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

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(c) the determination by the Calculation Agent in its absolute discretion that no inter bank offered price or value is available, [or]] [•] [insert other method/s to determine a Market Disruption] [to the extent that the Market Disruption occurs during the last half hour prior to the normal calculation of the closing price of the [Reference Asset] [relevant Basket Component] and continues at the point of time of the normal calculation, and is material in the opinion of the Issuer.] [A restriction of the trading hours or the number of days on which trading takes place on the Relevant Exchange, or, as the case may be, on the Determining Futures Exchange, shall not constitute a Market Disruption provided that the restriction is due to a prior announced change in the rules of the Relevant Exchange or, as the case may be, of the Determining Futures Exchange.]]] [in case of an index being the Reference Asset or a Basket Component:

[with respect to indices as Basket Components] [(a) in general the suspension or restriction of trading on the exchanges or the markets on which the securities that form the basis of the [Reference Asset] [respective Basket Component] are listed or traded, or on the respective Futures Exchanges on which Derivatives on the Reference Asset are listed or traded.

(b) in relation to individual securities which form the basis of the [Reference Asset][respective Basket Component[s]], the suspension or restriction of trading on the exchanges or the markets on which such securities are traded or on the respective Futures Exchanges on which Derivatives in such securities are traded, [or] (c) the suspension of or failure to calculate [the Reference Asset] [a Basket Component] or the non-publication of the calculation as a result of a decision [by the Index Sponsor][Index Calculation Agent], [or] [•] [Insert other method/s to determine a Market Disruption] [to the extent that such Market Disruption occurs during the last half hour prior to the normal calculation of the closing price of the [Reference Asset] [relevant Basket Component] and continues at the point of time of the normal calculation and is material in the opinion of the Issuer.] [A restriction of the trading hours or the number of days on which trading takes place on the Relevant Exchange, or, as the case may be, on the Determining Futures Exchange shall not constitute a Market Disruption provided that the restriction is due to a prior announced change in the rules of the Relevant Exchange or, as the case may be, on the Determining Futures Exchange.]]] [in case of a commodity as Reference Asset or Basket Component:

[with respect to commodities as Basket Components] [(a) the suspension or the restriction of trading or the price determination relating to [the Reference Asset] [a Basket Component] on the Reference Market, (b) the suspension or restriction of trading in a Derivative linked to [the Reference Asset] [a Basket Component] on the Determining Futures Exchange, [or] (c) the significant change in the method of price determination or in the trading conditions relating to [the Reference Assets] [a Basket Component] on the Reference Market (e.g. in terms of the composition, the quantity or the currency relating to [the Reference Asset] [the respective Basket Component[.][, or] [•] [insert other method to determine a Market Disruption] [Any restriction of the trading hours or the number of calculation days on the Relevant Reference Market shall not constitute a Market Disruption provided that the restriction is due to a previously announced change in the rules of the Relevant Reference Market.]] [in case of a currency exchange rate as Reference Asset or Basket Component:

[with respect to currency exchange rates as Basket Components] [(a) the failure to publish the exchange rate for the [Reference Asset] [respective Basket Component] by the Fixing Sponsor, (b) the suspension or restriction in foreign exchange trading for at least one of the two curren-cies quoted as a part of [the Reference Asset] [a Basket Component] (including options or futures contracts) or the restriction of the convertibility of the currencies quoted in such exchange rate or the effective impossibility of obtaining a quotation of such exchange rate, [or] (c) any other events the commercial effects of which are similar to the events listed above, [or] [•] [insert other method to determine a Market Disruption] as far as the above-mentioned events in the opinion of the Calculation Agent are material.]] [in case of a future contract as Reference Asset or Basket Component:

