Knock-out Period definition
Knock-out Period means each Calculation Date from the First Day of the Knock-out Period (including) to the Final Valuation Date (including).
Knock-out Period means each [day] [calculation date] from the [insert date] [at [insert time] ([Munich] [●] local time)] [(including)] to the Final Valuation Date (as defined in C.16) [until the relevant time of publication of [all components] of the Relevant Reference Price] [(including)].The ["Relevant Period", the] "Lower Knock-out Barrier" and the "Upper Knock-out Barrier" are specified in the Annex to this Summary.][In the case of Stay High/Stay Low Securities, the following applies:The Securities reflect the performance of the Underlying (as defined in C.20) and allow the Security Holder to participate in both the positive or negative price development of the Underlying during the term of the Securities. A change in the price of the Underlying may have a disproportional (leveraged) effect on the price of the Securities.Stay High Securities are Securities for which "Stay High" is specified in the Annex to this Summary and where Security Holders can participate in the price development of the Underlying. Subject to the influence of other price influencing factors (such as expected volatility, interest rate, dividend yield, time to maturity), if the price of the Underlying rises, the price of the Security regularly rises. Subject to the influence of other price influencing factors, if the price of the Underlying falls, the price of the Securities regularly falls.Stay Low Securities are Securities for which "Stay Low" is specified in the Annex to this Summary and where Security Holders can participate in the reverse price development of the Underlying. Subject to the influence of other price influencing factors (such as expected volatility, interest rate, dividend yield, time to maturity), if the price of the Underlying falls, the price of the Security regularly rises. Subject to the influence of other price influencing factors, if the price of the Underlying rises, the price of the Securities regularly falls.However, the value of Stay High/Stay Low Securities is limited to the maximum of the Redemption Amount.If at any time during the Knock-out Period a Knock-out Event has occurred, the term of the Security ends and the Security Holders only receive payment of the Knock-out Amount.A Knock-out Event (the "Knock-out Event") has occurred if the price of the Underlying during the Knock-out Period is at any time [during the Relevant Period]:[In the case of Stay High Securities:is on or below the Knock-out Barrier.] [In the case of Stay Low Securities:is on or above the Knock...