Common use of Payments of Principal and Interest Clause in Contracts

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out of the Collateral 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 amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payable.

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by Certificated Note, the Issuer Trustee upon receipt of immediately available funds from the Company will pay the principal of, and premium, if any, and interest on, each Certificated Note on the applicable Payment Maturity 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 immediately available funds. All interest payments on a Certificated Note, other than interest due on the Record Date for such applicable Payment Date or Redemption Date by payment to the DepositoryMaturity Date, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall will be made by check mailed to the address of the person entitled thereto as such Person's address as it appears shall appear in the Bond Register on Security Register; provided, however, that holders of $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 Record Date or upon prior notice given to the Trustee, interest payments by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee not less than the Regular Record Date relating to the accounts specified applicable Interest Payment Date. The Trustee will provide monthly to the Company a list of the principal, premium, if any, and interest (if then ascertainable) to be paid on Certificated Notes maturing in the next succeeding month. The Trustee will be responsible for withholding taxes on interest paid as required by such Personapplicable law. Certificated Notes presented to the Trustee on the Maturity Date for payment will be canceled by the Trustee. All canceled Certificated Notes held by the Trustee shall be disposed of in accordance with its customary procedures, except for and the final payment of principal payable Trustee shall furnish to the Company a certificate with respect to such Bond (disposition. Settlement Procedures: Settlement Procedures with regard to each Certificated Note purchased by an Agent, as principal, or the Redemption Price) for any Bond called for redemptionthrough an Agent, if such redemption will result in payment of the then entire unpaid principal amount of such Bond)as agent, 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payable.follows:

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by Certificated Note, the Issuer on Trustee will pay 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 principal amount of such each Certificated Note at maturity and the final installment of interest in immediately available funds. All other interest payments to the accounts of its Depository Participants in accordance with its normal procedureson a Certificated Note, provided that in the event the Bonds are no longer maintained as Book-Entry Bondsother than interest due at maturity, payment shall will be made by check drawn on the Trustee as Paying Agent and mailed by the Trustee as Paying Agent to such Person's address the person entitled thereto as it appears provided in the Bond Register on such Record Date Indenture and Certificated Note. However, holders of $1,000,000, or upon prior notice given 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 the Trusteereceive 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 accounts specified applicable Interest Payment Date. Any wire transfer instructions received by such Person, except for the final payment of principal payable with respect to such Bond (or Paying Agent shall remain in effect until revoked by the Redemption Price) for any Bond called for redemption, if such redemption will result in payment Holder 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawNote. Any payment of principal or interest required to be made on an Interest Payment Date or principal payable on any Bond which otherwise would be due and payable on at maturity of a day Note which is not a Business Day shall (as defined below) need not be payable 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 deemed relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Certificated Notes presented to have been paid on 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 non-Business Day on which such payment was otherwise payabledestruction.

