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However, there is a risk that, on any Coupon Determination Date, the CMS Spread may be zero or negative, in which event no interest will accrue for the corresponding Interest Period. Fluctuations in 10y CMS and 2y CMS may make the value of the Notes difficult to predict and more volatile than conventional fixed or floating interest rate debt securities and can result in effective returns to investors that are lower than anticipated. Coupon Interest on the Notes, if any, will be based on the Applicable Interest Rate, as determined by the Calculation Agent, payable quarterly in arrears on the Interest Payment Date for the applicable Interest Period.

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In addition to the terms described elsewhere in this free writing prospectus, the following general terms will apply to the Notes:. Your minimum investment is one Note at the principal amount. The Maturity Date for the Notes is expected to be September 4, , unless that day is not a business day, in which case the Maturity Date will be the immediately preceding business day, subject to an earlier redemption by us.

Interest Payment Dates shall be the 4th day of each March, June, September and December, commencing on December 4, , and ending with the Maturity Date, or if any such day is not a business day, on the immediately preceding business day. The regular record date relating to an interest payment on the Notes shall be the business day prior to the Interest Payment Date.

For the purpose of determining the holder at the close of business on a regular record date, the close of business will mean 5: Interest on the Notes, if any, will be based on the Applicable Interest Rate, as determined by the Calculation Agent, payable quarterly in arrears on the Interest Payment Date for the applicable Interest Period.

Neither we nor any of our agents are required to notify you prior to any such redemption. If we exercise this right, the redemption price of the Notes will be determined by the Calculation Agent in a manner reasonably calculated to reflect the fair market value of your Notes, which could be less than par. If an event of default as defined in the accompany prospectus occurs and the maturity of your Notes is accelerated, we will be obligated to pay the principal amount of your Notes, plus the amount of accrued and unpaid interest, if any.

Any payment on or delivery of the Notes at maturity will be made to accounts designated by you and approved by us, or at the office of the trustee in New York City, but only when the Notes are surrendered to the trustee at that office. We also may make any payment or delivery in accordance with the applicable procedures of the depositary. We may change the Calculation Agent after the original issue date of the Notes without notice.

Absent manifest error, all determinations of the Calculation Agent will be final and binding on you and us, without any liability on the part of the Calculation Agent.

You will not be entitled to any compensation from us for any loss suffered as a result of any of the above determinations by the Calculation Agent. In connection with the sale of the Notes, we or our affiliates may enter into hedging transactions involving the execution of long-term or short-term interest rate swap, futures and option transactions, purchases and sales of securities linked to the 10y CMS or the 2y CMS or the CMS Spread or the execution of other derivative transactions with returns linked to or related to changes in the 10y CMS, the 2y CMS or the CMS Spread both before and after the Issue Date of the Notes.

From time to time, we or our affiliates may enter into additional hedging transactions or unwind those we have entered into.

We or our affiliates may acquire a long or short position in securities similar to the Notes from time to time and may, in our or their sole discretion, hold or resell those securities. The hedging activity discussed above may adversely affect the market value of the Notes from time to time and payment on the Notes at maturity.

Any person proposing to acquire any Notes on behalf of a Plan should consult with counsel regarding the applicability of the prohibited transaction rules and the applicable exemptions thereto. These exemptions are PTCE for transactions determined by independent qualified professional asset managers , for insurance company pooled separate accounts , for bank collective investment funds , for insurance company general accounts and for transactions managed by in-house asset managers.

Upon purchasing the Notes, any purchaser or holder will be deemed to have represented either that 1 it is not a Plan or a governmental, church or non-U.

Purchasers of the Notes have exclusive responsibility for ensuring that their purchase and holding of the Notes do not violate the fiduciary or prohibited transaction rules of ERISA or the Code or any similar provisions of Similar Laws. The sale of any Notes to a Plan or plan subject to Similar Laws is in no respect a representation by us or any of our affiliates or representatives that such an investment meets all relevant legal requirements with respect to investments by any such plans generally or any particular plan, or that such investment is appropriate for such plans generally or any particular plan.

The following is a general discussion of the principal U. This summary is based on the Code, existing and proposed Treasury regulations, revenue rulings, administrative interpretations and judicial decisions, in each case as currently in effect, all of which are subject to change, possibly with retroactive effect. This summary does not address all aspects of U. As the law applicable to the U. Moreover, the effects of any applicable state, local or foreign tax laws are not discussed.

You should consult your tax adviser concerning the U. The following discussion applies to U. The remainder of this discussion assumes this treatment. We will provide the comparable yield and projected payment schedule in the pricing supplement. Neither the comparable yield nor the projected payment schedule constitutes a representation by us regarding the actual amounts that we will pay on the Notes.

Accordingly, subject to a sale, exchange or retirement of the Notes, you will be required to accrue an amount of OID for U. To the extent a net negative adjustment exceeds the amount of interest you otherwise would be required to include for the taxable year, it will give rise to an ordinary loss to the extent of i the amount of all of your previous interest inclusions under your Note minus ii the total amount of your net negative adjustments treated as ordinary losses in prior taxable years.

