During the tenor, there's no knock-out, but if knock-in has occurred, you will get:
1. At maturity, Underlying Price is above the Conversion Price, and the investor receives 100% principal back in investment currency.
2. At maturity, the Underlying Price is below the Conversion Price, and the investor receives the principal back in the target currency with the Conversion rate at the Conversion Price which has a discount on the current price. For example, the knock-in discount rate is 80%, and investors will get the target currency at the agreed knock-in price (the knock-in price is 80% of the initial price, depending on the project).