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Restoration Of The Sustainability Of The Public Debt Instrumented In Titles Issued Under The Law Restructure Of The Debt - It Is Available - Full Text Of The Norm

Original Language Title: RESTAURACION DE LA SOSTENIBILIDAD DE LA DEUDA PUBLICA INSTRUMENTADA EN TITULOS EMITIDOS BAJO LA LEY RESTRUCTURACION DE LA DEUDA - DISPONESE - Texto completo de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
RESTAURATION OF THE SUSTAINABLEITY OF THE PUBLIC DEUDE INSTRUMENTED IN TITIES UNDER THE LAW OF THE ARGENTIN REPUBLIC

Law 27556

Provisions.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force

Law:

RESTAURATION OF THE SUSTAINABLEITY OF THE PUBLIC DEUDGES INSTRUMENTED IN TITIES UNDER THE LAW OF THE ARGENTIN REPUBLIC

Article 1- Dispose, on the basis of the Law on Social Solidarity and Productive Reactivation in the Framework of Public Emergency 27.541, the restructuring of the debt of the National State instrumented in the public titles called in U.S. Dollars issued under the law of the Argentine Republic detailed in Annex I of the present, henceforth “Eligible Titles”, by means of a canje operation to be carried out in detailed terms and conditions

Article 2°- Dispose the issuance of the bonds detailed in Annex III that is an integral part of the present, called in US Dollars and in Weights, henceforth “New Titles”, for up to the maximum amounts and according to the financial conditions there detailed.

Article 3. Eligible Title holders that do not adhere to the invitation to exchange provided by Article 1 of this Law will continue with their deferred payments until December 31, 2021. Once the operation approved by Article 1 has been liquidated, the holders of these Eligible Titles that have not acceded to by that date may redeem them in the terms of this Act by notification addressed to the Implementation Authority. In these cases, only interest accrued to the date of entry into force of Decree 346/20 shall be recognized by the delivery of the New Titles, in accordance with the terms and conditions set out in Annex II of this Law.

Article 4°- Please refer to the Ministry of Economic Affairs as the Authority for the Application of this Law, with the authority to perform all the necessary acts and/or contractings for the fulfillment of this Law, as well as to dictate any complementary norm for implementation.

Contracts signed in the terms of this Act shall not be reached by the provisions of Decree 1023 of 13 August 2001, their amendments and supplements.

Article 5°- Expenditures that demand compliance with the provisions of this measure shall be charged to the budget headings for Jurisdiction 90 - Public Debt Service.

Article 6 The national executive branch shall transmit to the Honorable Congress of the Nation a report with the results of the operation set forth by this law, within the ninety (90) days of liquidation the operation provided for in article 1 of this rule.

Art. 7°- This law is of public order and will enter into force on the day of its publication in the Official Gazette of the Argentine Republic.

Art. 8°- Contact the national executive branch.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, THE FOUR DAY OF THE MONTH OF AUGUST OF THE YEAR DOS MIL VEINTE.

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KIRCHNER FERNÁNDEZ CRISTINA - SERGIO TOMAS MASSA - Marcelo Jorge Fuentes - Eduardo Cergnul

NOTE: The Annex/s that integrate/n this(a) Law is published in the web edition of BORA -www.boletinoficial.gob.ar-

e. 08/08/2020 No. 31451/20 v. 08/08/2020

(Note Infoleg: The annexes referred to in this rule have been extracted from the official newsletter web edition)
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Annex I

ELEGIBBY TITIES

The Eligible Titles under the Restructuring Proposal are described below:
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Annex II

ELEGIBLE TÉRMINS AND CONDITIONS OFFER

The holders of the Eligible Titles described in Annex I whose exchange orders are accepted may choose, according to the options set, to receive on the date of liquidation:

A. "BONS OF THE REPUBLIC ARGENTINA IN DÓLARES STEP UP 2030 - LEY ARGENTINA" (BONO USD 2030 L.A.)

B. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2035” (BONO USD 2035 L.A.)

C. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2038” (BONO USD 2038 L.A.)

