Company: ADZCF
Filing Date: 2025-07-28
Form Type: 424B2
Source: 0000950103-25-009315
Chunk: 25

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-28
Form: 424B2
Chunk 25
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olvency proceedings against us by a German court having jurisdiction over us.

The Indenture provides that
there is no right of acceleration in the case of a default in the payment of principal of, interest on, or other amounts owing under the
notes or a default in the performance of any of our other covenants under the notes or the Indenture.

Payment Upon an Event of Default

If an event of default occurs and the maturity of the notes is accelerated, we will pay a default amount for each $1,000 Principal Amount of notes equal to $1,000 plusany accrued but unpaid interest to, but excluding, the date of acceleration, calculated as if the date of such acceleration were the Maturity Date, and final Interest Payment Date.

If the maturity of the notes
is accelerated because of an event of default as described above, we will, or will cause the calculation agent to, provide written notice
to the trustee at its New York office, on which notice the trustee may conclusively rely, and to DTC of the cash amount due with respect
to the notes as promptly as possible and in no event later than two Business Days after the date of acceleration.

Modification

Under the heading “Description
of Debt Securities —Eligible Liabilities Senior Debt Securities — Modification of the Eligible Liabilities Senior Indenture”
in the accompanying prospectus is a description of when the consent of each affected holder of debt securities is required to modify the
Indenture.

<div align='center'>PS-14</div>

Listing

The notes will not be listed
on any securities exchange.

Book-Entry Only Issuance—
The Depository Trust Company

DTC will act as securities
depositary for the notes. The notes will be issued only as fully registered securities registered in the name of Cede & Co. (DTC’s
nominee). One or more fully registered global notes certificates, representing the total aggregate principal amount of the notes, will
be issued and will be deposited with DTC. See the descriptions contained in the accompanying prospectus supplement under the headings
“Description of Notes — Form, Legal Ownership and Denomination of Notes.” The notes are offered on a global basis. Investors
may elect to hold interests in the registered global notes held by DTC through Clearstream, Luxembourg or the Euroclear operator if they
are participants in those systems, or indirectly through organizations that are participants in those systems. See “Notes Offered
on a Global Basis — Book-Entry,