Common use of Negative Pledge Covenant of Republic Clause in Contracts

Negative Pledge Covenant of Republic. So long as any [Bond] shall remain Outstanding, the Republic will not create or permit the creation of any mortgage, charge, lien, pledge or any other security interest on any of its present or future assets or revenues, or any part thereof, to secure any Public External Indebtedness (as defined below), unless the Republic shall procure that all amounts payable under the [Bonds] are secured equally and ratably. Notwithstanding the above, the Republic may create or permit the creation of any Security Interests: i. securing Public External Indebtedness incurred, assumed or guaranteed by the Republic solely to finance or refinance the acquisition, construction or development of the property over which such Security Interest has been created or permitted to be created, provided that such Security Interest does not extend to any other property of the Republic; however, in the case of construction, the Security Interest may extend to: unimproved real property for the construction, any trust account into which the proceeds of the offering creating such Public External Indebtedness may be temporarily deposited pending use in the construction, and the revenues to be generated by the operation of, or loss or damage to, the property to be constructed; ii. existing on any property or asset at the time of its acquisition (or arising after its acquisition pursuant to an agreement entered into prior to, and not in contemplation of, such acquisition), and extensions and renewals of such Security Interest limited to the original property or asset covered thereby and securing any extension or renewal of the original secured financing; iii. arising out of the renewal, extension or replacement of any indebtedness permitted under paragraph 4 (ii) above; provided, however, that the principal amount of such Public External Indebtedness is not increased; iv. arising in the ordinary course of borrowing activities of the Republic to secure Public External Indebtedness with a maturity of one year or less; v. in existence as of the date of the issuance of the [Bonds]; vi. pursuant to any order of attachment, distrain or similar legal process arising in connection with court proceedings which proceedings are being contested in good faith; or vii. arising by operation of law, provided that any such Security Interest is not created or permitted to be created by the Republic for the purpose of securing any Public External Indebtedness.

Negative Pledge Covenant of Republic. (a) So long as any [Bond] shall remain remains Outstanding, save for the exceptions set forth below, the Republic will not create or permit the creation of to subsist any lien, pledge, mortgage, chargesecurity interest, liendeed of trust, pledge charge or any other encumbrance or preferential arrangement which has the practical effect of constituting a security interest on any of its present or future assets or revenues, (“Lien”) upon the whole or any part thereof, of its assets or revenues to secure any Public External Indebtedness (as defined below), unless of the Republic shall procure that all amounts payable unless, at the same time or prior thereto, the Republic’s obligations under the [Bonds] either (i) are secured equally and ratablyratably therewith, or (ii) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of the [Bonds] (as provided in Articles Ten and Eleven of the Indenture). 15 To be inserted if the Debt Security provides for the payment of Additional Amounts. (b) Notwithstanding the aboveforegoing, the Republic may create or permit the creation of any Security Intereststo subsist: i. any Lien upon property to secure Public External Indebtedness of the Republic incurred to finance the acquisition of such property by the Republic; any renewal or extension of any such Lien so long as it is limited to the original property covered thereby and it secures any renewal or extension of the original secured financing; ii. any Lien on property arising by operation of law (or pursuant to any agreement establishing a Lien equivalent to one which would otherwise exist under relevant local law) in connection with Public External Indebtedness, including without limitation any right of set-off with respect to demand or time deposits with financial institutions and bankers’ liens with respect to property held by financial institutions (in each case deposited with or delivered to such financial institutions in the ordinary course of the depositor’s activities); iii. any Lien existing on such property at the time of its acquisition to secure Public External Indebtedness of the Republic and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original secured financing; iv. any Lien created in connection with the transactions contemplated by The Republic of Argentina 1992 Financing Plan dated June 23, 1992 sent to the international banking community with the communication dated June 23, 1992 from the Minister of Economy and Public Works and Services of Argentina (the “1992 Financing Plan”) and the implementing documentation therefore, including any Lien to secure obligations under the collateralized securities issued thereunder (the “1992 Par and Discount Bonds”) and any Lien securing indebtedness outstanding as of the issue date of the [Bonds] to the extent required to be equally and ratably secured with the 1992 Par and Discount Bonds; v. any Lien in existence as of the issue date of the [Bonds];16 vi. any Lien securing Public External Indebtedness incurred, assumed or guaranteed by of the Republic solely issued upon surrender or cancellation of any of the 1992 Par and Discount Bonds or the principal amount of any indebtedness outstanding as of June 23, 1992, in each case, to finance the extent such Lien is created to secure such Public External Indebtedness on a basis comparable to the 1992 Par and Discount Bonds; vii. any Lien on any of the 1992 Par and Discount Bonds; and viii. any Lien securing Public External Indebtedness incurred for the purpose of financing all or refinance part of the costs of the acquisition, construction or development of a project; provided that (a) the holders of such Public External Indebtedness expressly agree to limit their recourse to the assets and revenues of such project as the principal source of repayment of such Public External Indebtedness and (b) the property over which such Security Interest has been created or permitted to be created, provided that such Security Interest does not extend to any other property of the Republic; however, in the case of construction, the Security Interest may extend to: unimproved real property for the construction, any trust account into which the proceeds of the offering creating such Public External Indebtedness may be temporarily deposited pending use in the construction, and the revenues to be generated by the operation of, or loss or damage to, the property to be constructed; ii. existing on any property or asset at the time of its acquisition (or arising after its acquisition pursuant to an agreement entered into prior to, and not in contemplation of, such acquisition), and extensions and renewals Lien is granted consists solely of such Security Interest limited assets and revenues. 