AVISO LEGAL TENEDORES DE DEUDA ARGENTINA CANJES 2005-2010

BAJO LEY DE ARGENTINA
La República Argentina hace saber a los Tenedores de Deuda Argentina adherentes a los Canjes de Deuda Soberana de 2005 y 2010 gobernados por Ley de Argentina (“Bonos Locales”) que ha realizado en tiempo y forma el pago de los importes correspondientes al vencimiento de intereses de los Nuevos Títulos emitidos en el marco de los Canjes 2005-2010, en cumplimiento de las obligaciones asumidas por nuestro país. Estos fondos deben ser distribuidos a los Tenedores a través de las cajas compensadoras intermediarias.
En este sentido, cabe señalar que con fecha 27 de junio de 2014, la Corte de Distrito Sur de Nueva York ha reconocido, a instancias de una presentación realizada por Citibank, que las órdenes pari passu dictadas en el marco de la causa NML Capital, Ltd., et al, v. Republic of Argentina no impiden el cobro de los bonos bajo Ley Argentina, por lo que los montos depositados en tiempo y forma por la República Argentina deberían estar siendo recibidos normalmente por los Tenedores de Bonos Locales.
A todo evento, se hace saber que la conducta de cualquier agente intermediario de no distribuir los montos depositados entre los Tenedores de los Canjes 2005-2010 de Bonos Locales va en contra de sus obligaciones legales y/o contractuales y afecta los derechos e intereses de los Tenedores adherentes a los Canjes 2005-2010.
TENEDORES DE DEUDA ARGENTINA CANJES 2005-2010
BAJO LEY DE LOS ESTADOS UNIDOS
La República Argentina hace saber a los Tenedores de Deuda Argentina adherentes a los Canjes de Deuda Soberana de 2005 y 2010 gobernados por Ley de los Estados Unidos que, en cumplimiento de las obligaciones asumidas por nuestro país en los Prospectos 2005 y 2010 y en el Trust Indenture de fecha 2 de junio de 2005 modificado el 30 de abril de 2010, la República Argentina –según fue informado en el Aviso Legal de fecha 27 de junio de 2014– ha realizado en tiempo y forma el depósito de los importes correspondientes al vencimiento de intereses de los Nuevos Títulos emitidos en el marco de los Canjes 2005-2010.
Estos fondos deben ser distribuidos a los Tenedores por Bank of New York Mellon, en su carácter de Agente Fiduciario, y por los respectivos agentes de pagos y bancos intermediarios, quienes ya han sido debidamente intimados por la República Argentina para que cumplan sus obligaciones en relación al cobro por parte de los Tenedores de los fondos ya depositados en tiempo y forma por la República Argentina, y que son de su propiedad.
El mismo 27 de junio de 2014, en el marco de la causa NML Capital, Ltd., et al, v. Republic of Argentina, el Juez Griesa impidió la distribución de los fondos depositados en tiempo y forma por la República Argentina para el vencimiento de intereses operado el 30 de junio de 2014. Dichas sumas son propiedad de los Tenedores que adhirieron a los Canjes 2005-2010, en el marco del Trust Indenture y de la legislación aplicable.
La República Argentina ratifica que los Tenedores tienen un derecho absoluto e incondicional al cobro de los montos depositados por la República Argentina en la cuenta fiduciaria del Agente Fiduciario (Bank of New York Mellon) siendo ese patrimonio propiedad exclusiva de los Tenedores, y ningún tercero puede afectar dicho derecho. El Agente Fiduciario (Bank of New York Mellon) tiene la obligación, en cualquier caso, de administrar y distribuir dicho patrimonio en beneficio de los Tenedores, no pudiendo retener ni devolver válidamente tales importes a la República Argentina.
