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

Holders to Be Treated as Owners. The Republic, the Trustee and any agent of the Republic or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the Republic, the Trustee or any agent of the Republic, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. 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 foregoing, nothing herein shall prevent the Republic, the Trustee or any agent of the Republic or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The RepublicIRSA, the Trustee Trustee, the Agents and any agent of IRSA, the Republic Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest on such Security (including Additional Amounts) on such Debt Security and for all other purposes; and none of IRSA, the RepublicTrustee, any Agent and any agent of IRSA, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt Security. 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 foregoing, with respect to any Global Security, nothing herein shall prevent IRSA, the RepublicTrustee, the Agents or any agent of IRSA, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any depositary, as Holder of such Global Security, or impair, as between the Depositary such depositary and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such depositary (or its nominee), as Holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. (a) The Republic, the Trustee and any agent of the Republic Republic, Bank Indonesia or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the Republic, Bank Indonesia, the Trustee or Trustee, any agent of the Republic, Bank Indonesia, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. The Republic, Bank Indonesia, the Trustee, any registrar and any paying agent or other agents of the Republic, Bank Indonesia or the Trustee shall be entitled to treat the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Depositary participants 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 Republic Republic, Bank Indonesia or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participantsParticipants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The RepublicBank, the Trustee Trustee, the Agents and any agent of the Republic Bank, the Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest on such Security (including Additional Amounts) on such Debt Security and for all other purposes; and none of the RepublicBank, the Trustee, any Agent and any agent of the Bank, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt Security. 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 foregoing, with respect to any Global Security, nothing herein shall prevent the RepublicBank, the Trustee, the Agents or any agent of the Bank, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any depositary, as Holder of such Global Security, or impair, as between the Depositary such depositary and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such depositary (or its nominee), as Holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The RepublicCompany, the Guarantor, the Trustee and any agent of the Republic Company, the Guarantor or the Trustee may deem and treat any the 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 of andof, and premium, if any, and (subject to the provisions of this IndentureSection 3.6 and Section 3.8) interest, interest (including Additional Amounts) on if any, on, such Debt Security Security, and for all other purposes; purposes whatsoever, whether or not such Security be overdue, and none of neither the RepublicCompany, the Guarantor, the Trustee or nor any agent of the RepublicCompany, the Guarantor or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his orderHolder 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 monies moneys payable upon any such Debt Security. The RepublicNone of the Company, 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 foregoing, nothing herein shall prevent the RepublicGuarantor, the Trustee or any agent of the Republic Company, the Guarantor 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 Company, the Guarantor or the Trustee or any agent of the Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between the Depositary such Depository and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights right of a such Depository (or its nominee) as holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The RepublicCompany, the Trustee Trustee, the Agents and any agent of the Republic Company, the Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security Note shall be registered upon the Register as the absolute owner of such Debt Security Note (whether or not such Debt Security 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 of and, subject to the provisions of this Indenture, interest on such Note (including Additional Amounts) on such Debt Security and for all other purposes; and none of the RepublicCompany, the Trustee, any Agent or any agent of the Company, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his 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 monies moneys payable upon any such Debt SecurityNote. The RepublicNotwithstanding the foregoing, 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 Regulation S Global Security held on their behalf by a Depositary or nominee of a Depositary or under such Global Security. Notwithstanding the foregoingNote, nothing herein shall prevent the RepublicCompany, the Trustee, the Agents or any agent of the Company, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any depositary, as Holder of such Regulation S Global Note, or impair, as between the Depositary such depositary and its participantsowners of beneficial interests in such Regulation S Global Note, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such depositary (or its nominee), as Holder of a beneficial interest in any such Regulation S Global SecurityNote.

Holders to Be Treated as Owners. The RepublicSubject to the rights of the relevant Holders as of a Regular Record Date to receive payments to which they are entitled on the relevant Interest Payment Date and ‎Section 2.9, IRSA PC, the Trustee Trustee, the Agents and any agent of IRSA PC, the Republic Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest on such Security (including Additional Amounts) on such Debt Security and for all other purposes; and none of IRSA PC, the RepublicTrustee, any Agent and any agent of IRSA PC, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt Security. 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 foregoing, with respect to any Global Security, nothing herein shall prevent IRSA PC, the RepublicTrustee, the Agents or any agent of IRSA PC, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any Depositary, as Holder of such Global Security, or impair, as between the such Depositary and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such Depositary (or its nominee), as Holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The RepublicSubject to the rights of the relevant Holders as of a Regular Record Date to receive payments to which they are entitled on the relevant Interest Payment Date and Section 2.9, IRSA PC, the Trustee Trustee, the Agents and any agent of IRSA PC, the Republic Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest on such Security (including Additional Amounts) on such Debt Security and for all other purposes; and none of IRSA PC, the RepublicTrustee, any Agent and any agent of IRSA PC, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt Security. 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 foregoing, with respect to any Global Security, nothing herein shall prevent IRSA PC, the RepublicTrustee, the Agents or any agent of IRSA PC, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any Depositary, as Holder of such Global Security, or impair, as between the such Depositary and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such Depositary (or its nominee), as Holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The RepublicCompany, the Trustee Trustee, the Agents and any agent of the Republic Company, the Trustee or the Trustee Agents may deem and treat any Person in whose name any Debt Security Note shall be registered upon the Register as the absolute owner of such Debt Security Note (whether or not such Debt Security 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 of and, subject to the provisions of this Indenture, interest on such Note (including Additional Amounts) on such Debt Security and for all other purposes; and none of the RepublicCompany, the Trustee, any Agent and any agent of the Company, the Trustee or any agent of the Republic, or the Trustee Agent shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt SecurityNote. The RepublicNotwithstanding the foregoing, 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 foregoingNote, nothing herein shall prevent the RepublicCompany, the Trustee, the Agents or any agent of the Company, the Trustee or any agent of the Republic or the Trustee Agent, from giving effect to any written certification, proxy or other authorization furnished by the Depositary (or its nominee), as Holder of such Global Note, or impair, as between the Depositary and its participantsowners of beneficial interests in such Global Note, the operation of customary practices of the Depositary governing the exercise of the rights of such Depositary (or its nominee), as Holder of such Global Note. None of the Company, the Trustee, the Principal Paying Agent or the Co- Registrar shall have any responsibility or obligation to any beneficial owner in a Global Note, an agent member of the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any agent member of the Depositary, with respect to any ownership interest in the Notes or with respect to the delivery to any agent member of the Depositary, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Note). The rights of beneficial owners in the Global Notes shall be exercised only through the Depositary subject to the applicable procedures. The Trustee, the Principal Paying Agent and the Co-Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee, the Principal Paying Agent and the Co-Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Note for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if any, and interest and Additional Amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and shall have no obligations to the beneficial owners thereof. None of the Trustee, the Principal Paying Agent or the Co-Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Note, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary and any agent member of the Depositary or between or among the Depositary, any such agent member of the Depositary and/or any holder or owner of a beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global SecurityNote.

