Common use of Payments of Principal and Interest Clause in Contracts

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate with respect to such destruction.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee upon receipt of immediately available funds from the Company will pay the principal amount of of, and premium, if any, and interest on, each Certificated Note at maturity and on the final installment of interest Maturity Date in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturityon the Maturity Date, will be made by check drawn on mailed to the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to address of the person entitled thereto as provided such address shall appear in the Indenture and Certificated Note. HoweverSecurity Register; provided, however, that holders of $1,000,000, or the equivalent amount in a specified currency, 10,000,000 or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive such interest payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent Trustee not less than 15 days prior the Regular Record Date relating to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list of the principal principal, premium, if any, and interest in each currency (if then ascertainable) to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity Trustee on the Maturity Date for payment will be canceled by the Paying AgentTrustee. All canceled Certificated Notes held by the Paying Agent Trustee shall be destroyeddisposed of in accordance with its customary procedures, and the Paying Agent Trustee shall furnish to the Company a certificate with respect to such destruction.disposition. Settlement Procedures: Settlement Procedures with regard to each Certificated Note purchased by an Agent, as principal, or through an Agent, as agent, shall be as follows:

Payments of Principal and Interest. Upon presentment and delivery (a) Interest or principal payable on any Bond that is punctually paid out of the Certificated NoteCollateral Proceeds Account pursuant to Section 3.03 or duly provided for by the Issuer on the applicable Payment Date or Redemption Date shall be paid to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Date for such applicable Payment Date or Redemption Date by payment to the Depository, which shall credit the Trustee will pay the principal amount of each Certificated Note at maturity and such payments to the final installment accounts of interest its Depository Participants in immediately available funds. All other interest payments on a Certificated Noteaccordance with its normal procedures, other than interest due at maturityprovided that in the event the Bonds are no longer maintained as Book-Entry Bonds, will payment shall be made by check drawn mailed to such Person's address as it appears in the Bond Register on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent such Record Date or upon prior notice given to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturityTrustee, by wire transfer of immediately available funds to the accounts specified by such Person, except for the final payment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if appropriate wire transfer instructions have been received such redemption will result in writing payment of the then entire unpaid principal amount of such Bond), which shall be payable as provided in subsection (b) of this Section 3.02. Each Depository Participant shall be responsible for disbursing such payments to the Bond Owners of the Book-Entry Bonds that it represents and to each brokerage firm for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Bond Owners of the Book-Entry Bonds that it represents. All such credits and disbursements are to be made by the Paying Agent not less than 15 days prior to Depository and the applicable Interest Payment Date. Any wire transfer instructions received by Depository Participants in accordance with the Paying Agent shall remain in effect until revoked by the Holder provisions of the NoteBonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal or interest required to payable on any Bond which otherwise would be made due and payable on an Interest Payment Date or at maturity of a Note day which is not a Business Day (as defined below) need not shall be made on such day, but may be made payable on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly be deemed to the Company a list of the principal and interest in each currency to be have been paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes such non-Business Day on interest paid as required by applicable law, but shall be relieved from any which such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate with respect to such destructionwas otherwise payable.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments (a) Payments on a Certificated Note, other than interest due at maturity, Notes issued as Book-Entry Notes will be made by check drawn or on behalf of the Indenture Trustee to the Clearing Agency or its nominee. Any installment of interest or principal payable on any Definitive Notes that is punctually paid or duly provided for by the Issuer on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent applicable Payment Date shall be paid to the person entitled thereto as provided Person in the Indenture and Certificated Note. However, holders of $1,000,000, whose name such Note (or the equivalent amount in a specified currency, one or more in aggregate principal amount Predecessor Notes) is registered at the close of Certificated business on the Record Date for such Class of Notes and such Payment Date by either (whether having identical or different terms and provisionsi) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds to the account of a Noteholder, if appropriate wire transfer such Noteholder has provided the Indenture Trustee with wiring instructions have been received in writing by the Paying Agent not less than 15 days five (5) Business Days prior to the applicable Interest Payment Date. Any wire transfer related Record Date or has provided the Indenture Trustee with such instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest for any previous Payment Date or at maturity of a (ii) check mailed to such Person’s address as it appears in the Note which is not a Business Day (as defined below) need not be made Register on such dayRecord Date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue except for the period from and after such Interest Payment date final installment of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate payable with respect to such destructionNote, which shall be payable as provided in subsection (b) of this Section 2.08. A fee may be charged by the Indenture Trustee to a Holder of Definitive Notes for any payment made by wire transfer. Any installment of interest or principal not punctually paid or duly provided for shall be payable as soon as funds are available to the Indenture Trustee for payment thereof, or if Section 5.07 applies, pursuant to Section 5.07. Payments on Certificates will be made by or on behalf of the Indenture Trustee to or at the direction of the Person in whose name such Certificate is registered by either (i) wire transfer of immediately available funds to the account directed by a Certificateholder, if such Certificateholder (A) is Accredited Home Lenders, Inc. or its affiliate and (B) has provided the Indenture Trustee with wiring instructions in writing by five (5) Business Days prior to the related payment Date or has provided the Indenture Trustee with such instructions for any previous Payment Date or (ii) check mailed to such Person’s address as it appears in the Certificate Register on such Record Date. A fee may be charged by the Indenture Trustee to a Certificateholder for any payment made by wire transfer. The Indenture Trustee shall be entitled to rely on information provided by the Owner Trustee as Certificate Registrar as to all matters related to the Certificate Registrar and the Certificates.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments (a) Payments on a Certificated Note, other than interest due at maturity, Notes issued as Book-Entry Notes will be made by check drawn or on behalf of the Indenture Trustee to the Clearing Agency or its nominee. Any installment of interest or principal payable on any Definitive Notes that is punctually paid or duly provided for by the Trust on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent applicable Payment Date shall be paid to the person entitled thereto as provided Person in the Indenture and Certificated Note. However, holders of $1,000,000, whose name such Note (or the equivalent amount in a specified currency, one or more in aggregate principal amount Predecessor Notes) is registered at the close of Certificated business on the Record Date for such Class of Notes and such Payment Date by either (whether having identical or different terms and provisionsi) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds to the account of a Noteholder, if appropriate wire transfer such Noteholder (a) is the registered holder of Definitive Notes having an initial principal amount of at least $1,000,000 and (b) has provided the Indenture Trustee with wiring instructions have been received in writing by the Paying Agent not less than 15 days five (5) Business Days prior to the applicable Interest Payment Date. Any wire transfer related Record Date or has provided the Indenture Trustee with such instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest for any previous Payment Date or at maturity of a (ii) check mailed to such Person's address as it appears in the Note which is not a Business Day (as defined below) need not be made Register on such dayRecord Date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue except for the period from and after such Interest Payment date final installment of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate payable with respect to such destructionNote, which shall be payable as provided in subsection (b) of this Section 2.08. A fee may be charged by the Indenture Trustee to a Holder of Definitive Notes for any payment made by wire transfer. Any installment of interest or principal not punctually paid or duly provided for shall be payable as soon as funds are available to the Indenture Trustee for payment thereof, or if Section 5.07 applies, pursuant to Section 5.07. Payments on Certificates will be made by or on behalf of the Indenture Trustee to or at the direction of the Person in whose name such Certificate is registered by either (i) wire transfer of immediately available funds to the account directed by a Certificateholder, if such Certificateholder (A) is Accredited Home Lenders, Inc. and (B) has provided the Indenture Trustee with wiring instructions in writing by five (5) Business Days prior to the related payment Date or has provided the Indenture Trustee with such instructions for any previous Payment Date or (ii) check mailed to such Person's address as it appears in the Certificate Register on such Record Date. A fee may be charged by the Indenture Trustee to a Certificateholder for any payment made by wire transfer. The Indenture Trustee shall be entitled to rely on information provided by the Owner Trustee as Certificate Registrar as to all matters related to the Certificate Registrar and the Certificates.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity Maturity and the final installment of interest in immediately available fundsfunds received from the Company. All other interest payments on a Certificated Note, other than interest due at maturityMaturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, ten million dollars or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturityMaturity, by wire transfer of in immediately available funds if appropriate wire transfer instructions have been received to a designated account maintained in writing the United States upon receipt by the Paying Agent Trustee of written instructions from such a holder not less later than 15 days prior to the applicable regular Record Date for the related Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity Maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity DateDate or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent Trustee at maturity Maturity for payment will be canceled cancelled by the Paying AgentTrustee. All canceled Certificated cancelled Notes held by the Paying Agent Trustee shall be destroyed, and the Paying Agent Trustee shall furnish to the Company a certificate with respect to such destruction.. Settlement Procedures: Settlement Procedures with regard to each Note purchased through any Agent, as agent, shall be as follows:

