4. Período Clásico (250 d C hasta el 900 d C.)
4.1 El Clásico en El Salvador
The following terms and conditions (the "Payout Conditions"), subject to completion in the applicable Final Terms,
relate to the payouts in respect of the Securities. In particular, certain sections of the Payout Conditions will be set out and completed in the applicable Final Terms. In the event of any inconsistency between the terms and conditions of the Notes (the "Note Conditions") or the terms and conditions of the W&C Securities (the "W&C Security Conditions"),
as applicable, and the Payout Conditions, the Payout Conditions shall prevail. The descriptions of the payouts, coupon rates or premium amount rates and entitlement amounts and/or related provisions included in italics below do not form part of the Payout Conditions, are included for information purposes only and are subject to the detailed terms of the relevant payout, coupon rate or premium amount rate or entitlement amount, as applicable. The nomenclature of ETS payouts is based on a combination of the European Structured Investment Products Association (EUSIPA) categorisation and BNPP's internal codification.
1. ETS PAYOUTS
1.1 Final Payouts
The following final payouts (each a "Final Payout") shall apply to the Securities if specified in the applicable
Final Terms:
(a) ETS Final Payout 1100
If ETS Final Payout 1100 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is less than or equal to the Protection Level:
Notional Amount × Protection Factor; or
(ii) if Settlement Price Final is greater than the Protection Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or less than the Protection Level, the Payout will equal the Notional Amount multiplied by the Protection Factor. Otherwise the Payout will equal the Notional Amount plus the performance of the Underlying Reference multiplied by the Participation Factor.
(b) ETS Final Payout 1120
If ETS Final Payout 1120 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is less than or equal to the Protection Level:
Notional Amount × Protection Factor; or
(ii) if Settlement Price Final is greater than the Protection Level:
Notional Amount Notional Amount Participation Factor Settlement Price FinalStrike Price ‐1
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Notional Amount × Cap Level Percentage);
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or less than the Protection Level, the Payout will equal the Notional Amount multiplied by the Protection Factor. Otherwise the Payout will equal the Notional Amount plus the performance of the Underlying Reference multiplied by the Participation Factor, subject to a cap of the Cap Level Percentage.
(c) ETS Final Payout 1200
If ETS Final Payout 1200 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is less than or equal to the Maximum Payout Amount:
(ii) if Settlement Price Final is greater than the Maximum Payout Amount:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or less than the Maximum Payout Amount, the Payout will equal the Settlement Price on the Valuation Date (divided by the product of the Exchange Rate and Parity). Otherwise the Payout will equal the Maximum Payout Amount (divided by the product of the Exchange Rate and Parity).
(d) ETS Final Payout 1230/1
If ETS Final Payout 1230/1 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is equal to or greater than the Barrier Level:
Notional Amount × (100% + Coupon Percentage); or (ii) if Settlement Price Final is less than the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or greater than the Barrier Level, the Payout will equal the Notional Amount plus the Coupon Percentage. Otherwise the Payout will equal the Notional Amount minus the performance of the Underlying Reference plus the Coupon Percentage.
(e) ETS Final Payout 1230/2
If ETS Final Payout 1230/2 is specified as applicable in the applicable Final Terms:
(i) if at all times on each Observation Date during the Observation Period the Underlying Reference Level is greater than the Barrier Level:
Settlement Price Final Parity Exchange Rate Final; or
Maximum Payout Amount Parity Exchange Rate Final
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Notional Amount × (100% + Coupon Percentage); or
(ii) if at any time on an Observation Date during the Observation Period the Underlying Reference Level is less than or equal to the Barrier Level:
Description of the Payout
If no Knock-Out Event occurs during the term of the Securities, the Payout will equal the Notional Amount plus the Coupon Percentage. Otherwise the Payout will equal the Notional Amount minus the performance of the Underlying Reference plus the Coupon Percentage.
