Document:

<PAGE>

                                                                     Exhibit 4.1

                       FORM OF RESTRUCTURED LOAN FACILITY

                                as evidenced by

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                             NOTE PURCHASE AGREEMENT

                                   DATED AS OF

                                 APRIL 27, 2004

                                      AMONG

                      BANCO DE GALICIA Y BUENOS AIRES S.A.,

                                   AS ISSUER,

                               BARCLAYS BANK PLC,

                             AS DOCUMENTATION AGENT,

                   THE HOLDERS PARTY HERETO FROM TIME TO TIME,

                                       AND

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,

                                    AS AGENT

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                                TABLE OF CONTENTS

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ARTICLE I    DEFINITIONS........................................................................................       2

         Section 1.1.          Defined Terms....................................................................       2
         Section 1.2.          Terms Generally..................................................................      26
         Section 1.3.          Accounting Terms; Accounting Principles..........................................      26

ARTICLE II   THE RESTRUCTURED DOLLAR NOTES......................................................................      27

         Section 2.1.          Elections for Exchange of Original Dollar Loans..................................      27
         Section 2.2.          The Long-Term Dollar LIBOR Notes.................................................      28
         Section 2.3.          The Long-Term Dollar Fixed Rate Notes............................................      29
         Section 2.4.          The Medium-Term Dollar LIBOR Notes...............................................      29
         Section 2.5.          The Medium-Term Dollar Fixed Rate Notes..........................................      29
         Section 2.6.          The Subordinated Dollar LIBOR Notes..............................................      29
         Section 2.7.          The Subordinated Dollar Fixed Rate Notes.........................................      30
         Section 2.8.          Effect of Effective Date and Exchange............................................      30
         Section 2.9.          Repayment of Long-Term Dollar Notes..............................................      30
         Section 2.10.         Repayment of Medium-Term Dollar Notes............................................      31
         Section 2.11.         Repayment of Subordinated Dollar Notes...........................................      31
         Section 2.12.         Repayment of Subordinated Dollar PIK Notes.......................................      31
         Section 2.13.         Evidence of Debt.................................................................      32
         Section 2.14.         Notes............................................................................      32
         Section 2.15.         Subordination....................................................................      34

ARTICLE III  GENERAL PROVISIONS APPLICABLE TO THE RESTRUCTURED DOLLAR NOTES.....................................      32

         Section 3.1.          Optional Prepayment of Restructured Dollar Notes.................................      32
         Section 3.2.          Mandatory Prepayment of Restructured Dollar Notes................................      35
         Section 3.3.          Interest.........................................................................      37
         Section 3.4.          Agent's Fees.....................................................................      39
         Section 3.5.          Alternate Rate of Interest.......................................................      39
         Section 3.6.          Increased Costs, Etc.............................................................      40
         Section 3.7.          Illegality.......................................................................      41
         Section 3.8.          Taxes............................................................................      41
         Section 3.9.          Payments Generally; Pro Rata Treatment...........................................      43
         Section 3.10.         Sharing of Payments, Etc.........................................................      44

ARTICLE IV   REPRESENTATIONS AND WARRANTIES.....................................................................      45

         Section 4.1.          Organization; Powers.............................................................      45
         Section 4.2.          No Conflicts.....................................................................      45
         Section 4.3.          Due Authorization; Enforceability................................................      46
         Section 4.4.          No Additional Authorization, Etc.................................................      46
         Section 4.5.          Compliance with Law..............................................................      46
         Section 4.6.          Properties.......................................................................      46
         Section 4.7.          Material Litigation..............................................................      46
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                                TABLE OF CONTENTS
                                   (continued)

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         Section 4.8.          Civil and Commercial Law; No Immunity............................................      46
         Section 4.9.          Taxes............................................................................      46
         Section 4.10.         Withholding Taxes................................................................      47
         Section 4.11.         Full Disclosure..................................................................      47
         Section 4.12.         Proper Legal Form; Immunity......................................................      47
         Section 4.13.         Pari Passu Ranking...............................................................      47
         Section 4.14.         Investment Company Act...........................................................      48
         Section 4.15.         Financial Statements.............................................................      48
         Section 4.16.         Transaction Documents............................................................      48
         Section 4.17.         Surviving Debt...................................................................      48
         Section 4.18.         Existing Liens...................................................................      48
         Section 4.19.         Material Adverse Effect..........................................................      48
         Section 4.20.         Insolvency.......................................................................      48
         Section 4.21.         Insurance........................................................................      48
         Section 4.22.         Labor Disputes...................................................................      49

ARTICLE V    CONDITIONS TO EFFECTIVENESS........................................................................      49

         Section 5.1.          Conditions Precedent to Effectiveness............................................      49

ARTICLE VI   COVENANTS OF THE ISSUER............................................................................      53

         Section 6.1.          Affirmative Covenants............................................................      53
         Section 6.2.          Reporting Covenants..............................................................      56
         Section 6.3.          Financial Covenants..............................................................      58
         Section 6.4.          Negative Covenants...............................................................      58

ARTICLE VII  EVENTS OF DEFAULT..................................................................................      63

         Section 7.1.          Acceleration after Default.......................................................      63
         Section 7.2.          Events of Default................................................................      63

ARTICLE VIII THE AGENT AND THE DOCUMENTATION AGENT..............................................................      68

         Section 8.1.          Authorization and Action.........................................................      68
         Section 8.2.          Agents' Reliance, Etc............................................................      68
         Section 8.3.          Agent, Documentation Agent and Affiliates........................................      70
         Section 8.4.          Holder Credit Decision...........................................................      70
         Section 8.5.          Indemnification..................................................................      71
         Section 8.6.          Successor Agent..................................................................      72
         Section 8.7.          Documentation Agent..............................................................      72

ARTICLE IX   MISCELLANEOUS......................................................................................      72

         Section 9.1.          Notices..........................................................................      72
         Section 9.2.          No Waiver; Remedies; Amendments; Etc.............................................      73
         Section 9.3.          Costs and Expenses; Indemnity; Damage Waiver.....................................      74
         Section 9.4.          Assignments; Participations......................................................      76
         Section 9.5.          Holders' Representation..........................................................      79
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                                TABLE OF CONTENTS
                                   (continued)

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         Section 9.6.          Survival.........................................................................      79
         Section 9.7.          Counterparts; Effectiveness......................................................      79
         Section 9.8.          Severability.....................................................................      79
         Section 9.9.          Right of Setoff..................................................................      80
         Section 9.10.         Jurisdiction; Consent to Service of Process......................................      80
         Section 9.11.         WAIVER OF JURY TRIAL.............................................................      81
         Section 9.12.         Judgment Currency................................................................      81
         Section 9.13.         Waiver of Sovereign Immunity.....................................................      82
         Section 9.14.         English Language.................................................................      82
         Section 9.15.         Headings.........................................................................      83
         Section 9.16.         Confidentiality..................................................................      83
         Section 9.17.         GOVERNING LAW....................................................................      83
         Section 9.18.         Actions Consistent with this Agreement...........................................      83
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                                      -iii-
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SCHEDULES:

I                  Existing Bonds and Existing Bank Debt
II                 Escasany, Ayerza and Braun Family Members
III                Holder Addresses
IV                 Original Dollar Loan Agreements
V                  Real Estate
2.1                Proration and Reallocation Procedure
4.17               Surviving Debt
4.18               Existing Liens
5.1(b)(ii)         Effective Date Interest Amounts

EXHIBITS:

A                  Form of APE
B                  Form of Assignment and Acceptance
C                  Form of Allocation Notice
D-1                Form of Argentine Note
D-2                Form of U.S. Note
E                  Form of Election Notice
F                  Form of Closing Certificate
G                  Form of Certificate of Incumbency and Authority
H                  Form of Process Agent Letter
I                  Form of Auditor Authorization

                                       iv

<PAGE>

                                      -iv-

      NOTE PURCHASE AGREEMENT, dated as of April 27, 2004 (as amended,
supplemented or otherwise modified from time to time, this "Agreement"), among
BANCO DE GALICIA Y BUENOS AIRES S.A., a sociedad anonima organized under the
laws of the Republic of Argentina (the "Issuer"), the holders from time to time
parties hereto (the "Holders"), DEUTSCHE BANK TRUST COMPANY AMERICAS, as agent
for the Holders (in such capacity, together with any successor Agent appointed
pursuant to Article VIII, the "Agent") and BARCLAYS BANK PLC, as Documentation
Agent (in such capacity, the "Documentation Agent").

                                    RECITALS

      WHEREAS, the Issuer desires to restructure simultaneously its existing
Debt (as defined below) under (i) the Existing Bonds (as defined below), and
(ii) the Existing Bank Debt (as defined below) including, inter alia, the
Original Dollar Loans (as defined below) (collectively, the "Restructuring");

      WHEREAS, as part of the Restructuring, the Issuer and the Holders wish to
restructure in their entirety the terms and conditions applicable to the
Original Dollar Loans (i) in the form of (A) long-term Dollar-denominated notes,
(B) medium-term Dollar-denominated notes, and/or (C) subordinated
Dollar-denominated notes, and (ii) in connection therewith, to the extent
applicable, to receive (A) BODEN (as defined below), (B) Preferred Shares (as
defined below), and/or (C) cash in Dollars, and to terminate all applicable
obligations in connection with the Original Dollar Loan Agreements in accordance
with Section 2.8 hereof;

      WHEREAS, the Issuer is issuing Restructured Dollar Notes (as defined
below);

      NOW, THEREFORE, in consideration of the promises and the mutual covenants
and agreements contained herein, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree in accordance with the terms
hereof and effective as of the Effective Date:

                                   ARTICLE I

                                   Definitions

      Section 1.1 Defined Terms. As used in this Agreement, the following terms
have the meanings specified below:

      "Accounting Principles" means the accounting principles generally accepted
in the Country, including without limitation the rules and regulations of the
Central Bank, in effect from time to time, establishing accounting principles
for financial institutions, including without limitation the Issuer, in the
Country, applied on a consistent basis.

      "Additional Amounts" means any amounts, other than principal and interest,
owed by the Issuer to the Holders under the applicable Financing Agreements to
which the Holders are a party.

<PAGE>

      "Adjusted Principal Amount" means with respect to any of the Original
Dollar Loans, the sum of (i) the outstanding principal amount of the respective
Original Dollar Loans as of April 30, 2002, plus (ii) accrued and unpaid
interest on such respective Original Dollar Loans from and including May 1, 2002
to and including December 31, 2003 at a rate per annum equal to four and
three-quarters percent (4.75%), without giving effect to any default interest
provision provided for in the Original Dollar Agreements, as applicable.

      "Affiliate" means a Person who directly or indirectly through one or more
intermediaries Controls or is Controlled by, or is under common Control with,
the Issuer.

      "Affiliate Transactions" means any sale, lease, transfer, charge or other
disposition or purchase of any Property, or any contract, loan, advance, other
payment or guaranty, in each case made to or by, or entered into with or for the
benefit of, any Affiliate, any officer, any director or any employee of the
Issuer or any of its Subsidiaries (in any case, other than with any
majority-owned, consolidated Subsidiary). In the case of any commercial
contract, valuation of such Affiliate Transactions shall be done by calculating
the net present value of the net cash payments expected to be paid to the Issuer
or the relevant Subsidiary in respect of such transaction, discounted at a rate
of fifteen percent (15%) per annum.

      "Agent" has the meaning assigned to such term in the preamble hereof.

      "Agent's Account" means the account of the Agent maintained by the Agent
with its office at 60 Wall Street, New York, New York 10005, ABA#: 021001033,
Account No. 01419647, Account Name: Banco de Galicia y Buenos Aires, Attention:
Dorothy Robinson, Reference: Banco de Galicia y Buenos Aires, or such other
account as the Agent shall specify in writing to the Holders and the Issuer.

      "Agreement" has the meaning assigned to such term in the preamble hereof.

      "Allocation Notice" has the meaning assigned to such term in Section
2.1(d) hereof.

      "APE" means an out of court creditors' arrangement (Acuerdo Preventivo
Extrajudicial) under, and in accordance with, Argentine Law No 24,522, as from
time to time amended and/or supplemented.

      "Applicable Law" means as to any Person, all applicable constitutions,
treaties, laws, statutes, codes, ordinances, orders, decrees, directions,
directives, rules and regulations of any Authority binding upon such Person or
to which such Person is subject.

      "Argentine Note" has the meaning set forth in Section 2.14(a).

      "Argentine Taxes" has the meaning assigned to such term in Section 3.8(a)
hereof.

      "Assignment Agreement" means the assignment agreement to be entered into
on or prior to the Effective Date and executed and delivered by and between EBA
Holding S.A. and First Trust of New York, National Association, Representacion
Permanente en Argentina, as trustee under the Trust Agreement.

                                       2
<PAGE>

      "Assignment and Acceptance" means an assignment and acceptance entered
into by a Holder and an assignee and delivered to the Agent, substantially in
the form of Exhibit B.

      "Auditors" means Price Waterhouse & Co., or such other "Big Four" firm of
internationally recognized independent public accountants, as the Issuer may
from time to time appoint as its auditors.

      "Authority" means any national, supranational, regional or local
government or governmental, administrative, fiscal, judicial, legislative,
regulatory, executive, government-owned (directly or indirectly) or
government-controlled (directly or indirectly) body, department, commission,
authority, tribunal, agency or entity, or central bank (or any Person, whether
or not government owned and howsoever constituted or called, that exercises the
functions of a central bank).

      "Authorization" means any consent, registration, filing, agreement,
notarization, certificate, license, approval, permit, authority or exemption
from, by or with any Authority, whether given by express action or deemed given
by failure to act within any specified time period, and all applicable
corporate, creditors' and shareholders' approvals or consents.

      "Available Capital" means the Issuer's "Responsabilidad Patrimonial
Computable", as defined by the Central Bank in its Comunicacion "A" 2740 and its
modifications and as reflected in the Issuer's most recent monthly report titled
"Responsabilidad Patrimonial Computable" delivered to the Central Bank.

      "B Loan Assignment Agreements" means, collectively, (i) all and each of
the B Loan assignment agreements, dated on or prior to the Effective Date,
executed and delivered by IFC and any participants of the Original IFC Loans who
elect to enter into this Agreement or receive Restructured Bonds rather than be
a participant in the Restructured IFC Loans and (ii) all and each of the B loan
assignment agreements, dated on or prior to the Effective Date, executed and
delivered by IIC and any participants of the Original IIC Loans who elect to
enter into this Agreement or receive Restructured Bonds rather than be a
participant in the Restructured IIC Loans.

      "BODEN" means Dollar-denominated Bonos del Estado Nacional issued by the
government of the Country pursuant to Decree 905/02 of the National Executive
Branch thereof, which (i) are guaranteed by the full faith and credit of the
government of the Country, (ii) bear interest at a floating rate payable
semiannually in arrears on February 3 and August 3 of each year, and (iii) have
scheduled payment of principal in equal installments, beginning on August 3,
2005 and ending on the final maturity date of August 3, 2012.

      "BODEN Tender Offer" means the offering by the Issuer to make BODEN
available up to a maximum amount of two hundred and fifty million Dollars
($250,000,000) in connection with the Restructuring, pursuant to which, inter
alia, each of the Holders, as part of the Restructuring, may exchange, subject
to prorationing as set forth in Schedule 2.1, all or part of the Adjusted
Principal Amount of their Existing Bank Debt for BODEN, if any, in an amount
specified in the Allocation Notices.

                                       3
<PAGE>

      "BODEN Tender Offer Exchange Amount" means the amount of BODEN, if any,
received by the Holders on the Effective Date, as specified in the Allocation
Notices, in connection with the BODEN Tender Offer.

      "Bond Exchange Offer" means the offer of the Issuer to holders of Existing
Bonds to, inter alia, exchange Existing Bonds by the respective participating
holders for Restructured Bonds.

      "Business Day" means a day when banks are open for business in New York,
New York and Buenos Aires, Argentina and, solely for the purpose of determining
the applicable Interest Rate other than pursuant to clauses (i) and (ii) in the
definition of LIBO Rate, London, England.

      "Capital Adequacy Guidelines" means capital adequacy guidelines of the
Central Bank, for Argentine banks and/or financial institutions in the Country,
as they may be modified from time to time.

      "Capital Expenditure" means, for any period: (i) any payment that is made
during such period by a Person plus (ii) the aggregate amount of any Debt
incurred by such Person during such period, in each case for (or in connection
with) the rental, lease, purchase, construction or use of any Property the value
or cost of which, under the Accounting Principles, should be capitalized or
appear on such Person's balance sheet, without regard to the manner in which
such payments (or the instrument pursuant to which they are made) are
characterized by such Person or any other Person, including any costs in respect
of maintenance capital expenditures.

      "Capital Stock" means with respect to any Person, any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) equity of such Person,
including any preferred stock, but excluding any debt securities convertible
into such equity.

      "Cash Tender Offer" means the offering by the Issuer to make cash
available up to a maximum amount of fifty-six million Dollars ($56,000,000) in
connection with the Restructuring, under which, inter alia, each of the Holders,
as part of the Restructuring, may exchange, subject to prorationing as set forth
in Schedule 2.1, all or part of the Adjusted Principal Amount of their Existing
Bank Debt for cash in the amounts specified in the Allocation Notices.

      "Cash Tender Offer Payment Amount" means, with respect to each Holder, the
amount payable to such Holder on the Effective Date, as notified by the Agent to
each Holder in the Allocation Notice referred to in Section 2.1(d), in
connection with such Holder's tendering of Existing Bank Debt in the Cash Tender
Offer.

      "CCC" means the Commodity Credit Corporation.

      "Central Bank" means the Banco Central de la Republica Argentina (the
Argentine Central Bank) and any other Authority that may replace or carry out
any part of the monetary, regulatory and supervisory functions thereof.

                                       4
<PAGE>

      "Certificate of Incumbency and Authority" means a certificate provided to
the Agent by the Issuer in the form of Exhibit G.

      "Change in Law" means (a) the adoption of any law, rule or regulation
after the date of this Agreement or (b) any change in any law, rule or
regulation or in the interpretation or application thereof by any Authority
after the date of this Agreement.

      "Change of Control" means (i) any Person, other than one or more of the
Escasany, Ayerza and Braun Family Members, (A) Controls or (B) owns, jointly or
severally, directly or indirectly, any of the Capital Stock or any of the Voting
Stock of EBA Holding S.A., (ii) the failure of EBA Holding S.A. to (A) Control
and (B) own Voting Stock which (except for those matters for which Class "A"
shares of Grupo Galicia have the right to only one vote) has the right to at
least fifty-nine point forty-two percent (59.42%) of the total votes at
shareholders meetings of Grupo Galicia; provided that such percentage may be
reduced (without constituting a "Change of Control") to a percentage of Voting
Stock which (except for those matters for which class "A" shares of Grupo
Galicia have the right to only one vote) has the right to cast a majority of the
votes at shareholders meetings of Grupo Galicia in the event that Grupo Galicia
issues equity securities by reason of any transaction not prohibited under the
terms of the Financing Agreements (including, without limitation, the issuance
of equity by the Issuer), and/or (iii) the failure of Grupo Galicia to (A)
Control the Issuer and (B) to own at least ninety-three percent (93%) of the
Capital Stock and Voting Stock of the Issuer; provided that such percentage may
be reduced (without constituting a "Change of Control") to sixty-five percent
(65%) of the Capital Stock and Voting Stock of the Issuer in the event that the
Issuer issues equity securities by reason of any transaction not prohibited
under the terms of the Financing Agreements (including, without limitation, the
issuance of equity by the Issuer). For the avoidance of doubt, any Change of
Control shall not constitute an Event of Default under this Agreement to the
extent that the conditions set forth in Section 7.2(o) hereof shall have been
satisfied.

      "Charter" means with respect to the Issuer, its "estatutos sociales".

      "Communications" has the meaning assigned to such term in Section 9.1(b)
hereof.

      "Confidential Information" means information that the Issuer furnishes to
the Agent or any Holder in a writing designated as confidential, but does not
include any such information that is or becomes generally available to the
public other than as a result of a breach by the Agent or any Holder of its
obligations hereunder or that is or becomes available to the Agent or such
Holder from a source other than the Issuer.

      "Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ownership of Voting Stock, by contract or otherwise, and the verb
"Control" and the terms "Controlling" and "Controlled" have the meanings
correlative to the foregoing; provided, that any controller ("veedor") appointed
by the Central Bank to oversee the operations of the Issuer shall not be
construed as "Controlling" the direction of the management and/or policies of
the Issuer.

      "Country" means the Republic of Argentina.

                                       5
<PAGE>

      "Debt" means for any Person,

            (i)   all Indebtedness for Borrowed Money of such Person;

            (ii)  all indebtedness created or arising under any conditional
                  sales or other title retention agreement with respect to any
                  Property acquired by such Person (including, without
                  limitation, indebtedness under any such agreement which
                  provides that the rights and remedies of the seller or lender
                  thereunder in the event of default are limited to repossession
                  or sale of such Property);

            (iii) all obligations under leases which shall have been or should
                  be, in accordance with the Accounting Principles, recorded as
                  capitalized leases in respect of which such Person is liable
                  as lessee;

            (iv)  all direct or indirect guaranties (including, without
                  limitation, "avales") of such Person in respect of, and all
                  obligations (contingent or otherwise) of such Person to
                  purchase or otherwise acquire, or otherwise assure a creditor
                  against loss in respect of, any indebtedness referred to in
                  clauses (i), (ii) or (iii) above of any other Person; and

            (v)   all indebtedness and obligations referred to in clauses (i),
                  (ii), (iii) or (iv) above secured by (or for which the holder
                  of such indebtedness or obligation has an existing right,
                  contingent or otherwise, to be secured by) any Lien upon or in
                  any Property of such Person, notwithstanding that such Person
                  has not assumed or become liable for the payment of such
                  indebtedness or obligation;

provided, however, that the term "Debt" shall not include (i) "Debt incurred by
the Issuer or any of its Subsidiaries in the ordinary course of business"
(hereinafter defined) but shall include any debt attributable to any
Securitization (as used herein, the term "Debt incurred by the Issuer or any of
its Subsidiaries in the ordinary course of business" shall mean and include,
without limitation, any liability or obligation of the Issuer or any of its
Subsidiaries with respect to, without limitation (A) any deposits with or funds
collected by it (but not funds borrowed or raised by it), (B) any check, note,
certificate of deposit, draft or bill of exchange, issued, accepted or endorsed
by it in the ordinary course of its business, (C) any transaction in which it
acts solely in a fiduciary or agency capacity, (D) any banker's acceptance, (E)
any agreement, made by it in the ordinary course of its business, to purchase or
repurchase securities or loans or currency or to participate in loans and (F)
letters of credit to the extent they are issued by the Issuer or any of its
Subsidiaries in the ordinary course of business); and (ii) any obligation of the
Issuer, existing as of the date hereof, to repay or prepay (as approved by the
Central Bank through Resolution 338/03) any amount due to Galicia Uruguay as of
the date hereof in connection with any lineas de depositos borrowed by the
Issuer through Banco de Galicia Grand Cayman Branch.

      "Default" means any event or condition which constitutes an Event of
Default or a Potential Event of Default.

                                       6
<PAGE>

      "Default Interest Period" means any period during which any principal of
any Restructured Dollar Note that is due, or any other amount that is due under
this Agreement or any Note, is not paid, and each successive period of thirty
(30) days thereafter; provided, however, that such period shall commence as of
the date on which such principal or other amount became due and each succeeding
period thereof shall commence upon the expiration of the immediately preceding
period. For the avoidance of doubt, any such period (or any part thereof) shall
terminate on the date when all such overdue amounts are paid in full.

      "Default Interest Rate" means for any Default Interest Period, a rate per
annum equal to (i) the relevant Interest Rate, plus (ii) two percent (2%).

      "Derivative Transaction" means any swap agreement, cap agreement, collar
agreement, futures contract, forward contract or similar arrangement with
respect to interest rates, currencies or commodity prices.

      "Documentation Agent" has the meaning assigned to such term in the
preamble hereof.

      "Dollar Equivalent" means, with respect to (i) any monetary amount
denominated in Dollars, such amount, (ii) any monetary amount denominated in
Pesos, at any time for the determination thereof, the amount of Dollars obtained
by converting Pesos into Dollars at the EMTA Rate or, if such rate shall not be
available, at the rate publicly quoted by the Agent for the purchase of Dollars
with Pesos as reported at the close of business two (2) Business Days prior to
the date of determination by any of Banco Rio de la Plata S.A., Deutsche Bank
S.A. and the branch of Citibank, N.A. in the Country (or if any of such entities
shall not report such quotations, by any of HSBC Bank Argentina S.A., Bankboston
N.A. Buenos Aires Branch or JP Morgan Chase Bank Buenos Aires Branch,
respectively), and (iii) a currency other than Dollars or Pesos, at any time for
the determination thereof, the amount of Dollars obtained by converting such
other currency into Dollars at the average of the spot rates for the purchase of
Dollars with such other currency, as publicly quoted by the Agent in the normal
course of business at approximately 11:00 a.m. (New York City time), on the date
of determination thereof specified herein or, if the date of determination
thereof is not otherwise specified herein, in each case on the date two (2)
Business Days prior to such determination.

      "Dollars" or "$" or "US$" means the lawful currency of the United States
of America.

      "Economic Group" has the same meaning as "Grupo Economico" as defined by
the Central Bank in Comunicacion "A" 2140, as it may be modified from time to
time.

      "Effective Date" has the meaning assigned to such term in Section 5.1
hereof.

      "Effective Date Interest Amount" means with respect to any of the Original
Dollar Loans, an amount equal to the accrued and unpaid interest through and
including April 30, 2002 on the principal amount of such Original Dollar Loans
being exchanged for Restructured Dollar Notes on the Effective Date minus any
portion thereof due and payable but paid pursuant to the other Restructured
Credit Agreements on the Effective Date at a rate per annum determined pursuant
to the applicable Original Dollar Loan Agreement, in each case immediately prior
to giving effect to any of the Restructured Credit Agreements and without taking
into account any default interest provision provided for therein or herein.

                                       7
<PAGE>

      "Election Notice" has the meaning assigned to such term in Section
5.1(a)(ii) hereof.

      "EMTA" means the Emerging Markets Trading Association.

      "EMTA Rate" means the rate of exchange used for the purchase of Dollars
with Pesos as quoted by the EMTA on its website at www.emta.org/aservices (or
such other worldwide web page of EMTA where the quotation is publicly published
if this web address changes) two (2) Business Days prior to the date of
determination, at 2:00 p.m. (Buenos Aires time).

      "Entitled Person" has the meaning assigned to such term in Section 9.12
hereof.

      "Equity Participation Tender Offer" means the offering by the Issuer to
make available (i) medium-term notes due 2010 up to a maximum amount of three
hundred million Dollars ($300,000,000) and (ii) up to one hundred and forty-nine
million (149,000,000) Preferred Shares (or Preferred Shares and the cash
equivalent, if any) in connection with the Restructuring, under which each
Holder, as part of the Restructuring, may exchange, subject to the prorationing
set forth in Schedule 2.1, all or part of the Adjusted Principal Amount of its
Existing Bank Debt for (x) Medium-Term Dollar Notes and (y) Preferred Shares (or
Preferred Shares and cash equivalent, if any) in the respective amounts
specified in the Allocation Notices.

      "Escasany, Ayerza and Braun Family Members" means any members of the
Escasany, Ayerza and Braun families who are holders of Class "A" Shares of EBA
Holding S.A., or their heirs, descendants and spouses who receive shares as a
result of dissolution of marriage, which holders of class "A" shares and the
Fundacion Banco de Galicia y Buenos Aires S.A. are (to the extent applicable)
identified in the shareholders' meeting minutes, Number 1, of EBA Holding S.A.,
dated October 12, 1999, and registered in the Registro Publico de Comercio under
number 18,036, Libro VIII, Tomo de Sociedades por Acciones, Numero Correlativo
IGJ 1670663, the names of which are identified in Schedule II.

      "Event of Default" has the meaning assigned to such term in Section 7.2.

      "Exchange Agent" means Citibank, N.A., a national bank organized and
existing under the laws of the United States of America.

      "Existing Bank Debt" means the Debt of the Issuer described under
"Existing Bank Debt" in Part B of Schedule I.

      "Existing Bonds" means all and each of the notes (obligaciones
negociables) issued by, and representing Debt of, the Issuer and described under
"Existing Bonds" in Part A of Schedule I.

      "Existing Liens" means all and each of the Liens on the Property of the
Issuer or any of its Subsidiaries outstanding immediately before and on the
Effective Date, as set forth on Schedule 4.18 hereto.

      "FFRE" means Fondo Fiduciario para la Reconstruccion de Empresas
(Fiduciary Fund for the Restructuring of Companies).

                                       8
<PAGE>

      "Financial Entities Act" means Argentine Law N(degree) 21,526, as amended
and/or supplemented from time to time.

      "Financing Agreements" means, collectively, (i) this Agreement; and (ii)
the Notes.

      "Fiscal Year" means the accounting year of the Issuer commencing each year
on January 1 and ending on the following December 31, or such other accounting
period of the Issuer as the Issuer may from time to time designate as its
accounting year.

      "Fitch" means Fitch, Inc. and any successor thereto.

      "Fixed Rate" means either (i) the Long-Term Dollar Fixed Rate, (ii) the
Medium-Term Dollar Fixed Rate, or (iii) the Subordinated Dollar Fixed Rate, as
the case may be.

      "Fixed Rate Note" means any Restructured Dollar Note bearing interest at a
Fixed Rate.

      "Foreign Currency" means any currency other than Pesos.

      "Foreign Currency Assets" means all Foreign Currency amounts payable to
the Issuer and all rights to receive revenues and other payments that are
required to be paid to the Issuer in a Foreign Currency and all liquid assets
denominated in a Foreign Currency.