Any net negative adjustments in excess of that amount will be carried forward to offset future interest income in respect of your Note or to reduce the amount realized on a sale, exchange or retirement of your Note.

A net negative adjustment is not subject to the limitation imposed on miscellaneous itemized deductions under Section 67 of the Code. Upon a sale, exchange or retirement of a Note including at maturity , you generally will recognize taxable gain or loss equal to the difference between the amount realized on the sale, exchange or retirement and your tax basis in the Note.

Your tax basis in a Note will equal the cost thereof, increased by the amount of interest income previously accrued by you in respect of the Note without regard to any adjustments described above and decreased by the projected amount of all prior scheduled payments without regard to the actual amount of those payments with respect to the Note.

You generally will treat any gain as interest income and any loss first as ordinary loss, to the extent of previous interest inclusions less the amount of any prior net negative adjustments treated as ordinary losses , and then as capital loss. Losses recognized as described above are not subject to the limitation imposed on miscellaneous itemized deductions under Section 67 of the Code.

The deductibility of capital losses, however, is subject to limitations. Additionally, if you recognize a loss above certain thresholds, you may be required to file a disclosure statement with the IRS.

You should consult your tax adviser regarding these limitations and reporting obligations. Possible Alternative Tax Treatment of the Notes. Due to the absence of authorities that directly address the proper tax treatment of the Notes, no assurance can be given that the IRS will accept, or that a court will uphold, the treatment described above. In that event, interest paid on the Notes would be taxable to you as ordinary interest income at the time it accrues or is received, in accordance with your method of accounting for federal income tax purposes.

Upon the sale, exchange or retirement of a Note, you would recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange or retirement and your tax basis in the Note, which generally would equal the amount you paid to acquire the Note. For these purposes, the amount realized would not include any amount attributable to accrued and unpaid interest, which would be treated for tax purposes as interest. The following discussion applies to Non-U.

There will be no U. If you are engaged in a U. If this paragraph applies to you, you should consult your tax adviser with respect to other U. Holder or meet certain other conditions. If you are a Non-U. Holder and you comply with the certification procedures described in the preceding section, you generally will establish an exemption from backup withholding. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.

UBS Securities LLC, in turn, will agree to sell to one or more other securities dealers, and such other securities dealers will agree to purchase from UBS Securities LLC, all or a portion of such aggregate principal amount of the Notes at discounts from the original issue price at varying levels up to the underwriting discount set forth on the front cover of this free writing prospectus.

In the future, we or our affiliates may repurchase and resell the offered Notes in market-making transactions. UBS may use this free writing prospectus and the accompanying prospectus in the initial sale of any Notes. Unless UBS or its agent informs the purchaser otherwise in the confirmation of sale, this free writing prospectus and the accompanying prospectus are being used in a market-making transaction.

You should rely only on the information incorporated by reference or provided in this free writing prospectus or the accompanying prospectus. We have not authorized anyone to provide you with different information. You should not assume that the information in this free writing prospectus is accurate as of any date other than the date on the front of the document.

UBS expects to deliver the Notes against payment on or about September 4, , which may be the second Business Day following the trade date related to your Notes. Under Rule 15c of the Exchange Act, the trades in the secondary market generally are required to settle in no more than three business days, unless the partners to any such trade expressly agree otherwise.

In purchasing the Notes, each holder will be deemed to have expressly agreed to settle the Notes on September 4, The following table sets forth the consolidated capitalization of UBS in accordance with International Financial Reporting Standards and translated into U.

The returns on UBS structured products are linked to the performance of the relevant underlying asset or index. Investing in a structured product is not equivalent to investing directly in the underlying asset or index. Before investing, you should carefully read the detailed explanation of risks, together with other information in the relevant offering materials discussed below, including but not limited to information concerning the tax treatment of the investment.

In the first year, the Notes will pay fixed interest quarterly. From the second year and thereafter, the Notes will pay interest quarterly, subject to our right to redeem the Notes, at a per annum rate equal to the lesser of i the Multiplier x the CMS Spread and ii the Interest Rate Cap; provided that if the CMS Spread is at or below zero, no interest will be paid. Because the interest payments on the Notes increase as the amount by which 10y CMS exceeds 2y CMS increases subject to the Interest Rate Cap and our optional redemption right , the Notes may help to protect your portfolio from the effects of low short-term interest rate swap rates.

Investor Suitability The Notes may be suitable for you if: The Notes may not be suitable for you if: The total amount due and payable on the Notes on the Maturity Date will equal: Because the actual interest payable on your Notes on any Interest Payment Date occurring after the Fixed Interest Rate Period may be zero or a relatively low amount in periods where 10y CMS and 3y CMS do not differently significantly, the aggregate return on your Notes over their term may be significantly less than the return on a comparable fixed-rate debt instrument.

If 10y CMS cannot be determined on a Coupon Determination Date as described above, then 10y CMS will be determined on the basis of the mid-market semi-annual swap rate quotations provided by five leading swap dealers in the New York City interbank market selected by the Calculation Agent for the purposes of providing quotations as provided below, at approximately Dollar interest rate swap transaction with a term equal to 10 years commencing on the second following business day and in an amount that is representative for a single U.

