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8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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LGN EL - :6111:?>.6
JU O-MFEI
\g; E^LF Nrolet Lorevftevos LotormebftegbsNgmmettoo (Fmorenfs)
Lfto; Fu`ust 6, :366, :366,
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:36
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655:). Fr`obtebfs fntegbs hfvo lgbo kust thes; roblorol poragrmfbno ublor thoer ngbtrfnt
empgssejio fbl thus oaaontevoiy ropulefteb` tho ngbtrfnt. ^oo Ngmputor Sgssejeieteos _biemetol,Ebn. v. Mgjei Gei Ngrp.,>36 F.L.:l 03, 08 (6st Lopt :33:), (aebleb` ropuleftegb whoro pifebteaa
hfl roblorol ets poragrmfbno empgssejio jy sonrotiy obtoreb` ebtg fb f`roomobt weth f therl-
pfrty lestrejutgr thft `fvo tho lestrejutgr ngmpioto ngbtrgi gvor tho prenos tg jo nhfr`ol agr tho
prglunt.) (fttfnhol horotg fs Ox. E)4 Setnhor v. JoblorsgbPfebjor` Fssgn. EE, Itl Sshep,:00F.L.:l ?81, ?8188 (>l Lopt :333) (pifebteaas ropuleftol f rostfurfbt iofso jy ebagrmeb` tho
ifbligrl thft thoer rostfurfbt must nofso gporftegbs jy f nortfeb lfto, nigsol tho rostfurfbt4 fbl
sgil ngbselorfjio oquepmobt jy thft lfto) (fttfnhol horotg fs Ox. K).
Peth ro`frl tg whothor Fr`obtebf hfs lonifroTl] gr empgsoTl] f mgrftgreum, stfblsteii,
rgiigvor gr loaorrfi, whothor lo afntg gr lo kuro, et es niofr thft sunh f rosuit hfs joob sftesaeol.
Et es empgrtfbt tg bgto horo thft tho wgrls lonifros fbl empgsos fro usol lesngbkubntevoiy,
mofbeb` oethor nfb sftesay thes ngbletegb. Jfsol gb f rofleb` ga tho pifeb ifb`uf`o ga tho E LFLoaebetegbs (fs roquerol jy fii Fmorenfb kureslentegbs), Fr`obtebfs ngblunt sftesaeos thes
ngbletegb jy moroiy lonifreb` f lo afntg mgrftgreum. \hes ifb`uf`o niofriy nroftos f nrolet
ovobt joagro f agrmfi, oxpienet mgrftgreum es empgsol jy Fr`obtebf. Jy ets `gvorbmobtgaaenefis pujien stftomobts thft et nfbbgt fbl thus weii bgt jo pfyeb` ets gjie`ftegbs ublor tho
lojt, Fr`obtebf hfs lonifrol f lo afntg mgrftgreum gb ets pfymobts ga agroe`b lojt. ^unh f
aebleb` es suppgrtol jy tho niofr pgieny rofsgbs omjollol eb tho wgrleb` ga thes sontegb ga thoE^LF Loaebetegbs; et `evos resd-juyors prgtontegb joagro f ngubtry hfs fntufiiy empgsol fb
oxpienet, io`fi mgrftgreum gb pfymobts.
Oxfmpios ga lo afntg mgrftgref nfb jo ignftol eb ebtorbftegbfi ifw eb ngmpfrfjio
ngbtoxts. Eb afnt, Fr`obtebf, etsoia, figb` weth tho _betol ^tftos fbl Nfbflf, fr`uol eb f P\Glesputo f`febst tho Ourgpofb _begb thft tho O_ hfs ebstetutol f lo afntg mgrftgreum gb tho sfio
ga nortfeb jegtonh prglunts eb tho O_. \ho O_ lobeol fby sunh mgrftgreum oxestol. \ho P\Gagubl thft tho O_'s ubbonossfry loify eb fpprgveb` tho prglunts agr uso eb Ourgpo ngbstetutol f
lo afntgmgrftgreum, fbl agubl agr Fr`obtebf. ^oo Ox.D. \ho sfmo fbfiyses shguil fppiy horo;
Fr`obtebfs fntegbs fbl stftomobts oaaontevoiy fmgubt tg f mgrftgreum gb ets pfymobt ga pujienlojt, ovob thgu`h bg gaaenefi io`fi fnt provobts Fr`obtebf argm mfdeb` thoso pfymobts.
* * *
Jfsol gb tho agro`geb`, thoro nfb jo bg quostegb thft whob ngbselorol eb ngmjebftegbweth ets Kuiy >6, :36< afeiuro tg pfy, Fr`obtebf's ngblunt ngbstetutos f Zopuleftegb/Mgrftgreum
nrolet ovobt. Po thfbd tho Ngmmettoo agr ets ngbselorftegb ga thes iottor.
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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LGN EL - :6111:?>.6
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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OXHEJE\ F
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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Oxhejet F; http;//www.jiggmjor`.ngm/bows/:366/fr`obtebf-s-loafuit-nignd-rubs-gut-fs-
lojt-tfids-ngiifpso.htmi
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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OXHEJE\ J
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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Oxhejet J; http;//gbiebo.wsk.ngm/frtenios/fr`obtebf-jgbls-reso-tg-muiteyofr-he`hs-gb-prgspont-
ga-lofi-6
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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OXHEJE\ N
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MOMGZFBL_M
JU O-MFEI
\g; E^LF Nrolet Lorevftevos LotormebftegbsNgmmettoo (Fmorenfs)
Lfto; Kubo :3, :363 ebtorost pfymobt eb fnngrlfbno
weth tho io`fi torms (tho "Kubo 60 Lonifrftegb").-553, WW _.^. WW (:36l :3 Lojt Sfymobt Fator Ngurt
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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Kubo :3, :36
fs ngbaermol jy Deneiigas stftomobt gb Kubo 68, ngbstetutos f Sgtobtefi Zopuleftegb/Mgrftgreum
ovobt.0
V_O^\EGB SG^OL
Gur nieobt ("NL^ Hgilor") nurrobtiy es f juyor ga f Nrolet Lorevftevos \rfbsfntegb thft es
jfsol upgb tho ^tfblfrl Ifteb Fmorenfb ^gvoroe`b prgvesegbs eb tho Nrolet Lorevftevos Shysenfi
^ottiomobt Mftrex (tho "NL^ Ngbtrfnt"), whenh es snholuiol tg tormebfto gb Kubo :3, :36< (tho
"^nholuiol \ormebftegb Lfto"). \ho NL^ Hgilor mfebtfebs thft tho Nrolet Lorevftevos
Lotormebftegbs Ngmmettoo (tho "Lotormebftegbs Ngmmettoo") shguil Zosgivo fb ovobt thft
ngbstetutos f Sgtobtefi Zopuleftegb/Mgrftgreum agr purpgsos ga tho roiovfbt Nrolet Lorevftevo
\rfbsfntegb hfs gnnurrol (thorojy ostfjiesheb` thft f Zopuleftegb/Mgrftgreum Oxtobsegb
Ngbletegb hfs joob sftesaeol).
LE^N_^^EGB
F. Fr`obtebf's ^tftomobts Moot tho Loaebetegb ga f Sgtobtefi Zopuleftegb/Mgrftgreum
Fr`obtebf's Kubo 60 Lonifrftegb ga ets ebtobtegb bgt tg mfdo tho Kubo >3 ebtorost
pfymobts8gb Gjie`ftegbs eb fnngrlfbno weth tho io`fi torms es f lo afntgmgrftgreum gr
stfblsteii sunh thft f Sgtobtefi Zopuleftegb/Mgrftgreum hfs gnnurrol. ^ontegb
Nrolet Lorevftevos Loaebetegbs loaebos f Zopuleftegb/Mgrftgreum Nrolet Ovobt fs agiigws;
T\]ho gnnurrobno ga jgth ga tho agiigweb` ovobts; (e) fbfuthgrezol gaaenor ga f Zoaorobno Obtety gr f @gvorbmobtfiFuthgrety (x) lesfaaerms, lesnifems, ropuleftos gr rokonts, ebwhgio gr eb pfrt, gr nhfiiob`os tho vfielety ga, gbo gr mgroGjie`ftegbs eb fb f``ro`fto fmgubt ga bgt ioss thfb tho Loafuit
Zuieb`." Jiggmjor`, Kubo 68, :363, :363< meiiegb _^L oquevfiobt fisg tg jo pfel gb Kubo >3 weth rospont tgjgbls lobgmebftol eb Ourg fbl Uob. Loafuit throshgil fmgubts pifebiy fro mot.
8/12/2019 Argentina Default ISDA CDS Memo From Counsel to CDS Issuer 1 August 2014
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Kubo :3, :36 \g eiiustrfto
gbo oxfmpio, K.S. Mgr`fbs Kubo 65 Ifteb Fmorenfb Omor`eb` Mfrdots Zosofrnh peono (fttfnhol
horotg fs Oxhejet
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Kubo :3, :36