      "Foreign Currency Debt" means Debt that is: (i) denominated in a Foreign
Currency; or (ii) payable at the option of the payee in a Foreign Currency; and
for purposes of this definition, an obligation is deemed to be denominated in a
Foreign Currency if the terms thereof or of any Applicable Law of the Country or
regulation of the Central Bank requires that payment thereof will be made to the
holder thereof in such Foreign Currency by the Issuer.

      "Galicia Uruguay" means Banco Galicia Uruguay S.A.

      "Grupo Galicia" means Grupo Financiero Galicia S.A.

      "Grupo Galicia Agreement" means that certain agreement to be entered into
on or prior to the Effective Date among Grupo Galicia and IFC, IIC, CCC and the
Agent as the agent under this Agreement and the New Trade Debt Agreement.

      "Headquarter Offices" means, to the extent that any of the real estate
owned by the Issuer set forth in Part A to Schedule V shall be used as the
central headquarters of the Issuer, the real estate used by the Issuer and
listed in Part B to Schedule V, and to the extent not so used by the Issuer as
its central headquarters, the real estate listed in Part A and Part B thereto.

      "Holders" has the meaning assigned to such term in the preamble hereof.

      "Holder Address" means, with respect to each Holder, such Holder's address
specified on Schedule III hereto or in the Assignment and Acceptance pursuant to
which it became a Holder, or such other office of such Holder as such Holder may
from time to time specify to the Issuer and the Agent.

                                       9
<PAGE>

      "IFC" means the International Finance Corporation.

      "IIC" means the Inter - American Investment Corporation.

      "Increased Costs" means any of the amounts described in Section 3.6 and
certified in an Increased Costs Certificate.

      "Increased Costs Certificate" has the meaning assigned to such term in
Section 3.6(c).

      "Indebtedness for Borrowed Money" means all obligations of any Person to
pay or repay:

            (i)   borrowed money;

            (ii)  any bonds, debentures, notes, loan stock, commercial paper,
                  acceptance credits, bills, promissory notes or similar
                  instruments drawn, accepted, endorsed or issued by such Person
                  (including without limitation obligations incurred in
                  connection with the acquisition of Property);

            (iii) any credit to such Person from a supplier of Property or
                  services under any installment purchase, deferred purchase
                  price or other similar arrangement with respect to Property or
                  services (except trade accounts that are incurred and payable
                  in the ordinary course of business);

            (iv)  or reimburse any other Person with respect to amounts paid by
                  such other Person under a letter of credit, bankers'
                  acceptance, surety bond or similar instrument;

            (v)   amounts raised under any transaction having the financial
                  effect of a borrowing and which would be classified as a
                  borrowing (and not as an off-balance sheet financing) under
                  the Accounting Principles, or as the case may be other
                  accounting principles applicable to such Person including,
                  without limitation, under leases or similar arrangements
                  entered into primarily as a means of financing the acquisition
                  of the asset leased;

            (vi)  the amount of such Person's obligations due and payable
                  pursuant to Derivative Transactions entered into in connection
                  with other Debt of such Person; provided, however, that for
                  the avoidance of double accounting and for so long as any such
                  Derivative Transaction is in effect, that Debt will be
                  computed as Indebtedness for Borrowed Money in accordance with
                  the terms of the relevant Derivative Transaction and not the
                  terms of the agreement providing for that Debt when it was
                  incurred; and

            (vii) any premium payable on a mandatory redemption or replacement
                  of the foregoing obligations, when and as applicable.

      "Indemnitee" has the meaning assigned to such term in Section 9.3(b).

      "Indemnified Costs" has the meaning assigned to such term in Section
8.5(a).

                                       10
<PAGE>

      "Interest Determination Date" means, except as otherwise provided in
Section 3.5, the second (2nd) Business Day before the first (1st) day of each
Interest Period

      "Interest Payment Date" means January 1 and July 1 of each year.

      "Interest Period" means each period of six (6) months from and including
each Interest Payment Date to but not including the next following Interest
Payment Date; provided that the first (1st) Interest Period shall be the period
from and including January 1, 2004 to but not including July 1, 2004.

      "Interest Rate" means, collectively, (i) the Long-Term Dollar Fixed Rate,
(ii) the Long-Term Dollar LIBOR Note Interest Rate, (iii) the Medium-Term Dollar
Fixed Rate, (iv) the Medium-Term Dollar LIBOR Note Interest Rate, (v) the
Subordinated Dollar Fixed Rate, and (vi) the Subordinated Dollar LIBOR Note
Interest Rate.

      "Investment" means any loan or advance to any Person other than in the
ordinary course of business in accordance with past banking practices, any
purchase or other acquisition of any Capital Stock (other than acquisitions
pursuant to the exercise of preemptive rights or accretion rights in order to
prevent dilution of the Issuer's equity ownership percentage in Permitted
Businesses) or Debt or the assets comprising a division or business unit or a
substantial part or all of the business of such Person, any capital contribution
to such Person or any other direct or indirect investment in such Person,
including, without limitation, any acquisition by way of a merger or
consolidation and any arrangement pursuant to which the investor incurs Debt,
but excluding the obligation of the Issuer to transfer BODEN (or any other
instrument permitted under Decree 2167/02 as of the date hereof) to Galicia
Uruguay (such BODEN having been received by the Issuer from the Central Bank as
compensation for assets of the Issuer converted into Pesos and booked at Galicia
Uruguay pursuant to Article 6 of Decree 2167/02) and any obligation of the
Issuer, existing as of the date hereof, to repay or prepay (as approved by the
Central Bank through Resolution 338/03) any amount due to Galicia Uruguay as of
the date hereof in connection with any lineas de depositos borrowed by the
Issuer through Banco de Galicia Grand Cayman Branch.

      "Issuer" has the meaning assigned to such term in the preamble hereof.

      "Issuer's Successor Corporation" has the meaning assigned to such term in
Section 6.4(b) hereof.

      "LIBO Rate" means, with respect to any Interest Period pertaining to a
LIBOR Note, the British Bankers' Association ("BBA") interbank offered rates for
deposits in Dollars which appears on the relevant page of Telerate Service
(currently 3750 or, if not available, on the relevant page of any other services
(such as Reuters Service or Bloomberg Financial Markets) that displays BBA rates
at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period), as the rate for Dollar deposits with a
maturity comparable to such Interest Period. If for any Interest Period, the
Agent cannot determine the LIBO Rate by reference to Telerate Service or any
other service that displays BBA rates, the Agent shall notify the Issuer and the
Holders and the Agent shall instead determine the "LIBO Rate" as follows: (i) on
the second Business Day before the beginning of the relevant Interest

                                       11
<PAGE>

Period by calculating the arithmetic mean (rounded upward to the nearest three
(3) decimal places) of the offered rates advised to the Agent on or around 11:00
a.m., London time, for deposits in Dollars by any four (4) major banks active in
Dollars in the London interbank market, selected by the Agent; provided that if
less than four (4) quotations of such offered rates are received, the Agent may
rely on the quotations of such offered rates so received if not less than two
(2) thereof have been received; or (ii) if less than two (2) quotations are
received from the banks in London in accordance with subsection (i) above, on
the first (1st) day of the relevant Interest Period by calculating the
arithmetic mean (rounded upward to the nearest three (3) decimal places) of the
offered rates advised to the Agent on or around 11:00 a.m., New York time, for
loans in Dollars by a major bank or banks in New York, New York selected by the
Agent.

      "LIBOR Note" means any Restructured Dollar Note bearing interest at the
LIBO Rate.

      "Lien" means any lien, mortgage, charge, security interest, pledge,
collateral trust agreement, repurchase agreement, hypothecation, encumbrance of
any kind, fiduciary transfer or assignment by way of collateral, including
without limitation any equivalent created or arising under the laws of the
Country or the laws of the State of New York and any transfer in a
securitization transaction.

      "Long-Term Bonds" means the Dollar-denominated notes (obligaciones
negociables) due 2014 to be issued by the Issuer under, and pursuant to the
terms and conditions applicable to, the Restructuring.

      "Long-Term Debt" means, collectively, (i) the Long-Term Loans and (ii) the
Long-Term Bonds.

      "Long-Term Dollar Applicable Margin" has the meaning assigned to such term
in Section 2.1(e).

      "Long-Term Dollar Fixed Rate" means, for any Interest Period (i) three
percent (3%) per annum for the period from and including January 1, 2004 through
December 31, 2004, (ii) four percent (4%) per annum for the period from and
including January 1, 2005 through December 31, 2005, (iii) five percent (5%) per
annum for the period from and including January 1, 2006 through December 31,
2006, (iv) six percent (6%) per annum for the period from and including January
1, 2007 through December 31, 2007, and (v) seven percent (7%) per annum
thereafter.

      "Long-Term Dollar Fixed Rate Holder" means, at any time, any Holder
holding any of the Long-Term Dollar Fixed Rate Notes.

      "Long-Term Dollar Fixed Rate Note" means any long-term Dollar denominated
note under this Agreement bearing interest at the Long-Term Dollar Fixed Rate
or, as the context requires, the principal amount of such note outstanding from
time to time.

      "Long-Term Dollar Fixed Rate Tranche" means the tranche of Long-Term
Dollar Fixed Rate Notes.

                                       12
<PAGE>

      "Long-Term Dollar Holders" means, collectively, (i) the Long-Term Dollar
Fixed Rate Holders and (ii) the Long-Term Dollar LIBOR Holders.

      "Long-Term Dollar LIBOR Holder" means, at any time, any Holder holding any
of the Long-Term Dollar LIBOR Notes.

      "Long-Term Dollar LIBOR Note" means any long-term Dollar denominated note
under this Agreement bearing interest at the Long-Term Dollar LIBOR Note
Interest Rate or, as the context requires, the principal amount of such note
outstanding from time to time.

      "Long-Term Dollar LIBOR Note Interest Rate" for any Interest Period, the
rate at which interest is payable on the Long-Term Dollar LIBOR Notes during
that Interest Period, determined in accordance with Section 3.3.

      "Long-Term Dollar LIBOR Tranche" means the tranche of Long-Term Dollar
LIBOR Notes.

      "Long-Term Dollar Notes" means, collectively, (i) the Long-Term Dollar
Fixed Rate Notes and (ii) the Long-Term Dollar LIBOR Notes.

      "Long-Term Dollar Maturity Date" means January 1, 2014.

      "Long-Term Loans" means, collectively, (i) the Restructured IFC Long-Term
Loans, (ii) the Long-Term Dollar Notes, (iii) the Restructured IIC Long-Term
Loans, and (iv) the Restructured CCC Long-Term Loans.

      "Majority Long-Term Dollar Fixed Rate Holders" means, at any time, the
Long-Term Dollar Fixed Rate Holders whose outstanding Long-Term Dollar Fixed
Rate Notes at such time represent more than fifty percent (50%) of the aggregate
outstanding principal amount of the Long-Term Dollar Fixed Rate Notes at such
time.

      "Majority Long-Term Dollar LIBOR Holders" means, at any time, the
Long-Term Dollar LIBOR Holders whose outstanding Long-Term Dollar LIBOR Notes at
such time represent more than fifty percent (50%) of the aggregate outstanding
principal amount of the Long-Term Dollar LIBOR Notes at such time.

      "Majority Long-Term Dollar Holders" means, at any time, the Long-Term
Dollar Holders whose outstanding Long-Term Dollar Notes at such time represent
more than fifty percent (50%) of the aggregate outstanding principal amount of
the Long-Term Dollar Notes at such time.

      "Majority Medium-Term Dollar Fixed Rate Holders" means, at any time, the
Medium-Term Dollar Fixed Rate Holders whose outstanding Medium-Term Dollar Fixed
Rate Notes at such time represent more than fifty percent (50%) of the aggregate
outstanding principal amount of the Medium-Term Dollar Fixed Rate Notes at such
time.

      "Majority Medium-Term Dollar LIBOR Holders" means, at any time, the
Medium-Term Dollar LIBOR Holders whose outstanding Medium-Term Dollar LIBOR
Notes at such time

                                       13
<PAGE>

represent more than fifty percent (50%) of the aggregate outstanding principal
amount of the Medium-Term Dollar LIBOR Notes at such time.

      "Majority Medium-Term Dollar Holders" means, at any time, the Medium-Term
Dollar Holders whose outstanding Medium-Term Dollar Notes at such time represent
more than fifty percent (50%) of the aggregate outstanding principal amount of
the Medium-Term Dollar Notes at such time.

      "Majority Subordinated Dollar Fixed Rate Holders" means, at any time, the
Subordinated Dollar Fixed Rate Holders whose outstanding Subordinated Dollar
Fixed Rate Notes at such time represent more than fifty percent (50%) of the
aggregate outstanding principal amount of the Subordinated Dollar Fixed Rate
Notes at such time.

      "Majority Subordinated LIBOR Holders" means, at any time, the Subordinated
Dollar LIBOR Holders whose outstanding Subordinated Dollar LIBOR Notes at such
time represent more than fifty percent (50%) of the aggregate outstanding
principal amount of the Subordinated Dollar LIBOR Notes at such time.

      "Majority Subordinated Dollar Holders" means, at any time, the
Subordinated Dollar Holders whose outstanding Subordinated Dollar Notes at such
time represent more than fifty percent (50%) of the aggregate outstanding
principal amount of the Subordinated Dollar Notes at such time.

      "Management" has the meaning assigned to such term in Section 6.4(l)(ii).

      "Market Compensation" has the meaning assigned to such term in Section
6.4(l)(ii).

      "Material Adverse Effect" means a material adverse effect on:

            (i)   the condition (financial or otherwise), operations, Property,
                  business affairs or business prospects of the Issuer and its
                  Subsidiaries taken as a whole;

            (ii)  the validity or enforceability of any of the Financing
                  Agreements;

            (iii) the rights and remedies of, or benefits available to, any
                  party (other than the Issuer) under any of the Financing
                  Agreements; or

            (iv)  the ability of the Issuer to perform its obligations under
                  this Agreement or any other Financing Agreement in accordance
                  with the terms hereof or thereof.

      "Material Indebtedness" has the meaning assigned to such term in Section
7.2(d).

      "Medium-Term Bonds" means the Dollar-denominated notes (obligaciones
negociables) due 2010 to be issued by the Issuer under, and pursuant to the
terms and conditions applicable to, the Restructuring.

                                       14
<PAGE>

      "Medium-Term Debt" means, collectively, (i) the Medium-Term Loans and (ii)
the Medium-Term Bonds.

      "Medium-Term Dollar Fixed Rate" means the interest rate on the Medium-Term
Dollar Fixed Rate Notes specified in Section 2.1(f).

      "Medium-Term Dollar Fixed Rate Holder" means, at any time, any Holder
holding any of the Medium-Term Dollar Fixed Rate Notes.

      "Medium-Term Dollar Fixed Rate Note" means any medium-term Dollar
denominated note under this Agreement bearing interest at the Medium-Term Dollar
Fixed Rate or, as the context requires, the principal amount of such note
outstanding from time to time.

      "Medium-Term Dollar Fixed Rate Tranche" means the tranche of Medium-Term
Dollar Fixed Rate Notes.

      "Medium-Term Dollar Holders" means, collectively, (i) the Medium-Term
Dollar Fixed Rate Holders and (ii) the Medium-Term Dollar LIBOR Holders.

      "Medium-Term Dollar LIBOR Holder" means, at any time, any Holder holding
any of the Medium-Term Dollar LIBOR Notes.

      "Medium-Term Dollar LIBOR Note" means any medium-term Dollar denominated
note under this Agreement bearing interest at the Medium-Term Dollar LIBOR Note
Interest Rate or, as the context requires, the principal amount of such note
outstanding from time to time.

      "Medium-Term Dollar LIBOR Note Interest Rate" for any Interest Period, the
rate at which interest is payable on the Medium-Term Dollar LIBOR Notes during
that Interest Period, determined in accordance with Section 3.3.

      "Medium-Term Dollar LIBOR Tranche" means the tranche of Medium-Term Dollar
LIBOR Notes.

      "Medium-Term Dollar Notes" means, collectively, (i) the Medium-Term Dollar
Fixed Rate Notes and (ii) the Medium-Term Dollar LIBOR Notes.

      "Medium-Term Dollar Maturity Date" means January 1, 2010.

      "Medium-Term Loans" means, collectively, (i) the Restructured IFC
Medium-Term Loans, (ii) the Medium-Term Dollar Notes, (iii) the Restructured IIC
Medium-Term Loans, and (iv) the Restructured CCC Medium-Term Loans.

      "Merging Entity" has the meaning assigned to such term in Section 6.4(b)
hereof.

      "Moody's" means Moody's Investors Service, Inc., and any successor
thereto.

      "Net Cash Proceeds" means, in connection with any issuance or incurrence
of Debt, issuance of Capital Stock or other equity security, or sale, transfer,
lease or other disposition of

                                       15
<PAGE>

Property, as the case may be, the cash proceeds received from such issuance,
incurrence, sale, transfer, lease, or other disposition, net of attorneys' fees,
investment banking fees, accountants' fees, underwriting discounts and
commissions and other customary fees and expenses actually incurred in
connection therewith.

      "New Trade Debt" means, collectively, all of the trade debt provided for
in the New Trade Debt Agreement.

      "New Trade Debt Agreement" means the trade credit agreement dated as of
April 27, 2004, by and among the Issuer, the agent party thereto, the
documentation agent party thereto, the letter of credit bank party thereto and
the lenders party thereto.

      "Note" has the meaning assigned to such term in Section 2.14(f) hereof.

      "Notice" has the meaning assigned to such term in Section 9.1(c).

      "Obligation" means, with respect to any Person, any payment, performance
or other obligation of such Person of any kind, including, without limitation,
any liability of such Person on any claim, whether or not the right of any
creditor to payment in respect of such claim is reduced to judgment, liquidated,
unliquidated, fixed, contingent, matured, disputed, undisputed, legal,
equitable, secured or unsecured, and whether or not such claim is discharged,
stayed or otherwise affected by any proceeding referred to in Section 7.2(g),
(h), (i) or (j). Without limiting the generality of the foregoing, the
Obligations of the Issuer under the Transaction Documents include (a) the
obligation to pay principal, interest, charges, expenses, fees, attorneys' fees
and disbursements, indemnities and other amounts payable by the Issuer under any
Transaction Document and (b) the obligation of the Issuer to reimburse any
amount in respect of any of the foregoing that any Holder, in its sole
discretion, may elect to pay or advance on behalf of the Issuer.

      "Offering Memorandum" the Issuer's offering memorandum dated November 5,
2003, and related pricing supplement dated December 23, 2003, as further
supplemented on March 18, 2004, and as further supplemented on April 6, 2004,
relating to the Bond Exchange Offer.

      "Open Credit Exposure Ratio" means at any calculation date: (i)(A) the
total principal amounts outstanding of any loans and other banking and credit
facilities (including contingent liabilities under guarantees and documentary
credits) granted by the Issuer which are not classified as "normal" (corporate
and individual loans), "con seguimiento especial" (corporate loans) and
"cumplimiento inadecuado" (individual loans) (and any other category of loans
that is similar in scope that replaces the same after the date hereof, as
determined by the Central Bank) (as reflected in the Issuer's most recent
"Estado de Situacion de Deudores" delivered to the Central Bank), minus (B) the
total "Previsiones por Riesgo de Incobrabilidad" as reflected in the Issuer's
most recent unaudited quarterly accounts or audited quarterly accounts (in the
case of the last quarter of any Fiscal Year); divided by (ii) Available Capital.

      "Original Dollar Loan Agreements" means, collectively, all and each of the
loan agreements listed on Schedule IV entered into by the Issuer and each of the
Holders, directly or indirectly, respectively pursuant to which, and subject to
the terms and conditions therein set

                                       16
<PAGE>

forth, each of the respective Holders granted to the Issuer certain
Dollar-denominated loans that are subject to the Restructuring.

      "Original Dollar Loans" means, collectively, all and each of the
Dollar-denominated loans made by each of the Holders, directly or indirectly, to
the Issuer pursuant to the provisions of each of the Original Dollar Loan
Agreements according to their original terms and conditions and prior to the
restructuring thereof set forth in this Agreement.

      "Original IFC Loan Agreements" means, collectively, (i) the investment
agreement, dated as of July 19, 1996, and amended and restated as of July 2,
1999 and (ii) the credit line agreement dated as of January 25, 1999, each
entered into by the Issuer and IFC.

      "Original IFC Loans" means, collectively, all and each of the loans made
by IFC to the Issuer pursuant to the provisions of the Original IFC Loan
Agreements according to their respective original terms and conditions and prior
to the restructuring set forth in the Restructured IFC Loan Agreements.

      "Original IIC Loan Agreements" means, collectively, (i) the third amended
and restated financial intermediary loan agreement dated as of June 23, 1997 and
(ii) the financial intermediary loan agreement dated as of December 21, 1998,
each entered into by the Issuer and IIC.

      "Original IIC Loans" means, collectively, all and each of the loans made
by IIC to the Issuer pursuant to the provisions of the Original IIC Loan
Agreements according to their respective original terms and conditions and prior
to the restructuring set forth in the Restructured IIC Loan Agreements.

      "Participant" has the meaning assigned to such term in Section 9.4(f).

      "Participation Agreements" means, collectively, (i) the participation
agreements, each entered into on or before the Effective Date, executed and
delivered by and between IFC and the relevant participants to the Restructured
IFC Loan Agreements and (ii) the participation agreements, each entered into on
or before the Effective Date, executed and delivered by and between IIC and the
relevant participants to the Restructured IIC Loan Agreements.

      "Permitted Businesses" means the business of banking, leasing, credit
cards, brokerage, investment, insurance or similar financial products or any
product or service closely related thereto.

      "Permitted Liens" means:

            (i)   Existing Liens;

            (ii)  any Lien on any asset securing Debt incurred or assumed solely
                  for the purpose of financing all or any part of the cost of
                  acquiring such asset, which Lien attached to such asset
                  concurrently with or within ninety (90) days after the
                  acquisition thereof; provided, however, such Lien may extend
                  only to such asset;

                                       17
<PAGE>

            (iii) any Lien required to be created in connection with special
                  lines of credit (lineas especiales de credito), advances
                  (adelantos) or rediscount loans (redescuentos) obtained in
                  accordance with applicable rules and regulations of the
                  Central Bank or other applicable rules and regulations
                  governing such special lines of credit, advances or rediscount
                  loans. "Lineas especiales de credito" means those lines of
                  credit which are granted to the Issuer by or through local or
                  foreign governmental entities (including, without limitation,
                  the Central Bank, Banco de Inversion y Comercio Exterior S.A.
                  ("BICE"), FFRE, Seguros de Depositos S.A. ("Sedesa"),
                  development banks and export credit agencies) or international
                  multilateral lending organizations (including, without
                  limitation, the International Bank for Reconstruction and
                  Development and the Inter-American Development Bank), directly
                  or indirectly, in order to promote or develop the Argentine
                  economy; "redescuentos" means those rediscount loans
                  (including but not limited to loans granted in response to
                  circumstances of short-term, extraordinary illiquidity) which
                  are granted by the Central Bank, BICE, FFRE, Sedesa, and by
                  other Argentine government entities, including the ones
                  granted pursuant to section 16 of Argentine Law No. 25,780
                  during the emergency period set forth under Argentine public
                  emergency law No. 25,561, and those rediscount loans and
                  overdrafts which are granted by the Central Bank to financial
                  entities going through liquidity and solvency problems,
                  including without limitation those entities subject to a
                  restructuring process as contemplated in Section 35 bis of the
                  Financial Entities Act;

            (iv)  any Lien on any Property existing thereon at the time of
                  acquisition of such Property and not created in connection
                  with such acquisition;

            (v)   any Lien on any Property securing an extension, renewal,
                  refinancing or refunding of Debt secured by any Lien referred
                  to in (i), (ii) or (iv) above; provided, that such new Lien is
                  limited to the Property which was subject to the prior Lien
                  immediately before such extension, renewal, refinancing or
                  refunding; and provided further that the principal amount of
                  Debt secured by the prior Lien immediately before such
                  extension, renewal, refinancing or refunding is not increased;

            (vi)  any Lien in the form of a Tax or other statutory lien or any
                  other Lien arising by operation of law; provided, however,
                  that any such Lien shall be discharged within thirty (30) days
                  after the date it is created or arises (unless contested in
                  good faith by the Issuer and for which adequate reserves have
                  been established to the extent required by the Accounting
                  Principles, and which shall be discharged within thirty (30)
                  days after final adjudication); or

            (vii) any Lien granted in a Securitization; provided that the Net
                  Cash Proceeds thereof shall be applied in accordance with
                  Section 3.2.

                                       18
<PAGE>

      "Person" means any natural person, corporation, company, partnership,
firm, voluntary association, joint venture, trust, business trust, joint stock
company, limited liability company, unincorporated association, unincorporated
organization, Authority or any other entity whether acting in an individual,
fiduciary or other capacity and whether or not having a separate legal
personality.

      "Pesos" means the lawful currency of the Country.

      "Plan" means the "Galicia Capitalization and Liquidity Plan" (as
supplemented on March 22, 2002, and April 11, 2002), submitted by the Issuer to
the Central Bank, in accordance with the Financial Entities Act, on March 21,
2002.

      "Potential Event of Default" means any event or circumstance which would,
with notice, lapse of time, the making of a determination, or any combination
thereof, become an Event of Default.

      "Preferred Shares" means preferred shares of Grupo Galicia issued pursuant
to the equity prospectus dated April 26, 2004 which will be automatically
converted into class "B" shares of Grupo Galicia on the first (1st) anniversary
date of their issuance or, if earlier, on the occurrence of a change of control
of Grupo Galicia.

      "Process Agent" has the meaning set forth in Section 9.10(a).

      "Property" means any asset, revenue or other property, whether tangible or
intangible, real or personal, including without limitation any right to receive
income.

      "Purchase Agreement" means the purchase agreement to be entered into on or
prior to the Effective Date and executed and delivered by and between the Issuer
and Grupo Galicia.

      "Rating Agencies" means Fitch, Moody's and/or Standard & Poor's, as the
context requires.

      "Register" has the meaning set forth in Section 9.4(d).

      "Registration Rights Agreement" means the registration rights agreement to
be dated as of the Effective Date and executed and delivered by Grupo Galicia.

      "Related Parties" means, with respect to any specified Person, (i) such
Person's directors, officers, employees and agents of such Person, and (ii) such
Person's Affiliates and the directors and officers of and such Person's
Affiliates.

      "Required Holders" means the Holders whose outstanding Restructured Dollar
Notes represent more than fifty percent (50%) of the aggregate outstanding
principal amount of the Restructured Dollar Notes.

      "Requirement of Law" has the meaning set forth in Section 3.7.

                                       19
<PAGE>

      "Responsible Officer" means, with respect to any Person, the Chairman,
Chief Executive Officer, Chief Financial Officer, President, Senior Executive
Vice President, Vice President, Treasurer or Assistant Treasurer of that Person.

      "Restricted Payment" has the meaning set forth in Section 6.4(c).

      "Restructured Bonds" means, collectively, (i) the Long-Term Bonds, (ii)
the Medium-Term Bonds, and (iii) the Subordinated Bonds.

      "Restructured CCC Loan Agreement" means the dollar loan agreement, dated
as of April 27, 2004, between the Issuer and CCC as initial sole lender and
agent.

      "Restructured CCC Loans" means, collectively, (i) the Restructured CCC
Long-Term Loans, (ii) the Restructured CCC Medium-Term Loans and (iii) the
Restructured CCC Subordinated Loans.

      "Restructured CCC Long-Term Loans" means all and each of the long-term
loans provided for in the Restructured CCC Loan Agreement.

      "Restructured CCC Medium-Term Loans" means all and each of the medium-term
loans provided for in the Restructured CCC Loan Agreement.

      "Restructured CCC Subordinated Loans" means all and each of the
subordinated loans provided for in the Restructured CCC Loan Agreement.

      "Restructured Credit Agreements" means, collectively, (i) this Agreement,
(ii) the Restructured IFC Loan Agreements, (iii) the Restructured IIC Loan
Agreements, (iv) the Restructured CCC Loan Agreement and (v) the New Trade Debt
Agreement.

      "Restructured Debt" means, collectively, (i) the Restructured IFC Loans,
(ii) the Restructured Dollar Notes, (iii) the Restructured IIC Loans, (iv) the
Restructured CCC Loans, (v) the Restructured Bonds and (vi) the New Trade Debt.

      "Restructured Dollar Notes" means, collectively, (i) the Long-Term Dollar
Notes, (ii) the Medium-Term Dollar Notes, (iii) the Subordinated Dollar Notes
and (iv) the Subordinated Dollar PIK Notes.

      "Restructured IFC Loan Agreements" means, collectively, (i) the
Restructured IFC Long-Term Loan Agreement; (ii) the Restructured IFC Medium-Term
Loan Agreement and (iii) the Restructured IFC Subordinated Loan Agreement.

      "Restructured IFC Loans" means, collectively, (i) the Restructured IFC
Long-Term Loans, (ii) the Restructured IFC Medium-Term Loans, and (iii) the
Restructured IFC Subordinated Loans.

      "Restructured IFC Long-Term Loan Agreement" means the amended and restated
long-term loan agreement dated as of April 27, 2004, between the Issuer and IFC.

                                       20
<PAGE>

      "Restructured IFC Long-Term Loans" means all and each of the loans
provided for in the Restructured IFC Long-Term Loan Agreement.

      "Restructured IFC Medium-Term Loan Agreement" means the amended and
restated medium-term loan agreement dated as of April 27, 2004, between the
Issuer and IFC.

      "Restructured IFC Medium-Term Loans" means all and each of the loans
provided for in the Restructured IFC Medium-Term Loan Agreement.

