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"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
SENATE AND HOUSE OF REPRESENTATIVES
NATION ARGENTINA MEETING CONGRESS, ETC.
SANCTIONED FORCE
LAW:
Article 1 .- Revoke Laws Nos. 26,017, 26,547 and 26,886, and its rules
regulations and complementary Articles 1 to 11 inclusive, the last paragraph of
Article 12 and Articles 13 to 15 of Law No. 26,984, as well as any other law,
decree or rule that is contrary or inconsistent with the provisions of this law.
ARTICLE 2 .- amend section 42 of Law No. 27,198, which shall read
as follows:
"ARTICLE 42.- Authorize the Executive Branch, through the Ministry
OF FINANCE AND PUBLIC FINANCES, to continue the standardization of services
public debt referred to in Article 41 of this Law, under the terms of Article
65 of the Law of Financial Administration and Control Systems Public Sector
National, No. 24,156, as amended, being empowered EXECUTIVE POWER
NATIONAL to perform all acts necessary for the conclusion of that
process in order to adapt its services to the payment possibilities NATIONAL STATE
in the medium and long term.
The MINISTRY OF FINANCE AND PUBLIC FINANCES report
semiannually to HONORABLE CONGRESS OF THE NATION, the progress of the negotiations and
the agreements that arrive during the negotiation process.
The final court rulings issued against the provisions of the
Law No. 25,561, Decree No. 471 dated March 8, 2002, and its rules
Further, backsliders on such securities are included in the deferral indicated
in Article 41 of this law. "
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
ARTICLE 3 .- Ratifícanse cancellation agreements concluded between the REPUBLIC
ARGENTINA and holders of government securities (and / or their representatives) were
eligible for the swap provisions of Decree No. 1735 dated December 9, 2004 and
its complementary rules, which have not been submitted to such exchange or the provisions
by Decree No. 563 dated April 26, 2010 (Eligible Securities), which
as Annex I, in copy in English and translated into Spanish language are part
integral part of this law.
It allows the MINISTRY OF FINANCE AND PUBLIC FINANCE as
Enforcement Authority of this Act, to extend the respective periods
maturity established in the agreements mentioned cancellation.
ARTICLE 4 .- Authorize the implementing authority to make amendments and / or addenda to
cancellation agreements referred to in the preceding article while not affecting
object or their economic conditions, as well as to perform all acts
to settle the debt with the holders of Eligible Securities (and / or its
representatives) estuvieren not covered by the agreements referred Cancellation
in the preceding article, including the signing of agreements and other instruments.
In order to implement the signing of the agreements referred to in paragraph
above, the Enforcement Authority may offer:
a) all holders of Eligible Securities, a payment equal to the amount of
principal amount outstanding of its securities plus a fifty percent (50%) of the
principal amount (Offer Base). In any case, the amount payable may exceed
amount recognized by any judgment with respect to such securities more
corresponding to the application of legal interest as of January 31 legal update
2016.
The Base Offer will be implemented and implemented through:
 i) the signing of debt cancellation; Y
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
ii) a national and international offer of cash payment on delivery of Titles
Eligible public ( "cash tender offer," according to its name in English).
With respect to holders of Eligible Securities who initiated
claims before the District Court for the Southern District of New York, UNITED
STATES OF AMERICA, grouped in a class action is authorized to agree on a
additional sum to cover the administrative costs required to notify
who they are included in the respective class, under the terms of the Agreement
provided for in paragraph 4 of Annex I.
b) Those holders of Eligible Securities whose claims were
included in court orders issued by the District Court for the District
Southern New York, UNITED STATES, dated February 23, 2012,
and amended as of November 21, 2012 (the "Order" Pari Passu "Original") and
dated October 30, 2015 (the "Order" Pari Passu "Me Too" and together with the
Order "Pari Passu" Original, the "Pari Passu Orders"), the provisions of the Offer Base
provided for in paragraph a) above or, at its option, the following proposal (the "Offer
"Pari Passu" "):
i) those holders of Eligible Securities which they would be achieved by
Orders "Pari Passu" which they come down with a monetary judgment, delivered with
prior to 1 February 2016, that it finds the debt arising from Titles
Eligible public under his tenure, a payment equal to seventy percent
(70%) of legal claims (including the amount recognized in that judgment and
legal interest from the date of judgment until January 31
2016) and
ii) to those holders of Eligible Securities which they would be achieved by
Orders "Pari Passu" not they come down with a monetary judgment, delivered with
prior to 1 February 2016, that it finds the debt arising from Titles
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
Eligible public under his tenure, a payment equal to seventy percent
(70%) of legal claims (including principal amounts due plus
accrued according to the contractual interest rate and the statutory rate of interest -
"Statutory interest rate" - on the contractual interest rate until 31 January
2016, under the laws of the State of New York, UNITED STATES
AMERICA).
