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Established Default of acceptance on the basis of final denial of service (§ 296 BGB)

(2) Auch die Feststellungsanträge are justified. The defendant has made all the proceedings relate Notes underlying payment periods after cessation of their payment at the end of 2001, pass and declared they would no longer make payments. In accordance herewith, the defendant has also extended its emergency legislation from year to year and, following an exchange program generally explained in principle on bonds of the old type do not provide payments to want more. This intention was manifested in particular by draft legislation relating to the convertible securities authorized that were not in the context of the exchange program submitted for exchange. In such a situation it needs to justify any further delay in acceptance of conditions, in particular no longer offer the applicant (§ 296 BGB).

changes in this, of objection by the defendant, after which the suspension of payments was due to their state of national emergency. In view of the above-cited case law of the OLG Frankfurt am Main, followed by the trial court in both the result and in the ground, it is clear that the defendant, at least since June 2O06 no longer in the state of emergency is. If you follow the reasoning International Centre for Settlement of Investment Disputes, which is the state of national emergency by the defendant in time to the period between 1 December 2001 to 26 April was limited in 2003, is already available since mid-2003, no state of emergency more. At least since the summer of 2006, if not since the summer of 2003, the defendant would have those at issue bonds therefore have to operate, so it is at least since June 2006 in arrears. The dispute between the parties whether the applicant has submitted the defendant needs an effective offer, against this background, no final clarification.

pages 20/21 of the Judgement 32 C 3519/06-18 get 1.6.2007

order to accept delivery on this model in your opinion, you should click the "law bars" indicate. The best of the supplements 2 and 3 of the "Ungebotsprospekt. If you do not have these supplements, so call me: 06151 / 14 77 94)

(Addendum No. 2 of 5 February 2005 pursuant to § 11 of the Securities Sales Prospectus Act to the Prospectus dated 28 December 2004 and Supplement No. 3 to § 11 Securities Prospectus Act of the Argentine Republic on 19 February 2005 on the already published prospectus dated 28 December 2004, Supplement No. 1 dated 1 February 2005 and the Addendum No. 2 of 5 February 2005)