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

Holders to Be Treated as Owners. (a) The Republic, the Trustee and any agent of the 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, 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 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. 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, 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) 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, Bank Indonesia 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 Republic, Bank IndonesiaIRSA PC, the Trustee, any Agent and any agent of the RepublicIRSA PC, Bank Indonesia, or the Trustee or any 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, Bank Indonesia, the Trustee, any registrar 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. 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, Bank Indonesiathe Agents or any agent of IRSA PC, the Trustee or any agent of the RepublicAgent, Bank Indonesia or the Trustee 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 of a beneficial interest in any Global Security. such Depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participantnominee), with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) as Holder of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) 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, Bank Indonesia 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 Republic, Bank IndonesiaIRSA PC, the Trustee, any Agent and any agent of the RepublicIRSA PC, Bank Indonesia, or the Trustee or any 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, Bank Indonesia, the Trustee, any registrar 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. 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, Bank Indonesiathe Agents or any agent of IRSA PC, the Trustee or any agent of the RepublicAgent, Bank Indonesia or the Trustee 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 of a beneficial interest in any Global Security. such Depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participantnominee), with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) as Holder of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicPrior to the due presentment for registration of transfer of any Security, the Issuer, the Trustee and any agent of the Republic, Bank Indonesia 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 Republic, Bank IndonesiaIssuer, the Trustee, nor any agent of the Republic, Bank Indonesia, 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, Bank Indonesia, None of the Trustee, any registrar the 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. 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, 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee Registrar shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant a Depositary participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or of any ParticipantDepositary participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any ParticipantDepositary participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositaryDepositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Registrar shall be entitled to deal with the Depositary or its Depositary, and any nominee or common depositarythereof, 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 Amountsadditional 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank IndonesiaTrustee, the Trustee, any registrar or any agent of the Republic, Bank Indonesia Paying Agent or the Trustee Registrar shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant Depositary participant or between or among the Depositary or its nominee or common depositaryDepositary, any such Participant Depositary participant and/or any holder or owner of a beneficial interest in such Global Security, or 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 Company, the Trustee, or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by any Depositary (or its nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Guarantor, the Trustee and any agent of the RepublicCompany, Bank Indonesia 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 Republic, Bank IndonesiaCompany, the TrusteeGuarantor, the Trustee nor any agent of the RepublicCompany, Bank Indonesia, 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 Republic, Bank IndonesiaNone of the Company, the Trustee, any registrar 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. 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 IndonesiaGuarantor, the Trustee or any agent of the RepublicCompany, Bank Indonesia 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 holder of a beneficial interest in any Global Security. such Depository (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Trustee Trustee, the Agents and any agent of the RepublicCompany, Bank Indonesia 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 Republic, Bank IndonesiaCompany, the Trustee, any Agent and any agent of the RepublicCompany, Bank Indonesia, or the Trustee or any 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, Bank Indonesia, the Trustee, any registrar 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. 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, Bank Indonesiathe Trustee, the Agents or any agent of the Company, the Trustee or any agent of the RepublicAgent, Bank Indonesia or the Trustee 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 a holder such Depositary (or its nominee), as Holder of a beneficial interest in any such Global Security. (b) Note. None of the Republic, Bank IndonesiaCompany, the Trustee, any registrar or any agent of the Republic Principal Paying Agent or the Trustee Co- Registrar shall have any responsibility or obligation to any beneficial owner in a Global SecurityNote, or Participant an agent member of the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or of any Participantagent member of the Depositary, with respect to any ownership interest in the Debt Securities Notes or with respect to the delivery to any Participantagent member of the Depositary, beneficial owner or other Person (other than the Depositary or its nominee or common depositaryDepositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt SecuritiesNotes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt Securities 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 or common depositary in the case of the Global SecurityNote). The rights of beneficial owners in the Global Security Notes shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Principal Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Co-Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Principal Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Co-Registrar shall be entitled to deal with the Depositary or its Depositary, and any nominee or common depositarythereof, that is the registered holder of any Global Security Note for all purposes of this Indenture relating to such Global Security 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 SecurityNote) as the sole holder of such Global Security Note and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank IndonesiaTrustee, the Trustee, any registrar or any agent of the Republic, Bank Indonesia Principal Paying Agent or the Trustee Co-Registrar shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common depositary with respect to such Global SecurityNote, for the records of any such depositary, including records in respect of beneficial ownership interests in respect of any such Global SecurityNote, for any transactions between the Depositary or its nominee or common depositary and any Participant agent member of the Depositary or between or among the Depositary or its nominee or common depositaryDepositary, any such Participant agent member of the Depositary and/or any holder or owner of a beneficial interest in such Global SecurityNote, or for any transfers of beneficial interests in any such Global SecurityNote.