ARTICLE 5 .- The payments under the provisions of Articles 3 and 4 ° shall be made
dictated before a judicial order of the competent federal courts
UNITED STATES available to and involving the automatic lifting of
Orders "Pari Passu" in the terms of the so-called Tentative Order 62.1 (in language
English, "62.1 Indicative Ruling") issued by the District Court for the Southern District of New
York, UNITED STATES OF AMERICA, dated February 19, 2016 and Order
the Court of Appeals for the Second Circuit that country on February 24
2016 and with the proviso that reaches all the precautionary measures ( "injunctions")
issued against the ARGENTINA REPUBLIC by such courts.
ARTICLE 6 .- hereby ordered through the Enforcement Authority and under the present
law, the issuance of Treasury bonds of the Nation and / or hiring other operations
public borrowing for up to an original nominal value of US dollars and / or other
coins necessary to meet the payments required under this Act
It is expanded accordingly, the General Administration Budget
National for Fiscal Year 2016, approved by Law No. 27,198.
The Enforcement Authority will allocate the proceeds of these issues in
the preceding debt cancellations under this law paragraph.
ARTICLE 7 .- The holders of Eligible Securities who wish to participate in
any cancellation operation is carried out under the provisions of
this Law shall waive all rights they are entitled to under
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
these securities, including those rights which had been recognized by any
judicial or administrative judgment, award or decision of any other authority,
dictation in any jurisdiction and waive and release the ARGENTINA REPUBLIC
any judicial, administrative, arbitration or otherwise, commenced or action
You MIGHT be initiated in the future with respect to such securities or obligations of the
ARGENTINA REPUBLIC arising therefrom, including any action to
services receive principal or interest on such securities or any other accessory accreted
or expense.
ARTICLE 8 .- authorize the enforcement authority to include clauses stating
the extension of jurisdiction in favor of foreign courts, and provide for the waiver
oppose the defense of sovereign immunity solely with respect to the jurisdiction
is extended and in relation to the agreements concluded and debt issues
that are made public in accordance with the provisions of this law.
The resignation oppose the defense of immunity from jurisdiction does not imply
a waiver regarding its immunity with regard to enforcement of judgments
resulting from the extension of jurisdiction clauses, including with respect to the goods being
below:
a) any reserve CENTRAL BANK OF ARGENTINA;
b) any property belonging to the public domain located in the territory of the
REPUBLIC OF ARGENTINA, including those covered by Articles 234 and 235 of
Civil and Commercial Code of the Nation;
c) any well located within or outside the Argentine territory to provide a service
essential public;
d) any property (whether in the form of cash, bank deposits, securities, obligations
third parties or any other means of payment) of the ARGENTINA REPUBLIC, its agencies
government and other government entities related to the implementation of
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
budget, within the scope of Articles 165 to 170 of the Complementary Law
Permanent Budget No. 11,672 (T.O. 2014);
e) any goods reached by the privileges and immunities of the Vienna Convention
1961 on Diplomatic Relations and the Vienna Convention on Relations
Consular 1963, including, but not limited to, property, premises and
Argentine accounts missions;
f) any property used by a diplomatic, governmental or consular mission
ARGENTINIAN REPUBLIC;
g) taxes and / or royalties owed to the ARGENTINA REPUBLIC and rights
ARGENTINA REPUBLIC to raise taxes and / or royalties;
h) any good military character or under the control of a military authority or agency
ARGENTINA REPUBLIC defense;
i) any property forming part of the cultural heritage of the ARGENTINA REPUBLIC; Y
j) goods protected by any law of sovereign immunity is applicable.
ARTICLE 9 .- authorize the enforcement authority to perform all acts
necessary to comply with the provisions of this Act, including, without
limited to:
a) determining the periods and deadlines for participation in tenders cancellation
debt;
b) determining the times, periods, methods and procedures of issuance of
new government securities;
c) the designation of financial institutions participating in the placement
new government securities and other debt securities hiring public credit;
d) the signing of agreements with financial institutions underwriters of new securities
public airing, being provided for this purpose, payment of commissions conditions
market;
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
e) the preparation and registration of a program of government securities to agencies
control of major international capital markets;
f) the signing of agreements with fiduciary agents, payment agents
information, police custody, agents registration and rating agencies
risk necessary for both debt cancellation operations as
issue and placement of new government securities, foreseeing the payment of
fees and expenses related market conditions; Y
g) payment of other necessary expenses of registration, printing, distribution of leaflets,
translation and other associated costs, which must be able to market,
To comply with the provisions of this law.
ARTICLE 10. Exímese operations covered by this law payment
all taxes and national contributions and existing established in the future, and
exchange restrictions that may apply to the transactions referred to in
this Act.
