Circulare LISOL 1-343 Minimum Liquidity Requirements. Update of the Consolidated Text — BCRA — AR

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
COMUNICACION "A" 3290 27/06/01
TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1 - 343
Minimum Liquidity Requirements. Update of the Consolidated Text.

We address you to deliver to you the attached sheets, which, in replacement of those previously provided, must be incorporated into the consolidated text of the reference. This update is carried out due to the provisions of Communication "A" 3132.

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio Alejandro Henke
Manager of General Manager of
Issuance of Norms Regulation and Information Regime

ANNEX: 69 sheets

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON MINIMUM LIQUIDITY REQUIREMENTS -Index
Section 1. Requirement.
1.1. Obligations included.
1.2. Application base.
1.3. Minimum requirements.
1.4. Residual term.
1.5. Alternative increase in requirement to debt placement.
1.6. Point increases in requirement due to liability concentration.
1.7. Transfers.
Section 2. Integration.
2.1. Admitted concepts.
2.2. Computation.
2.3. Maximum computation limits.
Section 3. Non-compliance.
3.1. Charge.
3.2. Classification programs.
3.3. Regularization and sanitation plans.
Section 4. Compliance base of the norms.
4.1. Individual base.
Section 5. Responsible parties and sanctions.
5.1. Responsible for liquidity policy.
5.2. Responsibilities.
5.3. Sanctions.
Section 6. Models.
6.1. Model of consent for the disposal of assets by the Central Bank of the Argentine Republic, to be presented by financial entities or investment fund administrators to prove the degree of liquidity of holdings.
6.2. Model of notification of sale option contract.
6.3. Model of "standby" letter of credit.
Version: 8th Communication “A” 3290 Validity:
27.06.01

B.C.R.A. CONSOLIDATED TEXT OF THE NORMS ON MINIMUM LIQUIDITY REQUIREMENTS -Index
6.4. Model of Annex 2 to the contract subscribed or to be subscribed with Deutsche Bank AG, New York, to which financial entities must adhere and its addendum number one.
6.5. Model of master certificate of deposit contract.
Section 7. Transitional provisions.
Version: 3rd Communication “A” 3290 Validity:
27.06.01

On the other hand, it will be necessary to deduct the amount of committed credit lines to other local or foreign financial entities, regardless of their nature, and the amount of existing liabilities with foreign banks subject to simple demand cancellation clauses, within a 30-day term.

2.1.3. Account "Liquidity Requirements" opened at Deutsche Bank, New York,
in the name and order of the entity.

2.1.4. Time deposit certificates issued by foreign banks that have, at minimum, an international risk rating granted by one of the rating agencies, as detailed below:

Rating Agency Required Rating
Moody’s Investors Service Aa (long term) Standard & Poor’s International Ratings Ltd. AA (long term) Fitch Ratings Ltd. AA (long term)

Entities must be holders of the right to exercise a sale option with a foreign bank that meets the previously stated requirement, at any time during the validity of the deposit. The possibility, expressly established in the instrument or in an independent document, to cancel in advance -at any time- the deposit at simple demand of the holder according to the model detailed in point 6.5., is equivalent to being the holder of the right to exercise the sale option. The computation of this integration will be admitted for the exercise value of the option or early cancellation, from the day of agreement. The certificates and corresponding sale option contracts for the entity must be kept in custody at Deutsche Bank, New York, or at the custodians designated by it, observing in pertinent matters what is provided in this matter in point 2.1.9. and subscribing to the text whose model is included in point 6.4. of Section 6.

2.1.5. Bonds of central governments of countries members of the Organization for Economic Cooperation and Development (O.E.C.D.) that have at least one international risk rating of "A" or higher granted by one of the rating agencies admitted by the norms on "Evaluation of financial entities".
These must be titles with usual quotation for significant amounts in foreign stock exchanges or markets. The computation will be carried out taking into account the value that arises for each day of the month based on the daily quotation of the titles.

Version: 5th Communication “A” 3290 Validity:
27.06.01

The computation of this integration will be admitted provided that the bonds or certificates representing the investment are kept in custody at Deutsche Bank, New York or at the custodians designated by it. To this end, entities must subscribe to the text whose model is included in point 6.4. of Section 6.

2.1.6. Securities -bonds and shares- issued by companies constituted in countries members of the Organization for Economic Cooperation and Development (O.E.C.D.). It will be required that the issuing companies maintain in force obligations that have at least one international risk rating of "A" or higher granted by one of the rating agencies admitted by the norms on "Evaluation of financial entities".
These must be highly liquid titles, with daily quotation for significant amounts in stock exchanges or securities markets operating in places of countries members of the aforementioned organization (O.E.C.D.). The value of the holding of each title cannot exceed the equivalent to 5% of the daily amount traded in those exchanges, measured according to the average of the movements of the last twelve months that each species has registered. The computation will be carried out taking into account the value that arises for each day of the month based on the daily quotation of the securities. The computation of this integration will be admitted provided that the titles are kept in custody at Deutsche Bank, New York or at the custodians designated by it. To this end, entities must subscribe to the text whose model is included in point 6.4. of Section 6.

2.1.7. Securities –bonds and shares- not included in points 2.1.5. and 2.1.6., even if they come from active repos for the entity, issued by:
2.1.7.1. International organizations.
2.1.7.2. Central governments and, when they have their full guarantee, their companies, agencies or departments. Otherwise, they will be considered private issuances.
2.1.7.3. Commercial banks.
In this case, the computation of certificates of deposit, payment orders or other banking instruments will also be admitted.
2.1.7.4. Other companies and/or private corporations.
Integration will also be admitted with:

Version: 5th Communication “A” 3290 Validity:
27.06.01

2.1.7.5. Preferred portion ("senior") of issuances backed with certain assets (only mortgages or pledges that, in both cases, grant first degree privilege or similar, and/or credit card coupons).
Integration with these concepts will be admitted provided that the following conditions are verified concurrently:
i) Except for international organizations, issuers must belong to countries members of the Organization for Economic Cooperation and Development (O.E.C.D.). ii) The titles must have, at least, two international risk ratings granted by some of the rating agencies admitted by the norms on "Evaluation of financial entities", at minimum, the level indicated for each case as follows:
a) For the concept referred to in point 2.1.7.2.: "A" or equivalent. b) For the concepts referred to in points 2.1.7.1., 2.1.7.3. and 2.1.7.4.: "AA" or equivalent. c) For the concept referred to in point 2.1.7.5.: "AAA" or equivalent. iii) The issuances must have sufficient liquidity to the satisfaction of the Central Bank of the Argentine Republic. To this effect, as a prior requirement to the computation of this concept for integration, financial entities must accept that these holdings be subject by the B.C.R.A. to effective controls on their degree of liquidity, which will be implemented based on their partial sale at opportunities and according to the procedure that the B.C.R.A. determines discretionarily. To this end, entities must subscribe to the text whose model is included in point 6.1. of Section 6. In the case that the B.C.R.A. determines that the titles do not pass that liquidity test, at values that do not affect their reference price supplied by Deutsche Bank, New York, the assets must be immediately removed from integration. iv) The titles must be kept in custody at Deutsche Bank, New York or at the custodians designated by it. To this end, entities must subscribe to the text whose model is included in point 6.4. of Section 6.

Version: 5th Communication “A” 3290 Validity:
27.06.01

The computation will be carried out taking into account the value that arises for each day of the month based on the information supplied by Deutsche Bank, New York.

2.1.8. Fund shares whose assets are constituted -indistinctly- by the securities referred to in points 2.1.5., 2.1.6. and 2.1.7.
It must be provided that orders for the sale of fund shares are accepted on the day the instruction is formulated and that their settlement -with crediting in favor of the entity of the pertinent amount- is carried out within five business days following the date of the sale order. The computation will be carried out taking into account the value of the fund share determined for each day of the month based on the daily quotation of the values that compose the fund, when its object is the investment in the assets referred to in points 2.1.5. and 2.1.6. If it concerns the assets referred to in point 2.1.7., the corresponding value that informs Deutsche Bank, New York, will be used, as provided in that last point. When the fund includes among its investments the assets referred to in point 2.1.7., the computation of the fund shares for integration will also be subject to the liquidity controls and other requirements provided there. The administrators of the fund must accept that the Central Bank of the Argentine Republic has the holdings for the purpose of that examination, to which effect they must subscribe to the text whose model is included in point 6.1. of Section 6. The ownership of the fund shares representing the investments must be in the name of the financial entities and to the order of Deutsche Bank, New York or at the custodians designated by it. Likewise, the custody of the fund's assets must be in charge of that bank or at the custodians designated by it, subscribing to the text whose model is included in point 6.4. of Section 6. The negotiation of forward operations, futures, options or other derivatives is not admitted, except those carried out for the purpose of hedging the risks implicit in the holdings or for price fixing, without in any case can net sold or negative positions be registered.

2.1.9. Domestic securities (public and private) provided that the local entity is the holder of the right to exercise a sale option of the securities to a foreign bank that has at least one international risk rating of "A" or higher granted by one of the rating agencies admitted by the norms on "Evaluation of financial entities".
It must be provided that the exercise of the option can be carried out at any time within the following 90 days. The exercise value of the option will be computed as integration from the day the operation is agreed.

Version: 7th Communication “A” 3290 Validity:
27.06.01

The computation of this integration will be admitted provided that:
i) The entity agrees with the counterparty that it informs Deutsche Bank, New York, about the celebration of the option contract, with adjustment to the notification model included in point 6.2. of Section 6. ii) The original version of the option contract corresponding to the entity and the pertinent securities are kept in custody at Deutsche Bank, New York, or at the custodians designated by it. To this end, entities must subscribe to the text whose model is included in point 6.4. of Section 6. iii) The entity does not maintain contracts of financial derivative operations regarding domestic securities, whose fulfillment could mean the neutralization of those operations. The entity must abstain from formalizing other operations with the bank launching the option whose results, according to the applicable master agreements, could be subject to the eventual obligation to net credits with debts. Consequently, there are no impediments for the local entity to simultaneously be a seller of a call option regarding the titles involved in the sale option, configuring a "collar" operation. Likewise, the computation of this integration will be admitted, from the day the operation is agreed, provided that the supporting documentation of the sale option -notification of the option and contract- is deposited in the custodian bank within 72 business hours following.

2.1.10. Loans with formal mortgage guarantee formalized between 15.10.95 and 18.7.97, according to the terms of the model contract adopted by the financial entities referred to in the repealed Section 9. of the consolidated text disseminated by Communication “A” 2422, originated and carried out under the guidelines established by the Mortgage Bank or DB Program Manager S.A. (Deutsche Morgan Grenfell), and the participation certificates and debt representative titles issued by the trustees, regarding trusts referred to the cited mortgage loans, provided that the local entity is the holder of the right to exercise a sale option of the portfolio or of the values that can be exercised at any time within the following 60 days, observing all other requirements contained in point 2.1.9.

2.1.11. Special guarantee accounts in favor of electronic clearing chambers.
They will be considered, even when balances are affected as guarantee for the electronic clearing chambers and deposited in their name, on behalf of the respective entity, in special accounts in United States dollars at the Central Bank of the Argentine Republic.

Version: 4th Communication “A” 3290 Validity:
27.06.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.
Operation: Sale option
Type: American
Underlying asset: (title involved)
Negotiation date:
Premium payment date:
Seller: (name of the launcher)
Buyer: (name of the local entity)
Contract amount:
Exercise price:
Exercise deadline:
Settlement date:
Premium (or option price):
Settlement form: by price difference or by delivery of the titles This operation has been carried out in accordance with the provisions of the "ISDA" (International Swap Dealers Association) master contract.

6.3. Model of "standby" letter of credit.
6.3.1. Letter of credit (English version).
IRREVOCABLE STANDBY LETTER OF CREDIT No. ....
(Date)
Dear Sirs:
We, ............................ (the “Issuer”) hereby issue, at your request, an irrevocable and unconditional standby letter of credit under No. ........ on behalf of and for the account of ............... (the “Beneficiary”) for the aggregate amount of US$...(amount in numbers and words), on the date hereof for an effective period through ............... (the “Expiration Date”). This irrevocable standby letter of credit is issued to guarantee the obligation undertaken by .............. (bank’s name) to comply with the Liquidity Minimum Requirements established by Banco Central de la República Argentina, including the obligation to reimburse the amounts withdrawn after a 360-day period from each withdrawal.
We undertake to fulfill this irrevocable letter of credit, without demand of payment or protest, by making a deposit upon a sight draft drawn and signed by........ (the “Beneficiary”) or according to the instructions of Banco Central de la República Argentina, if applicable, complying with the formal requirements of Annex “A” attached hereto. Such draft shall be submitted to the Issuer’s offices located in ........................

Version: 3rd Communication “A” 3290 Validity:
27.06.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.
Should we fail to pay to the beneficiary the amount of this standby letter of credit when drawn by the beneficiary in accordance with the terms hereof, we agree to pay interest at 25% per annum on the outstanding amount of this standby letter of credit from the date of the Certificate for Drawing under Annex “A” is submitted to the effective date of payment. We also agree to pay and reimburse all costs and expenses incurred by the beneficiary in connection with the enforcement of this standby letter of credit. The Obligations we undertake herein are unconditional. Furthermore, we agree not to undertake any other obligation which, directly or indirectly, may net, set off or otherwise hinder the availability of the funds by the beneficiary for the effective term of this letter of credit. This letter of credit is subject to the “Uniform Customs and Practice for Documentary Credits” (1993 Revision), International Chamber of Commerce, Publication No. 500. This letter of credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by any document, instrument or situation whatsoever. Very truly yours, (Authorized Signature)
ANNEX “A”
CERTIFICATE FOR DRAWING UNDER IRREVOCABLE STANDBY LETTER OF CREDIT The undersigned hereby certifies to .... (issuer).., with reference to the irrevocable standby letter of credit No. ... issued by ... (issuer)... in favour of ... (the beneficiary)..., the following:
(i) The beneficiary is making, ……………..(“by his own decision” or “carrying out Banco Central de la República Argentina’s instructions”, whatever be applicable) to fulfill the liquidity minimum requirements, under the provisions set forth by Banco Central de la República Argentina.
(ii) The amount of the draft accompanying the standby letter of credit is US$ ....
(iii) Such amount shall be deposited by you by wire transfer in immediately available funds to the following account:
Account title: ………………………….. (Beneficiary's name) Account number: …… … ”Liquidity requirements", Deutsche Bank, New York

Version: 3rd Communication “A” 3290 Validity:
27.06.01

MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.
Reference: Standby Letter of Credit N°
Attention:
We, …………….. (the "Beneficiary") agree not to undertake any other obligation which, directly or indirectly, may net, set off or otherwise hinder the availability of the funds provided by the issuer under the letter of credit and for the effective term thereof. IN WITNESS WHEREOF, the beneficiary has executed and delivered this certificate as of the ... day of (Beneficiary)

6.3.2. Letter of credit (Spanish version).
IRREVOCABLE STANDBY LETTER OF CREDIT N° ........
(Date)
Dear Sirs:
We, .... (the “Issuer”), hereby issue, at your request, an irrevocable and unconditional standby (contingent) letter of credit under No. .... on behalf of and for the account of .... (the “Beneficiary”) for the aggregate amount of US$ .... (amount in numbers and words) on the date hereof, valid for a period expiring on .... (the “Expiration Date”). The irrevocable standby letter of credit is issued to guarantee the obligation assumed by .... (bank’s name) to comply with the Minimum Liquidity Requirements established by the Central Bank of the Argentine Republic, including the obligation to reimburse the amounts withdrawn after a period of 360 days counted from each withdrawal. We commit to fulfill this irrevocable letter of credit without demand or protest, making a deposit upon the sight draft drawn and signed by ...... (the “Beneficiary”), in accordance with the instructions of the Central Bank of the Argentine Republic, if applicable, which complies with the formal requirements of Annex "A" attached. That draft will be presented at the offices of the issuer located at.......- In case that we do not pay the beneficiary the amount of this standby letter of credit, when drawn by the beneficiary in accordance with the terms hereof, we agree to pay interest at 25% annually on the outstanding amount of it from the date the Certificate for Drawing is presented according to Annex "A" until the effective date of payment. We also agree to pay and reimburse all costs and expenses incurred by the beneficiary with respect to the application of this standby letter of credit.