If at least three quotations are provided, the rate will be the arithmetic mean of the quotations, eliminating the highest quotation or, in the event of equality, one of the highest and the lowest quotation or, in the event of equality, one of the lowest. If fewer than three quotations are provided, the rate for the Coupon Determination Date will be determined by the Calculation Agent, in a commercially reasonable manner and in its sole and absolute discretion.

If 2y CMS cannot be determined on a Coupon Determination Date as described above, then 2y CMS will be determined on the basis of the mid-market semi-annual swap rate quotations provided by five leading swap dealers in the New York City interbank market selected by the Calculation Agent for the purposes of providing quotations as provided below, at approximately Dollar interest rate swap transaction with a term equal to two years commencing on the second following business day and in an amount that is representative for a single U.

Summary This free writing prospectus describes terms that will apply generally to the Notes. Calculate the amount of interest to be paid on the Notes for the Interest Period The amount of interest to be paid on the Notes for any Interest Period occurring after the Fixed Interest Rate Period is equal to the product of a the principal amount of the Notes, b the Applicable Interest Rate for that Interest Period and c a fraction, the numerator of which is the number of days in the Interest Period based on day months and the denominator of which is Can you sell the Notes back to us?

The Notes are part of a series. The Notes may be redeemed prior to maturity. The Notes are intended to be held to maturity. Changes in the value of the CMS Spread could result in a substantial loss to you if you sell your Notes in any secondary market that may develop prior to maturity.

Your interest payments on the Notes for any Interest Periods occurring after the Fixed Interest Rate Period are uncertain and could be zero or relatively low amounts in periods where the 10y CMS does not significantly exceed the 2y CMS.

Information about historical values may not be indicative of future values. The market value of the Notes may be influenced by unpredictable factors. The existence, magnitude and longevity of the risks associated with the Notes depend on factors over which we do not have any control and that cannot readily be foreseen, including, but not limited to: There may not be an active trading market in the Notes, and sales prior to maturity may result in losses. The inclusion of commissions and compensation in the original issue price of the Notes is likely to adversely affect secondary market prices.

Our business activities may create conflicts of interest. There are potential conflicts of interest between you and the Calculation Agent. We and our affiliates may have published research, expressed opinions or provided recommendations that are inconsistent with investing in or holding the Notes, and may do so in the future. Any such research, opinions or recommendations could affect the interest rate futures to which the Notes are linked or the market value of the Notes.

No current research recommendation. In the event that we are required to pay additional amounts in respect of tax withholding, the amount we will pay you to redeem your Notes is uncertain. There is a risk that we redeem the Notes prior to maturity. General Terms of the Notes The following is a summary of the general terms of the Notes. In addition to the terms described elsewhere in this free writing prospectus, the following general terms will apply to the Notes: Denominations Your minimum investment is one Note at the principal amount.

Maturity Date The Maturity Date for the Notes is expected to be September 4, , unless that day is not a business day, in which case the Maturity Date will be the immediately preceding business day, subject to an earlier redemption by us. Interest Payment Dates Interest Payment Dates shall be the 4th day of each March, June, September and December, commencing on December 4, , and ending with the Maturity Date, or if any such day is not a business day, on the immediately preceding business day.

Regular Record Dates for Interest Payments The regular record date relating to an interest payment on the Notes shall be the business day prior to the Interest Payment Date. Coupon Interest on the Notes, if any, will be based on the Applicable Interest Rate, as determined by the Calculation Agent, payable quarterly in arrears on the Interest Payment Date for the applicable Interest Period.

Dollar interest rate swap transaction with a term equal to 2 years commencing on the second following business day and in an amount that is representative for a single U. Default Amount on Acceleration If an event of default as defined in the accompany prospectus occurs and the maturity of your Notes is accelerated, we will be obligated to pay the principal amount of your Notes, plus the amount of accrued and unpaid interest, if any.

Manner of Payment and Delivery Any payment on or delivery of the Notes at maturity will be made to accounts designated by you and approved by us, or at the office of the trustee in New York City, but only when the Notes are surrendered to the trustee at that office.

Tax Considerations The following is a general discussion of the principal U. Holder as defined below whose functional currency is not the U. Tax Consequences to U. Holders The following discussion applies to U. Das ist doch eigentlich zu schön, um wahr zu sein Es könnte die unglaubliche Geschichte von Christina sein. Sie möchte anonym bleiben, deshalb haben wir ihren Namen geändert.

Die Jährige arbeitet als Putzfrau. Die Chance, dass sie tatsächlich den Jackpot knackt: Für das andere hat meine Mutter mir Zahlen per WhatsApp geschickt. Als ich dann am Samstagabend während meiner Spätschicht die Zahlen checkte, leuchteten die von meiner Mama plötzlich grün", sagte die vermeintliche Lottogewinnerin im Interview mit BILD. In diesem Fall angeblich 90 Millionen Euro. Bis jetzt hat Christina aber von ihrem Gewinn noch nichts gesehen.

Der wettet auf die Gewinnzahlen und zahlt dann die Gewinne aus.