D. "BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2041" (BONO USD 2041 L.A.)

According to the following exchange relationships expressed by each Original Nominal Value (NOV) U$S 100:

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1F-2020-45507773-APN-SF#MEC

In addition, the holders of the Eligible Titles listed below may choose the following instruments called in weights adjustable by CER:

E. "NATIONAL THIRD BODIES IN PESOS WITH ASSESSMENT BY CER 2.00% VTO. 2026" (BONCER 2026 2.00%).

F. “NATIONAL THIRD BODIES IN ASSESSMENT BY CER 2.25% VTO.

2028" (BONCER 2028 2.25 %) '

According to the following exchange relationships expressed by each Original Nominal Value (VNO)U$S100:

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The holders will not receive any cash payment for the accrued and unpaid interest of the eligible titles, receiving as a counterfeit in the form of BONOS OF THE ARGENTINA REPUBLIC IN DELARES ESTADOUNIDENSES 1% 2030” (BONO USD 2030 to 1% L.A.):

(i) The Current Interest of each eligible title from the date of last payment to 4 September 2020 (exclusive), if the titles are presented during the "Time Acceptance of the Offerer".

(i) The Current Interest of each title eligible from the date of last payment to 6 April 2020 (exclusive), if the titles are presented after the "Period of Early Acceptance of the Offer".

According to the following relationships expressed by each Original Nominal Value (NOV) $100: '

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Those holders of the following eligible titles that opt for the new BONCER 2026 2.00% and/or BONCER 2028 2.25% will receive such counterfeit in the form of additional titles according to the relationships expressed by each Original Nominal Value (VNO) U$S 100:

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The “Period of Early Acceptance of Offering” will be defined at the time of the publication of the Chanting Procedure by the Application Authority.

If, during the period between the entry into force of the present law and the fifth anniversary of the date of the liquidation of the Operation mandated by Decree 582/2020, the ARGENTINA REPUBLIC will voluntarily make a better offer to the Eligible Titles of this Operation or to those contained in Decree No. 582/2020, the improvement will be extended to the holders of the New Titles detailed in Annex III.

In such circumstances, the holders of the “NATIONAL TESORO BONOS IN PESOS WITH AJUST FOR CER 2% VTO. 2026” (BONCER 2026 2%) and “NATIONAL TESORO BONS IN PESOS WITH AJUST FOR CER 2.25 % VTO. 2028” (BONCER 2028 2.25 %) will have the right to participate in a similar financial conditions.

The Argentine Republic shall not have the obligation to extend the improvement or to perform a new exchange as provided for in the preceding two paragraphs, if the improvement was carried out in compliance with a court order or an arbitral award of a final and non-applicable character.

MONTOS MÁXIMOS DE EMISION de los NUEVOS TÍTULOS

The nominal amount to issue from the New Titles will be limited as set out in the table below:

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In addition, the combined nominal amount of BONCER 2026 2.00% and BONCER 2028 2.25% will not exceed $1.727.129 million.

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Annex III

AND CONDITIONS OF NEW TITIES

A. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2030 - LEY ARGENTINA” (BONO USD 2030 L.A.)

Maximum amount of capital to issue: the maximum total capital amount of the Titles Step Up in USD 2030 that the Argentine Republic can issue under the offer is US$ 22,609 million.

Date of issue: September 4, 2020.

Amortization: amortization will take place in DOCE (12) equal semi-annual quotas on 4 March and 4 September each year, with the first quota on 4 March 2025 and the last quota on 4 September 2030.

Interests: the Step Up Titles in USD 2030 will accrue interest, based on UN (1) year of SESENT TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, according to the following annual rates:

I. From September 4th, 2020 (inclusive) to September 4th, 2021 (exclusive): CERO COMA CIENTO VEINTICINCO (0.125%).

Hey. From September 4th, 2021 (including) to September 4, 2023 (exclusive): CERO COMA CINCUENTA por CIENTO (0.50%).

iii. From September 4th, 2023 (including) to September 4th, 2027 (excluding): A SETTLE COMASE AND CINCO FOR SCIENT (0.75%).

iv. From September 4th, 2027 to the end: A SETENTA COMA AND CINCO FOR SCIENT (1.75%).

The interest payment dates for the Step Up Titles in USD 2030 are on March 4th and September 4th of each year, beginning on September 4th, 2021.

Minimum denomination: US dollar (1) (US$ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

B. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2035” (BONO USD 2035 L.A.)

Maximum amount of capital to issue: the maximum total capital amount of the Titles Step Up in USD 2035 that the Argentine Republic can issue under the offer is US$ 35.663 million.

Date of issue: September 4, 2020. '

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Amortization: the amortization will take place in TEN (10) equal semi-annual quotas on 4 March and 4 September each year, with the first quota on 4 March 2031 and the last quota on 4 September 2035.