[with respect to future contracts as Basket Components] [(a) the suspension or the restriction of trading relating to [the Reference Asset] [a Basket Component] imposed by or pursuant to the rules of the Reference Market, (b) in general the suspension or the restriction of trading by the Reference Market, [or] (c) the significant change in the method of price determination or in the trading conditions relating to the [Reference Asset] [respective Basket Component] by the Reference Market (e.g. in terms of the composition, the quantity or the currency relating to the underlying of the [Reference Asset][Basket Component])[.][, or] [•] [insert other method to determine a Market Disruption] [A restriction of the trading hours or the number of calculation days on the Reference Market shall not constitute a Market Disruption provided that the restriction is due to a prior announced change in the rules of the relevant Reference Market.]] [in case of a fund share as Reference Asset or Basket Component:





[with respect to fund shares as Basket Components] [(a) the failure to calculate the NAV of [the Reference Asset] [a Basket Component] as a result of a decision by the Investment Company or the fund administrator of the relevant Fund, or (b) a closure, restructuring or insolvency of [the Reference Asset][a Basket Component] takes place, or other circumstances occur not allowing a reliable determination of the NAV of [the Reference Asset] [a Basket Component] [.][, or] [•] [insert other method/s to determine a Market Disruption]]]] §8 (Payments[, Deliveries]) (1) The Issuer undertakes to pay the Redemption Amount [, the Cancellation Amount][, the Interest Amount][, the Additional Amount] and all amounts owed under these Terms and Conditions in [the Specified Currency][insert regulation for dual currency certificates] [on the [fifth] [•]][within [•]] Banking Day[s] following the [Valuation Date][Observation Date [•]] [Maturity Date] [or, as the case may be, the respective [Early Maturity Date][Interest Payment Date][Additional Amount Payment Date]]. All amounts payable shall be rounded up or down to [if the Specified Currency is Euro, insert: the nearest 0.01 Euro, with 0.005 Euro being rounded upwards] [if the Specified Currency is not Euro, insert: the smallest unit of the Specified Currency, with 0.5 of such unit being rounded upwards]. [The conversion of the amounts payable in [Euro] [•] is effected [•].

(2) If the due date for any payment under the Certificates (the "Payment Date") is not a Banking Day then [in case of Modified Following Business Day Convention, insert: the Certificate Holders shall not be entitled to payment until the next such Banking Day unless it would thereby fall into the next calendar month in which event the payment shall be made on the immediately preceding Banking Day.] [in the case of Floating Rate Convention insert: the Certificate Holders shall not be entitled to payment until the next Banking Day, unless it would thereby fall into the next calendar month, in which event (i) an Interest Payment Date shall be the immediately preceding Banking Day and (ii) each subsequent Interest Payment Date shall be the last Banking Day in the month, which falls [[insert number] months] [insert other specified periods] after the preceding applicable Interest Payment Date.] [if the Following Business Day Convention is applicable, insert: the Certificate Holders shall not be entitled to payment until the next Banking Day.] [if the Preceding Business Day Convention is applicable, insert: the Certificate Holders shall be entitled to payment on the immediately preceding Banking Day.] [for any Business Day Convention, if no adjustment is effected, insert: The Certificate Holders shall not be entitled to further interest or other payment in respect of such delay.] [for any Business Day Convention, if adjustment is effected, insert: In the event that the Payment Date is [brought forward] [or] [postponed] as described above, the Interest Payment Date and the Interest Amount will be adjusted accordingly [and the creditor is entitled to possible further Interest due to such default].] [If applicable, insert deviating Business Day Convention for Redemption Amount, Early Redemption Amount and/or Additional Amount etc.] (3) All payments shall be made to the Principal Paying Agent (as defined in § 9). The Principal Paying Agent shall pay all amounts due to the Clearing System for credit to the respective accounts of the depository bank for transfer to the Certificate Holders. The payment to the Clearing System shall discharge the Issuer from its payment obligations under the Certificates in the amount of such payment.

(4) If the Issuer fails to make any payment under the Certificates when due, accrual of interest on due amounts continues on the basis of [•] [the default rate of interest established by law ]. The accrual of interest starts on the due date and ends at the end of the day preceding the effective date of payment.