(f) ETS Final Payout 1240/1
If ETS Final Payout 1240/1 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Strike Price:
; or (ii) if Settlement Price Final is less than or equal to the Strike Price:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Strike Price, the Payout will equal the Notional Amount plus L multiplied by the performance of the Underlying Reference, subject to a cap of the Cap Level Percentage. Otherwise, the Payout will equal the Notional Amount minus the performance of the Underlying Reference.
(g) ETS Final Payout 1240/2
If ETS Final Payout 1240/2 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Strike Price:
; (ii) if Settlement Price Final is less than or equal to the Strike Price and no Knock-out Event has
occurred:
Notional Amount × 100%; or
(iii) if Settlement Price Final is less than or equal to the Strike Price and a Knock-out Event has occurred:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Strike Price, the Payout will equal the Notional Amount plus L multiplied by the performance of the
Notional Amount Settlement Price FinalStrike Price Coupon Percentage.
Notional Amount Min L Settlement Price Final ‐ Strike Price
Strike Price 1; Cap Level Percentage
Notional Amount Settlement Price FinalStrike Price .
Notional Amount Min L Settlement Price Final ‐ Strike PriceStrike Price 1; Cap Level Percentage
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Underlying Reference, subject to a cap of the Cap Level Percentage. If the Settlement Price of the Underlying Reference on the Valuation Date is less than or equal to the Strike Price and no Knock- out Event has occurred, the Payout provides 100% capital protection. Otherwise the Payout will equal the Notional Amount minus the performance of the Underlying Reference.
(h) ETS Final Payout 1240/3
If ETS Final Payout 1240/3 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Strike Price:
; (ii) if Settlement Price Final is less than or equal to the Strike Price and equal to or greater than
the Barrier Level:
Notional Amount × 100%; or
(iii) if Settlement Price Final is less than the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Strike Price, the Payout will equal the Notional Amount plus L multiplied by the performance of the Underlying Reference, subject to a cap of the Cap Level Percentage. If the Settlement Price of the Underlying Reference on the Valuation Date is less than or equal to the Strike Level but greater than or equal to the Barrier Level, the Payout provides for 100% principal protection. Otherwise the Payout will equal the Notional Amount minus the performance of the Underlying Reference.
(i) ETS Final Payout 1240/4
If ETS Final Payout 1240/4 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Strike Price:
(ii) if Settlement Price Final is less than or equal to the Strike Price:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Strike Price, the Payout will equal the Strike Price plus the Sprint Factor multiplied by the difference between the Settlement Price of the Underlying Reference on the Valuation Date and the Strike Price, subject to a cap of the Strike Price plus the Sprint Factor multiplied by the Upper Level less the Strike Price divided by the product of the Exchange Rate and Parity. Otherwise, the Payout will equal the Settlement Price of the Underlying Reference on the Valuation Date divided by the product of the Exchange Rate and Parity.
Notional Amount Min L Settlement Price Final ‐ Strike Price
Strike Price 1; Cap Level Percentage
Notional Amount Settlement Price FinalStrike Price .
Strike Price Sprint Factor Min Upper Level; Settlement Price Final ‐ Strike Price
Parity Exchange Rate Final ; or
Settlement Price Final Parity Exchange Rate Final
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(j) ETS Final Payout 1250/1
If ETS Final Payout 1250/1 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Barrier Level:
(ii) if Settlement Price Final is less than or equal to the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Barrier Level, the Payout will equal the Bonus Level (divided by the product of the Exchange Rate and Parity). Otherwise the Payout will be equal to the Settlement Price on the Valuation Date (divided by the product of the Exchange Rate and Parity).
(k) ETS Final Payout 1250/2
If ETS Final Payout 1250/2 is specified as applicable in the applicable Final Terms:
(i) if Settlement Price Final is less than the Cap Level and equal to or greater than the Barrier Level:
(ii) if Settlement Price Final is equal to or greater than the Cap Level: Notional Amount × Cap Level Percentage; or
(iii) if Settlement Price Final is less than the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is less than the Cap Level but equal to or greater than the Barrier Level, the Payout will equal the Notional Amount multiplied by the Bonus Level Percentage, or plus the performance of the Underlying Reference, if greater. If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or greater than the Cap Level, the Payout will equal the Notional Amount multiplied by the Cap Level Percentage. Otherwise the Payout will equal the Notional Amount plus the performance of the Underlying Reference.