Interests: the Step Up Titles in USD 2035 will accrue interest, on the basis of UN (1) year of SESENT TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, according to the following annual rates:

I. From September 4th, 2020 (inclusive) to September 4th, 2021 (exclusive): CERO COMA CIENTO VEINTICINCO (0.125%).

Hey. From September 4th, 2021 (inclusive) to September 4, 2022 (exclusive): A SCIENTI-VEINTICINCO SCIENT (1.125%).

iii. From September 4th, 2022 (inclusive) to September 4, 2023 (exclusive): A CINCUENTA COMMENT (1.50%).

iv. From September 4th, 2023 (inclusive) to September 4th, 2024 (exclusive): THREE SEISCIENTS VEINTICINCO BY SCIENT (3.625%).

v. From 4 September 2024 (inclusive) to 4 September 2027 (exclusive): CUATRO COMAINTICINCO SCIENTY (4.125%).

vi. From September 4th, 2027 (inclusive) to September 4th, 2028 (exclusive): CUATRO COMASETENTA and CINCO BY CIENTO (4.75%).

vii. From September 4th, 2028 (including) to maturity: CINCO FOR SCIENT (5,00%).

The interest payment dates for the Step Up Titles in USD 2035 are March 4th and September 4th of each year, beginning on September 4th, 2021.

Minimum denomination: US dollar (1) (US$ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

C. “BONOS DE LA REPUBLIC ARGENTINA IN DÓLARES STEP UP 2038” (BONO USD 2038 L.A.)

Maximum amount of capital to issue: the maximum total capital amount of the Titles Step Up in USD 2038 remains Argentine Republic can issue under the offer is U$S 7.254 million.

Date of issue: September 4, 2020. .

IF-2020-4550973 8-APN-SF#MEC

Amortization: amortization will take place in VEINTIDÓS (22) equal semi-annual quotas on 4 March and 4 September each year, with the first quota on 4 March 2028 and the last quota on 4 September 2038.

Interests: the Step Up Titles in USD 2038 will accrue interest, based on UN (1) year of SESENT TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, according to the following annual rates:

I. From September 4th, 2020 (inclusive) to September 4th, 2021 (exclusive): CERO COMA CIENTO VEINTICINCO (0.125%).

Hey. From 4 September 2021 (inclusive) to 4 September 2022 (exclusive): TWO BY SCIENT (2.00%).

iii. From 4 September 2022 (including) to 4 September 2023 (exclusive):

THREE SETENTA OCHOCIENTS AND CINCO FOR SCIENT (3,875%). '

iv. From 4 September 2023 (inclusive) to 4 September 2024 (exclusive): CUATRO COMAVEINTICINCO BY CIENTO (4.25%).

v. From September 4th, 2024 (including) to maturity: CINCO FOR SCIENT (5,00%).

The interest payment dates for the Step Up Titles in USD 2038 are March 4th and September 4th of each year, beginning on September 4th, 2021.

Minimum denomination: US dollar (1) (US$ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

D. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STEP UP 2041” (BONO USD 2041 LA.)

Maximum amount of capital to issue: the maximum total capital amount of the Titles Step Up in USD 2041 that the Argentine Republic can issue under the offer is U$S 44,217 million.

Date of issue: September 4, 2020.

Amortization: the amortization will take place in VEINTIOCHO (28) equal semi-annual quotas on 4 March and 4 September each year, with the first quota on 4 March 2028 and the last quota on 4 September 2041.

Interests: the Step Up Titles in USD 2041 will accrue interest, on the basis of UN (1) year of SESENT TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, according to the following annual rates:

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I. From September 4th, 2020 (inclusive) to September 4th, 2021 (exclusive): CERO COMA CIENTO VEINTICINCO (0.125%).

ii. From 4 September 2021 (inclusive) to 4 September 2022 (exclusive): DOS COMA CINCUENTA por CIENTO (2.50%).

Yeah. From September 4th, 2022 (inclusive) to September 4th, 2029 (exclusive): THREE COMING FOR SCIENT (3.50%).

iv. From September 4th, 2029 (inclusive) to maturity: CUATRO COMA OCHOCIENTS SETENTA y CINCO por CIENTO (4.875%).

The interest payment dates for the Step Up Titles in USD 2041 are March 4th and September 4th of each year, beginning on September 4th, 2021.

