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

the Underlying, as calculated by the Subsequent Index Calculation Agent or, as the case
may be, the Substitute Index will be used. Each reference in these Conditions to the Index
Calculation Agent or to the Underlying is a reference to the Subsequent Index Calculation
Agent or the Substitute Index, provided the context allows for it.
When the Issuer is of the opinion that the Index Calculation Agent effects a material
change in the calculation formula or in the calculation method or another material modification
of the respective index during the term (except such changes which are foreseen for
the valuation and calculation of the respective index because of changes or adaptations of
the components of the index, or other equivalent standard modifications), the Issuer will
effect the calculation in such a way, that such a price will be used instead of the published
price of the relevant Underlying, which results from the use of the original calculation
formula and the original calculation method. When the Index Calculation Agent effects a
minor and only mathematical change of the calculation formula on or before the relevant
evaluation date, the Issuer (or the Calculation Agent) will effect a corresponding adaptation
of the calculation formula and/or the calculation method in such a way as deemed appropriate.
Commercial property rights. The Issuer has been granted the permission to use the
commercial property rights regarding the Underlying, if required. Details are stated in the
Final Terms (item 28), to the extent applicable.
(iii) Effectiveness of adjustments. Adjustments shall be effective at such point in time on
which the respective adjustments become effective at the Relevant Options Exchange, or
would become effective if corresponding option contracts would be traded there or at such
point in time as determined by the Issuer. The Issuer will try to (without being obliged to)
notify the Noteholders promptly (whereas a period of five Business Days (as defined in §
5 para 3) shall be sufficient in any case) pursuant to § 11 when adjustments have been effected.
(iv) Binding adjustments. Adjustments according to the preceding paragraphs will be effected
by the Issuer and are (absent manifest error) binding on all persons involved. Further
Adjustment Events and/or changes of Adjustment Events and/or changes of adjustment
measures may be contained in the Final Terms (item 20b(xi)).
(b) Early redemption due to circumstances relating to the Underlying. If (i) the Underlying or a
component of the Basket is in the opinion of the Issuer definitively discontinued or no longer existing,
(ii) the Issuer loses its right to use the Underlying (e.g. in case the Underlying is an index),
(iii) the listing of the Underlying or one or more Underlyings contained in a Basket, or in the case
of Notes whose Underlying consists of one or more indices, of one or more of the components of
the relevant index, at a reference stock exchange (as defined in item 20b(xii) of the Final Terms) (a
“Reference Stock Exchange”) is definitively discontinued due to whatsoever reason, (iv) the Issuer
determines in its own discretion that only small liquidity with regard to the respective Underlying,
or in case of Notes, whose Underlying consists of one or more indices, of one or more of the
components of the Basket, at the Reference Stock Exchange is given, or (v) an appropriate adjustment
to the changes occurred is not possible or not feasible in the opinion of the Issuer, the Issuer
shall be entitled to (without being obliged to) redeem the Notes with a four Business Days notice.
The redemption shall be effective on the date of notice pursuant to § 11. In case of a redemption,
repayment shall be made three Business Days after the date of publication of the redemption at the
last market price published for the Notes or at a price determined by the Issuer in its own reasonable
discretion.
(c) Rate of Interest. Due date. The formula for calculating the Rate of Interest for Notes linked to
Underlyings (the “Rate of Interest”), observation period, starting value and the method of determination,
as the case may be, barrier, determination date and/or other details regarding the calcula-
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