Payments of Principal and Interest. Upon presentment Interest (and delivery of the Certificated Noteprincipal, the Trustee will pay the principal amount of each Certificated Note if any, payable other than at maturity and the final installment of interest Stated Maturity or upon acceleration or redemption) shall be paid in immediately available fundsfunds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; provided that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the Person to whom principal will be payable; provided further, that if and to the extent IRSA defaults in the payment of the interest, including any Additional Amounts, due on such Interest Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Person in whose names such Securities are registered at the end of a subsequent record date established by IRSA by notice given by mail by or on behalf of IRSA to the Holders of the Securities not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest. All Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the Series of such Securities, the first payment of interest on any Security originally issued between a Regular Record Date and an Interest Payment Date shall be made on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner at the close of business on such next succeeding Regular Record Date. Unless otherwise specified in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the Series of such Securities, the “Regular Record Date” with respect to any Security will be the date fifteen (15) calendar days prior to each Interest Payment Date, whether or not such date is a Business Day. Payments of the principal of and any premium, interest, Additional Amounts and other interest amounts on or in respect of any Security at Stated Maturity or upon acceleration or redemption shall be made to the registered Holder on such date in immediately available funds upon surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; provided that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on a Certificated Note, or in respect of Securities to be made other than interest due at maturity, will Stated Maturity or upon redemption shall be made by check drawn mailed on or before the Trustee as Paying Agent and mailed by the Trustee as Paying Agent due date for such payments to the person address of the Person entitled thereto as provided it appears in the Indenture Register; provided that (a) DTC and Certificated Note. Howeverthe Common Depositary, holders as Holders of $1,000,000the Global Securities, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interestinterest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or the approximate equivalent thereof in a Specified Currency other than at maturity, U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to receive payments of interest by wire transfer of immediately available funds if appropriate wire transfer instructions to an account maintained by such Holder at a bank located in the United States as may have been received appropriately designated by such Holder to the Trustee in writing by the Paying Agent not less no later than 15 fifteen (15) days prior to the applicable Interest Payment Date. Any date such payment is due and (c) to the extent that the Holder of a Security issued and denominated in a Specified Currency other than U.S. dollars elects to receive payment of the principal of and any premiums, interest, Additional Amounts and other amounts on or in respect of such Security at Stated Maturity or upon redemption in such Specified Currency, such payment, except in circumstances described in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer instructions received of immediately available funds to an account specified in writing not less than fifteen (15) days prior to the date such payment is due by the Paying Agent Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Holder. If the principal of or any premium, interest, Additional Amounts or other amounts on any Security is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond IRSA’s control, or is no longer used by the government of the country issuing such currency or for settlement of transactions by public institutions of or within the international banking community, then IRSA, until revoked such currency is again available or so used, will be entitled, to the extent permitted by Argentine law, to satisfy its obligations to the Holder of such Securities by making such payment in U.S. dollars at the NoteExchange Rate for such Specified Currency on the Payment Date. Any The making of any payment in respect of principal any Security in U.S. dollars under the foregoing circumstances will not constitute an Event of Default under such Security. If so specified in the resolutions of the Board of Directors or interest required indenture supplemental hereto related to a Series of Securities denominated in a Specified Currency other than U.S. dollars, payments of principal, interest, Additional Amounts or other amounts on or in respect of any such Security shall, to the extent permitted by applicable law, be made in U.S. dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of such Security on an Interest Payment the relevant Regular Record Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Stated Maturity, as the case may be, has transmitted a written request for such payment in U.S. dollars to the Trustee and no interest shall accrue for the period from and after applicable Paying Agent on or prior to such Interest Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any such request made with respect to any Security by a Holder will remain in effect with respect to any further payments of principal, interest, Additional Amounts or other amounts on or in respect of such Security payable to such Holder, unless such request is revoked on or prior to the relevant Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. The U.S. dollar amount to be received by a Holder of a Security denominated in a Specified Currency other than U.S. dollars who elects to receive payment in U.S. dollars will be based on the Exchange Rate, on the second (2nd) Business Day next preceding the applicable Payment date of Maturity Date. The Trustee will provide monthly to If Exchange Rate quotations are not available on the Company a list of second (2nd) Business Day preceding the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable lawPayment Date, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled made in the Specified Currency. All currency exchange costs associated with any payment in U.S. dollars on any Security denominated in a Specified Currency other that U.S. dollars will be borne by the Paying Holder thereof by deductions from payment of the currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. All canceled Certificated Notes held by Unless otherwise specified in the Paying Agent shall be destroyedterms of a Series of Securities, and Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the Paying Agent shall furnish to event of an official redenomination of the Company a certificate currency, the obligations of IRSA with respect to payments on such destructionSecurities shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

