Common use of Execution of Securities Clause in Contracts

Execution of Securities. The Securities shall be executed on behalf of IRSA PC by each of a member of its Board of Directors and a member of its Supervisory Committee. Such signatures, in accordance with applicable laws and regulations, shall be the manual or facsimile signatures of such Authorized Persons. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any Authorized Person of IRSA PC who shall have executed any of the Securities shall cease to be such Authorized Person before the Security so executed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA PC, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who executed such Security had not ceased to be such Authorized Person of IRSA PC; and any Security may be executed on behalf of IRSA PC by such Persons as, at the actual date of the execution of such Security, shall be proper Authorized Persons of IRSA PC, although at the date of the execution and delivery of this Indenture any such Person was not such an Authorized Person.

Execution of Securities. The Securities and, if applicable, each Coupon appertaining thereto shall be executed signed on behalf of IRSA PC the Issuer by each any two Authorized Signatories of a member of its Board of Directors and a member of its Supervisory Committeethe Issuer authorized to execute Securities or, if applicable, Coupons, which Securities or Coupons may, but need not, be attested. Such signatures, in accordance with applicable laws and regulations, shall signatures may be the manual manual, facsimile or facsimile electronic signatures of the present or any future such Authorized PersonsSignatory. Typographical and other minor Minor errors or defects in any such reproduction of any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any Authorized Person Signatory of IRSA PC the Issuer who shall have executed signed any of the Securities or Coupons, if any, pursuant to his or her authorization to do so, shall cease to be an Authorized Signatory, or such Authorized Person authorization shall be withdrawn, before the Security or Coupon so executed signed (or the Security to which the Coupon so signed appertains) shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA PCthe Issuer, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the Person person who executed signed such Security or Coupon had not ceased to be such Authorized Person of IRSA PCSignatory or the authorization to sign such Security or Coupon had not been withdrawn; and any Security or Coupon may be executed signed on behalf of IRSA PC the Issuer by such Persons any two Authorized Signatories as, at the actual date of the execution of such SecuritySecurity or Coupon, shall be proper Authorized Persons of IRSA PCauthorized by the Issuer to do so, although at the date of the execution and delivery of this Indenture any such Person person was not such an Authorized Personso authorized.

Execution of Securities. The Securities shall be executed on behalf of IRSA PC by each of (a) a member of its Board of Directors and (b) a member of its Supervisory Committee. Such signatures, in accordance with applicable laws and regulations, shall may be the manual or facsimile signatures of the present or any future such Authorized Persons. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any Authorized Person of IRSA PC who shall have executed signed any of the Securities shall cease to be such Authorized Person before the Security so executed signed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA PCIRSA, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who executed signed such Security had not ceased to be such Authorized Person of IRSA PCIRSA; and any Security may be executed signed on behalf of IRSA PC by such Persons as, at the actual date of the execution of such Security, shall be proper Authorized Persons of IRSA PCIRSA, although at the date of the execution and delivery of this Indenture any such Person was not such an Authorized Person.

Execution of Securities. The Securities shall be executed on behalf of IRSA PC the Bank by each of (a) a member of its Board of Directors and (b) a member of its Supervisory Committee. Such signatures, in accordance with applicable laws and regulations, shall may be the manual or facsimile signatures of the present or any future such Authorized Persons. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any Authorized Person of IRSA PC the Bank who shall have executed signed any of the Securities shall cease to be such Authorized Person before the Security so executed signed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA PCthe Bank, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who executed signed such Security had not ceased to be such Authorized Person of IRSA PCthe Bank; and any Security may be executed signed on behalf of IRSA PC the Bank by such Persons as, at the actual date of the execution of such Security, shall be proper Authorized Persons of IRSA PCthe Bank, although at the date of the execution and delivery of this Indenture any such Person was not such an Authorized Person.

Execution of Securities. The Securities shall be executed on behalf of IRSA PC APSA by each of (a) a member of its Board of Directors and (b) a member of its Supervisory Committee. Such signatures, in accordance with applicable laws and regulations, shall may be the manual or facsimile signatures of the present or any future such Authorized Persons. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any Authorized Person of IRSA PC APSA who shall have executed signed any of the Securities shall cease to be such Authorized Person before the Security so executed signed shall be authenticated and delivered by the Trustee or disposed of by or on behalf of IRSA PCAPSA, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who executed signed such Security had not ceased to be such Authorized Person of IRSA PCAPSA; and any Security may be executed signed on behalf of IRSA PC APSA by such Persons as, at the actual date of the execution of such Security, shall be proper Authorized Persons of IRSA PCAPSA, although at the date of the execution and delivery of this Indenture any such Person was not such an Authorized Person.