S 197
Status
The debt securities will be direct, unconditional, unsecured and unsubordinated obligations of
Argentina and will rank pari passu and without preference among themselves. Argentina's payment
obligations under the debt securities will rank at least equally with all its other present and future
unsecured and unsubordinated External Indebtedness (as deÑned under ""Negative Pledge'' below).
aus dem italy-prospet des argy-umtusches 2004/2005:
4. Ordine di Soddisfazione e Impegno di Negative pledge. (a) I Titoli rappresenteranno obblighi
diretti, incondizionati, non garantiti e non subordinati della Repubblica. Ciascuna Serie sarà pari passu con
ciascuna delle altre Serie, senza alcuna preferenza dell’una sull’altra per priorità cronologica di emissione, valuta
di Pagamento o per qualsiasi altra causa, e quantomeno di pari grado con tutto il restante Indebitamento Esterno
(come di seguito definito) della Repubblica presente e futuro, non garantito e non subordinato
hier fehlt die explicite erstreckung der pari passu clause auf die zahlungsverpflichtungen !!!
aus dem deutsch-prospet des argy-umtusches 2004/2005:
S 119
Status und Negativerklärung
Die Neuen Wertpapiere begründen direkte, unbedingte, unbesicherte und nicht nachrangige
Verpflichtungen von Argentinien und sind untereinander gleichberechtigt und ohne Vorzug.
Die Zahlungsverpflichtungen von Argentinien gemäß den Neuen Wertpapieren sind mindestens gleichrangig mit allen anderen gegenwärtigen und zukünftigen unbesicherten und nicht nachrangigen Auslandsverbindlichkeiten.
aus dem us-prospekt S 117 des umtausches 2010:
Seniority
The New Securities governed by New York law and English law will constitute the direct, unconditional, unsecured and unsubordinated obligations of Argentina and will rank pari passu and without preference among themselves by reason of priority of date of issue or currency of payment or otherwise, and at least equally with all of Argentina’s other present and future unsecured and unsubordinated External Indebtedness (as defined under “Description of the New Securities—Negative Pledge” below).
hier fehlt die explicite erstreckung der pari passu clause auf die zahlungsverpflichtungen !!!
den umtauschanleihen nach argyrecht fehlen wichtige zusicherungen
aus dem us-prospekt 2010 S 42
Absence of Certain Covenants or Events of Default under New Securities Governed by Argentine Law...................
New Securities governed by Argentine law will be issued under an Argentine government decree that will not contain certain covenants granted to holders of New Securities governed by New York law or English law. Argentina will have no obligation with respect to New Securities governed by Argentine law to pay additional amounts for any withholding of Argentine taxes, duties or assessments on payments of principal, interest or other amounts on such New Securities. Nor will New Securities governed by Argentine law include certain of the covenants set forth in this Prospectus, such as the negative pledge or pari passu clause, or contain events of default.
aus dem megacanje mai 2001:
Status
The debt securities will be direct,
unconditional, unsecured and unsubordinated
obligations of Argentina and will rank pari
passu and without preference among
themselves. Argentina has pledged its full faith
and credit to make all payments of principal and
interest on the debt securities when due and to
perform all the covenants in the debt securities.
Argentina’s payment obligations under the debt
securities will rank at least equally with all its
other present and future unsecured and
unsubordinated External Indebtedness (as
defined under “Negative Pledge” below).
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