Payments of Principal and Interest. Upon presentment Interest (and delivery of the Certificated Noteprincipal, the Trustee will pay the principal amount of each Certificated Note if any, payable other than at maturity and the final installment of interest Stated Maturity or upon acceleration or redemption) shall be paid in immediately available fundsfunds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; provided that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the Person to whom principal will be payable; provided further, that if and to the extent IRSA defaults in the payment of the interest, including any Additional Amounts, due on such Interest Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Person in whose names such Securities are registered at the end of a subsequent record date established by IRSA by notice given by mail by or on behalf of IRSA to the Holders of the Securities not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest. All Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the Series of such Securities, the first payment of interest on any Security originally issued between a Regular Record Date and an Interest Payment Date shall be made on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner at the close of business on such next succeeding Regular Record Date. Unless otherwise specified in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the Series of such Securities, the “Regular Record Date” with respect to any Security will be the date fifteen (15) calendar days prior to each Interest Payment Date, whether or not such date is a Business Day. Payments of the principal of and any premium, interest, Additional Amounts and other interest amounts on or in respect of any Security at Stated Maturity or upon acceleration or redemption shall be made to the registered Holder on such date in immediately available funds upon surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; provided that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on a Certificated Note, or in respect of Securities to be made other than interest due at maturity, will Stated Maturity or upon redemption shall be made by check drawn mailed on or before the Trustee as Paying Agent and mailed by the Trustee as Paying Agent due date for such payments to the person address of the Person entitled thereto as provided it appears in the Indenture Register; provided that (a) DTC and Certificated Note. Howeverthe Common Depositary, holders as Holders of $1,000,000the Global Securities, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interestinterest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or the 11924629 approximate equivalent thereof in a Specified Currency other than at maturity, U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to receive payments of interest by wire transfer of immediately available funds if appropriate wire transfer instructions to an account maintained by such Holder at a bank located in the United States as may have been received appropriately designated by such Holder to the Trustee in writing by the Paying Agent not less no later than 15 fifteen (15) days prior to the applicable Interest Payment Date. Any date such payment is due and (c) to the extent that the Holder of a Security issued and denominated in a Specified Currency other than U.S. dollars elects to receive payment of the principal of and any premiums, interest, Additional Amounts and other amounts on or in respect of such Security at Stated Maturity or upon redemption in such Specified Currency, such payment, except in circumstances described in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer instructions received of immediately available funds to an account specified in writing not less than fifteen (15) days prior to the date such payment is due by the Paying Agent Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Holder. If the principal of or any premium, interest, Additional Amounts or other amounts on any Security is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond IRSA’s control, or is no longer used by the government of the country issuing such currency or for settlement of transactions by public institutions of or within the international banking community, then IRSA, until revoked such currency is again available or so used, will be entitled, to the extent permitted by Argentine law, to satisfy its obligations to the Holder of such Securities by making such payment in U.S. dollars at the NoteExchange Rate for such Specified Currency on the Payment Date. Any The making of any payment in respect of principal any Security in U.S. dollars under the foregoing circumstances will not constitute an Event of Default under such Security. If so specified in the resolutions of the Board of Directors or interest required indenture supplemental hereto related to a Series of Securities denominated in a Specified Currency other than U.S. dollars, payments of principal, interest, Additional Amounts or other amounts on or in respect of any such Security shall, to the extent permitted by applicable law, be made in U.S. dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of such Security on an Interest Payment the relevant Regular Record Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Stated Maturity, as the case may be, has transmitted a written request for such payment in U.S. dollars to the Trustee and no interest shall accrue for the period from and after applicable Paying Agent on or prior to such Interest Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any such request made with respect to any Security by a Holder will remain in effect with respect to any further payments of principal, interest, Additional Amounts or other amounts on or in respect of such Security payable to such Holder, unless such request is revoked on or prior to the relevant Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. The U.S. dollar amount to be received by a Holder of a Security denominated in a Specified Currency other than U.S. dollars who elects to receive payment in U.S. dollars will be based on the Exchange Rate, on the second (2nd) Business Day next preceding the applicable Payment date of Maturity Date. The Trustee will provide monthly to If Exchange Rate quotations are not available on the Company a list of second (2nd) Business Day 11924629 preceding the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable lawPayment Date, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled made in the Specified Currency. All currency exchange costs associated with any payment in U.S. dollars on any Security denominated in a Specified Currency other that U.S. dollars will be borne by the Paying Holder thereof by deductions from payment of the currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. All canceled Certificated Notes held by Unless otherwise specified in the Paying Agent shall be destroyedterms of a Series of Securities, and Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the Paying Agent shall furnish to event of an official redenomination of the Company a certificate currency, the obligations of IRSA with respect to payments on such destructionSecurities shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

Payments of Principal and Interest. Upon presentment (a) Each payment of principal of and delivery interest on a Book Entry Bond shall be paid to the Depository, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such payments to the Beneficial Owners of the Certificated NoteBook Entry Bonds that it represents and to each indirect participating brokerage firm (a "brokerage firm" or "indirect participating firm") for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Beneficial Owners of the Book Entry Bonds that it represents. All such credits and disbursements are to be made by the Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee, the Trustee will pay Bond Registrar nor the Issuer shall have any responsibility for such credits and disbursements. Each payment of principal amount of each Certificated Note and interest on a Definitive Bond shall be paid to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered at maturity and the close of business on the Record Date or Redemption Record Date, for such Payment Date or Redemption Date, by check mailed to such Person's address as it appears in the Bond Register on such Record Date or the Redemption Record Date, except for the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate payable with respect to such destructionBond, which shall be payable as provided in Section 2.09(b). All payments of principal of and interest on the Bonds shall be made only from the Trust Estate and any other assets of the Issuer, and each Holder of the Bonds, by its acceptance of the Bonds, agrees that it shall have recourse solely against such Trust Estate and such other assets of the Issuer and that neither the Owner Trustee in its individual capacity, the Owner nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for any amounts payable, or performance due, under the Bonds or this Indenture.