16 In the event of a reopening, this should make reference to the original property or asset covered thereby and securing any extension or renewal of the original secured financing; iii. arising out of the renewal, extension or replacement of any indebtedness permitted under paragraph 4 (ii) above; provided, however, that the principal amount of such Public External Indebtedness is not increased; iv. arising in the ordinary course of borrowing activities of the Republic to secure Public External Indebtedness with a maturity of one year or less; v. Liens in existence as of the date of the first issuance of the [Bonds]; vi. pursuant to any order ] of attachment, distrain or similar legal process arising in connection with court proceedings which proceedings are the Series being contested in good faith; or vii. arising by operation of law, provided that any such Security Interest is not created or permitted to be created by the Republic for the purpose of securing any Public External Indebtednessreopened.

Negative Pledge Covenant of Republic. (a) So long as any [Bond] shall remain Bond remains Outstanding, save for the exceptions set forth below, the Republic will not create or permit the creation of to subsist any lien, pledge, mortgage, chargesecurity interest, liendeed of trust, pledge charge or any other encumbrance or preferential arrangement which has the practical effect of constituting a security interest on any of its present or future assets or revenues, (“Lien”) upon the whole or any part thereof, of its assets or revenues to secure any Public External Indebtedness (as defined below), unless of the Republic shall procure that all amounts payable unless, at the same time or prior thereto, the Republic’s obligations under the [Bonds] Bonds either (i) are secured equally and ratably. ratably therewith, or (ii) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of the Bonds (as provided in Articles Ten and Eleven of the Indenture). (b) Notwithstanding the aboveforegoing, the Republic may create or permit the creation of any Security Intereststo subsist: i. any Lien upon property to secure Public External Indebtedness of the Republic incurred to finance the acquisition of such property by the Republic; any renewal or extension of any such Lien so long as it is limited to the original property covered thereby and it secures any renewal or extension of the original secured financing; ii. any Lien on property arising by operation of law (or pursuant to any agreement establishing a Lien equivalent to one which would otherwise exist under relevant local law) in connection with Public External Indebtedness, including without limitation any right of set-off with respect to demand or time deposits with financial institutions and bankers’ liens with respect to property held by financial institutions (in each case deposited with or delivered to such financial institutions in the ordinary course of the depositor’s activities); iii. any Lien existing on such property at the time of its acquisition to secure Public External Indebtedness of the Republic and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original secured financing; iv. any Lien created in connection with the transactions contemplated by The Republic of Argentina 1992 Financing Plan dated June 23, 1992 sent to the international banking community with the communication dated June 23, 1992 from the Minister of Economy and Public Works and Services of Argentina (the “1992 Financing Plan”) and the implementing documentation therefore, including any Lien to secure obligations under the collateralized securities issued thereunder (the “1992 Par and Discount Bonds”) and any Lien securing indebtedness outstanding as of April 22, 2016 to the extent required to be equally and ratably secured with the 1992 Par and Discount Bonds; v. any Lien in existence as of April 22, 2016; vi. any Lien securing Public External Indebtedness incurred, assumed or guaranteed by of the Republic solely issued upon surrender or cancellation of any of the 1992 Par and Discount Bonds or the principal amount of any indebtedness outstanding as of June 23, 1992, in each case, to finance the extent such Lien is created to secure such Public External Indebtedness on a basis comparable to the 1992 Par and Discount Bonds; vii. any Lien on any of the 1992 Par and Discount Bonds; and viii. any Lien securing Public External Indebtedness incurred for the purpose of financing all or refinance part of the costs of the acquisition, construction or development of a project; provided that (a) the holders of such Public External Indebtedness expressly agree to limit their recourse to the assets and revenues of such project as the principal source of repayment of such Public External Indebtedness and (b) the property over which such Security Interest has been created or permitted to be created, provided that such Security Interest does not extend to any other property of the Republic; however, in the case of construction, the Security Interest may extend to: unimproved real property for the construction, any trust account into which the proceeds of the offering creating such Public External Indebtedness may be temporarily deposited pending use in the construction, and the revenues to be generated by the operation of, or loss or damage to, the property to be constructed; ii. existing on any property or asset at the time of its acquisition (or arising after its acquisition pursuant to an agreement entered into prior to, and not in contemplation of, such acquisition), and extensions and renewals Lien is granted consists solely of such Security Interest limited to the original property or asset covered thereby assets and securing any extension or renewal of the original secured financing; iii. arising out of the renewal, extension or replacement of any indebtedness permitted under paragraph 4 (ii) above; provided, however, that the principal amount of such Public External Indebtedness is not increased; iv. arising in the ordinary course of borrowing activities of the Republic to secure Public External Indebtedness with a maturity of one year or less; v. in existence as of the date of the issuance of the [Bonds]; vi. pursuant to any order of attachment, distrain or similar legal process arising in connection with court proceedings which proceedings are being contested in good faith; or vii. arising by operation of law, provided that any such Security Interest is not created or permitted to be created by the Republic for the purpose of securing any Public External Indebtednessrevenues.

