Vorarlberger Landes- und Hypothekenbank Aktiengesellschaft

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(4) Certain Definitions. For purposes of these Terms and Conditions:
"Holder" means any registered holder of Notes.
"Register" means the register to be maintained by the Registrar in relation to the Notes and any other
registered Notes that may be issued under the Debt Issuance Programme of Vorarlberger Landes- und
Hypothekenbank Aktiengesellschaft.
(5) References to Note or Global Note. Any reference herein to "Note" or as the case may be "Global
Note" includes, unless the context otherwise requires, any new Note or as the case may be, new Global
Note, that has been issued upon transfer of any Global Note [In case the Global Note may be
transferred in whole or in part, insert: or part thereof.]
[§ 4 (PAYMENTS) to be replaced in its entirety by the following:
§ 4
PAYMENTS
(1) General. Payment of principal and interest in respect of Notes shall be made on the respective due
date therefor to the person shown on the Register as the Holder at the close of business on the fifteenth
day before such due date (the "Record Date").
(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payment shall be
made in the freely negotiable and convertible currency of the country of the Specified Currency
[if the Specified Currency is not euro insert: by wire transfer to an account denominated in the
Specified Currency maintained by the payee with a bank in the principal financial centre of the country of
the Specified Currency notified to the Fiscal Agent no later than the Record Date.]
[if the Specified Currency is euro insert: by wire transfer to a euro account maintained by the payee
with a bank in a principal financial centre of a country which has become a participating member state in
the European Economic and Monetary Union notified to the Fiscal Agent no later than the Record Date.]
(3) Payment Business Days. If the date for payment of any sum due hereunder is not a day on which
commercial banks are open for business in the principal financial centre of the country where the account
of the payee is maintained in accordance with the foregoing, the Holder shall not be entitled to payment
until the next following day on which such commercial banks are open for business nor to any interest or
other sum in respect of such postponed payment.
(4) References to Principal. Reference in these Terms and Conditions to principal in respect of the Notes
shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; [if redeemable at
the option of the Issuer insert: the Call Redemption Amount of the Notes;] [in the case of Instalment
Notes insert: the Instalment Amount(s) of the Notes;] and any premium and any other amounts which
may be payable under or in respect of the Notes.]
[§ 6 (AGENTS) to be replaced in its entirety by the following:
§ 6
AGENTS
(1) Appointment; Specified Offices. The initial Fiscal Agent [,] [and] Registrar [[,] [and] [the Calculation
Agent] and their respective initial specified offices are:
Fiscal Agent: Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Große Gallusstraße 10–14
60272 Frankfurt am Main
Federal Republic of Germany
Registrar: The Fiscal Agent shall also be the Registrar, acting through the office specified
above.
[If the Fiscal Agent is to be appointed as Calculation Agent insert: The Fiscal Agent shall also act as
Calculation Agent.]