      "Restructured IFC Subordinated Loan Agreement" means the amended and
restated subordinated loan agreement dated as of April 27, 2004, between the
Issuer and IFC.

      "Restructured IFC Subordinated Loans" means all and each of the loans
provided for in the Restructured IFC Subordinated Loan Agreement.

      "Restructured IIC Loan Agreements" means, collectively, (i) the
Restructured IIC Long-Term Loan Agreement; (ii) the Restructured IIC Medium-Term
Loan Agreement and (iii) the Restructured IIC Subordinated Loan Agreement.

      "Restructured IIC Loans" means, collectively, (i) the Restructured IIC
Long-Term Loans, (ii) the Restructured IIC Medium-Term Loans, and (iii) the
Restructured IIC Subordinated Loans.

      "Restructured IIC Long-Term Loan Agreement" means the amended and restated
long-term loan agreement dated as of April 27, 2004, between the Issuer and IIC.

      "Restructured IIC Long-Term Loans" means all and each of the loans
provided for in the Restructured IIC Long-Term Loan Agreement.

      "Restructured IIC Medium-Term Loan Agreement" means the amended and
restated medium-term loan agreement dated as of April 27, 2004, between the
Issuer and IIC.

      "Restructured IIC Medium-Term Loans" means all and each of the loans
provided for in the Restructured IIC Medium-Term Loan Agreement.

      "Restructured IIC Subordinated Loan Agreement" means the amended and
restated subordinated loan agreement dated as of April 27, 2004, between the
Issuer and IIC.

      "Restructured IIC Subordinated Loans" means all and each of the loans
provided for in the Restructured IIC Subordinated Loan Agreement.

      "Restructuring" has the meaning assigned to such term in the recitals
hereof.

      "SEC" means the United States Securities and Exchange Commission.

      "Securities Act" means the United States Securities Act of 1933, as
amended.

      "Securitization" means the sale, assignment or other transfer to a third
party by the Issuer or any Significant Subsidiary of any of the Issuer's or such
Significant Subsidiary's present or

                                       21
<PAGE>

future revenues or other Property where the proceeds of any debt incurred by
such third-party or further transfer by such third party of such revenues or
other Property is paid (net of expenses and reserves) to the Issuer or such
Significant Subsidiary as purchase price or consideration for such revenues or
other Property.

      "Senior Debt" means, collectively, (i) the Long-Term Debt and (ii) the
Medium-Term Debt.

      "Senior Dollar Notes" means, collectively, (i) the Long-Term Dollar Notes
and (ii) the Medium-Term Dollar Notes.

      "Significant Subsidiary" means any Subsidiary of the Issuer in which the
Issuer's and its other Subsidiaries' proportionate share of the total assets
(after intercompany eliminations) of the Subsidiary exceeds five percent (5%) of
the total assets of the Issuer and its Subsidiaries consolidated as of the end
of the most recently completed Fiscal Year; provided that such percentage shall
be eleven percent (11%) in the case of Subsidiaries not organized under the laws
of the Country.

      "Signing Date" means April 27, 2004.

      "Single Group Exposure Ratio" means at any calculation date: (i) the
aggregate amount of loans and any other credit facilities (including without
limitation contingent liabilities under guarantees and documentary credits)
granted by the Issuer to any Person that is a member of an Economic Group as
reflected in the Issuer's most recent unaudited quarterly accounts or audited
quarterly accounts (in the case of the last quarter of any Fiscal Year); divided
by (ii) the Available Capital.

      "SOX Act" means the U.S. Sarbanes-Oxley Act of 2002, as amended, and the
rules and regulations promulgated thereunder from time to time.

      "Standard & Poor's" means Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, or any successor thereto.

      "Subordinated Bonds" means the Dollar-denominated notes (obligaciones
negociables) due 2019 to be issued by the Issuer under, and pursuant to the
terms and conditions applicable to, the Restructuring.

      "Subordinated Debt" means, collectively, (i) the Subordinated Loans and
(ii) the Subordinated Bonds.

      "Subordinated Dollar Applicable Margin" has the meaning assigned to such
term in Section 2.1(g).

      "Subordinated Dollar Fixed Rate" means, for any Interest Period, (i) six
percent (6%) per annum for the period from and including January 1, 2004 to but
not including January 1, 2014, and (ii) eleven percent (11%) per annum at any
time thereafter.

                                       22
<PAGE>

      "Subordinated Dollar Fixed Rate Holder" means, at any time, any Holder
holding any of the Subordinated Dollar Fixed Rate Notes.

      "Subordinated Dollar Fixed Rate Note" means any subordinated Dollar
denominated note under this Agreement (other than the Subordinated Dollar PIK
Notes) bearing interest in cash at the Subordinated Dollar Fixed Rate plus
interest in the form of Subordinated Dollar Fixed Rate PIK Note at the
Subordinated Dollar PIK Rate or, as the context requires, the principal amount
of such note outstanding from time to time.

      "Subordinated Dollar Fixed Rate PIK Note" means a Subordinated Dollar PIK
Note issued in respect of a Subordinated Dollar Fixed Rate Note.

      "Subordinated Dollar Fixed Rate PIK Note 2014" means the Subordinated
Dollar Fixed Rate PIK Note due on January 1, 2014.

      "Subordinated Dollar Fixed Rate PIK Note 2019" means the Subordinated
Dollar Fixed Rate PIK Note due on the Subordinated Dollar Maturity Date.

      "Subordinated Dollar Fixed Rate Tranche" means the tranche of Subordinated
Dollar Fixed Rate Notes and Subordinated Dollar Fixed Rate PIK Notes.

      "Subordinated Dollar Holders" means, collectively, (i) the Subordinated
Dollar Fixed Rate Holders and (ii) the Subordinated Dollar LIBOR Holders.

      "Subordinated Dollar LIBOR Holder" means, at any time, any Holder holding
any of the Subordinated Dollar LIBOR Notes.

      "Subordinated Dollar LIBOR Note" means any subordinated Dollar denominated
note under this Agreement (other than the Subordinated Dollar PIK Note) bearing
interest in cash at the Subordinated Dollar LIBOR Note Interest Rate plus
interest in the form of Subordinated Dollar LIBOR PIK Notes at the Subordinated
Dollar PIK Rate or, as the context requires, the principal amount of such note
outstanding from time to time.

      "Subordinated Dollar LIBOR Note Interest Rate" means for any Interest
Period, the rate at which interest is payable on the Subordinated Dollar LIBOR
Note during that Interest Period, determined in accordance with Section
3.3(a)(v).

      "Subordinated Dollar LIBOR Tranche" means the tranche of Subordinated
Dollar LIBOR Notes and Subordinated Dollar LIBOR PIK Notes.

      "Subordinated Dollar LIBOR PIK Note" means a Subordinated Dollar PIK Note
issued in respect of Subordinated Dollar LIBOR Notes.

      "Subordinated Dollar LIBOR PIK Note 2014" means the Subordinated Dollar
LIBOR PIK Note due on January 1, 2014.

      "Subordinated Dollar LIBOR PIK Note 2019" means the Subordinated Dollar
LIBOR PIK Note due on the Subordinated Dollar Maturity Date.

                                       23
<PAGE>

      "Subordinated Dollar Notes" means, collectively, (i) the Subordinated
Dollar Fixed Rate Notes and (ii) the Subordinated Dollar LIBOR Notes.

      "Subordinated Dollar Maturity Date" means January 1, 2019.

      "Subordinated Dollar PIK Notes" means, collectively, (i) the Subordinated
Dollar Fixed Rate PIK Notes and (ii) the Subordinated Dollar LIBOR PIK Notes.

      "Subordinated Dollar PIK Note 2014" means, collectively, (i) the
Subordinated Dollar LIBOR PIK Note 2014 and (ii) Subordinated Dollar Fixed Rate
PIK Note 2014.

      "Subordinated Dollar PIK Note 2019" means, collectively, (i) the
Subordinated Dollar LIBOR PIK Note 2019 and (ii) Subordinated Dollar Fixed Rate
PIK Note 2019.

      "Subordinated Dollar Note Event of Acceleration" has the meaning assigned
to such term in Section 7.2.

      "Subordinated Dollar PIK Rate" means five percent (5%) per annum.

      "Subordinated Loans" means, collectively, (i) the Restructured IFC
Subordinated Loans, (ii) the Subordinated Dollar Notes, (iii) the Restructured
IIC Subordinated Loans, and (iv) the Restructured CCC Subordinated Loans.

      "Subscription Agreement" means the subscription agreement, to be entered
into on or prior to the Effective Date and executed and delivered by and between
First Trust of New York, National Association, Representacion Permanente en
Argentina, as trustee on behalf of the Trust and Grupo Galicia.

      "Subsidiary" means any Person of which, at the time of determination, the
Issuer and/or one or more of its Subsidiaries owns or Controls directly or
indirectly more than fifty percent (50%) of the shares of such Person's capital
voting stock.

      "Surviving Debt" means all Debt of the Issuer and its Subsidiaries
outstanding immediately before and after giving effect to the transactions
contemplated in this Agreement and the other Transaction Documents, as set forth
on Schedule 4.17 hereto.

      "Tax Benefit" has the meaning assigned to such term in Section 3.8(f).

      "Taxes" means any present or future taxes, assessments, withholding
obligations, duties, fees and other charges of whatever nature levied, imposed
and/or collected by any Authority, and all interest, penalties, or similar
liabilities with respect thereto.

      "Three Month Maturity Gap" means at any calculation date: (i) all of the
Indebtedness for Borrowed Money (to the extent required to be reflected on the
Issuer's balance sheets) owed by the Issuer to any Person maturing within ninety
(90) days of that date; minus (ii) all of the Indebtedness for Borrowed Money
(to the extent required to be reflected on the Issuer's balance sheets) owed to
the Issuer by any Person maturing within ninety (90) days of that date.

                                       24
<PAGE>

      "Trade Creditor Holder" means any Holder who is also a party to the New
Trade Debt Agreement.

      "Tranches" means, collectively, (i) the Long-Term Dollar LIBOR Tranche,
(ii) the Long-Term Dollar Fixed Rate Tranche, (iii) the Medium-Term Dollar LIBOR
Tranche, (iv) the Medium-Term Dollar Fixed Rate Tranche, (v) the Subordinated
Dollar LIBOR Tranche and (vi) the Subordinated Dollar Fixed Rate Tranche.

      "Transaction Documents" means:

          (i)     the Financing Agreements;

          (ii)    the Restructured IFC Loan Agreements;

          (iii)   the Restructured IIC Loan Agreements;

          (iv)    the Restructured CCC Loan Agreement;

          (v)     the Restructured Bonds;

          (vi)    the Grupo Galicia Agreement;

          (vii)   the Subscription Agreement;

          (viii)  the Purchase Agreement;

          (ix)    the Trust Agreement;

          (x)     the Assignment Agreement;

          (xi)    the New Trade Debt Agreement;

          (xii)   the Registration Rights Agreement; and

          (xiii)  all and any other documents, instruments, indentures, fiscal
                  and paying agency agreements and/or other agreements relating
                  to, and/or in connection with, any of the foregoing agreements
                  and documents.

      "Transactions" means the execution, delivery and performance by the Issuer
of the Restructured Credit Agreements and the documents pursuant to which the
Bond Exchange Offer is being consummated and all other agreements or instruments
to be executed or delivered in connection therewith or any of the transactions
contemplated thereby.

      "Transfer" means, with respect to any Property, a sale, conveyance,
assignment, transfer, lease, or other disposition, in whole or in part, of such
Property.

      "Transfer Agreement" means the transfer agreement to be entered into on or
prior to the Effective Date between the Issuer and Grupo Galicia.

                                       25
<PAGE>

      "Trust" means the trust created pursuant to the Trust Agreement.

      "Trust Agreement" means the trust agreement, to be entered into on or
prior to the Effective Date, between the Issuer and First Trust of New York,
National Association, Representacion Permanente en Argentina, as trustee.

      "Unhedged Open Foreign Exchange Position" means at any calculation date:
(i) the Issuer's Foreign Currency Debt; minus (ii) the Issuer's Foreign Currency
Assets (expressed in Dollars) and reflected in the Issuer's most recent
unaudited quarterly accounts or audited quarterly accounts (in the case of the
last quarter of any Fiscal Year).

      "Uruguayan Central Bank" means the Banco Central del Uruguay (the
Uruguayan Central Bank) and any other Authority that may replace or carry out
any part of the monetary, regulatory and supervisory functions thereof.

      "U.S. Note" has the meaning set forth in Section 2.14(f).

      "U.S. Person" has the meaning set forth in Rule 902 of Regulation S
promulgated under the United States Securities Act of 1933, as amended.

      "Voting Stock" means, with respect to a Subsidiary or an Affiliate, any
stock of the class or classes having general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers
or trustees of such Person; provided, however, that, for the purposes hereof,
stock which carries only the right to vote conditionally on the happening of an
event shall not be considered Voting Stock, whether or not such event shall have
happened.

      Section 1.2. Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including"
shall, unless otherwise expressly provided, be deemed to be followed by the
phrase "without limitation". The word "will" shall be construed to have the same
meaning and effect as the word "shall". Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications
set forth herein and therein), (b) any reference herein to any Person shall be
construed to include such Person's successors and assigns, (c) the words
"herein", "hereof" and "hereunder", and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular
provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits
and Schedules to, this Agreement and (e) the words "asset" and "property" shall
be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

      Section 1.3. Accounting Terms; Accounting Principles. Except as otherwise
expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with the applicable Accounting Principles; provided
that if the Issuer notifies the Agent that the Issuer requests an amendment to
any provision hereof to eliminate the effect of any change

                                       26
<PAGE>

occurring after the date hereof in the Accounting Principles or in the
application thereof on the operation of such provision (or if the Agent notifies
the Issuer that the Required Holders request an amendment to any provision
hereof for such purposes), regardless of whether any such notice is given before
or after such change in the applicable Accounting Principles or in the
application thereof, then such provision shall be interpreted on the basis of
the Accounting Principles as in effect and applied immediately before such
change shall have become effective until such notice shall have been withdrawn
or such provision amended in accordance herewith. For the avoidance of doubt,
the Unhedged Open Foreign Exchange Position of the Issuer, for the purposes of
Section 6.3(b), shall be calculated in accordance with the Central Bank's
regulations on a bank's foreign currency exposure.

                                   ARTICLE II

                          The Restructured Dollar Notes

      Section 2.1. Elections for Exchange of Original Dollar Loans. (a) Each
Holder, pursuant to its Election Notice, has elected (i) to exchange the
Adjusted Principal Amount of its Original Dollar Loans for one or more of (A)
Long-Term Dollar Notes, (B) Medium-Term Dollar Notes (with respect to both the
New Trade Debt Agreement and the Equity Participation Tender Offer), (C)
Subordinated Dollar Notes, (D) Preferred Shares (or Preferred Shares and cash,
if any) pursuant to the Equity Participation Tender Offer, (E) BODEN pursuant to
the BODEN Tender Offer and/or (F) cash payment under the Cash Tender Offer, in
each case as set forth on such Holder's Election Notice, (ii) that its Long-Term
Dollar Notes shall bear interest at the Long-Term Dollar LIBOR Note Interest
Rate or Long-Term Dollar Fixed Rate, in each case as specified on such Holder's
Election Notice, (iii) that its Medium-Term Dollar Notes shall bear interest at
the Medium-Term Dollar LIBOR Note Interest Rate or Medium-Term Dollar Fixed
Rate, in each case as specified on such Holder's Election Notice, and (iv) that
its Subordinated Dollar Notes shall bear interest at the Subordinated Dollar
LIBOR Note Interest Rate or Subordinated Dollar Fixed Rate, in each case as
specified on such Holder's Election Notice.

      (b) Each Holder's elections referred to in clause (a) above are subject to
the proration and reallocation procedure set forth on Schedule 2.1 and reflected
in the Election Notice, and the obligation of each Holder to exchange its
Original Dollar Loans under this Agreement is subject to the satisfaction of the
conditions precedent set forth in Section 5.1 hereof.

      (c) The Issuer shall, promptly after receipt of the allocations of
Long-Term Dollar Notes, Medium-Term Dollar Notes (with respect to both the New
Trade Debt Agreement and the Equity Participation Tender Offer), Subordinated
Dollar Notes, the Preferred Shares (or Preferred Shares and cash, if any), the
BODEN Tender Offer and the Cash Tender Offer from the Exchange Agent and the
Documentation Agent, provide to the Agent, at least six (6) Business Days prior
to the Effective date (i) a copy of such allocations together with the Exchange
Agent's and Documentation Agent's calculations of any proration factor, and (ii)
Schedule 5.1(b)(ii) hereto, together with the Issuer's calculation of the
Effective Date Interest Amounts.

      (d) The Agent shall, promptly after receipt of such allocations, proration
calculations, Schedule 5.1(b)(ii) and Effective Date Interest Amount
calculations, in each case as referred to in clause (c) above, and in any event
at least five (5) Business Days prior to the Effective Date,

                                       27
<PAGE>

provide notice to the Holders, with a copy to the Issuer, of the Holders'
respective allocations of Long-Term Dollar LIBOR Notes, Long-Term Dollar Fixed
Rate Notes, Medium-Term Dollar LIBOR Notes, Medium-Term Dollar Fixed Rate Notes,
Subordinated Dollar LIBOR Notes, Subordinated Dollar Fixed Rate Notes, Preferred
Shares (or Preferred Shares and cash, if any), BODEN Tender Offer Exchange
Amounts and Cash Tender Offer Payment Amounts, as applicable, substantially in
the form attached hereto as Exhibit C (the "Allocation Notice"), together with a
copy of such allocations, proration calculations, Schedule 5.1(b)(ii) and
Effective Date Interest Amount calculations.

      (e) The Documentation Agent shall, on the date that is at least two (2)
Business Days prior to the expected Effective Date, provide written notice to
the Long-Term Dollar LIBOR Holders, with a copy to the Issuer and the Agent, of
the percentage (the "Long-Term Dollar Applicable Margin") which shall be the
margin over the LIBO Rate set forth in Section 3.3(a)(i) required to determine
the Long-Term Dollar LIBOR Note Interest Rate; it being understood and agreed
that such Long-Term Dollar Applicable Margin shall be determined by the Agent on
such date based on conversion of the Long-Term Dollar Fixed Rate into a six
(6)-month LIBO Rate floating rate equivalent, utilizing a hypothetical interest
rate swap having the same principal amount, amortization and maturity as the
Long-Term Dollar Notes based upon the arithmetic mean of the three (3) middle
quotations, expressed as a percentage, from five (5) leading dealers in interest
rate swaps.

      (f) The Documentation Agent shall, on the date that is at least two (2)
Business Days prior to the expected Effective Date, provide written notice to
the Medium-Term Dollar Fixed Rate Holders, with a copy to the Issuer and the
Agent, of the percentage (the "Medium-Term Dollar Fixed Rate") which shall be
the fixed rate equivalent of the Medium-Term Dollar LIBOR Note Interest Rate; it
being understood and agreed that such Medium-Term Dollar Fixed Rate shall be
determined by the Agent on such date based on conversion of the Medium-Term
Dollar LIBOR Note Interest Rate on such date into a fixed rate equivalent,
utilizing a hypothetical interest rate swap having the same principal amount,
amortization and maturity as the Medium-Term Dollar Notes based upon the
arithmetic mean of the three (3) middle quotations, expressed as a percentage,
from five (5) leading dealers in interest rate swaps.

      (g) The Documentation Agent shall, on the date that is at least two (2)
Business Days prior to the expected Effective Date, provide written notice to
the Subordinated Dollar LIBOR Holders, with a copy to the Issuer and the Agent,
of the percentage (the "Subordinated Dollar Applicable Margin") which shall be
the margin over the LIBO Rate set forth in Section 3.3(a)(v) required to
determine the Subordinated Dollar LIBOR Note Interest Rate; it being understood
and agreed that such Subordinated Dollar Applicable Margin shall be determined
by the Agent on such date based on conversion of the Subordinated Dollar Fixed
Rate into a six (6)-month LIBO Rate floating rate equivalent, utilizing a
hypothetical interest rate swap having the same principal amount, amortization
and maturity as the Subordinated Dollar Notes based upon the arithmetic mean of
the three (3) middle quotations, expressed as a percentage, from five (5)
leading dealers in interest rate swaps.

      Section 2.2. The Long-Term Dollar LIBOR Notes. On the Effective Date,
subject to the terms and conditions hereof, each Holder hereby agrees to
exchange (and the same shall be deemed to have been automatically exchanged) the
portion of the Adjusted Principal Amount of

                                       28
<PAGE>

its Original Dollar Loans in the amount set forth in such Holder's Election
Notice, as such amount may be adjusted pursuant to the proration and
reallocation procedure set forth in Schedule 2.1, for a Long-Term Dollar LIBOR
Note in the amount set forth with respect to such Holder in the Allocation
Notice (which amount shall be equal to, subject to the proration and allocation
procedure described above, one hundred percent (100%) of the portion of the
Adjusted Principal Amount of the Original Dollar Loans of such Holder exchanged
therefor).

      Section 2.3. The Long-Term Dollar Fixed Rate Notes. On the Effective Date,
subject to the terms and conditions hereof, each Holder hereby agrees to
exchange (and the same shall be deemed to have been automatically exchanged) the
portion of the Adjusted Principal Amount of its Original Dollar Loans in the
amount set forth in such Holder's Election Notice, as such amount may be
adjusted pursuant to the proration and reallocation procedure set forth on
Schedule 2.1, for a Long-Term Dollar Fixed Rate Note in the amount set forth
with respect to such Holder in the Allocation Notice (which amount shall be
equal to, subject to the proration and allocation procedure described above, one
hundred percent (100%) of the portion of the Adjusted Principal Amount of the
Original Dollar Loans of such Holder exchanged therefor).

      Section 2.4. The Medium-Term Dollar LIBOR Notes. On the Effective Date,
subject to the terms and conditions hereof, each Holder participating in the
Equity Participation Tender Offer and each Trade Creditor Holder hereby agrees
to exchange (and the same shall be deemed to have been automatically exchanged)
the portion of the Adjusted Principal Amount of its Original Dollar Loans in the
amount set forth in such Holder's or Trade Creditor Holder's, as the case may
be, Election Notice, as such amount may be adjusted pursuant to the proration
and reallocation procedure set forth in Schedule 2.1, for a Medium-Term Dollar
LIBOR Note in the amount set forth with respect to such Holder or Trade Creditor
Holder, as the case may be, in the Allocation Notice (which amount shall be
equal to, subject to the proration and allocation procedure described above, one
hundred percent (100%) of the portion of the Adjusted Principal Amount of the
Original Dollar Loans of such Holder or Trade Creditor Holder, as the case may
be, exchanged therefor).

      Section 2.5. The Medium-Term Dollar Fixed Rate Notes. On the Effective
Date, subject to the terms and conditions hereof, each Holder participating in
the Equity Participation Tender Offer and each Trade Creditor Holder hereby
agrees to exchange (and the same shall be deemed to have been automatically
exchanged) the portion of the Adjusted Principal Amount of its Original Dollar
Loans in the amount set forth in such Holder's or Trade Creditor Holder's, as
the case may be, Election Notice, as such amount may be adjusted pursuant to the
proration and reallocation procedure set forth in Schedule 2.1, for a
Medium-Term Dollar Fixed Rate Note in the amount set forth with respect to such
Holder or Trade Creditor Holder, as the case may be, in the Allocation Notice
(which amount shall be equal to, subject to the proration and allocation
procedure described above, one hundred percent (100%) of the portion of the
Adjusted Principal Amount of the Original Dollar Loans of such Holder or Trade
Creditor Holder, as the case may be, exchanged therefor).

      Section 2.6. The Subordinated Dollar LIBOR Notes. On the Effective Date,
subject to the terms and conditions hereof, each Holder hereby agrees to
exchange (and the same shall be deemed to have been automatically exchanged) the
portion of the Adjusted Principal Amount of its Original Dollar Loans in the
amount set forth in such Holder's Election Notice, as such

                                       29
<PAGE>

amount may be adjusted pursuant to the proration and reallocation procedure set
forth in Schedule 2.1, for a Subordinated Dollar LIBOR Note in the amount set
forth with respect to such Holder in the Allocation Notice (which amount shall
be equal to, subject to the proration and allocation procedure described above,
one hundred percent (100%) of the portion of the Adjusted Principal Amount of
the Original Dollar Loans of such Holder exchanged therefor).

      Section 2.7. The Subordinated Dollar Fixed Rate Notes. On the Effective
Date, subject to the terms and conditions hereof, each Holder hereby agrees to
exchange (and the same shall be deemed to have been automatically exchanged) the
portion of the Adjusted Principal Amount of its Original Dollar Loans in the
amount set forth in such Holder's Election Notice, as such amount may be
adjusted pursuant to the proration and reallocation procedure set forth on
Schedule 2.1, for a Subordinated Dollar Fixed Rate Note in the amount set forth
with respect to such Holder in the Allocation Notice (which amount shall be
equal to, subject to the proration and allocation procedure described above, one
hundred percent (100%) of the portion of the Adjusted Principal Amount of the
Original Dollar Loans of such Holder exchanged therefor).

      Section 2.8. Effect of Effective Date and Exchange. Effective upon the
occurrence of the Effective Date and the automatic exchange of Original Dollar
Loans for Restructured Dollar Notes, each Holder hereby consents to the
termination of the Existing Bank Debt of such Holder and the replacement with
the Restructured Bank Debt, and hereby waives any notice requirements contained
in the agreements and instruments evidencing such Existing Debt relating thereto
and hereby agrees that as of the Effective Date, such agreements and instruments
evidencing such Existing Bank Debt shall be superseded in all respects with this
Agreement and such agreements and instruments shall have no further force and
effect with respect to such Holder.

      Section 2.9. Repayment of Long-Term Dollar Notes. The Issuer shall repay
to the Agent for the ratable account of the Long-Term Dollar Holders the
aggregate outstanding principal amount of the Long-Term Dollar Notes in nine (9)
semi-annual consecutive installments, the first (1st) installment being due on
January 1, 2010, and with respect to each subsequent installment, on the dates
set forth below opposite each relevant date, each of which shall be in an amount
equal to the original principal amount of such Holder's Long-Term Dollar Note
multiplied by the percentage set forth below opposite such installment below
(which installments shall be reduced, as a result of the application of any
prepayments of the Long-Term Dollar Notes pursuant to Section 3.1 or Section
3.2):

<TABLE>
<CAPTION>
Date Payment Due                          Amortization
----------------                          ------------
<S>                                       <C>
January 1, 2010                              11.11%
July 1, 2010                                 11.11%
January 1, 2011                              11.11%
July 1, 2011                                 11.11%
January 1, 2012                              11.11%
July 1, 2012                                 11.11%
January 1, 2013                              11.11%
July 1, 2013                                 11.11%
January 1, 2014                              11.12%
</TABLE>

                                       30
<PAGE>

provided, however, that the final principal installment shall be repaid on the
Long-Term Dollar Maturity Date and in any event shall be in an amount equal to
the aggregate principal amount of the Long-Term Dollar Notes outstanding on such
date.

      Section 2.10. Repayment of Medium-Term Dollar Notes. The Issuer shall
repay to the Agent for the ratable account of the Medium-Term Dollar Holders the
aggregate outstanding principal amount of the Medium-Term Dollar Notes in eight
(8) semi-annual consecutive installments, the first (1st) installment being due
on July 1, 2006, and with respect to each subsequent installment, on the dates
set forth below opposite each relevant date, each of which shall be in an amount
equal to the original principal amount of such Holder's Medium-Term Dollar Note
multiplied by the percentage set forth below opposite such installment below
(which installments shall be reduced, as a result of the application of any
prepayments of the Medium-Term Dollar Notes, pursuant to Section 3.1 or Section
3.2):

<TABLE>
<CAPTION>
Date Payment Due                        Amortization
----------------                        ------------
<S>                                     <C>
July 1, 2006                               12.50%
January 1, 2007                            12.50%
July 1, 2007                               12.50%
January 1, 2008                            12.50%
July 1, 2008                               12.50%
January 1, 2009                            12.50%
July 1, 2009                               12.50%
January 1, 2010                            12.50%
</TABLE>

provided, however, that the final principal installment shall be repaid on the
Medium-Term Dollar Maturity Date and in any event shall be in an amount equal to
the aggregate principal amount of the Medium-Term Dollar Notes outstanding on
such date.

      Section 2.11. Repayment of Subordinated Dollar Notes. The Issuer shall
repay to the Agent for the ratable account of the Subordinated Dollar Holders
the aggregate outstanding principal amount of the Subordinated Dollar Notes on
the Subordinated Dollar Maturity Date, which shall be, with respect to each such
Holder, an amount equal to the original principal amount of such Holder's
Subordinated Dollar Note (which amount shall be reduced as a result of the
application of any prepayments thereof pursuant to Section 3.1).

      Section 2.12. Repayment of Subordinated Dollar PIK Notes. The Issuer shall
repay to the Agent for the ratable account of the Subordinated Dollar Holders
(i) on January 1, 2014, the aggregate outstanding principal amount of the
Subordinated Dollar PIK Note 2014, which shall be, with respect to each such
Holder, an amount equal to interest accrued on the original principal amount of
such Holder's Subordinated Dollar Note at the Subordinated Dollar PIK Rate
through but not including January 1, 2014 and (ii) on the Subordinated Dollar
Maturity Date, the aggregate outstanding principal amount of the Subordinated
Dollar PIK Note 2019, which shall be, with respect to each such Holder, an
amount equal to interest accrued on the original principal amount of such
Holder's Subordinated Dollar Note at the Subordinated Dollar PIK Rate from
January 1, 2014 through and including the Subordinated Dollar Maturity Date (it

                                       31
<PAGE>

being understood and agreed that the calculation of interest pursuant to this
Section shall be adjusted to reflect any prepayments of the Subordinated Dollar
Notes pursuant to Section 3.1).

