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

decision either in the Specified Currency or in one of the repayment currencies determined in the Final
Terms (item 8), in which case the Issuer will publish its decision pursuant to § 11 at the latest five Business
Days prior to the due date.
(2) Payments. Payment of capital and interest shall be made, subject to applicable fiscal and other laws and
regulations, via the Paying Agent(s) to the Clearing Systems or to their order for credit to the relevant institution
managing the account of the Noteholders. The Issuer shall be discharged from its payment obligation
vis-à-vis the Noteholders by payment to, or to the order of, the Paying Agent(s) in the amount of
payment effected. A payment on the Notes is considered to be in time if it arrives on the due date of the
respective payment on the accounts of the Paying Agent(s).
(3) Payments on Supplementary Capital Notes and Subordinated Supplementary Capital Notes. In the
case of Supplementary Capital Notes or Subordinated Supplementary Capital Notes, payments of interest
shall only be made if the amount of interest due is covered by the surplus accruing during the then current
fiscal year (for the avoidance of doubt, before reserve movement) (section 23 para 7 of the Austrian
Banking Act). In the case of Supplementary Capital Notes, the right to receive such interest shall lapse in
respect of the amount of interest not covered by such surplus of the then current financial year.
(4) Payments on a Business Day. If the due date for payment of any amount in respect of any Note is not a
Business Day, the due date will be postponed according to the Following Business Day Convention (as
defined below), unless the Final Terms (item 7) provide for another adjustment rule. In such a case, the
Noteholder shall have no right to payment prior to the adjusted due date. The Noteholder shall not be entitled
to further interest or any other payment in respect of such deferral.
Business Day means a day which is a day (other than a Saturday or a Sunday) on which (i) the Clearing
System operates, (ii) the banks in the relevant financial centre(s) (see item 39 of the Final Terms) are
open for commercial operations (including foreign exchange business and foreign currency deposit business)
and, in the case the Specified Currency (or one of the Specified Currencies) is Euro, (iii) all relevant
parts of the Trans-European Automated Real-Time Gross Settlement Express Transfer (“TARGET”) System
for the settlement of payments are operating. A TARGET-Business Day means a day on which the
Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) System is operating.
Where adjustments with regard to certain dates (e.g. Interest Payment Dates, determination dates, observation
dates, etc) in these Conditions and/or the Final Terms are required, the following definitions shall
apply:
(a) In the case of application of the Following Business Day Convention the date is postponed to the
next day which is a Business Day.
(b) In the case of application of the Modified Following Business Day Convention the date is postponed
to the next day which is a Business Day unless it would thereby fall into the next calendar
month, in which event the payment date shall be the immediately preceding Business Day.
(c) In the case of application of the Floating Rate Convention (“FRN Convention”) (which shall only
be used to adjust Interest Payment Dates) the date is postponed to the next day which is a Business
Day unless it would thereby fall into the next calendar month, in which event (i) the Interest Payment
Date shall be the immediately preceding Business Day and (ii) each subsequent Interest
Payment Date shall be the last Business Day in the month which falls into the specified interest
period (item 26 of the Final Terms) after the preceding applicable Interest Payment Date.
(d) In the case of application of the Preceding Business Day Convention the date shall be brought
forward to the immediately preceding Business Day.
(5) References. References in these Conditions to principal in respect of the Notes shall be deemed to include,
as applicable: the Redemption Amount of the Notes, the Early Redemption Amount of the Notes,
the Optional Redemption Amount of the Notes, the Amortised Face Amount of the Notes, and any pre-
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