Version: 3rd Communication “A” 3290 Validity:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

Las Obligaciones que asumimos en la presente son incondicionales. Además, acordamos no asumir ninguna otra obligación que directa o indirectamente netee, compense o perjudique de otra manera la disponibilidad de los fondos por parte del beneficiario durante el período de vigencia de esta carta de crédito. Esta carta de crédito está sujeta a los "Usos y Práctica Uniformes para Créditos Documentarios" (Revisión 1993), Cámara Internacional de Comercio, Publicación N° 500. Esta carta de crédito consigna totalmente nuestro compromiso y ese compromiso no será modificado, enmendado, ampliado o limitado en absoluto por algún tipo de documento, instrumento o situación. Los saludamos muy atentamente, (Firma autorizada)

ANEXO “A”
CERTIFICADO PARA LIBRAMIENTO SEGÚN CARTA DE CRÉDITO IRREVOCABLE STANDBY

Quien suscribe, por el presente certifica a ... (emisor) con referencia a la carta de crédito irrevocable standby N° ...... emitida por .... (emisor) .... a favor de (el beneficiario) ..... lo siguiente:
i) El beneficiario ..... (“por decisión propia" o "llevando a cabo las instrucciones del Banco Central de la República Argentina") está realizando todo lo que corresponde para cumplir con los requisitos mínimos de liquidez según las disposiciones consignadas por el Banco Central de la República Argentina. ii) El monto del giro que acompaña esta carta de crédito standby es US$ iii) Este importe será depositado por Uds. por transferencia cablegráfica en fondos de disposición inmediata a la siguiente cuenta. Título de la cuenta: .............. (nombre del Beneficiario) Número de cuenta “Requisitos de liquidez", Deutsche Bank, Nueva York Referencia: Carta de crédito Standby N° Atención:
Nosotros, ..... (el "Beneficiario") acordamos no asumir ninguna otra obligación que directa o indirectamente netee, compense o perjudique de otra manera la disponibilidad de los fondos provistos por el emisor durante el período de vigencia de esta carta de crédito. Versión: 1a. Comunicación “A” 3290 Vigencia:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

EN TESTIMONIO DE LO CUAL el beneficiario ha formalizado y entregado
este certificado en el día de la fecha....
(Beneficiario)

6.4. Modelo de Anexo 2 al contrato suscripto o a suscribir con el Deutsche Bank AG,
Nueva York, al que deben ajustarse las entidades financieras y su adenda número uno.

6.4.1. Anexo 2 al Contrato por Servicios de Custodia (versión en inglés).

Annex 2 to the Custodial Services Agreement
Custody Agreement between
[lnsert Argentine Commercial Bank name here] "The Depositor" and Deutsche Bank AG OuB TZE/WPDI Securities and Custody Services Alfred-Herrhausen-Allee 16-24 65755 Eschborn Federal Republic of Germany ("The Custodian")

The Depositor intends to hold cash and securities in custody with the Deutsche Bank AG, (the "deposited cash and Securities") in a special purpose account and to operate the account under Communication "A" 2350 (see appendix 1). Deutsche Bank AG, Frankfurt am Main, Federal Republic of Germany, intends to assume the function of Custodian for these securities.

Appointment as Custodian
The Depositor herewith appoints Deutsche Bank AG, Frankfurt am Main, as the Custodian of the Deposited Cash and Securities. The Custodian herewith accepts the appointment.
Establishment of a Security and Cash Account.
2.1 The Custodian shall establish and maintain in the name of the Depositor a
Securities and Cash Account.
Name Account Number
Custodial Services
Versión: 1a. Comunicación “A” 3290 Vigencia:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

3.1 The Custodian shall, upon instruction, credit all the Deposited Cash and
Securities to the designated Securities and Cash account which are delivered to the Custodian under this Agreement by the Depositor or by a Third Party.
3.2 Upon instructions from the Depositor, the Custodian is authorized to pay
cash from the account and to sell, assign, transfer, deliver or exchange, or to purchase securities for the Account and in addition to effect further administration services pertaining to securities and cash held in safe custody.
3.3 The persons designated in Annex 1 (List of authorized signatures) shall
be authorized to act on behalf of the Depositor with respect to the operation of the Securities and Cash accounts.
3.4 Instructions from the Depositor shall include:
1-Instructions in writing signed by such persons as are designated in writing by the Depositor in Annex 1; 2-S.W.I.F.T. instructions of the Depositor, respectively by the persons designated in Annex 1; 3-Other forms of instructions in computer readable form as shall be customarily utilized for the transmission of like information; and 4-Such other forms of communication as from time to time shall be agreed upon by the Depositor and the Custodian.

Set-off Prohibition-No collateral
Deutsche Bank AG or DBSC will not, because of any claims against a Depositor, exercise any rights to pledge or attach or to exercise liens or rights of any kind with respect to the deposited Cash and Securities, nor relate any of those assets to any other financial transaction such as loans to the Depositors or third parties. In the event that any of the Deposited Cash and Securities are subject to an attachment or lien for the benefit of a third party, or Deutsche Bank AG or DBSC become aware of any attempt to subject the Deposited Cash and Securities to any such attachment or lien, Deutsche Bank AG or DBSC, as the case may be, shall inform such Depositor and B.C.R.A. without delay. Prohibition - The Depositor may not pledge of otherwise use as collateral for its own or the benefit of a third party any of the Deposited Cash and Securities. The custodian will monitor this commitment.
Delegation.
Deutsche Bank will conduct all the custodial services through Deutsche Bank Securities Corp. (DBSC) in New York. Deutsche Bank AG or DBSC shall each exercise the care of a reasonable and prudent professional custodian.
Repurchase and Reverse Repurchase Transactions.
Versión: 1a. Comunicación “A” 3290 Vigencia:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

Deutsche Bank AG or DBSC, acting as principal, may, with the agreement of a Depositor, enter into repurchase and reverse repurchase transactions with respect to Deposited Securities on an overnight basis, provided that Deutsche Bank and DBSC guarantee in each case that such Deposited Securities will be available in the custody account on the next business day following the conclusion of such transaction. Repurchase and Reverse Repurchase transactions will be collateralized at 100% on market valuations. Details of collateral will be provided daily.

Acceptable Deposits.
The Depositor will deliver to the custody account only cash and U.S. Treasury securities for the first forty-five days, following the subscription of this agreement. After forty-five days without any charge, the commercial bank will be able to use al the custody facilities through DB Custody.
Communications.
Deutsche Bank will provide the software known as DB Custody without charge. The commercial bank is responsible for providing the specified hardware and communications ability to support DB Custody.
Custodian Fees and Repurchase Transactions Income.
The Custodian shall charge to the Depositor the deposit and handling fees customary for banks in accordance with the schedule of fees and expenses as applicable at the time (see appendix 2), and shall debit the Securities and Cash Account of the Depositor maintained with it accordingly.
Taxes.
The Depositor will be responsible for the payment of al country withholding taxes in the various OECD countries. The custodian shall deduct the relevant withholding taxes on coupon payments at the tax rate relevant at the time of the coupon payment in the respective OECD country, The Depositor shall surrender the necessary documents in order to obtain a tax refund where applicable. DBSC will fill all documents required by each country in order for the Depositor to receive the most favorable tax status per country.
Jurisdiction of Law.
This agreement will be governed by the laws of the Federal Republic of Germany. The Depositor hereby appoints ………………………………. For the purpose of service of process in proceedings brought before German courts, and agrees to maintain at all times a process agent in the Federal Republic of Germany. Dated:……………………….. Deutsche Bank AG Depositor Versión: 1a. Comunicación “A” 3290 Vigencia:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

By ……………………….. By ..............................................
By ................................... By .............................................

We hereby accept, and agree to be bound by the provision of this agreement:
Deutsche Bank Securities Corporation
By …………………………….

APPENDIX 1

Client’s Authorized Signatories
Name Position Signature
…………………………………………………………………………………………..
…………………………………………………………………………………………..
…………………………………………………………………………………………..
Authority Any one to sign Any two to sign
Communications Address
The Depositor: ……………………………………………………………………..
Address: ……………………………………………………………………..
Attention: ……………………………………………………………………..
Telephone N°: ……………………………………………………………………..
S.W.I.F.T.: ……………………………………………………………………...
Facsimile N° ……………………………………………………………………...
The Custodian
Deutsche Bank A.G.
Oub/WPD/Securities & Custody Services
Alfred-Herrhausen-AIIee 16-24
65755 Eschborn
Germany
Attention: Mr. Peter Grafunder
Telephone N° (49) 69 910 67950
Telex N° 40751411
Facsimile N° (49) 69 910 68824
The Delegate
Deutsche Bank Securities Corporation
Securities & Custody Service
130 Liberty Street
New York, N.Y. 10006
United States of America
Mr. Fred Ferraro
1 212 250 3012
422908
1 212 669 0917
Versión: 1a. Comunicación “A” 3290 Vigencia:
27.06.01

REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

6.4.2. Anexo 2 al Contrato para Servicios de Custodia (versión en castellano).

Contrato de Custodia entre
[Insertar aquí el nombre del Banco Comercial Argentino] "El Depositante" y Deutsche Bank AG OuB TZE/WPD/Securities and Custody Services (Servicios Títulos y Custodia) Alfred -Herrhausen-Allee 16-24 65755 Eschborn República Federal de Alemania ("El Custodio")

Es intención del Depositante mantener dinero en efectivo y títulos valores en custodia en el Deutsche Bank AG, (el "Dinero en Efectivo y Títulos Depositados") en una cuenta especial y operar la cuenta conforme a la Comunicación "A" 2350 (véase apéndice 1). Es intención de Deutsche Bank AG, Francfort del Meno, República Federal de Alemania, asumir la función de Custodio para estos títulos.

Designación como Custodio.
El Depositante por el presente designa a Deutsche Bank AG, Frankfurt am Main, como Custodio del Dinero en Efectivo y Títulos Depositados. El Custodio por el presente acepta la designación.
Apertura de una Cuenta para Títulos y Dinero en Efectivo.
2.1. El Custodio abrirá y mantendrá una Cuenta para Títulos y Dinero en
Efectivo, a nombre del Depositante.
Nombre Cuenta Número
Servicios de Custodia.
3.1 El Custodio, ante instrucciones, acreditará en la cuenta designada Títulos
y Dinero en Efectivo, todo el Dinero en Efectivo y Títulos que sean entregados al Custodio conforme a este Contrato por el Depositante o por un Tercero.
3.2 Ante instrucciones del Depositante, el Custodio está autorizado a pagar
dinero en efectivo de la cuenta y a vender, ceder, transferir, entregar o canjear, o a comprar títulos para la Cuenta, y además realizar otros servicios administrativos correspondientes a los títulos y al dinero en efectivo mantenido en custodia. Versión: 1a. Comunicación “A” 3290 Vigencia:
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3.3 Las personas designadas en el Anexo 1 (Lista de firmas autorizadas)
estarán autorizadas para actuar en representación del Depositante con respecto al funcionamiento de la cuenta Títulos y Dinero en Efectivo.
3.4 Las instrucciones del Depositante incluirán:
1-Instrucciones por escrito firmadas por las personas que sean designadas por escrito por el Depositante en el Anexo 1; 2-Instrucciones S.W.I.F.T. del Depositante, firmadas respectivamente por las personas designadas en el Anexo 1; 3-Otras formas de instrucciones que puedan leerse en el sistema informático usualmente utilizado para la transmisión de información similar; y 4-Otras formas de comunicación que sean acordadas oportunamente por el Depositante y el Custodio.

Prohibición de Compensación – Garantía.
Deutsche Bank AG o DBSC no ejercerán, debido a reclamaciones contra un Depositante, ningún derecho de prenda o embargo ni ejecutarán ningún gravamen o derecho de ninguna naturaleza con respecto al Dinero en Efectivo y Títulos depositados, ni vincularán ninguno de esos activos a ninguna otra operación financiera tales como préstamos a los Depositantes o terceros. En el caso de que el Dinero en Efectivo y Títulos Depositados estén sujetos a embargo o gravamen para beneficio de un tercero, o que Deutsche Bank AG o DBSC tuvieran conocimiento de cualquier intento de someter al Dinero en Efectivo y Títulos Depositados a tal embargo o gravamen, Deutsche Bank AG o DBSC, según fuere el caso, informarán de inmediato al Depositante y al B.C.R.A. Prohibición - El Depositante no puede prendar ni usar de otro modo al Dinero en Efectivo y Títulos Depositados, como garantía para su propio beneficio o beneficio de un tercero. El custodio controlará este compromiso.
Delegación.
Deutsche Bank realizará todos los servicios de custodia a través de Deutsche Bank Securities Corp. (DBSC) en Nueva York. Deutsche Bank AG o DBSC, respectivamente, pondrán el grado de atención de un custodio profesional razonable y prudente.
Operaciones de Compra y de Recompra.
Deutsche Bank AG o DBSC, actuando como mandantes, pueden con la conformidad de un Depositante, realizar operaciones de compra y de recompra con respecto a los Títulos Depositados sobre una base “overnight”, siempre que Deutsche Bank y DBSC garanticen en cada caso que tales títulos DeposiVersión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

tados estarán disponibles en la cuenta custodia el día hábil siguiente a la terminación de tal operación. Las operaciones de Compra y de Recompra estarán garantizadas en un 100% sobre las valuaciones del mercado. Los detalles de la garantía serán suministrados diariamente.

Depósitos Aceptables.
El Depositante entregará a la cuenta custodia únicamente dinero en efectivo y títulos del Tesoro Estadounidense para los primeros cuarenta y cinco días, después de la firma de este contrato. Después de los cuarenta y cinco días, sin cargo, el banco comercial podrá usar todas las facilidades de custodia a través de DB Custody.
Comunicaciones.
Deutsche Bank proveerá sin cargo alguno, el “software” conocido como DB Custody. El banco comercial es responsable del suministro del “hardware" específico y de los medios de comunicación para dar soporte a DB Custody.
Honorarios de Custodia e ingreso por Operaciones de Recompra.
El Custodio cobrará al Depositante el honorario por depósito y manipuleo que sea usual para los bancos de acuerdo con. la planilla de honorarios y gastos aplicable en el momento (véase apéndice 2), y debitará en consecuencia, la Cuenta Títulos y Dinero en Efectivo abierta por el Depositante en el Custodio.
Impuestos.
El Depositante será responsable por el pago de todas las retenciones de impuestos en los distintos países miembros de la OCDE. El custodio deducirá las correspondientes retenciones de impuestos sobre los pagos de intereses, a la alícuota pertinente en el momento del pago de los intereses en el respectivo país miembro de la OCDE. El Depositante entregará la documentación necesaria para obtener el reintegro del impuesto cuando correspondiere. DBSC completará toda la documentación solicitada por cada país para que el Depositante encuadre en la situación impositiva más favorable por país.
Jurisdicción de Ley.
Este contrato se regirá por las leyes de la República Federal de Alemania. El Depositante por el presente designa a ....................................... a los fines del diligenciamiento de notificaciones en los procedimientos iniciados ante los tribunales alemanes, y se compromete a mantener en todo momento un agente para notificaciones en la República Federal de Alemania. Fechado:
Deutsche Bank AG Depositante
Por ........................ Por .........................
Por ........................ Por .........................
Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

Por el presente aceptamos y convenimos quedar obligados por las disposiciones de este contrato. Deutsche Bank Securities Corporation Por …………………..