      Section 2.13. Evidence of Debt. (a) Each Holder shall maintain in
accordance with its usual practice an account or accounts evidencing the Debt of
the Issuer to such Holder resulting from each Restructured Dollar Note owing to
such Holder, including the amounts of principal and interest payable and paid to
such Holder from time to time hereunder.

      (b) The Agent shall maintain books and records in which it shall record
(i) the amount of each Restructured Dollar Note, (ii) the amount of any
principal or interest due and payable or to become due and payable from the
Issuer to each Holder hereunder and (iii) the amount of any sum received by the
Agent hereunder for the account of the Holders and each Holder's share thereof.

      (c) Absent manifest error, the entries made in the accounts maintained
pursuant to paragraph (a) of this Section or in the books and records maintained
pursuant to paragraph (b) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the
failure of any Holder to maintain such accounts or the Agent to maintain such
books and records or any error therein shall not in any manner affect the
obligation of the Issuer to repay the Restructured Dollar Notes in accordance
with the terms of this Agreement.

      Section 2.14. Notes. (a) Each of the Restructured Dollar Notes shall be
evidenced by: (i) (A) in the case of the Long-Term Dollar Notes, pagares
evidencing each installment of principal of such Long-Term Dollar Notes, (B) in
the case of the Medium-Term Dollar Notes, pagares evidencing each installment of
principal of such Medium-Term Dollar Notes, (C) in the case of the Subordinated
Dollar Notes, pagares evidencing each installment of principal of such
Subordinated Dollar Notes, and (D) in the case of the Subordinated Dollar PIK
Notes, pagares evidencing each installment of principal of such Subordinated
Dollar PIK Notes; and (ii) (A) in the case of the Long-Term Dollar Notes,
pagares evidencing interest as calculated pursuant to Section 3.3 for such
Interest Period on such Long-Term Dollar Notes, (B) in the case of the
Medium-Term Dollar Notes, pagares evidencing interest as calculated pursuant to
Section 3.3 for such Interest Period on such Medium-Term Dollar Notes, (C) in
the case of the Subordinated Dollar Notes, pagares evidencing interest as
calculated pursuant to Section 3.3 for such Interest Period on such Subordinated
Dollar Notes, and (D) in the case of the Subordinated Dollar PIK Notes, pagares
evidencing interest as calculated pursuant to Section 3.3 for such Interest
Period on such Subordinated Dollar PIK Notes (each such pagare described in this
Section 2.14(a) evidencing an installment of principal or interest, an
"Argentine Note," and collectively the "Argentine Notes"), each duly executed
and delivered by the Issuer substantially in form of Exhibit D-1 (with
applicable modifications).

      (b) The Issuer hereby authorizes the issuance and delivery of each
Argentine Note issued in accordance with the terms and conditions of this
Agreement and each such Note shall: (i) be dated the date of the execution
thereof, (ii) in the case of each Argentine Note evidencing a payment of an
installment of principal, such Argentine Note shall be in a principal amount
equal to each installment of principal of the Restructured Dollar Note evidenced
thereby, (iii) in the case of each Argentine Note evidencing a payment of
interest due in an Interest Period, each

                                       32
<PAGE>

Argentine Note shall be in a principal amount equal to all interest scheduled to
be payable on the last day of such Interest Period with respect to the
Restructured Dollar Notes, (iv) bear interest if applicable at the Default
Interest Rate, as specified in Section 3.3(c), (v) be payable on demand (a la
vista), and (vi) be non-negotiable instruments (no a la orden).

      (c) On the last day of each Interest Period with respect to the LIBOR
Notes, the Issuer shall execute and deliver to each Holder an Argentine Note in
respect of the immediately succeeding Interest Period which shall have been
appropriately completed to include the information specified in subsection (b)
hereof; provided, (i) if the Issuer has paid the interest accrued during the
preceding Interest Period, the new Argentine Note or Argentine Notes shall be a
replacement of (and not in addition to) the Argentine Note or Argentine Notes
then in effect evidencing interest; (ii) if the Issuer fails to replace any
Argentine Note or Argentine Notes evidencing interest but nonetheless pays the
interest accrued during the preceding Interest Period, each affected Holder
shall be entitled to claim under such existing Argentine Note or Argentine Notes
the amount of interest that may accrue in the succeeding Interest Period or
Interest Periods; and (iii) if the Issuer fails to pay the interest accrued
during the preceding Interest Period, the Issuer shall remain obligated to
execute and deliver to each affected Holder an Argentine Note or Argentine Notes
in respect of the immediately succeeding Interest Periods, which shall be in
addition to (and not a replacement of) the Argentine Note or Argentine Notes
then in effect evidencing interest. Promptly upon the payment in full of all
amounts due under any Argentine Note or Argentine Notes evidencing interest on
the LIBOR Notes, the applicable Holder shall return such Argentine Note or
Argentine Notes to the Issuer marked "cancelled" in exchange for the replacement
Argentine Note required to be provided in accordance with this subsection (c).

      (d) Promptly: (i) upon the payment in full (as a result of a scheduled
payment or prepayment, in whole or in part) of all amounts due under any
Argentine Note evidencing the installments of principal of the Restructured
Dollar Notes, the applicable Holder shall return such Argentine Notes to the
Issuer marked "cancelled", and (ii) upon the payment in part of any amounts due
under any of the Argentine Notes evidencing an installment of principal of the
Restructured Dollar Notes, the applicable Holder shall return such Argentine
Note to the Issuer marked "cancelled" in exchange for new Argentine Notes
executed and delivered by the Issuer to such Holder in a principal amount equal
to the amount of such installment of principal of the Restructured Dollar Notes
that remains outstanding after such payment.

      (e) Notwithstanding the fact that each Argentine Note shall be payable on
demand, no Holder shall exercise such demand right unless a payment default or
an acceleration pursuant to Article VII has occurred and is continuing. The
issuance of the Argentine Notes is not intended to, and shall not, constitute a
novation of any of the Restructured Dollar Notes provided for hereunder.

      (f) The Issuer's obligation to pay the principal of, and interest on, each
of the Restructured Dollar Notes shall also be evidenced by a promissory note
duly executed and delivered by the Issuer substantially in form of Exhibit D-2
(with applicable modifications) (each such promissory note, a "U.S. Note," and
collectively with the Argentine Notes, the "Notes"). The Issuer hereby
authorizes the issuance and delivery of each U.S. Note issued in accordance with
the terms and conditions of this Agreement and each such Note shall: (i) be
payable to the

                                       33
<PAGE>

order of such Holder, (ii) be dated the Effective Date and (iii) be in a stated
principal amount equal to the Long-Term Dollar LIBOR Notes, Long-Term Dollar
Fixed Rate Notes, Medium-Term Dollar LIBOR Notes, Medium-Term Dollar Fixed Rate
Notes, Subordinated Dollar LIBOR Notes, Subordinated Dollar Fixed Rate Notes,
Subordinated Dollar LIBOR PIK Notes or Subordinated Dollar Fixed Rate PIK Notes
evidenced thereby, as applicable, relating to such Holder, or, with respect to
any Holder that becomes a party hereto pursuant to an Assignment and Acceptance,
be in a stated principal amount equal to the Long-Term Dollar LIBOR Notes,
Long-Term Dollar Fixed Rate Notes, Medium-Term Dollar LIBOR Notes, Medium-Term
Dollar Fixed Rate Notes, Subordinated Dollar LIBOR Notes, Subordinated Dollar
Fixed Rate Notes, Subordinated Dollar LIBOR PIK Notes or Subordinated Dollar
Fixed Rate PIK Notes, as applicable, assigned to such Holder pursuant to such
Assignment and Acceptance and be dated the effective date of such Assignment and
Acceptance.

      Section 2.15. Subordination. (g) The Issuer agrees, and each Holder by
accepting Subordinated Dollar Notes agrees, that the Debt evidenced thereby and
all other obligations in respect thereof are subordinated in right of payment to
all non-subordinated indebtedness of the Issuer in accordance with the
provisions of Communique "A" No. 2970 and other complementary regulations issued
by the Central Bank. Therefore, in the event of bankruptcy of the Issuer, the
Subordinated Dollar Notes will only have priority in payment with respect to the
shareholders of the Issuer and the Holders thereof hereby waive any general or
special privilege that they may have.

      (h) The lack of payment of principal of (and premium and Additional
Amounts, if any) and interest on any or all of the Subordinated Dollar Notes
shall not be considered an event which gives rise to the cancellation of the
Issuer's authorization to operate as a financial institution, provided that: (i)
the Issuer and the Holders of Subordinated Dollar Notes agree, within the year
in which such amounts became due and payable, on the manner in which payment of
amounts due shall be made; (ii) the Issuer complies regularly with payments on
its non-subordinated indebtedness; (iii) the Issuer does not pay cash dividends
to its shareholders; and (iv) the Issuer does not pay any fees to its directors
and comptrollers (sindicos), except to those that exercise executive functions.

      (i) Failure by the Issuer to comply with these provisions shall not render
the Central Bank liable in any respect.

                                   ARTICLE III

         General Provisions Applicable to the Restructured Dollar Notes

      Section 3.1. Optional Prepayment of Restructured Dollar Notes. (a) Without
prejudice to the provisions of Section 3.6, Section 3.8 and Section 9.3(d), the
Issuer may prepay, subject to and in accordance with Section 6.4(g), at any time
and from time to time all or any part of the Restructured Dollar Notes without
premium or penalty, by giving an irrevocable notice to the Agent (which notice
the Agent shall promptly upon receipt thereof advise the Holders of the contents
thereof) at least five (5) Business Days before the date of prepayment
specifying the

                                       34
<PAGE>

type of Restructured Dollar Note, the prepayment date (which shall be a Business
Day) and principal amount of the Restructured Dollar Notes to be prepaid if, and
only if:

      (i)   the Issuer simultaneously (A) prepays, subject to and in accordance
            with Section 6.4(g), the Long-Term Debt and (y) solely with respect
            to prepayments of Medium-Term Dollar Notes, the other Medium-Term
            Loans and (z) solely with respect to prepayments of Subordinated
            Dollar Notes, the other Subordinated Loans, in each case on a pro
            rata and pari passu basis taking into account the respective
            remaining principal amounts thereof at such time outstanding and (B)
            pays all accrued interest and "increased costs" (if any) related
            thereto;

      (ii)  the Issuer pays on the date of any such prepayment all accrued
            interest and Increased Costs (if any) on the amount of the
            Restructured Dollar Notes to be prepaid, together with all other
            amounts then due and payable under this Agreement;

      (iii) for a partial prepayment, that prepayment is an amount equal to
            either of (y) five million Dollars ($5,000,000) or any integral
            multiple of one million Dollars ($1,000,000) in excess thereof, or
            (z) the then full outstanding amount of the Restructured Dollar
            Notes to be prepaid; and

      (iv)  the Issuer delivers to the Agent, prior to the date of such
            prepayment, evidence satisfactory to the Agent in its reasonable
            discretion that all necessary Authorizations, if any, with respect
            to the prepayment have been obtained and a certification from a
            Responsible Officer of the Issuer that all such Authorizations have
            been obtained and that such prepayment is in accordance with the
            terms and conditions of this Agreement and the other Transaction
            Documents.

      (b) Amounts of principal prepaid under this Section shall be allocated by
the Agent pro rata between the Restructured Dollar Notes being prepaid in
proportion to their respective principal amounts outstanding and ratably to the
installments thereof.

      (c) Any principal amount of any of the Restructured Dollar Notes prepaid
under this Agreement may not be re-borrowed.

      (d) Prepayment of any principal amount of any of the Subordinated Dollar
Notes shall be subject to (i) prior authorization by the Argentine
Superintendency of Financial Institutions (Superintendencia de Entidades
Financieras y Cambiarias) and (ii) that after giving effect to any such
prepayment, the Issuer's Available Capital remains equal to or greater than any
mandatory minimum capital requirement set forth by the Central Bank.

      Section 3.2. Mandatory Prepayment of Restructured Dollar Notes. (a) If the
Issuer or any Significant Subsidiary incurs any Debt that is governed by laws
other than those of the Country in excess of an aggregate amount of twenty-five
million Dollars ($25,000,000) (or the Dollar Equivalent in any other currency)
per Fiscal Year, then the Issuer shall (and shall cause such Significant
Subsidiary to) apply fifty percent (50%) of any portion of the Net Cash Proceeds
of such transaction that are in excess of the aggregate amount specified in this
paragraph: (i) first, to prepay or redeem, as applicable, the Long-Term Dollar
Notes and the

                                       35
<PAGE>

other Long-Term Debt in the inverse order of maturity (together with all accrued
interest and Increased Costs, if any, on the Long-Term Dollar Notes and accrued
interest and "increased costs", if any, in respect of the other Long-Term Debt)
on a pro rata and pari passu basis taking into account the respective principal
amounts thereof at the time outstanding; and (ii) second, if the Long-Term
Dollar Notes and the other Long-Term Debt (together with all accrued interest
and Increased Costs, if any, on the Long-Term Dollar Notes and accrued interest
and "increased costs", if any, in respect of the other Long-Term Debt) have been
paid in full, to prepay or redeem, as applicable, the Medium-Term Dollar Notes
and the other Medium-Term Debt (together with all accrued interest and Increased
Costs, if any, in respect of the Medium-Term Dollar Notes and accrued interest
and "increased costs", if any, in respect of the other Medium-Term Debt) in the
inverse order of maturity on a pro rata and pari passu basis taking into account
the respective principal amounts thereof at the time outstanding; provided that
(i) the Issuer or such Significant Subsidiary shall not be required to so apply
Net Cash Proceeds received by the Issuer or such Significant Subsidiary from the
incurrence of Debt having an original maturity of one (1) year or less, and (ii)
the Issuer or any Significant Subsidiary shall apply twenty-five percent (25%)
(and not fifty percent (50%) as stated above) of the Net Cash Proceeds, from any
Securitization (whether or not such Securitization involves the incurrence of
Debt) as to which all of the material terms are governed by Argentine law and
which is issued in the Argentine market, to Debt prepayments or redemptions as
described above, and (iii) any Debt incurred in excess of twenty-five million
Dollars ($25,000,000) (or the Dollar Equivalent in any other currency) per
Fiscal Year, a portion of which is required to be used to prepay or redeem, as
applicable, Debt pursuant to this paragraph, shall always have a maturity date
and interest rate provisions that, in each case, are more beneficial to the
Issuer as compared with the Restructured Debt most similar in term and type to
the Debt so incurred).

      (b) If the Issuer or any Significant Subsidiary effects a Transfer of
Property or receives Property or insurance claims payments in connection with
any Property in excess of an aggregate amount of ten million Dollars
($10,000,000) (or the Dollar Equivalent in any other currency) per Fiscal Year
(including any Capital Stock of a Person other than the Issuer) pursuant to
Section 6.4(e), then the Issuer shall (and shall cause such Significant
Subsidiary to) apply seventy-five percent (75%) of any portion of the Net Cash
Proceeds of such transaction that are in excess of the aggregate amount
specified in this paragraph: (i) first, to prepay or redeem, as applicable, the
Long-Term Dollar Notes and the other Long-Term Debt in the inverse order of
maturity (together with all accrued interest and Increased Costs, if any, on the
Long-Term Dollar Notes and accrued interest and "increased costs", if any, in
respect of the other Long-Term Debt) on a pro rata and pari passu basis taking
into account the respective principal amounts thereof at the time outstanding;
and (ii) second, if the Long-Term Dollar Notes and the other Long-Term Debt
(together with all accrued interest and Increased Costs, if any, on the
Long-Term Dollar Notes and accrued interest and "increased costs", if any, in
respect of the other Long-Term Debt) have been paid in full, to prepay or
redeem, as applicable, the Medium-Term Dollar Notes and the other Medium-Term
Debt (together with all accrued interest and Increased Costs, if any, in respect
of the Medium-Term Dollar Notes and accrued interest and "increased costs", if
any, in respect of the other Medium-Term Debt) in the inverse order of maturity
on a pro rata and pari passu basis taking into account the respective principal
amounts thereof at the time outstanding; provided that (i) the Issuer or such
Significant Subsidiary shall not be required to cause Net Cash Proceeds received
by the Issuer or such Significant Subsidiary from the Transfer of any fixed
assets, or the Transfer of any Capital Stock or Voting Stock in

                                       36
<PAGE>

Permitted Businesses if such Net Cash Proceeds are reinvested, by such Person,
by a date no later than six (6) months from the date of such Transfer in either
fixed assets or Permitted Businesses, respectively (it being understood that if
at the end of such six-month period no such reinvestment has been consummated,
the Issuer or such Significant Subsidiary shall immediately effect such
prepayment or redemption) and (ii) one hundred percent (100%) of any portion of
the Net Cash Proceeds (without deducting any amount or applying any basket) of
the Transfer of Headquarter Offices shall be applied to Debt prepayment or
redemptions as described above. The Net Cash Proceeds from any Securitization
(whether or not such Securitization involves the incurrence of Debt) as to which
all of the material terms are governed by Argentine law, and which is issued in
the Argentine market, shall be applied in accordance with Section 3.2(a).

      (c) If the Issuer or any Subsidiary of the Issuer issues equity securities
privately (other than with respect to the capitalization of any Subordinated
Debt of the Issuer held by Grupo Galicia) or in the capital markets, then fifty
percent (50%) of any portion of the Net Cash Proceeds of such transaction shall
be applied by the Issuer: (i) first, to prepay or redeem, as applicable, the
Long-Term Dollar Notes and the other Long-Term Debt in the inverse order of
maturity (together with all accrued interest and Increased Costs, if any, on the
Long-Term Dollar Notes and accrued interest and "increased costs", if any, in
respect of the other Long-Term Debt) on a pro rata and pari passu basis taking
into account the respective principal amounts thereof at the time outstanding;
and (ii) second, if the Long-Term Dollar Notes and the other Long-Term Debt
(together with all accrued interest and Increased Costs, if any, on the
Long-Term Dollar Notes and accrued interest and "increased costs", if any, in
respect of the other Long-Term Debt) have been paid in full, to prepay or
redeem, as applicable, the Medium-Term Dollar Notes and the other Medium-Term
Debt (together with all accrued interest and Increased Costs, if any, in respect
of the Medium-Term Dollar Notes and accrued interest and "increased costs", if
any, in respect of the other Medium-Term Debt) in the inverse order of maturity
on a pro rata and pari passu basis taking into account the respective principal
amounts thereof at the time outstanding.

      (d) If, pursuant to the Restructuring and after giving effect to the Cash
Tender Offer, the Issuer shall have an amount greater than five million Dollars
($5,000,000) remaining from the amount originally allocated for the consummation
of the Cash Tender Offer, the Issuer shall apply on the Effective Date
one-hundred percent (100%) of such remaining amount to prepay or redeem, as
applicable, the Long-Term Dollar Notes and the other Long-Term Debt on a pro
rata and pari passu basis taking into account the respective principal amounts
thereof at the time outstanding. Amounts of principal prepaid under this
subsection (d) shall be allocated by the Agent pro rata between the Long-Term
Dollar Notes being prepaid in proportion to their respective principal amounts
outstanding and ratably to the installments thereof.

      (e) Any mandatory prepayment of the Long-Term Dollar Notes or the
Medium-Term Dollar Notes pursuant to this Section 3.2 shall be made without
premium or penalty other than as provided in Section 9.3(d) together with (i)
accrued interest to the date of such prepayment on the principal amount prepaid
and on any other amount payable pursuant to Section 3.9(f) and (ii) any
Increased Costs then payable, together with all other amounts then payable under
this Agreement.

      Section 3.3. Interest. (a) Regular Interest. Subject to the provisions of
clauses (b) and (c) of this Section 3.3, the Issuer shall pay interest on the
unpaid principal amount of each

                                       37
<PAGE>

Restructured Dollar Note owing to each Holder until such principal amount shall
be paid in full, in arrears, on each Interest Payment Date at the following
rates per annum:

     (i)    Each Long-Term Dollar LIBOR Note shall bear interest for each day
            during each Interest Period with respect thereto at a rate per annum
            equal to the LIBO Rate for such Interest Period plus the Long-Term
            Dollar Applicable Margin.

     (ii)   Each Long-Term Dollar Fixed Rate Note shall bear interest for each
            day during each Interest Period with respect thereto at the
            Long-Term Dollar Fixed Rate.

     (iii)  Each Medium-Term Dollar LIBOR Note shall bear interest for each day
            during each Interest Period with respect thereto at a rate per annum
            equal to the LIBO Rate for such Interest Period plus three and
            one-half percent (3.5%) per annum.

     (iv)   Each Medium-Term Dollar Fixed Rate Note shall bear interest for each
            day during each Interest Period with respect thereto at the
            Medium-Term Dollar Fixed Rate.

     (v)    Each Subordinated Dollar LIBOR Note shall bear interest for each day
            during each Interest Period with respect thereto (A) in cash at a
            rate per annum equal to the LIBO Rate for such Interest Period plus
            the Subordinated Dollar Applicable Margin, and (B) in the form of
            (I) a Subordinated Dollar LIBOR PIK Note 2014 at the Subordinated
            Dollar PIK Rate for Interest Periods through but not including
            January 1, 2014 and (II) a Subordinated Dollar LIBOR PIK Note 2019
            at the Subordinated Dollar PIK Rate for any Interest Period
            thereafter.

     (vi)   Each Subordinated Dollar Fixed Rate Note shall bear interest for
            each day during each Interest Period with respect thereto (A) in
            cash at the Subordinated Dollar Fixed Rate, and (B) in the form of
            (I) a Subordinated Dollar Fixed Rate PIK Note 2014 at the
            Subordinated Dollar PIK Rate for Interest Periods through but not
            including January 1, 2014 and (II) a Subordinated Dollar Fixed Rate
            PIK Note 2019 at the Subordinated Dollar PIK Rate for any Interest
            Period thereafter.

     (vii)  Each Subordinated Dollar LIBOR PIK Note shall bear interest for each
            day during each Interest Period with respect thereto (A) in cash at
            a rate per annum equal to the LIBO Rate for such Interest Period
            plus the Subordinated Dollar Applicable Margin, and (B) in the form
            of (I) a Subordinated Dollar LIBOR PIK Note 2014 at the Subordinated
            Dollar PIK Rate for Interest Periods through but not including
            January 1, 2014 and (II) a Subordinated Dollar LIBOR PIK Note 2019
            at the Subordinated Dollar PIK Rate for any Interest Period
            thereafter.

     (viii) Each Subordinated Dollar Fixed Rate PIK Note shall bear interest
            for each day during each Interest Period with respect thereto (A) in
            cash at the Subordinated Dollar Fixed Rate, and (B) in the form of
            (I) a Subordinated Dollar Fixed Rate PIK Note 2014 at the
            Subordinated Dollar PIK Rate for Interest Periods through but not
            including January 1, 2014 and (II) a Subordinated Dollar Fixed Rate
            PIK Note 2019 at the Subordinated Dollar PIK Rate for any Interest
            Period thereafter.

                                       38
<PAGE>

      (b) Change in Interest Period. Without prejudice to the provisions of
Section 3.5, if at any time the Issuer fails to pay any amount of principal of,
or interest on, the Restructured Dollar Notes when due (whether at stated
maturity or upon acceleration or otherwise), and any part of that amount remains
unpaid on the third (3rd) Business Day immediately preceding any Interest
Payment Date falling after that amount became due, then:

      (i)   the Agent (acting at the prior written direction of the Required
            Holders) may elect that the duration of the Interest Period
            commencing on that Interest Payment Date shall be one (1) month and
            shall notify the Issuer of that election; and

      (ii)  unless an Event of Default or Potential Event of Default has
            occurred and is continuing, the Agent shall reinstate Interest
            Periods of six (6) months as of the first (1st) Interest Payment
            Date occurring at least three (3) Business Days after the failure to
            pay such principal and/or interest is remedied in full and the Agent
            shall notify the Issuer of that reinstatement.

      (c) Default Interest Rate. (i) Without limiting the remedies available to
the Holders under this Agreement or otherwise (and to the maximum extent
permitted by Applicable Law), if the Issuer fails to make any payment of
principal of or interest on or any other payment provided for herein when due
(whether at stated maturity or upon acceleration or otherwise), the Issuer shall
pay interest on the amount of that payment due and unpaid at the Default
Interest Rate.

      (ii)  Interest at the rate referred to in clause (i) above shall accrue
            from and including the date on which payment of the relevant overdue
            amount became due and was not paid until and including the date of
            actual payment of that amount (as well after as before judgment),
            and shall be payable on demand by the Holders of the related Notes
            or, if not demanded, on each Interest Payment Date falling after any
            such overdue amount became due.

      Section 3.4. Agent's Fees. As consideration for the services to be provide
by the Agent hereunder, the Issuer shall pay to the Agent for the Agent's own
account such fees as may from time to time be agreed between the Issuer and the
Agent in writing. The obligation of the Issuer to pay such fees (to the extent
already accrued) to the Agent shall survive the termination of this Agreement
and of the earlier resignation or removal of the Agent.

      Section 3.5. Alternate Rate of Interest. If on any Interest Determination
Date (the "Affected Interest Period"):

      (a) the Agent determines (which determination shall be conclusive absent
manifest error) that, by reason of changes arising after the Effective Date,
adequate and reasonable means do not exist for ascertaining the LIBO Rate for
such Interest Period; or

      (b) the Agent is notified in writing by the Required Holders that the LIBO
Rate for such Interest Period, by reason of changes arising after the Effective
Date, will not adequately and fairly reflect the cost to such Holders of making
or maintaining their LIBOR Notes for such Interest Period,

                                       39
<PAGE>

then the Agent shall give notice thereof to the Issuer and the Holders as soon
as practicable thereafter, and the interest rate during such Interest Period
applicable to each LIBOR Note effective from the commencement of such Interest
Period shall be the sum of (i) the weighted average of the amount necessary to
compensate each Holder for its cost of obtaining, as of the commencement of such
Interest Period, funds for such Interest Period in an amount equal to the
principal amount of the applicable LIBOR Note, weighted in accordance with the
aggregate principal amount of LIBOR Notes outstanding owed to each Holder at
such time (based solely on a certificate delivered by a Responsible Officer of
each Holder to the Agent setting forth the basis of such Holder's computation of
such amount for such Holder, which certificate shall be conclusive and binding
for all purposes absent manifest error) and promptly notified in writing to the
Holders and the Issuer, plus (ii)(A) the Long-Term Dollar Applicable Margin, in
the case of each Long-Term Dollar LIBOR Note, (B) three and one-half percent
(3.5%) in the case of each Medium-Term Dollar LIBOR Note, and (C) the
Subordinated Dollar Applicable Margin, in the case of each Subordinated Dollar
LIBOR Note and each Subordinated Dollar LIBOR PIK Note. Each Holder shall
deliver such certificate to the Agent as promptly as practicable after receipt
of the Agent's notice referred to above; provided that in the event that any of
the events described in this Section 3.5 shall have occurred, the Issuer shall
have the option, at it sole discretion, to prepay, without premium or penalty,
any of the LIBOR based Restructured Dollar Notes affected thereby.

      Section 3.6. Increased Costs, Etc. (a) Except with respect to Taxes which
shall be governed by Section 3.8, if any Change in Law or compliance with any
guideline or request (that was not in effect as of the date hereof or otherwise
not required) from any Authority (whether or not having the force of law) shall:

      (i)   impose, modify or deem applicable any reserve, special deposit or
            similar requirement against assets of, deposits with or for the
            account of, or credit extended by, any Holder;

      (ii)  impose on any Holder or the London interbank market any other
            condition affecting this Agreement or LIBOR Notes held by such
            Holder; or

      (iii) impose on any Holder any other condition;

and the result of any of the foregoing shall be to increase the cost to such
Holder of maintaining any LIBOR Note or to reduce the amount of any sum received
or receivable by such Holder hereunder (whether of principal, interest or
otherwise) in connection with such LIBOR Notes, then the Issuer will promptly
pay to such Holder such additional amount or amounts as will compensate such
Holder for such additional costs incurred or reduction suffered.

      (b) If any Holder determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such
Holder's capital or on the capital of such Holder's holding company, if any, as
a consequence of this Agreement or the Restructured Dollar Notes made by such
Holder to a level below that which such Holder or such Holder's holding company
could have achieved but for such Change in Law (taking into consideration such
Holder's policies and the policies of such Holder's holding company with respect
to capital adequacy), then, from time to time, the Issuer will promptly pay to
such Holder

                                       40
<PAGE>

such additional amount or amounts as will compensate such Holder or such
Holder's holding company for any such reduction suffered.

      (c) A certificate of a Holder (an "Increased Costs Certificate") setting
forth in reasonable detail the amount or amounts necessary to compensate such
Holder or its holding company, as the case may be, as specified in paragraph (a)
or (b) of this Section shall be delivered to the Issuer and shall be conclusive
absent demonstrable error.

      (d) Failure or delay on the part of any Holder to demand compensation
pursuant to this Section shall not constitute a waiver of such Holder's right to
demand such compensation; provided that the Issuer shall not be required to
compensate a Holder pursuant to this Section 3.6 for any increased costs or
reductions incurred more than one hundred and eighty (180) days prior to the
date that such Holder notifies the Issuer of the Change in Law giving rise to
such increased costs or reductions and of such Holder's intention to claim
compensation therefore; provided, further, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the one hundred and
eighty (180) day period referred to above shall be extended to include the
period of retroactive effect thereof.

