The Issuer, BNP Paribas, can choose to end the note (call) on any annual observation date from the end of year 1. If they choose to call the note the investor will receive 8% for every year that has passed since the start date, initial capital is repaid and the investment ends.

If the Issuer chooses not to call the note during the term, at the final observation at the end of year 6, if the performance of the S&P 500 is at or above 70% of its starting level a 48% coupon is paid and initial capital repaid to the investor.