Apéndice 1 del Anexo 2 al Contrato para Servicios de Custodia.

Firmas Autorizadas del Cliente
Nombre Cargo Firma
.........................................................................................................................
.........................................................................................................................
.........................................................................................................................
.........................................................................................................................
.........................................................................................................................
Cargo Firma cualquiera de ellos Firman dos cualesquiera
Dirección para las Comunicaciones
El Depositante: ...............................................................................................
Dirección: ...............................................................................................
Atención: ...............................................................................................
Teléfono N°: ...............................................................................................
S.W.I.F.T.: ...............................................................................................
Fax N°: ...............................................................................................
El Custodio
Deutsche Bank A.G.
Oub/WPD/Securities & Custody Services
Alfred-Herrhausen-AIIee 16-24
65755 Eschborn
Alemania
Atención: Sr. Peter Grafunder
Teléfono N° (49) 69 910 67950
Telex N° 40751411
Fax N° (49) 69 910 68824
El Delegado
Deutsche Bank Securities Corporation
Securities & Custody Service
130 Liberty Street
New York, N.Y. 10006
Estados Unidos de América
Sr. Fred Ferraro
1 212 250 3012
422908
1 212 669 0917
Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

6.4.3. Adenda número uno al Contrato de Custodia (versión en inglés).

Addendum Number One to the Custody Agreement (DATE) [Insert Argentine Commercial Bank (ACB) name here] “Depositor” Dear Sirs,

This is to amend the Custody Agreement signed in ………………, ….., between the Depositor and Deutsche Bank A.G. N.Y. Branch.

Exception to the Set-Off prohibition for transfers to and from Interbanking
S.A. Account.
Transfers to Interbanking S.A. account at DBNY will not fail under the scope of Clause #5 Set-Off Prohibition on the Custody Agreement signed by this Depositor and DBNY. Therefore, for the purposes of compliance with the Custody Agreement signed by Deutsche Bank and the Depositor, DBNY shall deem any transfer instructions to Interbanking account given by the Depositor as an instruction not affected by the set-off prohibition as stated in Clause 4 of the mentioned Agreement. Deutsche Bank A.G. will not be able for direct or indirect losses or consequential damages to the BCRA or to any Commercial Bank, or to third parties if any set-off occurs because of the INTERBANKING S.A. ACCOUNT or its operations, or because of this addendum. Any cash withdrawal from the ACB account with outflows going outside of the ACB account to the Interbanking S.A. account, will be solely the responsibility of the Commercial Bank. Deutsche Bank will not be liable for the reduction in the balances to the ACB account, and its consequential damages. The above mentioned exception is to be applied only to these transfers. Signed by Deutsche Bank A.G., N.Y. Branch. Agreed, acknowledged and received by Depositor Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.

6.4.4. Adenda número uno al Contrato de Custodia (versión en castellano).

(FECHA)
[Insertar aquí el nombre del banco comercial argentino (BCA)] "Depositante" De nuestra consideración:

Por la presente se modifica el Contrato de Custodia firmado el ... de ............
de ..... entre el Depositante y Deutsche Bank AG (DBAG), Nueva York.