Por tanto, la conducta del Agente Fiduciario de no distribuir los montos depositados entre los Tenedores de los Canjes 2005-2010 (ni de solicitarlo judicialmente), es violatoria de sus obligaciones frente al Trust Indenture, la legislación aplicable, y va en contra de los derechos e intereses de los Tenedores adherentes a los Canjes 2005-2010, según lo establecen las Secciones 3.1, 4.5, 4.9 y 5.1, entre otras, del Trust Indenture.i
El presente aviso se publica con el objeto de comunicar a los Tenedores adherentes de los Canjes de Deuda Soberana Argentina de 2005 y 2010 gobernados por Ley de los Estados Unidos, el efectivo cumplimiento de la República Argentina de sus obligaciones frente a aquéllos, los Prospectos respectivos y el Trust Indenture, en el marco de la legislación argentina y extranjera aplicables, deslindándose cualquier responsabilidad y/o incumplimiento que pretenda imputársele a la República Argentina por cualquier orden judicial o conducta del Agente Fiduciario (Bank of New York Mellon) que en forma directa o indirecta obstruya, impida o suspenda el cobro del vencimiento de intereses operado el 30 de junio de 2014, y/o que recaiga sobre el patrimonio fiduciario de los Tenedores depositado el 27 de junio de 2014 en las cuentas del Agente Fiduciario (Bank of New York Mellon).
i El Trust Indenture (de fecha 2 de junio de 2005 modificado el 30 de abril de 2010) en sus partes pertinentes establece:
Section 3.5. Payments. (a) In order to provide for the payment of principal of and interest on the Debt Securities of any Series as such principal and interest will become due and payable, the Republic hereby agrees to pay or to cause to be paid to an account of the Trustee at the Corporate Trust Office or such other office of the Trustee as may be agreed between the Trustee and the Republic (or, in the case of payments denominated in a currency other than U.S. Dollars, at such other place as set forth in an Authorization), not later than 1:00 P.M. local time at such place of payment no later than the Business Day prior to each interest payment date or principal payment date (each, a “Payment Date”) of such Debt Securities, in immediately available funds in U.S. dollars (or in such other currency as shall be specified in the Terms of the Debt Securities of the Series with respect to which payment is to be made), an amount which (together with any funds then held by the Trustee and available for the purpose) shall be sufficient to pay the aggregate amount of interest or principal or both and any other amounts, as the case may be, becoming due in respect of such Debt Securities on such Payment Date. Subject to actual receipt of such funds in accordance with this Section 3.5(a), the Trustee shall apply such amount to the payment due on such Payment Date. Pending such application, such amounts shall be held in trust by the Trustee for the exclusive benefit of the Trustee and the Holders entitled thereto in accordance with their respective interests and the Republic shall have no interest whatsoever in such amounts.
Section 4.5. Application of Proceeds. Any monies collected by the Trustee pursuant to this Article shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of principal or interest, upon presentation of the Debt Securities of the Series in respect of which money has been collected and stamping (or otherwise noting) thereon the payment, or issuing Debt Securities in reduced principal amounts in exchange for the presented Debt Securities if only partially paid, or upon surrender thereof if fully paid:
FIRST: To the payment of all amounts due to the Trustee or any agent or Appointee thereof under or in connection with this Indenture or the Debt Securities of any Series including (without limitation) amounts due under Section 5.6;
SECOND: In case the principal of the Debt Securities of such Series shall not have become and be then due and payable, to the payment of overdue interest in default on such Series of Debt Securities in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest specified in such Debt Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference;
THIRD: In case the principal of the Debt Securities of such Series shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all Debt Securities of such Series for principal and interest at the rate of interest specified in such Debt Securities; and in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Debt Securities of such Series, then to the payment of such principal and interest, without preference or priority of principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest, or of any Debt Security of such Series over any other Debt Securities of the same Series, ratably to the aggregate of such principal and accrued and unpaid interest.
Section 4.9. Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding Section 4.8, each Holder of Debt Securities shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on its Debt Security on the stated maturity date for such payment expressed in such Debt Security (as such Debt Security may be amended or modified pursuant to Article Seven) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.
Section 5.1. Duties and Responsibilities of the Trustee. The Trustee is obliged to perform and undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its bad faith or its own willful misconduct or breach of trust, having regard to the provisions of this Indenture and/or the Terms of the Debt Securities of any Series conferring on it any trusts, powers, authorities or discretions, including (without limitation) that:
(a) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee;
(b) in the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform as a matter of form only to the requirements of this Indenture;
(c) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
(d) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it with respect to Debt Securities of any Series in good faith in accordance with the direction of the Holders of not less than a Majority in aggregate principal amount Outstanding of the Debt Securities of such Series, including (without limitation) relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee under this Indenture;
(e) anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee or any trustee paying agent or any Appointee of the Trustee be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee or such trustee paying agent or such Appointee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought;
(f) if a default occurs hereunder with respect to the Debt Securities of any Series, and if such default is actually known to the Trustee, the Trustee shall give the Holders of the Debt Securities of such Series notice of such default; provided however, that, in the case of any default of the character specified in Section 4.1(ii) with respect to Debt Securities of such Series, no such notice shall be given until at least 30 days after occurrence thereof. For the purpose of this Section, the term “default” means any event that is, or after notice of lapse of time or both would become, an Event of Default with respect to Debt Securities of such Series; and
(g) none of the provisions contained in this Indenture or in the terms and conditions of the Debt Securities of any Series shall require the Trustee to expend, advance or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not satisfactorily assured to it.