Holders to Be Treated as Owners. The RepublicPrior to the due presentment for registration of transfer of any Security, the Issuer, the Trustee and any agent of the Republic Issuer or the Trustee may deem and treat any Person the person in whose name any Debt Security shall be registered upon the Register for such series 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 of of, and, subject to the provisions of this the Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of neither the RepublicIssuer, the Trustee or Trustee, nor any agent of the Republic, Issuer or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Personperson, 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 monies moneys payable upon any such Debt Security. The Republic, None of the Trustee, the Paying Agent or Registrar shall have any registrar responsibility or obligation to any beneficial owner in a Global Security, a Depositary participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any Depositary participant, with respect to any ownership interest in the Securities or with respect to the delivery to any Depositary participant, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and any paying agent communications to be given to the Holders and all payments to be made to Holders under the Securities and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary subject to the applicable procedures. The Trustee, the Paying Agent and the Registrar shall be entitled to treat rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. The Trustee, the Paying Agent and the Registrar shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Security for all purposes of this Indenture relating to such Global Security (including the payment of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership interest in such Global Security) as the sole Holder holder of such Global Securities for all purposes whatsoever. Depositary participants Security and shall have no rights under this Indenture obligations to the beneficial owners thereof. None of the Trustee, the Paying Agent or the Registrar shall have any responsibility or liability for any acts or omissions of the Depositary with respect to such Global Security, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global Security held on their behalf by a Security, for any transactions between the Depositary and any Depositary participant or nominee between or among the Depositary, any such Depositary participant and/or any holder or owner of a Depositary beneficial interest in such Global Security, or under for any transfers of beneficial interests in any such Global Security. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the RepublicCompany, the Trustee Trustee, or any agent of the Republic Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the any Depositary (or its nominee), as a Holder, with respect to such Global Security or shall impair, as between the such Depositary and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights of a holder such Depositary (or its nominee) as Holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The RepublicProvince, the Trustee and any agent of the Republic Province or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the RepublicProvince, the Trustee or any agent of the RepublicProvince, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. The RepublicProvince, 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 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 RepublicProvince, the Trustee or any agent of the Republic Province or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participantsParticipants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The RepublicCompany, the Guarantor, the Trustee and any agent of the Republic Company, the Guarantor or the Trustee may deem and treat any the 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 of andof, and premium, if any, and (subject to the provisions of this IndentureSection 3.6 and Section 3.9) interest, interest (including Additional Amounts) on if any, on, such Debt Security Security, and for all other purposes; purposes whatsoever, whether or not such Security be overdue, and none of neither the RepublicCompany, the Guarantor, the Trustee or nor any agent of the RepublicCompany, the Guarantor or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such Person, or upon his orderHolder 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 monies moneys payable upon any such Debt Security. The RepublicNone of the Company, 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 foregoing, nothing herein shall prevent the RepublicGuarantor, the Trustee or any agent of the Republic Company, the Guarantor 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 Company, the Guarantor or the Trustee or any agent of the Company, the Guarantor or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary any Depository (or its nominee), as a Holder, with respect to such Global Security or impair, as between the Depositary such Depository and its participantsowners of beneficial interests in such Global Security, the operation of customary practices of the Depositary governing the exercise of the rights right of a such Depository (or its nominee) as holder of a beneficial interest in any such Global Security.

Holders to Be Treated as Owners. The Republic, the Trustee and any agent of the Republic or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the Republic, the Trustee or any agent of the Republic, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. 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 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, the Trustee or any agent of the Republic or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participantsParticipants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.

Holders to Be Treated as Owners. The RepublicProvince, the Trustee and any agent of the Republic Province or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the RepublicProvince, the Trustee or any agent of the RepublicProvince, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. The RepublicProvince, the Trustee, any registrar and any paying agent Paying Agent shall be entitled to treat the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Depositary participants 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 RepublicProvince, the Trustee or any agent of the Republic Province or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participantsParticipants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.

Holders to Be Treated as Owners. (a) The Republic, the Trustee Trustee, any trustee paying agent and any agent of the Republic or the Trustee may deem and treat any Person in whose name any Debt Security shall be registered upon the 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 of and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of the Republic, the Trustee Trustee, any trustee paying agent or any agent of the Republic, or the Trustee shall be affected by any notice to the contrary. All such payments so made to any such 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 monies payable upon any such Debt Security. 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. Depositary participants 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, the Trustee or any agent of the Republic or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participantsParticipants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Security.