Excepción a la prohibición de compensación para transferencias hacia y
desde la cuenta de lnterbanking SA.
Las transferencias a la cuenta de lnterbanking S.A. en el DBAG no caerán bajo el alcance de la Cláusula 5. - Prohibición de Compensación en el Contrato de Custodia firmado por este Depositante y DBAG. Por lo tanto, a los fines del cumplimiento del Contrato de Custodia firmado por Deutsche Bank y el depositante, DBAG considerará a las instrucciones de transferencia a la cuenta de Interbanking SA. que fueran efectuadas por el Depositante como una instrucción no afectada por la prohibición de compensación como se señalara en la Cláusula 4. del mencionado Contrato. Deutsche Bank A.G. no será responsable ante el BCRA o cualquier Banco Comercial o ante terceros, por las pérdidas directas o indirectas o por daños emergentes si ocurriera cualquier compensación debido a la CUENTA de lNTERBANKING S.A. o sus operaciones, o debido a esta adenda. Los retiros de dinero en efectivo de la cuenta del BCA con fondos provenientes de la cuenta de Interbanking S.A. serán responsabilidad exclusiva del Banco Comercial. Deutsche Bank no será responsable por la reducción en los saldos de la cuenta del BCA, y sus daños emergentes. La excepción antes mencionada se aplicará únicamente a estas transferencias. Firmado por Deutsche Bank AG, Nueva York. Acordado, aceptado y recibido por Depositante Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.
6.5. Modelo de contrato marco de certificados de depósito.
6.5.1. Versión en inglés.
MASTER CERTIFICATES OF DEPOSIT AGREEMENT THIS MASTER CERTIFICATE OF DEPOSIT AGREEMENT (as amended or supplemented from time to time in accordance with the terms hereof, the “Agreement”), dated as of ……………….., ……, is entered into by and among ……….. (1), acting through its ………….. (2), ("INTERNATIONAL BANK"), ……………. (3) (“REPRESENTATIVE”), and ……………….. (4) ("Name of the LOCAL BANK"), a bank licensed under the laws of the Republic of Argentina. All capitalized terms used herein and not otherwise defined shall have the meaning assigned in Section 1 hereof. W I T N E S S E T H:
WHEREAS, under Argentina Banking Regulations, Argentina Licensed Banks may, for purposes of complying with certain minimum requirements of liquidity, maintain certificates of deposits with a Qualified Bank; WHEREAS, the "LOCAL BANK" desires to establish this Agreement with "Name of an INTERNATIONAL BANK" in order to provide for one or more Transactions which shall be evidenced by this Agreement and the related Confirmation; WHEREAS, "REPRESENTATIVE as the case may be" has agreed to act as administrative agent for "Name of an INTERNATIONAL BANK" in connection with this Agreement; and WHEREAS, "Name of an INTERNATIONAL BANK" is willing, on the terms and conditions set forth in this Agreement and each Confirmation, and in reliance upon the representations, warranties and covenants described herein, to accept the deposited moneys and hold the same in one or more Accounts established with “Name of an INTERNATIONAL BANK” NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants herein set forth, "Name of an INTERNATIONAL BANK" "REPRESENTATIVE as the case may be" and the “Name of the LOCAL BANK” hereby agree as follows:
SECTION 1. DEFINITIONS
The following terms shall have the following meanings when used in this Agreement:
(1) Name of International Bank.
(2) To be used only in cases where a branch or other entity is needed. (3) Name of local representative of foreign bank, if existing. (4) Name of local financial institution. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. “Account” shall mean each account at the […… Branch] of "Name of an INTERNATIONAL BANK” designated as an Account in each Confirmation. “Agreement Termination Date" shall have the meaning set forth in
Section 6(a).
“Application” shall have the meaning assigned to such term in
Section 2(a).
“Argentina Banking Regulations" shall mean banking regulations applicable to Argentina Licensed Banks issued by the applicable Argentina banking authority. “Argentina Licensed Bank” shall mean a financial institution duly organized and licensed as a commercial bank under Argentina Banking Regulations. “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks located in New York City or in the City of Buenos Aires are required or authorized by law, regulation or executive order to be closed. “Confirmation”. shall mean a written confirmation delivered by "Name of an INTERNATIONAL BANK" pursuant to Section 2(c) in the form of Exhibit C hereto. “Custody Agent” shall mean Deutsche Bank A.G., New York Branch, and/or any other agent acting as custody agent for Argentina Licensed Banks in accordance with and as required from time to time under the Argentina Banking Regulations and designated by written notice given by the "Name of the LOCAL BANK" to "Name of an INTERNATIONAL BANK" and "REPRESENTATIVE as the case may be". “Dollar” shall mean the lawful currency of the United States of America. “Deposit Amount” for each Transaction shall mean the amount designated as such in the Confirmation related thereto. “Deposit Date” for each Transaction shall mean the date designated as such in the Confirmation related thereto. “Early Withdrawal Date” shall mean a date established pursuant to
Section 4(a) on which the "Name of the LOCAL BANK" shall withdraw
invested Moneys hereunder prior to the Maturity Date for the related Transaction. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. “Early Withdrawal/Loan Request” shall mean a request by the "Name of the LOCAL BANK" to withdraw the Invested Moneys held by "Name of an INTERNATIONAL BANK" pursuant to a Transaction or a request by the "Name of the LOCAL BANK" to receive a Loan in an amount equal to the Invested Moneys held hereunder pursuant to a Transaction as described in
Section 4, which request shall be in the form of Exhibit D hereto.
“Earnings” shall mean all amounts accrued on Invested Moneys held hereunder at the applicable Interest Rate. “Effective Date” shall mean [DATE THIS AGREEMENT BECOMES EFFECTIVE]. “FDIC” shall mean the Federal Deposit Insurance Corporation. “Federal Funds Rate” shall mean, for any day, the rate per annum rounded upwards, if necessary, to the nearest one-hundredth (1/100th) of one percent (1%), equal to the weighted average of the rates of overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers as published for such day (or if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or if such rate is not so published for any day which is a Business Day, the rate for overnight federal funds transactions most recently published by the Federal Reserve Bank of New York. “Interest Rate” with respect to each Transaction, shall have the meaning set forth in the Confirmation related thereto. “Interest Rate Calculation Basis” shall mean, for the purpose of calculating Earnings, a year of 360 days and the actual number of days elapsed. “Invested Moneys” shall mean with respect to each Transaction, the Deposit Amount related thereto. “LIBOR” shall mean the rate per annum equal to the offered rate for deposits in Dollars which rate on Telerate Page 3750 (or if no longer published on such page, the applicable Telerate page on which such rate is published) as of 11:00 a.m. London, England time, on the date “Name of an INTERNATIONAL BANK” receives, or is deemed to have received, an Early Withdrawal/Loan Request hereunder; provided, however, that:
(a) if more than one such offered rate appears on Telerate Page 3750 (or if no longer published on such page, the applicable Telerate
page on which such rate is published) on such withdrawal date for any
single period, the rate used to determine LIBOR for such period will be the arithmetic average (rounded upward, if necessary, to the next higher 1/100th of 1%) of such offered rates; or Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. (b) if no such offered rate appears on such page on such date, the rate used for such date will be the offered rate for Interbank Eurodollar Deposits which appears on the Reuters Screen Libor Page at 11:00 a.m. London, England time; provided, however, if more than one offered rate for Interbank Eurodollar Deposits appears on the Reuters Screen Libor on the relevant date, then LIBOR shall be determined by "Name of an INTERNATIONAL BANK" by using the arithmetic average (rounded upward, if necessary, to one-sixteenth of one percent) of such offered rates. “Loan” shall have the meaning assigned in Section 4(c). “Loan Amount” shall have the meaning assigned in Section 4(c). “Loan Date” shall mean, with respect to each Loan, the date the Loan Amount is advanced by "Name of an INTERNATIONAL BANK” to the "Name of the LOCAL BANK". “Maturity Date” with respect to each Transaction, shall mean the date described as such in the Confirmation related thereto. “Person” shall mean any natural person, corporation, partnership, association, trust, joint venture, limited liability company, public body or other legal entity. “Qualified Bank” shall mean a bank which has received and continues to maintain during the term of this Agreement from at least one of the following rating agencies the rating set forth below next to each such agency (or such other rating agency or rating as the Argentina Banking Regulations may from time determine):
Moody's lnvestors Service Aa (longterm)
Standard and Poor's International Ratings Ltd. AA (longterm) Fitch Ratings Ltd. AA (longterm) “Transaction” shall mean each deposit of Invested Moneys by the “Name of the LOCAL BANK” with “Name of an INTERNATIONAL BANK” hereunder pursuant to the terms hereof and a Confirmation. “Transaction Termination Date” shall mean the earlier of the Maturity Date for such Transaction or the date on which all Invested Moneys and Earnings (less any applicable Withdrawal Penalty) deposited by the “LOCAL BANK” with “INTERNATIONAL BANK” pursuant to such Transaction are paid to the "LOCAL BANK". “Withdrawal Penalty” shall mean, with respect to each Transaction, any penalty assessed against the "LOCAL BANK" by reason of an early withdrawal hereunder determined in accordance with Section 4 hereof. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. “Withdrawal Penalty Rate" shall, except as otherwise provided in
Section 4(c), mean a per annum rate of interest equal to LIBOR quoted or
established on the date that "INTERNATIONAL BANK" receives an Early Withdrawal/Loan Request hereunder for the period from and including the Early Withdrawal Date to but excluding the Maturity Date for the relevant Transaction. lf LIBOR is not offered for such a period the Withdrawal Penalty Rate shall be a per annum rate of interest equal to the rate derived by interpolation from LIBOR for the two (2) periods, one (1) shorter and one (1) longer, closest to the period from the Early Withdrawal Date to such Maturity Date. Notwithstanding the foregoing, if the period from the Early Withdrawal Date to such Maturity Date is less than thirty (30) days, the Withdrawal Penalty Rate shall equal LIBOR for a thirty (30) day period.
SECTION 2. DEPOSITS
(a) Establishment of Rates. At or before 11:00 a.m., New York City time, on each Business Day, "INTERNATIONAL BANK" shall establish the rates of interest at which "INTERNATIONAL BANK" is willing to accept time deposits hereunder for periods of ninety (90), one hundred eighty (180), two hundred seventy (270) or three hundred sixty (360) days or such other term as may be requested by the "LOCAL BANK" which is acceptable to “INTERNATIONAL BANK”. Such rates shall be subject to adjustment or withdrawal by “INTERNATIONAL BANK” (with or without notice to the "LOCAL BANK" or "REPRESENTATIVE" as the case may be) at any time, as warranted by market conditions in the sole opinion of "INTERNATIONAL BANK", prior to delivery of a Confirmation by “INTERNATIONAL BANK” to the “LOCAL BANK” confirming the terms of a Transaction requested by the “LOCAL BANK” in an Application submitted to "INTERNATIONAL BANK", all in accordance with the terms of this Agreement. Upon request from REPRESENTATIVES as the case may be, or the “LOCAL BANK”, “INTERNATIONAL BANK” shall provide written notice of such rates of interest in the form of Exhibit A hereto to “REPRESENTATIVE” or the “LOCAL BANK”. In order to request a Transaction having an Interest Rate equal to a rate quoted by “INTERNATIONAL BANK”, the “LOCAL BANK” shall deliver a written application to “INTERNATIONAL BANK” in the form of Exhibit B hereto, properly completed (each an "Application"), prior to 3:00 p.m., New York City time on the date such rate or rates are established by “INTERNATIONAL BANK”. Without the prior written consent of “INTERNATIONAL BANK”, a “LOCAL BANK” may not request a Transaction having an Interest Rate set forth in such a notice from “INTERNATIONAL BANK” if the related Application is not received by “INTERNATIONAL BANK” at or prior to 3:00 p.m., New York City time, on the date such rates are established. (b) Applications. In the event the “LOCAL BANK” wishes to enter into a Transaction with “INTERNATIONAL BANK”, the “LOCAL BANK” shall submit an Application to "INTERNATIONAL BANK" and “REPRESENTATIVE”. Once such an Application is submitted the “LOCAL BANK” shall be irrevocably obligated to deposit the relevant Deposit Amount with “INTERNATIONAL BANK” on the relevant Deposit Date subject only to the condition that the “LOCAL BANK” shall receive a Confirmation from “INTERNATIONAL BANK” confirming Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. the terms of the Transaction as described in the Application as provided in
Section 2(c).
(c) Confirmations. Upon receipt of a properly completed Application and determination by “INTERNATIONAL BANK” that the Application has been duly authorized and validly executed by the “LOCAL BANK” and submitted in accordance with the terms hereof, “INTERNATIONAL BANK” shall, if “INTERNATIONAL BANK” agrees to enter into such Transaction, provide a Confirmation to “REPRESENTATIVE” and the “LOCAL BANK” by facsimile transmission within two (2) hours of “INTERNATIONAL BANK’s” receipt of such Application with the original executed Confirmation to be sent by “INTERNATIONAL BANK” on the Deposit Date via express mail to the Custody Agent to be held there together with this original executed Agreement. “INTERNATIONAL BANK's” failure to deliver a Confirmation as described in this paragraph (c) shall constitute its refusal to enter into such Transaction. (d) Delivery of Invested Moneys. Following the delivery of an Application and Confirmation as described in Sections 2(b) and (c) above, the “LOCAL BANK” shall deliver to “INTERNATIONAL BANK”, on the Deposit Date, United States Dollars in the amount specified as the Deposit Amount in the Confirmation which shall be deposited to the Account identified in such Confirmation. Such amount shall be delivered in the manner described in
Section 5 hereof. If an application is received by “INTERNATIONAL BANK” no
later than 11:00 a.m., New York City time, on a Business Day and a Confirmation is sent as described in Section 2(c), the Deposit Date may be the same Business Day on which such Application is received by “INTERNATIONAL BANK”. lf an Application is received by "INTERNATIONAL BANK" after 11:00 a.m., New York City time, on a Business Day and a Confirmation is sent as described in Section 2(c), the Deposit Date may be no sooner than the Business Day next succeeding the Business Day on which the Application was received by “INTERNATIONAL BANK”. (e) Interest on Undelivered Funds. In the event that either “INTERNATIONAL BANK” or the “LOCAL BANK” shall fail to pay any amount when due hereunder, the sole remedy for the party to which payment is owed, assuming such payment is made within two (2) Business Days of the date on which such payment was owed, shall be to receive interest on the amount unpaid at the Federal Funds Rate. In the event that any party hereto shall otherwise fail to perform their respective obligations hereunder, the other parties hereto shall have all rights or remedies available under applicable law.
SECTION 3. INVESTED MONEYS AND EARNINGS
Earnings on amounts held in each Account shall be calculated pursuant to the applicable Interest Rate Calculation Basis, and shall accrue on the daily outstanding balance of Invested Moneys in such Account at the applicable Interest Rate. Earnings shall accrue from and including the Deposit Date to, but excluding, the date of withdrawal. Earnings (less any Withdrawal Penalty) will be payable on each Transaction on the earlier of the Maturity Date for such Transaction or the date on which all Invested Moneys held pursuant to such Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. Transaction are withdrawn pursuant to Section 4 or the Agreement is terminated pursuant to Section 6(b); provided, however, in the event the Invested Moneys held with respect to a Transaction are withdrawn on the same Business Day on which the Early Withdrawal/Loan Request requesting such withdrawal is received by “INTERNATIONAL BANK”, earnings accrued on such Transaction, less any Withdrawal Penalties, shall be paid by “INTERNATIONAL BANK” to the “LOCAL BANK” on the Business Day next succeeding such withdrawal. Invested Moneys will be payable on the applicable Early Withdrawal Date or Transaction Termination Date.
SECTION 4. EARLY WITHDRAWALS, WITHDRAWAL PENALTY AND
LOANS
(a) Request for Early Withdrawal. Prior to the Maturity Date for each Transaction the “LOCAL BANK” shall have the right to request the early withdrawal of, or a Loan in the amount of, all of the Invested Moneys held by “INTERNATIONAL BANK” pursuant to such Transaction. To request such early withdrawal or Loan the “LOCAL BANK” shall deliver an Early Withdrawal/Loan Request, properly completed in the form of Exhibit D, to “INTERNATIONAL BANK”. Such Early Withdrawal/Loan Request shall state the amount of the early withdrawal or the Loan Amount, as applicable, which shall equal the amount of Invested Moneys held by “INTERNATIONAL BANK” pursuant to such Transaction, and the Early Withdrawal Date or Loan Date, as applicable. The Early Withdrawal Date or Loan Date, as applicable, may be the Business Day on which the Early Withdrawal/Loan Request is received by “INTERNATIONAL BANK” if the Early Withdrawal/Loan Request is received by “INTERNATIONAL BANK” prior to 9:30 a.m., New York City time, on such Early Withdrawal Date or Loan Date, as applicable, or may be such later Business Day as is specified in such Early Withdrawal/Loan Request. lf an Early Withdrawal/Loan Request is received by “INTERNATIONAL BANK” after 9:30 a.m., New York City time, on a Business Day, the Early Withdrawal Date or Loan Date, as applicable, shall be no sooner than the Business Day next succeeding the Business Day on which the Early Withdrawal/Loan Request was received by “INTERNATIONAL BANK”. No withdrawal may be made with respect to any Transaction within seven (7) days of the Deposit Date for such Transaction; provided, however, if a “LOCAL BANK” wishes to withdraw the Invested Moneys held by “INTERNATIONAL BANK” pursuant to a Transaction within seven (7) days of the Deposit Date for such Transaction, “INTERNATIONAL BANK” shall extend a loan to the “LOCAL BANK” in an amount equal to the amount of such Invested Moneys pursuant to Section 4(c). (b) Withdrawal Penalty. Upon receipt of Early Withdrawal/Loan Request, “INTERNATIONAL BANK” shall calculate the Withdrawal Penalty applicable to such early withdrawal except otherwise provided in Section 4(c), the Withdrawal Penalty applicable to any early withdrawal shall equal the lesser of:
(i) an amount equal to the product of (A) (1) the amount of Invested Moneys being withdrawn prior to the Maturity Date, (2) multiplied by the Withdrawal Penalty Rate, (3) divided by 360 and (4) multiplied by the Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. number of days from and including the Early Withdrawal Date to, but excluding, the Maturity Date, minus an amount equal to (B) (1) the amount of Invested Moneys being withdrawn prior to the Maturity Date (2) multiplied by the Interest Rate, (3) divided by 360 and (4) multiplied by the number of days from and including the Withdrawal Date to, but excluding, the Maturity Date; provided, however, if such product is a negative number it shall be deemed to be zero; and (ii) the amount of Earnings which has accrued to the Early Withdrawal Date on all Invested Moneys held by “INTERNATIONAL BANK” pursuant to the Transaction. Upon determination of the Withdrawal Penalty, “INTERNATIONAL BANK” shall reduce the amount of accrued Earnings up to the Early Withdrawal Date on the Invested Moneys held by “INTERNATIONAL BANK” pursuant to such Transaction by an amount equal to the Withdrawal Penalty. “INTERNATIONAL BANK” shall provide written notice, in the form of Exhibit E hereto, to the “LOCAL BANK” of the Withdrawal Penalty at the time the early withdrawal is paid to the “LOCAL BANK”. No Withdrawal Penalty pursuant to this Section 4(b) shall be payable from the Invested Moneys. (c) Withdrawal Within Seven (7) Days of Deposit Date. In the event that the “LOCAL BANK” wishes to withdraw the Invested Moneys held by “INTERNATIONAL BANK” pursuant to a Transaction within seven (7) days of the Deposit Date for such Transaction “INTERNATIONAL BANK” agrees to make a loan (a "Loan") to the “LOCAL BANK” in an amount equal to the Invested Moneys held by “INTERNATIONAL BANK” pursuant to such Transaction (the "Loan Amount"). Such a Loan shall be requested by the “LOCAL BANK” in the manner described in Section 4(a). Upon receipt of the Loan Amount the “LOCAL BANK” shall have no right to withdraw any Invested Moneys held by “INTERNATIONAL BANK” pursuant to the related Transaction. Rather, on the seventh day following the Deposit Date for the related Transaction “INTERNATIONAL BANK” shall withdraw from the related Account all Invested Moneys held therein and apply the same to the repayment of the Loan. Notwithstanding anything in Section 4(b) to the contrary, the Early Withdrawal Penalty applicable to the early withdrawal on such seventh day shall equal all Earnings accrued on such Transaction. The application of all Invested Moneys and Earnings on such Transaction to the repayment of the Loan and the payment of related Early Withdrawal Penalty shall constitute payment in full of all amounts owed by the “LOCAL BANK” to “INTERNATIONAL BANK” with respect to such Loan and early withdrawal and the related Transaction shall be terminated.