In the case of Debt Securities of a Series governed by English law, Section 1 of the United Kingdom Trustee Act 2000 shall not apply to any function of the Trustee; provided that if the Trustee fails to show the degree of care and diligence required of it as trustee having regard to the provisions of this Indenture and/or the Terms of the Debt Securities of any Series conferring on it any trusts, powers, authorities or discretions, nothing in this Indenture shall relieve or indemnify it from or against any liability that would otherwise attach to it in respect of any gross negligence, willful default, breach of duty or breach of trust of which it may be guilty.
TENEDORES DE DEUDA ARGENTINA CANJES 2005-2010
BAJO LEY DE INGLATERRA Y GALES
La República Argentina hace saber a los Tenedores de Deuda Argentina adherentes a los Canjes de Deuda Soberana de 2005 y 2010 gobernados por Ley de Inglaterra y Gales (“Euro Bonos”) que, en cumplimiento de las obligaciones asumidas por nuestro país en los Prospectos 2005 y 2010 y en el Trust Indenture de fecha 2 de junio de 2005 modificado el 30 de abril de 2010, la República Argentina –según fue informado en el Aviso Legal de fecha 27 de junio de 2014– ha realizado en tiempo y forma el pago de los importes correspondientes al vencimiento de intereses de los Nuevos Títulos emitidos en el marco de los Canjes 2005-2010.
Estos fondos deben ser distribuidos a los Tenedores por Bank of New York Mellon, en su carácter de Agente Fiduciario, y por los respectivos agentes de pagos y bancos intermediarios, quienes ya han sido debidamente intimados por la República Argentina para que cumplan sus obligaciones en relación al cobro por parte de los Tenedores de los fondos ya depositados en tiempo y forma por la República Argentina, y que son de su propiedad.
El mismo 27 de junio de 2014, en el marco de la causa NML Capital, Ltd., et al, v. Republic of Argentina, el Juez Griesa impidió la distribución de los fondos depositados en tiempo y forma por la República Argentina para el vencimiento de intereses operado el 30 de junio de 2014. Dichas sumas son propiedad de los Tenedores que adhirieron a los Canjes 2005-2010, en el marco del Trust Indenture y de la legislación aplicable.
La República Argentina ratifica que los Tenedores tienen un derecho absoluto e incondicional al cobro de los montos depositados por la República Argentina en la cuenta fiduciaria del Agente Fiduciario (Bank of New York Mellon) siendo ese patrimonio propiedad exclusiva de los Tenedores, y ningún tercero puede afectar dicho derecho. El Agente Fiduciario (Bank of New York Mellon) tiene la obligación, en cualquier caso, de administrar y distribuir dicho patrimonio en beneficio de los Tenedores, no pudiendo retener ni devolver válidamente tales importes a la República Argentina.
Asimismo, cabe agregar que los Euro Bonos se encuentran fuera de la jurisdicción de la Corte de Distrito Sur de Nueva York a cargo del Juez Griesa. Así, tal como ha sido denunciado por el Grupo de Tenedores denominado “Euro Bondholders”i en su presentación de fecha 29 de junio de 2014, el Juez Griesa se ha excedido en su jurisdicción al dictar las órdenes pari passi, las cuales de ninguna manera pueden alcanzar válidamente el proceso de cobro de los “Euro Bonos”. En primer lugar, porque un Juez de los Estados Unidos no tiene competencia para pretender obstruir a terceros extranjeros en el cumplimiento de sus obligaciones contractuales y legales en territorio extranjero, en virtud de la ley extranjera. Y en segundo lugar, porque un Juez de los Estados Unidos tampoco tiene jurisdicción para afectar el cobro de títulos que se rigen por las leyes de Inglaterra y Gales, y se pagan en Euros a través de un proceso de pago que no pasa por los EE.UU.