Payments of Principal and Interest. (a) Interest Payments on Notes issued as Book-Entry Notes will be made by or on behalf of the Indenture Trustee to the Clearing Agency or its nominee. Any installment of interest or principal payable on any Bond Definitive Notes that is punctually paid out of the Collateral 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 Note (or one or more Predecessor BondsNotes) is registered at the close of business on the Record Date for such applicable Class of Notes and such Payment Date or Redemption Date by payment to the Depository, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, by either (i) wire transfer of immediately available funds to the accounts specified account of a Noteholder, if such Noteholder has provided the Indenture Trustee with wiring instructions in writing by five (5) Business Days prior to the related Record 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 Note Register on such Record Date, except for the final payment installment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if such redemption will result in payment of the then entire unpaid principal amount of such Bond)Note, which shall be payable as provided in subsection (b) of this Section 3.022.08. Each Depository Participant shall A fee may be responsible charged by the Indenture Trustee to a Holder of Definitive Notes 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 any payment made by the Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawwire transfer. Any payment installment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day 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 next succeeding 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 Day and 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 deemed entitled to have been paid rely on such non-Business Day on which such payment was otherwise payableinformation 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. Interest (aand principal, if any, payable other than at Stated Maturity or upon acceleration or redemption) Interest or principal payable on any Bond that is punctually paid out of the Collateral 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 in immediately available funds to the Person in whose name such Bond (or one or more Predecessor Bonds) a Security is registered at the close of business on the Regular Record Date for such applicable next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or Redemption exchange thereof subsequent to such Regular Record Date by payment and prior to such Interest Payment Date; provided that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the DepositoryPerson to whom principal will be payable; provided further, which 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 credit be paid to the amount 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 payments defaulted interest. Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the accounts Series of its Depository Participants 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 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, provided that interest, Additional Amounts and other amounts on or in the event the Bonds are no longer maintained as Book-Entry Bonds, payment respect of Securities to be made other than at Stated Maturity or upon redemption shall be made by check mailed on or before the due date for such payments to such Person's the address of the Person entitled thereto as it appears in the Bond Register on such Record Date Register; provided that (a) DTC and the Common Depositary, as Holders of the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or upon prior notice given the approximate equivalent thereof in a Specified Currency other than U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to the Trustee, receive payments of interest by wire transfer of immediately available funds to the accounts specified an account maintained by such PersonHolder 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 fifteen (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 for in circumstances described in the final resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer of immediately available funds to an account specified in writing not less than fifteen (15) days prior to the date such payment of principal payable is due by the Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Bond (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 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 Exchange Rate for such Specified Currency on the Payment Date. The making of any payment in respect of 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 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 the relevant Regular Record 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 the applicable Paying Agent on or prior to such Regular Record Date or the Redemption Pricedate that is fifteen (15) for 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 Bond called for redemptionSecurity by a Holder will remain in effect with respect to any further payments of principal, if interest, Additional Amounts or other amounts on or in respect of such redemption 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 result be based on the Exchange Rate, on the second (2nd) Business Day next preceding the applicable Payment Date. If Exchange Rate quotations are not available on the second (2nd) Business Day preceding the applicable Payment Date, such payment will be 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 Holder thereof by deductions from payment of the then entire unpaid principal currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. Unless otherwise specified in the terms of a Series of Securities, Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the event of an official redenomination of the currency, the obligations of IRSA with respect to payments on such Securities 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 Bond), which shall be payable as provided in subsection (b) of this Section 3.02. Each Depository Participant shall be responsible for disbursing obligations immediately before 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payableredenomination.

Payments of Principal and Interest. (a) Interest Payments on Notes issued as Book-Entry Notes will be made by or on behalf of the Indenture Trustee to the Clearing Agency or its nominee. Any installment of interest or principal payable on any Bond Definitive Notes that is punctually paid out of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by the Issuer Trust on the applicable Payment Date or Redemption Date shall be paid to the Person in whose name such Bond Note (or one or more Predecessor BondsNotes) is registered at the close of business on the Record Date for such applicable Class of Notes and such Payment Date by either (i) wire transfer of immediately available funds to the account of a Noteholder, if 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 in writing by five (5) Business Days prior to the related Record Date or has provided the Indenture Trustee with such instructions for any previous Payment Date or Redemption Date by payment to the Depository, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by (ii) check mailed to such Person's address as it appears in the Bond Note Register on such Record Date or upon prior notice given to the Trustee, by wire transfer of immediately available funds to the accounts specified by such PersonDate, except for the final payment installment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if such redemption will result in payment of the then entire unpaid principal amount of such Bond)Note, which shall be payable as provided in subsection (b) of this Section 3.022.08. Each Depository Participant shall A fee may be responsible charged by the Indenture Trustee to a Holder of Definitive Notes 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 any payment made by the Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawwire transfer. Any payment installment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day 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 next succeeding 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 Day and 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 deemed entitled to have been paid rely on such non-Business Day on which such payment was otherwise payableinformation 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. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by Note, the Issuer on Trustee will pay 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 principal amount of such each Note at Maturity and the final installment of interest in immediately available funds received from the Company. All interest payments to the accounts of its Depository Participants in accordance with its normal procedureson a Note, provided that in the event the Bonds are no longer maintained as Book-Entry Bondsother than interest due at Maturity, payment shall will be made by check drawn on the Trustee and mailed by the Trustee to such Person's address the person entitled thereto as it appears provided in the Bond Register on such Record Date Note. However, holders of ten million dollars or upon prior notice given more in aggregate principal amount of Notes (whether having identical or different terms and provisions) shall be entitled to the Trusteereceive payments of interest, other than at Maturity, by wire transfer of in immediately available funds to a designated account maintained in the accounts specified United States upon receipt by the Trustee of written instructions from such Person, except a holder not later than the regular Record Date for the final payment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if such redemption will result in 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawrelated Interest Payment Date. Any payment of principal or interest required to be made on an Interest Payment Date or principal payable on any Bond which otherwise would be due and payable on at Maturity of a day Note which is not a Business Day shall need not be payable 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 or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest to be paid on Notes maturing in the next succeeding month. The Trustee will be responsible for withholding taxes on interest paid as required by applicable law, but shall be deemed relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Notes presented to have been paid on the Trustee at Maturity for payment will be cancelled by the Trustee. All cancelled Notes held by the Trustee shall be destroyed, and the Trustee shall furnish to the Company a certificate with respect to such non-Business Day on which such payment was otherwise payable.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 Exercise of Optional Repayment (aExcept 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 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) Interest or 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 payable amount of Book-Entry Notes to be repaid on any Bond 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 punctually paid out of the Collateral 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 at least equal to the Person 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 mark such Global Security "canceled", make appropriate entries in whose name the Trustee's records and send 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 canceled Global Security to the DepositoryCompany. The CUSIP number assigned to such Global Security shall, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal CUSIP Service Bureau procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, by wire transfer of canceled and not immediately available funds to the accounts specified by such Person, except for the final payment of principal payable reassigned. If a withdrawal message is processed with respect to such Bond (one or the Redemption Price) for any Bond called for redemptionmore, if such redemption will result in payment of the then entire unpaid principal amount of such Bond)but not all, 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 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 or Notes and to each brokerage firm for which it acts as agent. Each brokerage firm shall be responsible canceled immediately after issuance and the other of which shall represent the remaining Book-Entry Notes previously represented by the surrendered Global Security and shall bear the CUSIP number of the surrendered Global Security. If the purchase price for disbursing funds any Book-Entry Note is not timely paid to the Bond Owners Participants with respect to such Note 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 Bonds that it represents. All such credits and disbursements are Notes to be made have been represented by a Global Security, the Depository and the Depository Participants Trustee will provide, in accordance with Settlement Procedures "D" and "F", for the provisions authentication and issuance of a Global Security representing the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided Book-Entry Notes to be represented by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due such Global Security and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payablewill make appropriate entries in its records.

Payments of Principal and Interest. Upon Exercise of Optional Repayment (a) Interest Except Pursuant to Company's Exercise of Optional Reset or principal payable on any Bond that is punctually paid out Optional Extension): Trustee Notice to Company of Option to be Repaid. Upon receipt of notice of exercise of the Collateral Proceeds Account option for repayment and the Certificated Notes to be repaid as set forth in such Notes, the Trustee for such Certificated Notes shall (unless such notice was received pursuant to Section 3.03 the Company's exercise of an optional reset or duly provided for by an optional extension of maturity, in each of which cases the Issuer on the applicable Payment Date or Redemption Date relevant procedures set forth above shall be paid followed) give notice to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered at the close of business on the Record Company not less than 20 days prior to each Optional Repayment Date for such applicable Payment Date or Redemption Date by payment to the Depository, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Optional Repayment Date or upon prior notice given to the Trustee, 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 such redemption will result in payment and of the then entire unpaid principal amount of Certificated Notes to be repaid on such Bond)Optional Repayment Date. Failure to Settle: If a purchaser fails to accept delivery of and make payment for any Certificated Note, which shall be payable as provided in subsection (b) of this Section 3.02. Each Depository Participant shall be responsible for disbursing the Agent will notify the Company and the applicable Trustee by telephone and return such payments Note to the Bond Owners applicable Trustee. Upon receipt of such notice, the Company will immediately wire transfer to the account 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 Agent an amount equal to the Bond Owners amount previously credited thereto in respect of such Note. Such wire transfer will be made on the 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 Distribution Agreement with the Company, then the Company will reimburse the Agent or the applicable Trustee, as appropriate, on an equitable basis for its loss 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 use of the Bondsfunds during the period when they were credited to the account of the Company. Neither Immediately upon receipt of the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment Certificated Note in respect of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payablefailure occurred, the applicable Trustee will mark such Note "canceled," make appropriate entries in the applicable Trustee's records and send such Note to the Company.

