Common use of Restrictions to the Distribution of Dividends Clause in Contracts

Restrictions to the Distribution of Dividends. (a) Cablevisión agrees to call, as soon as possible following the Extraordinary Shareholders’ Meetings of Telecom Argentina and Cablevisión, a meeting of holders of Cablevisión Notes in order to subject to their consideration the amendment of the contractual restrictions set forth in the terms and conditions of issuance of Cablevisión’s notes, so that, if such amendment is approved, the above mentioned restrictions: (i) are not transferred to Telecom Argentina with respect to the distribution of the aggregate realized and liquid profits of Telecom Argentina earned or existing before the Merger Effective Date, and (ii) following the Merger Effective Date, are applicable to Telecom Argentina solely in the same terms as those existing in the financial obligations of Telecom Argentina; (b) Cablevisión agrees not to assume any contractual restriction to the distribution of dividends additional to the existing restrictions, that may be transferred to Telecom Argentina as a result of the Merger.

Restrictions to the Distribution of Dividends. (a) Cablevisión agrees to call, as soon as possible following the Extraordinary Shareholders’ Shareholders Meetings of Telecom Argentina and Cablevisión, a meeting of holders of Cablevisión Notes in order to subject to their consideration the amendment of the contractual restrictions set forth in the terms and conditions of issuance of Cablevisión’s notes, so that, if such amendment is approved, the above mentioned restrictions: (i) are not transferred to Telecom Argentina with respect to the distribution of the aggregate realized and liquid profits of Telecom Argentina earned or existing before the Merger Effective Date, and (ii) following the Merger Effective Date, are applicable to Telecom Argentina solely in the same terms as those existing in the financial obligations of Telecom Argentina; (b) Cablevisión agrees not to assume any contractual restriction to the distribution of dividends additional to the existing restrictions, that may be transferred to Telecom Argentina as a result of the Merger.