      Section 3.7. Illegality. Notwithstanding any other provision of this
Agreement, in the event of any Change in Law or determination, order, injunction
or judgment of an arbitrator or a court or other Authority ("Requirement of
Law") binding on any Holder makes it unlawful for such Holder at its Holder
Address to purchase, own, hold or maintain its Restructured Dollar Notes, then
such Holder shall promptly notify the Issuer (by means of notice through the
Agent) thereof following which, if such Requirement of Law shall so mandate, the
Restructured Dollar Notes of such Holder shall be prepaid by the Issuer on or
before such date as shall be mandated by such Requirement of Law; provided,
however, that if it is lawful for such Holder to maintain the Restructured
Dollar Notes through the last day of the current Interest Period, such payment
shall be made on such date. Each Holder agrees that, upon the occurrence of any
event giving rise to the operation of this Section 3.7 with respect to such
Holder, it will, if requested by the Issuer, prior to any prepayment, use
reasonable efforts (subject to overall policy considerations of such Holder) to
designate another Holder Address for any Note affected by such event; provided,
however, that such designation is made on such terms that, in the sole judgment
of such Holder, such Holder and its Holder Address suffer no economic, legal or
regulatory disadvantage, with the object of mitigating or avoiding the
consequences of the event giving rise to the operation of such Section.

      Section 3.8. Taxes. The Issuer covenants and agrees that:

      (a) Subject to clause (c) of this Section 3.8, all payments on account of
principal of and interest on the Restructured Dollar Notes, fees and all other
amounts payable hereunder or under the Notes by the Issuer to or for the account
of the Agent and each Holder including amounts payable under clauses (b), (c)
and (e) of this Section 3.8, shall be made free and clear of, and without
deduction or withholding for or by reason of, any and all present and future
income, stamp, excise, asset, value added and any other Taxes and levies,
imposts, deductions, charges and withholdings whatsoever now or hereafter
imposed, assessed, levied or collected by the Country or any political
subdivision or taxing authority thereof or therein together with interest
thereon and penalties with respect thereto, if any, on, under or in respect of
this

                                       41
<PAGE>

Agreement or the Notes, principal of and interest on the Restructured Dollar
Notes, fees and all other amounts payable hereunder or under the Notes, the
registration, notarization or other formalization of any thereof, any payments
of principal, interest, charges, fees or other amounts made on, under or in
respect thereof (but excluding any tax imposed on or measured by the net income
of a Holder pursuant to the laws of the jurisdiction in which it is organized or
the jurisdiction in which the principal office of such Holder or the office
through which the Holder holds the Notes is located or any subdivision thereof
or therein) (herein collectively called "Argentine Taxes"), all of which
Argentine Taxes will be paid by the Issuer, for its own account, prior to the
date on which penalties attach thereto.

      (b) The Issuer shall indemnify the Agent and each Holder against, and
reimburse the Agent and each Holder on demand for, any Argentine Taxes
(including any Argentine Taxes imposed on amounts payable under this Section
3.8(b)) imposed on or paid by the Agent or such Holder and any loss, liability,
claim or expense, including interest, penalties and legal fees, which the Agent
or such Holder may incur at any time arising out of or in connection with any
failure of the Issuer to make any payments of Argentine Taxes when due.

      (c) To the extent that the Issuer is required by applicable law, decree or
regulation to deduct or withhold Argentine Taxes from any amounts payable on,
under or in respect of the Financing Agreements, the Issuer shall pay such
additional amounts as may be required, after deduction or withholding of
Argentine Taxes (including such withholding or deduction applicable to such
additional amounts), to enable the Agent and each Holder to receive from the
Issuer an amount equal to the amount stated to be payable on, under or in
respect of this Agreement and the Notes in the absence of such deduction or
withholding. Each Holder agrees that, upon the occurrence of any event giving
rise to the operation of this Section 3.8(c) with respect to such Holder, it
will, if requested by the Issuer, use reasonable efforts (subject to overall
policy considerations of such Holder) to designate another office through which
the Holder holds any Note affected by such event; provided, however, that any
such designation shall be made only on such terms that, in the sole reasonable
judgment of such Holder, such Holder and the office through which such Holder
holds any such Notes suffer no material economic, legal or regulatory
disadvantage.

      (d) The Issuer shall furnish to the Agent original tax receipts in respect
of any deduction or withholding of Argentine Taxes, if available, or such other
documentation acceptable to the Agent (with the prior written direction of the
Required Holders), promptly and in any event within thirty (30) days after the
date the Issuer is required to remit such deduction or withholding to the
relevant tax authority, and the Issuer shall promptly furnish to the Agent any
other information, documents and receipts that the Agent may reasonably, from
time to time, require to establish to its satisfaction that full and timely
payments have been made of all Argentine Taxes required to be paid under this
Section 3.8.

      (e) The Issuer shall pay all present and future Argentine Taxes, including
but not limited to stamp taxes, imposts, contributions, charges, deductions,
withholdings, duties and similar fees which are imposed, assessed, levied or
collected in connection with the execution, delivery, registration,
notarization, enforcement, performance or any other act related thereto, of
Financing Agreements and any documents related thereto and shall, upon written
notice from the Agent, indemnify against and reimburse the Agent and each Holder
for any such taxes, imposts,

                                       42
<PAGE>

contributions, charges, deductions, withholdings, duties and fees (including any
such taxes, imposts, contributions, charges, deductions, withholdings, duties
and fees imposed on amounts payable under this Section 3.8(e)).

      (f) If a Holder or Participant receives a refund of, or credit or other
tax benefit with respect to, any Tax paid by the Issuer hereunder (a "Tax
Benefit"), such Holder or Participant, as the case may be, shall promptly
transfer to the Issuer an amount that the Holder or Participant shall, in its
sole reasonable discretion, determine is equal to the benefit obtained by the
Holder or the Participant as a consequence of such Tax Benefit together with any
interest paid to such Holder or Participant, as the case may be, by the relevant
Authority with respect to such Tax Benefit, if any; provided, however, that, in
the event such Holder or Participant, as the case may be, is subsequently
required by any Authority to repay such Tax Benefit, then the Issuer shall
promptly repay the amount of such Tax Benefit to such Holder or Participant, as
the case may be. Nothing in this Section 3.8(f) shall require a Holder or a
Participant to disclose any confidential information to the Issuer (including
its Tax returns).

      (g) In case of an assignment or Participation, Sections 3.8(a), 3.8(b),
and 3.8(c) shall only apply to the extent that any Taxes imposed do not exceed
the Taxes imposed as of the date immediately before such assignment or
Participation, unless such assignment or Participation shall not result in a
greater payment by the Issuer than would have resulted had the Holder who
originally owned the relevant Note remained the owner thereof.

      (h) Sections 3.8(a), 3.8(b), and 3.8(c) shall not apply to the extent that
the amount of Taxes deducted or withheld would have been reduced or eliminated
if the Holder or Participant had provided to the Issuer and/or any relevant
Authority any form, certificate, document or other information if (i) such form,
certificate, document, or other information is required by law, administrative
practice, or applicable treaty as a precondition to exemption or reduction in
the rate of deduction or withholding of Taxes for which the Issuer is required
to pay additional amounts pursuant to Section 3.8(c), (ii) at least thirty (30)
days prior to the first Payment Date with respect to which the Issuer shall
apply this Section 3.8(h), the Issuer shall have notified the Holder or
Participant that it will be required to comply with clause (i), above, and (iii)
as a result of complying with clause (i), the Holder or Participant will not, in
its sole reasonable judgment, suffer any material legal, economic, or regulatory
disadvantage.

      Section 3.9. Payments Generally; Pro Rata Treatment. (a) The Issuer shall
make each payment required to be made by it hereunder (whether of principal,
interest or of amounts payable under Section 3.6, 3.8 or 9.3(d), or otherwise)
and under the Notes prior to 11:00 AM, New York City time, on the date when due,
in Dollars in immediately available funds, without set-off or counterclaim. All
such payments shall be made to the Agent at the Agent's Account in same day
funds. The Agent will promptly thereafter cause like funds to be distributed (i)
if such payment by the Issuer is in respect of principal, interest, or any other
Obligation then payable hereunder and under the Notes to more than one Holder,
to such Holders for the account of their respective Holder Addresses ratably in
accordance with the amounts of such respective Obligations then payable to such
Holders and (ii) if such payment by the Issuer is in respect of any Obligation
then payable hereunder to one Holder, to such Holder for the account of its
Holder Address, in each case to be applied in accordance with the terms of this
Agreement. Upon its receipt of an Assignment and Acceptance and recording of the
information contained

                                       43
<PAGE>

therein in the Register pursuant to Section 9.4(d), from and after the effective
date of such Assignment and Acceptance, the Agent shall make all payments
hereunder and under the Notes in respect of the interest assigned thereby to the
Holder assignee thereunder, and the parties to such Assignment and Acceptance
shall make all appropriate adjustments in such payments for periods prior to
such effective date directly between themselves.

      (b) All interest and fees hereunder shall be computed on the basis of a
year of three hundred sixty (360) days, in each case for the actual number of
days (including the first day but excluding the last day) occurring in the
period for which such interest or fees are payable. Each determination by the
Agent of an interest rate or fee hereunder shall be conclusive and binding for
all purposes, absent manifest error.

      (c) If any payment hereunder or under the Notes shall be stated to be due
on a day that is not a Business Day, such payment shall be made on the next
succeeding Business Day, and such extension of time shall in such case be
included in the computation of payment of interest; provided that if such
extension would cause payment of principal or interest of LIBOR Notes to be made
in the next calendar month, such payment shall be on the next preceding Business
Day.

      (d) The tender or payment of any amount payable under this Agreement
(whether or not by recovery under a judgment) in any currency other than Dollars
shall not novate, discharge or satisfy the obligation of the Issuer to pay in
Dollars all amounts payable under this Agreement except to the extent that (and
as of the date when) the Agent actually receives funds in Dollars in the account
specified in, or pursuant to, Section 3.9(a).

      (e) The Issuer shall indemnify the Agent and the Holders against any
losses resulting from a payment being received or an order or judgment being
given under this Agreement in any currency other than Dollars or any place other
than the Agent's Account. The Issuer shall, as a separate obligation, pay such
additional amount as is necessary to enable the Agent to receive, after the
prompt conversion to Dollars at a market rate, the full amount due under this
Agreement in Dollars.

      (f) Notwithstanding the provisions of Section 3.9(a) and Section 3.9(d),
the Agent may require the Issuer to pay (or reimburse the Agent and the Holders)
for any Taxes, fees, costs, expenses and other amounts payable under Section 3.8
in the currency in which they are payable, if other than Dollars.

      Section 3.10. Sharing of Payments, Etc. If any Holder shall obtain at any
time any payment (whether voluntary, involuntary, through the exercise of any
right of set-off, or otherwise, other than as a result of an assignment pursuant
to Section 9.4), (a) on account of Obligations due and payable to such Holder
hereunder and under the Notes at such time in excess of its ratable share
(according to the proportion of (x) the amount of such Obligations due and
payable to such Holder at such time to (y) the aggregate amount of the
Obligations due and payable to all Holders hereunder and under the Notes at such
time) of payments on account of the Obligations due and payable to all Holders
hereunder and under the Notes at such time obtained by all the Holders at such
time or (b) on account of Obligations owing (but not due and payable) to such
Holder hereunder and under the Notes at such time in excess of its ratable share

                                       44
<PAGE>

(according to the proportion of (x) the amount of Obligations owing (but not due
and payable) to such Holder at such time to (y) the aggregate amount of
Obligations owing (but not due and payable) to all Holders hereunder and under
the Notes at such time) of payments on account of the Obligations owing (but not
due and payable) to all Holders hereunder and under the Notes at such time
obtained by all of the Holders at such time, such Holder shall forthwith
purchase from the other Holders such interests or participating interests in the
Obligations due and payable or owing to them, as the case may be, as shall be
necessary to cause such purchasing Holder to share the excess payment ratably
with each of them; provided, however, that if all or any portion of such excess
payment is thereafter recovered from such purchasing Holder, such purchase from
each other Holder shall be rescinded and such other Holder shall repay to the
purchasing Holder the purchase price to the extent of such Holder's ratable
share (according to the proportion of (A) the purchase price paid to such Holder
to (B) the aggregate purchase price paid to all Holders) of such recovery
together with an amount equal to such Holder's ratable share (according to the
proportion of (A) the amount of such other Holder's required repayment to (B)
the total amount so recovered from the purchasing Holder) of any interest or
other amount paid or payable by the purchasing Holder in respect of the total
amount so recovered. The Issuer agrees that any Holder so purchasing an interest
or participating interest from another Holder pursuant to this Section 3.10 may,
to the fullest extent permitted by law, exercise all its rights of payment
(including the right of set-off) with respect to such interest or participating
interest, as the case may be, as fully as if such Holder were the direct
creditor of the Issuer in the amount of such interest or participating interest,
as the case may be.

                                   ARTICLE IV

                         Representations and Warranties

      The Issuer represents and warrants to the Holders and to the Agent, as of
the Signing Date and the Effective Date, except as expressly set forth herein,
that:

      Section 4.1. Organization; Powers. The Issuer and each of its Subsidiaries
(i) is a company duly incorporated and validly existing under the laws of the
jurisdiction of its incorporation, (ii) has obtained all required Authorizations
to own its assets and conduct its business as presently conducted, and (iii) has
the power, authority and legal right to enter into and perform its obligations
under the Financing Agreements to which it is a party or will, in the case of
any Financing Agreement not executed as at the date of this Agreement, when that
Financing Agreement is executed, have the power, authority and legal right to
enter into and comply with its obligations under that Financing Agreement.

      Section 4.2. No Conflicts. Neither the execution, delivery or performance
of any Financing Agreement to which the Issuer is a party nor the compliance
with its terms will conflict with or result in a breach of any of the terms,
conditions or provisions of, or constitute a default or require any consent
under, any indenture, mortgage, agreement or other instrument or arrangement
(except those indentures, mortgages, agreements or other instruments or
arrangements relating to, and/or in connection with, any Surviving Debt) to
which the Issuer is a party or by which it is bound, or violate any of the terms
or provisions of the Issuer's Charter or any Authorization, judgment, decree or
order or any statute, rule or regulation (including Regulation X of the Board of
Governors of the Federal Reserve System) applicable to the Issuer

                                       45
<PAGE>

or result in or require the creation or imposition of any Lien upon or with
respect to any of the properties of the Issuer or any of its Subsidiaries.

      Section 4.3. Due Authorization; Enforceability. Each Transaction Document
to which the Issuer is a party has been, or will be, duly authorized and
executed by the Issuer and constitutes, or will constitute when executed, a
valid and legally binding obligation of the Issuer, enforceable in accordance
with its terms, subject to (i) applicable bankruptcy, insolvency and other
similar laws affecting creditor's rights generally, and (ii) general equitable
principles regardless of whether the issue of enforceability is considered in a
proceeding in equity or at law.

      Section 4.4. No Additional Authorization, Etc. All the Authorizations
needed by the Issuer to conduct its business and execute and comply with its
obligations under, this Agreement and each of the other Transaction Documents to
which it is a party or under which the Issuer is in any manner obligated have
been obtained (except those Authorizations from the Central Bank that may become
necessary for the Issuer to make prepayments in accordance with the provisions
hereof) and are final and in full force and effect and the Issuer has not
received any notice of proceedings relating to the revocation, cancellation,
expropriation or modification of any such Authorization.

      Section 4.5. Compliance with Law. The Issuer and each of its Subsidiaries
is not in violation of any material statute or regulation of any Authority
(including social security laws and retirement and pension funds laws and all
regulations and requirements of the Argentine National Securities Commission
(Comision Nacional de Valores)), and its successors.

      Section 4.6. Properties. The Issuer and each of its Subsidiaries have good
and marketable title to, or valid leasehold interests in, all its real and
personal property material to its business, in each case free and clear of all
Liens other than those Liens permitted by Section 6.4(a).

      Section 4.7. Material Litigation. Neither the Issuer nor any of its
respective directors, officers or employees, is engaged in, nor, to the best of
its knowledge, threatened by, any litigation, arbitration or administrative
proceedings, (i) the outcome of which could be expected, individually or in the
aggregate, to have a Material Adverse Effect or (ii) which purports to affect
the legality, validity or enforceability of this Agreement or any other
Transaction Document or to prevent or enjoin any of the transactions
contemplated hereby or thereby.

      Section 4.8. Civil and Commercial Law; No Immunity. The Issuer is subject
to civil and commercial law with respect to its obligations under the Financing
Agreements, and the execution, delivery and performance by the Issuer of the
Financing Agreements constitutes and will constitute private and commercial acts
rather than public or governmental acts. The Issuer has waived every immunity to
which it or any of its properties would otherwise be entitled from any legal
action, suit or proceeding, from jurisdiction of any court or from set-off or
any legal process (whether service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or otherwise)
under the laws of the Country in respect of its obligations under the Financing
Agreements.

      Section 4.9. Taxes. All material tax returns and reports of the Issuer
required by law to be filed have been duly filed and all material Taxes,
obligations, fees and other governmental

                                       46
<PAGE>

charges upon the Issuer, or its properties, or its income or assets, which are
due and payable or to be withheld, have been paid or withheld, other than any
such liabilities that are being contested in good faith and by appropriate
proceedings, and for which adequate reserves with respect thereto have been
established to the extent required by the Accounting Principles.

      Section 4.10. Withholding Taxes. There is no Tax, impost, deduction,
charge or withholding imposed by the Country or any political subdivision or
taxing authority thereof or therein on or by virtue of the execution or delivery
of this Agreement.

      Section 4.11. Full Disclosure. Neither any information, financial
statement, exhibit, schedule nor any report furnished in writing by or on behalf
of the Issuer to the Agent or any Holder in connection with the negotiation of
the Financing Agreements or pursuant to the terms of the Transaction Documents
(other than any projections, estimates or information of a general economic
nature) contain, when taken as a whole, any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made therein
not misleading in light of the circumstances under which they were made. All
written information furnished after the date hereof by the Issuer to the Agent
or any Holder in connection with this Agreement and the transactions
contemplated hereby will be true, complete and accurate in all material respects
or (in the case of projections) based on estimates believed by the Issuer to be
reasonable, on the date of which such information is stated or certified. There
is no fact known to the Issuer that could reasonably be expected to have a
Material Adverse Effect that has not been disclosed herein or in a report,
financial statement, exhibit, schedule, disclosure letter or other writing
furnished to the Agent and to the Holders for use in connection with the
transactions contemplated hereby.

      Section 4.12. Proper Legal Form; Immunity. This Agreement and the other
Financing Agreements are in proper legal form under the laws of the Country for
the enforcement thereof against the Issuer under the laws of the Country, and
the obligations of the Issuer under this Agreement and the other Financing
Agreements may be enforced (by judgment and levy) in accordance with their
respective terms in a proceeding at law in any competent court in the Country;
provided, however, that (i) an official Spanish translation of this Agreement or
the other Financing Agreements, as applicable, is required to bring an action
thereon in the courts of the Country and (ii) the enforcement of foreign
judgments in the Country would be recognized if the requirements of Article 517
of the Argentine Federal Code on Civil and Commercial Procedure are met,
including: (A) the judgment, which must be final in the jurisdiction where
rendered, was issued by a competent court in accordance with Argentine laws
regarding conflict of laws and jurisdiction and resulted from a personal action,
or an in rem action regarding property that was transferred into Argentina
during or after the prosecution of the foreign action; (B) the defendant against
whom enforcement of the judgment is sought was personally served with the
summons, in accordance with due process of law, and was given an opportunity to
defend against the foreign action; (C) the judgment must be valid in the
jurisdiction where rendered and its authenticity must be established in
accordance with the requirements of Argentine law; (D) the judgment does not
violate the principles of public policy of Argentine law; and (E) the judgment
is not contrary to a prior or simultaneous judgment of an Argentine court.

                                       47
<PAGE>

      Section 4.13. Pari Passu Ranking. This Agreement and the obligations
evidenced hereby are and will at all times be direct and unconditional general
obligations of the Issuer, and rank and will at all times rank in right of
payment and otherwise at least pari passu with all other senior unsecured and
unsubordinated Debt of the Issuer (other than obligations having priority by
statute or operation of law), if any, whether now existing or hereafter
outstanding.

      Section 4.14. Investment Company Act. The Issuer is not an "investment
company" subject to regulation under the U.S. Investment Company Act of 1940, as
amended.

      Section 4.15. Financial Statements. The financial statements of the Issuer
for the Fiscal Years ending on December 31, 2003 and December 31, 2002, copies
of which have been furnished to each Holder:

      (a) have been prepared in accordance with the Accounting Principles
applicable to the Issuer, and present fairly, in all material respects, the
financial condition of the Issuer as of the date as of which they were prepared
and the results of the Issuer's operations during the period then ended; and

      (b) disclose all liabilities (contingent or otherwise) of the Issuer, and
the reserves, if any, for such liabilities and all unrealized or anticipated
liabilities and losses arising from commitments entered into by the Issuer
(whether or not such commitments have been disclosed in such financial
statements) required, pursuant to the Accounting Principles, to be disclosed
therein.

      Section 4.16. Transaction Documents. All representations and warranties
made by the Issuer in the other Transaction Documents are true and correct in
all material respects as of the date hereof.

      Section 4.17. Surviving Debt. As at the date hereof the Issuer has no
other Debt than (i) the Surviving Debt, as disclosed in Schedule 4.17, and (ii)
the Restructured Debt.

      Section 4.18. Existing Liens. The Issuer has no outstanding Lien on any of
its assets except for Permitted Liens, and set forth in Schedule 4.18 is a
complete and accurate list of all Existing Liens, showing as of the date hereof
the lienholder thereof, the principal amount of the obligations secured thereby
and the property or assets of the Issuer or its Subsidiary subject thereto.

      Section 4.19. Material Adverse Effect. Since December 31, 2003, no event
has occurred that has resulted in a Material Adverse Effect.

      Section 4.20. Insolvency.

      After giving effect to the consummation of the transactions contemplated
in the Transaction Documents, the Issuer will not be rendered insolvent by the
execution and delivery of the Transaction Documents or the consummation of the
transactions contemplated thereby.

      Section 4.21. Insurance.

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<PAGE>

      The Issuer maintains, with financially sound and reputable insurers,
insurance and reinsurance with respect to its assets and business operations in
at least such amounts and against at least such risks as are usually insured
against in the same general area by financial entities of established repute
engaged in the same or a similar business.

      Section 4.22. Labor Disputes.

      There is no strike, slowdown or work stoppage or other labor dispute
actually pending or, to the knowledge of the Issuer, threatened against or
involving the Issuer, and there are no representation proceedings pending with
any Authority in the Country involving the employees of the Issuer.

                                   ARTICLE V

                           Conditions to Effectiveness

      Section 5.1. Conditions Precedent to Effectiveness. This Agreement and the
obligations of each Holder to exchange its Original Dollar Loans for
Restructured Dollar Notes in accordance with the provisions of Article II shall
become effective upon the fulfillment by the Issuer, in form and substance
satisfactory to the Agent, of all and each of the following conditions (the
first Business Day on which the last of such conditions shall have been
satisfied, the "Effective Date"):

      (a)     The Agent (or its counsel) shall have received the following:

      (i)     This Agreement, duly executed and delivered by the Agent, the
              Issuer and each Holder party hereto;

      (ii)    A completed election notice substantially in the form of Exhibit E
              hereto dated on or prior to the date hereof (each such notice, an
              "Election Notice") from each Holder party hereto;

      (iii)   A copy of each of the Restructured IFC Loan Agreements, duly
              executed and delivered by IFC and the Issuer;

      (iv)    A copy of each of the Restructured IIC Loan Agreements, duly
              executed and delivered by IIC and the Issuer;

      (v)     A copy of the Restructured CCC Loan Agreement, duly executed and
              delivered by CCC and the Issuer;

      (vi)    A copy of the Grupo Galicia Agreement, duly executed and delivered
              by the parties thereto;

      (vii)   Certified copies of the Charter and of all corporate authority for
              the Issuer (including all necessary actions of the board of
              directors, shareholders, or other governing body) with respect to
              the Restructuring and the execution, delivery and

                                       49
<PAGE>

              performance of all and each of the Financing Agreements to which
              the Issuer is a party and the transactions contemplated thereby;

      (viii)  Certified copies of the resolutions of the board of directors of
              the Issuer approving the Restructuring and each of the Transaction
              Documents to which the Issuer is or is to be a party and the
              transactions contemplated thereby, and of all documents evidencing
              other necessary corporate action and governmental and other third
              party approvals and consents, if any, with respect to each
              Transaction Document to which the Issuer is or is to be a party.

      (ix)    A certificate of the Issuer that the Issuer, and each of its
              Subsidiaries, (i) are not engaged in, nor, to the best of their
              knowledge, after due inquiry threatened by, any litigation,
              arbitration or administrative proceedings, the outcome of which
              has had or could reasonably be expected to have a Material Adverse
              Effect; (ii) have not requested a moratorium or suspension of
              payment of debts from any court; (iii) have not instituted
              proceedings or taken any form of corporate action to be
              liquidated, adjudicated bankrupt or insolvent; (iv) have not
              consented to the institution of bankruptcy or insolvency
              proceedings against it; (v) have not filed a petition or answer or
              consent seeking reorganization or relief under any Applicable Law
              or consented to the filing of any such petition or to the
              appointment of a receiver, liquidator, assignee, trustee,
              sequestrator (or other similar official) of them or of any
              substantial part of their respective property; (vi) have not made
              a general assignment for the benefit of their respective
              creditors; and the Issuer has certified to the Agent that there
              shall not (y) be in effect any statute, regulation, order, decree
              or judgment of any Authority that makes illegal or enjoins or
              prevents the consummation of the transactions contemplated by this
              Agreement or any other Transaction Document or (z) have been
              commenced or, to the best knowledge of the Issuer, threatened any
              action or proceeding that seeks to prevent or enjoin any
              transactions contemplated by this Agreement or any other
              Transaction Document;

      (x)     A certificate of the Issuer that no Event of Default and no
              Potential Event of Default shall have occurred and be continuing
              except for those that may occur if the restructuring contemplated
              herein, or in any other Transaction Document, does not become
              effective in accordance with the terms and conditions set forth in
              the respective Transaction Documents;

      (xi)    Certified copies of all licenses, authorizations and approvals of,
              and notices to and filings and registrations with, any Authority
              (including exchange control approvals) or any third party required
              in connection with the execution, delivery and performance of each
              of the Financing Agreements;

      (xii)   A favorable written opinion (addressed to the Agent and the
              Holders and dated the Effective Date) of White & Case LLP, special
              New York counsel for the Issuer, in form and substance reasonably
              satisfactory to the Documentation Agent;

                                       50
<PAGE>

      (xiii)  A favorable written opinion (addressed to the Agent and the
              Holders and dated the Effective Date) of Estudio Beccar Varela,
              special Argentine counsel to the Issuer, in form and substance
              reasonably satisfactory to the Documentation Agent;

      (xiv)   A favorable written opinion (addressed to the Holders and dated
              the Effective Date) of Marval, O'Farrell & Mairal, special
              Argentine counsel to the Holders, in form and substance reasonably
              satisfactory to the Documentation Agent;

      (xv)    A favorable written opinion (addressed to the Holders and dated
              the Effective Date) of Mayer, Brown, Rowe & Maw LLP, special New
              York counsel to the Holders, in form and substance reasonably
              satisfactory to the Documentation Agent;

      (xvi)   A Certificate of Incumbency and Authority, substantially in the
              form of Exhibit G hereto;

      (xvii)  A copy of the authorization to the Auditors referred to in Section
              6.1(d); and

      (xviii) Any other Transaction Documents specified by the Agent prior to
              the Effective Date.

      (b) Representations and Warranties. On and as of the Effective Date, the
Issuer shall have certified to the Agent and the Holders that the
representations and warranties made in Article IV are true and correct.

      (c) Insurance. The Issuer shall have insured its assets and business
operations in accordance with Section 6.1(m).

      (d) Notes. The Agent (or its counsel) shall have received the Notes issued
pursuant to Section 2.14 payable to each of the Holders, executed by a
Responsible Officer of the Issuer with his/her signature and in the case of each
Note held in the Country, notarized by an Argentine public notary.

      (e) Payment of Accrued Interest. The Issuer shall have paid to the Agent
Account, for the benefit of each Holder, an amount equal to the Effective Date
Interest Amount of such Holder, in the amount for each Holder as set forth on
Schedule 5.1(b)(ii).

      (f) Consummation of Equity Participation Tender Offer. Subject to the
proration and reallocation procedure set forth in Schedule 2.1 or any other
provision hereof, each Holder shall have received Preferred Shares in the amount
set forth opposite such Holder's name on the Allocation Notice (which amount
shall be equal to one thousand four hundred and ninety (1,490) Preferred Shares
(or Preferred Shares and cash, if any) in exchange for each one thousand Dollars
($1,000) of the Adjusted Principal Amount of Existing Bank Debt of such Holder
exchanged in the Equity Participation Tender Offer for which such Holder did not
receive Medium-Term Dollar Notes).

                                       51
<PAGE>

      (g) Consummation of BODEN Tender Offer. Subject to the proration and
reallocation procedure set forth in Schedule 2.1 or any other provision hereof,
each Holder shall have received the BODEN Tender Offer Exchange Amount set forth
opposite such Holder's name on the Allocation Notice (which amount shall be
equal to eighty-two percent (82%) of the amount of the Adjusted Principal Amount
of Existing Bank Debt of such Holder exchanged in the BODEN Tender Offer).

      (h) Consummation of Cash Tender Offer. Subject to the proration and
reallocation procedure set forth in Schedule 2.1 or any other provision hereof,
each Holder shall have received the Cash Tender Offer Payment Amount set forth
opposite such Holder's name on the Allocation Notice (which amount shall be
equal to fifty point sixty-five percent (50.65%) of the amount of the Adjusted
Principal Amount of Existing Bank Debt of such Holder exchanged in the Cash
Tender Offer).