Payments of Principal and Interest. Upon presentment and delivery Exercise of Optional Repayment (Except Pursuant to Company's Exercise of Optional Reset or Optional Extension): Trustee notice to Company of Option to be Repaid. Upon receipt of notice of exercise of the Certificated Noteoption for repayment and the Book-Entry Notes to be repaid as set forth in such Notes, the Trustee for such Book-Entry Notes shall (unless such notice was received pursuant to the Company's exercise of an optional reset or an optional extension of maturity, in each of which cases the relevant procedures set forth above shall be followed) give notice to the Company not less than 20 days prior to each Optional Repayment Date of such Optional Repayment Date and of the principal amount of Book-Entry Notes to be repaid on such Optional Repayment Date. Failure to Settle: If the Trustee fails to enter an SDFS deliver order with respect to a Book-Entry Note pursuant to Settlement Procedure "F", upon written direction from the Company, the Trustee may deliver to DTC, through DTC's Participant Terminal System, as soon as practicable a withdrawal message instructing DTC to debit such Note to the Trustee's participant account, provided that the Trustee's participant account contains a principal amount of the Global Security representing such Note that is at least equal to the principal amount to be debited. If a withdrawal message is processed with respect to all the Book-Entry Notes represented by a Global Security, the Trustee will pay mark such Global Security "canceled", make appropriate entries in the principal amount Trustee's records and send such canceled Global Security to the Company. The CUSIP number assigned to such Global Security shall, in accordance with CUSIP Service Bureau procedures, be canceled and not immediately reassigned. If a withdrawal message is processed with respect to one or more, but not all, of each Certificated the Book-Entry Notes represented by a Global Security, the Trustee will exchange such Global Security for two Global Securities, one of which shall represent such Book-Entry Note at maturity or Notes and shall be canceled immediately after issuance and the final installment other of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on which shall represent the Trustee as Paying Agent and mailed remaining Book-Entry Notes previously represented by the Trustee as Paying Agent surrendered Global Security and shall bear the CUSIP number of the surrendered Global Security. If the purchase price for any Book-Entry Note is not timely paid to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate Participants with respect to such destructionNote by the beneficial purchaser thereof (or a person, including an indirect participant in DTC, acting on behalf of such purchaser), such Participants and, in turn, the Agent may enter SDFS deliver orders through DTC's Participant Terminal System reversing the orders entered pursuant to Settlement Procedures "F" and "G", respectively. Thereafter, the Trustee will deliver the withdrawal message and take the related actions described in the preceding paragraph. Notwithstanding the foregoing, upon any failure to settle with respect to a Book-Entry Note, DTC may take any actions in accordance with its SDFS operating procedures then in effect. In the event of a failure to settle with respect to one or more, but not all, of the Book-Entry Notes to have been represented by a Global Security, the Trustee will provide, in accordance with Settlement Procedures "D" and "F", for the authentication and issuance of a Global Security representing the Book-Entry Notes to be represented by such Global Security and will make appropriate entries in its records.

Payments of Principal and Interest. Upon presentment and delivery (a) Interest or principal payable on any Bond that is punctually paid out of the Certificated NoteCollateral Proceeds Account pursuant to Section 3.03 or duly provided for by the Issuer on the applicable Payment Date or Redemption Date shall be paid to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Date for such applicable Payment Date or Redemption Date by payment to the Depository, which shall credit the Trustee will pay the principal amount of each Certificated Note at maturity and such payments to the final installment accounts of interest its Depository Participants in immediately available funds. All other interest payments on a Certificated Noteaccordance with its normal procedures, other than interest due at maturityprovided that in the event the Bonds are no longer maintained as Book-Entry Bonds, will payment shall be made by check drawn mailed to such Person's address as it appears in the Bond Register on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent such Record Date or upon prior notice given to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturityTrustee, by wire transfer of immediately available funds to the accounts specified by such Person, except for the final payment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if appropriate wire transfer instructions have been received such redemption will result in writing payment of the then entire unpaid principal amount of such Bond), which shall be payable as provided in subsection (b) of this Sec tion 3.02. Each Depository Participant shall be responsible for disbursing such payments to the Bond Owners of the Book-Entry Bonds that it represents and to each brokerage firm for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Bond Owners of the Book-Entry Bonds that it represents. All such credits and disbursements are to be made by the Paying Agent not less than 15 days prior to Depository and the applicable Interest Payment Date. Any wire transfer instructions received by Depository Participants in accordance with the Paying Agent shall remain in effect until revoked by the Holder provisions of the NoteBonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise pro vided by applicable law. Any payment of interest or principal or interest required to payable on any Bond which otherwise would be made due and payable on an Interest Payment Date or at maturity of a Note day which is not a Business Day (as defined below) need not shall be made on such day, but may be made payable on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly be deemed to the Company a list of the principal and interest in each currency to be have been paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes such non-Business Day on interest paid as required by applicable law, but shall be relieved from any which such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate with respect to such destructionwas otherwise payable.

Payments of Principal and Interest. Upon presentment and delivery If not sooner paid, the outstanding principal amount of the Certificated NoteLoan, together with all accrued and unpaid interest thereon and all other amounts owing hereunder, shall be due and payable on the Trustee will pay Maturity Date. All principal payments of the Loan shall be accompanied by accrued interest on the principal amount being repaid to the date of each Certificated Note at maturity and the final installment of interest in immediately available fundspayment. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn Interest on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) Loan shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received due and payable monthly in writing by the Paying Agent not less than 15 days prior to the applicable arrears on each Interest Payment Date. Any wire transfer instructions received The Borrowers shall pay to the Lender upon the Borrowers' receipt thereof all Rights Offering Proceeds, which amounts shall be applied by the Paying Agent shall remain in effect until revoked Lender pursuant to SECTION 2.07 below. All payments by the Holder Borrowers pursuant to this Agreement, the Note or any other Loan Document, whether in respect of principal, interest, or otherwise, shall be made without setoff or counterclaim (other than reimbursement or offset of the NoteInitial Fee to the extent required pursuant to SECTION 2.10 below) in same day funds by the Borrowers to the Lender. Any payment of principal The Borrowers shall have the right at any time and from time to time to prepay the advances under the Loan in whole or interest in part without premium or penalty upon at least one (1) Business Day's prior written notice to the Lender. All payments required to be made to the Lender shall be made not later than 11:00 a.m., Chicago time, on an Interest Payment Date or at maturity of the date due by wire transfer to such account as the Lender shall specify from time to time by notice to the Borrowers. Funds received after that time shall be deemed to have been received by the Lender on the next following Business Day. Whenever any payment to be made shall otherwise be due on a Note day which is not a Business Day (as defined below) need not be made on Day, such day, but may payment shall be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date extension of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but time shall be relieved from any included in computing interest, if any, in connection with such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate with respect to such destructionpayment.