Holders to Be Treated as Owners. (a) The Republic, the Trustee Trustee, any trustee paying agent and any agent of the Republic, Bank Indonesia 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, Bank Indonesia, the Trustee, any trustee paying agent or 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 or other agents of the Republic, Bank Indonesia or the Trustee 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 foregoing, nothing herein shall prevent the Republic, Bank Indonesia, the Trustee or any agent of the Republic, Bank Indonesia 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. (b) None of the Republic, Bank Indonesia, the Trustee, any trustee paying agent, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any trustee paying agent, any registrar and any agent of the Republic, Bank Indonesia Republic or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any trustee paying agent, any registrar and any agent of the Republic, Bank Indonesia Republic or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Amountsadditional 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any trustee paying agent, any registrar or any agent of the Republic, Bank Indonesia Republic or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicIssuer, the Trustee Guarantors, the Trustee, the Agent and any agent of the RepublicIssuer, Bank Indonesia the Guarantors, the Trustee or the Trustee may Agent shall deem and treat any the Person in whose name any Debt Security Note shall be registered upon the Register Note 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 the recognition of any Notes or consent or 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 Note and for all other purposes; and none of the Republic, Bank IndonesiaIssuer, the Trustee, Guarantors the Trustee or the Agent or any agent of the Republic, Bank Indonesia, or the Trustee thereof 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 moneys payable upon any such Debt SecurityNote. The RepublicNotwithstanding the foregoing, Bank Indonesia, payment of an amount sufficient to pay the Trustee, any registrar or other agents sum due in respect of the Republic, Bank Indonesia Notes made in accordance with Section 2 of Schedule 5 to this Indenture by or on behalf of the Issuer or any Guarantor to the Trustee or the Trustee shall be entitled Agent as provided in this Indenture shall, to treat that extent, satisfy such obligation by the Issuer or such Guarantor. No holder of any beneficial interest in any Global Note held on its behalf by the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no any rights under this Indenture with respect to such Global Note, and such depositary may be treated by the Issuer, the Guarantors, the Trustee, the Agent and any agent of the Issuer, the Trustee or the Agent as owner of such Global Security held Note for all purposes whatsoever. None of the Issuer, the Guarantors, the Trustee, the Agent, any paying agent or any security registrar, or any of their respective agents, shall have any responsibility or liability for any aspect of the records relating to or payments made on their behalf by a Depositary or nominee account of beneficial ownership interests of a Depositary Global Note or under for maintaining, supervising or reviewing any records relating to such Global Securitybeneficial ownership interests. Notwithstanding the foregoing, with respect to any Global Note, nothing herein shall prevent the Republic, Bank IndonesiaIssuer, the Trustee or any agent of the Republic, Bank Indonesia Issuer or the Trustee from giving effect to any written certificationcertifications, proxy or other authorization furnished by the Depositary any Depositary, as a Holder, with respect to such Global Note, or impair, as between the this 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 a holder of a beneficial interest in any Global Security. such Depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global SecurityNote.

