Common use of Notes issued at a substantial discount or premium Clause in Contracts

Notes issued at a substantial discount or premium. The market values of securities issued at a substantial discount (such as Zero Coupon Notes) or premium to their principal amount tend to fluctuate more in relation to general changes in interest rates than do prices for more conventional interest-bearing securities. Generally, the longer the remaining term of such securities, the greater the price volatility as compared to more conventional interest-bearing securities with comparable maturities. Risks related to Notes generally Set out below is a description of material risks relating to the Notes generally:

Notes issued at a substantial discount or premium. The market values of securities Notes issued at a substantial discount (such as Zero Coupon Notes) or premium to their principal nominal amount tend to fluctuate more in relation to general changes in interest rates than do prices for more conventional interest-bearing securities. Generally, the longer the remaining term of such the securities, the greater the price volatility as compared to more conventional interest-bearing securities with comparable maturities. Risks related to Notes generally Set out below is a description of material risks relating to the Notes generally:.