UNITED STATES DISTRICT COURT 

DISTRICT OF PUERTO RICO 

IN RE: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of 

THE COMMONWEALTH OF PUERTO RICO, et al.,

Debtors.1

PROMESA

Title III 

No. 17 BK 3283-LTS 

(Jointly Administered) 

IN RE: 

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO RICO, 

as representative of 

THE EMPLOYEES RETIREMENT SYSTEM OF 

THE GOVERNMENT OF THE COMMONWEALTH 

OF PUERTO RICO, 

Debtor.

PROMESA

Title III 

No. 17 BK 3566-LTS 

[This document relates to ERS Title III 

Case only]

STIPULATION CONSENTING TO FILING OF CONTINUATION STATEMENTS 

1

 The Debtors in these Title III Cases, along with each Debtor’s respective Title III case number and 

the last four (4) digits of each Debtor’s federal tax identification number, as applicable, are the (i) the 

Commonwealth of Puerto Rico (Bankruptcy Case No. 17 BK 3283-LTS) (Last Four Digits of Federal 

Tax ID: 3481); (ii) Puerto Rico Sales Tax Financing Corporation (“COFINA”) (Bankruptcy Case No. 

17 BK 3284-LTS) (Last Four Digits of Federal Tax ID: 8474); (iii) Puerto Rico Highways and 

Transportation Authority (“HTA”) (Bankruptcy Case No. 17 BK 3567-LTS) (Last Four Digits of 

Federal Tax ID: 3808); (iv) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17 BK 3566-LTS) (Last Four Digits 

of Federal Tax ID: 9686); and (v) Puerto Rico Electric Power Authority (“PREPA”) (Bankruptcy 

Case No. 17 BK 4780-LTS) (Last Four Digits of Federal Tax ID: 3747) (Title III case numbers are 

listed as Bankruptcy Case numbers due to software limitations). 

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This stipulation (the “Stipulation”) is made as of May 17, 2018, among The Bank 

of New York Mellon (the “Fiscal Agent”), as fiscal agent, The Financial Oversight and 

Management Board for Puerto Rico (the “Oversight Board”), and the Puerto Rico Fiscal Agency 

and Financial Advisory Authority (“AAFAF”), as the entity authorized to act on behalf of the 

Employees Retirement System of the Government of the Commonwealth of Puerto Rico 

(“ERS”) pursuant to the authority granted to it under the Enabling Act of the Fiscal Agency and 

Financial Advisory Authority, Act 2-2017 (collectively, the “Parties”).

RECITALS 

 WHEREAS, the Fiscal Agent serves as fiscal agent under the Pension Funding

Bond Resolution (as supplemented, the “Resolution”), adopted by ERS on January 24, 2008, 

pursuant to which ERS issued several series of pension funding bonds (collectively, the 

“Bonds”);

WHEREAS, the Resolution provides that payment of the principal and interest 

on the Bonds and certain other amounts due under the Resolution are to be secured by, among 

other things, a security interest in the Pledged Property (as defined in the Resolution);

WHEREAS, on or about June 24, 2008, a UCC-1 financing statement (File No. 

2009001812) was submitted to the Puerto Rico Department of State (the “June 2008 Financing 

Statement”), referencing the Fiscal Agent’s security interest in the Pledged Property; 

WHEREAS, on or about July 2, 2008, a UCC-1 financing statement (File No. 

2009001811) was submitted to the Puerto Rico Department of State (the “July 2008 Financing 

Statement”) referencing the Fiscal Agent’s security interest in the Pledged Property; 

WHEREAS, on or about December 17, 2015 and January 29, 2016, purported 

amendments (File Nos. 2009001811 and 2009001812, respectively) to the June 2008 Financing 

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Statement and the July 2008 Financing Statement (collectively, the “Financing Statements”) 

were submitted to the Puerto Rico Department of State; 

WHEREAS, on May 21, 2017, ERS, by and through the Oversight Board, as 

ERS’s representative pursuant to section 315(b) of the Puerto Rico Oversight, Management, and 

Economic Stability Act, 48 U.S.C. § 2101 et seq. (“PROMESA”), filed a petition under title III 

of PROMESA in the United States District Court for the District of Puerto Rico (the “Court”);

WHEREAS, on July 21, 2017, ERS filed a complaint (the “ERS Action”) 

seeking, among other things, declaratory relief regarding the effectiveness, enforceability, extent, 

perfection, and priority of the prepetition and postpetition liens and security interests asserted by 

certain bondowners with respect to the Bonds;

WHEREAS, on July 27, 2017, Altair Global Credit Opportunities Fund (A) LLC 

and others filed a complaint (the “Altair Action” and, together with the ERS Action, the 

“Actions”) seeking, among other things, a declaration that the bondowners are secured creditors 

of ERS;

WHEREAS, the parties to the Actions disagree with regard to the effectiveness, 

enforceability, extent, perfection, and priority of the prepetition and postpetition liens and 

security interests asserted with respect to the Bonds and the Financing Statements; 

WHEREAS, the Fiscal Agent requested that ERS file UCC-3 continuation 

statements with respect to the June 2008 Financing Statement and the July 2008 Financing 

Statement 60 days before June 24, 2018, because it is the Fiscal Agent’s position that such a 

filing is necessary to ensure that any liens and security interests, if perfected, remain perfected 

and that the Fiscal Agent is not prejudiced by the absence of such filing if the Court determines 

that the security interests are effective, enforceable, and perfected; 

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WHEREAS, by letter dated February 1, 2018, AAFAF stated its position to the 

Fiscal Agent that no UCC continuation statements should be filed until the Court issues a ruling 

in the Actions and determines whether the asserted security interests, if effective, enforceable, 

and perfected, were continuously perfected before the filing of the ERS Title III petition; 

otherwise, the filing of such continuation statements would violate the automatic stay of section 

362 of the Bankruptcy Code, as made applicable to ERS’s title III proceeding by section 301 of 

PROMESA; and finally 

WHEREAS, the Parties desire to avoid any unnecessary litigation with respect to 

the submission of a UCC-3 continuation statement. 

NOW THEREFORE, IT IS HEREBY STIPULATED AND AGREED, by 

and among the Fiscal Agent, the Oversight Board, and AAFAF, through their counsel, each 

whom represent and warrant they possess the requisite authority to bind the respective Parties 

hereto, as follows: 

1. The Oversight Board and AAFAF agree that they shall not assert that the

submission of the UCC-3 continuation statements attached hereto as Exhibit A (the 

“Continuation Statements”) to the Puerto Rico Department of State constitutes a violation of the 

automatic stay. 

2. Notwithstanding the submission of the Continuation Statements the

Oversight Board and AAFAF each expressly reserves the right to dispute the effectiveness, 

enforceability, extent, perfection, and priority of any prepetition and postpetition liens and 

security interests asserted with respect to the Bonds and the Financing Statements and any 

continuation statements related thereto, including the Continuation Statements. 

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3. Neither this Stipulation, nor the consent provided for herein, nor any

statement made, action, or position taken, or document prepared or executed in connection with 

the negotiation, execution, or implementation of this Stipulation (including the submission of the 

Continuation Statements to Puerto Rico Department of State) shall: (i) prejudice any claims or 

defenses asserted in the Actions; (ii) be used in any manner in the Actions; or (iii) be deemed to 

be, or construed as, (a) an admission by any party of any liability, wrongdoing, act, or matter or 

that any argument or defense has or lacks merit; or (b) a waiver of AAFAF’s or the Oversight 

Board’s right to challenge, dispute, or contest the effectiveness, enforceability, extent, perfection, 

and priority of any prepetition and postpetition liens and security interests asserted with respect 

to the Bonds or the Financing Statements and any continuation thereof, including the 

Continuation Statements, or to assert any related rights, claims, or defenses. 

4. Each of the Parties represent and warrant that they are properly and fully

empowered to enter into and execute this Stipulation, which they know of no contractual 

commitment or legal limitation of, impediment to, or prohibition against their entry into this 

Stipulation, and that the Stipulation is legal, valid, and binding upon them. 

5. This Stipulation contains the entire agreement by and between the Parties

with respect to the subject matter hereof, and all prior understandings or agreements, if any, are 

merged into this Stipulation. 

6. This Stipulation shall be construed and interpreted in accordance with the

laws of the Commonwealth of Puerto Rico. For purposes of construing this Stipulation, neither 

of the Parties shall be deemed to have been the drafter of the Stipulation.

7. Electronic copies of signatures on this Stipulation are acceptable, and an

electronic copy of a signature on this Stipulation is deemed an original. This Stipulation may be 

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executed in counterparts, each of which is deemed an original, but when taken together constitute 

one and the same document. 

8. This Stipulation may not be modified other than by a signed writing

executed by the Parties hereto.

9. The Court shall retain jurisdiction to hear any matters or disputes arising

from or relating to this Stipulation. 

10. This Stipulation shall be immediately effective and enforceable upon

approval by the Court. 

IN WITNESS WHEREOF and in agreement herewith, by and though their 

counsel, the Parties have executed and delivered this Stipulation on May 17, 2018.

[Remainder of page intentionally left blank]

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Dated: May 17, 2018 

San Juan, Puerto Rico

Respectfully submitted, 

SEPULVADO, MALDONADO & COURET 

/s/ Albéniz Couret-Fuentes 

Elaine Maldonado-Matías 

USDC-PR No. 217309 

Albéniz Couret-Fuentes 

USDC-PR Bar No. 222207 

José Javier Santos Mimoso 

USDC-PR Bar No. 208207 

252 Ave. Ponce de León, Suite 1900 

Citibank Tower San Juan, PR 00918 

Telephone: (787) 765-5656 

Facsimile: (787) 294-0073 

Email: emaldonado@smlawpr.com 

Email: acouret@smlawpr.com 

Email: jsantos@smlawpr.com 

REED SMITH LLP 

Eric A. Schaffer (pro hac vice)

Luke A. Sizemore (pro hac vice)

225 Fifth Avenue, Suite 1200 

Pittsburgh, PA 15222 

Telephone: (412) 288-3131 

Facsimile: (412) 288-3063 

Email: eschaffer@reedsmith.com 

Email: lsizemore@reedsmith.com 

REED SMITH LLP 

Kurt F. Gwynne (pro hac vice)

1201 N. Market Street, Suite 1500 

Wilmington, DE 19801 

Telephone: (302) 778-7550

Facsimile: (302) 778-7575 

Email: kgwynne@reedsmith.com 

Counsel for The Bank of New York Mellon, as

Fiscal Agent 

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Dated: May 17, 2018 

San Juan, Puerto Rico

Respectfully submitted, 

/s/ Suzzanne Uhland 

John J. Rapisardi 

Suzzanne Uhland 

Peter Friedman 

William J. Sushon 

(Admitted Pro Hac Vice) 

O’MELVENY & MYERS LLP 

7 Times Square 

New York, NY 10036 

Tel: (212) 326-2000 

Fax: (212) 326-2061 

Attorneys for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority 

MARINI PIETRANTONI MUÑIZ LLC 

/s/ Luis C. Marini-Biaggi 

Luis C. Marini-Biaggi 

USDC No. 222301

MCS Plaza, Suite 500 

255 Ponce de León Ave. 

San Juan, Puerto Rico 00917 

Tel: (787) 705-2171 

Fax: (787) 936-7494 

Attorneys for the Puerto Rico Fiscal 

Agency and Financial Advisory Authority 

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Dated: May 17, 2018 

San Juan, Puerto Rico

Respectfully submitted,

/s/ Paul V. PRssinger

Martin J. Bienenstock (pro hac vice) 

Paul V. Possinger (pro hac vice) 

Ehud Barak (pro hac vice) 

Maja Zerjal (pro hac vice) 

PROSKAUER ROSE LLP 

Eleven Times Square 

New York, NY 10036 

Tel: (212) 969-3000 

Fax: (212) 969-2900 

Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

/s/ Hermann D. Bauer 

Hermann D. Bauer 

USDC No. 215205 

O’NEILL & BORGES LLC 

250 Muñoz Rivera Ave., Suite 800 

San Juan, PR 00918-1813 

Tel: (787) 764-8181 

Fax: (787) 753-8944 

Co-Attorneys for the Financial Oversight and 

Management Board as representative for the 

Debtor

SO ORDERED. 

 /s/ Laura Taylor Swain 

LAURA TAYLOR SWAIN

United States District Judge

Dated: May 17, 2018

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EXHIBIT A 

Continuation Statements 

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Case:17-03283-LTS Doc#:3087 Filed:05/17/18 Entered:05/17/18 14:27:10 Desc: Main

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