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Law N ° 26.017, N ° 26.547, N ° 26.886 And N ° 26.984. Repeal. Law N ° 27.198. Modification

Original Language Title: Leyes N° 26.017, N° 26.547, N° 26.886 y N° 26.984. Derogación. Ley N° 27.198. Modificación

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PUBLIC DEUDA

Law 27249

Laws N ° 26.017, N ° 26.547, N ° 26.886 and N ° 26,984. Repeal. Law No 27.198. Amendment. Sanctioned: March 31, 2016 Enacted: March 31, 2016

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

Article 1-Law No 26,017, 26.547, 26.886, 26.984 and its regulations and supplementary rules, as well as any other law, decree or rule that is contrary to or incompatible with the provisions of this law.

ARTICLE 2-The ratification of the agreements referred to in Article 5 °, the authorization granted to the Application Authority in Article 6 °, as well as the provisions of Articles 7 °, 8 °, 9 °, 10, 11, 12, 13 and 15, all of the This law shall enter into force on the basis of the confirmation by the Appeals Chamber of the Second Circuit of the United States of America of the effective lifting of all precautionary measures ("injunctions") issued against the Republic of Argentina.

ARTICLE 3-Amend Article 42 of Law 27.198, which shall be worded as follows:

Article 42: Authorize the national executive branch, through the Ministry of Finance and Public Finance, to continue the normalization of the services of the public debt referred to in Article 41 of this Law, in the terms of the article 65 of the Law on Financial Management and the Systems of Control of the National Public Sector 24.156, and its amendments or the Law of Standardization of Public Debt and Recovery of Credit, with the power of the National Executive Branch to continue with the negotiations and to carry out all the necessary acts for their conclusion . The Ministry of Finance and Public Finance will report on a quarterly basis to the Honorable Congress of the Nation, the progress of the negotiations and the agreements to which it will be reached during the negotiation process. This report shall include an updated database identifying the agreements reached, the judicial or arbitral proceedings terminated, the amounts of capital and the amounts of the amounts

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cancelled or to cancel in each agreement and the level of execution of the authorization of the level of indebtedness that is granted through article 7 ° of the Law of Standardization of the Public Debt and Recovery of the Credit. In addition, certified copies of the agreements reached, as well as their translation into the Spanish language, should be accompanied. At the same time, the Ministry of Finance and Public Finance must inform the progress of the management aimed at the normalization of the service of the public securities issued in the framework of the restructuring of the public debt. Decrees 1.735/2004 and 563/2010. The firm judicial pronouncements, issued against the provisions of Law 25,561, Decree 471 dated March 8, 2002, and its accompanying rules, which are placed on those titles, are included in the dispute indicated in the Article 41 of this Law.

ARTICLE 4 °-Where the provisions referred to in Article 2 of this Law do not enter into force for the reasons provided for in that Article, the Application Authority may carry out further negotiations with the holders of public securities (and/or their representatives) which were eligible for the exchange provided for in Decree 1,734 dated 9 December 2004 and its accompanying rules, which would not have been submitted to such an exchange or to the provisions of Decree 563 of Date 26 April 2010 (Eligible Public Titles), with the agreement that the Authority of Application subscribes with these creditors as well as the cancellation and/or restructuring proposals that the Application Authority will make subject to the approval of the Congress of the Nation.

Article 5-ratify the cancellation agreements concluded between the Argentine Republic and the holders of Eligible Public Titles (and/or their representatives), which as Annex I, in English copy and their translation into the Spanish language, form an integral part of this law. The Ministry of Finance and Public Finance, as the Enforcement Authority of this Law, is hereby authorized to extend the respective maturity periods set forth in the aforementioned cancellation agreements.

ARTICLE 6-Authorize the Authority of Application to: (i) make amendments and/or agree to the cancellation agreements referred to in the preceding article as long as they do not modify their object, their economic conditions and their terms and conditions; and, Perform all necessary acts to cancel the debt with the holders of Eligible Public Titles (and/or their representatives) who are not included in the cancellation agreements referred to in the preceding article, including the subscription of agreements and other instruments. In order to implement the subscription of the agreements referred to in the preceding paragraph, the Application Authority may offer: (a) all holders of Eligible Public Titles, a payment equivalent to the amount of capital owed from their securities with more than fifty percent (50%) of that amount of capital (Base Offer). In no case, the amount to be paid may be higher than the amount recognized for any sentence given in relation to those titles plus the legal update corresponding to the application of judicial interests to January 31, 2016. The Base Offer will be instrumentalised and implemented by: i) The signing of debt cancellation agreements; and ii) A national and international cash payment offer against the delivery of Eligible Public Titles ("cash tender offer") English language name).

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With respect to the holders of Eligible Public Titles who have initiated claims before the District Court for the Southern District of New York, United States of America, grouped in a class action, is authorized to agree an additional sum to cover the administrative costs necessary to notify those included in the respective class, in accordance with the terms of the Agreement provided for in paragraph 4 of Annex I. The national executive branch shall not assume any expenditure or (a) surplus charge in respect of the remaining holders of eligible public securities covered by the Base Offer; (b) To those holders of Eligible Public Titles whose claims are included in the court orders issued by the District Court for the Southern District of New York, United States of America, on 23 February 2012, and amended on 21 November 2012 (the "Order" Pari Passu "Original") and on 30 October 2015 (the "Order" Pari Passu "Me Too" and in conjunction with the Order "Pari Passu" Original, the "Pari Passu Orders"), the provisions of the Base offer provided for in (a) above or, at your choice, the following proposal (the "Offer" Pari Passu "") : (i) to those holders of Eligible Public Titles who are affected by the "Pari Passu" Orders, which shall have a monetary judgment, issued before 1 February 2016, which shall recognise the debt arising from the Titles Eligible Public under their tenure, a payment equivalent to seventy per cent (70%) of the legal claim (which includes the amount recognised in that judgment and the court interest accrued from the date of the judgment until 31 January 2016), and (ii) to those holders of Eligible Public Titles that are reached by the Orders " Pari Passu " not to have a monetary judgment, issued prior to February 1, 2016, that recognized the debt derived from the Eligible Public Titles under its tenure, a payment equivalent to seventy percent (70%) of the legal claim (which includes the capital owed plus the amounts due under the contractual interest rate and the statutory interest rate "statutory interest rate" on the contractual interest rate up to 31 January 2016, in accordance with the laws of the State of New York, United States of America).

ARTICLE 7 °-The issuance of the Treasury of the Nation and/or the hiring of other public borrowing operations by up to an original nominal value of dollars through the Application Authority and under this law and/or their equivalent in other currencies, which is necessary to comply with the payments required under this law and to the extent that such payments do not exceed the amount of twelve thousand five hundred million US dollars (U$S 12.500,000,000) and/or its equivalent in other currencies, the General Budget of the National Administration for the Financial Year 2016, approved by law 27.198. The Application Authority shall direct the production of the emissions referred to in the preceding paragraph to the debt cancellations provided for in this law. In case the amount of the issue exceeds the amount of payment required under this law, the surplus will be charged to the existing authorization of public debt provided for in the General Budget of the National Administration for the financial year 2016, adopted by law 27.198.

ARTICLE 8 °-The holders of Eligible Public Titles who wish to participate in any cancellation operation carried out within the framework of the provisions of this Law, including the creditors who signed the agreements in Annex I and Those who accept the proposals provided for in Article 6 shall waive all the rights which correspond to them, under those titles, including those rights which would have been recognised by any court judgment or administrative, arbitral award or decision of any other authority, issued in any jurisdiction, and to renounce and release the Argentine Republic from any judicial, administrative, arbitral or

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any other type, initiated or likely to be initiated in the future in respect of such securities or the obligations of the Republic of Argentina arising therefrom, including any action to receive capital or interest services of these titles or any other accessory or expense.

ARTICLE 9-Authorize the Application Authority to include clauses establishing the extension of jurisdiction in favor of foreign courts, and which provide for the waiver to oppose the defense of sovereign immunity, exclusively, in respect of claims in the jurisdiction to be extended and in relation to the agreements that are signed and the issues of public debt to be carried out, in accordance with the provisions of this law and subject to the inclusion of the so-called " collective action "and" pari passu " clause, in accordance with current market practices International capital. The waiver of the defence of sovereign immunity shall not imply any waiver of the immunity of the Argentine Republic in relation to the execution of the goods described below: (a) Any reserve of the Central Bank of the Argentine Republic; (b) Any property belonging to the public domain located in the territory of the Argentine Republic, including those covered by Articles 234 and 235 of the Civil Code; and (c) Any property located within or outside the Argentine territory providing an essential public service; (d) Any property (in the form of cash, bank deposits, securities, third party obligations or any other) Means of payment) of the Argentine Republic, its government agencies and other entities -Government-related to the implementation of the budget, within the scope of Articles 165 to 170 of the Permanent Supplementary Act of Budget 11.672 (t.o. 2014); and) Any good achieved by the privileges and immunities of the Vienna Convention on Diplomatic Relations of 1961 and the Vienna Convention on Consular Relations of 1963, including, but not limited to, goods, establishments and accounts of Argentine missions; (f) Any goods used by a diplomatic, governmental or consular mission of the Republic of Argentina; g) Taxes and/or royalties due to the Argentine Republic and the rights of the Argentine Republic to collect taxes and/or royalties; (h) Any good of a military nature or under the control of a military authority or defense agency of the Republic of Argentina; (i) Any good that forms part of the cultural heritage of the Argentine Republic; and (j) The goods protected by any law of sovereign immunity that is applicable.

ARTICLE 10. -authorize the Application Authority to carry out all the necessary acts to comply with the provisions of this Law, including without limitation: (a) the determination of periods and time limits for participation in offers for the cancellation of debt; (b) the determination of periods, time limits, methods and procedures for the issuance of new public securities; (c) the designation of institutions (d) the signing of agreements with financial institutions which place the new public securities to be issued, which will be the subject of the new public debt instruments; In order to achieve this, the payment of commissions on market conditions, which under no circumstances may be exceeded the zero coma 20% (0.20%) of the amount of the issue; e) the preparation and registration of a programme of public securities to the control bodies of the main international capital markets; f) The subscription of agreements with Fiduciary agents, payment agents, information agents, agents

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of custody, registration agents and risk rating agencies that are necessary for both the debt cancellation and the issuance and placement of the new public securities, with the payment of the corresponding (g) the payment of other necessary costs of registration, printing, distribution of prospects, translation and other associated costs, which must be in market conditions, in order to comply with the the provisions of this law.

ARTICLE 11. -exempt transactions covered by this law from the payment of all existing national taxes, fees and contributions and to be set up in the future, and the exchange rate restrictions which may be applied to the transactions referred to in the the present law.

ARTICLE 12. -Except for the operations included in this law of the provisions of Articles 7 and 10 of Law 23,928 and its amendments, and of the provisions of Article 765 of the Civil and Commercial Code of the Nation.

ARTICLE 13. -The Application Authority, within the period of sixty (60) days from compliance with the condition of Article 2 of this Law, shall take all necessary measures to standardise the service of public securities issued in the framework of the restructuring of the public debt provided for by decrees 1,735 dated 9 December 2004 and 563 dated 26 April 2010 ('Structured Public Titles '), including: (i) The regularisation of the situation of The Bank of New York Mellon as a fiduciary agent under the Trust Convention dated 2 June 2005, as amended on 30 April 2010 (the "Trust Convention"); (iii) the issuing of the necessary instructions for the transfer of the funds deposited in the Trust Fund; and (iii) the issuing of the necessary instructions for the transfer of the funds deposited in the the account "Fund Law N ° 26,984 Sovereign Payment of Restructured Debt" of Nation Trusts Society Anonymous in the Central Bank of the Republic of Argentina to the accounts of The Bank of New York Mellon, or of the entity that replaces it as a fiduciary agent under the Trust Agreement, in the Central Bank of the Republic of Argentina. Argentina in order to apply them to the payment of these titles. Until the contractual situation with The Bank of New York Mellon is normalized as a fiduciary agent under the trust agreement, the Application Authority may transfer the funds corresponding to the future maturity of the Titles. Public Restructured to Nation Trusts Company Anonymous, entity to which by this act is designated as a transitional payment agent, (for whose purposes the Application Authority will agree with that company the terms of such designation) for its subsequent transfer to the fiduciary agent under the Trust Convention, without (a) the provisions of this Article shall entail any amendment to the said Trust Convention.

ARTICLE 14. -where the provisions referred to in Article 2 of this Law do not come into force for the reasons provided for in that Article, the Application Authority may transfer the funds corresponding to the future maturities of the Public Securities Restructured to Nation Trusts Company Anonymous as a transitional payment agent for subsequent transfer to the fiduciary agent under the Trust Agreement, without the provisions of this Article involving any amendment to the said Trust Convention.

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ARTICLE 15. -Designate the Ministry of Finance and Public Finance as the Enforcement Authority of this law, and may dictate the clarifying and complementary rules that would be necessary to implement this standard.

ARTICLE 16. -The Chief of the Cabinet of Ministers will be empowered to make the necessary budgetary adjustments to comply with the provisions of this law.

ARTICLE 17. -The payments provided for in this law will be dealt with by the budget allocation "Expenditure and Commissions of the Public Debt" corresponding to Jurisdiction 90.

ARTICLE 18. -Create, in the context of the Honorable Congress of the Nation, the Permanent Bicameral Commission for the Monitoring and Control of the Management of Contracting and Payment of the Foreign Debt of the Nation, which will be composed of ten (10) Senators and ten (10) Members, appointed by the Presidents of the respective Chambers on a proposal from the parliamentary blocs, respecting the proportion of the political representations, and which shall be governed by the rules of procedure which for that purpose dictate and whose main purpose will be to monitor the development, management and payments of the external debt of the Nation. The Commission may request information, documentation or data from national, provincial or municipal, centralised, decentralised or autarchic bodies, as well as national and international, private or public financial institutions; and any other body which is necessary for the fulfilment of its tasks.

ARTICLE 19. -This law is of public order and will take effect from the date of its publication in the Official Gazette.

ARTICLE 20. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE THIRTY-ONE DAY OF THE MONTH OF MARCH OF THE YEAR TWO THOUSAND SIXTEEN.

-REGISTERED UNDER NO 27249-

FEDERICO PINEDO. -EMILIO MONZO. -Eugenio Inchausti. -Juan P. Tunessi.

NOTE: The Annex/s that integrates this (a) Law are published in the web edition of the BORA -www.boletinofficial.gob.ar-and can also be consulted in the Central Headquarters of this National Directorate (Suipacha 767-Autonomous City of Buenos Aires).

Date of publication: 01/04/2016

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