De hecho, con fecha 27 de junio de 2014, la Corte de Distrito Sur de Nueva York ha resuelto, a instancias de una presentación realizada por Citibank, que las órdenes pari passu dictadas en el marco de la causa NML Capital, Ltd., et al, v. Republic of Argentina no impiden el cobro de los bonos bajo ley argentina, reconociendo que no tiene jurisdicción sobre los mismos.
Adicionalmente, cabe agregar que las cuentas de anotación de valores (book-entry) de títulos mantenidos en Euroclear S.A./N.V. gozan de inmunidad incondicional de embargo de acuerdo con el Artículo 11 del Decreto Real Coordinado N° 62 del 10 de noviembre de 1967, el que es a su vez reforzado por el Artículo 9 de la Ley del 28 de Abril de 1999, que implementó la Directiva sobre la Firmeza de la Liquidación de la UE conforme fuera enmendada por el Artículo 15 de la Ley del 19 de Noviembre de 2004 y por legislación posterior,ii la cual protege virtualmente toda transferencia de sumas de dinero realizadas a Euroclear y cuentas de liquidación en efectivo mantenidas en Euroclear.
Por ello, la conducta del Agente Fiduciario de no distribuir los montos depositados entre los Tenedores de los Canjes 2005-2010 (ni de solicitarlo judicialmente), es violatoria de sus obligaciones frente al Trust Indenture, la legislación aplicable, y va en contra de los derechos e intereses de los Tenedores adherentes a los Canjes 2005-2010, según lo establecen las Secciones 3.1, 4.5, 4.9 y 5.1, entre otras, del Trust Indenture.iii
El presente aviso se publica con el objeto de comunicar a los Tenedores adherentes de los Canjes de Deuda Soberana Argentina de 2005 y 2010 gobernados por Ley de Inglaterra y Gales, el efectivo cumplimiento de la República Argentina de sus obligaciones frente a aquéllos, los Prospectos respectivos y el Trust Indenture, en el marco de la legislación argentina y extranjera aplicables, deslindándose cualquier responsabilidad y/o incumplimiento que pretenda imputársele a la República Argentina por cualquier orden judicial o conducta del Agente Fiduciario (Bank of New York Mellon) que en forma directa o indirecta obstruya, impida o suspenda el cobro del vencimiento de intereses operado el 30 de junio de 2014, y/o que recaiga sobre el patrimonio fiduciario de los Tenedores depositado el 27 de junio de 2014 en las cuentas del Agente Fiduciario (Bank of New York Mellon).
i Integrado por Knighthead Capital Management, LLC, Redwood Capital Management, LLC, Perry Capital LLC, VR Global Partners, LP, Monarch Master Funding 2 (Luxembourg) S.a` r.l., Silver Point Capital LP, QVT Fund IV LP, QVT Fund V LP, Quintessence Fund LP y Centerbridge Partners.
ii “Any cash settlement account maintained with the operator of a system or with a cash settlement agent, as well as any cash transfer, through a Belgian or foreign credit institution, to be credited to such cash settlement account, cannot be attached, put under sequestration or otherwise blocked by any means by a participant (other than the operator or the settlement agent), a counterpart or a third party.” (Article 9 of the Belgian Act of April 28, 1999 implementing the EU Settlement Finality Directive as amended by Article 15 of the Law of November 19, 2004)
iii El Trust Indenture (de fecha 2 de junio de 2005 modificado el 30 de abril de 2010) en sus partes pertinentes establece:
Section 3.5. Payments. (a) In order to provide for the payment of principal of and interest on the Debt Securities of any Series as such principal and interest will become due and payable, the Republic hereby agrees to pay or to cause to be paid to an account of the Trustee at the Corporate Trust Office or such other office of the Trustee as may be agreed between the Trustee and the Republic (or, in the case of payments denominated in a currency other than U.S. Dollars, at such other place as set forth in an Authorization), not later than 1:00 P.M. local time at such place of payment no later than the Business Day prior to each interest payment date or principal payment date (each, a “Payment Date”) of such Debt Securities, in immediately available funds in U.S. dollars (or in such other currency as shall be specified in the Terms of the Debt Securities of the Series with respect to which payment is to be made), an amount which (together with any funds then held by the Trustee and available for the purpose) shall be sufficient to pay the aggregate amount of interest or principal or both and any other amounts, as the case may be, becoming due in respect of such Debt Securities on such Payment Date. Subject to actual receipt of such funds in accordance with this Section 3.5(a), the Trustee shall apply such amount to the payment due on such Payment Date. Pending such application, such amounts shall be held in trust by the Trustee for the exclusive benefit of the Trustee and the Holders entitled thereto in accordance with their respective interests and the Republic shall have no interest whatsoever in such amounts.
