Common use of Holders to Be Treated as Owners Clause in Contracts

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register as the absolute owner of such Security (notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of principal of, and premium, if any, and (subject to Section 3.8) interest, if any, on, such Security, and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. All such payments so made to any Holder for the time being, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Security.

Holders to Be Treated as Owners. The IssuerRepublic, the Trustee and any agent of the Issuer Republic or the Trustee may deem and treat the person any Person in whose name any Debt Security shall be registered upon the Security Register as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest (including Additional Amounts) interest, if any, on, on such Security, Debt Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither none of the IssuerRepublic, the Trustee nor or any agent of the Issuer Republic, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys monies payable upon any such Debt Security. None The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Depositary participants shall have no rights under this Indenture with respect to any Global Security held on their behalf by a Depositary or nominee of a Depositary or under such Global Security. Notwithstanding the Issuerforegoing, nothing herein shall prevent the Republic, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer Republic or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security the Depositary or impair, as between such Depository the Depositary and owners of beneficial interests in such Global Securityits participants, the operation of customary practices of the Depositary governing the exercise of the right rights of such Depository (or its nominee) as a holder of such a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person Person in whose name any Security of any series shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to the provisions of Section 3.8) 2.7 of this Indenture, interest, if any, on, on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither none of the Issuer, the Trustee nor and any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. None No holder of any beneficial interest in any Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Global Security, and such Depository may be treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall have any responsibility or liability as the owner of such Global Security for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interestall purposes whatsoever. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such a Depository and owners such holders of beneficial interests in such Global Securityinterests, the operation of customary practices governing the exercise of the right rights of such the Depository (or its nominee) as holder of such Global any Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person Person in whose name any Security shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8) interestthe provisions of this Indenture, if any, on, interest on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither the Issuer, Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depository (or its nominee) shall have any rights under this Indenture with respect to such payments so made to Registered Global Security or any Holder for the time beingSecurity represented thereby, shall and such Depository may be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall as the owner of such Registered Global Security or any Security represented thereby for all purposes whatsoever. None of the Issuer, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest interests of a Registered Global Security, Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Securityinterests.

Holders to Be Treated as Owners. The IssuerIRSA, the Trustee Trustee, the Agents and any agent of IRSA, the Issuer Trustee or the Trustee Agents may deem and treat the person any Person in whose name any Security shall be registered upon the Security Register as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest on such Security (including Additional Amounts) interest, if any, on, such Security, and for all other purposes whatsoeverpurposes; and none of IRSA, whether or not such Security be overduethe Trustee, any Agent and neither the Issuerany agent of IRSA, the Trustee nor or any agent of the Issuer or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. None of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent IRSA, the Issuer Trustee, the Agents or any agent of IRSA, the Trustee or any agent of the Issuer or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee)depositary, as a Holder, with respect to Holder of such Global Security Security, or impair, as between such Depository depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right rights of such Depository depositary (or its nominee) ), as holder Holder of such Global Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8) interestthe provisions of this Indenture, if any, on, interest on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither the Issuer, Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. None No holder of any beneficial interest in any Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Global Security, and such Depository may be treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall as the owner of such Global Security for all purposes whatsoever. None of the Issuer, the Trustee, any Paying Agent or the registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest interests of a Global Security, Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Securityinterests.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8) interestthe provisions of this Indenture, if any, on, interest on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither the Issuer, Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. None No Holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary may be treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall as the owner of such Global Security for all purposes whatsoever. None of the Issuer, the Trustee, any paying agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest interests of a Global Security, Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Securityinterests.

Holders to Be Treated as Owners. The IssuerCompany, the Trustee Trustee, the Agents and any agent of the Issuer Company, the Trustee or the Trustee Agents may deem and treat the person any Person in whose name any Security Note shall be registered upon the Security Register as the absolute owner of such Security Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest on such Note (including Additional Amounts) interest, if any, on, such Security, and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither none of the IssuerCompany, the Trustee nor Trustee, any Agent or any agent of the Issuer or Company, the Trustee or any Agent shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual effective to satisfy and discharge the liability for moneys payable upon any such Security. None of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interestNote. Notwithstanding the foregoing, with respect to any Regulation S Global SecurityNote, nothing herein shall prevent the Issuer or Company, the Trustee Trustee, the Agents or any agent of the Issuer or Company, the Trustee or any Agent, from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee)depositary, as a HolderHolder of such Regulation S Global Note, with respect to such Global Security or impair, as between such Depository depositary and owners of beneficial interests in such Regulation S Global SecurityNote, the operation of customary practices governing the exercise of the right rights of such Depository depositary (or its nominee) ), as holder Holder of such Regulation S Global SecurityNote.