Holders to Be Treated as Owners. (a) The RepublicIssuer, the Trustee and any agent of the Republic, Bank Indonesia Issuer or the Trustee may deem and treat any Person in whose name any Debt Security Registered 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 Republic, Bank IndonesiaIssuer, the Trustee, Trustee and any agent of the Republic, Bank Indonesia, Issuer 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 moneys payable upon any such Debt SecurityNote. Title to any Bearer Note and any coupons appertaining thereto shall pass by delivery. The Republic, Bank IndonesiaIssuer, the Trustee, Trustee and any registrar or other agents agent of the Republic, Bank Indonesia Issuer or the Trustee shall be entitled to may treat the Depositary bearer of any Bearer Note and the bearer of any coupon as the sole Holder absolute owner of Global Securities such Note or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever. Participants shall have no rights under this Indenture with respect to any Global Security held on their behalf by a Depositary , whether or nominee not such Note or coupons be overdue, and none of a Depositary or under such Global Security. Notwithstanding the foregoing, nothing herein shall prevent the Republic, Bank IndonesiaIssuer, the Trustee or any agent of the Republic, Bank Indonesia Issuer or the Trustee shall be affected by notice to the contrary. 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 interests of a Note in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any global Note, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any depositary, as a Holder, with respect to such global Note or impair, as between the Depositary such 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 a holder of a beneficial interest in any Global Security. such depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Securityglobal Note.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Trustee and any agent of the Republic, Bank Indonesia Company or the Trustee may deem and treat any Person the person in whose name any Debt Security shall be registered upon the Debt 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 and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; purposes and none of to the Republic, Bank Indonesia, extent permitted by law neither the Trustee, Company or the Trustee nor any agent of the Republic, Bank Indonesia, Company 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. Title to any Bearer Debt Security and any coupons appertaining thereto shall pass by delivery. The RepublicCompany, Bank Indonesiathe Trustee, each Paying Agent and any agent of any of them may treat the bearer of any Bearer Debt Security and the bearer of any coupon as the absolute owner of such Debt Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Debt Security or coupons be overdue, and none of the Company, the Trustee, any registrar Paying Agent or other agents any agent of the Republic, Bank Indonesia or the Trustee any of them shall be entitled affected by notice to treat the contrary. No holder of any beneficial interest in any Global Registered Debt Security held on its behalf by a Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no any 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 Registered Debt Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Registered Debt Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Republic, Bank Indonesia, the Trustee or any agent of the 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 a Depositary and its Participantssuch holders of beneficial interests, the operation of customary practices of the Depositary governing the exercise of the rights of a holder the Depositary as Holder of a beneficial interest in any Global Debt Security. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Guarantor, the Trustee and any agent of the RepublicCompany, Bank Indonesia 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 Republic, Bank IndonesiaCompany, the TrusteeGuarantor, the Trustee nor any agent of the RepublicCompany, Bank Indonesia, 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 Republic, Bank IndonesiaNone of the Company, the Trustee, any registrar 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. 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 IndonesiaGuarantor, the Trustee or any agent of the RepublicCompany, Bank Indonesia 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 holder of a beneficial interest in any Global Security. such Depository (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicIssuer, the Indenture Trustee and any agent of the Republic, Bank Indonesia Issuer or the Indenture Trustee may deem and treat any Person the person in whose name any Debt Security shall be registered upon the Register Security 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 and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of neither the Republic, Bank Indonesia, Issuer nor the Trustee, Indenture Trustee nor any agent of the Republic, Bank Indonesia, Issuer or the Indenture Trustee shall be affected by any notice to the contrary. The Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon or, if a series of Securities is held by a GW Capital Trust, the holder of any unregistered Trust Preferred Security as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the Issuer, the Indenture Trustee, nor any agent of the Issuer or the Indenture 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, Bank Indonesia, the Trustee, any registrar Unregistered Security 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. 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 SecurityCoupon. Notwithstanding the foregoing, if the Securities of such series are held by a GW Capital Trust, nothing herein in this Section 7.03 shall prevent be deemed to impair the Republic, Bank Indonesia, the Trustee or right of any agent of the 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 Participants, the operation of customary practices of the Depositary governing the exercise of the rights of a holder of Trust Preferred Securities to institute a beneficial interest in any Global Security. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Direct Action or to declare an Event of Default and accelerate the owner or holder of a beneficial ownership interest in such Global Security) as the sole holder maturity of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Securityseries.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Trustee Trustee, the Registrar, the Co-Registrar and each Paying Agent and Transfer Agent and any agent of the Republic, Bank Indonesia or the Trustee any of them may deem and treat any Person in whose name any Debt Security Registered 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, if any) on such Debt Security and for all other purposes; and none of the Republic, Bank IndonesiaCompany, the Trustee, the Registrar, the Co-Registrar, any Paying Agent, any Transfer Agent and any agent of the Republic, Bank Indonesia, or the Trustee any of them 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 moneys payable upon any such Debt Securitynote. Title to any Bearer Note and any coupons appertaining thereto shall pass by delivery. The RepublicCompany, Bank Indonesiathe Trustee, each Paying Agent and any agent of any of them may treat the bearer of any Bearer Note and the bearer of any coupon as the absolute owner of such Note or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Note or coupons be overdue, and none of the Company, the Trustee, any registrar Paying Agent or other agents any agent of any of them shall be affected by notice to the contrary. None of the RepublicCompany, Bank Indonesia the Trustee, the Registrar, the Co-Registrar, any Transfer Agent or any Paying Agent will have any responsibility or liability for any aspect of the Trustee shall be entitled records relating to treat or payments made on account of beneficial ownership interests of a Note in global form or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no rights under this Indenture foregoing, 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 Republic, Bank IndonesiaCompany, the Trustee Trustee, or any agent of the Republic, Bank Indonesia Company or the Trustee Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary any depositary, as a Holder, with respect to such Global Note or impair, as between the Depositary such 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 a holder of a beneficial interest in any Global Security. such depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global SecurityNote.