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out of If not sooner paid, the Collateral 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 amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in payment of the then entire unpaid outstanding principal amount of such Bond)the Loan, which together with all accrued and unpaid interest thereon and all other amounts owing hereunder, 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on the Maturity Date. All principal payments of the Loan shall be accompanied by accrued interest on the principal amount being repaid to the date of payment. Interest on the Loan shall be due and payable monthly in arrears on each Interest Payment Date. The Borrowers shall pay to the Lender upon the Borrowers' receipt thereof all Rights Offering Proceeds, which amounts shall be applied by the Lender pursuant to SECTION 2.07 below. All payments by the 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 Initial Fee to the extent required pursuant to SECTION 2.10 below) in same day funds by the Borrowers to the Lender. The Borrowers shall have the right at any time and from time to time to prepay the advances under the Loan in whole or 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 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 day which is not a Business Day Day, such payment shall be payable made on the next succeeding Business Day and such extension of time shall be deemed to have been paid on included in computing interest, if any, in connection with such non-Business Day on which such payment was otherwise payablepayment.

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 Definitive Note, the Issuing Agent upon receipt of immediately available funds from the Company will pay the principal amount of each Definitive Note at Maturity and the final installment of interest in immediately available funds. All interest payments on a Definitive Note, other than interest due at Maturity, will be made at the office or duly provided for agency of the Company maintained by the Issuer on Company for such purpose in 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 Borough of Manhattan, The City of New York, or, at the close option of business on the Record Date for such applicable Payment Date or Redemption Date by payment to the DepositoryCompany, which shall credit the amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall may be made by check mailed to the address of the person entitled thereto as such Person's address as it appears shall appear in the Bond Register on such Record Date registry books of the Company. However, holders of $10,000,000 or upon prior notice given more in aggregate principal amount of Definitive Notes having the same Interest Payment Dates will, at the option of the Company, be entitled to the Trusteereceive 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 Issuing Agent not less than 15 days prior to the accounts specified applicable Interest Payment Date. Such wire instructions, upon receipt by the Trustee, shall remain in effect until revoked by such PersonHolder. The Issuing Agent will provide monthly to the Company a list of the principal, except premium, if any, and interest in each currency to be paid on Definitive Notes maturing in the next succeeding month. The Issuing 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. Definitive Notes presented to the final Issuing Agent at Maturity for payment of principal payable will be canceled by the Issuing Agent. All canceled Definitive Notes held by the Issuing Agent shall be destroyed, and the Issuing Agent shall furnish to the Company a certificate with respect to such Bond (destruction. Settlement Procedures: Settlement Procedures with regard to each Definitive Note purchased by any Agent, as principal, or the Redemption Price) for through any Bond called for redemptionAgent, if such redemption will result in payment of the then entire unpaid principal amount of such Bond)as agent, 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payable.follows:

Payments of Principal and Interest. (a) Interest or Each payment of principal payable of and interest on any a Book Entry Bond that is punctually paid out of the Collateral 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 amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in 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 Beneficial Owners of the Book-Book 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 Bond Beneficial Owners of the Book-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 Trustee, the Bond Registrar nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawfor such credits and disbursements. Any Each payment of principal of 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 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 principal payable on any Bond with respect to such Bond, which otherwise would be due and payable on a day which is not a Business Day shall be payable as provided in Section 2.09(b). All payments of principal of and interest on the next succeeding Business Day and Bonds shall be deemed to 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 been paid on recourse solely against such non-Business Day on which Trust Estate and such payment was otherwise 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. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by Note, the Issuer on Trustee will pay 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 principal amount of such each Note at Maturity and the final installment of interest in immediately available funds. All interest payments to the accounts of its Depository Participants in accordance with its normal procedureson a Note, provided that in the event the Bonds are no longer maintained as Book-Entry Bondsother than interest due at Maturity, payment shall will be made by check drawn on the Trustee and mailed by the Trustee to such Person's address the person entitled thereto as it appears provided in the Bond Register on such Record Date Note. However, holders of ten million dollars or upon prior notice given more in aggregate principal amount of Notes (whether having identical or different terms and provisions) shall be entitled to the Trusteereceive payments of interest, other than at Maturity, by wire transfer of in immediately available funds to a designated account maintained in the accounts specified United States upon receipt by the Trustee of written instructions from such Person, except a holder not later than the regular Record Date for the final payment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if such redemption will result in 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawrelated Interest Payment Date. Any payment of principal or interest required to be made on an Interest Payment Date or principal payable on any Bond which otherwise would be due and payable on at Maturity of a day Note which is not a Business Day shall need not be payable 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 or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest to be paid on Notes maturing in the next succeeding month. The Trustee will be responsible for withholding taxes on interest paid as required by applicable law, but shall be deemed relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Notes presented to have been paid on the Trustee at Maturity for payment will be cancelled by the Trustee. All cancelled Notes held by the Trustee shall be destroyed, and the Trustee shall furnish to the Company a certificate with respect to such non-Business Day on 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 such 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 was otherwise payabledates; 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. (a) Interest or principal payable on any Bond that is punctually paid out Upon presentment and delivery of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided for by Note, the Issuer on Trustee will pay 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 principal amount of such each Note at Maturity and the final installment of interest in immediately available funds. All interest payments to the accounts of its Depository Participants in accordance with its normal procedureson a Note, provided that in the event the Bonds are no longer maintained as Book-Entry Bondsother than interest due at Maturity, payment shall will be made by check drawn on the Trustee and mailed by the Trustee to such Person's address the person entitled thereto as it appears provided in the Bond Register on such Record Date Note. However, holders of ten million dollars or upon prior notice given more in aggregate principal amount of Notes (whether having identical or different terms and provisions) shall be entitled to the Trusteereceive payments of interest, other than at Maturity, by wire transfer of in immediately available funds to a designated account maintained in the accounts specified United States upon receipt by the Trustee of written instructions from such Person, except a holder not later than the regular Record Date for the final payment of principal payable with respect to such Bond (or the Redemption Price) for any Bond called for redemption, if such redemption will result in 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawrelated Interest Payment Date. Any payment of principal or interest required to be made on an Interest Payment Date or principal payable on any Bond which otherwise would be due and payable on at Maturity of a day Note which is not a Business Day shall need not be payable 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 or Maturity. The Trustee will provide monthly to the Company a list of the principal and interest to be paid on Notes maturing in the next succeeding month. The Trustee will be responsible for withholding taxes on interest paid as required by applicable law, but shall be deemed relieved from any such responsibility if it acts in good faith and in reliance upon an opinion of counsel. Notes presented to have been paid on the Trustee at Maturity for payment will be cancelled by the Trustee. All cancelled Notes held by the Trustee shall be destroyed, and the Trustee shall furnish to the Company a certificate with respect to such non-Business Day on which such payment was otherwise payable.