be replaced by the claim to payment of the Liquidation Amount according to § 5a (3).][insert alternative provision as to collateralisation]]

–  –  –

[in case of an index as Reference Asset or Basket Component:

[With respect to indices as Basket Components the following provisions shall apply:] [(1)][(2)] The basis for calculating [the Redemption Amount][,] [and] [the Additional Amount][,] [and] [the Interest Rate][,] [and] [the Ratio] [and the Early Redemption Amount] shall be the [Reference Asset] [respective Basket Component] with its provisions applicable from time to time (the "Index Concept"), as developed and continued by the [respective] Index Sponsor, as well as the respective method of calculation, determination, and publication of the Reference Price [of the respective Basket Component] by the [respective] [Index Sponsor] [Index Calculation Agent]. The same shall apply, if during the lifetime of the Certificates, changes are made or occur in respect of the calculation of the [Reference Asset] [respective Basket Component], the composition and/or weighting of prices on the basis of which the [Reference Asset] [respective Basket Component] is calculated, or if other measures are taken, which have an impact on the Index Concept, unless otherwise provided in below provisions.



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