SECTION 5. FORM OF TRANSFERS
All amounts payable to “INTERNATIONAL BANK” or the “LOCAL BANK” hereunder shall be remitted in Dollars by wire transfer of immediately available funds pursuant to such party’s wire transfer instructions set forth in Schedule I hereto, or pursuant to such other wire transfer instructions as shall have been specified by such party in a written notice to other parties hereto no less than Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. two (2) Business Days prior to the date on which such new instructions shall become effective. Any payment owed by one party to another hereunder on any date which is not a Business Day shall be made on the next succeeding Business Day with the same effect as if made on the original date on which such amount was to be paid.
SECTION 6. TERMINATION OF AGREEMENT
(a) Agreement Termination Date. This Agreement shall terminate at the earlier of:
(i) the date on which the balance on deposit in each Account is zero and delivery of written notice by either “INTERNATIONAL BANK” to “REPRESENTATIVE” and the “LOCAL BANK” or by the “LOCAL BANK” to “INTERNATIONAL BANK” and “REPRESENTATIVE” that this Agreement is terminated; or (ii) the date specified in the notice by the “LOCAL BANK” described in Section 6(b) below; and such earliest date shall be deemed the Agreement Termination Date. (b) Election by the “LOCAL BANK” to Terminate. In the event “INTERNATIONAL BANK” shall cease to be a Qualified Bank, the “LOCAL BANK” shall have the right to terminate this Agreement and all Transactions upon delivery of at least five (5) Business Days prior written notice to “INTERNATIONAL BANK” and “REPRESENTATIVE” in the form of Exhibit F hereto. Upon such termination “INTERNATIONAL BANK” shall apply the Invested Moneys first to the repayment of any Loan outstanding and thereafter “INTERNATIONAL BANK” shall deliver any remaining Invested Moneys and Earnings. (as the same may be reduced pursuant to Section 4(b) or 4(c)) to the “LOCAL BANK”. No Withdrawal Penalty shall be assessed by reason of a withdrawal pursuant to this Section 6(b).
SECTION 7. REPRESENTATIONS AND WARRANTIES
(a) “INTERNATIONAL BANK”. “INTERNATIONAL BANK” represents and warrants that:
(i) it is duly organized and validly existing as a public law financial institution under the laws of [Country of “INTERNATIONAL BANK” is needed] and the Free State of Bavaria and its New York Branch is a duly licensed federal branch under the laws of the United States of America; (ii) this Agreement constitutes a valid and binding obligation of “INTERNATIONAL BANK” (iii) the execution, delivery and performance of this Agreement or any of the duties or obligations hereunder by “INTERNATIONAL BANK” will not result in a breach or violation of or cause a default under any proviVersión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. sion of any law, rule, regulation, order, license, decree, judgment, indenture, contract or agreement binding upon “INTERNATIONAL BANK”; and (iv) this Agreement has been duly executed by authorized officers of “INTERNATIONAL BANK”. (b) “LOCAL BANK”. The “LOCAL BANK” represents and warrants that:
(i) it is an Argentina Licensed Bank duly organized, validly existing, and in good standing under the laws of Argentina; (ii) this Agreement has been executed by duly authorized officer(s) of the "LOCAL BANK" and it constitutes a valid and binding obligation of the "LOCAL BANK"; (iii) the execution, delivery and performance of this Agreement or any of the duties or obligations hereunder by the “LOCAL BANK” does not and will not result in a breach or violation of or cause a default under any provision of law, rule, regulation, order, license, decree, judgment, indenture, contract or agreement binding upon the “LOCAL BANK”; and (iv) the “LOCAL BANK” is authorized to enter into this Agreement and to perform all actions ascribed to it herein.
SECTION 8. MISCELLANEOUS
(a) No Waiver; Amendment. No failure or delay on the part of “INTERNATIONAL BANK” or the “LOCAL BANK” in exercising any rights or remedies hereunder shall operate as a waiver or impair any such right thereof, nor shall any single or partial exercise of any such right or remedy preclude any other right or remedy. The rights and remedies of “INTERNATIONAL BANK” and the “LOCAL BANK” hereunder are cumulative and are not exclusive of any rights or remedies provided by law or equity or in any other contract between “INTERNATIONAL BANK” and the “LOCAL BANK”. None of the terms or provisions of this Agreement may be waived, modified or amended, except in writing duly signed by “INTERNATIONAL BANK”, “REPRESENTATIVE” and the “LOCAL BANK”. b) Survival. AII warranties and representations made by “INTERNATIONAL BANK” and the “LOCAL BANK” in this Agreement shall be considered to have been relied upon by the other party hereto and shall survive this Agreement. (c) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors, assigns and beneficiaries. Anything to the contrary notwithstanding:
Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. (i) nothing expressed or implied herein is intended or shall be construed to confer upon any person, firm or corporation, any right, remedy or claim by reason of this Agreement or any of the terms hereof, and all of the terms contained herein shall be for the sole and exclusive benefit of the parties hereto or their respective successors; and (ii) this Agreement, and the obligations arising hereunder, shall not be sold, pledged, assigned or otherwise transferred by "INTERNATIONAL BANK”, "REPRESENTATIVE" or the "LOCAL BANK" without the prior written consent of the other parties hereto, and any such attempted sale, pledge, assignment or transfer shall be void, and no Person shall acquire any rights pursuant te such attempted sale, pledge, assignment or transfer. (d) Notices. (i) AII notices or other communications to be given under this Agreement shall be in writing and shall be given at the addresses especified in Schedule I hereto. A party hereto may change its address for notices by delivery of, at least two (2) Business Days, prior written notice to the other parties hereto. Notice hereunder shall be effective only after receipt by the party to which it is directed. (ii) Each of the parties hereto shall notify the other parties of the names of the persons authorized to act on behalf of such party, and the other parties will accept such notification and thereafter deal with such persons until otherwise notified in accordance with this paragraph. Each of the parties hereto receiving a notice it reasonably believes has been sent by the other party shall be entitled to act upon such information without further inquiry. (e) APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CHOICE OF LAW RULES. (f) Consent to Jurisdiction and Venue, Etc. The "LOCAL BANK" and "INTERNATIONAL BANK" irrevocably (1) agree that any suit, action or other legal proceeding arising out of or relating to this Agreement may be brought in a court of record in the State of New York or in the Courts of the United States of America located in such state, (ii) consent to the jurisdiction of each such court in any such suit, action or proceeding and (iii) waive any objection which it may have to the laying of venue of any such suit, action or proceeding in any of such courts and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. The “LOCAL BANK” and “INTERNATIONAL BANK” also irrevocably consent to the service of any and all process in any such action or proceeding by mailing of copies of such process to the "LOCAL BANK" or "INTERNATIONAL BANK", as applicable, at its respective address as provided in Schedule I attached hereto. The "LOCAL BANK" and “INTERNATIONAL BANK” agree that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. on the judgment or in any other manner provided by law. AII mailings under this Section shall be by certified mail, return receipt requested. (g) U.S. Currency. All amounts referred to herein are payable in Iawful currency of the United States of America. (h) Counterparts. This Agreement may be executed in counterparts and, as so executed, shall constitute one agreement binding upon all the parties hereto. (i) No FDIC Insurance. The deposits made pursuant to this Agreement are not insured by the Federal Deposit Insurance Corporation. (j) lnterpretation. All words used herein shall be construed to be of such gender or number as the circumstances require. AII references herein to Sections shall, unless otherwise provided, constitute a reference to the corresponding Section of this Agreement. All references to times herein shall be a reference to such time in New York City. (k) Withholding. In the event “INTERNATIONAL BANK” is required, under applicable law, to withhold or deduct any sum from payments required to be made to the “LOCAL BANK” hereunder, “INTERNATIONAL BANK's” obligation to make payments to the “LOCAL BANK” hereunder shall be reduced by the amount required to be withheld or deducted. (l) Entire Agreement. This Agreement, together with each Application, Confirmation, Early Withdrawal/Loan Request, Notice of Withdrawal Penalty and Termination Notice given hereunder (collectively the “Notices”) relating hereto, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior expressions with respect to this transaction. Each of the Notices and any amendments to this Agreement shall be a supplement to, and shall be an integral part of, this Agreement, and taken together with this Agreement and any other amendments thereto, constitute a single agreement constituting the Agreement of the parties hereto. [Remainder of page intentionally left blank] Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be duly executed and delivered as of the date first above written. “INTERNATIONAL BANK”, acting through its [….......... Branch] By _______________________ By _______________________ ………………..[“LOCAL BANK”] By _______________________ By _______________________ [“REPRESENTATIVE”](ONLY IN CASE) By _______________________ By _______________________ Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.
SCHEDULE I
NOTICE ADDRESSES AND WIRE TRANSFER INSTRUCTIONS Re: Master Certificate of Deposit Agreement dated [DATE] among (“INTERNATIONAL BANK”), ……………….. (“REPRESENTATIVE”) and ………… (“LOCAL BANK”) “INTERNATIONAL BANK”:
.................................................
[………….. Branch]
....................................
....................................
Attention: ............................
Telephone No.: .....................
Telecopy No.: .......................
SWIFT ADDRESS: …………
"INTERNATIONAL BANK" WIRE TRANSFER INSTRUCTIONS:
……………..
Aba #: ……………….
For the Account of: …………. “INTERNATIONAL BANK” Account: ……………. “INTERNATIONAL BANK” Ref.:
“LOCAL BANK”:
Bank: …………………
Address: ……………….
Attn.: Sr. ……………….
Telephone N°: (54 11) ………
Facsimile N°: (54 11) ………
SWIFT ADDRESS: ………
WIRE TRANSFER INSTRUCTIONS:
Deutsche Bank A.G., New York Branch
For the Account of: …………………..
Account: ……………………………
Ref.: CD-“INTERNATIONAL BANK”-RML
“REPRESENTATIVE”
……………………...
For the Account of: ………… [“REPRESENTATIVE”] Account: ……………. Ref.: CD-“INTERNATIONAL BANK”-RML SWIFT ADDRESS: ……… Attention: ……………….. Telephone N° ……………. Facsimile N° ……………… Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. CUSTODY AGENT:
Deutsche Bank A.G., New York Branch
Global Custody Services
130 Liberty Street
New York, NY 10006
Attn.: Mr. Fred Ferraro
Telephone N° (212) 250-3012
Facsimile N° (212) 669-0917
Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT A to the Master Certificate of Deposit Agreement DATE …………………….. ………………….. [“REPRESENTATIVE”]. Reference is made to the Master Certificate of Deposit Agreement dated as of ………….., …… (the "Agreement") among ………….. “INTERNATIONAL BANK”, …………… "REPRESENTATIVE" and ……………….. Capitalized terms used herein and not defined shall have the meaning assigned in the Agreement. “INTERNATIONAL BANK” hereby establishes the following interest rates for deposits applied for by the “LOCAL BANK” on the date hereof pursuant to the Agreement:
Term of Up to
(Days) Per Annum
Interest Rate
30 %
90 %
180 %
360 %
The foregoing interest rates are subject to adjustment or withdrawal by “INTERNATIONAL BANK” (with or without notice to you) at any time, as warranted by market conditions in the sole opinion of “INTERNATIONAL BANK” prior to “INTERNATIONAL BANK’s” delivery of a Confirmation confirming the terms of a Transaction requested by the "LOCAL BANK” in an Application submitted to "INTERNATIONAL BANK" all in accordance with the terms of the Agreement. Sincerely, “INTERNATIONAL BANK”, acting through its [………… Branch] By_____________________________ Name________________________ Title_________________________ By_____________________________ Name________________________ Title_________________________ Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT B to the Master Certificate of Deposit Agreement APPLICATION [DATE] “INTERNATIONAL BANK” [………… Branch] ………………………. …………………… Attention: Investment Contract Department Reference is made to the Master Certificate of Deposit Agreement dated as of [DATE] (the “Agreement”) among ……………. “INTERNATIONAL BANK”, …………… "REPRESENTATIVE" (as the case may be) and the undersigned. Capitalized terms used herein and not defined shall have the meaning assigned in the Agreement. We hereby irrevocably request to make a deposit with "INTERNATIONAL BANK" in the amount of the Deposit Amount on the Deposit Date bearing interest at the Interest Rate for the term and having the Maturity Date referenced below:
Deposit Amount: USD _______________________ Deposit Date: , Interest Rate: _______________________ % per annum Term: _______________________ days Maturity Date: , Cusip Number ________________________ In accordance with the Agreement, we hereby request that you send to Deutsche Bank A.G., New York Branch, as Custody Agent, your written Confirmation of the Transaction requested above, which documents are to be held in custody by such Custody Agent for our benefit. This Application amends, supplements and is an integral part of the Agreement. Sincerely, …………………… [“LOCAL BANK”] By Name_______ Title_________________________ Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT C to the Master Certificate of Deposit Agreement CONFIRMATION NUMBER [DATE] ……………… [“LOCAL BANK”] Reference is made to the Master Certificate of Deposit Agreement dated as ….. of ………………………. (the "Agreement"), among ……………… “INTERNATIONAL BANK”, ………………. “REPRESENTATIVE” (as the case may be) and ……………….. “LOCAL BANK” Capitalized terms used herein and not defined shall have the meaning assigned in the Agreement. On the date hereof “INTERNATIONAL BANK” received an Application from the "LOCAL BANK" requesting a Transaction. Such Transaction shall be subject to the terms of the Agreement and those confirmed below. “INTERNATIONAL BANK” hereby confirms the following terms for such Transaction:
Confirmation Number: _______________________ Deposit Amount: USD _______________________ Deposit Date: , Interest Rate: _______________________ % per annum Term: _______________________ days Maturity Date: _______________________ The “LOCAL BANK” has irrevocably agreed to and shall deposit the Deposit Amount with “INTERNATIONAL BANK” on the Deposit Date such amount to be thereafter held by "INTERNATIONAL BANK" as Invested Moneys pursuant to the Agreement. The Invested Moneys deposited pursuant to this Transaction shall be deposited in ……………….. Account No. ……………….. with “INTERNATIONAL BANK”. This Confirmation amends, supplements and is an integral part of the Agreement. Sincerely, “INTERNATIONAL BANK”, acting through its [………………. Branch] By______ Name________________________ Title_________________________ By_____________________________ Name________________________ Title_________________________ Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT D to the Master Certificate of Deposit Agreement EARLY WITHDRAWAL/LOAN REQUEST [DATE] "INTERNATIONAL BANK" …………………. …………………. ……, ……………. Attention: Investment Contract Department Reference is made to the Master Certificate of Deposit Agreement dated as of …………….. (the "Agreement"), among ……………. “INTERNATIONAL BANK”, …………….. “REPRESENTATIVE” as the case may be, and the undersigned. Capitalized terms used herein and not defined shall have the meaning set forth in the Agreement. On ……………….., …… (the "Deposit Date") we deposited USD ………………. with “INTERNATIONAL BANK” pursuant to the Agreement and Confirmation Number ……………….. dated ………………, …….. (the "Confirmation") issued by “INTERNATIONAL BANK”. The Maturity Date for that Transaction is ………………., …….. [COMPLETE AS APPROPRIATE] [We hereby exercise our right to request the early withdrawal of Invested Moneys deposited with “INTERNATIONAL BANK” pursuant to the Transaction in the amount of USD …………….., which is all Invested Moneys held by “INTERNATIONAL BANK” pursuant to this Transaction, on ……………, .…. which is a Business Day at least seven (7) days after the Deposit Date. Upon receipt of this Early Withdrawal/Loan Request, “INTERNATIONAL BANK” shall determine the Withdrawal Penalty and reduce the amount of Earnings accrued on this Transaction by the amount of such Withdrawal Penalty.] [We hereby request a Loan in the amount of USD …………….. which is equal to all Invested Moneys held by “INTERNATIONAL BANK” pursuant to this Transaction, on …………………, …….. On the seventh day following the Deposit Date for this Transaction “INTERNATIONAL BANK” shall withdraw all Invested Moneys held in the Account related to this Transaction and apply the same to the repayment of the Loan hereby requested. The Early Withdrawal Penalty owed by reason of the early withdrawal on such seventh day shall equal all Earnings accrued on this Transaction.]. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. Please provide your Notice of Withdrawal Penalty to the "LOCAL BANK" and the Custody Agent simultaneously with transferring the Paid Amount to the "LOCAL BANK". This Early Withdrawal/Loan Request amends, supplements and is an integral part of the Agreement. Sincerely, …………………. By_____________________________ Name________________________ Title_________________________ cc: Deutsche Bank A.G., New York Branch, as Custody Agent. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT E to the Master Certificate of Deposit Agreement NOTICE OF WITHDRAWAL PENALTY [DATE] …………………["LOCAL BANK"] Reference is made to the Master Certificate of Deposit Agreement dated as of ………………, ….. (the “Agreement”), among ……………….. “INTERNATIONAL BANK”, ……………… “REPRESENTATIVE” as the case may be, and …………………... Capitalized terms used herein and not defined shall have the meaning assigned in the Agreement. On …….., ……………., …….. “INTERNATIONAL BANK” received an Early Withdrawal/Loan Request from the “LOCAL BANK” dated …………….., …….. In that Early Withdrawal/Loan Request the “LOCAL BANK” requested the early withdrawal of Invested Moneys in the amount of USD ……………… which is all Invested Moneys deposited with "INTERNATIONAL BANK" pursuant to the Agreement and Confirmation Number ……………….. dated …………….., …….. The Withdrawal Penalty for this early withdrawal shall be the lesser of the amount described in clauses (a) and (b) below, determined in accordance with Section 4(b) of the Agreement. The Withdrawal Penalty shall be the lesser of:
(a) The product of (i) the amount of Invested Moneys being withdrawn pursuant to such early withdrawal multiplied by the Withdrawal Penalty Rate, divided by 360 and multiplied by the number of days from and including the Early Withdrawal Date to but excluding the Maturity Date less (ii) the amount of the Invested Moneys being withdrawn pursuant to such early withdrawal multiplied by the Interest, divided by 360 and multiplied by the number of days from and including the Early Withdrawal Rate Date to but excluding the Maturity Date, where:
(i) the amount of Invested Moneys being withdrawn is USD ……….; (ii) the Interest Rate is ………….. %; (iii) the Withdrawal Penalty Rate is …………… % per annum; equals USD ………………. (provided if such product is a negative number, the amount shall be USD 0); and (b) the amount of Earnings accrued up to the Early Withdrawal Date on all Invested Moneys held by “INTERNATIONAL BANK” pursuant to this Transaction is USD ……………… Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. On the date hereof the amount of Earnings accrued on the Invested Moneys held by “INTERNATIONAL BANK” pursuant to this Transaction shall be reduced the amount of USD …………………, the lesser of (a) and (b) above, and “INTERNATIONAL BANK” shall pay the requested early withdrawal to the “LOCAL BANK” on the Early Withdrawal Date. lf the early withdrawal is made pursuant to Section 4(c) of the Agreement, the Early Withdrawal Penalty shall equal USD ……………………, all Earnings on this Transaction. Invested Moneys shall not be applied to the payment of the Early Withdrawal Penalty. This Notice of Withdrawal Penalty amends, supplements and is an integral part of the Agreement. Sincerely, “INTERNATIONAL BANK”, acting through its [………………. Branch] By_____________________________ Name________________________ Title_________________________ By_____________________________ Name________________________ Title_________________________ cc: Deutsche Bank A.G., New York Branch, as Custody Agent. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. EXHIBIT F to the Master Certificate of Deposit Agreement TERMINATION NOTICE [DATE] “INTERNATIONAL BANK” ……………… ……………… …………, ……. Attention: Investment Contract Department Reference is made to the Master Certificate of Deposit Agreement dated as of …………, ……. (the “Agreement”), among ……………… “INTERNATIONAL BANK”, ……………. “REPRESENTATIVE” as the case may be, and the undersigned. Capitalized terms used herein and not defined shall have the meaning assigned in the Agreement. “INTERNATIONAL BANK” is no longer a Qualified Bank. Pursuant to
Section 6(b) of the Agreement the “LOCAL BANK” elects to terminate the
Agreement on ……………………, ………., a Business Day not less than five (5) Business Days following “INTERNATIONAL BANK's” receipt of this notice. On such date “INTERNATIONAL BANK” shall apply all Invested Moneys and accrued Earnings as described in Section 6(b) of the Agreement and the Agreement shall thereupon terminate. This Termination Notice amends, supplements and is an integral part of the Agreement. Sincerely, ………………… By_____________________________ Name________________________ Title_________________________ cc: Deutsche Bank A.G., New York Branch, as Custody Agent. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos.
6.5.2. Versión en castellano.
CONTRATO MARCO DE CERTIFICADOS DE DEPÓSITO EL PRESENTE CONTRATO MARCO DE CERTIFICADOS DE DEPÓSITO (como fuera modificado o complementado oportunamente de acuerdo con las condiciones del presente, el “Contrato”), fechado el .......................... de ........., celebrado por y entre (1), actuando a través de su (2), (“BANCO INTERNACIONAL”), ............ (3) (“REPRESENTANTE”), y .................. (4) (“Nombre del BANCO LOCAL”), un banco autorizado en virtud de las leyes de la República Argentina. Todos los términos en mayúsculas usados en el presente y no definidos en contrario tendrán el significado que se les asigne en la Sección 1 del presente. ESTABLECE:
POR CUANTO, conforme a las Regulaciones Bancarias Argentinas, los Bancos Autorizados Argentinos a los fines de cumplir ciertos requisitos mínimos de liquidez pueden mantener certificados de depósito en un Banco Calificado; POR CUANTO, el “BANCO LOCAL” desea establecer este Contrato con “Nombre de un BANCO INTERNACIONAL” para disponer una o más Transacciones que quedarán evidenciadas por este Contrato y la Confirmación vinculada; POR CUANTO, “REPRESENTANTE según fuere el caso” ha convenido actuar como agente administrativo para “Nombre de un BANCO INTERNACIONAL” en relación con este Contrato; y POR CUANTO, “Nombre de un Banco Internacional” está dispuesto en los términos y condiciones establecidos en este Contrato y en cada Confirmación, y basándose en las declaraciones, garantías y acuerdos que se describen en el presente, a aceptar los fondos depositados y a mantenerlos en una o más Cuentas abiertas en “Nombre de un BANCO INTERNACIONAL”. POR LO TANTO, en consideración a lo precedente y a los pactos mutuos establecidos en el presente, “Nombre de un BANCO INTERNACIONAL”, “REPRESENTANTE según fuere el caso” y el “Nombre del BANCO LOCAL” por el presente acuerdan lo siguiente:
SECCIÓN 1. DEFINICIONES
Los siguientes términos, cuando se utilicen en este Contrato, tendrán los siguientes significados:
(1) Nombre de un Banco Internacional.
(2) A utilizar únicamente en los casos en que se requiera una sucursal u otra entidad. (3) Nombre del representante local del banco extranjero, si existiera. (4) Nombre de la institución financiera local. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. "Cuenta" significará cada cuenta en [Sucursal........] de “Nombre de un BANCO INTERNACIONAL” designada como una Cuenta en cada Confirmación. “Fecha de Rescisión del Contrato” tendrá el significado establecido en la Sección 6(a). "Solicitud" tendrá el significado que se asigna a dicho término en la Sección 2(a). "Regulaciones Bancarias Argentinas" significarán las regulaciones bancarias aplicables a los Bancos Autorizados Argentinos, emitidas por la autoridad bancaria Argentina. "Banco Autorizado Argentino" significará una institución financiera debidamente organizada y autorizada como banco comercial en virtud de las Regulaciones Bancarias Argentinas. “Día Hábil” significará un día que no sea sábado ni domingo ni otro día en que los bancos comerciales ubicados en la Ciudad de Nueva York o en la Ciudad de Buenos Aires estén obligados o autorizados por ley, regulación o decreto ejecutivo a permanecer cerrados. “Confirmación” significará una confirmación por escrito entregada por “Nombre de un BANCO INTERNACIONAL” conforme a la Sección 2(c) según el modelo del Anexo C del presente. “Agente de Custodia” significará Deutsche Bank A.G., Sucursal Nueva York y/o cualquier otro agente que actúe como agente de custodia para los Bancos Autorizados Argentinos de acuerdo con, y conforme lo requieran oportunamente las Regulaciones Bancarias Argentinas y designados mediante notificación por escrito suministrada por “Nombre del BANCO LOCAL” a “Nombre de un BANCO INTERNACIONAL” y “REPRESENTANTE según fuere el caso". “Dólar” significará la moneda de curso legal de los Estados Unidos de América. “Monto del Depósito” para cada Transacción significará el monto designado como tal en la Confirmación relacionada con la misma. “Fecha del Depósito” para cada Transacción significará la fecha designada como tal en la Confirmación relacionada con la misma. “Fecha de Retiro Anticipado” significará una fecha establecida conforme a la Sección 4(a) en que "Nombre del BANCO LOCAL" retirará Fondos Invertidos en virtud del presente antes de la Fecha de Vencimiento para la Transacción vinculada. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. "Solicitud de Retiro Anticipado/Préstamo" significará una solicitud por “Nombre del BANCO LOCAL” para retirar los Fondos Invertidos mantenidos por “Nombre de un BANCO INTERNACIONAL” conforme a una Transacción, o una solicitud por “Nombre del BANCO LOCAL” para recibir un Préstamo por un monto igual a los Fondos Invertidos mantenidos en virtud del presente conforme a una Transacción tal como se describe en la Sección 4, solicitud que se ajustará al modelo del Anexo D del presente. "Beneficios" significará todos los montos devengados sobre los Fondos Invertidos mantenidos conforme al presente a la Tasa de Interés aplicable. “Fecha de Vigencia” significará [LA FECHA DE VIGENCIA DE ESTE CONTRATO]. “FDIC” significará la Federal Deposit Insurance Corporation. “Tasa de Fondos Federales” significará, para cualquier día, la tasa anual redondeada hacia arriba si fuera necesaria hasta el un centésimo (1/100) más cercano de uno por ciento (1%), igual al promedio ponderado de las tasas para operaciones en fondos federales “overnight” con miembros del Sistema de la Reserva Federal acordado por los operadores de fondos federales, que fuera publicado para ese día (o si ese día no fuera un Día Hábil, para el Día Hábil inmediatamente anterior) por el Banco de la Reserva Federal de Nueva York, o si tal tasa no fuera publicada para cualquier día que sea un Día Hábil, la última tasa para operaciones “overnight” con fondos federales que fuera publicada por el Banco de la Reserva Federal de Nueva York. “Tasa de Interés” con respecto a cada Transacción, tendrá el significado establecido en la Confirmación relacionada con la misma. “Base de Cálculo de la Tasa de Interés” significará a los fines del cálculo de los Beneficios, un año de 360 días y el número real de días transcurridos. “Fondos Invertidos” significará con respecto a cada Transacción, el Monto del Depósito vinculado con la misma. “LIBOR” significará la tasa anual igual a la tasa ofrecida para los depósitos en dólares que aparece en la Página Telerate 3750 (o si ya no se publicara en esa página, la página Telerate aplicable en la que se publique dicha tasa) a las 11.00 a.m. hora de Londres, Inglaterra, en la fecha en que “Nombre de un BANCO INTERNACIONAL” reciba, o se considere que ha recibido, una Solicitud de Retiro Anticipado/Préstamo en virtud del presente; estipulándose, sin embargo que:
(a) Si en la Página Telerate 3750 apareciera más de una de tales tasas ofrecidas (o si ya no se publicara en tal página, la página Telerate aplicable en la que tal tasa se publique) en tal fecha de retiro para cualquier período único, la tasa usada para determinar la LIBOR para tal período será el promedio aritmético (redondeado en más si fuera necesario hasta el 1/100 de 1% más próximo) de tales tasas ofrecidas; o Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. (b) si no figurara esa tasa ofrecida en dicha página en tal fecha, la tasa usada para esa fecha será la tasa ofrecida para Depósitos interbancarios en eurodólares que aparece en la Página Libor de la Pantalla Reuters a las 11.00 a.m. hora de Londres, Inglaterra; estipulándose, sin embargo que si en la Página Libor de la Pantalla Reuters apareciera más de una tasa ofrecida para Depósitos interbancarios en eurodólares en la fecha pertinente, entonces la LIBOR será determinada por “Nombre de un BANCO INTERNACIONAL” usando el promedio aritmético (redondeado en más si fuera necesario hasta el un dieciseisavo de uno por ciento) de tales tasas ofrecidas. "Préstamo" tendrá el significado que se le asigna en la Sección 4(c). “Monto de Préstamo” tendrá el significado que se le asigna en la Sección 4(c). “Fecha de Préstamo” significará, con respecto a cada Préstamo, la fecha en que “Nombre de un BANCO INTERNACIONAL” adelanta el Monto del Préstamo a “Nombre del BANCO LOCAL”. “Fecha de Vencimiento” con respecto a cada Transacción significará la fecha que se describe como tal en la Confirmación vinculada con la misma. “Persona” significará cualquier persona física, sociedad anónima, sociedad colectiva, asociación, fideicomiso, empresa conjunta (joint venture), sociedad de responsabilidad limitada, organismo público u otra entidad legal. “Banco Calificado” significará un banco que haya recibido y continúe manteniendo durante la vigencia de este Contrato, de una por lo menos entre las siguientes calificadoras, la calificación que figura a continuación de su nombre (o de la otra calificadora o calificación que las Regulaciones Bancarias Argentinas determinen oportunamente):
Moody's lnvestors Service Aa (largo plazo) Standard and Poor's International Ratings Ltd. AA (largo plazo) Fitch Ratings Ltd. AA (largo plazo “Transacción” significará cada depósito de Fondos Invertidos por “Nombre del BANCO LOCAL” en “Nombre del BANCO INTERNACIONAL” en virtud del presente conforme a los términos de este contrato y una Confirmación. “Fecha de Rescisión de la Transacción” significará la Fecha de Vencimiento para tal Transacción o la fecha en que todos los Fondos Invertidos y los Beneficios (menos cualquier Punitorio por Retiro aplicable) depositados por el “BANCO LOCAL” en el “BANCO INTERNACIONAL” conforme a tal Transacción, entre ambas fechas, la que ocurra primero, sean pagados al "BANCO LOCAL". Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. “Punitorio por Retiro” significará con respecto a cada Transacción, cualquier punitorio determinado contra el “BANCO LOCAL" en razón de un retiro anticipado en virtud del presente, determinado de acuerdo con la Sección 4 de este contrato. “Tasa de Punitorio por Retiro” salvo disposición en contrario en la Sección 4(c) significa una tasa de interés anual igual a la LIBOR cotizada o fijada en la fecha en que “BANCO INTERNACIONAL” reciba una Solicitud de Retiro Anticipado/Préstamo en virtud del presente para el período comprendido desde e incluyendo la Fecha de Retiro Anticipado hasta pero excluyendo la Fecha de Vencimiento para la Transacción pertinente. Si no se cotizara la LIBOR para tal período, la Tasa de Punitorio por Retiro será una tasa de interés anual igual a la tasa derivada por interpolación de la LIBOR para los dos (2) períodos, uno (1) más corto y uno (1) más largo, más cercanos al período comprendido entre la Fecha de Retiro Anticipado y la Fecha de Vencimiento. No obstante lo precedente, si el periodo comprendido entre la Fecha de Retiro Anticipado y la Fecha de Vencimiento fuera inferior a treinta (30) días, la Tasa de Punitorio por Retiro será igual a la LIBOR para un período de treinta (30) días. SECCIÓN 2. DEPÓSITOS (a) Determinación de Tasas. A las 11.00 a.m. hora de la Ciudad de Nueva York, o antes de esa hora, en cada Día Hábil, “BANCO INTERNACIONAL” determinará las tasas de interés a las cuales “BANCO INTERNACIONAL” está dispuesto a aceptar depósitos a plazo en virtud del presente para períodos de noventa (90), ciento ochenta (180), doscientos setenta (270) o trescientos sesenta (360) días o el otro plazo que sea solicitado por el “BANCO LOCAL”, que sea aceptable para “BANCO INTERNACIONAL”. Tales tasas estarán sujetas a ajuste o retractación por “BANCO INTERNACIONAL” (con o sin notificación al “BANCO LOCAL” o “REPRESENTANTE” según fuere el caso) en cualquier momento, como lo justifiquen las condiciones de mercado a criterio exclusivo de “BANCO INTERNACIONAL”, antes de la entrega de una Confirmación por “BANCO INTERNACIONAL” al “BANCO LOCAL” confirmando los términos de una Transacción solicitada por el “BANCO LOCAL” en una Solicitud presentada a “BANCO INTERNACIONAL”, todo de acuerdo con los términos de este Contrato. Ante solicitud por “REPRESENTANTE”, según fuere el caso, o el “BANCO LOCAL”, “BANCO INTERNACIONAL” notificará por escrito tales tasas de interés según el modelo del Anexo A del presente, a “REPRESENTANTE” o el “BANCO LOCAL”. Para solicitar que una Transacción tenga una Tasa de interés igual a una tasa cotizada por “BANCO INTERNACIONAL”, el “BANCO LOCAL” entregará una solicitud por escrito a “BANCO INTERNACIONAL” según el modelo del Anexo B del presente, debidamente completada (cada una, una "Solicitud"), antes de las 3.00 p.m., hora de la Ciudad de Nueva York, en la fecha en que tal tasa o tasas sean determinadas por “BANCO INTERNACIONAL”. Sin el
consentimiento previo por escrito de “BANCO INTERNACIONAL”, un “BANCO LOCAL” no puede solicitar que una Transacción tenga una Tasa de Interés determinada en esa notificación de “BANCO INTERNACIONAL” si la Solicitud vinculada no fuera recibida por “BANCO INTERNACIONAL” en o antes de las 3.00 p.m., hora de la Ciudad de Nueva York, en la fecha en que se determinan esas tasas. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. (b) Solicitudes: En el caso de que el “BANCO LOCAL” desee celebrar una Transacción con “BANCO INTERNACIONAL”, el “BANCO LOCAL presentará una Solicitud a “BANCO INTERNACIONAL" y “REPRESENTANTE”. Una vez presentada tal Solicitud, el “BANCO LOCAL estará irrevocablemente obligado a depositar el Monto de Depósito pertinente en “BANCO INTERNACIONAL” en la Fecha de Depósito pertinente sujeto únicamente a la condición de que el “BANCO LOCAL” reciba una Confirmación de “BANCO INTERNACIONAL” confirmando los términos de la Transacción descripta en la Solicitud como se dispone en la Sección 2(c). (c) Confirmaciones: Ante recepción de una Solicitud debidamente completada y la determinación por “BANCO INTERNACIONAL” de que la Solicitud ha sido debidamente autorizada y válidamente formalizada por el “BANCO LOCAL” y presentada de acuerdo con los términos del presente, “BANCO INTERNACIONAL”, si “BANCO INTERNACIONAL” conviniera celebrar tal Transacción, proveerá una Confirmación a “REPRESENTANTE” y al “BANCO LOCAL” por fax, dentro de las dos (2) horas posteriores a la recepción por “BANCO INTERNACIONAL” de tal Solicitud, debiendo “BANCO INTERNACIONAL” enviar el original firmado de tal Confirmación en la Fecha de Depósito mediante correo certificado, al Agente de Custodia para que lo mantenga junto con el original firmado de este Contrato. La no entrega de una Confirmación por “BANCO INTERNACIONAL” como se describe en este apartado (c) constituirá una negativa de su parte a celebrar tal Transacción. (d) Entrega de Fondos Invertidos. Después de la entrega de una Solicitud y Confirmación como se describe en las Secciones 2(b) y (c) precedentes, el “BANCO LOCAL” entregará a “BANCO INTERNACIONAL”, en la Fecha de Depósito, dólares estadounidenses por el monto especificado como Monto del Depósito en la Confirmación, que será depositado en la Cuenta identificada en tal Confirmación. Tal monto será entregado en la manera que se describe en la Sección 5 del presente. Si la Solicitud fuera recibida por “BANCO INTERNACIONAL” antes de las 11.00 a.m., hora de la Ciudad de Nueva York, en un Día Hábil y se enviara una Confirmación como se describiera en la Sección 2(c), la Fecha de Depósito puede ser el mismo Día Hábil en el que “BANCO INTERNACIONAL” recibiera tal Solicitud. Si la Solicitud fuera recibida por “BANCO INTERNACIONAL” después de las 11.00 a.m., hora de la Ciudad de Nueva York, en un Día Hábil y se enviara una Confirmación como se describiera en la Sección 2(c), la Fecha de Depósito no puede ser anterior al Día Hábil inmediatamente siguiente al Día Hábil en el que “BANCO INTERNACIONAL” recibiera tal Solicitud. (e) Intereses sobre Fondos No Entregados. En el caso de que “BANCO INTERNACIONAL” o el “BANCO LOCAL” no pagaran cualquier monto a su vencimiento en virtud del presente, la única reparación para la parte a la que se adeuda el pago, suponiendo que tal pago se efectuara dentro de dos (2) Días Hábiles
posteriores a la fecha de vencimiento de tal pago, será recibir intereses sobre el monto impago a la Tasa de Fondos Federales. En el caso de que cualquiera de las partes del presente no cumpliera de otro modo sus respectivas obligaciones en virtud del presente, las otras partes tendrán todos los derechos y recursos disponibles en virtud de la ley aplicable. Versión: 1a. Comunicación “A” 3290 Vigencia:
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REQUISITOS MINIMOS DE LIQUIDEZ B.C.R.A. Sección 6. Modelos. SECCIÓN 3. FONDOS INVERTIDOS Y BENEFICIOS Los beneficios sobre los montos mantenidos en cada Cuenta serán calculados conforme a la Base de Cálculo de Tasa de Interés aplicable, y se acumularán sobre el saldo diario pendiente de los Fondos Invertidos en tal Cuenta, a la Tasa de Interés aplicable. Los beneficios se acumularán desde e incluyendo la Fecha de Depósito hasta, pero excluyendo la fecha de retiro. Los beneficios (menos cualquier Punitorio por Retiro) serán pagaderos sobre cada Transacción en la Fecha de Vencimiento para tal Transacción o en la fecha en que todos los Fondos Invertidos mantenidos conforme a tal Transacción sean retirados conforme a la Sección 4 o cuando el Contrato sea rescindido conforme a la Sección 6(b), lo que se produzca primero; estipulándose, sin embargo que en el caso de que los Fondos Invertidos mantenidos con respecto a una Transacción sean retirados el mismo Día Hábil en que “BANCO INTERNACIONAL” reciba la Solicitud de Retiro Anticipado/Préstamo solicitando tal retiro, los beneficios devengados sobre tal Transacción, menos cualquier Punitorio por Retiro, serán pagados por “BANCO INTERNACIONAL” al “BANCO LOCAL” el Día Hábil inmediatamente siguiente a tal retiro. Los Fondos Invertidos serán pagaderos en la Fecha de Retiro Anticipado o en la Fecha de Rescisión de la Transacción aplicable. SECCIÓN 4. RETIROS ANTICIPADOS, PUNITORIO POR RETIRO Y PRÉSTAMOS (a) Solicitud de Retiro Anticipado. Antes de la Fecha de Vencimiento para cada Transacción, el “BANCO LOCAL” tendrá derecho a solicitar el retiro anticipado de todos los Fondos Invertidos mantenidos por “BANCO INTERNACIONAL” conforme a tal Transacción o un Préstamo por el monto de todos esos fondos. A los fines de solicitar tal retiro anticipado o Préstamo, el “BANCO LOCAL” entregará a “BANCO INTERNACIONAL” una Solicitud de Retiro Anticipado/Préstamo debidamente completada según el modelo del Anexo D. Dicha Solicitud de Retiro Anticipado/Préstamo indicará el monto del retiro anticipado o el Monto del Préstamo, según corresponda, que será igual al monto de los Fondos Invertidos mantenidos por “BANCO INTERNACIONAL” conforme a tal Transacción, y la Fecha de Retiro Anticipado o la Fecha de Préstamo, según corresponda. La Fecha de Retiro Anticipado o la Fecha de Préstamo, según corresponda, puede ser el Día Hábil en el que “BANCO INTERNACIONAL” reciba la Solicitud de Retiro Anticipado/Préstamo, si fuera recibida antes de las 9.30 a.m. hora de la Ciudad de Nueva York, en esa Fecha de Retiro Anticipado o Fecha de Préstamo, según corresponda, o puede ser el Día Hábil posterior que se especifique en tal Solicitud de Retiro Anticipado/Préstamo. Si “BANCO INTERNACIONAL” recibiera una Solicitud de Retiro Anticipado/Préstamo después de las 9.30 a.m., hora de la Ciudad de Nueva York, en un Día Hábil, la Fecha de Retiro Anticipado o la Fecha de Préstamo, según corresponda, será no antes del Día Hábil inmediatamente
siguiente al Día Hábil en el que “BANCO INTERNACIONAL” recibiera la Solicitud de Retiro Anticipado/Préstamo. No podrá realizarse ningún retiro con respecto a cualquier Transacción dentro de los siete (7) días posteriores a la Fecha de Depósito para tal Transacción, estipulándose sin embargo que, si un “BANCO LOCAL” deseara retirar los Fondos Invertidos mantenidos por “BANCO INV ersión: 1a. Comunicación “A” 3290 Vigencia:
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