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. Interest (aand principal, if any, payable other than at Stated Maturity or upon acceleration or redemption) Interest or principal payable on any Bond that is punctually paid out of the Collateral 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 in immediately available funds to the Person in whose name such Bond (or one or more Predecessor Bonds) a Security is registered at the close of business on the Regular Record Date for such applicable next preceding each Interest Payment Date notwithstanding the cancellation of such Securities upon any transfer or Redemption exchange thereof subsequent to such Regular Record Date by payment and prior to such Interest Payment Date; provided that interest payable at Stated Maturity or upon acceleration or redemption shall be paid to the DepositoryPerson to whom principal will be payable; provided further, which 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 credit be paid to the amount 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 payments defaulted interest. Unless otherwise specified in the resolutions of the Board of Directors or indenture supplemental hereto related to the accounts Series of its Depository Participants 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 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, provided that interest, Additional Amounts and other amounts on or in the event the Bonds are no longer maintained as Book-Entry Bonds, payment respect of Securities to be made other than at Stated Maturity or upon redemption shall be made by check mailed on or before the due date for such payments to such Person's the address of the Person entitled thereto as it appears in the Bond Register on such Record Date Register; provided that (a) DTC and the Common Depositary, as Holders of the Global Securities, shall be entitled to receive payments of interest by wire transfer of immediately available funds, (b) a Holder of U.S. $1,000,000 (or upon prior notice given the 11924629 approximate equivalent thereof in a Specified Currency other than U.S. dollars) in aggregate principal or face amount of Securities of the same Series shall be entitled to the Trustee, receive payments of interest by wire transfer of immediately available funds to the accounts specified an account maintained by such PersonHolder 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 fifteen (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 for in circumstances described in the final resolutions of the Board of Directors or in an indenture supplemental hereto related to the relevant Series, shall be made by wire transfer of immediately available funds to an account specified in writing not less than fifteen (15) days prior to the date such payment of principal payable is due by the Holder to the Trustee. Unless such designation is revoked, any such designation made by such Holder with respect to such Bond (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 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 Exchange Rate for such Specified Currency on the Payment Date. The making of any payment in respect of 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 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 the relevant Regular Record 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 the applicable Paying Agent on or prior to such Regular Record Date or the Redemption Pricedate that is fifteen (15) for 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 Bond called for redemptionSecurity by a Holder will remain in effect with respect to any further payments of principal, if interest, Additional Amounts or other amounts on or in respect of such redemption 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 result be based on the Exchange Rate, on the second (2nd) Business Day next preceding the applicable Payment Date. If Exchange Rate quotations are not available on the second (2nd) Business Day 11924629 preceding the applicable Payment Date, such payment will be 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 Holder thereof by deductions from payment of the then entire unpaid principal currency exchange being effected on behalf of the Holder by the Exchange Rate Agent. Unless otherwise specified in the terms of a Series of Securities, Securities denominated in a Specified Currency other than U.S. dollars will provide that, in the event of an official redenomination of the currency, the obligations of IRSA with respect to payments on such Securities 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 Bond), which shall be payable as provided in subsection (b) of this Section 3.02. Each Depository Participant shall be responsible for disbursing obligations immediately before 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payableredenomination.

