Common use of Reserve Accounts Clause in Contracts

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the "Reserve Accounts") to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the "First Annual Transfer Date") and November 15th (the "Second Annual Transfer Date" and, together with the First Annual Transfer Date, the "Transfer Dates") of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company's unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company's unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the "7-Year Notes Reserve Account") shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the "10-Year Notes Reserve Account") shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company's consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be transferred under this section either (i) by purchasing, with Pesos, any series of "Bonos Externos dx xx Xxxxxxxxx Xxxxxxxxx" xx xxx xxxxx xxxxxities or public or private bonds issued in Argentina and denominated in U.S. Dollars, and transferring and selling such instruments outside Argentina for U.S. dollars, or (ii) by means of any other legal procedure existing in Argentina on any such Transfer Date. All costs and taxes payable in connection with the procedures referred to in (i) and (ii) above shall be borne by the Company.

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so So long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the "Reserve Accounts") to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the "First Annual Transfer Date") and November 15th (the "Second Annual Transfer Date" and, together with the First Annual Transfer Date, the "Transfer Dates") of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company's unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company's unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the "7-Year Notes Reserve Account") shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the "10-Year Notes Reserve Account") shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company's consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be transferred under this section either (i) by purchasing, with Pesos, any series of "Bonos Externos dx xx Xxxxxxxxx Xxxxxxxxx" xx xxx xxxxx xxxxxities or public or private bonds issued in Argentina and denominated in U.S. Dollars, and transferring and selling such instruments outside Argentina for U.S. dollars, or (ii) by means of any other legal procedure existing in Argentina on any such Transfer Date. All costs and taxes payable in connection with the procedures referred to in (i) and (ii) above shall be borne by the Company.

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the "“Reserve Accounts"”) to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due (including additional amounts) within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the "“First Annual Transfer Date"”) and November 15th (the "“Second Annual Transfer Date" ” and, together with the First Annual Transfer Date, the "“Transfer Dates"”) of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the "“7-Year Notes Reserve Account"”) shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the "“10-Year Notes Reserve Account"”) shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company's ’s consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be transferred under this section either (i) by purchasing, with Pesos, any series of "Bonos Externos dx “Xxxxx Xxxxxxxx xx xx Xxxxxxxxx Xxxxxxxxx" xx xxx xxxxx xxxxxities ” or any other securities or public or private bonds issued in Argentina and denominated in U.S. Dollars, and transferring and selling such instruments outside Argentina for U.S. dollars, or (ii) by means of any other legal procedure existing in Argentina on any such Transfer Date. All costs and taxes payable in connection with the procedures referred to in (i) and (ii) above shall be borne by the Company. In the event that the Company consummates the transactions contemplated in the APE on the date that is after March 31 or September 30, as applicable, the amount of Excess Cash required to be transferred on the first Transfer Date after the issuance of the 7-Year Notes will be reduced by an amount equal to all cash payments the Company is required to make in connection with or in contemplation of that closing.

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so So long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the "“Reserve Accounts"”) to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due (including additional amounts) within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the "“First Annual Transfer Date"”) and November 15th (the "“Second Annual Transfer Date" ” and, together with the First Annual Transfer Date, the "“Transfer Dates"”) of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the "“7-Year Notes Reserve Account"”) shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the "“10-Year Notes Reserve Account"”) shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company's ’s consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be transferred under this section either (i) by purchasing, with Pesos, any series of "“Bonos Externos dx xx Xxxxxxxxx Xxxxxxxxx" xx xxx xxxxx xxxxxities de la República Argentina” or any other securities or public or private bonds issued in Argentina and denominated in U.S. Dollars, and transferring and selling such instruments outside Argentina for U.S. dollars, or (ii) by means of any other legal procedure existing in Argentina on any such Transfer Date. All costs and taxes payable in connection with the procedures referred to in (i) and (ii) above shall be borne by the Company. In the event that the Company consummates the transactions contemplated in the APE on the date that is after March 31 or September 30, as applicable, the amount of Excess Cash required to be transferred on the first Transfer Date after the issuance of the 7-Year Notes will be reduced by an amount equal to all cash payments the Company is required to make in connection with or in contemplation of that closing.

Reserve Accounts. Under the terms of the 7-Year Notes Indenture, so long as any of the 7-Year Notes are Outstanding, the Company will establish and maintain with a bank located in New York two U.S. dollar-denominated reserve accounts (the "“Reserve Accounts"”) to which the Company will transfer, on a ratable basis (by reference to the amounts of principal and interest due (including additional amounts) within twelve months of the date of determination under the 7-Year Notes, in one case, and the 10-Year Notes, in the other case), on the first Interest Payment Date following May 15th (the "“First Annual Transfer Date"”) and November 15th (the "“Second Annual Transfer Date" ” and, together with the First Annual Transfer Date, the "“Transfer Dates"”) of any given year, any amount of Excess Cash calculated, in the case of the First Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended March 31st of the same calendar year, and for the Second Annual Transfer Date, by reference to the Company's ’s unaudited interim consolidated financial statements as of and for the three-month period ended September 30th of the same calendar year, so that (A) the balance in one of the Reserve Accounts (the "“7-Year Notes Reserve Account"”) shall not exceed the sum of (x) 12 months of interest payments on the 7-Year Notes (assuming an interest rate of 7% for any 7-Year Notes that are 7-Year Floating Rate Notes) and Additional Amounts, if any, thereon and (y) any amount of principal of the 7-Year Notes due within 12 months of such Transfer Date, and (B) the balance in the other Reserve Account (the "“10-Year Notes Reserve Account"”) shall not exceed 12 months of interest payments on the 10-Year Notes and Additional Amounts, if any, thereon. Amounts required to be transferred in accordance herewith will be determined by reference to the Peso amounts using the Company's ’s consolidated balance sheets for the relevant dates and converting such amounts into U.S. Dollars at the prevailing exchange rate on the Buenos Aires business day immediately preceding the relevant Transfer Date. The 7-Year Notes Reserve Account shall be subject to a first-priority security interest in favor of the Trustee, as collateral agent for the Holders of 7-Year Notes. In the event that on any Transfer Date any restrictions or prohibition of access to the Argentine foreign exchange market exists, the Company agrees to transfer all amounts required to be transferred under this section either (i) by purchasing, with Pesos, any series of "“Bonos Externos dx xx Xxxxxxxxx Xxxxxxxxx" xx xxx xxxxx xxxxxities de la República Argentina” or any other securities or public or private bonds issued in Argentina and denominated in U.S. Dollars, and transferring and selling such instruments outside Argentina for U.S. dollars, or (ii) by means of any other legal procedure existing in Argentina on any such Transfer Date. All costs and taxes payable in connection with the procedures referred to in (i) and (ii) above shall be borne by the Company. In the event that the Company consummates the transactions contemplated in the APE on the date that is after March 31 or September 30, as applicable, the amount of Excess Cash required to be transferred on the first Transfer Date after the issuance of the 7-Year Notes will be reduced by an amount equal to all cash payments the Company is required to make in connection with or in contemplation of that closing.