EUR 3000000000 debt issuance programme, 10 ... - Volksbank AG

Change of law means that due to (A) the entry into force of changes of the laws or regulations (including
but not limited to tax provisions), or (B) changes of the interpretation of decisions of courts or administrative
bodies, which are relevant for the respective laws or regulations (including the opinion of tax authorities),
the Issuer determines that (Y) the holding, purchase or sale of the Underlyings relevant for the Certificates
has become illegal, or (Z) the costs, which are linked to the obligations under the Certificates
have increased substantially (including but not limited to increases of the tax burden, the decrease of tax
benefits or other negative effects on such tax treatment), given that such changes are effective on or after
the issue date.
Hedging-Disruption shall mean that the Issuer is in no position, upon application of economically reasonable
efforts, (A) to conclude, continue or settle transactions and purchase, exchange, hold or sell assets
respectively, which the Issuer deems necessary for the hedging of price risks related to the Underlying (or
several thereof) with regard to its obligations under the respective Certificates deemed necessary, or the
Issuer (B) is in no position to realise, recover or forward the proceeds of the transactions and assets respectively;
and
Increased Hedging-Costs means that the Issuer has to pay a substantially higher amount (in comparison
to the issue date) of taxes, charges, expenditures and fees (excluding brokerage fees) in order to (A) conclude,
continue or settle transactions and purchase, exchange, hold or sell assets respectively, which the
Issuer deems necessary for the hedging of price risks related to the Underlying (or several thereof) with
regard to its obligations under the respective Certificates deemed necessary, or the Issuer (B) is in no position
to realise, recover or forward the proceeds of the transactions and assets respectively, under the
condition that amounts which have only increased due to the fact that the creditworthiness of the Issuer
has decreased are not regarded as Increased Hedging Costs.
An event related to the Main Compartment Assets means that the Issuer is in no position, upon application
of economically reasonable efforts, (A) to conclude, continue or settle transactions relating to the
purchase, exchange, holding or sale of Main Compartment Assets which the Issuer deems necessary with
regard to its obligations arising in respect of Certificates issued through a Compartment of the Issuer, or
the Issuer (B) is in no position to realise, recover or forward the proceeds of the transactions relating to
Main Compartment Assets respectively; and
Increased Main Compartment Assets costs means that the Issuer has to pay a substantially higher
amount (in comparison to the issue date) of taxes, charges, expenditures and fees (excluding brokerage
fees) in order to (A) to conclude, continue or settle transactions relating to the purchase, exchange, holding
or sale of Main Compartment Assets which the Issuer deems necessary with regard to its obligations
arising in respect of Certificates issued through a Compartment of the Issuer, or the Issuer (B) is in no position
to realise, recover or forward the proceeds of the transactions relating to Main Compartment Assets
respectively, under the condition that amounts which have only increased due to the fact that the creditworthiness
of the Issuer has decreased are not regarded as Increased Main Assets Costs.
(5) Early redemption by the Certificate Holder. If provided for in the Final Terms (item 19), the Issuer
has, if a Certificate Holder gives notice to the Issuer of his respective intention at least 15 and not more
than 30 days (or within another notice period determined in the Final Terms item 19(ii)) in advance, to
repay the respective Certificates on the early redemption date (item 19(i) of the Final Terms) (each an
“Early Redemption Date”) at its Early Redemption Amount (as defined below) plus interest accrued. To
exercise this right, the Certificate Holder has to deliver a properly completed exercise notice in the form
available at the office of the Paying Agent or the Issuer. A revocation of the exercise of this right is not
possible.
(6) Early Redemption Amount shall mean the amount determined by the Issuer (or by the Calculation Agent
in its name) in its reasonable discretion as an appropriate market price for the Certificates (as far as not
determined otherwise in item 19(iii) of the Final Terms), commercially rounded to two figures following
the decimal point, as the case may be.
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