Negative Pledge Covenant of Republic. (a) So long as any [Bond] shall remain Bond remains Outstanding, save for the exceptions set forth below, the Republic will not create or permit the creation of to subsist any lien, pledge, mortgage, chargesecurity interest, liendeed of trust, pledge charge or any other encumbrance or preferential arrangement which has the practical effect of constituting a security interest on any of its present or future assets or revenues, (“Lien”) upon the whole or any part thereof, of its assets or revenues to secure any Public External Indebtedness (as defined below), unless of the Republic shall procure that all amounts payable unless, at the same time or prior thereto, the Republic’s obligations under the [Bonds] Bonds either (i) are secured equally and ratably. ratably therewith, or (ii) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of the Bonds (as provided in Articles Ten and Eleven of the Indenture). (b) Notwithstanding the aboveforegoing, the Republic may create or permit the creation of any Security Intereststo subsist: i. any Lien upon property to secure Public External Indebtedness of the Republic incurred to finance the acquisition of such property by the Republic; any renewal or extension of any such Lien so long as it is limited to the original property covered thereby and it secures any renewal or extension of the original secured financing; ii. any Lien on property arising by operation of law (or pursuant to any agreement establishing a Lien equivalent to one which would otherwise exist under relevant local law) in connection with Public External Indebtedness, including without limitation any right of set-off with respect to demand or time deposits with financial institutions and bankers’ liens with respect to property held by financial institutions (in each case deposited with or delivered to such financial institutions in the ordinary course of the depositor’s activities); iii. any Lien existing on such property at the time of its acquisition to secure Public External Indebtedness of the Republic and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original secured financing; iv. any Lien created in connection with the transactions contemplated by The Republic of Argentina 1992 Financing Plan dated June 23, 1992 sent to the international banking community with the communication dated June 23, 1992 from the Minister of Economy and Public Works and Services of Argentina (the “1992 Financing Plan”) and the implementing documentation therefore, including any Lien to secure obligations under the collateralized securities issued thereunder (the “1992 Par and Discount Bonds”) and any Lien securing indebtedness outstanding as of January 26, 2017 to the extent required to be equally and ratably secured with the 1992 Par and Discount Bonds; v. any Lien in existence as of January 26, 2017; vi. any Lien securing Public External Indebtedness incurred, assumed or guaranteed by of the Republic solely issued upon surrender or cancellation of any of the 1992 Par and Discount Bonds or the principal amount of any indebtedness outstanding as of June 23, 1992, in each case, to finance the extent such Lien is created to secure such Public External Indebtedness on a basis comparable to the 1992 Par and Discount Bonds; vii. any Lien on any of the 1992 Par and Discount Bonds; and viii. any Lien securing Public External Indebtedness incurred for the purpose of financing all or refinance part of the costs of the acquisition, construction or development of a project; provided that (a) the holders of such Public External Indebtedness expressly agree to limit their recourse to the assets and revenues of such project as the principal source of repayment of such Public External Indebtedness and (b) the property over which such Security Interest has been created or permitted to be created, provided that such Security Interest does not extend to any other property of the Republic; however, in the case of construction, the Security Interest may extend to: unimproved real property for the construction, any trust account into which the proceeds of the offering creating such Public External Indebtedness may be temporarily deposited pending use in the construction, and the revenues to be generated by the operation of, or loss or damage to, the property to be constructed; ii. existing on any property or asset at the time of its acquisition (or arising after its acquisition pursuant to an agreement entered into prior to, and not in contemplation of, such acquisition), and extensions and renewals Lien is granted consists solely of such Security Interest limited to the original property or asset covered thereby assets and securing any extension or renewal of the original secured financing; iii. arising out of the renewal, extension or replacement of any indebtedness permitted under paragraph 4 (ii) above; provided, however, that the principal amount of such Public External Indebtedness is not increased; iv. arising in the ordinary course of borrowing activities of the Republic to secure Public External Indebtedness with a maturity of one year or less; v. in existence as of the date of the issuance of the [Bonds]; vi. pursuant to any order of attachment, distrain or similar legal process arising in connection with court proceedings which proceedings are being contested in good faith; or vii. arising by operation of law, provided that any such Security Interest is not created or permitted to be created by the Republic for the purpose of securing any Public External Indebtednessrevenues.

