Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the Fiscal Agent
[, the Paying Agents] and the Holders.
[(7)] Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day preceding the
day they are due for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall
continue to accrue on the outstanding aggregate principal amount of the Notes beyond the due date until
the expiry of the day preceding the day of the actual redemption of the Notes. The applicable Rate of
Interest will be the default rate of interest established by law. 1 ]
[In the case of Zero Coupon Notes insert:
(1) No Periodic Payments of Interest. There will not be any periodic payments of interest on the Notes.
(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall accrue on the
outstanding aggregate principal amount of the Notes as from the due date to the date of actual redemption
at the default rate of interest established by law. 1 ]
[In the case of other stuctured Floating Rate Notes, set forth applicable provisions herein.]
[In the case of Dual Currency Notes, set forth applicable provisions herein.]
[In the case of Index Linked Notes, set forth applicable provisions herein.]
[In the case of Equity Linked Notes, set forth applicable provisions herein.]
[In the case of Credit Linked Notes, set forth applicable provisions herein.]
[In the case of Instalment Notes, set forth applicable provisions herein.]
[In the case of other Structured Notes, set forth applicable provisions herein.]
[(•)] Day Count Fraction. "Day Count Fraction" means, in respect of the calculation of an amount of
interest on any Note for any period of time (the "Calculation Period"):
[In the case of Fixed Rate Notes, if the Specified Currency is euro and if Actual/Actual (ICMA) is
applicable insert:
[if Actual/Actual (ICMA Rule 251) insert: the actual number of days in the Calculation Period divided by
[in case of one interest period within an interest year insert: the actual number of days in the
respective interest period.] [in case of two or more constant interest periods within an interest year
insert: (x) in the case of Notes where interest is scheduled to be paid only by means of regular annual
payments, the number of days in the Interest Period or (y) in the case of Notes where interest is scheduled
to be paid other than only by means of regular annual payments, the product of the number of days in the
Interest Period and the number of Interest Payment Dates that would occur in one calendar year assuming
interest was to be payable in respect of the whole of that year.] [in the case of first/last short or long
Interest Periods insert appropriate Actual/Actual method]
[if Actual/Actual (ISDA) is applicable insert: the actual number of days in the Calculation Period divided
by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of
days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual
number of days in that portion of the Calculation Period falling in a non-leap year divided by 365).]
[if Actual/365 (Fixed) insert: the actual number of days in the Calculation Period divided by 365.]
[if Actual/360 insert: the actual number of days in the Calculation Period divided by 360.]
[if 30/360, 360/360 or Bond Basis insert: the number of days in the Calculation Period divided by 360,
the number of days to be calculated on the basis of a year of 360 days with 12 30-day months (unless (A)
the last day of the Calculation Period is the 31st day of a month but the first day of the Calculation Period
is a day other than the 30th or 31st day of a month, in which case the month that includes that last day
shall not be considered to be shortened to a 30-day month, or (B) the last day of the Calculation Period is
the last day of the month of February in which case the month of February shall not be considered to be
lengthened to a 30-day month).]
1 The default interest rate by law is 4% p. a. as per § 1000 (1) ABGB, Austrian Civil Code. In commercial transactions
between undertakings the default interest is 8 percentage points over the base-interest-rate as per § 1 Euro-JuBeG.