Common use of Total Defeasance Clause in Contracts

Total Defeasance. If IRSA shall exercise the option provided in Section 11.1 to have this Section 11.2 apply with respect to all Outstanding Securities of any Series of Securities denominated in U.S. dollars and having a fixed rate of interest, as the case may be, IRSA shall be deemed to have been discharged from its obligations with respect to such Securities on the date the conditions set forth below are satisfied with respect to such Securities (hereinafter, “total defeasance”). For this purpose, total defeasance means (except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3) that IRSA shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and IRSA and the Trustee, upon the written request of IRSA, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (i) the right of Holders of such Securities to receive, solely from the trust fund described in Section 11.4 and as more fully set forth in such Section, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) IRSA’s obligations under Sections 1.2, 2.10, 2.11, 3.2, 3.3, 3.4(b), 3.5, 3.13, 5.6, 5.10, 5.11 and 12.8; (iii) any other provisions specified pursuant to the terms of the Securities established pursuant to Section 2.3; and (iv) the provisions of Section 1.2, Article V and this Article XI. Subject to compliance with this Article XI, IRSA may exercise its option under Section 11.1 to have this Section 11.2 apply to any Securities notwithstanding the prior exercise of its option under Section 11.1 to have Section 11.3 apply to such Securities.

Total Defeasance. If IRSA PC shall exercise the option provided in Section 11.1 to have this Section 11.2 apply with respect to all Outstanding Securities of any Series of Securities denominated and payable in U.S. dollars and having a fixed rate of interest, as the case may be, IRSA PC shall be deemed to have been discharged from its obligations with respect to such Series of Securities on the date the conditions set forth below in Section 11.4 with respect to total defeasance are satisfied with respect to such Securities (hereinafter, “total defeasance”). For this purpose, total defeasance means (except as otherwise may be provided pursuant to the terms of the Securities of such Series established pursuant to Section 2.3) that IRSA PC shall be deemed to have paid and discharged the entire indebtedness represented by such Series of Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Series of Securities are concerned (and IRSA PC and the Trustee, upon the written request of IRSAIRSA PC, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (i) the right of Holders of such Securities to receive, solely from the trust fund described in Section 11.4 and as more fully set forth in such Section, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) IRSAIRSA PC’s obligations under Sections 1.2, 2.10, 2.11, 3.2, 3.3, 3.4(b), 3.5, 3.13, 5.6, 5.9, 5.10, 5.11 5.14 and 12.812.7; (iii) any other provisions specified pursuant to the terms of the Securities of such Series established pursuant to Section 2.3; and (iv) the provisions of Section 1.2, Article V and this Article XI. Subject to compliance with this Article XI, IRSA PC may exercise its option under Section 11.1 to have this Section 11.2 apply to any Series of Securities notwithstanding the prior exercise of its option under Section 11.1 to have Section 11.3 apply to such Series of Securities.

Total Defeasance. If IRSA PC shall exercise the option provided in Section ‎Section 11.1 to have this Section ‎Section 11.2 apply with respect to all Outstanding Securities of any Series of Securities denominated and payable in U.S. dollars and having a fixed rate of interest, as the case may be, IRSA PC shall be deemed to have been discharged from its obligations with respect to such Series of Securities on the date the conditions set forth below in ‎Section 11.4 with respect to total defeasance are satisfied with respect to such Securities (hereinafter, “total defeasance”). For this purpose, total defeasance means (except as otherwise may be provided pursuant to the terms of the Securities of such Series established pursuant to Section ‎Section 2.3) that IRSA PC shall be deemed to have paid and discharged the entire indebtedness represented by such Series of Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Series of Securities are concerned (and IRSA PC and the Trustee, upon the written request of IRSAIRSA PC, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (i) the right of Holders of such Securities to receive, solely from the trust fund described in Section ‎Section 11.4 and as more fully set forth in such Section, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) IRSAIRSA PC’s obligations under Sections 1.2‎1.2, 2.10‎2.10, 2.11‎2.11, 3.2‎3.2, 3.3‎3.3, 3.4(b‎3.4(b), 3.5‎3.5, 3.13‎3.13, 5.6‎5.6, 5.10‎5.9, 5.11 ‎5.10, 5.14 and 12.8‎12.7; (iii) any other provisions specified pursuant to the terms of the Securities of such Series established pursuant to Section ‎Section 2.3; and (iv) the provisions of Section ‎Section 1.2, Article ‎Article V and this Article ‎Article XI. Subject to compliance with this Article ‎Article XI, IRSA PC may exercise its option under Section ‎Section 11.1 to have this Section ‎Section 11.2 apply to any Series of Securities notwithstanding the prior exercise of its option under Section ‎Section 11.1 to have Section ‎Section 11.3 apply to such Series of Securities.

Total Defeasance. If IRSA APSA shall exercise the option provided in Section 11.1 to have this Section 11.2 apply with respect to all Outstanding Securities of any Series of Securities denominated in U.S. dollars and having a fixed rate of interest, as the case may be, IRSA APSA shall be deemed to have been discharged from its obligations with respect to such Securities on the date the conditions set forth below are satisfied with respect to such Securities (hereinafter, “total defeasance”). For this purpose, total defeasance means (except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3) that IRSA APSA shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and IRSA APSA and the Trustee, upon the written request of IRSAAPSA, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (i) the right of Holders of such Securities to receive, solely from the trust fund described in Section 11.4 and as more fully set forth in such Section, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) IRSAAPSA’s obligations under Sections 1.2, 2.10, 2.11, 3.2, 3.3, 3.4(b), 3.5, 3.13, 5.6, 5.10, 5.11 and 12.8; (iii) any other provisions specified pursuant to the terms of the Securities established pursuant to Section 2.3; and (iv) the provisions of Section 1.2, Article V and this Article XI. Subject to compliance with this Article XI, IRSA APSA may exercise its option under Section 11.1 to have this Section 11.2 apply to any Securities notwithstanding the prior exercise of its option under Section 11.1 to have Section 11.3 apply to such Securities.

Total Defeasance. If IRSA the Bank shall exercise the option provided in Section 11.1 to have this Section 11.2 apply with respect to all Outstanding Securities of any Series of Securities denominated in U.S. dollars and having a fixed rate of interest, as the case may be, IRSA the Bank shall be deemed to have been discharged from its obligations with respect to such Securities on the date the conditions set forth below are satisfied with respect to such Securities (hereinafter, “total defeasance”). For this purpose, total defeasance means (except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3) that IRSA the Bank shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and IRSA the Bank and the Trustee, upon the written request of IRSAthe Bank, shall execute proper instruments acknowledging the same), except for the following, which shall survive until otherwise terminated or discharged hereunder: (i) the right of Holders of such Securities to receive, solely from the trust fund described in Section 11.4 and as more fully set forth in such Section, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) IRSAthe Bank’s obligations under Sections 1.2, 2.10, 2.11, 3.2, 3.3, 3.4(b), 3.5, 3.13, 5.6, 5.10, 5.11 and 12.8; (iii) any other provisions specified pursuant to the terms of the Securities established pursuant to Section 2.3; and (iv) the provisions of Section 1.2, Article V and this Article XI. Subject to compliance with this Article XI, IRSA the Bank may exercise its option under Section 11.1 to have this Section 11.2 apply to any Securities notwithstanding the prior exercise of its option under Section 11.1 to have Section 11.3 apply to such Securities.