Negative Pledge Covenant of Republic. (a) So long as any [Bond] shall remain Bond remains Outstanding, save for the exceptions set forth below, the Republic will not create or permit the creation of to subsist any lien, pledge, mortgage, chargesecurity interest, liendeed of trust, pledge charge or any other encumbrance or preferential arrangement which has the practical effect of constituting a security interest on any of its present or future assets or revenues, (“Lien”) upon the whole or any part thereof, of its assets or revenues to secure any Public External Indebtedness (as defined below), unless of the Republic shall procure that all amounts payable unless, at the same time or prior thereto, the Republic’s obligations under the [Bonds] Bonds either (i) are secured equally and ratably. ratably therewith, or (ii) have the benefit of such other security, guarantee, indemnity or other arrangement as shall be approved by the Holders of the Bonds (as provided in Articles Ten and Eleven of the Indenture). (b) Notwithstanding the aboveforegoing, the Republic may create or permit the creation of any Security Intereststo subsist: i. any Lien upon property to secure Public External Indebtedness of the Republic incurred to finance the acquisition of such property by the Republic; any renewal or extension of any such Lien so long as it is limited to the original property covered thereby and it secures any renewal or extension of the original secured financing; ii. any Lien on property arising by operation of law (or pursuant to any agreement establishing a Lien equivalent to one which would otherwise exist under relevant local law) in connection with Public External Indebtedness, including without limitation any right of set-off with respect to demand or time deposits with financial institutions and bankers’ liens with respect to property held by financial institutions (in each case deposited with or delivered to such financial institutions in the ordinary course of the depositor’s activities); iii. any Lien existing on such property at the time of its acquisition to secure Public External Indebtedness of the Republic and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original secured financing; iv. any Lien created in connection with the transactions contemplated by The Republic of Argentina 1992 Financing Plan dated June 23, 1992 sent to the international banking community with the communication dated June 23, 1992 from the Minister of Economy and Public Works and Services of Argentina (the “1992 Financing Plan”) and the implementing documentation therefore, including any Lien to secure obligations under the collateralized securities issued thereunder (the “1992 Par and Discount Bonds”) and any Lien securing indebtedness outstanding as of July 6, 2016 to the extent required to be equally and ratably secured with the 1992 Par and Discount Bonds; v. any Lien in existence as of July 6, 2016; vi. any Lien securing Public External Indebtedness incurred, assumed or guaranteed by of the Republic solely issued upon surrender or cancellation of any of the 1992 Par and Discount Bonds or the principal amount of any indebtedness outstanding as of June 23, 1992, in each case, to finance the extent such Lien is created to secure such Public External Indebtedness on a basis comparable to the 1992 Par and Discount Bonds; vii. any Lien on any of the 1992 Par and Discount Bonds; and viii. any Lien securing Public External Indebtedness incurred for the purpose of financing all or refinance part of the costs of the acquisition, construction or development of a project; provided that (a) the holders of such Public External Indebtedness expressly agree to limit their recourse to the assets and revenues of such project as the principal source of repayment of such Public External Indebtedness and (b) the property over which such Security Interest has been created or permitted to be created, provided that such Security Interest does not extend to any other property of the Republic; however, in the case of construction, the Security Interest may extend to: unimproved real property for the construction, any trust account into which the proceeds of the offering creating such Public External Indebtedness may be temporarily deposited pending use in the construction, and the revenues to be generated by the operation of, or loss or damage to, the property to be constructed; ii. existing on any property or asset at the time of its acquisition (or arising after its acquisition pursuant to an agreement entered into prior to, and not in contemplation of, such acquisition), and extensions and renewals Lien is granted consists solely of such Security Interest limited to the original property or asset covered thereby assets and securing any extension or renewal of the original secured financing; iii. arising out of the renewal, extension or replacement of any indebtedness permitted under paragraph 4 (ii) above; provided, however, that the principal amount of such Public External Indebtedness is not increased; iv. arising in the ordinary course of borrowing activities of the Republic to secure Public External Indebtedness with a maturity of one year or less; v. in existence as of the date of the issuance of the [Bonds]; vi. pursuant to any order of attachment, distrain or similar legal process arising in connection with court proceedings which proceedings are being contested in good faith; or vii. arising by operation of law, provided that any such Security Interest is not created or permitted to be created by the Republic for the purpose of securing any Public External Indebtednessrevenues.