Holders to Be Treated as Owners. (a) The RepublicProvince, the Trustee and any agent of the Republic, Bank Indonesia 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 Republic, Bank IndonesiaProvince, the Trustee, Trustee or any agent of the Republic, Bank IndonesiaProvince, 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 IndonesiaProvince, the Trustee, any registrar or other agents of the Republic, Bank Indonesia or the Trustee and any 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 foregoing, nothing herein shall prevent the Republic, Bank IndonesiaProvince, the Trustee or any agent of the Republic, Bank Indonesia 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicIssuer, the Trustee and any agent of the Republic, Bank Indonesia Issuer or the Trustee may deem and treat any the Person in whose name any Debt Security shall be registered upon the Register Security 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 and, subject to the provisions of this Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of neither the Republic, Bank Indonesia, Issuer nor the Trustee, Trustee nor any agent of the Republic, Bank Indonesia, Issuer 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 to be paid, effectual to satisfy and discharge the liability for monies moneys payable upon any such Debt Security. The Republic, Bank Indonesia, the Trustee, No holder of any registrar or other agents of the Republic, Bank Indonesia or the Trustee shall be entitled to treat the beneficial interest in any Global Security held on its behalf by a Depositary as the sole Holder of Global Securities for all purposes whatsoever. Participants shall have no any 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, and such Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as owner of such Global Security for all purposes whatsoever. None of the Issuer, the Trustee, any paying agent or any security registrar shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the Republic, Bank IndonesiaIssuer, the Trustee or any agent of the Republic, Bank Indonesia Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary any Depositary, as a Holder, with respect to 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 of a beneficial interest in any Global Security. such Depositary (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Securitynominee) as the sole holder Holder of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicProvince, the Trustee and any agent of the Republic, Bank Indonesia 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 Republic, Bank IndonesiaProvince, the Trustee, Trustee or any agent of the Republic, Bank IndonesiaProvince, 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 IndonesiaProvince, the Trustee, any registrar or other agents of the Republic, Bank Indonesia or the Trustee and any 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 foregoing, nothing herein shall prevent the Republic, Bank IndonesiaProvince, the Trustee or any agent of the Republic, Bank Indonesia 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicIssuer, the Trustee and any agent of the Republic, Bank Indonesia Issuer or the Trustee may deem and treat any the Person in whose name any Debt Security of any series shall be registered upon the Security 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 and, subject to the provisions of Section 2.7 of this Indenture, interest (including Additional Amounts) interest, if any, on such Debt Security and for all other purposes; and none of the Republic, Bank IndonesiaIssuer, the Trustee, Trustee and any agent of the RepublicIssuer or the Trustee shall be affected by any notice to the contrary. The Issuer, Bank Indonesiathe Trustee and any agent of the Issuer or the Trustee may treat the Holder of any Unregistered Security and the Holder of any Coupon as the absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes; and none of the Issuer, the Trustee 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 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 moneys payable upon any such Debt SecuritySecurity or Coupon. The Republic, Bank Indonesia, the Trustee, No holder of any registrar or other agents of the Republic, Bank Indonesia or the Trustee shall be entitled to treat the Depositary as the sole Holder of beneficial interest in any Registered Global Securities for all purposes whatsoever. Participants Security held on its behalf by a Depository shall have no any rights under this Indenture with respect to such Registered Global Security, and such Depository may be treated by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the owner of such Registered Global Security held on their behalf by a Depositary or nominee of a Depositary or under such Global Securityfor all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Republic, Bank Indonesia, the Trustee or any agent of the 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 a Depository and its Participantssuch holders of beneficial interests, 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, that is the registered Depository as 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicPrior to the due presentment for registration of transfer of any Security, the Issuer, the Trustee and any agent of the Republic, Bank Indonesia Issuer or the Trustee may deem and treat any 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 Indenture, interest (including Additional Amounts) on such Debt Security and for all other purposes; and none of neither the Republic, Bank IndonesiaIssuer, the Trustee, nor any agent of the Republic, Bank Indonesia, Issuer or the Trustee shall be affected by any notice to the contrary. The sole registered holder of a Global Security shall be the Depositary or its nominee. All such payments so made to any such PersonHolder, or upon his such Holder’s 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, Bank Indonesia, None of the Trustee, any registrar the 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. 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, 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee Registrar shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant a Depositary participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or of any ParticipantDepositary participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any ParticipantDepositary participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositaryDepositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt Securities and this Indenture shall be given or made only to or upon the order of the registered holders Holders (which shall be the Depositary or its nominee or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Registrar shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank IndonesiaTrustee, the Trustee, any registrar Paying Agent and any agent of the Republic, Bank Indonesia or the Trustee Registrar shall be entitled to deal with the Depositary or its Depositary, and any nominee or common depositarythereof, 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 Amountsadditional 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank IndonesiaTrustee, the Trustee, any registrar or any agent of the Republic, Bank Indonesia Paying Agent or the Trustee Registrar shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant Depositary participant or between or among the Depositary or its nominee or common depositaryDepositary, any such Participant Depositary participant and/or any holder or owner of a beneficial interest in such Global Security, or 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 Issuer, 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 Depositary (or its nominee), as a Holder, with respect to such Global Security or shall impair, as between such Depositary and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such Depositary (or its nominee) as Holder of such Global Security.

