Section 4.2. Acceleration of Maturity, Rescission and Annulment. // die Kündigung der Umschuldungsbonds bei Zahlungsversuch ist leider nicht mehr so einfach wie bei unseren DM-Altanleihen......

Section 4.2. Acceleration of Maturity, Rescission and Annulment. Upon the
occurrence and during the continuance of an Event of Default with respect to Debt Securities of
any Series, the Holders of at least 25% in aggregate principal amount of the Debt Securities of
such Series then Outstanding may by written notice given to the Republic (with a copy to the
Trustee) declare the Debt Securities of such Series to be immediately due and payable; and upon
such declaration the principal amount of the Debt Securities of such Series and the accrued
interest on the Debt Securities of such Series will become immediately due and payable upon the
date that such written notice is received at the office of the Trustee, unless prior to such date all
Events of Default in respect of the Debt Securities of such Series have been cured.
Notwithstanding the foregoing, in the case of an Event of Default specified in clauses (ii) or (v)
of Section 4.1, the principal amount of and the accrued interest on the Debt Securities of the
affected Series may only be declared immediately due and payable if such event is materially
prejudicial to the interests of the Holders of the Debt Securities of such Series. The right to give
such acceleration notice will terminate if the event giving rise to such right has been cured before
such right is exercised. Holders holding in the aggregate at least 50% in principal amount of the
then Outstanding Debt Securities of such Series may waive any existing defaults, and rescind or
annul any notice of acceleration, on behalf of all Holders of Debt Securities of such Series, if
(A) following the declaration of the Debt Securities of such Series due and payable immediately,
the Republic has deposited with the Trustee or a trustee paying agent an amount sufficient to pay
all overdue installments of principal, interest and Additional Amounts in respect of the Debt
Securities of such Series (with interest on overdue amounts of interest, to the extent permitted by
law, and on such principal of each of the Debt Securities of such Series at the rate of interest
applicable thereto, to the date of such payment or interest) as well as the reasonable fees and
compensation of the Trustee; and (B) all other Events of Default have been remedied. In the
event of a declaration of acceleration because of an Event of Default set forth in clause (iii) of
Section 4.1, such declaration of acceleration shall be automatically rescinded and annulled if the
event triggering such Event of Default pursuant to such clause (iii) shall be remedied, cured or
waived by the Holders of the relevant indebtedness, within 60 days after such event.

[New York #1312305 v15]   Seite 21

THE REPUBLIC OF ARGENTINA
as Issuer
and
THE BANK OF NEW YORK
as Trustee
TRUST INDENTURE
dated as of June 2, 2005
_______________
DEBT SECURITIES



[New York #1312305 v15]  das ist eine typische Cleary-Dokumenten-Bezeichnung