Payments of Principal and Interest. Upon presentment Interest (and delivery of the Certificated Noteprincipal, the Trustee will pay the principal amount of each Certificated Note if any, payable other than at maturity and the final installment of interest Stated Maturity or upon acceleration or redemption) shall be paid in immediately available fundsfunds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; provided that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the Person to whom principal will be payable; provided further, that if and to the extent APSA defaults in the payment of the interest, including any Additional Amounts, due on such Interest Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Person in whose names such Securities are registered at the end of a subsequent record date established by APSA by notice given by mail by or on behalf of APSA to the Holders of the Securities not less than fifteen (15) days preceding such subsequent record date, such record date to be not less than fifteen (15) days preceding the date of payment in respect of such defaulted interest. All Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the Series of such Securities, the first payment of interest on any Security originally issued between a Regular Record Date and an Interest Payment Date shall be made on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner at the close of business on such next succeeding Regular Record Date. Unless otherwise specified in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the Series of such Securities, the “Regular Record Date” with respect to any Security will be the date fifteen (15) calendar days prior to each Interest Payment Date, whether or not such date is a Business Day. Payments of the principal of and any premium, interest, Additional Amounts and other interest amounts on or in respect of any Security at Stated Maturity or upon acceleration or redemption shall be made to the registered Holder on such date in immediately available funds upon surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent; provided that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on a Certificated Note, or in respect of Securities to be made other than interest due at maturity, will Stated Maturity or upon redemption shall be made by check drawn mailed on or before the Trustee as Paying Agent and mailed by the Trustee as Paying Agent due date for such payments to the person address of the Person entitled thereto as provided it appears in the Indenture Register; provided that (a) DTC and Certificated Note. Howeverthe Common Depositary, holders as Holders of $1,000,000the Global Securities, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interestinterest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or the approximate equivalent thereof in a Specified Currency other than at maturity, U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to receive payments of interest by wire transfer of immediately available funds if appropriate wire transfer instructions to an account maintained by such Holder at a bank located in the United States as may have been received appropriately designated by such Holder to the Trustee in writing by the Paying Agent not less no later than 15 fifteen (15) days prior to the applicable Interest Payment Date. Any date such payment is due and (c) to the extent that the Holder of a Security issued and denominated in a Specified Currency other than U.S. dollars elects to receive payment of the principal of and any premiums, interest, Additional Amounts and other amounts on or in respect of such Security at Stated Maturity or upon redemption in such Specified Currency, such payment, except in circumstances described in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer instructions received of immediately available funds to an account specified in writing not less than fifteen (15) days prior to the date such payment is due by the Paying Agent Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Holder. If the principal of or any premium, interest, Additional Amounts or other amounts on any Security is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond APSA’s control, or is no longer used by the government of the country issuing such currency or for settlement of transactions by public institutions of or within the international banking community, then APSA, until revoked such currency is again available or so used, will be entitled, to the extent permitted by Argentine law, to satisfy its obligations to the Holder of such Securities by making such payment in U.S. dollars at the NoteExchange Rate for such Specified Currency on the Payment Date. Any The making of any payment in respect of principal any Security in U.S. dollars under the foregoing circumstances will not constitute an Event of Default under such Security. If so specified in the resolutions of the Board of Directors or interest required indenture supplemental hereto related to a Series of Securities denominated in a Specified Currency other than U.S. dollars, payments of principal, interest, Additional Amounts or other amounts on or in respect of any such Security shall, to the extent permitted by applicable law, be made in U.S. dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of such Security on an Interest Payment the relevant Regular Record Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Stated Maturity, as the case may be, has transmitted a written request for such payment in U.S. dollars to the Trustee and no interest shall accrue for the period from and after applicable Paying Agent on or prior to such Interest Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any such request made with respect to any Security by a Holder will remain in effect with respect to any further payments of principal, interest, Additional Amounts or other amounts on or in respect of such Security payable to such Holder, unless such request is revoked on or prior to the relevant Regular Record Date or the date that is fifteen (15) days prior to the Stated Maturity, as the case may be. The U.S. dollar amount to be received by a Holder of a Security denominated in a Specified Currency other than U.S. dollars who elects to receive payment in U.S. dollars will be based on the Exchange Rate, on the second (2nd) Business Day next preceding the applicable Payment date of Maturity Date. The Trustee will provide monthly to If Exchange Rate quotations are not available on the Company a list of second (2nd) Business Day preceding the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable lawPayment Date, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled made in the Specified Currency. All currency exchange costs associated with any payment in U.S. dollars on any Security denominated in a Specified Currency other that U.S. dollars will be borne by the Paying Holder thereof by deductions from payment of the currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. All canceled Certificated Notes held by Unless otherwise specified in the Paying Agent shall be destroyedterms of a Series of Securities, and Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the Paying Agent shall furnish to event of an official redenomination of the Company a certificate currency, the obligations of APSA with respect to payments on such destructionSecurities shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