TERNACIONAL” in accordance with a Transaction within seven (7) days following the Deposit Date for such Transaction, “INTERNATIONAL BANK” will make a loan to the “LOCAL BANK” for an amount equal to the amount of such Invested Funds in accordance with Section 4(c).

(b) Penalty for Withdrawal. Upon receipt of an Early Withdrawal/Loan Request, “INTERNATIONAL BANK” will calculate the applicable Penalty for Withdrawal for such early withdrawal. Unless otherwise provided in Section 4(c), the Penalty for Withdrawal applicable to any early withdrawal will be equal to the lesser of:

(i) an amount equal to the product of (A) (1) the Amount of Invested Funds withdrawn before the Maturity Date, (2) multiplied by the Penalty for Withdrawal Rate, (3) divided by 360 and (4) multiplied by the number of days from and including the Early Withdrawal Date until, but excluding, the Maturity Date, less an amount equal to (B) (1) the amount of Invested Funds withdrawn before the Maturity Date (2) multiplied by the Interest Rate, (3) divided by 360 and (4) multiplied by the number of days from and including the Withdrawal Date until, but excluding, the Maturity Date; provided, however, that if such product is a negative number it shall be deemed to be zero; and

(ii) the amount of Benefits that have accrued up to the Early Withdrawal Date on all Invested Funds maintained by “INTERNATIONAL BANK” in accordance with the Transaction.

Upon determination of the Penalty for Withdrawal, “INTERNATIONAL BANK” will reduce the amount of Accrued Benefits up to the Early Withdrawal Date on the Invested Funds maintained by “INTERNATIONAL BANK” in accordance with such Transaction by an amount equal to the Penalty for Withdrawal. “INTERNATIONAL BANK” will notify the “LOCAL BANK” in writing in the format of Annex E to this document, the Penalty for Withdrawal at the time the early withdrawal is paid to the “LOCAL BANK”. No Penalty for Withdrawal will be paid under this Section 4(b) with funds from the Invested Funds.

(c) Withdrawal Within Seven (7) Days Following the Deposit Date. In the event that the “LOCAL BANK” wishes to withdraw the Invested Funds maintained by “INTERNATIONAL BANK” in accordance with a Transaction, within seven (7) days following the Deposit Date for such Transaction, “INTERNATIONAL BANK” commits to make a loan (a “Loan”) to the “LOCAL BANK” for an amount equal to the Invested Funds maintained by “INTERNATIONAL BANK” in accordance with such Transaction (the “Loan Amount”). Such Loan will be requested by the “LOCAL BANK” in the manner described in Section 4(a). Upon receipt of the Loan Amount, the “LOCAL BANK” will have no right to withdraw any of the Invested Funds maintained by “INTERNATIONAL BANK” in accordance with the linked Transaction. “INTERNATIONAL BANK” will withdraw from the linked Account all Invested Funds maintained

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in the same and apply them to the repayment of the Loan. Notwithstanding any provision to the contrary in Section 4(b), the Early Withdrawal Penalty applicable to the early withdrawal on such seventh day will be equal to all Benefits accrued on such Transaction. The application of all Invested Funds and Benefits on such Transaction to the repayment of the Loan and the payment of the related Early Withdrawal Penalty, will constitute the full payment of all amounts owed by the “LOCAL BANK” to “INTERNATIONAL BANK” with respect to such Loan and early withdrawal and the linked Transaction will be extinguished.

SECTION 5. FORMS OF TRANSFERS

All amounts payable to “INTERNATIONAL BANK” or the “LOCAL BANK” under this Agreement will be transferred in dollars via cable transfer of immediately available funds in accordance with the cable transfer instructions of such party set forth in Appendix 1 to this Agreement, or in accordance with other cable transfer instructions that have been specified by such party in a written notice addressed to the other parties to this Agreement no less than two (2) Business Days before the date on which such new instructions begin to govern. Any payment owed by one party to the other under this Agreement on any date that is not a Business Day, will be made on the immediately following Business Day with the same effect as if it were made on the original date on which such amount was to be paid.

SECTION 6. RESCISSION OF THE CONTRACT

(a) Contract Rescission Date. The rescission of this Agreement will occur:

(i) on the date on which the balance deposited in each Account is zero and written notice of rescission has been delivered, by “INTERNATIONAL BANK” to the “REPRESENTATIVE” and the “LOCAL BANK” or by the “LOCAL BANK” to “INTERNATIONAL BANK” and the “REPRESENTATIVE”; or

(ii) on the date specified in the notice by the “LOCAL BANK” described in Section 6 (b) below; between both dates, the one that occurs first and this date occurring first will be considered the Contract Rescission Date.

(b) Choice of Rescission by the "LOCAL BANK". In the event that “INTERNATIONAL BANK” ceases to be a Qualified Bank, the “LOCAL BANK” will have the right to rescind this Agreement and all Transactions upon delivery of prior written notice with a minimum of five (5) Business Days’ advance notice addressed to “INTERNATIONAL BANK” and the “REPRESENTATIVE” in the format of Annex F to this Agreement. Upon such rescission, “INTERNATIONAL BANK” will apply the Invested Funds first to

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repayment of any outstanding Loan and subsequently, “INTERNATIONAL BANK” will deliver the remaining Invested Funds and Benefits (as they may have been reduced in accordance with Section 4(b) or 4(c)) to the “LOCAL BANK”. No Penalty for Withdrawal will be applied by reason of a withdrawal under this Section 6(b).

SECTION 7. REPRESENTATIONS AND WARRANTIES

(a) "INTERNATIONAL BANK". “INTERNATIONAL BANK” represents and warrants that:

(i) it is a financial entity duly organized and validly existing as such under the laws of [the country of the “INTERNATIONAL BANK” is required] and the Free State of Bavaria and its New York Branch is a duly authorized federal branch under the laws of the United States of America;

(ii) this Agreement constitutes a valid and binding obligation of “INTERNATIONAL BANK”;

(iii) the execution, granting and performance of this Agreement or any of the duties or obligations under this Agreement by “INTERNATIONAL BANK” will not result in a breach or violation nor cause a default under the provisions of any law, rule, regulation, order, license, decree, judgment, court order, contract or binding agreement for “INTERNATIONAL BANK”; and

(iv) this Agreement has been duly executed by the authorized officials of “INTERNATIONAL BANK”.

(b) “LOCAL BANK”. The “LOCAL BANK” represents and warrants that:

(i) it is an Authorized Argentine Bank duly organized, validly existing and regularly conducting its business under the laws of Argentina;

(ii) this Agreement has been executed by the duly authorized official(s) of the “LOCAL BANK” and constitutes a valid and binding obligation of the “LOCAL BANK”;

(iii) the execution, granting and performance of this Agreement or any of the duties or obligations under this Agreement by the “LOCAL BANK” do not and will not result in a breach or violation or cause of default under any provision of law, rule, regulation, order, license, decree, judgment, trust, contract or binding agreement with respect to the “LOCAL BANK”; and

(iv) the “LOCAL BANK” is authorized to enter into this Agreement and to take all actions assigned to it herein.

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SECTION 8. MISCELLANEOUS PROVISIONS

(a) Waiver; Amendment. The omission or delay by “INTERNATIONAL BANK” or the “LOCAL BANK” in exercising any right or remedy under this Agreement will not operate as a waiver nor impair any of such rights of theirs, nor will the sole or partial exercise of any right or remedy prevent any other right or remedy. The rights and remedies of “INTERNATIONAL BANK” and the “LOCAL BANK” under this Agreement are cumulative and not exclusive of any right or remedy stipulated by law or in equity or in any other contract between “INTERNATIONAL BANK” and the “LOCAL BANK”. None of the terms or provisions of this Agreement may be waived, modified or amended, except by written document duly signed by “INTERNATIONAL BANK”, the “REPRESENTATIVE” and the “LOCAL BANK”.

(b) Survival. It will be deemed that the other party to this Agreement has relied on all warranties and declarations made by “INTERNATIONAL BANK” and the “LOCAL BANK” in this Agreement, which will remain in effect after its termination.

(c) Successors and Assignees. This Agreement will inure to the benefit of the parties to this Agreement and their respective successors, assignees and beneficiaries, and will be binding upon them. Notwithstanding any provision to the contrary:

(i) nothing expressed or implied in this Agreement is intended to or will be interpreted as granting any person, firm or corporation any right, remedy or claim by reason of this Agreement or any of its terms, and all terms contained herein will be for the sole and exclusive benefit of the parties to this Agreement or their respective successors; and

(ii) this Agreement, and the obligations arising hereunder, will not be sold, pledged, assigned or transferred otherwise by “INTERNATIONAL BANK”, the “REPRESENTATIVE” or the “LOCAL BANK” without the prior written consent of the other parties to this Agreement, and any such attempted sale, pledge, assignment or transfer will be null and void, and no Person will acquire any rights under such attempted sale, pledge, assignment or transfer.

(d) Notices.

(i) All notices or other communications to be made under this Agreement will be in writing and will be delivered to the addresses specified in Appendix 1 to this Agreement. Any of the parties may change its address for notices by delivering to the other parties, a prior written notice with a minimum of two (2) Business Days’ advance notice. The notice under this Agreement will be effective only after receipt by the party to whom it is addressed.

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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

(ii) Each of the parties to this Agreement will notify the other parties of the names of the persons authorized to act on behalf of such party, and the other parties will accept such notice and subsequently deal with such persons until notified to the contrary in accordance with this section. Each of the parties receiving a notice that it reasonably considers has been sent by the other party, will have the right to act based on such information without further investigation.

(e) APPLICABLE LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

(f) Consent to Jurisdiction and Territorial Competence, etc. The “LOCAL BANK” and “INTERNATIONAL BANK” irrevocably (i) agree that any lawsuit, action or other legal proceeding arising from or related to this Agreement may be commenced in a court of record in the State of New York or in the Courts of the United States of America located in such state, (ii) accept the jurisdiction of each of such courts in any of such lawsuits, actions or proceedings, and (iii) waive any objection they may have regarding the territorial competence of any of such lawsuits, actions or proceedings in any of such courts and any claim that any of such lawsuits, actions or proceedings has been commenced in an incompetent forum. The “LOCAL BANK” and “INTERNATIONAL BANK” also irrevocably accept that the service of all and any notices in any of such actions or proceedings be effected by sending copies of such notices by mail to the “LOCAL BANK” or “INTERNATIONAL BANK”, as applicable, to their respective address stipulated in Appendix 1 attached to this Agreement. The “LOCAL BANK” and “INTERNATIONAL BANK” agree that a final judgment in any of such lawsuits, actions or proceedings will be conclusive and its compliance may be enforced in other jurisdictions by judgment on the judgment or in any other manner provided by law. All mailings under this Section will be by certified mail, return receipt requested.

(g) United States Currency. All amounts mentioned herein are payable in legal tender of the United States of America.

(h) Copies. This Agreement may be executed in copies and, when executed in that manner, will constitute a single binding contract for all parties to this Agreement.

(i) FDIC Insurance. Deposits made under this Agreement are not insured by the Federal Deposit Insurance Corporation.

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(j) Interpretation. All words used herein will be interpreted by gender and number as circumstances require. All references in this Agreement to Sections, unless otherwise provided, will constitute a reference to the corresponding Section of this Agreement. All references to times in this Agreement will be a reference to such time in the City of New York.

(k) Withholdings. In the event that “INTERNATIONAL BANK” is obligated by applicable law to withhold or deduct any sum from the payments it must make to the “LOCAL BANK” under this Agreement, the amount to be withheld or deducted will be deducted from the obligation of “INTERNATIONAL BANK” to make payments to the “LOCAL BANK”.

