Status and Ranking. IRSA PC will ensure that its obligations under each Security will rank at least pari passu in right of payment with all other existing and future unsecured and unsubordinated indebtedness of IRSA PC (other than obligations preferred by statute or by operation of law, including, without limitation, tax and labor related claims).
(a) IRSA PC will ensure that each Security will at all times qualify as “obligaciones negociables simples no convertibles” under the Negotiable Obligations Law and will be entitled to the benefits set forth therein and subject to the procedural requirements thereof.
Status and Ranking. 2.1 The Class A Notes constitute direct, unconditional and secured obligations of the Issuer. The Class A Notes rank pari passu among themselves.
2.2 The claims of the Class A Noteholders under the Class A Notes rank against the claims of all other creditors of the Issuer in accordance with the Order of Priority, unless mandatory provisions of law provide otherwise.
Status and Ranking. The 2024 Notes are the direct, unconditional, unsubordinated and (subject to the provisions set forth under Section 9.6 of the Base Indenture) unsecured obligations of the Issuer and rank (subject to the provisions set forth under Section 9.6 of the Base Indenture) equally among themselves, junior to obligations required to be preferred by law (which includes certain member share accounts which are given preferential status by law) and at least equally with all other Ordinary Non-Preferential Debts of the Issuer. Accordingly, subject to the Insolvency Act (and any other Ranking Legislation), for so long as they are not secured pursuant to the provisions set forth under Section 9.6 of the Base Indenture, the 2024 Notes form part of the class of Ordinary Non-Preferential Debts of the Issuer under the Insolvency Act (and any other Ranking Legislation).
Status and Ranking. IRSA will ensure that its obligations under each Security will at all times rank at least pari passu in right of payment with all other existing and future unsecured and unsubordinated indebtedness of IRSA (other than obligations preferred by statute or by operation of law).
(a) IRSA will ensure that each Security will at all times qualify as “obligaciones negociables” under the Negotiable Obligations Law and Joint Resolutions, be entitled to the benefits set forth therein and subject to the procedural requirements thereof.
Status and Ranking. (a) The Company will ensure that the Notes will at all times qualify as “obligaciones negociables simples no convertibles en acciones” under the Negotiable Obligations Law, and will be entitled to the benefits set forth therein and subject to the procedural requirements thereof. The Notes will be offered, issued and placed pursuant to and in compliance with the Argentine Capital Markets Law No. 26,831, as amended by the Productive Financing Law No. 27,440 and as further amended and supplemented from time to time (the “Argentine Capital Markets Law”) and any other applicable Argentine laws and regulations. Under the terms of Article 29 of the Negotiable Obligations Law, notes constituting negotiable obligations grant their holders access to summary judgment judicial proceedings. The relevant depositary will be able to deliver, in accordance with the Argentine Capital Markets Law, certificates in respect of the Notes represented by any global Note in favor of any beneficial owner subject to certain limitations set out in the Indenture. These certificates enable beneficial owners to institute suit before any competent court in Argentina, including summary judgment proceedings, to obtain any overdue amount under the Notes.
(b) The Company will ensure that the Notes will constitute the Company’s direct, unsecured and unsubordinated obligations and will rank at all times at least pari passu in right of payment with all of the Company’s other unsecured and unsubordinated obligations (other than obligations preferred by statute or by operation of law, including, without limitation, tax and labor related claims). The Notes will be effectively subordinated to the Company’s secured obligations to the extent of the value of the assets securing such obligations. The Notes will be structurally subordinated to the obligations of any of the Company’s subsidiaries that do not guarantee the Notes, including trade payables.
Status and Ranking. The Notes constitute direct, unconditional and unsecured obligations of the Issuer, will at all times rank pari passu without any preference among themselves and, subject as otherwise provided by applicable law from time to time, form part of the class of Statutory Non-Preferred Obligations of the Issuer.
Status and Ranking. The Bond constitutes direct, unconditional and unsecured obligations of the Company, and shall at all times rank pari passu and without any preference or priority among themselves. The rights and claims of the Holder in respect of the Bond are subordinated to the Company’s Notes, MCB and CB, on and pursuant to the terms of the Intercreditor Agreement.
Status and Ranking. (a) The Bank will ensure that its obligations under each Security will at all times rank at least pari passu in right of payment with all other existing and future unsecured and unsubordinated indebtedness of the Bank (other than obligations preferred by statute or by operation of law).
(b) The Bank will ensure that each Security will at all times qualify as “obligaciones negociables” under the Negotiable Obligations Law and Joint Resolution No. 470-1738/2004, be entitled to the benefits set forth therein and subject to the procedural requirements thereof.
Status and Ranking. The Rights Shares will be payable in full upon acceptance and/or application and, upon issue and allotment, will rank pari passu in all respects with the Shares then in issue, save for any dividends, rights, allotments or other distributions, the Record Date (as defined herein) for which falls before the date of issue of the Rights Shares. The Warrant Shares issued and allotted upon the exercise of the Warrants shall be fully paid and shall rank for any dividends, rights, allotments or other distributions, the Record Date for which is on or after the relevant date of exercise of the Warrants shall rank pari passu in all respect with the then existing issued Shares. For the purpose herein, “Record Date” means, in relation to any dividends, rights, allotments or other distributions, the date as at the close of business (or such other time as may have been notified by the Company) on which the Shareholders must be registered with the Company or CDP, as the case may be, in order to participate in such dividends, rights, allotments or other distributions.
Status and Ranking. (a) APSA will ensure that its obligations under each Security will at all times rank at least pari passu in right of payment with all other existing and future unsecured and unsubordinated indebtedness of APSA (other than obligations preferred by statute or by operation of law, including, without limitation, tax and labor related claims).
(b) APSA will ensure that each Security will at all times qualify as “obligaciones negociables” under the Negotiable Obligations Law and Joint Resolution No. 470-1738/2004, as amended, be entitled to the benefits set forth therein and subject to the procedural requirements thereof.