Declare that the instruments, means and concerted operations or
concluded under the provisions of this Act and its regulations and
complementary instruments are immune Federal Government to
taxation powers of local governments.
Article 11. Excepted the operations covered by this law of the
provisions of Articles 7 and 10 of Law No. 23,928 and its amendments, and what
established under Article 765 of the Civil and Commercial Code of the Nation.
ARTICLE 12. The Application Authority within sixty (60) days
counted from the fulfillment of the condition of Article 5 of the present law,
take all necessary measures aimed at normalizing service titles
public issued within the framework of the restructuring of public debt arranged by
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
Decrees Nos. 1,735 dated December 9, 2004 and 563 dated April 26, 2010
(Hereinafter, the "Restructured Securities"), including:
i) the regularization of the situation of The Bank of New York Mellon as trustee
under the Indenture dated June 2, 2005, as amended on 30
April 2010 (the "Indenture");
ii) if necessary, hiring another institution that meets functions
trustee as set forth in the Indenture; Y
iii) the issuance of the necessary instructions for the transfer of available
funds deposited in the account "Fund Law No. 26,984 Sovereign Debt Payment
Restructured "nationhood TRUSTS SOCIEDAD ANÓNIMA on BANK
CENTRAL OF ARGENTINA corresponding accounts The
The Bank of New York Mellon, or the entity that replaces it in as agent
trustee under the Indenture, in the CENTRAL BANK OF THE REPUBLIC
ARGENTINA apply to the payment of such securities. Until it normalizes the
contractual situation with The Bank of New York Mellon as trustee under the
Trust Agreement, the Enforcement Authority may transfer funds
corresponding to future maturities of Securities Restructured to
NATION TRUSTS SOCIEDAD ANÓNIMA, entity that by this act
designated as transition payment agent for subsequent transfer agent
trustee under the Indenture, without the provisions of this Article
involve any change to this Trust Agreement.
ARTICLE 13.- hereby appointed to the MINISTRY OF FINANCE AND PUBLIC FINANCE as
Enforcement Authority of this Act, may issue clarifying rules and
Further it may be necessary to implement the implementation of this
rule. It may delegate to the authorities designated by it powers
conferred by this law.
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
ARTICLE 14.- hereby empowered the Chief of the Cabinet of Ministers to make the
budget adjustments that are relevant to comply with the
provisions of this law.
ARTICLE 15. Payments under this Act shall be served under the
budget item "Fees and Expenses of the Public Debt" for the
Jurisdiction 90.
ARTICLE 16.- This law is of public order and will be effective from day 1
April 2016.
ARTICLE 17.- Contact the National Executive Power.
"2016 - YEAR OF THE BICENTENNIAL OF THE DECLARATION OF NATIONAL INDEPENDENCE"
ANNEX I
Ratification of agreements termination
1. Agreement signed with the Associazione per la tutela degli Investitori in titoli
argentini (Task Force Argentina) as of January 31, 2016
2. MS Lt Agreement signed in date February 3, 2016
3. Agreement signed with Montreux Partners L.P. as of February 3, 2016
4. Agreement signed with the class Brecher date February 16, 2016
5. Agreement signed with Capital Markets Financial Services Inc. on 17th
February 2016
6. Agreement signed with Old Castle Holdings, Ltd. as of February 18, 2016
7. Agreement signed with Lightwater Corporation Limited on 18 February
2016
8. Agreement signed with VR Global Partners, LP as of February 19, 2016
9. Agreement signed with Procella Holdings LP as of February 19, 2016
10. Subscribed Capital Ventures International Agreements on 19 February
2016
11. Agreement signed with Lorenzo Maurizio Piol date February 23, 2016
12. Agreement signed with Martin Vefling and Arild Vefling on 23 February
2016
13. Pascoli agreements entered into with Carlina as of February 24, 2016
14. Agreement signed with Schivardi Dissette Carlo and Adriana on February 24
2016
15. Agreement signed with Roberto Fiore as of February 25, 2016
16. Agreement signed with Biagini Alfio as of February 26, 2016
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17. agreements entered into with Renzo Beltramo and Paola Botta on 26 February
2016
18. Gerhard agreements entered into with Tenner as of February 26, 2016
19. Agreement signed with Paolo and Paola Ercolani Adriana Aiello on 28
February 2016
20. Agreement signed with Tortus Capital Master Fund LP on 29 February
2016
21. Agreement signed with NML Capital, Ltd., Aurelius Capital Master, Ltd., ACP
Master, Ltd., Aurelius Opportunities Fund II, LLC, Aurelius Capital Partners, LP,
Blue Angel Capital I, LLC, Olifant Fund, Ltd., FYI, Ltd. and FFI Fund, Ltd. in date
February 29, 2016