(l) Entire Agreement. This Agreement, together with each Request, Confirmation, Early Withdrawal/Loan Request, Penalty for Withdrawal Notice and Rescission Notice made under this Agreement (collectively, the “Notices”) with respect to this Agreement, constitute the complete contract of the parties with respect to the subject matter of this Agreement and replace any prior expression with respect to this transaction. Each of the Notices and any amendment to this Agreement will be a supplement, and will be an integral part of this Agreement, and together with this Agreement and any other amendment thereto, will constitute a single contract that constitutes the Contract of the parties to this Agreement.

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IN WITNESS WHEREOF, the parties to this Agreement have caused this Agreement to be duly executed and delivered on the date first mentioned above.

"INTERNATIONAL BANK", acting through its [Branch .........]
By:.................................................
By:.................................................
....................... [“LOCAL BANK”]
By:.................................................
By:.................................................
[“REPRESENTATIVE”] (only if it exists)
By:.................................................
By:.................................................
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

APPENDIX 1
ADDRESSES FOR NOTICES AND INSTRUCTIONS FOR CABLE TRANSFER
Ref.: Master Certificate of Deposit Agreement dated the ................... .......
between .............. (“INTERNATIONAL BANK”), ........................
(“REPRESENTATIVE”) and ...............(“LOCAL BANK”)

“INTERNATIONAL BANK”:
..............................................
[................ Branch]
....................................
....................................
Attention: .........................
Phone No.: ....................
Fax No.: ............................
SWIFT ADDRESS .............

“INTERNATIONAL BANK” CABLE TRANSFER INSTRUCTIONS
......................
ABA # ...................
For the Account of: .................... “INTERNATIONAL BANK” Account: ..................... “INTERNATIONAL BANK”
Ref.:...................

“LOCAL BANK”
Bank: ......................
Address: ......................
Attention: Mr. ........................
Phone No. (54 11) ..................
Fax No. (54 11) .....................
SWIFT ADDRESS .................
CABLE TRANSFER INSTRUCTIONS
Deutsche Bank A.G., New York Branch
For the Account of: ..................
Account: ..........................
Ref.: CD-"INTERNATIONAL BANK"-RML
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“REPRESENTATIVE”
For the Account of ........................ [“REPRESENTATIVE”]
Account: ..................
Ref.: CD-“INTERNATIONAL BANK”-RML
SWIFT ADDRESS: ..........................
Attention: ............................
Phone No.:......................
Fax No.: .........................

CUSTODY AGENT:
Deutsche Bank A.G. New York Branch
Global Custody Services
130 Liberty Street
New York, NY 10006
Attn: Mr. Fred Ferraro
Phone No. (212) 250-3012
Fax No. (212) 669-0917
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX A
to
Master Certificate of Deposit Agreement
[DATE]
...........................
................... ["REPRESENTATIVE"]

We refer to the Master Certificate of Deposit Agreement dated the ................., .......... (the “Agreement”) between ............. “INTERNATIONAL BANK” .............”REPRESENTATIVE” and ................. The terms in capital letters used herein and not defined will have the meaning assigned to them in the Agreement.

“INTERNATIONAL BANK” hereby establishes the following interest rates for deposits applied by the “LOCAL BANK” on the date hereof in accordance with the Agreement.

Term Up To (Days) Annual Interest Rate
30 %
90 %
180 %
360 %

The foregoing interest rates are subject to adjustment or retraction by “INTERNATIONAL BANK” (with or without notice to you) at any time, as justified by market conditions in the sole discretion of “INTERNATIONAL BANK”, before “INTERNATIONAL BANK” delivers a Confirmation confirming the terms of a Transaction requested by the “LOCAL BANK” in a Request submitted to “INTERNATIONAL BANK” all in accordance with the terms of the Agreement.

Sincerely,

“INTERNATIONAL BANK”, acting through
[Branch .............]
By ................................................
Name ....................................
Title .......................................
By ................................................
Name ....................................
Title .......................................
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX B
to
Master Certificate of Deposit Agreement
REQUEST
[DATE]

“INTERNATIONAL BANK”
[Branch ........................]
.....................
.....................
Attention: Investment Contract Department

We refer to the Master Certificate of Deposit Agreement dated the ............., ............ (the "Agreement") between ................... “INTERNATIONAL BANK”, .............. “REPRESENTATIVE” (if applicable) and the undersigned. The terms in capital letters used herein and not defined will have the meaning assigned to them in the Agreement.

Hereby we irrevocably request to make a deposit in “INTERNATIONAL BANK” for the sum of the Deposit Amount on the Deposit Date with interest at the Interest Rate for the term and with the Maturity Date mentioned below:

Deposit Amount: US$ ..................................
Deposit Date: .................................., Interest Rate: .................................. % per annum Term: .................................. days
Maturity Date: ..................................
CUSIP Number ..................................

In accordance with the Agreement, we hereby request that you send to Deutsche Bank A.G., New York Branch, as Custody Agent, your written Confirmation of the Transaction previously requested, the documentation of which must be maintained in custody by said Custody Agent for our benefit. This Request modifies, complements and forms an integral part of the Agreement.

Sincerely,

....................... [“LOCAL BANK”]
By ...................................................
Name .......................................
Title ..........................................
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX C
to the Master Certificate of Deposit Contract

CONFIRMATION NUMBER
[DATE]
.................. ["LOCAL BANK"]

We refer to the Master Certificate of Deposit Contract dated ............., ....... (the "Contract") between .............. "INTERNATIONAL BANK" ............... "REPRESENTATIVE" (as the case may be) and ........... "LOCAL BANK". The terms in capital letters used herein and not defined shall have the meaning assigned to them in the Contract.

On the date hereof, "INTERNATIONAL BANK" received a Request from "LOCAL BANK" requesting a Transaction. Such Transaction shall be subject to the terms of the Contract and those confirmed below. "INTERNATIONAL BANK" hereby confirms the following conditions for such Transaction:

Confirmation Number: .......................................
Deposit Amount: US$ ...............................
Deposit Date: ...............................
Interest Rate: ............................... % per annum Term: ............................... days
Maturity Date: ...............................

"LOCAL BANK" has irrevocably agreed to deposit and will deposit the Deposit Amount in "INTERNATIONAL BANK" on the Deposit Date, such amount being subsequently maintained by "INTERNATIONAL BANK" as Invested Funds pursuant to the Contract. The Invested Funds deposited pursuant to this Transaction shall be deposited in ................. Account No. .......... in "INTERNATIONAL BANK".

This Confirmation modifies, supplements and forms an integral part of the Contract.

Sincerely,

"INTERNATIONAL BANK" acting through
[Branch ........... ]

By ...................................................
Name .......................................
Title ..........................................

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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX D
to the Master Certificate of Deposit Contract

EARLY WITHDRAWAL/LOAN REQUEST
[DATE]

"INTERNATIONAL BANK"
............................
............................
........, .....................

Attention: Investment Contract Department

We refer to the Master Certificate of Deposit Contract dated ..................., ......... (the "Contract") between ............ "INTERNATIONAL BANK" .............. "REPRESENTATIVE" (as the case may be) and the undersigned. The terms in capital letters used herein and not defined shall have the meaning assigned to them in the Contract.

The .................... (the "Deposit Date") we deposited US$ .............. in "INTERNATIONAL BANK" pursuant to the Contract and Confirmation No. .............. dated .............., ......... (the "Confirmation") issued by "INTERNATIONAL BANK". The Maturity Date for that Transaction is ..............., ........

[COMPLETE AS APPROPRIATE]

[We hereby exercise our right to request the early withdrawal of the Invested Funds deposited in "INTERNATIONAL BANK" pursuant to the Transaction for an amount of US$ ............. which constitute the total Invested Funds maintained by "INTERNATIONAL BANK" pursuant to this Transaction, the ..................., ........ which is a Business Day at least seven (7) days prior to the Deposit Date. Upon receipt of this Early Withdrawal/Loan Request, "INTERNATIONAL BANK" will determine the Early Withdrawal Penalty and deduct the amount of such Early Withdrawal Penalty from the amount of Accrued Benefits on this Transaction.]

[We hereby request a Loan for an amount of US$ ............ which is equal to the total Invested Funds maintained by "INTERNATIONAL BANK" pursuant to this Transaction, the ..................., ........ On the seventh day following the Deposit Date for this Transaction, "INTERNATIONAL BANK" will withdraw all Invested Funds maintained in the Account linked to this Operation, and apply them to the repayment of the Loan requested herein. The Early Withdrawal Penalty owed due to the early withdrawal on that seventh day will be equal to the total Benefits accrued on this Transaction.]

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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

Please deliver your Early Withdrawal Penalty Notification to "LOCAL BANK" and the Custodian Agent simultaneously with the transfer of the Paid Amount to "LOCAL BANK".

This Early Withdrawal/Loan Request modifies, supplements and forms an integral part of the Contract.

Sincerely,

...........................

By ...................................................
Name .......................................
Title ..........................................

cc: Deutsche Bank A.G., New York Branch, as Custodian Agent.

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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX E
to the Master Certificate of Deposit Contract

EARLY WITHDRAWAL PENALTY NOTIFICATION
[DATE]

....................... ["LOCAL BANK"]

We refer to the Master Certificate of Deposit Contract dated ................, ......... (the "Contract") between ............... "INTERNATIONAL BANK", .................. "REPRESENTATIVE", as the case may be, and the undersigned. The terms in capital letters used herein and not defined shall have the meaning assigned to them in the Contract.

The ................. "INTERNATIONAL BANK" received from "LOCAL BANK" an Early Withdrawal/Loan Request dated ..................., ....... In that Early Withdrawal/Loan Request, "LOCAL BANK" requested the early withdrawal of the Invested Funds for the amount of US$ ............. which constitutes the total Invested Funds deposited in "INTERNATIONAL BANK" pursuant to the Contract and Confirmation No. .............. dated .............. The Early Withdrawal Penalty for this early withdrawal shall be the lesser of the amounts described in clauses (a) and (b) below, determined in accordance with Section 4(b) of the Contract. The Early Withdrawal Penalty shall be the lesser of:

(a) The product of (i) the amount of Invested Funds being withdrawn pursuant to such early withdrawal multiplied by the Early Withdrawal Penalty Rate, divided by 360 and multiplied by the number of days from and including the Early Withdrawal Date until but excluding the Maturity Date minus (ii) the amount of Invested Funds being withdrawn pursuant to such early withdrawal multiplied by the Interest, divided by 360 and multiplied by the number of days from and including the Early Withdrawal Rate Date until but excluding the Maturity Date, where:
(i) the amount of Invested Funds being withdrawn is US$ .............
(ii) the Interest Rate is ......%;
(iii) the Early Withdrawal Penalty Rate is ...... % per annum, is equal to US$ .......... (it being stipulated that if such product were a negative number, the amount shall be US$ 0); and

(b) the amount of Accrued Benefits up to the Early Withdrawal Date on all Invested Funds maintained by "INTERNATIONAL BANK" pursuant to this Transaction is US$ ..............

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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

On the date hereof, the amount of Accrued Benefits on the Invested Funds maintained by "INTERNATIONAL BANK" pursuant to this Transaction shall be reduced by the amount of US$ ............, the lesser of (a) and (b) above and "INTERNATIONAL BANK" shall pay the requested early withdrawal to "LOCAL BANK" on the Early Withdrawal Date.

If the early withdrawal is made pursuant to Section 4(c) of the Contract, the Early Withdrawal Penalty shall be equal to US$ ........., the total Benefits on this Transaction.

The Invested Funds shall not be applied to the payment of the Early Withdrawal Penalty.

This Early Withdrawal Penalty Notification modifies, supplements and forms an integral part of the Contract.

Sincerely,

"INTERNATIONAL BANK" acting through
[Branch ........... ]

By ...................................................
Name .......................................
Title ..........................................

cc: Deutsche Bank A.G., New York Branch, as Custodian Agent.

Version: 1st Communication "A" 3290 Validity:
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MINIMUM LIQUIDITY REQUIREMENTS B.C.R.A. Section 6. Models.

ANNEX F
to the Master Certificate of Deposit Contract

TERMINATION NOTIFICATION
[DATE]

"INTERNATIONAL BANK"
......................
......................
...................., ...........

Attention: Investment Contract Department

We refer to the Master Certificate of Deposit Contract dated .................., ....... (the "Contract") between ................. "INTERNATIONAL BANK", ................... "REPRESENTATIVE", as the case may be, and the undersigned. The terms in capital letters used herein and not defined shall have the meaning assigned to them in the Contract.

"INTERNATIONAL BANK" is no longer a Qualified Bank. Pursuant to Section 6(b) of the Contract, "LOCAL BANK" opts to terminate the Contract on the ..................., ........ a Business Day no less than five (5) Business Days following the receipt by "INTERNATIONAL BANK" of this notification. On that date "INTERNATIONAL BANK" will apply the total Invested Funds and Accrued Benefits as described in Section 6(b) of the Contract, and upon such application the Contract shall be terminated.

This Termination Notification modifies, supplements and forms an integral part of the Contract.

Sincerely,

..........................

By ...................................................
Name .......................................
Title ..........................................

cc: Deutsche Bank A.G., New York Branch, as Custodian Agent.

Version: 1st Communication "A" 3290 Validity:
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CONSOLIDATED TEXT ORIGIN STANDARD
Section Point Paragraph Com. Annex Point Paragraph Observations
2. 2.1.4. "A" 2422 sole 3.1.10. According to Com. "A" 2648, "A"
3231 and "A" 3274.
2. 2.1.5. "A" 2422 sole 3.1.3. According to Com. "A" 2663 and "A"
3274.
2. 2.1.6. "A" 2422 sole 3.1.8. According to Com. "A" 2648 and "A"
3274.
2. 2.1.7. "A" 2422 sole 3.1.11. According to Com. "A" 2648, 2705
and "A" 3274.
2. 2.1.8. "A" 2422 sole 3.1.9. According to Com. "A" 2648 and "A"
3274.
2. 2.1.9. "A" 2422 sole 3.1.5. According to Com. "A" 2663, 2648
and "A" 3274.
2. 2.1.10. "A" 2422 sole 3.1.7. According to Com. "A" 2648 and "A"
3274.
2. 2.1.11 "A" 3274
2. 2.1.12. "A" 3274
2. 2.2. "A" 2422 sole 3. 1st and 2nd According to Com. "A" 2663,
2833, 2915, 3195, 3246 and
3274.
2. 2.3. "A" 2422 sole 3.2. According to Com. "A" 2705, 2817
and 3274.
3. 3.1.1. "A" 2422 sole 5. According to Com. "A" 2490,
modified by Com. "A"
2833 and 2915.
3. 3.1.2. "A" 2422 sole 5. According to Com. "A" 2490.
3. 3.1.3. "A" 2422 sole 5. According to Com. "A" 2490 and "A"
3100.
3. 3.1.4. "A" 2422 sole 5. According to Com. "A" 2490 and "A"
3274.
"B" 5159
3. 3.2.1. "A"3274
3. 3.2.2. "A" 2895 According to Com. "A" 2991 and "A"
3274.
3. 3.3. "A" 2833 2. According to Com. "A" 2895 and "A"
3274.
3. 3.3.2. "A" 2833 According to "A" 3274.
4. 4.1. Explicit criterion.
5. "A" 2422 sole 6. According to Com. "A" 2490, with
interpretative clarification.
6. 6.1. "A" 2422 sole 3.3. According to Com. "A" 2705, 2694
and "A" 3274.
6. 6.2. "A" 2422 sole 8. According to Com. "A" 3274.
6. 6.3. "A" 2422 sole 9. According to Com. "A" 2648 and "A"
3112.
6. 6.4. "A" 3132 sole
6. 6.5. "A" 3290
7. 7.1. "A" 3251 According to Com. "A" 3274.

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