(l) ETS Final Payout 1250/3
If ETS Final Payout 1250/3 is specified as applicable in the applicable Final Terms:
(i) if no Knock-out Event has occurred and Settlement Price Final is greater than the Cap Level: ; Bonus Level
Parity Exchange Rate Final; or
Min Settlement Price Final; Cap Level Parity Exchange Rate Final .
Notional Amount Max Bonus Level Percentage; Settlement Price FinalStrike Price ;
Notional Amount Settlement Price FinalStrike Price .
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(ii) if no Knock-out Event has occurred and Settlement Price Final is less than or equal to the Cap Level:
Notional Amount × [200% - Cap Level Percentage]; or (iii) if a Knock-out Event has occurred:
.
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Cap Level and no Knock-out Event occurs, the Payout will equal the Notional Amount multiplied by 200% minus the Bonus Level Percentage or the performance of the Underlying Reference, if lower. If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or less than the Cap Level, the Payout will equal the Notional Amount multiplied by 200% minus the Cap Level Percentage. Otherwise, the Payout will equal the maximum of zero and the lesser of the Notional Amount multiplied by 200% minus the performance of the Underlying Reference and the Notional Amount minus the Cap Level Percentage.
(m) ETS Final Payout 1250/4
If ETS Final Payout 1250/4 is specified as applicable in the applicable Final Terms:
(i) if the Underlying Reference Level has never been less than or equal to the Barrier Level at any time on any Observation Date during the Observation Period:
(ii) otherwise:
Description of the Payout
If the Underlying Reference Level has never been less than or equal to the Barrier Level during the Observation Period, the Payout will be equal to the Bonus Level (divided by the Exchange Rate and Parity). Otherwise the Payout will be equal to the Settlement Price on the Valuation Date (divided by the product of the Exchange Rate and Parity) subject to a maximum of Cap Level (divided by the Exchange Rate and Parity).
(n) ETS Final Payout 1250/5
If ETS Final Payout 1250/5 is specified as applicable in the applicable Final Terms:
(i) if at all times on each Observation Date during the Observation Period the Underlying Reference Level is greater than the Barrier Level and if Settlement Price Final is less than the Cap Level:
Notional Amount Max 0, Min 200% ‐Settlement Price FinalStrike Price ; 200% ‐ Cap Level Percentage
Bonus Level
Parity Exchange Rate Final; or
Min Settlement Price Final; Cap Level Parity Exchange Rate Final .
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(ii) if at all times on each Observation Date during the Observation Period the Underlying Reference Level is greater than the Barrier Level and if Settlement Price Final is greater than or equal to the Cap Level:
Notional Amount × Cap Level Percentage; or
(iii) if at any time on an Observation Date during the Observation Period the Underlying Reference Level is less than or equal to the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is less than the Cap Level and no Knock-out Event occurs, the Payout will equal the Notional Amount multiplied by the maximum of the Bonus Level Percentage and the performance of the Underlying Reference. If the Settlement Price of the Underlying Reference on the Valuation Date is equal to or greater than the Cap Level and no Knock-out event occurs, the Payout will equal the Notional Amount multiplied by the Cap Level Percentage. Otherwise the Payout will equal the greater of the Notional Amount plus the performance of the Underlying Reference and the Notional Amount multiplied by the Cap Level Percentage.
(o) ETS Final Payout 1250/6
If ETS Final Payout 1250/6 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than the Barrier Level:
Express Amount; or
(ii) if Settlement Price Final is less than or equal to the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than the Barrier Level, the Payout will equal the Express Amount. Otherwise, the Payout will equal the Issue Price minus the performance of the Underlying Reference.
