Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

85
B. PFANDBRIEFE IN REGISTERED FORM
The instructions given below refer to the Terms and Conditions of Pfandbriefe in Bearer Form set out in
PART I (B) above. In the case of a registered Pfandbrief, the Terms and Conditions set out in Part I (B) are
modified in accordance with the instructions below, subject to all the terms of the applicable Final Terms.
[§ 1 (CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS) to be replaced in its entirety by
the following:
§ 1
CURRENCY, FORM, TRANSFERS, CERTAIN DEFINITIONS
(1) Currency and Principal Amount. The Notes of this Series of registered [Mortgage Pfandbriefe
(Hypothekenpfandbriefe)] [Public Sector Pfandbriefe (Öffentliche Pfandbriefe)] (the "Notes") of
Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft (the "Issuer") are being issued in [insert
Specified Currency] (the "Specified Currency") in the aggregate principal amount of [insert aggregate
principal amount] (in words: [insert aggregate principal amount in words]) in a denomination of [insert
Specified Denomination] (the "Specified Denomination") each.
(2) Form. The Notes are being issued in registered form.
(3) Global Note. The Notes are represented by one or more global notes (each, a "Global Note") which
shall be signed by authorized signatories of the Issuer and authenticated by or on behalf of the Fiscal
Agent. Definitive Notes will not be issued.
(4) Transfer.
(a) The rights of a Holder evidenced by any Global Note and title to such Global Note itself pass by
assignment and registration in the Register. Except as ordered by a court of competent jurisdiction or
as required by law, the Issuer, the Fiscal Agent and the Registrar shall deem and treat each registered
holder of a Global Note as the absolute holder thereof and of the rights evidenced thereby.
(b) The rights of any Holder evidenced by any Global Note and title to such Global Note itself may be
transferred [[In case the Global Note may be transferred in whole only, insert: in whole only] [In
case the Global Note may be transferred in whole or in part, insert: in whole or in part] upon the
surrender of such Global Note, together with the form of assignment endorsed on it duly completed and
executed, at the specified office of the Registrar. In the case of a transfer of a Global Note, a new
Global Note will be issued to the transferee. [In case the Global Note may be transferred in whole
or in part, insert: In the case of a transfer of part only of a Global Note, a new Global Note in respect
of the amount transferred will be issued to the transferee and a new Global Note in respect of the
amount not transferred will be issued to the transferor. Any transfer of part only of this Global Note is
permitted only for a minimum principal amount of [insert Specified Currency and such Minimum
Principal Amount] or an integral multiple thereof.]
(c) Each new Global Note to be issued upon transfer of any Global Note will, within seven business days
(being, for the purposes of this subsection, a day other than a Saturday or Sunday, on which banks are
open for business in the place of the specified office of the Registrar) of delivery of such Global Note
and the duly completed and executed form of assignment, be available for collection at the specified
office of the Registrar or, at the request of the Holder making such delivery and as specified in the
relevant form of assignment, be mailed at the risk of the Holder entitled to the new Global Note to such
address as may be specified in the form of assignment.
(d) Transfers will be effected without charge by or on behalf of the Issuer or the Registrar, but only upon
payment (or the giving of such indemnity as the Issuer or the Registrar may require in respect) of any
tax or other duties which may be imposed in relation to it.
(e) The Holder may not request the transfer of any Global Note registered (i) during a period of 15 days
ending on the due date for any payment of principal, (ii) during the period of 15 days prior to any date
on which the Notes may be redeemed at the option of the Issuer, or (iii) after the Notes have been
called for redemption in whole or in part.