Payments of Principal and Interest. Upon presentment and delivery For each Term Loan, Borrower shall pay to the Agent, for the ratable benefit of the Certificated NoteLenders, (i) six (6) consecutive payments of interest only (payable in arrears) at the Trustee will pay rate of interest determined in accordance with Section 2.3(a) on the first day of each calendar month (a “Scheduled Payment Date”) commencing on the first day of the second calendar month occurring after the month during which such Term Loan was made and (ii) thirty-six (36) equal consecutive payments of principal and interest (payable in arrears) at the rate of interest determined in accordance with Section 2.3(a) (a “Scheduled Payment”) on each Scheduled Payment [*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. Date commencing on the first day of the eighth calendar month occurring after the month during which such Term Loan was made. The amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any such payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for be calculated by the period from Agent and after such Interest Payment date of Maturity Date. The Trustee will provide monthly shall be sufficient to the Company a list of fully amortize the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate due with respect to the applicable Term Loan over such destructionrepayment period. Notwithstanding the foregoing, all unpaid principal and accrued interest with respect to a Term Loan is due and payable in full to Agent, for the ratable benefit of Lenders, on the earlier of (A) the first day of the forty-third (43rd) month following the date such Term Loan was made or (B) the date that such Term Loan otherwise becomes due and payable hereunder, whether by acceleration of the Obligations pursuant to Section 8.2 or otherwise (the earlier of (A) or (B), the “Applicable Term Loan Maturity Date”). Each Scheduled Payment, when paid, shall be applied first to the payment of accrued and unpaid interest on the applicable Term Loan and then to unpaid principal balance of such Term Loan. Without limiting the foregoing, all Obligations shall be due and payable on the Applicable Term Loan Maturity Date for the last Term Loan made. Notwithstanding any provision in this Agreement to the contrary, all unpaid principal and accrued interest with respect to each Term Loan and all other Obligations hereunder shall become due and payable in full on the earlier to occur of (such earlier date, the “Final Maturity Date”): (1) the Applicable Term Loan Maturity Date for the last Term Loan made hereunder or (2) the date that is 91 days before the first date on which any holders of the Series E preferred stock proposed to be issued by Borrower pursuant to Section 7.2(g) shall have any contractual right or rights set forth in Borrower’s organizational documents to redeem or demand repurchase of such preferred stock.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest 5 In addition to any payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made by the Borrower pursuant to and in accordance with the provisions of the Credit Agreement, the Borrower promises to pay (i) the principal amount of the Acquisition Note made under this Acquisition Note in equal consecutive monthly installments in the amount of $______________ each, commencing on an Interest Payment ___________ ___, 201__, and continuing on the ____ day of each month thereafter, and a final installment of all outstanding principal on _____________, 20__6 (the “Maturity Date”) and (ii) interest on the unpaid principal amount of the Acquisition Loan made under this Acquisition Note in arrears on the ___ day of each month commencing on _________ __, 201__ and on the Maturity Date or and at maturity of a Note which is not a Business Day (such other times as defined below) need not be made on such day, but may be made specified in the Credit Agreement. Any outstanding principal and accrued interest shall be due and payable in full on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list All payments of the principal and interest shall be made to the Lender in each currency Dollars in immediately available funds at the Lender’s Payment Office in accordance with the provisions of the Loan Agreement, the terms of which are incorporated herein by reference. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid on Certificated Notes maturing upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment) computed at the per annum rate set forth in the next succeeding Credit Agreement. This Acquisition Note is entitled to the benefits set forth in the Credit Agreement and may be prepaid in whole or in part subject to the terms and conditions provided therein. This Acquisition Note is also entitled to the benefits of any and all Security Documents and other Loan Documents executed in connection with the Credit Agreement and securing the Borrower’s obligations thereunder. Upon the occurrence and continuation of one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Acquisition Note shall become, or may be declared to be, immediately due and payable all as provided in the Credit Agreement. 5 Principal and interest payments to commence on the day of the immediately following month that corresponds with the date of this Acquisition Note (or if none, the last day of such immediately following month). The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for monthly principal payment will be canceled an amount equal to the face amount of this Acquisition Note divided by the Paying Agenttotal number of months from the date of such Acquisition Note to its Maturity Date. All canceled Certificated Notes held 6 Maturity Date to be such term (not to exceed 60 months from date of Acquisition Note), as requested by the Paying Agent shall be destroyedBorrower and subject to the Lender’s approval in its sole discretion. The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand, dishonor and non-payment of this Acquisition Note. THIS ACQUISITION NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA. WESTERN CAPITAL RESOURCES, INC. By: (SEAL) Name: Title: EXHIBIT C FORM OF COMPLIANCE CERTIFICATE Financial Statement Date: ________, ____ To: FIFTH THIRD BANK Ladies and Gentlemen: Reference is made to that certain Credit Agreement, dated as of April __, 2016 (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among WESTERN CAPITAL RESOURCES, INC., a Minnesota corporation (the “Borrower”), and FIFTH THIRD BANK (the Paying Agent shall furnish “Lender”). The undersigned Responsible Officer7 hereby certifies as of the date hereof that he/she is the ___________________________________ of the Borrower, and that, as such, he/she is authorized to execute and deliver this Certificate to the Company Lender on the behalf of the Borrower, and that: [Use following paragraph 1 for fiscal year-end financial statements] Attached hereto as Schedule 1 are (i) the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant required by such section and (ii) the consolidating balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year and the related consolidating statements of income or operations, shareholders’ equity and cash flows for such fiscal year. Such consolidating statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Borrower and its Subsidiaries. [Use following paragraph 1 for fiscal quarter-end financial statements] Attached hereto as Schedule 1 are the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter of the Borrower ended as of the above date. Such consolidated financial statements fairly present the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating financial statements are fairly stated in all material respects when considered in relation to the consolidated financial statements of the Borrower and its Subsidiaries. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision, a certificate with respect to such destructiondetailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting period covered by the attached financial statements.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity Maturity and the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturityMaturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, ten million dollars or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturityMaturity, by wire transfer of in immediately available funds if appropriate wire transfer instructions have been received to a designated account maintained in writing the United States upon receipt by the Paying Agent Trustee of written instructions from such a holder not less later than 15 days prior to the applicable regular Record Date for the related Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity Maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity DateDate or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent Trustee at maturity Maturity for payment will be canceled cancelled by the Paying AgentTrustee. All canceled Certificated cancelled Notes held by the Paying Agent Trustee shall be destroyed, and the Paying Agent Trustee shall furnish to the Company a certificate with respect to such destruction. Settlement Procedures: Settlement Procedures with regard to each Note purchased through any Agent, as agent, shall be as follows: A. The Presenting Agent will advise the Company by telephone of the following Settlement information with regard to each Note: 1. Exact name in which the Note is to be registered (the "Registered Owner"). 2. Exact address or addresses of the Registered Owner for delivery, notices and payments of principal and interest. 3. Taxpayer identification number of the Registered Owner. 4. Principal amount of the Note. 5. Denomination of the Note 6. Fixed Rate Notes: a) interest rate; and b) redemption or optional repayment dates, if any Floating Rate Notes: a) designation (which may be "Regular Floating Rate Note," "Floating Rate/Fixed Note" or "Inverse Floating Rate Note;" b) interest rate basis or bases; c) initial interest rate; d) spread or spread multiplier, if any; e) interest rate reset dates; f) interest rate reset period; g) interest payment dates; h) interest payment period; i) index maturity; j) calculation agent; k) maximum interest rate, if any; l) minimum interest rate, if any; m) calculation date; n) interest determination date; o) redemption or optional repayment dates, if any; and p) fixed rate (for Floating Rate/Fixed Rate Notes and Inverse Floating Rate Notes) and fixed rate commencement date (for Floating Rate/Fixed Rate Notes). 7. Price to public of the Note. 8. Settlement date (Original Issue Date). 9. Stated Maturity. 10. Overdue rate (if any). 11. Extension periods, if any, and final maturity date. 12. Optional reset dates, if any. 13. Net proceeds to the Company. 14.

Payments of Principal and Interest. Upon presentment and delivery Exercise of Optional Repayment (Except Pursuant to Company's Exercise of Optional Reset or Optional Extension): Trustee Notice to Company of Option to be Repaid. Upon receipt of notice of exercise of the option for repayment and the Certificated NoteNotes to be repaid as set forth in such Notes, the Trustee will pay for such Certificated Notes shall (unless such notice was received pursuant to the principal amount Company's exercise of each Certificated Note at maturity and the final installment an optional reset or an optional extension of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will in each of which cases the relevant procedures set forth above shall be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent followed) give notice to the person entitled thereto as provided in Company not less than 20 days prior to each Optional Repayment Date of such Optional Repayment Date and of the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms to be repaid on such Optional Repayment Date. Failure to Settle: If a purchaser fails to accept delivery of and provisions) shall be entitled to receive payments of interestmake payment for any Certificated Note, other than at maturity, the Agent will notify the Company and the applicable Trustee by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior telephone and return such Note to the applicable Interest Payment DateTrustee. Any Upon receipt of such notice, the Company will immediately wire transfer instructions received by to the Paying Agent shall remain in effect until revoked by the Holder account of the Agent an amount equal to the amount previously credited thereto in respect of such Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may Such wire transfer will be made on the next succeeding settlement date, if possible, and in any event not later than the Business Day following the settlement date. If the failure shall have occurred for any reason other than a default by the Agent in the performance of its obligations hereunder and under the Agency Agreement with the same force and effect as if made on Company, then the Interest Payment Date Company will reimburse the Agent or at Maturitythe applicable Trustee, as appropriate, on an equitable basis for its loss of the case may be, and no interest shall accrue for use of the funds during the period from and after when they were credited to the account of the Company. Immediately upon receipt of the Certificated Note in respect of which such Interest Payment date of Maturity Date. The failure occurred, the applicable Trustee will provide monthly mark such Note "canceled," make appropriate entries in the applicable Trustee's records and send such Note to the Company. Trustees Not to Risk Nothing herein shall be deemed to require either Trustee Funds: to risk or expend its own funds in connection with any payment to the Company, the Agent or the purchaser, it being understood by all parties that payments made by either Trustee to the Company, the Agent or the purchaser shall be made only to the extent that funds are provided to such Trustee for such purpose. Authenticity of The Company will cause each Trustee to furnish the Signatures: Agent from time to time with the specimen signatures of each of such Trustee's officers, employees or agents who has been authorized by such Trustee to authenticate Certificated Notes, but the Agent will not have any ob ligation or liability to the Company or a list Trustee in respect of the principal and interest in each currency to be paid on Certificated Notes maturing in authenticity of the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable lawsignature of any officer, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion employee or agent of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company or a certificate with respect to such destructionTrustee on any Certificated Note.