Holders to Be Treated as Owners. The IssuerBank, the Trustee Trustee, the Agents and any agent of the Issuer Bank, the Trustee or the Trustee Agents may deem and treat the person any Person in whose name any Security shall be registered upon the Security Register as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest on such Security (including Additional Amounts) interest, if any, on, such Security, and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither none of the IssuerBank, the Trustee nor Trustee, any Agent and any agent of the Issuer or Bank, the Trustee or any Agent shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. None of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or Bank, the Trustee Trustee, the Agents or any agent of the Issuer or Bank, the Trustee or any Agent, from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee)depositary, as a Holder, with respect to Holder of such Global Security Security, or impair, as between such Depository depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right rights of such Depository depositary (or its nominee) ), as holder Holder of such Global Security.

Holders to Be Treated as Owners. (a) The IssuerRepublic, the Trustee and any agent of the Issuer Republic, Bank Indonesia or the Trustee may deem and treat the person any Person in whose name any Debt Security shall be registered upon the Security Register as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest (including Additional Amounts) interest, if any, on, on such Security, Debt Security and for all other purposes whatsoeverpurposes; and none of the Republic, whether or not such Security be overdue, and neither the IssuerBank Indonesia, the Trustee nor Trustee, any agent of the Issuer Republic, Bank Indonesia, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys monies payable upon any such Debt Security. None The Republic, Bank Indonesia, the Trustee, any registrar or other agents of the IssuerRepublic, Bank Indonesia or the Trustee shall be entitled to treat the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no rights under this Indenture with respect to any Global Security held on their behalf by a Depositary or nominee of a Depositary or under such Global Security. Notwithstanding the foregoing, nothing herein shall prevent the Republic, Bank Indonesia, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global SecurityRepublic, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer Bank Indonesia or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security the Depositary or impair, as between such Depository the Depositary and owners of beneficial interests in such Global Securityits Participants, the operation of customary practices of the Depositary governing the exercise of the right rights of such Depository (or its nominee) as a holder of such a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8) interestthe provisions of this Indenture, if any, on, interest on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither the Issuer, Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depositary (or its nominee) shall have any rights under this Indenture with respect to such payments so made to Registered Global Security or any Holder for the time beingSecurity represented thereby, shall and such Depositary may be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall as the owner of such Registered Global Security or any Security represented thereby for all purposes whatsoever. None of the Issuer, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest interests of a Registered Global Security, Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Securityinterests.

Holders to Be Treated as Owners. The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the person Person in whose name any Security shall be registered upon the Security Register as the absolute owner of such Security (notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of principal of, and premium, if any, and (subject to Section 3.8) interest, if any, on, such Security, and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. All such payments so made to any Holder for the time being, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Security.

Holders to Be Treated as Owners. The Issuer, the Trustee and ------------------------------- any agent of the Issuer or the Trustee may deem and treat the person in whose name any Security shall be registered upon the Security Register register for such series as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8) interestthe provisions of this Indenture, if any, on, interest on such Security, Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither the Issuer, Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. All No holder of any beneficial interest in any Registered Global Security held on its behalf by a Depositary (or its nominee) shall have any rights under this Indenture with respect to such payments so made to Registered Global Security or any Holder for the time beingSecurity represented thereby, shall and such Depositary may be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. None of treated by the Issuer, the Trustee or Trustee, and any agent of the Issuer or the Trustee shall as the owner of such Registered Global Security or any Security represented thereby for all purposes whatsoever. None of the Issuer, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest interests of a Registered Global Security, Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between such Depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the right of such Depository (or its nominee) as holder of such Global Securityinterests.

Holders to Be Treated as Owners. (a) The IssuerRepublic, the Trustee Trustee, any trustee paying agent and any agent of the Issuer Republic or the Trustee may deem and treat the person any Person in whose name any Debt Security shall be registered upon the Security Register as the absolute owner of such Debt Security (whether or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal ofof and, and premium, if any, and (subject to Section 3.8the provisions of this Indenture, interest (including Additional Amounts) interest, if any, on, on such Security, Debt Security and for all other purposes whatsoever, whether or not such Security be overdue, purposes; and neither none of the IssuerRepublic, the Trustee nor Trustee, any trustee paying agent or any agent of the Issuer Republic, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any Holder for the time beingsuch Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys monies payable upon any such Debt Security. None The Republic, the Trustee, any registrar and any trustee paying agent shall be entitled to treat the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no rights under this Indenture with respect to any Global Security held on their behalf by a Depositary or nominee of a Depositary or under such Global Security. Notwithstanding the Issuerforegoing, nothing herein shall prevent the Republic, the Trustee or any agent of the Issuer or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interest of a Global Security, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Issuer or the Trustee or any agent of the Issuer Republic or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depository (or its nominee), as a Holder, with respect to such Global Security the Depositary or impair, as between such Depository the Depositary and owners of beneficial interests in such Global Securityits Participants, the operation of customary practices of the Depositary governing the exercise of the right rights of such Depository (or its nominee) as a holder of such a beneficial interest in any Global Security.