EUR 3000000000 debt issuance programme, 10 ... - Volksbank AG

sition to realise, recover or forward the proceeds of the transactions relating to the Main Compartment
Assets respectively, under the condition that amounts which have only increased due to the fact that the
creditworthiness of the Issuer has decreased are not regarded as Increased Main Assets Costs.
(8) Restrictions of early redemption in case of Supplementary Capital Notes or Subordinated Supplementary
Capital Notes. Supplementary Capital Notes and Subordinated Supplmentary Capital Notes
must not be terminated nor paid upon decision of the Noteholders prior to a minimum term of the Supplementary
Capital Notes of eight years from their issue by the Notesholders. A redemption or repayment
upon decision of the Issuer prior to a minimum term of eight years from the issue of Supplementary Capital
Notes shall only be possible if this is permissible pursuant to these Conditions (and the respective Final
Terms) and the Issuer has before made available capital in the same amount and with at least equal
own funds quality. In the case of Subordinated Supplementary Capital Notes, if foreseen by these Conditions
(and the resepective Final Terms), a redemption or repayment upon decision of the Issuer shall only
be possible (i) with a minimum notice period of five years or after five years, without a notice period, and
(ii) and in the case Condition 4 para 4, at any time without a notice period, provided that the Issuer has
made available capital in the same amount and with at least equal own funds qualify. Prior to liquidation
of the Issuer, the net losses that have occurred during that time shall be deducted in the case of Supplementary
Capital Notes from the Redemption Amount for each Note. "Net loss" shall be interpreted in accordance
with section 23 para 7 of the Austrian Banking Act.
Subordinated Capital Notes shall have a minimum term of five years. If the term is not determined or if
the Noteholders have a right according to theses Condiitosn (and the respective Final Terms) to redeem
the Subordinated Capital Notes early or if the Subordinated Capital Notes are to be repayed upon decision
of the Noteholders, a minimum notice term of five years shall be provided for. A redemption or repayment
of Subordinated Capital Notes upon decision of the Issuer shall be possible (i) after a minimum term
of five years after the issue of the Subordinated Capital Notes without a notice period, and (ii) and in the
case Condition 4 para 4, at any time without a notice period, provided that the Issuer has made available
capital in the same amount and with at least equal own funds qualify. Set-off of the claim for payment of
the Redemption Amount with claims of the Issuer is not permissible.
(9) Definitions:
Optional Redemption Amount means the Specified Denomination of the Notes (unless defined otherwise
in items 30(i) or 31(i) of the Final Terms), or in the case of zero coupon Notes the Amortised Face
Amount (defined below). The Final Terms may alternatively foresee e.g. redemption pursuant to a redemption
table.
Early Redemption Amount means the Specified Denomination of the Notes (unless defined otherwise in
item 34 of the Final Terms), or in the case of zero coupon Notes the Amortised Face Amount (defined below),
in each case plus interest accrued. The Final Terms may alternatively foresee e.g. redemption pursuant
to a redemption table.
Amortised Face Amount means (unless defined otherwise in item 34 of the Final Terms) the Redemption
Amount of the Notes foreseen on the Maturity Date discounted at a rate per annum (expressed as a percentage)
equal to such rate as would produce an Amortised Face Amount equal to the issue price of the
Notes if they were discounted back to their issue price on the issue date compounded annually. Where
such calculation is to be made for a period of less than one year, it shall be made on the basis of the Day
Count Fraction (see item 25 of the Final Terms).
(10) Repurchase. The Issuer has the right to repurchase Notes in the market or otherwise at each and every
price. The Notes purchased by the Issuer may be held, resold or cancelled by the Issuer upon its own discretion.
§ 5
(Payments)
(1) Redemption currency. Payments of capital and interest are effected in the Specified Currency (see item
8 of the Final Terms). In the case of dual currency Notes the repayment may be effected upon the Issuer’s
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