Payments of Principal and Interest. Upon presentment (a) Each payment of principal of and delivery interest on a Book Entry Bond shall be paid to the Depository, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures. Each Depository Participant shall be responsible for disbursing such payments to the Beneficial Owners of the Certificated NoteBook Entry Bonds that it represents and to each indirect participating brokerage firm (a “brokerage firm” or “indirect participating firm”) for which it acts as agent. Each brokerage firm shall be responsible for disbursing funds to the Beneficial Owners of the Book Entry Bonds that it represents. All such credits and disbursements are to be made by the Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee, the Trustee will pay Paying Agent, the Bond Registrar nor the Issuer shall have any responsibility for such credits and disbursements. Each payment of principal amount of each Certificated Note and interest on a Definitive Bond shall be paid to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered at maturity and the close of business on the Record Date or Redemption Record Date, for such Payment Date or Redemption Date, by check mailed to such Person’s address as it appears in the Bond Register on such Record Date or the Redemption Record Date, except for the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity Date. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate payable with respect to such destructionBond, which shall be payable as provided in Section 2.09(b). All payments of principal of and interest on the Bonds shall be made only from the Trust Estate and any other assets of the Issuer, and each Holder of the Bonds, by its acceptance of the Bonds, agrees that it shall have recourse solely against such Trust Estate and such other assets of the Issuer and that neither the Owner Trustee in its individual capacity, the Owner nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for any amounts payable, or performance due, under the Bonds or this Indenture.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the The Trustee will pay the principal amount of each Certificated Note at maturity and Maturity upon presentation of such Certificated Note to the final installment Trustee (unless otherwise specified in the applicable Pricing Supplement). Such payment, together with payment of interest due at Maturity of such Certificated Note, will be made in immediately funds available fundsfor immediate use by the Trustee and in turn by the Holder of such Certificated Note. Certificated Notes presented to the Trustee at Maturity for payment will be canceled by the Trustee in accordance with the Indenture. All other interest payments on a Certificated Note, Note (other than interest due at maturity, Maturity) will be made by check drawn on the Trustee as Paying Agent (or another Person appointed by the Trustee) and mailed by the Trustee as Paying Agent to the person Person entitled thereto as provided in such Note and the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount (unless otherwise specified in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment DatePricing Supplement). Any wire transfer instructions received The Trustee will be responsible for reporting interest paid on Certificated Notes, and where applicable, withholding taxes on such interest payments, as may be required by the Paying Agent shall remain in effect until revoked by the Holder of the Notelaw. Any payment of principal or interest required to be made on an If any Interest Payment Date for a Fixed Rate Certificated Note or at maturity the Maturity of a Certificated Note which is not a Business Day (as defined below) need not be made Day, the payment due on such day, but may day shall be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue on such payment for the period from and after such Interest Payment date of Date or Maturity, as the case may be. If any Interest Payment Date for a Floating Rate Certificated Note (other than the Maturity Date. The Trustee will provide monthly to ) is not a Business Day, the Company a list of the principal and interest in each currency to payment due on such day shall be paid made on Certificated Notes maturing in the next succeeding Business Day and interest shall continue to accrue to but not including such succeeding Business Day, except that in the case of an Interest Payment Date on a Floating Rate Certificated Note for which the Base Rate is LIBOR, if such Business Day is in the succeeding calendar month. The Trustee as Paying Agent , such Interest Payment Date will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate with respect to such destructionpreceding Business Day.

Payments of Principal and Interest. Upon presentment Interest (and delivery of the Certificated Noteprincipal, the Trustee will pay the principal amount of each Certificated Note if any, payable other than at maturity and the final installment of interest Stated Maturity or upon acceleration or redemption) shall be paid in immediately available fundsfunds to the Person in whose name a Security is registered at the close of business on the Regular Record Date next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or exchange thereof subsequent to such Regular Record Date and prior to such Interest Payment Date; provided, however, that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the Person to whom principal will be payable; provided, further, that if and to the extent the Bank defaults in the payment of the interest, including any Additional Amounts, due on such Interest Payment Date, such defaulted interest, including any Additional Amounts, shall be paid to the Person in whose names such Securities are registered at the end of a subsequent record date established by the Bank by notice given by mail by or on behalf of the Bank to the Holders of the Securities not less than 15 days preceding such subsequent record date, such record date to be not less than 15 days preceding the date of payment in respect of such defaulted interest. All Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the Series of such Securities, the first payment of interest on any Security originally issued between a Regular Record Date and an Interest Payment Date shall be made on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner at the close of business on such next succeeding Regular Record Date. Unless otherwise specified in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the Series of such Securities, the “Regular Record Date” with respect to any Security will be the date 15 calendar days prior to each Interest Payment Date, whether or not such date is a Business Day. Payments of the principal of and any premium, interest, Additional Amounts and other interest amounts on or in respect of any Security at Stated Maturity or upon acceleration or redemption shall be made to the registered Holder on such date in immediately available funds upon surrender of such Security at the Corporate Trust Office or at the specified office of any other Paying Agent, provided that the Security is presented to the Paying Agent in time for the Paying Agent to make such payments in such funds in accordance with its normal procedures. Payments of the principal of and any premium, interest, Additional Amounts and other amounts on a Certificated Note, or in respect of Securities to be made other than interest due at maturity, will Stated Maturity or upon redemption shall be made by check drawn mailed on or before the Trustee as Paying Agent and mailed by the Trustee as Paying Agent due date for such payments to the person address of the Person entitled thereto as provided it appears in the Indenture Register; provided that (a) DTC and Certificated Note. Howeverthe Common Depositary, holders as Holders of $1,000,000the Global Securities, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interestinterest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or the approximate equivalent thereof in a Specified Currency other than at maturity, U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to receive payments of interest by wire transfer of immediately available funds if appropriate to an account maintained by such Holder at a bank located in the United States as may have been appropriately designated by such Holder to the Trustee in writing no later than 15 days prior to the date such payment is due and (c) to the extent that the Holder of a Security issued and denominated in a Specified Currency other than U.S. dollars elects to receive payment of the principal of and any premiums, interest, Additional Amounts and other amounts on or in respect of such Security at Stated Maturity or upon redemption in such Specified Currency, such payment, except in circumstances described in the resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer instructions have been received of immediately available funds to an account specified in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received date such payment is due by the Paying Agent Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Securities shall remain in effect with respect to any future payments with respect to such Securities payable to such Holder. If the principal of or any premium, interest, Additional Amounts or other amounts on any Security is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available due to the imposition of exchange controls or other circumstances beyond the Bank’s control, or is no longer used by the government of the country issuing such currency or for settlement of transactions by public institutions of or within the international banking community, then the Bank, until revoked such currency is again available or so used, will be entitled, to the extent permitted by Argentine law, to satisfy its obligations to the Holder of such Securities by making such payment in U.S. dollars at the NoteExchange Rate for such Specified Currency on the Payment Date. Any The making of any payment in respect of principal any Security in U.S. dollars under the foregoing circumstances will not constitute an Event of Default under such Security. If so specified in the resolutions of the Board of Directors or interest required indenture supplemental hereto related to a Series of Securities denominated in a Specified Currency other than U.S. dollars, payments of principal, interest, Additional Amounts or other amounts on or in respect of any such Security shall, to the extent permitted by applicable law, be made in U.S. dollars, calculated at the Exchange Rate for the Payment Date, if the Holder of such Security on an Interest Payment the relevant Regular Record Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Stated Maturity, as the case may be, has transmitted a written request for such payment in U.S. dollars to the Trustee and no interest shall accrue for the period from and after applicable Paying Agent on or prior to such Interest Regular Record Date or the date that is 15 days prior to the Stated Maturity, as the case may be. Such request may be in writing (mailed or hand delivered) or by facsimile transmission. Any such request made with respect to any Security by a Holder will remain in effect with respect to any further payments of principal, interest, Additional Amounts or other amounts on or in respect of such Security payable to such Holder, unless such request is revoked on or prior to the relevant Regular Record Date or the date that is 15 days prior to the Stated Maturity, as the case may be. The U.S. dollar amount to be received by a Holder of a Security denominated in a Specified Currency other than U.S. dollars who elects to receive payment in U.S. dollars will be based on the Exchange Rate, on the second Business Day next preceding the applicable Payment date of Maturity Date. The Trustee will provide monthly to If Exchange Rate quotations are not available on the Company a list of second Business Day preceding the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable lawPayment Date, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled made in the Specified Currency. All currency exchange costs associated with any payment in U.S. dollars on any Security denominated in a Specified Currency other that U.S. dollars will be borne by the Paying Holder thereof by deductions from payment of the currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. All canceled Certificated Notes held by Unless otherwise specified in the Paying Agent shall be destroyedterms of a Series of Securities, and Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the Paying Agent shall furnish to event of an official redenomination of the Company a certificate currency, the obligations of the Bank with respect to payments on such destructionSecurities shall, in all cases, be deemed immediately following such redenomination to provide for payment of that amount of the redenominated currency representing the amount of such obligations immediately before such redenomination.