[(4)/(5)] Delivery of Reference Assets and payment of any Supplemental Cash Amount shall be made within [five] [•] Banking Days after the [Valuation Date][Observation Date [•]] [Maturity Date] (the "Delivery Period") to the Clearing System for credit to the accounts of the relevant depository banks of the Certificate Holders. All costs, incl. possible custody fees, exchange turnover taxes, stamp taxes or transaction fees, other taxes or levies (together the "Delivery Costs"), incurred as a result of the delivery of the Reference Assets, shall be borne by the respective Certificate Holder. According to the provisions of these Terms and Conditions, the Reference Assets shall be delivered at the Certificate Holder’s own risk. If the due date of any delivery or payment is not a Banking Day, such delivery or payment shall be made on the next following Banking Day. Such delay will not constitute any entitlement to interest or other payments. The Issuer shall not be obligated to forward to the Certificate Holders any notifications or documents of [the issuer of the Reference Asset] [•] that were provided to the Issuer prior to such delivery of Reference Assets, even if such notifications or other documents refer to events that occurred after delivery of the Reference Assets. During the Delivery Period the Issuer shall not be obligated to exercise any rights under the Reference Assets. The Issuer shall be entitled to claims in Reference Assets that exist prior to or on the Maturity Date, provided that the day, on which the Reference Assets are traded for the first time on the [Relevant Exchange] [•] "ex" such claim, falls on the Certificate’s [Valuation Date][Observation Date [•]] [Maturity Date] or prior to such [Valuation Date] [Maturity Date].

[(5)/(6)] If, in the opinion of the Calculation Agent, an event outside of the Issuer’s control, which results in the Issuer not being able, in good faith, to deliver the Reference Assets pursuant to the Terms and Conditions (a "Transaction Disturbance") and this Transaction Disturbance has occurred prior to delivery of the Reference Assets and continues to exist on the [Valuation Date][Observation Date [•]] [Maturity Date], then the first day of the Delivery Period shall be postponed to the next Banking Day, on which no Transaction Disturbance exists. The Certificate Holders shall be notified pursuant to § 13. The Certificate Holders shall not be entitled to interest payment or other amounts, if a delay in the delivery of Reference Assets occurs in accordance with this paragraph, and the Issuer shall not be liable in this respect. In the event of a Transaction Disturbance at the discretion of the Calculation Agent and the Issuer the Certificates may be redeemed at the Cash Value of the Redemption Price. The "Cash Value of the Redemption Price" is an amount determined by the Calculation Agent in its reasonable discretion on the basis of the stock exchange or market price of the Reference Assets on the [Valuation Date][Observation Date [•]] or, should such stock exchange or market prices not be available, the volume weighted average of the stock exchange or market prices in a representative period of time or, should such volume weighted average not be available, an amount determined by the Calculation Agent in its sole discretion.

§9 (Prinicpal Paying Agent, Calculation Agent, Paying Agent) (1) The Principal Paying Agent is [Bayerische Hypo- und Vereinsbank AG, Munich][•] (the "Principal Paying Agent"). The Principal Paying Agent, by giving notice pursuant to § 13, may appoint other or additional banks as paying agents (each a "Paying Agent") and may revoke the appointment of a particular Paying Agent.

(2) The Calculation Agent is [Bayerische Hypo- und Vereinsbank AG, Munich] [specify other entity appointed as Calculation Agent] (the "Calculation Agent").

(3) Should any circumstances arise that lead to the Principal Paying Agent or Calculation Agent no longer being able to act as Principal Paying Agent or Calculation Agent, the Issuer is The default rate of interest established by law pursuant to §§ 288. para. 1, 247 para. 1 BGB is five percentage points above the basic rate of interest published by the German Central Bank (Deutsche Bundesbank) from time to time.

thereupon authorized to appoint another bank of international standing as Principal Paying Agent or another person or institution with the relevant expertise as Calculation Agent. The Issuer shall promptly give notice pursuant to § 13 of the appointment of another Principal Paying Agent and/or Calculation Agent.

(4) The Principal Paying Agent [, the Paying Agent] and the Calculation Agent shall be liable for issuing, not issuing or accepting statements or acting or not acting, only if they have affected the diligence of a scrupulous merchant.



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