Payments of Principal and Interest. The Trustee will pay the principal amount of each Certificated Note at Maturity upon presentation of such Certificated Note to the Trustee (a) Interest or principal payable on any Bond that is punctually paid out unless otherwise specified in the applicable Pricing Supplement). Such payment, together with payment of the Collateral Proceeds Account pursuant to Section 3.03 or duly provided interest due at Maturity of such Certificated Note, will be made in funds available for immediate use by the Issuer on Trustee and in turn by the applicable Payment Date or Redemption Date shall be paid Holder of such Certificated Note. Certificated Notes presented to the Person in whose name such Bond (or one or more Predecessor Bonds) is registered Trustee at Maturity for payment will be canceled by 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 amount of such payments to the accounts of its Depository Participants Trustee in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall Indenture. All interest payments on a Certificated Note (other than interest due at Maturity) will be made by check drawn on the Trustee (or another Person appointed by the Trustee) and mailed to such Person's address as it appears in by the Bond Register on such Record Date or upon prior notice given Trustee to the Trustee, 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 such redemption will result in payment of the then entire unpaid principal amount of such Bond), which shall be payable Person entitled thereto as provided in subsection such Note and the Indenture (b) of this Section 3.02unless otherwise specified in the applicable Pricing Supplement). Each Depository Participant shall The Trustee will be responsible for disbursing reporting interest paid on Certificated Notes, and where applicable, withholding taxes on such payments to the Bond Owners of the Book-Entry Bonds that it represents and to each brokerage firm for which it acts interest payments, as agent. Each brokerage firm shall may 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 required by the Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment If any Interest Payment Date for a Fixed Rate Certificated Note or the Maturity of interest or principal payable on any Bond which otherwise would be due and payable on a day which Certificated Note is not a Business Day Day, the payment due on such day shall be payable made on the next succeeding Business Day and no interest shall accrue on such payment for the period from and after such Interest Payment Date or Maturity, as the case may be. If any Interest Payment Date for a Floating Rate Certificated Note (other than the Maturity Date) is not a Business Day, the payment due on such day shall be deemed to have been paid made on such non-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 payment was otherwise payableBusiness Day is in the succeeding calendar month, such Interest Payment Date will be the preceding Business Day.

Payments of Principal and Interest. (a) Interest or principal payable on any Bond that is punctually paid out For each Term Loan, Borrower shall pay to the Agent, for the ratable benefit of the Collateral Proceeds Account Lenders, (i) six (6) consecutive payments of interest only (payable in arrears) at the 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 such payment of principal and interest shall be calculated by the Agent and shall be sufficient to fully amortize the principal and interest due with respect to the applicable Term Loan over such repayment 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 3.03 8.2 or duly provided for by otherwise (the Issuer 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 Payment Date or Redemption Date shall be paid Term Loan and then 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 amount unpaid principal balance of such payments to Term Loan. Without limiting the accounts of its Depository Participants in accordance with its normal proceduresforegoing, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment all Obligations shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day 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 be become due and payable in full on the next succeeding Business Day and shall be deemed earlier to have been paid on occur of (such non-Business Day 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 payment was otherwise payablepreferred stock.

Payments of Principal and Interest. (a) Interest or Each payment of principal payable of and interest on any a Book Entry Bond that is punctually paid out of the Collateral 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 amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in 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 Beneficial Owners of the Book-Book 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 Bond Beneficial Owners of the Book-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 Trustee, the Paying Agent, the Bond Registrar nor the Issuer shall have any responsibility therefor except as otherwise provided by applicable lawfor such credits and disbursements. Any Each payment of principal of 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 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 principal payable on any Bond with respect to such Bond, which otherwise would be due and payable on a day which is not a Business Day shall be payable as provided in Section 2.09(b). All payments of principal of and interest on the next succeeding Business Day and Bonds shall be deemed to 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 been paid on recourse solely against such non-Business Day on which Trust Estate and such payment was otherwise 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. (a) Interest or principal payable on any Bond that is punctually paid out of the Collateral 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 amount of such payments to the accounts of its Depository Participants in accordance with its normal procedures, provided that in the event the Bonds are no longer maintained as Book-Entry Bonds, payment shall be made by check mailed to such Person's address as it appears in the Bond Register on such Record Date or upon prior notice given to the Trustee, 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 such redemption will result in payment of the then entire unpaid principal amount of such Bond), which shall be payable as provided in subsection (b) of this Section 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 Depository and the Depository Participants in accordance with the provisions of the Bonds. Neither the Trustee nor the Issuer shall have any responsibility therefor except as otherwise provided pro vided by applicable law. Any payment of interest or principal payable on any Bond which otherwise would be due and payable on a day which is not a Business Day shall be payable on the next succeeding Business Day and shall be deemed to have been paid on such non-Business Day on which such payment was otherwise payable.