Payments of Principal and Interest. Upon presentment and delivery For each Term Loan, Borrower shall pay to the Agent, for the ratable benefit of the Certificated NoteLenders, (i) six (6) consecutive payments of interest only (payable in arrears) at the Trustee will pay rate of interest determined in accordance with Section 2.3(a) on the first day of each calendar month (a “Scheduled Payment Date”) commencing on the first day of the second calendar month occurring after the month during which such Term Loan was made and (ii) thirty-six (36) equal consecutive payments of principal and interest (payable in arrears) at the rate of interest determined in accordance with Section 2.3(a) (a “Scheduled Payment”) on each Scheduled Payment Date commencing on the first day of the eighth calendar month occurring after the month [*] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. during which such Term Loan was made. The amount of each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturity, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Paying Agent not less than 15 days prior to the applicable Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any such payment of principal or interest required to be made on an Interest Payment Date or at maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for be calculated by the period from Agent and after such Interest Payment date of Maturity Date. The Trustee will provide monthly shall be sufficient to the Company a list of fully amortize the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent at maturity for payment will be canceled by the Paying Agent. All canceled Certificated Notes held by the Paying Agent shall be destroyed, and the Paying Agent shall furnish to the Company a certificate due with respect to the applicable Term Loan over such destructionrepayment period. Notwithstanding the foregoing, all unpaid principal and accrued interest with respect to a Term Loan is due and payable in full to Agent, for the ratable benefit of Lenders, on the earlier of (A) the first day of the forty-third (43rd) month following the date such Term Loan was made or (B) the date that such Term Loan otherwise becomes due and payable hereunder, whether by acceleration of the Obligations pursuant to Section 8.2 or otherwise (the earlier of (A) or (B), the “Applicable Term Loan Maturity Date”). Each Scheduled Payment, when paid, shall be applied first to the payment of accrued and unpaid interest on the applicable Term Loan and then to unpaid principal balance of such Term Loan. Without limiting the foregoing, all Obligations shall be due and payable on the Applicable Term Loan Maturity Date for the last Term Loan made. Notwithstanding any provision in this Agreement to the contrary, all unpaid principal and accrued interest with respect to each Term Loan and all other Obligations hereunder shall become due and payable in full on the earlier to occur of (such earlier date, the “Final Maturity Date”): (1) the Applicable Term Loan Maturity Date for the last Term Loan made hereunder or (2) the date that is 91 days before the first date on which any holders of the Series E preferred stock proposed to be issued by Borrower pursuant to Section 7.2(g) shall have any contractual right or rights set forth in Borrower’s organizational documents to redeem or demand repurchase of such preferred stock.

Payments of Principal and Interest. Upon presentment and delivery of the Certificated Note, the Trustee will pay the principal amount of each Certificated Note at maturity Maturity and the final installment of interest in immediately available funds. All other interest payments on a Certificated Note, other than interest due at maturityMaturity, will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to the person entitled thereto as provided in the Indenture and Certificated Note. However, holders of $1,000,000, or the equivalent amount in a specified currency, ten million dollars or more in aggregate principal amount of Certificated Notes (whether having identical or different terms and provisions) shall be entitled to receive payments of interest, other than at maturityMaturity, by wire transfer of in immediately available funds if appropriate wire transfer instructions have been received to a designated account maintained in writing the United States upon receipt by the Paying Agent Trustee of written instructions from such a holder not less later than 15 days prior to the applicable regular Record Date for the related Interest Payment Date. Any wire transfer instructions received by the Paying Agent shall remain in effect until revoked by the Holder of the Note. Any payment of principal or interest required to be made on an Interest Payment Date or at maturity Maturity of a Note which is not a Business Day (as defined below) need not be made on such day, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity, as the case may be, and no interest shall accrue for the period from and after such Interest Payment date of Maturity DateDate or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest in each currency to be paid on Certificated Notes maturing in the next succeeding month. The Trustee as Paying Agent will be responsible for withholding taxes on interest paid as required by applicable law, but shall be relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to the Paying Agent Trustee at maturity Maturity for payment will be canceled cancelled by the Paying AgentTrustee. All canceled Certificated cancelled Notes held by the Paying Agent Trustee shall be destroyed, and the Paying Agent Trustee shall furnish to the Company a certificate with respect to such destruction.. Settlement Procedures: Settlement Procedures with regard to each Note purchased through any Agent, as agent, shall be as follows: