RESTORATION OF THE SUSTAINABILITY OF PUBLIC DEBT ISSUED UNDER FOREIGN LAW

Law 27544

Provisions.



Article 1 °-The restoration of the sustainability of public debt issued under foreign law, in the terms of Article 65 of the Financial Management and Systems Law, is a priority for the interest of the Argentine Republic. Control of the National Public Sector, 24.156 and its modifications, and to this end, authorize the national executive branch to carry out the operations of administration of liabilities and/or swaps and/or restructurings of the services of interest and interest Capital write-downs of the Public Titles of the Argentine Republic issued under the law foreign.

The national executive branch shall determine the nominal amounts achieved by this special law.

Art. 2 °-Designate to the Ministry of Economy as an authority of application of this law, being able to dictate the clarifying and/or complementary norms that are necessary for the fulfillment of this law.

Article 3-Authorize the implementing authority to consider in the legislation and include in the relevant documents the approvals and clauses that establish the extension of jurisdiction in favor of foreign courts, and that they have the waiver to oppose the defense of sovereign immunity, exclusively, in respect of claims in the jurisdiction that are extended and in relation to the contracts that are signed and the public credit operations to be carried out.

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 property, reserve or account of the Central Bank of the Republic of Argentina;

(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 and Commercial Code of the Nation;

(c) any property located within or outside the territory of Argentina which provides an essential public service;

d) Any good (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 governmental entities, related to the implementation of the budget, within the scope of Articles 165 to 170 of the Permanent Supplementary Budget Act, 11,672 (t.o. 2014);

e) 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 the 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 Republic of Argentina; and

(j) Goods protected by any applicable sovereign immunity law.

Art. 4 °-Authorize the implementing authority to carry out all the acts necessary to comply with the provisions of this law, including without limitation:

a) Issue new public securities for the purpose of modifying the maturity profile of interest and capital write-downs to restore the sustainability of the public debt issued under foreign law, in the terms of Article 1 of the present law;

(b) to determine the periods, periods, methods and procedures for issuing new public securities;

c) Designate financial institutions and/or advisors to act as coordinators in the structuring;

(d) Designate financial institutions and/or advisors to act as placement agents and/or in the execution of public credit operations and/or to act in the management of liabilities and/or issuance of new securities and/or the procurement of other public credit loans;

(e) Approve and enter into contracts with entities and/or financial advisers to provide the services listed in the preceding paragraphs, thereby providing for the payment of commissions under market conditions, which may in no case be exceeded by the ZERO COMA ONE PERCENT (0.1%) for all concept of the amount effectively redeemed and/or restructured, according to the particular technical specifications determined by the implementing authority. Prior to the subscription of the contracts, intervention must be given to the General Union of the Nation;

(f) to prepare and register public securities issued under point (a) to the regulatory authorities and/or control bodies and/or competent authorities of the international capital markets;

(g) Approve and enter into contracts with fiduciary agents, payment agents, information agents, custody agents, registrants and risk rating agencies and/or agents that are necessary for the operations of administration of liabilities such as the issue and placement of new public securities, with the payment of the corresponding fees and charges on market conditions according to the particular technical specifications determined by the authority of the application. Prior to the subscription of the contracts, intervention will be given to the General Union of the Nation;

(h) make payment of other necessary costs of registration, printing of documents, distribution of prospects, translation and other associated expenditure in accordance with particular technical specifications to be determined by the implementing authority or who is appointed in order to comply with the provisions of this law.

The contracts that are signed in the terms of this law shall not be achieved by the provisions of Decree 1023/01, its modifications and supplementary.

Article 5-Exxime to the operations covered by this law of the payment of all taxes, including the value added tax, existing national taxes and contributions and to be created in the future, which can be applied to transactions referred to in this law.

Art. 6.-The Chief of the Cabinet of Ministers shall be empowered to make the necessary budgetary changes to comply with the provisions of this Law.

Art. 7 °-The expenditure which requires the fulfilment of the provisions of the preceding articles shall be charged to the budget items corresponding to the Jurisdiction 90-Public Debt Service.

Art. 8 °-This law is of public order and shall enter into force from the day of its publication in the Official Gazette of the Argentine Republic and by the time limit laid down in Article 1 of the Law of Social Solidarity and Productive Reactivation in the framework of the Public Emergency, 27,541.

Art. 9 °-Commune to the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE FIVE DAYS OF THE MONTH OF FEBRUARY OF THE YEAR TWO THOUSAND TWENTY.


CLAUDIA LEDESMA ABDALLAH DE ZAMORA-SERGIO MASSA-Marcelo Jorge Fuentes-Eduardo Cergnul