      (i) Consummation of Bank Debt Restructuring. The Agent shall have
received, in form and substance satisfactory to the Agent, (i) a certificate of
a Responsible Officer of the Issuer certifying that (x) holders of at least
ninety-five percent (95%) of the aggregate principal amount of the Existing Bank
Debt and the Existing Bonds shall have agreed to restructure such obligations
pursuant to the Transaction Documents and (y) all conditions to effectiveness
under the Restructured IFC Loan Agreements, the Restructured IIC Loan
Agreements, the Restructured CCC Loan Agreement and the New Trade Debt Agreement
shall have been fulfilled or waived in accordance with the terms thereof (other
than any condition set forth therein which is conditioned upon the effectiveness
of this Agreement), and (ii) written confirmation from (A) the Issuer under the
Restructured IFC Loan Agreements confirming the effective date of each of the
Restructured IFC Loan Agreements; (B) the Issuer under the Restructured IIC Loan
Agreements confirming the effective date of each of the Restructured IIC Loan
Agreements; (C) the Issuer under the Restructured CCC Loan Agreement confirming
the effective date thereunder; and (D) the Issuer under the New Trade Debt
Agreement confirming the effective date thereunder.

      (j) Consummation of Bond Exchange Offer. The Agent has received a
certificate of the Issuer certifying that the exchange contemplated in the Bond
Exchange Offer has been completed.

      (k) Fees. The Issuer shall have paid all accrued expenses of the Agent,
the Documentation Agent and the Holders (including accrued fees and expenses of
counsel thereto, which invoices may include an estimate of fees and expenses)
for which detailed invoices have been received at least one (1) Business Day
prior to the Effective Date.

      (l) Expenses of Steering Committee Members. The Issuer shall have paid the
expenses of each of the members of the Steering Committee accrued or to accrue
through and including the Effective Date (to the extent invoiced, which invoices
may include an estimate of expenses) (the "Steering Committee" being the ad hoc
Steering Committee comprised of IFC, IIC, Bank One, N.A., Barclays Bank PLC,
Bayerische Hypo- und Vereinsbank AG, JPMorgan Chase Bank, and the CCC).

      (m) Appointment of Process Agent. The Agent shall have received, in form
and substance satisfactory to the Agent evidence that (i) a Process Agent has
been appointed to act as

                                       52
<PAGE>

the Issuer's agent for service of process and (ii) such Process Agent has
accepted such appointment in substantially the form of Exhibit H hereto.

      (n) Luxembourg Stock Exchange. The Agent has received a copy of the
acceptance by the Luxembourg Stock Exchange of the Global Medium-Term Note
Program.

      (o) Agent Certificate. The Agent shall have received a certificate of a
Responsible Officer of the Issuer certifying that the conditions set forth above
in clauses (c), (f), (g), (h) and (l) have been met.

      (p) Agent Notification. The Agent has notified the Issuer that the above
conditions of effectiveness have been satisfied and of the Effective Date
hereunder.

      For the avoidance of doubt, notwithstanding the foregoing, the obligations
of the Holders hereunder shall not become effective unless each of the foregoing
conditions specified in this Section 5.1 shall have been satisfied or waived
and, in the event such conditions shall not have been so satisfied or waived,
(x) the Holders' agreement to consummate the exchange of Existing Bank Debt for
Restructured Dollar Notes hereunder shall terminate and (y) the original terms
and conditions applicable to the Existing Bank Debt shall continue in full force
and effect in their entirety, in all cases as if this Agreement and all other
documents and agreements in connection herewith or in relation hereto had never
been entered into by the parties hereto; provided, however, that (A) any
payments made by the Issuer as a consequence of, in relation to, or in
connection with, this Agreement shall survive such circumstance and shall be
deemed irrevocably made and effective for the purposes for which such payments
have been made under this Agreement; and (B) all other acts carried out by the
Issuer as a consequence of, in relation to, in connection with or by virtue of,
this Agreement shall continue to be governed by the provisions hereof, if and
when applicable.

                                   ARTICLE VI

                             Covenants of the Issuer

      Section 6.1. Affirmative Covenants. Until all principal of and interest on
the Restructured Dollar Notes, and all other amounts owing hereunder and under
the other Financing Agreements have been paid in full, the Issuer covenants and
agrees with the Holders and the Agent that:

      (a) Payment of Principal and Interest. The Issuer shall duly and
punctually pay the principal of and interest and any Additional Amounts in
accordance with the terms of the Financing Agreements.

      (b) Conduct of Business and Maintenance of Existence and Approvals. The
Issuer shall, and shall cause each of its Significant Subsidiaries to, (i) take
all necessary steps to maintain in effect its corporate existence (including but
not limited to, with respect to the Issuer, the authorization from the Central
Bank to engage in the business of banking) and all registrations necessary
therefor, (ii) take all reasonable actions to maintain all rights, licenses,
permits, privileges, titles to Property, franchises and the like necessary or
desirable in the normal conduct of its business, activities or operations, (iii)
keep all its Property in good working order

                                       53
<PAGE>

or condition, and (iv) take all necessary steps to obtain and maintain in full
force and effect all governmental or other regulatory approvals and consents
(including the approval of the Argentine Comision Nacional de Valores) so that
it may lawfully comply with its obligations under the Financing Agreements, and
in such connection, the Issuer shall at all times comply with any Applicable
Laws and ensure that all necessary action is taken so that it may lawfully
comply with its obligations under the Financing Agreements; provided, however,
that this covenant shall not prohibit any transaction by the Issuer or any of
its Significant Subsidiaries otherwise permitted under Section 6.4(b) and this
covenant shall not require the Issuer to maintain any such right, privilege,
title to Property or franchise or to preserve the corporate existence of any
Significant Subsidiary, if the board of directors of the Issuer shall reasonably
determine that the maintenance or preservation thereof is no longer desirable in
the conduct of the business of the Issuer and its Subsidiaries taken as a whole
and that the loss thereof is not, and will not be, adverse in any material
respect to the holders of the Restructured Debt.

      (c) Maintenance of Books and Records. The Issuer shall, and shall cause
its Subsidiaries to, maintain books, accounts and records in accordance with the
Accounting Principles applicable to each such Person.

      (d) Authorizations. The Issuer shall: (i) authorize, substantially in the
form of Exhibit I hereto, the Auditors (whose fees and expenses shall be for the
account of the Issuer) to communicate directly with the Agent from time to time,
upon reasonable notice by the Agent (acting at the written direction of the
Required Holders), regarding the Issuer's and its Subsidiaries' accounts and
operations and furnish to the Agent a copy of such authorization; (ii) during
normal business hours, and upon reasonable notice (acting at the written
direction of the Required Holders), permit representatives of the Agent to visit
any of the premises where the business of the Issuer is conducted and to have
reasonable access to its books of account and records and to discuss the
Issuer's affairs, finances and accounts with its officers and directors and the
Auditors; and (iii) if Price Waterhouse & Co. ceases to be the auditors of the
Issuer for any reason, appoint and maintain as the auditors of the Issuer
another firm of "Big Four" internationally recognized independent public
accountants and, within thirty (30) days after such appointment, deliver to the
Agent a copy of an authorization to such firm substantially in the form of
Exhibit I.

      (e) Authorizations for Payments from Central Bank. The Issuer shall use
its reasonable best efforts to obtain any Authorization or approval from the
Central Bank, if and when necessary, for purposes of making any payment in
Dollars from funds of the Issuer in the Country in respect of the Financing
Agreements (including any exchange control approvals); provided, however, that
such undertaking of the Issuer in this paragraph shall be without prejudice to
its obligation to pay on a timely basis all and any amounts falling due under
the Financing Agreements.

      (f) Pari Passu Ranking. The Issuer shall ensure that at all times the
obligations of the Issuer under the Financing Agreements (other than with
respect to the Subordinated Debt) constitute the direct and unconditional
obligations of the Issuer ranking in priority of payment at least pari passu
(except for such exceptions as are or may hereafter be provided by Applicable
Law) with all other unsecured and unsubordinated Debt of the Issuer.

                                       54
<PAGE>

      (g) Governance. The Issuer: (i) from and after the six-month anniversary
of the Effective Date, shall cause the audit committee (which shall be at all
times sufficiently and broadly empowered to perform internal audits and to
review compensation of directors and senior management of the Issuer as well as
transactions with Affiliates) of its board of directors to have at least three
(3) members, a majority of which shall be "Independent Directors" (as such term
is defined in NASDAQ Stock Market Inc. Rule 4200(a)(15) and NASDAQ Stock Market
Inc. Rule 4350(d)(2)(A)); (ii) shall comply with Section 402 of the SOX Act (as
if the SOX Act were applicable to the Issuer as a foreign private issuer) and
the rules and regulations adopted by the SEC and the Public Company Accounting
Oversight Board thereunder; (iii) shall comply with the internal control report
requirements under Section 404(a) of the SOX Act (as if the SOX Act were
applicable to the Issuer as a foreign private issuer) and the rules and
regulations adopted by the SEC and the Public Company Accounting Oversight Board
thereunder; and (iv) shall implement a code of ethics as defined in Section
406(c) of the SOX Act, which code of ethics shall be applicable to its chief
executive and senior financial officers or persons performing similar functions.

      (h) Compliance with Laws and Other Agreements. The Issuer shall, and shall
cause each of its Subsidiaries to, comply with all Applicable Laws and all
covenants and other obligations contained in any agreement to which the Issuer
or any such Subsidiary is a party, except where the failure to so comply would
not reasonably be expected to have a Material Adverse Effect. Without limiting
the foregoing, the Issuer (a) shall comply with the Plan and its "matching"
regime relating to the restructuring of its liabilities with the Central Bank
pursuant to Decree No. 739/03 and Decree No. 1262/03 (as accepted by the Central
Bank in a letter to the Issuer dated February 3, 2004 and by the Unidad de
Reestructuracion del Sistema Financiero under Resolution No. 1/2003) and (b)
shall not cause or permit the Plan and such "matching" regime to be amended in a
way that would be materially adverse to the Issuer.

      (i) Further Assurances. The Issuer shall, at its own cost and expense,
execute and deliver (or cause to be executed, acknowledged and delivered) to the
Agent all such other documents, instruments and agreements and do all such other
acts and things as may be reasonably required by the Agent or at the written
direction of the Required Holders, to enable the Agent to exercise and enforce
its rights under the Financing Agreements and to carry out the intent of the
Financing Agreements or otherwise to enable the Issuer to comply with its
obligations under the Financing Agreements or for the purpose of obtaining or
preserving the full benefits of this Agreement or any other Financing Agreement
and of the rights, powers and remedies herein and therein granted.

      (j) Maintenance of Office or Agency. The Issuer shall maintain each office
or agency required under the Transaction Documents. The Issuer shall give prompt
written notice to the Agent of any change in the location of any such office or
agency.

      (k) Payment of Taxes and Other Claim. The Issuer shall pay or discharge or
cause to be paid or discharged, before the same shall become delinquent, (i) all
material Taxes levied or imposed upon the Issuer or any Subsidiary of the Issuer
or for which it or any of them are otherwise liable, or upon the income, profits
or Property of the Issuer or any Subsidiary of the Issuer and (ii) all lawful
claims for labor, materials and supplies, which, if unpaid, might by law become
a liability or Lien upon the Property of the Issuer or any Subsidiary of the
Issuer;

                                       55
<PAGE>

provided, however, that the Issuer shall not be required to pay or discharge or
cause to be paid or discharged any such Tax if the amount, applicability or
validity thereof is being contested in good faith by appropriate proceedings and
for which appropriate reserves, if necessary (in the good faith judgment of
management of the Issuer), are being maintained in accordance with the
Accounting Principles.

      (l) Due Diligence. The Issuer shall conduct its business with due
diligence and efficiency and in accordance with sound financial and business
practices.

      (m) Maintenance of Insurance. The Issuer shall (and shall cause each of
its Subsidiaries to) insure and keep insured at all times all of their
Properties and business operations which are of an insurable nature insured
against loss or damage with insurers reasonably believed by the Issuer to be
responsible to the extent that Property and business operations of similar
characteristics are usually insured against in the same general area by
financial entities of established repute engaged in the same or a similar
business.

      Section 6.2. Reporting Covenants. Until all principal of and interest on
the Restructured Dollar Notes, and all other amounts owing hereunder and under
the other Financing Agreements have been paid in full, the Issuer covenants and
agrees with the Holders that the Issuer shall furnish or cause to be furnished
to the Agent:

      (a) as soon as available but in any event not later than one hundred
twenty (120) days after the close of each Fiscal Year in the case of the
documents referred to in (i), (iii), (iv), (vii), (viii) and (ix) below, and
within one hundred eighty (180) days after the close of each Fiscal Year in the
case of the documents referred to in clauses (ii), (v) and (vi) below: (i) a
complete copy of its annual report in the English language (an "Annual Report",
which shall include a consolidated balance sheet, consolidated statement of
income, consolidated statement of changes in stockholders' equity and
consolidated statement of cash flows for such Fiscal Year and will be audited
and accompanied by a report thereon of the Auditors), (ii) a certificate from
the Auditors containing a reconciliation to U.S. generally accepted accounting
principles of net income and shareholders' equity, (iii) a management letter
from the Auditors to the Issuer or to its management commenting on, among other
things, the adequacy of the Issuer's financial control procedures and accounting
systems and management information system, together with copies of any other
communication sent by the Auditors in relation to such procedures and systems;
(iv) a certificate from the Auditors certifying that, based on its Annual
Report, the Issuer was in compliance with the covenants contained in Section 6.3
as of the end of the relevant Fiscal Year (and including calculations thereof)
or, as the case may be, detailing any non-compliance; (v) a certificate from the
Issuer, certifying that it was in compliance with Section 402 of the SOX Act (as
if the SOX Act were applicable to the Issuer as a foreign private issuer), and
setting forth all outstanding loans and other obligations between the Issuer and
Grupo Galicia, Escasany, Ayerza and Braun Family Members or any Person holding
five percent (5%) or more of the Issuer's Capital Stock, or between the Issuer
and any of its Subsidiaries or Affiliates, (vi) commencing with the Fiscal Year
ended December 31, 2005, an internal control report by the Issuer containing the
information that would be required under Section 404(a) of the SOX Act (as if
the SOX Act were applicable to the Issuer as a foreign private issuer) and the
rules and regulations adopted by the SEC and the Public Company Accounting
Oversight Board thereunder, together with an attestation from the Auditors with
respect to such reporting as would be required by

                                       56
<PAGE>

Section 404(b) of the SOX Act (as if the SOX Act were applicable to the Issuer
as a foreign private issuer) and the rules and regulations adopted by the SEC
and the Public Company Accounting Oversight Board thereunder; (vii) a
certificate from the Issuer certifying compliance with the corporate governance
covenants contained in Section 6.1(g), (viii) a certificate from the Issuer
setting forth the organizational structure of the Issuer, listing the
percentages of Capital Stock and Voting Stock of the Issuer held by Grupo
Galicia and certifying that no Change of Control has occurred in the relevant
Fiscal Year and (ix) a certificate from the Issuer setting forth all claims,
contingencies or commitments (broken down into cash and non-cash items) of the
Issuer against its controlling shareholders or any of the Issuer's Subsidiaries
or Affiliates;

      (b) as soon as available but in any event not later than sixty (60) days
after the end of each quarter of each Fiscal Year, (i) a quarterly report of the
Issuer in the English language (a "Quarterly Report", which Quarterly Report
shall include an unaudited, consolidated balance sheet, consolidated statement
of income and consolidated statement of changes in shareholders' equity for such
Fiscal Year or quarter of the Issuer and shall be subject to limited review by
the Auditors in accordance with the Accounting Principles) and (ii) a
certificate from the Auditors certifying the compliance with the covenants
contained in Section 6.3 the relevant period or, as the case may be, detailing
any non-compliance;

      (c) notice of any Event of Default or Potential Event of Default promptly
(and in any event within ten (10) calendar days) of the occurrence of such Event
of Default or Potential Event of Default, accompanied by a certificate
specifying the nature of such Event of Default or Potential Event of Default,
the period of existence thereof and the action that the Issuer has taken or
proposes to take with respect thereto;

      (d) promptly by facsimile or telex not less than thirty (30) days before
it takes place, notice of any meeting of its shareholders including the agenda
of the meeting;

      (e) promptly, copies of all notices, reports and other communications of
the Issuer to its shareholders, and the minutes of all shareholders' meetings;

      (f) promptly, such information as the Agent may from time to time
reasonably request about the Issuer and its assets;

      (g) promptly, notice of any proposed material change in the business or
operations of the Issuer and of any event or condition which has had or might
reasonably be expected to have a Material Adverse Effect;

      (h) as soon as the Issuer becomes aware of any litigation or
administrative proceedings before any Authority or arbitral body which might
reasonably be expected to have a Material Adverse Effect, notice which shall
specify the nature of such litigation or proceedings and the steps the Issuer is
taking or proposes to take with respect thereto;

      (i) promptly after the sending or filing thereof, copies of all material
proxy statements, financial statements and reports and copies of all material
regular, periodic and special reports that the Issuer files with the Argentine
Comision Nacional de Valores or any Authority that may be substituted therefor,
or with any national securities exchange; and

                                       57
<PAGE>

      (j) promptly upon receipt thereof, all amendments, modifications or
waivers of any provision of any of the Transaction Documents and, without
limiting the foregoing, of any document, instrument or agreement evidencing or
documenting Senior Debt of the Issuer.

      Section 6.3. Financial Covenants. (a) Available Capital. The Issuer shall
maintain at all times Available Capital that complies with the Capital Adequacy
Guidelines.

      (b) Unhedged Open Foreign Exchange Position. The Issuer shall maintain at
all times an Unhedged Open Foreign Exchange Position not exceeding a percentage
of Available Capital as established by the Central Bank.

      (c) Three Month Maturity Gap. The Issuer shall maintain at all times a
Three Month Maturity Gap not exceeding thirty percent (30%) of the outstanding
amount of all of the Debt of the Issuer.

      (d) Single Group Exposure Ratio. The Issuer shall maintain at all times a
Single Group Exposure Ratio that complies with the levels specified by the
Central Bank.

      (e) Open Credit Exposure Ratio. The Issuer shall maintain at all times an
Open Credit Exposure Ratio not exceeding twenty-five percent (25%).

      For the avoidance of doubt, the Issuer shall calculate the foregoing
ratios on a consolidated basis.

      Section 6.4. Negative Covenants. Until the principal of and interest on
the Restructured Dollar Notes, and all other amounts owing hereunder and under
the other Financing Agreements, have been paid in full, the Issuer covenants and
agrees with the Holders that:

      (a) Permitted Liens. The Issuer shall not, and shall not permit any of its
Significant Subsidiaries to, create, incur, assume or suffer to exist any Lien
(except a Permitted Lien) on or with respect to any of their respective present
or future Properties, unless, prior to or concurrently with the creation,
incurrence or assumption of such Lien, the Issuer's obligations under this
Agreement are secured equally and ratably thereby.

      (b) Mergers, Consolidations, Sales and Leases. The Issuer shall not and
the Issuer shall not permit any Significant Subsidiary to, merge, consolidate or
amalgamate with or into (including the transfer to the Issuer of Property and
liabilities of other financial entity pursuant to article 35 bis of the
Financial Entities Act), or convey, sell, assign, transfer, lease or otherwise
dispose of all or substantially all of its Properties to, any Person, unless
both immediately before and after giving effect to such transaction, (i) no
Event of Default and no Potential Event of Default shall have occurred and be
continuing; (ii) any Person formed by any such merger, consolidation or
amalgamation with the Issuer or the Person which acquires by conveyance, sale,
assignment or transfer, or which leases all or substantially all of the
Properties of the Issuer substantially as an entirety (such Person may be
referred to herein as the "Issuer's Successor Corporation") shall expressly
assume the due and punctual payment of the principal of, premium, if any, and
interest on (including Additional Amounts, if any) all the Notes according to
their terms, and the due and punctual performance of all of the covenants and
obligations of the Issuer under the Financing Agreements; (iii) the Issuer's
Successor Corporation (except in

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the case of leases), if any, succeeds to and becomes substituted for the Issuer
with the same effect as if it had been named in the Notes as the Issuer; (iv)
the Issuer has delivered to the Agent an officer's certificate and an opinion of
legal counsel, in form and substance satisfactory to the Agent, each stating
that such merger, consolidation, amalgamation, conveyance, sale, assignment,
transfer, lease or disposition and, if an amendment of or a waiver under the
Financing Agreements is required in connection with such transaction, such
amendment or waiver complies with this Section and that all conditions precedent
herein provided for relating to such transaction have been complied with; (v)
such transaction is not a transaction which would or might reasonably be
expected to have a Material Adverse Effect; (vi) to the extent that the value of
the transactions is in excess of one percent (1%) of the total consolidated
assets of the Issuer and its Subsidiaries taken as a whole: (A) after giving
effect to such transaction, the Issuer's Successor Corporation must have a local
credit rating with respect to its unsecured, non-credit enhanced Debt that is
equal to or higher than the local credit rating of the unsecured, non-credit
enhanced Debt of the Issuer immediately prior to such transaction (and, before
such transaction is consummated, two (2) of the Rating Agencies shall have
informed the Issuer in writing of such credit rating), and (B) the Person into
which the Issuer or Significant Subsidiary is merged, consolidated or
amalgamated or to which such assets are conveyed, sold, assigned, transferred,
leased or disposed (the "Merging Entity") (1) must be a financial institution;
and (2) must be organized under the laws of, and have its headquarters in, a
country that is a member of the Organisation for Economic Co-operation and
Development (OECD), Brazil, Chile or the Country, (vii) in an event of a merger,
consolidation or amalgamation, the Issuer's Successor Corporation shall be in
compliance with the covenants in Section 6.3 immediately after giving effect to
such merger, consolidation or amalgamation in accordance with pro forma
financial statements; provided that in the event any transaction provided for in
this Section 6.4(b) would trigger a Change of Control, then the Merging Entity
and the Issuer, as applicable, shall comply with the requirements of the proviso
to Section 7.2(o).

      (c) Restricted Payments. (i) The Issuer shall not, and shall not permit
any Significant Subsidiary to, directly or indirectly, take any of the following
actions (each a "Restricted Payment"):

            (i)   declare or pay any dividends or make any distributions in
                  respect of shares of Capital Stock, other than dividends or
                  distributions payable exclusively in Capital Stock to holders
                  of such Capital Stock (provided that this clause (i) will not
                  apply to dividends made to the Issuer by any consolidated
                  Subsidiary so long as dividends are paid on a pro rata basis
                  based on ownership of Capital Stock); or

            (ii)  purchase, redeem or otherwise acquire any Capital Stock of the
                  Issuer or, unless done on a pro rata basis, any Capital Stock
                  of any Subsidiary of the Issuer; provided, however, beginning
                  the earlier of (1) January 2, 2010 if the installments of
                  principal required to be paid on January 1, 2010, pursuant to
                  Sections 2.9 through 2.12 have been paid in full or (2) upon
                  prepayment of at least twenty percent (20%) of the original
                  principal amount of the Restructured Dollar Long-Term Loans,
                  the Issuer can repurchase, redeem or other otherwise acquire
                  its Capital Stock, or any Capital Stock of its Subsidiaries,
                  as the case may be, upon the exercise of

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<PAGE>

                  stock options if (x) such Capital Stock represents a portion
                  of the exercise price under the terms of agreements, including
                  employment agreements, or plans approved by the board of
                  directors of the Issuer and (y) such repurchases, redemptions
                  or other acquisitions do not in the aggregate exceed two
                  million five hundred thousand Dollars ($2,500,000) (or the
                  Dollar Equivalent in any other currency) for the period from
                  and including January 1, 2010 through the end of the Fiscal
                  Year ended December 31, 2012 and five million Dollars
                  ($5,000,000) (or the Dollar Equivalent in any other currency)
                  in any Fiscal Year thereafter.

      (ii)  Notwithstanding the foregoing subsection (i) of this Section, the
            Issuer may, and may permit any Significant Subsidiary to, directly
            or indirectly, make a Restricted Payment in the event that:

            (i)   no Event of Default or Potential Event of Default shall have
                  occurred and be continuing immediately prior to and after
                  giving effect to such Restricted Payment;

            (ii)  the aggregate principal amount of outstanding Senior Debt is
                  equal to or less than fifty percent (50%) of the aggregate
                  principal amount of the Senior Debt originally issued; and

            (iii) for each one Dollar ($1) paid on account of such Restricted
                  Payment, the Issuer shall repay two Dollars ($2) of the
                  principal of the Long-Term Debt in inverse order of maturity.

      (d) Transactions with Affiliates. The Issuer shall not, and shall not
permit any of its Subsidiaries to, enter into or permit to exist, directly or
indirectly, any Affiliate Transaction, other than Affiliate Transactions entered
into by the Issuer or any of its Subsidiaries (i) on an arm's length basis, (ii)
in the ordinary course of business, (iii) with respect to any Affiliate
Transaction with a value in excess of five million Dollars ($5,000,000) (or the
Dollar Equivalent in any other currency), as to which two "Independent
Directors" (as such term is defined in NASDAQ Stock Market Inc. Rule
4200(a)(15)) of the Issuer have certified, in a certificate provided to the
Agent, to the effect that all such Affiliate Transactions entered into by the
Issuer or any such Subsidiary in any Fiscal Year, as the case may be, were on an
arm's-length basis and in the ordinary course of business, and setting out
details of with whom Affiliate Transactions had been entered into during such
Fiscal Year, and (iv) the amount of which, taken together with all other
Affiliate Transactions then outstanding, does not exceed ten percent (10%) of
the Issuer's Available Capital then outstanding; provided, that transactions
between the Issuer and any of its majority-owned consolidated Subsidiaries shall
not be subject to the restrictions set forth herein. Without limiting the
foregoing, the Issuer shall not make any loan to (or otherwise enter into any
transaction contemplated by the definition of Debt with) any director (executive
or non-executive) of the Issuer, any direct or indirect holder of more than five
percent (5%) of any class of stock of the Issuer, or any other Person included
in the management of the Issuer, unless, in each case, (x) the board of
directors of the Issuer specifically has approved such loan or other transaction
and (y) the audit committee of the Issuer has been notified of the same.

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<PAGE>

      (e) Limitation on Asset Dispositions. The Issuer shall not, and shall not
permit any of its Significant Subsidiaries to, directly or indirectly, Transfer
any of its Property except on an arm's-length basis (other than any transfer to
Galicia Uruguay excluded by clause (ii) of the proviso at the end of the
definition of "Debt"), provided that to the extent that any Transfer is for
proceeds in excess of ten million Dollars ($10,000,000) or the asset subject to
such Transfer has a fair market value in excess of ten million Dollars
($10,000,000), then prior to such Transfer the Issuer shall provide to the Agent
an opinion as to the substantial fairness of the economic terms and conditions
(including as to price) of such Transfer from an independent, internationally
recognized, reputable investment bank or accounting firm. The Issuer shall, and
shall cause the relevant Significant Subsidiary to, to the extent applicable,
apply any Net Cash Proceeds received from any such Transfer as required pursuant
to Section 3.2.

      (f) Fundamental Changes. The Issuer shall not:

      (i)   change its organizational documents (including its Charter) in any
            manner which would be inconsistent with the provisions of this
            Agreement;

      (ii)  change its Fiscal Year; or

      (iii) change the nature of its present business or operations.

      (g) Prepayment of Other Debt. The Issuer shall not and shall not permit
any of its Significant Subsidiaries to, directly or indirectly, take any of the
following actions: prepay, redeem, purchase, defease or otherwise satisfy prior
to the scheduled maturity thereof in any manner, or make any payment in
violation of any subordination terms of, any Debt, unless the Issuer shall make,
within five (5) days thereafter, a prepayment or redemption of the Long-Term
Dollar Notes and the other Long-Term Debt on a pro rata and pari passu basis;
provided that the following shall be permitted: (i) regularly scheduled or
required repayments or redemptions of such Debt, (ii) mandatory prepayments or
redemptions under Section 3.2, (iii) repayments of Surviving Debt with
instruments with terms and conditions substantially similar to the Notes, (iv)
with respect to any Subordinated Debt of the Issuer, capitalization of such
Subordinated Debt into equity of the Issuer, and (v) any mandatory prepayment or
repayment of Debt owed to the Central Bank pursuant to the "matching" regime as
a result of the amortization or repayment profile of the assets relevant to such
regime pursuant to Decree 1262/03.

      (h) Accounting Changes. The Issuer shall not, and shall not permit any of
its Subsidiaries to, make or permit any change in accounting policies or
reporting practices, except as required or permitted by the Accounting
Principles.

      (i) Amendment, Etc., of Other Transaction Documents. The Issuer shall not
cancel or terminate any agreement, instrument or document evidencing Debt in
excess of ten million Dollars ($10,000,000) or consent to or accept any
cancellation or termination thereof, or agree to or consent to or accept in any
manner any other amendment, modification, waiver or change of any term or
condition of any such agreement, instrument or document or take any other action
that would (i) shorten the maturity or increase the amount of any payment of
principal thereof, (ii) increase the interest rate or shorten the date for
payment of interest thereon or (iii) result in any covenants or events of
default thereunder being more restrictive in any material respect to

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<PAGE>

the Issuer than the covenants and Events of Default hereunder, except for any
such cancellation, termination, amendment, modification, waiver or change that
is made to Debt having an original maturity of one (1) year or less. For
avoidance of doubt, but only to the extent specified in clause (ii) of the
proviso at the end of the definition of Debt, certain obligations with respect
to Galicia Uruguay are excluded from the definition of Debt.

      (j) Prohibited Payments. The Issuer shall not make, authorize or allow,
and shall not permit any Subsidiary, Affiliate, or other Person acting on behalf
of the Issuer or any such Subsidiary or Affiliate to make, authorize or allow,
any: offer, gift, payment, promise to pay or authorization of the payment of any
money or anything of value, that unlawfully under Applicable Laws is used or is
intended to be used with the purpose of influencing any act or decision or
omission of any Authority or employee or official thereof. In addition, the
Issuer agrees that if the Agent (pursuant to written notice of the Required
Holders) notifies the Issuer of the Agent's concern as to a possible violation
of this Section, the Issuer shall cooperate in good faith with the Agent and
with the Agent's representatives to determine whether said violation has
occurred or not. The Issuer shall respond in reasonable detail to any
notification from the Agent, and shall provide at the Agent's request, any
documentation in support of that response.

      (k) Capital Expenditures; Investments. The Issuer shall not, and shall not
permit any Significant Subsidiary to, make Capital Expenditures and/or
Investments in excess, in the aggregate, of (i) twenty million Dollars
($20,000,000) (or the Dollar Equivalent in any other currency) for the period
from and including the Effective Date through the end of the Fiscal Year ended
December 31, 2004; (ii) twenty-five million Dollars ($25,000,000) (or the Dollar
Equivalent in any other currency) for the Fiscal Year ended December 31, 2005;
and (iii) thirty million Dollars ($30,000,000) (or the Dollar Equivalent in any
other currency) during any Fiscal Year thereafter; provided that,
notwithstanding the foregoing, the Issuer also may make Capital Expenditures
during the term of this Agreement in connection with the construction of the
Headquarter Office set forth in Part A of Schedule V up to an aggregate amount
of twenty-five million Dollars ($25,000,000) (or the Dollar Equivalent in any
other currency).

      (l) Compensation of Directors, Etc. The Issuer shall not, and shall not
permit any Significant Subsidiary to:

      (i)   pay fees to the members of its board of directors during any Fiscal
            Year, or enter into agreements or any other kind of transactions
            pursuant to which the Issuer shall (or shall be obligated to) pay
            fees, salaries, retainers or any other kind of compensation to the
            members of its board of directors during any Fiscal Year, if the
            aggregate amount of fees, salaries, retainers or other compensation
            covered by this clause (i) during such Fiscal Year would exceed one
            million five hundred thousand Dollars ($1,500,000) (or the Dollar
            Equivalent in any other currency); provided that the Issuer shall be
            permitted to make additional payments to members of the board who
            hold executive positions of the Issuer in renumeration for their
            executive functions in accordance with clause (ii) below; or

      (ii)  make any payment to its Management in excess of Market Compensation.
            For this purpose: "Management" means full-time employees, full-time
            officers or members of the board of the Issuer who hold executive
            positions of the Issuer;

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<PAGE>

            and "Market Compensation" means compensation that is within the
            normal range of compensation for bank executives in the Country.

      (m) Waiver of Stay, Extension or Usury Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law or other law that would prohibit or
forgive the Issuer from paying all or any portion of the principal of or
interest on the Restructured Dollar Notes or the Notes as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of the Financing Agreements. The Issuer hereby
expressly waives (to the extent that it may lawfully do so) all benefit or
advantage of any such law, and covenants that it shall not hinder, delay or
impede the execution of any power herein granted to the Agent, but will suffer
and permit the execution of every such power as though no such law had been
enacted.

                                  ARTICLE VII

                                Events of Default

      Section 7.1. Acceleration after Default. Subject to Section 7.2, if any
Event of Default occurs and is continuing (whether it is voluntary or
involuntary, or results from operation of law or otherwise), the Agent shall, at
the request, or may with the consent of, the Required Holders, by written notice
to the Issuer, require the Issuer to repay the Restructured Dollar Notes or such
part of the Restructured Dollar Notes as is specified in that notice. On receipt
of any such notice, the Issuer shall immediately repay the Restructured Dollar
Notes (or that part of the Restructured Dollar Notes specified in that notice)
and pay all interest accrued on it and any other amounts then payable under this
Agreement. The Issuer hereby waives any right it might have to further notice,
presentment, demand or protest with respect to that demand for immediate
payment.

      Section 7.2. Events of Default. As long as any of the Notes remain
outstanding, if any of the following events (each, an "Event of Default") shall
occur and be continuing:

      (a) default by the Issuer in the payment of any principal due on any
Senior Dollar Note and such default continues for a period of five (5) Business
Days; or

      (b) default by the Issuer in the payment of any interest or any Additional
Amounts due on any Senior Dollar Note and such default continues for a period of
ten (10) calendar days; or

      (c) the Issuer shall fail to duly perform or observe any other covenant or
obligation under the Financing Agreements; provided that if such failure may be
cured, then such failure shall continue for a period of thirty (30) days after
the earlier of (i) the Issuer becoming aware of such failure and (ii) written
notice as to such failure is received by the Issuer from the Agent or any holder
of the Notes; or

      (d) (i) the Issuer or any of its Significant Subsidiaries shall fail to
pay individually or in the aggregate an amount greater than two million Dollars
($2,000,000) (or the Dollar Equivalent in any other currency) of any principal
of, premium or interest on or any other amount payable in respect of any Debt of
the Issuer or such Significant Subsidiary (as the case

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<PAGE>

may be) that is outstanding (for the purposes of this subsection, "Material
Indebtedness"), when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such
failure shall continue after the applicable grace period, if any, specified in
the agreement or instrument relating to such Debt; (ii) any event or condition
which may result in the acceleration of the maturity of any Material
Indebtedness or enables (or with notice, the lapse of time or both, would
enable) the holder of such Material Indebtedness to accelerate the maturity
thereof occurs; or (iii) any such Material Indebtedness shall be declared to be
due and payable or required to be prepaid or redeemed (other than by a regularly
scheduled required prepayment or redemption), purchased or defeased, or an offer
to prepay, redeem, purchase or defease such Debt shall be required to be made,
in each case prior to the stated maturity (or scheduled date of redemption)
thereof; or

      (e) it becomes unlawful for the Issuer to perform any of its material
obligations under the Financing Agreements, any other Restructured Debt, or any
of its obligations thereunder ceases to be valid, binding or enforceable; or

      (f) any of the Financing Agreements for any reason ceases to be in full
force and effect in accordance with its terms (except in accordance with the
termination provisions thereof) or the binding effect or enforceability thereof
shall be contested by the Issuer, or the Issuer shall deny that it has any
further liability or obligation thereunder or in respect thereof; or

      (g) (i) a court having jurisdiction enters a decree or order for (A)
relief in respect of the Issuer or any Significant Subsidiary in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect or (B) appointment of an administrator, receiver, trustee,
or intervener for the Issuer or any Significant Subsidiary for all or
substantially all of the Property of the Issuer or any Significant Subsidiary
and, in each case, such decree or order shall remain unstayed and in effect for
a period of thirty (30) consecutive days other than the controllers ("veedores")
appointed for the Issuer by the Central Bank under Section 34 of the Financial
Entities Act pursuant to the Plan (or the intervener appointed for Galicia
Uruguay by the Uruguayan Central Bank) or (ii) the Central Bank (A) initiates a
proceeding under Article 34 of the Financial Entities Act requesting the Issuer
or any Significant Subsidiary to submit a plan under such Article (excluding the
Issuer's current situation in relation with the Plan submitted under such
Section 34 of the Financial Entities Act) or (B) orders a temporary, total or
partial suspension of the activities of the Issuer pursuant to Article 49 of the
charter of the Central Bank; or

      (h) the Issuer or any Significant Subsidiary is declared in bankruptcy by
a firm, non-appealable decision dictated by a court of competent jurisdiction
under Argentine Law N(degree) 24,522, as amended, or any applicable bankruptcy,
insolvency or other similar law or hereinafter in effect; or

      (i) the Issuer or any Significant Subsidiary (i) commences a voluntary
case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect; provided that the institution or consummation of an APE in
connection with the restructuring of the Issuer's foreign debt shall not be an
Event of Default, (ii) consents to the appointment of or taking possession by an
administrator, receiver, trustee, or intervener for itself or any Significant
Subsidiary or for all or substantially all of the Property of the Issuer or any
Significant

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<PAGE>

Subsidiary, other than the controllers ("veedores") appointed for the Issuer by
the Central Bank under Section 34 of the Financial Entities Act pursuant to the
Plan (or the intervener appointed in Galicia Uruguay by the Uruguayan Central
Bank) or (iii) effects any general assignment for the benefit of creditors under
the restructuring process contemplated under Section 35 bis of the Financial
Entities Act; or

      (j) any event occurs which under the laws of any relevant jurisdiction has
an analogous effect to any of the events referred to in subparagraphs (g), (h)
or (i) above; or

      (k) (i) an attachment, execution, seizure before judgment or other legal
process shall be levied or enforced upon any part of the Property of the Issuer
or any Significant Subsidiary (A) the loss of which Property could reasonably be
expected to result in a Material Adverse Effect, or (B) the amount sought
pursuant to the underlying legal claim related to such attachment, execution,
seizure before judgment or other legal process, if required to be paid by the
Issuer could reasonably be expected to result in a Material Adverse Effect, and
(ii) such attachment, execution, seizure before judgment or other legal process
is not within one hundred and eighty (180) days (A) discharged or (B) contested
in good faith by appropriate proceedings upon stay of execution of the
enforcement thereof or upon posting a bond in connection therewith; or

      (l) a moratorium is agreed or declared in respect of any Debt of the
Issuer or of any Significant Subsidiary or any restriction or requirement, in
each case, not in effect on the date hereof is imposed, whether by legislative
enactment, decree, regulation, order or otherwise, which limits the availability
or the transfer of foreign exchange by the Issuer or such Significant Subsidiary
for the purpose of performing any material obligation under any agreement
evidencing or documenting Debt to which the Issuer or such Significant
Subsidiary is a party; or

      (m) (i) any Authority having jurisdiction over the Issuer or any
Significant Subsidiary of the Issuer or any of their respective Property shall
condemn, nationalize, seize, compulsorily purchase or otherwise expropriate all
or any substantial part of the Property of the Issuer or any Significant
Subsidiary or the share capital of the Issuer or any Significant Subsidiary, or
shall have assumed custody or control of such Property or other assets or of the
business or operations of the Issuer or any Significant Subsidiary or of the
share capital of the Issuer or any Significant Subsidiary, or shall have taken
any action for the winding up or dissolution or disestablishment of the Issuer
or any Significant Subsidiary or any action that would prevent the Issuer or any
Significant Subsidiary or any of their respective officers from carrying on any
of their respective businesses or operations or a substantial part thereof for a
period of longer than thirty (30) days and the result of any such action shall
materially prejudice the ability of the Issuer to perform its obligations under
the Financing Agreements or, in the case of the Issuer or any Significant
Subsidiary, under any other agreements evidencing or documenting Debt of the
Issuer or of any Significant Subsidiary or (ii) any Authority having
jurisdiction over the Issuer or any of its Property condemns, nationalizes,
seizes, compulsorily purchases or expropriates five percent (5%) or more of the
assets of the Issuer and its Subsidiaries considered as one enterprise; or

      (n) any governmental or other consent, license, approval (including any
foreign exchange approval) or authorization which is necessary under any
Applicable Law for the execution, delivery or performance of any agreement,
document or instrument evidencing

                                       65
<PAGE>

documenting Debt issued in connection with the restructuring of the Issuer's
Debt or to make any such agreement legal, valid, enforceable or shall be
withdrawn or shall cease to be in full force and effect or shall be modified in
a manner unacceptable to the Required Holders; or

      (o)   a Change of Control shall occur, provided, however, a Change of
Control shall not constitute an Event of Default if:

      (i)   the unsecured, non-credit enhanced Debt of the acquiror of ownership
            or Control has an international credit rating (Foreign Currency
            (Dollars)) of at least "investment grade" by two (2) of the Rating
            Agencies;

      (ii)  the unsecured, non-credit enhanced Debt of the acquiror of ownership
            or Control has an equal to or higher international credit rating
            (Foreign Currency (Dollars)) than the Issuer immediately prior to
            the Change of Control, as determined by two (2) of the Rating
            Agencies;

      (iii) the Issuer has received letters from two (2) of the Rating Agencies
            prior to the Change of Control stating that the international credit
            rating (Foreign Currency (Dollars)) of the Issuer after the Change
            of Control will be higher than immediately prior to the Change of
            Control;

      (iv)  the acquiror of ownership or Control is either (x) organized under
            the laws of, and has its headquarters in, a country that is a member
            of the Organisation for Economic Co-operation and Development
            ("OECD"), Brazil or Chile or (y) Controlled by a company organized
            under the laws of, and has its headquarters in, a country that is a
            member of the OECD, Brazil or Chile; and

      (v)   the acquiror of ownership or Control is a financial institution; or

      (p)   any material representation or warranty confirmed or made by the
Issuer in any Financing Agreement or in connection with the execution and
delivery of any Financing Agreement (including any certificate, financial
statement or other document delivered to the Agent) is untrue or incorrect in a
material respect; or

      (q)   Grupo Galicia shall fail to duly perform or observe any covenant or
obligation under the Grupo Galicia Agreement, the Purchase Agreement, the
Registration Rights Agreement or the Subscription Agreement; provided that if
such failure may be cured, then such failure shall continue for a period of
thirty (30) days after the earlier of (i) Grupo Galicia becoming aware of such
failure and (ii) written notice as to such failure is received by Grupo Galicia
from the Agent; or

      (r)   any material representation or warranty confirmed or made by Grupo
Galicia in the Grupo Galicia Agreement, the Purchase Agreement, the Registration
Rights Agreement or the Subscription Agreement is untrue or incorrect in a
material respect;

then, except as otherwise provided in the next succeeding paragraph in respect
of the Subordinated Dollar Notes, (a) as soon as practicable after a Responsible
Officer of the Agent obtains (i) written notice thereof from a Responsible
Officer of a Holder or the Issuer or (ii)

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<PAGE>

actual knowledge thereof in its capacity as an Agent hereunder, the Agent shall
give written notice thereof to the Long-Term Dollar Holders and Medium-Term
Dollar Holders and (1) (other than with respect to an Event of Default of the
type described in subsections (g) through (i) above) the Majority Long-Term
Dollar Holders and the Majority Medium-Term Dollar Holders may by written notice
to the Issuer and to the Agent, declare the principal amount of such
Restructured Dollar Notes and the interest accrued with respect to each relevant
Tranche and all other amounts (including Additional Amounts) payable to be due
and payable immediately, or (2) if an Event of Default of the type described in
subsections (g) through (i) above shall occur, the principal of (and Additional
Amounts, if any) and any accrued interest on all outstanding Long-Term Dollar
Notes and Medium-Term Dollar Notes shall become immediately due and payable
without the need of any notice to the Issuer or the Agent, as the case may be;
provided, however, that after any such acceleration of (x) Long-Term Dollar
Notes, the Majority Long-Term Dollar Holders may rescind and annul such
acceleration with respect to the Long-Term Dollar Notes if all Events of
Default, other than the non-payment of accelerated principal, have been cured or
waived as provided in the Financing Agreements and (y) and Medium-Term Dollar
Notes, the Majority Medium-Term Dollar Holders may rescind and annul such
acceleration with respect to the Medium-Term Dollar Notes if all Events of
Default, other than the non-payment of accelerated principal, have been cured or
waived as provided in the Financing Agreements.

      For Argentine regulatory purposes as set forth in Central Bank
Comunicacion "A" 2970, Holders holding Subordinated Dollar Notes shall have no
right to accelerate repayment of the Subordinated Dollar Notes except under an
Event of Default with respect to the Issuer described under subsection (h)
(excluding Significant Subsidiaries) above (such "Event of Default" in respect
of the Subordinated Dollar Notes, shall also be a "Subordinated Dollar Note
Event of Acceleration") that has occurred and is continuing. In such situation,
all Subordinated Dollar Notes shall, without any notice to the Issuer or any
other act by any Holder holding any Subordinated Dollar Notes, become
immediately due and payable. Holders holding the Subordinated Dollar Notes shall
have no right to accelerate repayment of Subordinated Dollar Notes in the case
of any Event of Default except in the case of an Event of Default which would
constitute a Subordinated Dollar Note Event of Acceleration. Upon any such
acceleration, the principal of the Subordinated Dollar Notes so affected and the
interest accrued thereon and all other amounts (including, without limitation,
Additional Amounts, if any) payable with respect to the Subordinated Dollar
Notes so affected shall become and be immediately due and payable once all other
nonsubordinated liabilities of the Issuer have been fully paid. Holders of
Subordinated Dollar Notes expressly waive any general or special privilege they
may have. The distribution of the liquidation proceeds shall be made pro rata
among all holders of subordinated debt of the Issuer and the remaining
liabilities accepted (verificados) in the bankruptcy proceeding.

      The foregoing provisions shall be without prejudice to the rights of each
individual Holder or holder of Notes to initiate an action against the Issuer
for the payment of any principal and any interest (and Additional Amounts, if
any) past due on any Note, as the case may be.

      No course of dealing and no delay in exercising, or omission to exercise,
any right, power or remedy accruing to all Holders and all holders of Notes upon
any default under the Financing Agreements or any other agreement shall impair
any such right, power or remedy or be construed

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to be a waiver thereof or an acquiescence therein; nor shall the action of any
Holder or holder of Notes in respect of any such default, or any acquiescence by
it therein, affect or impair any right, power or remedy of all Holders and all
holders of Notes in respect of any other default. The rights and remedies
provided herein are cumulative and not exclusive of any remedies provided by
law.

                                  ARTICLE VIII

                      The Agent and the Documentation Agent

      Section 8.1. Authorization and Action. Each of the Holders party hereto
hereby appoints and authorizes the Agent and the Documentation Agent to take
such action as agent on its behalf and to exercise such powers and discretion
under this Agreement and the other Financing Agreements as are delegated to the
Agent or the Documentation Agent, as the case may be, by the terms hereof and
thereof, together with such powers and discretion as are reasonably incidental
thereto. As to any matters not expressly provided for by the Financing
Agreements (including, without limitation, enforcement or collection of the
Notes), the Agent and the Documentation Agent shall not be required to exercise
any discretion or take any action, but shall be required to act or to refrain
from acting (and shall be fully protected in so acting or refraining from
acting, including without imitation as set forth in Section 8.5) upon the
instructions of the Required Holders, and such instructions shall be binding
upon all Holders; provided, however, that neither the Agent nor the
Documentation Agent shall be required to take any action that exposes the Agent
or the Documentation Agent, as the case may be, to personal liability or that is
contrary to this Agreement or applicable law. The Agent shall in all cases be
fully protected in acting, or refraining from acting, in accordance with written
instructions signed by the Required Holders and, except as otherwise
specifically provided herein, such instructions and any action or inaction
pursuant thereto shall be binding on all of the Holders and each subsequent
holder of any interest in Notes. Neither the Agent nor any of its directors,
officers, employees or agents shall have any responsibility to the Issuer on
account of the failure of or delay in performance or breach by any Holder or the
Documentation Agent of any of its obligations hereunder or to any Holder on
account of the failure of or delay in performance or breach by any other Holder
or the Documentation Agent or the Issuer of any of their respective obligations
hereunder or under any other Transaction Document or in connection herewith or
therewith, except for any failure, delay or breach of any such Person
constituting gross negligence or willful misconduct. The Agent agrees to give to
each Holder prompt notice of each notice given to it by the Issuer pursuant to
the terms of this Agreement or delivered by the Issuer to the Agent with express
instructions for delivery to the Holders.

      Section 8.2. Agents' Reliance, Etc. (a) Neither the Agent or the
Documentation Agent nor any of their respective directors, officers, agents or
employees shall be liable for any action taken or omitted to be taken by it or
them under or in connection with the Financing Agreements, except for its or
their own gross negligence or willful misconduct. Without limitation of the
generality of the foregoing, each of the Agent and the Documentation Agent: (i)
may treat the payee of any Note as the holder thereof until the Agent receives
and accepts an Assignment and Acceptance entered into by the Holder that is the
payee of such Note, as assignor, and an assignee, as provided in Section 9.4;
(ii) may consult with legal counsel (including, without limitation, counsel for
the Issuer), independent public accountants and other experts selected by

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it and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants or
experts; (iii) makes no warranty or representation to the Issuer and shall not
be responsible to the Issuer for any statements, warranties or representations
(whether written or oral) made in or in connection with the Financing
Agreements; (iv) shall not have any duty to ascertain or to inquire as to the
performance or observance of any of the terms, covenants or conditions of any
Financing Agreement on the part of the Issuer or to inspect the property
(including, without limitation, the books and records) of the Issuer; (v) shall
not be responsible to any Holder for the due execution, legality, validity,
enforceability, genuineness, sufficiency or value of, or the perfection or
priority of any lien or security interest created or purported to be created
under or in connection with, any Financing Agreement or any other instrument or
document furnished pursuant thereto; or (vi) shall incur no liability under or
in respect of any Financing Agreement by acting upon any notice, consent,
certificate or other instrument or writing (which may be by telegram, telecopy
or telex) believed by it to be genuine and signed or sent by the proper party or
parties.

      (b)   Each of the Agent and the Documentation Agent undertakes to perform
such duties and only such duties as are specifically set forth in this
Agreement. Neither the Agent nor the Documentation Agent shall have any duties
or responsibilities except those expressly set forth in this Agreement or be a
trustee for or have any fiduciary obligation to any party hereto.

      (c)   The duties and obligations of the Agent and the Documentation Agent
shall be determined solely by the express provisions of this Agreement, and no
implied covenants or obligations shall be read into this Agreement against the
Agent or the Documentation Agent.

      (d)   In the absence of willful misconduct, bad faith or gross negligence
on the part of the Agent or the Documentation Agent, as the case may be, the
Agent or the Documentation Agent, as the case may be, may conclusively rely, as
to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Agent or the
Documentation Agent, as the case may be, which conform to the requirements of
this Agreement.

      (e)   None of the provisions of this Agreement shall require the Agent or
the Documentation Agent, as the case may be, to expend or risk its own funds or
otherwise to incur any liability, financial or otherwise, in the performance of
any of its duties hereunder, or in the exercise of any of its rights or powers
if it shall have reasonable grounds for believing that repayment of such funds
or indemnity satisfactory to it against such risk or liability is not assured to
it.

      (f)   Whenever in the administration of the provisions of this Agreement
the Agent or the Documentation Agent, as the case may be, shall deem it
necessary or desirable that a matter be proved or established prior to taking or
suffering any action to be taken hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of
willful misconduct, gross negligence or bad faith on the part of the Agent, or
the Documentation Agent, as the case may be, be deemed to be conclusively proved
and established by a written notice from the applicable Holders and delivered to
the Agent or the Documentation Agent, as the case may be, and such written
notice, in the absence of willful misconduct, gross negligence or bad faith on
the part of the Agent or the Documentation Agent, as the case may be,

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shall be full warrant to the Agent or the Documentation Agent, as the case may
be, for any action taken, suffered or omitted by it under the provisions of this
Agreement upon the faith thereof.

      (g)   Neither the Agent nor the Documentation Agent shall be bound to make
any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document other than as otherwise
specified in this Agreement.

      (h)   The Agent and the Documentation Agent, as the case may be, may
execute any of their respective powers hereunder or perform any of their
respective duties hereunder either directly or by or through agents, attorneys,
custodians or nominees appointed with due care, and shall not be responsible for
any willful misconduct or gross negligence on the part of any agent, attorney,
custodian or nominee so appointed.

      (i)   Any corporation into which the Agent or the Documentation Agent, as
the case may be, may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Agent or the Documentation Agent, as the case may be,
shall be a party, or any corporation succeeding to the business of the Agent or
the Documentation Agent, as the case may be, shall be the successor of the Agent
or the Documentation Agent, as the case may be, hereunder without the execution
or filing of any paper with any party hereto or any further act on the part of
any of the parties hereto except where an instrument of transfer or assignment
is required by law to effect such succession, anything herein to the contrary
notwithstanding.

      (j)   In no event shall the Agent or the Documentation Agent be liable for
special, punitive, indirect or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Agent or the
Documentation Agent has been advised of the likelihood of such loss or damage
and regardless of the form of action.

      Section 8.3. Agent, Documentation Agent and Affiliates. With respect to
any Restructured Dollar Notes that may be issued to it, (a) each of the Agent
and the Documentation Agent, as the case may be, shall have the same rights and
powers under the Financing Agreements as any other Holder and may exercise the
same as though it were not an Agent and (b) the term "Holder" or "Holders"
shall, unless otherwise expressly indicated, include the Agent and the
Documentation Agent, as the case may be, in its individual capacity. Each of the
Agent and the Documentation Agent, as the case may be, and their respective
Affiliates, may accept deposits from, lend money to, act as trustee under
indentures of, accept investment banking engagements from and generally engage
in any kind of business with, the Issuer, any of its Subsidiaries and any Person
that may do business with or own securities of the Issuer or any such
Subsidiary, all as if the Agent was not Agent and as if the Documentation Agent
was not Documentation Agent and without any duty to account therefor to the
Holders.

      Section 8.4. Holder Credit Decision. (a) Each Holder acknowledges that it
has, independently and without reliance upon any Agent, the Documentation Agent
or any other Holder (and their respective officers, directors, employees,
agents, attorneys-in-fact or affiliates) and based on the financial statements
referred to in Section 4.15 and such other documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into

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this Agreement. Each Holder also acknowledges that it will, independently and
without reliance upon any Agent, the Documentation Agent or any other Holder
(and their respective officers, directors, employees, agents, attorneys-in-fact
or affiliates) and based on such documents and information as it shall deem
appropriate at the time, continue to make its own decisions (including credit
decisions) in taking or not taking action under this Agreement.

      (b)   The relationship between the Agent and each of the Holders is that
of an independent contractor. The use of the term "Agent" is for convenience
only and is used to describe, as a form of convention, the independent
contractual relationship between such Agent and each of the Holders. Nothing
contained in this Agreement or the other Transaction Documents shall be
construed to create a trust or other fiduciary relationship between Agent and
any of the Holders.

      Section 8.5. Indemnification. (a) Each Holder severally agrees to
indemnify the Agent and the Documentation Agent (and their respective officers,
directors, employees and agents) (to the extent not promptly reimbursed by the
Issuer) from and against such Holder's ratable share (determined as provided
below) of any and all liabilities, taxes (but excluding any tax imposed on or
measured by the net income of the Agent pursuant to the laws of the jurisdiction
in which it is organized or the jurisdiction in which the principal office of
the Agent is located or any subdivision thereof), obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever that may be imposed on, incurred by, or asserted
against the Agent or the Documentation Agent or any of their respective
officers, directors, employees or agents in any way relating to or arising out
of a Financing Agreement, any other Transaction Document or any action taken or
omitted by the Agent or the Documentation Agent under a Financing Agreement or
any other Transaction Document (collectively, the "Indemnified Costs");
provided, however, that no Holder shall be liable for any portion of such
liabilities, taxes, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from the Agent's or the
Documentation Agent's gross negligence or willful misconduct as found in a
final, non-appealable judgment by a court of competent jurisdiction. Without
limitation of the foregoing, each Holder agrees to reimburse the Agent and the
Documentation Agent promptly upon demand for its ratable share of any costs and
expenses (including reasonable fees and expenses of counsel) payable by the
Issuer under Section 9.3, to the extent that the Agent or the Documentation
Agent, as the case may be, is not promptly reimbursed for such costs and
expenses by the Issuer. In the case of any investigation, litigation or
proceeding giving rise to any Indemnified Costs, this Section 8.5 applies
whether any such investigation, litigation or proceeding is brought by any
Holder or any other Person.

      (b)   For purposes of this Section 8.5, the Holders' respective ratable
shares of any amount shall be determined according to the aggregate principal
amount of the Restructured Dollar Notes outstanding at the time that the action
or inaction resulting in the incurrence by the Agent or the Documentation Agent,
as the case may be, of Indemnified Costs and owing to the respective Holders at
the time that the action or inaction resulting in the Agent's or the
Documentation Agent's, as the case may be, Indemnified Costs were incurred.
Without prejudice to the survival of any other agreement of any Holder
hereunder, the agreement and obligations of each Holder contained in this
Section 8.5 shall survive the payment in full of principal, interest and all
other amounts payable hereunder and under the other Financing

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Agreements, the termination of the Financing Agreements and the removal or
resignation of the Agent or the Documentation Agent, as the case may be.

      Section 8.6. Successor Agent. The Agent may resign at any time by giving
written notice thereof to the Holders and the Issuer and may be removed at any
time with or without cause by the Required Holders. Upon any such resignation or
removal, the Required Holders shall have the right (and so long as no Default
shall have occurred and be continuing, subject to the Issuer's consent, which
consent shall not be unreasonably withheld) to appoint a successor Agent. If no
successor Agent shall have been so appointed by the Required Holders, and shall
have accepted such appointment, within 30 days after the retiring Agent's giving
of notice of resignation or the Required Holders' removal of the retiring Agent,
then the retiring Agent may, on behalf of the Holder Parties, appoint a
successor Agent, which shall be a commercial bank organized under the laws of
the United States or of any State thereof and having a combined capital and
surplus of at least $250,000,000. Upon the acceptance of any appointment as
Agent hereunder by a successor Agent, such successor Agent shall succeed to and
become vested with all the rights, powers, discretion, privileges and duties of
the retiring Agent, and the retiring Agent shall be discharged from its duties
and obligations under the Financing Agreements. If within forty-five (45) days
after written notice is given of the retiring Agent's resignation or removal
under this Section 8.6 no successor Agent shall have been appointed and shall
have accepted such appointment, then on such forty-fifth (45th) day (a) the
retiring Agent's resignation or removal shall become effective, (b) the retiring
Agent shall thereupon be discharged from its duties and obligations under the
Financing Agreements and (c) the Required Holders shall thereafter perform all
duties of the retiring Agent under the Financing Agreements until such time, if
any, as the Required Holders appoint a successor Agent as provided above. After
any retiring Agent's resignation or removal hereunder as Agent shall have become
effective, the provisions of this Article VIII shall inure to its benefit as to
any actions taken or omitted to be taken by it while it was Agent under this
Agreement.