Section 4.5. Application of Proceeds. Any monies collected by the Trustee pursuant to this Article shall be applied in the following order at the date or dates fixed by the Trustee and, in case of the distribution of such monies on account of principal or interest, upon presentation of the Debt Securities of the Series in respect of which money has been collected and stamping (or otherwise noting) thereon the payment, or issuing Debt Securities in reduced principal amounts in exchange for the presented Debt Securities if only partially paid, or upon surrender thereof if fully paid:
FIRST: To the payment of all amounts due to the Trustee or any agent or Appointee thereof under or in connection with this Indenture or the Debt Securities of any Series including (without limitation) amounts due under Section 5.6;
SECOND: In case the principal of the Debt Securities of such Series shall not have become and be then due and payable, to the payment of overdue interest in default on such Series of Debt Securities in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the rate of interest specified in such Debt Securities, such payments to be made ratably to the Persons entitled thereto, without discrimination or preference;
THIRD: In case the principal of the Debt Securities of such Series shall have become and shall be then due and payable, to the payment of the whole amount then owing and unpaid upon all Debt Securities of such Series for principal and interest at the rate of interest specified in such Debt Securities; and in case such monies shall be insufficient to pay in full the whole amount so due and unpaid upon the Debt Securities of such Series, then to the payment of such principal and interest, without preference or priority of principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest, or of any Debt Security of such Series over any other Debt Securities of the same Series, ratably to the aggregate of such principal and accrued and unpaid interest.
Section 4.9. Unconditional Right of Holders to Receive Principal and Interest. Notwithstanding Section 4.8, each Holder of Debt Securities shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on its Debt Security on the stated maturity date for such payment expressed in such Debt Security (as such Debt Security may be amended or modified pursuant to Article Seven) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.
Section 5.1. Duties and Responsibilities of the Trustee. The Trustee is obliged to perform and undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act, its bad faith or its own willful misconduct or breach of trust, having regard to the provisions of this Indenture and/or the Terms of the Debt Securities of any Series conferring on it any trusts, powers, authorities or discretions, including (without limitation) that:
(a) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee;
(b) in the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such statements, certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform as a matter of form only to the requirements of this Indenture;
(c) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;
(d) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it with respect to Debt Securities of any Series in good faith in accordance with the direction of the Holders of not less than a Majority in aggregate principal amount Outstanding of the Debt Securities of such Series, including (without limitation) relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred upon the Trustee under this Indenture;
(e) anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee or any trustee paying agent or any Appointee of the Trustee be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee or such trustee paying agent or such Appointee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought;
(f) if a default occurs hereunder with respect to the Debt Securities of any Series, and if such default is actually known to the Trustee, the Trustee shall give the Holders of the Debt Securities of such Series notice of such default; provided however, that, in the case of any default of the character specified in Section 4.1(ii) with respect to Debt Securities of such Series, no such notice shall be given until at least 30 days after occurrence thereof. For the purpose of this Section, the term “default” means any event that is, or after notice of lapse of time or both would become, an Event of Default with respect to Debt Securities of such Series; and
(g) none of the provisions contained in this Indenture or in the terms and conditions of the Debt Securities of any Series shall require the Trustee to expend, advance or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for believing that the repayment of such funds or adequate indemnity against such liability is not satisfactorily assured to it.
In the case of Debt Securities of a Series governed by English law, Section 1 of the United Kingdom Trustee Act 2000 shall not apply to any function of the Trustee; provided that if the Trustee fails to show the degree of care and diligence required of it as trustee having regard to the provisions of this Indenture and/or the Terms of the Debt Securities of any Series conferring on it any trusts, powers, authorities or discretions, nothing in this Indenture shall relieve or indemnify it from or against any liability that would otherwise attach to it in respect of any gross negligence, willful default, breach of duty or breach of trust of which it may be guilty.
PRESIDENCIA DE LA NACION
REPUBLICA ARGENTINA

e. 07/07/2014 N° 48207/14 v. 07/07/2014