Minimum denomination: US dollar (1) (US$ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

E. “NATIONAL TESORY ADVISORY BODIES FOR CER 2.00% VTO. 2026” (BONCER 2026 2.00%)

Maximum amount of capital to issue: the maximum total capital amount of the Titles that the Argentine Republic can issue under the offer is $578,975 million.

Date of issue: September 4, 2020.

Amortization: the amortization will take place in CUATRO (4) semi-annual quotas on 4 May and 4 November each year, with the first quota on 4 May 2025 and the last quota on 4 November 2026.

Capital adjustment: The capital balance of the bonds shall be adjusted according to the COEFIT OF REFERENCE STABILIZATION (CER) referred to in Article 4 of Decree No. 214 of 3 February 2002, reported by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, corresponding to the period between the EZ (10) business days prior to the date of issue and the TEN service (10) The National Public Credit Office under the Financial SECRETARY of the MINISTERY of ECONOMY will be the Calculus Agent. The determination of the amount of the adjustment made by the Calculator agent shall be saved by manifest, final and valid error for all parties.

Interests: the NATIONAL TESORO BONOS IN PESOS WITH AJUST BY CER 2.00% VTO. 2026 (BONCER 2026 2.00%) interest will accrue, starting on 4 September 2020, on the basis of UN (1) year of TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, at a rate of DOS per SENTO (2.00%).

The interest payment dates for the NATIONAL TESORO BONOS IN PESOS WITH AJUST FOR CER 2.00% VTO. 2026 (BONCER 2026 2.00%) are May 4th and November 4th of each year, beginning May 4, 2021.

Currency of denomination and payments: Weights.

Minimum denomination: UN (1) peso ($ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

F. “NATIONAL TESORY ADVISORY BODIES FOR CER 2.25% VTO 2028” (BONCER 2028 2.25%)

Maximum amount of capital to issue: the maximum total capital amount of the Titles that the Republic can issue under the offer is $1,727:129 million.

Date of issue. 4 September 2020.

Amortization: amortization will take place at OCHO (8) semi-annual quotas on 4 May and 4 November each year, with the first quota on 4 May 2025 and the last quota on 4 November 2028.

Capital adjustment: The capital balance of the bonds shall be adjusted according to the COEFIT OF REFERENCE ESTABILIZATION (CER) referred to in Article 4 of Decree No. 214 of February 3, 2002, reported by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, corresponding to the period between EZ (10) business days prior to the date of issue and EZ service (10) The National Public Credit Office under the Financial SECRETARY of the MINISTERY of ECONOMY will be the Calculus Agent. The determination of! adjustment amount made by the Calculator agent will be saved manifest, final and valid error for all parties.

Interests: the NATIONAL TESORO BONOS IN PESOS WITH AJUST BY CER 2.25 % VTO. 2028 (BONCER 2028 2.25 per cent) interest will accrue, beginning on 4 September 2020, on the basis of UN (1) year of TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, at a rate of VEINTICINCO DOS per SENTO (2.25 per cent). .

The dates of payment of interest for the NATIONAL TESORO BONOS IN PESOS WITH AJUST for 2,25% VTO. 2028 (BONCER 2028 2.25 per cent) are May 4th and November 4th of each year, beginning May 4, 2021.

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Currency of denomination and payments: Weights.

Minimum denomination: UN (1) peso ($ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

G. “BONS OF THE ARGENTINA REPUBLIC IN DELARES STATUS TO 1 % 2030” (BONO USD 2030 1 % L.A.)

Maximum amount of capital to issue: the maximum total capital amount of the Titles in USD 2030 that the Argentine Republic can issue under the offer is US$ 2.325 million.

Date of issue: September 4, 2020.

Amortization: amortization will take place at OCHO (8) semi-annual quotas on 4 March and 4 September each year, with the first quota on 4 March 2027 and the last quota on 4 September 2030.

Interests: Titles in USD 2030 will accrue interest, based on UN (1) year of SESENT TRESCIENTA (360) days consisting of DOCE (12) months of TREINTA (30) days each, according to the following annual rates:

I. From 4 September 2020 (inclusive) to maturity: UNO per SENT (1.00%).

The interest payment dates for the Titles in USD 2030 , are on March 4th and September 4th of each year, beginning on September 4th, 2021.

Minimum denomination: US dollar (1) (US$ 1.00).

Applicable law: shall be governed by the Law of the Republic of Armenia.

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