Holders to Be Treated as Owners. (a) The Republic, the Trustee and any agent of the Republic, Bank Indonesia 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, Bank Indonesia, the Trustee, Trustee or 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 or other agents of the Republic, Bank Indonesia or the Trustee and any 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 foregoing, nothing herein shall prevent the Republic, Bank Indonesia, the Trustee or any agent of the Republic, Bank Indonesia 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Security.

Holders to Be Treated as Owners. (a) The RepublicCompany, the Trustee and any agent of the Republic, Bank Indonesia Company or the Trustee may deem and treat any Person the person in whose name any Debt Subordinated Security shall be registered upon the Security Register for such series as the absolute owner of such Debt Subordinated Security (whether or not such Debt Subordinated 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 Subordinated Indenture, interest (including Additional Amounts) on such Debt Subordinated Security and for all other purposes; and none neither the Company nor the Trustee nor any agent of the RepublicCompany or the Trustee shall be affected by any notice to the contrary. The Company, Bank Indonesiathe Trustee and any agent of the Company or the Trustee may treat the Holder of any Unregistered Subordinated Security and the Holder of any Coupon as the absolute owner of such Unregistered Subordinated Security or Coupon (whether or not such Unregistered Subordinated Security or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and for all other purposes and neither the Company, the Trustee, nor any agent of the Republic, Bank Indonesia, Company 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 SecurityUnregistered Subordinated Security or Coupon. The Republic, Bank IndonesiaIf the Subordinated Securities of any series are issued in the form of one or more Global Subordinated Securities, the TrusteeDepository therefor may grant proxies to Persons having a beneficial ownership in such Global Subordinated Security or Subordinated Securities for purposes of voting or otherwise responding to any request for consent, any registrar waiver or other agents action which the Holder of the Republic, Bank Indonesia such Subordinated Security is entitled to grant or take under this Subordinated Indenture and the Trustee shall be entitled to treat accept such proxies for 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, granted; provided that neither the Trustee or any agent of nor the 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 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. (b) None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic or the Trustee Company shall have any responsibility or obligation to any beneficial owner in a Global Security, or Participant or other Person with respect to the accuracy grant of the records of the Depositary or its nominee or common depositary or any Participant, with respect to any ownership interest in the Debt Securities or with respect to the delivery to any Participant, beneficial owner or other Person (other than the Depositary or its nominee or common depositary) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Debt Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Debt 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 or common depositary in the case of the Global Security). The rights of beneficial owners in the Global Security shall be exercised only through the Depositary or its nominee or common depositary subject to the applicable procedures. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to rely and shall be fully protected in relying upon information furnished solicitation by the Depositary or its nominee or common depositary with respect to its members, participants and any beneficial owners. The Republic, Bank Indonesia, the Trustee, any registrar and any agent of the Republic, Bank Indonesia or the Trustee shall be entitled to deal with the Depositary or its nominee or common depositary, 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 Depository of such Global Security and shall have no obligations to the beneficial owners thereof. None of the Republic, Bank Indonesia, the Trustee, any registrar or any agent of the Republic, Bank Indonesia or the Trustee shall have any responsibility or liability for any acts or omissions of the Depositary or its nominee or common 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, for any transactions between the Depositary or its nominee or common depositary and any Participant or between or among the Depositary or its nominee or common depositary, any such Participant and/or any holder or owner of a beneficial interest in such Global Security, or for any transfers of beneficial interests in any such Global Securityproxies.