(p) ETS Final Payout 1260/1
If ETS Final Payout 1260/1 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than or equal to the Strike Price:
Notional Amount × [100%+Premium Percentage × [n]];
(ii) if Settlement Price Final is less than the Strike Price and greater than or equal to the Barrier Level:
Notional Amount ×100%; or
(iii) if Settlement Price Final is less than the Barrier Level:
Notional Amount Min Cap Level Percentage; Settlement Price FinalStrike Price .
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Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than or equal to the Strike Price, the Payout will equal the Notional Amount plus a premium. If the Settlement Price of the Underlying Reference on the Valuation Date is lower than the Strike Price but greater than or equal to the Barrier Level, the Payout provides 100% principal protection. Otherwise, the Payout will equal the Notional Amount minus the performance of the Underlying Reference.
(q) ETS Final Payout 1260/2
If ETS Final Payout 1260/2 is specified as applicable in the applicable Final Terms: (i) if Settlement Price Final is greater than or equal to the Barrier Level:
Notional Amount × [100% + [Premium Percentage] × [n]]; or (ii) if Settlement Price Final is less than the Barrier Level:
Description of the Payout
If the Settlement Price of the Underlying Reference on the Valuation Date is greater than or equal to the Barrier Level, the Payout will equal the Notional Amount plus a premium. Otherwise, the Payout will equal the Notional Amount minus the performance of the Underlying Reference.
(r) ETS Final Payout 1300
If ETS Final Payout 1300 is specified as applicable in the applicable Final Terms: Cert(t0) × AF(t) × [UR(t) × Fx(t)/(UR(t0) × Fx(t0))]
Where:
"ACT(i,i-1)" means the number of calendar days between two ACT Days;
"ACT Day" means Scheduled Trading Days, Custom Index Business Days, Commodity Business
Days or Calendar days as specified in the applicable Final Terms; "AF(t)" means fees factor(t) * div reinvested factor(t);
"Cert(t0)" means the amount specified as such in the applicable Final Terms;
"div reinvested factor(t)" means (i) if the Underlying Reference is a Share or an Index (where in the
determination of the Calculation Agent dividends on the constituent share are not reinvested in the Index), Product (t0) to (t) (1 + Div Percentage * Gross div(ti) / URl(ti-1)) or (ii) otherwise, 1;
"Div Percentage" means percentage specified as such in the applicable Final Terms;
"fees" means the percentage specified as such in the applicable Final Terms;
"fees factor(t)" means Product (t0) to (t) (1 – fees*ACT(i,i-1)/360);
Notional Amount 100% Settlement Price Final ‐ Underlying Reference InitialUnderlying Reference Initial .
0080875-0000271 ICM:19563000.13 548 "Fx(t)" means Exchange Rate Final;
"Fx(t0)" means Exchange Rate Initial;
"Gross div(ti)" means (i) if the Underlying Reference is a Share, any ordinary cash dividends (before
deduction of any withholding or deduction of taxes at source by or behalf of any applicable authority having power to tax in respect of such dividend and without any tax credit refund or deduction granted by any applicable authority having power to tax in respect of such dividend) ex-dividend at dateti and effectively paid or (ii) if the Underlying Reference is an Index, any ordinary cash dividends
(before deduction of any withholding or deduction of taxes at source by or behalf of any applicable authority having power to tax in respect of such dividend and without any tax credit refund or deduction granted by any applicable authority having power to tax in respect of such dividend) ex-dividend at date ti on any constituent share in such Index at date ti, taking into account the weight
of such constituent share at date ti-1 and effectively paid.
"UR(t)" means Settlement Price Final;
"UR(ti-1)" means the Settlement Price on the Scheduled Trading Day prior to the Dividend ex Date(ti-1);
and
"UR(t0)" means the Settlement Price of the Underlying Reference on the Strike Date. Description of the Product
The Payout replicates the performance of the Underlying Reference less certain amounts (including, but not limited to, fees (including quanto fees), dividends paid (if applicable) and roll fees depending