      Section 8.7. Documentation Agent. Notwithstanding anything to the contrary
in this Agreement, after the Effective Date, the Documentation Agent shall have
no further obligation under or in connection with this Agreement.

                                   ARTICLE IX

                                  Miscellaneous

      Section 9.1. Notices. (a) All notices and other communications provided
for hereunder shall be either (x) in writing (including telecopier
communication) and mailed, telecopied or delivered or (y) as and to the extent
set forth in Section 9.1(b) and in the proviso to this Section 9.1(a), if to the
Issuer, at its address at Banco de Galicia y Buenos Aires S.A., Tte. Gral. Juan
D. Peron 407, 2(0) Piso, (C1038AAI) Buenos Aires, Argentina, Attention: Carlos
Lopez, Telecopy: (+54 11) 3329-6429, with a copy to White & Case LLP, 1155
Avenue of the Americas, New York, New York 10036, Attention: Priscilla
Almodovar, Telecopy: (+1 212) 354-8113; if to any Holder party hereto as of the
Effective Date, at its address for notices specified opposite its name on
Schedule III hereto; if to any other Holder, at its address for notices
specified in the Assignment and Acceptance pursuant to which it became a Holder,
with a copy to Mayer, Brown, Rowe & Maw LLP, 190 S. LaSalle Street, Chicago,
Illinois 60603, Attention: Douglas

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Doetsch, Telecopy: (+1 312) 706-8125; if to the Agent, at its address at 60 Wall
Street, New York, New York 10005, Attention: Dorothy Robinson, Telecopy: (212)
797-8614; and if to the Documentation Agent, at its address at 200 Park Avenue,
4th Floor, New York, New York 10016, Attention: Maria Justo, Telecopy: (212)
412-5660; or, as to the Issuer, the Agent or the Documentation Agent, at such
other address as shall be designated by such party in a written notice to the
other parties and, as to each other party, at such other address as shall be
designated by such party in a written notice to the Issuer and the Agent,
provided that materials required to be delivered pursuant to Section 6.2 shall
be delivered to the Agent as specified in Section 9.1(b) or as otherwise
specified to the Issuer by the Agent. All such notices and communications shall,
when mailed or telecopied, be effective when deposited in the mails or
transmitted by telecopier, respectively, except that notices and communications
to the Agent pursuant to Article III or Section 9.4 shall not be effective until
received by the Agent. Delivery by telecopier of an executed counterpart of any
amendment or waiver of any provision of this Agreement or the Notes or of any
exhibit hereto to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof.

      (b)   So long as the Agent or any of its Affiliates is the Agent,
materials required to be delivered pursuant to Section 6.2 may be delivered to
the Agent in an electronic medium in a format reasonably acceptable to the Agent
by e-mail at dorothy.robinson@db.com with a copy to be delivered by facsimile or
mail. The Issuer agrees that the Agent may make such materials, as well as any
other written information, documents, instruments and other material relating to
the Issuer, any of its Subsidiaries or any other materials or matters relating
to this Agreement, the Notes or any of the transactions contemplated hereby
(collectively, the "Communications") available to the Holders.

      (c)   Each Holder agrees that notice to it (as provided in the next
sentence) (a "Notice") delivering any materials referred to in (b) above by
e-mail shall constitute effective delivery of such information, documents or
other materials to such Holder for purposes of this Agreement; provided that if
requested by any Holder the Agent shall deliver a copy of the Communications to
such Holder by telecopier. Each Holder agrees (i) to notify the Agent in writing
of such Holder's e-mail address to which a Notice may be sent by electronic
transmission (including by electronic communication) on or before the date such
Holder becomes a party to this Agreement (and from time to time thereafter to
ensure that the Agent has on record an effective e-mail address for such Holder)
and (ii) that any Notice may be sent to such e-mail address.

      Section 9.2. No Waiver; Remedies; Amendments; Etc. (a) No failure or delay
by the Agent or any Holder in exercising any right or power hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Agent and
the Holders under this Agreement are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by the Issuer therefrom shall in any
event be effective unless the same shall have been obtained in accordance with
Section 9.2(b), and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given.

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      (b)   No amendment or waiver of any provision of this Agreement or the
Notes or any other Financing Agreement, nor consent to any departure by the
Issuer therefrom, shall in any event be effective unless the same shall be in
writing and signed by the Required Holders, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given; provided, however, that no amendment, waiver or consent shall
(1) waive any of the conditions specified in Section 5.1, (2) change the number
of Holders or the percentage of the aggregate unpaid principal amount of the
Restructured Dollar Notes that shall be required for the Holders or any of them
to take any action hereunder, (3) reduce the principal of, or interest on, the
Notes or any fees or other amounts payable hereunder, (4) postpone any date
scheduled for any payment of principal of, or interest on, the Notes pursuant to
Sections 2.9, 2.10, 2.11, 2.12 or 3.3 or any date fixed for payment of fees or
other amounts payable hereunder, (5) limit the payment or indemnification
obligations of the Issuer under any of the Financing Agreements, (6) amend,
modify or waive any of the provisions of Section 3.10 or this Section 9.2 or the
definition of "Required Holders" or any other provision hereof specifying the
number or percentage of Holders required to waive, amend or modify any rights
hereunder or make any determination or grant any consent hereunder, or (7)
change Section 3.10 in a manner that would alter the pro rata sharing of
payments required thereby, unless, in each case in this proviso, in writing and
signed by the Agent and each Holder adversely affected thereby; provided
further, that no amendment, waiver or consent shall, unless in writing and
signed by the Agent in addition to the Holders required above to take such
action, adversely affect the rights or duties of the Agent under this Agreement
or the other Financing Agreements. Notwithstanding any provision of this
Agreement, if at any time the Issuer or any Affiliate of the Issuer shall become
a Holder hereunder, the Issuer and such Affiliate shall not be entitled to vote
on any matter hereunder and its Restructured Dollar Notes shall be excluded for
calculation purposes of the percentage of the relevant Restructured Dollar Notes
held by Holders.

      Section 9.3. Costs and Expenses; Indemnity; Damage Waiver. (a) The Issuer
agrees to pay on demand (i) all reasonable costs and expenses of the Agent and
the Documentation Agent (including (A) all due diligence, transportation,
computer, duplication, audit, search, filing and recording fees and expenses and
(B) the reasonable fees and expenses of counsel for the Agent and the
Documentation Agent in connection with: (1) advising the Agent and/or the
Documentation Agent as to its rights and responsibilities, or the perfection,
protection or preservation of rights or interests, under the Transaction
Documents, (2) negotiations with the Issuer or with other creditors of the
Issuer or any of its Subsidiaries arising out of any Default or any events or
circumstances that could reasonably be expected to give rise to a Default, (3)
presenting claims in or otherwise participating in or monitoring any bankruptcy,
insolvency or other similar proceeding involving creditors' rights generally and
any proceeding ancillary thereto and (4) the administration by the Agent of the
indebtedness provided for in this Agreement or otherwise in connection with any
amendment, supplement or notification to, or waiver under, any of the
Transactions Documents, or in connection with the fulfillments of its duties
under the Transaction Documents; and (ii) all costs and expenses of the Agent in
connection with the enforcement of the Financing Agreements, whether in any
action, suit or litigation, or any bankruptcy, insolvency or other similar
proceeding affecting creditors' rights generally, or whether in connection with
any workout, restructuring or negotiations in respect of the Restructured Dollar
Notes (including, in each case, the reasonable fees and expenses of counsel for
the Agent with respect thereto).

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      (b)   The Issuer agrees to indemnify, defend and save and hold harmless
the Agent, the Documentation Agent, each Holder, and each Related Party of any
of the foregoing Persons (each such Person being called an "Indemnitee") from
and against, and shall pay on demand, any and all claims, losses, damages,
liabilities and related expenses (including reasonable fees and expenses of any
counsel for any Indemnitee) that are incurred by or asserted against any
Indemnitee, in each case arising out of, in connection with, or by any reason of
(i) the Restructured Dollar Notes, the execution or delivery of the Transaction
Documents or any agreement or instrument contemplated thereby or any transaction
contemplated thereby or the performance by the Issuer or Grupo Galicia of their
respective obligations under the Transaction Documents or the failure of the
Issuer or Grupo Galicia to perform its obligations under any Transaction
Document or (ii) any claim, litigation, investigation or proceeding relating to
any of the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnitee's gross negligence or willful misconduct. In the case of an
investigation, litigation or other proceeding to which the indemnity in this
Section 9.3(b) applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by the Issuer, Grupo Galicia,
their respective directors, shareholders or creditors or an Indemnitee, whether
or not any Indemnitee is otherwise a party thereto and whether or not the
transactions contemplated under this Agreement are consummated. The obligations
of the Issuer under Section 9.3(a) and (b) shall survive the termination of the
Financing Agreements and the earlier resignation or removal of the Agent.

      (c)   To the extent permitted by Applicable Law, the Issuer agrees not to
assert, and hereby waives, any claim against any Indemnitee, on any theory of
liability, for special, indirect, consequential or punitive damages (as opposed
to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions or any Restructured Dollar Note.

      (d)   If any payment of principal of any LIBOR Note is made by the Issuer
to or for the account of a Holder other than on the last day of the Interest
Period for such Note, as a result of acceleration of the maturity of the Notes
pursuant to Article VII or for any other reason, or if the Issuer fails to make
any payment or prepayment of a LIBOR Note for which a notice of prepayment has
been given or that is otherwise required to be made, whether pursuant to
Sections 2.9, 2.10, 2.11, 2.12, 3.1, 3.2, 7.1 or otherwise, the Issuer shall,
upon demand by such Holder (with a copy of such demand to the Agent) (which
demand shall also set forth an explanation of each such costs, expenses and
losses), pay to the Agent for the account of such Holder any amounts required to
compensate such Holder for any additional costs, expenses or losses that it has
reasonably incurred as a result of such payment or such failure to pay or
prepay, as the case may be, including any premium, penalty or expense incurred
to liquidate or obtain third party deposits or borrowings in order to make,
maintain or fund all or any part of the Restructured Dollar Notes.

      (e)   If the Issuer fails to pay when due any costs, expenses or other
amounts payable by it under any Financing Agreements to any Person, including,
without limitation, fees and expenses of counsel and indemnities, such amount
may be paid on behalf of the Issuer by any

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Holder, in its sole discretion, and such Holder thereupon shall be subrogated to
the rights of such Person.

      (f)   All amounts due under this Section shall be payable promptly, and in
no event later than thirty (30) days after written demand therefor.

      Section 9.4. Assignments; Participations. (a) Each Holder may assign to
one or more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of the Restructured Dollar Notes held by
it together with the Note or Notes held by it in connection with the
Restructured Dollar Notes subject to such assignment); provided, however, that
(i) except in the case of an assignment to a Person that, immediately prior to
such assignment, was a Holder or an assignment of all of a Holder's rights and
obligations under this Agreement, the aggregate amount of each Tranche of
Restructured Dollar Notes being assigned to such assignee pursuant to such
assignment (determined as of the effective date of the Assignment and Acceptance
with respect to such assignment) shall in no event be less than one million
Dollars ($1,000,000) (or (x) a lesser amount if such amount is such Holder's
entire amount of the Tranche being transferred or (y) such lesser amount as
shall be approved by the Issuer), (ii) the parties to each such assignment shall
execute and deliver to the Agent, for its acknowledgment and recording in the
Register, an Assignment and Acceptance, together with the Note or Notes subject
to such assignment and a processing and recordation fee of three thousand five
hundred Dollars ($3,500), (iii) to the extent any modifications are required to
the form of Assignment and Acceptance or additional documentation is required by
the Agent, the parties to each such assignment shall have agreed to reimburse
the Agent for any fees, costs and expenses (including, without limitation, the
fees and expenses of counsel) to the extent necessary or appropriate incurred by
the Agent in connection with the foregoing, and (iv) the parties to each such
assignment shall execute and deliver to the Agent such agreements and documents
(in addition to those required hereunder) as may be satisfactory to the Agent.

      (b)   Upon such execution, delivery, acknowledgment and recording of the
relevant Assignment and Acceptance, from and after the effective date specified
in such Assignment and Acceptance, unless a later date is specified therein (i)
the assignee thereunder shall constitute a Holder hereunder and (ii) the Holder
assignor thereunder shall, to the extent of the rights and obligations hereunder
that have been assigned by it pursuant to such Assignment and Acceptance,
relinquish its rights (other than its rights under Sections 3.6, 3.8 and 9.3 to
the extent any claim thereunder relates to an event arising prior to such
assignment) and be released from its obligations under this Agreement (and, in
the case of an Assignment and Acceptance covering all of the remaining portion
of an assigning Holder's rights and obligations under this Agreement, such
Holder shall cease to be a party hereto).

      (c)   By executing and delivering an Assignment and Acceptance, each
Holder assignor thereunder and each assignee thereunder confirm to and agree
with each other and the other parties thereto and hereto as follows: (i) other
than as provided in such Assignment and Acceptance, such assigning Holder makes
no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with any
Financing Agreement or the execution, legality, validity, enforceability,
genuineness, value and sufficiency of any Financing Agreement or any other
instrument or document furnished pursuant thereto; (ii) such assigning Holder
makes no representation or

                                       76
<PAGE>

warranty and assumes no responsibility with respect to the financial condition
of the Issuer or the performance or observance by the Issuer of any of its
obligations under any Financing Agreement or any other instrument or document
furnished pursuant thereto; (iii) such assignee confirms that it has received a
copy of this Agreement, together with copies of the financial statements
referred to in Section 4.15 and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Acceptance; (iv) such assignee will, independently and
without reliance upon the Agent, such assigning Holder or any other Holder and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under this Agreement; (v) such assignee appoints and authorizes the Agent to
take such action as agent on its behalf and to exercise such powers and
discretion under the Financing Agreements as are delegated to the Agent by the
terms hereof and thereof, together with such powers and discretion as are
reasonably incidental thereto; (vi) such assignee agrees that it will perform in
accordance with their terms all of the obligations that by the terms of this
Agreement are required to be performed by it as a Holder and (vii) such assignee
makes each of the representations and warranties set forth in Section 9.5
hereof. An assignee shall not be entitled to receive any greater payment under
Section 3.6 or 3.8 than the Holder assignor would have been entitled to receive
with respect to its rights and obligations under this Agreement assigned to such
assignee, unless the assignment is made with the Issuer's prior written consent,
or in the case of a payment under Section 3.8, unless such assignment shall not
result in a greater payment by the Issuer than would have resulted had the
Holder who originally owned the relevant Note remained the owner thereof (in
which case the Issuer's prior written consent is not required).

      (d)  The Agent shall maintain at its address referred to in Section 9.1 a
copy of each Assignment and Acceptance delivered to and acknowledged by it and a
register for the recordation of the names and addresses of the Holder and
principal amount of the Restructured Dollar Notes owing under each Tranche to,
each Holder from time to time (the "Register"). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the
Issuer, the Agent and each Holder shall treat each Person whose name is recorded
in the Register as a Holder hereunder for all purposes of this Agreement. The
Register shall be available for inspection by the Issuer or the Agent or any
Holder at any reasonable time and from time to time upon reasonable prior
notice.

      (e)   Upon its receipt of an Assignment and Acceptance executed by an
assigning Holder and an assignee, together with any Note or Notes subject to
such assignment, the Agent shall, if such Assignment and Acceptance has been
completed and is in substantially the form of Exhibit B hereto, (i) acknowledge
delivery of such Assignment and Acceptance, (ii) record the information
contained therein in the Register and (iii) give prompt notice thereof to the
Issuer. In the case of any assignment by a Holder, within five (5) Business Days
after its receipt of such notice, the Issuer, at its own expense, shall execute
and deliver to the Agent in exchange for the surrendered Note or Notes a new
Note or Notes to the order of such assignee in an amount equal to the
Restructured Dollar Notes assumed by it under each Tranche pursuant to such
Assignment and Acceptance and, if any assigning Holder has retained any
Restructured Dollar Notes hereunder, a new Note or Notes to the order of such
assigning Holder in an amount equal to the Restructured Dollar Notes retained by
it hereunder. Such new Note or Notes shall be in an aggregate principal amount
equal to the aggregate principal amount of such surrendered Note or Notes, as
applicable, or equal to the portion of interest scheduled to be paid on the last
day of the

                                       77
<PAGE>

following Interest Period in the case of a Note or Note evidencing interest,
shall be dated the effective date of such Assignment and Acceptance and shall
otherwise be in substantially the form of Exhibit D-1 (with applicable
modifications), in the case of any Argentine Note, and Exhibit D-2 (with
applicable modifications), in the case of any U.S. Note.

      (f)   Subject to Section 9.5, each Holder may sell participations to one
or more Persons (other than the Issuer or any of its Affiliates) (a
"Participant") in or to all or a portion of its rights and obligations under
this Agreement (including, without limitation, all or a portion of its
Restructured Dollar Notes owing to it together with the Note or Notes (if any)
held by it evidencing such Restructured Dollar Notes); provided, however, that
(i) such Holder's obligations under this Agreement shall remain unchanged, (ii)
such Holder shall remain solely responsible to the other parties hereto for the
performance of such obligations, (iii) such Holder shall remain the holder of
any such Note or Notes for all purposes of this Agreement, (iv) the Issuer, the
Agent and the other Holders shall continue to deal solely and directly with such
Holder in connection with such Holder's rights and obligations under this
Agreement and (v) no Participant under any such participation shall have any
right to approve any amendment or waiver of any provision of any Financing
Agreement, or any consent to any departure by the Issuer therefrom, except to
the extent that such amendment, waiver or consent would reduce the principal of,
or interest on, the Notes or any fees or other amounts payable hereunder, in
each case to the extent subject to such participation, or postpone any date
fixed for any payment of principal of, or interest on, the Notes or any fees or
other amounts payable hereunder, in each case to the extent subject to such
participation. The Issuer agrees that each Participant shall be entitled to the
benefits of Sections 3.6, 3.8 and 9.3 to the same extent as if it were a Holder
and had acquired its interest by assignment, and to the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 9.9 as though
it were a Holder; provided, however, that a Participant shall not be entitled to
receive any greater payment under Section 3.6 or 3.8 than the applicable Holder
would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is
made with the Issuer's prior written consent. The parties to any such
participation shall execute and deliver to the Agent such agreements and
documents as it may deem satisfactory.

      (g)   Any Holder may, in connection with any assignment or participation
or proposed assignment or participation pursuant to this Section 9.4, disclose
to the assignee or Participant or proposed assignee or participant any
information relating to the Issuer furnished to such Holder by or on behalf of
the Issuer; provided, however, that, prior to any such disclosure, the assignee
or participant or proposed assignee or participant shall agree to preserve,
subject to customary limitations and exceptions, the confidentiality of any
Confidential Information received by it from such Holder.

      (h)   Notwithstanding any other provision set forth in this Agreement, any
Holder may at any time create a security interest in all or any portion of its
rights under this Agreement (including the Restructured Dollar Notes owing to it
and the Note or Notes held by it) in favor of any Federal Reserve Bank in
accordance with Regulation A of the Board of Governors of the Federal Reserve
System.

      (i)   The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that (i) the

                                       78
<PAGE>

Issuer may not assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of each Holder (and any attempted
assignment or transfer by the Issuer without such consent shall be null and
void) and (ii) no Holder may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section 9.4. Nothing in
this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants (to the extent provided in paragraph (f) of this
Section 9.4) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Agent and the Holders) any legal or equitable right,
remedy or claim under or by reason of this Agreement.

      Section 9.5. Holders' Representation. Each Holder (including any assignee
of a Holder) represents, warrants and covenants to the Issuer that such Holder
is acquiring the Restructured Dollar Notes owing to it and the Note or Notes
held by it for its own account and not with a view to assignment, participation
or transfer other than in a manner that will not violate United States
securities laws or the securities laws of any other applicable jurisdiction.

      Section 9.6. Survival. All covenants, agreements, representations and
warranties made by the Issuer herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be
considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement and the making of any
Restructured Dollar Notes, regardless of any investigation made by any such
other party or on its behalf and notwithstanding that the Agent or any Holder
may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in
full force and effect as long as the principal of or any accrued interest on any
Note or any fee or any other amount payable under this Agreement is outstanding
and unpaid. Without prejudice to the survival of any other agreement of the
Issuer hereunder, the provisions of Sections 3.6, 3.8, and 9.3 of this Agreement
shall survive and remain in full force and effect regardless of the consummation
of the transactions contemplated hereby or the payment in full of principal,
interest and all other amounts payable hereunder and under any of the other
Financing Agreement.

      Section 9.7. Counterparts; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on separate counterparts), each
of which when so executed shall constitute an original, and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be effective
as delivery of a manually executed counterpart of this Agreement. From and after
the Effective Date, this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that the Issuer shall not have the right to assign its rights hereunder
or any interest herein without the prior written consent of the Holders. This
Agreement and the other Financing Agreements represent the entire agreement of
the Issuer, the Agent and the Holders with respect to the subject matter hereof
and thereof, and there are no promises, undertakings, representations or
warranties by the Agent or any Holder relative to the subject matter hereof not
expressly set forth or referred to herein or in the other Financing Agreements.

      Section 9.8. Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such

                                       79
<PAGE>

invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof, and the
invalidity, illegality or unenforceability of a particular provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

      Section 9.9. Right of Setoff. Upon (a) the occurrence and during the
continuance of any Event of Default and (b) the making of the request or the
granting of the consent specified by Article VII to authorize the Agent to
declare the Notes due and payable pursuant to the provisions of Article VII, the
Agent and each Holder and each of their respective Affiliates is hereby
authorized at any time and from time to time, to the fullest extent permitted by
law, to set off and otherwise apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other Debt at any
time owing by the Agent, such Holder or such Affiliate to or for the credit or
the account of the Issuer against any of and all the Obligations of the Issuer
now or hereafter existing under the Financing Agreements, irrespective of
whether the Agent or such Holder shall have made any demand under this Agreement
or such Note or Notes and although such Obligations may be unmatured. If such
Obligations are in different currencies, the Agent, Holder or Affiliate, as
applicable, may convert either the Issuer's Obligations or the Agent, Holder or
Affiliate's, as the case may be, Debt, at a market rate of exchange in its usual
course of business for the purpose of the set-off. The Agent and each Holder
agrees promptly to notify the Issuer after any such set-off and application;
provided, however, that the failure to give such notice shall not affect the
validity or such set-off and application. The rights of the Agent and each
Holder and each of their respective Affiliates under this Section 9.9 are in
addition to other rights and remedies (including other rights of set-off) that
the Agent, such Holder and their respective Affiliates may have.

      Section 9.10. Jurisdiction; Consent to Service of Process. (a) Each of the
parties hereto hereby irrevocably and unconditionally submits, for itself and
its property, to the nonexclusive jurisdiction of any New York State court or
Federal court of the United States of America sitting in New York City, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or any of the other Transaction Documents to which it
is a party, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in any such
New York State court or, to the fullest extent permitted by law, in such Federal
court. Each of the parties hereto agrees that a final judgment in any such
action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement shall affect any right that the Agent or any Holder
may otherwise have to bring any action or proceeding relating to this Agreement,
the Notes or any of the other Financing Agreements in the courts of any
jurisdiction. The Issuer irrevocably and unconditionally waives any right to
claim a lack of jurisdiction should any Financing Agreement be enforced in the
Country. The Issuer hereby irrevocably appoints CT Corporation System (the
"Process Agent") with an office on the date hereof at 111 Eighth Avenue, New
York, New York 10011, United States, as its agent to receive on behalf of the
Issuer and its property service of copies of the summons and complaint and any
other process which may be served in any such action or proceeding arising out
of or relating to this Agreement or any other Financing Agreement governed by
New York law. Such service may be made by mailing or delivering a copy of such
process to the Issuer in care of the Process Agent at the Process Agent's above
address, and the Issuer hereby irrevocably authorizes and

                                       80
<PAGE>

directs the Process Agent to accept such service on its behalf. As an
alternative method of service, the Issuer also irrevocably consents to the
service of any and all process in any such action or proceeding by sending
copies of such process by mail to the Issuer at its address specified in Section
9.1. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law.

      (B)   Each of the parties hereto hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit,
action or proceeding arising out of or relating to this Agreement, the Notes or
any Financing Agreement to which it is a party in any court referred to in
subparagraph (a) of this Section 9.10. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.

      Section 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL RIGHTS IT MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT, THE NOTES, THE OTHER FINANCING AGREEMENTS OR THE
ACTIONS OF THE AGENT OR ANY HOLDER IN THE NEGOTIATION, ADMINISTRATION, OR
PERFORMANCE THEREOF. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

      Section 9.12. Judgment Currency. The Issuer's obligations hereunder to
make payments in Dollars shall not be discharged or satisfied by any tender or
recovery pursuant to any judgment expressed in or converted into any currency
other than Dollars, except to the extent that on the Business Day following
receipt of any sum adjudged to be so due in the judgment currency and the payee
may in accordance with normal banking procedures purchase Dollars in the amount
originally due to the payee with the judgment currency. If for the purpose of
obtaining judgment in any court it is necessary to convert a sum due hereunder
in Dollars into another currency (in this Section 9.12 called "judgment
currency"), the rate of exchange that shall be applied shall be that at which in
accordance with normal banking procedures the Holder could purchase such Dollars
in New York City with the judgment currency on the Business Day next preceding
the day on which such judgment is rendered. The obligation of the Issuer in
respect of any such sum due from it to any Person hereunder (in this Section
9.12 called an "Entitled Person") shall, notwithstanding the rate of exchange
actually applied in rendering such judgment, be discharged only to the extent
that on the Business Day following receipt by such Entitled Person of any sum
adjudged to be due hereunder in the judgment currency such Entitled Person may
in accordance with normal banking procedures purchase and transfer Dollars to
New York City with the amount of the judgment so adjudged to be due; and the
Issuer hereby, as a

                                       81
<PAGE>

separate obligation and notwithstanding any such judgment, agrees to indemnify
such Entitled Person against, and to pay such Entitled Person on demand, in
Dollars, the amount (if any) by which the sum originally due to such Entitled
Person in Dollars hereunder exceeds the amount of the Dollars so purchased and
transferred and, if the amount of Dollars so purchased and transferred exceeds
the sum originally due to such Entitled Person in Dollars hereunder, such
Entitled Person shall remit to the Issuer such excess; provided, that such
Entitled Person shall have no obligation to remit such excess so long as the
Issuer shall have failed to pay such Entitled Person any Obligations due and
payable under this Agreement and the Notes, in which case such excess may be
applied to such Obligations of the Issuer hereunder in accordance with the terms
of this Agreement. The Issuer waives the right to invoke any defense of payment
impossibility (including any defense under Section 1198 of the Argentine Civil
Code).

      Section 9.13. Waiver of Sovereign Immunity. The Issuer, in respect of
itself, its Subsidiaries, their respective process agents, and their properties
and revenues, hereby irrevocably agrees that, to the extent that the Issuer, its
Subsidiaries or any of their respective properties and revenues has or may
hereafter acquire any right of immunity of any court or from any legal process
(whether through service of notice, attachment prior to judgment, attachment in
aid of execution, execution or otherwise, and whether characterized as sovereign
immunity or otherwise), whether in the United States, the Country or elsewhere,
to enforce or collect upon the Notes, this Agreement, the other Financing
Agreements, or any other liability or obligation of the Issuer of any of its
Subsidiaries related to or arising from the transactions contemplated by this
Agreement or the other Financing Agreements, including immunity from service of
process, immunity from jurisdiction or judgment of any court or tribunal,
immunity from execution of a judgment, and immunity of any of its property from
attachment prior to any entry of judgment, or from attachment in aid of
execution upon a judgment, the Issuer, for itself and on behalf of its
Subsidiaries, hereby expressly and irrevocably waives any such immunity in
respect of its obligations under this Agreement, the Notes, and the other
Financing Agreements, and, agrees, without limiting the generality of the
foregoing, (i) that the waivers set forth in this Section 9.13 shall have the
fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of
the United States and are intended to be irrevocable for purposes of such Act,
and (ii) not to assert any such right or claim in any such proceeding, whether
in the United States, the Country or elsewhere.

      Section 9.14. English Language. This Agreement (other than the form of
Argentine Notes) has been negotiated and executed in the English language. The
English language version of this Agreement (other than the form of Argentine
Notes) and each other Financing Agreement (other than the Argentine Notes) shall
control and be conclusive as to the meaning of any terms and provisions hereof
or thereof except in connection with the enforcement thereof in the Country as
may be required by Argentine law. All agreements, documents, certificates,
reports or notices to be delivered or communications to be given or made by any
party hereto pursuant to the terms of any Financing Agreement shall be in the
English language or, if originally written in another language, shall be
accompanied by an accurate English translation upon which the other parties
hereto shall have the right to rely for all purposes of this Agreement and the
other Financing Agreements.

                                       82
<PAGE>

      Section 9.15. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into
consideration in interpreting, this Agreement.

      Section 9.16. Confidentiality. Neither the Agent nor any Holder shall
disclose any Confidential Information to any Person without the consent of the
Issuer, other than (a) to the Agent's or such Holder's Related Parties (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature thereof and instructed to keep such Confidential
Information confidential) and to actual or prospective assignees and
participants, and then only on a confidential basis, (b) as required by any
applicable law, rule or regulation or judicial process, (c) as requested or
required by any state, Federal or foreign authority or examiner regulating such
Holder and (d) to any rating agency when required by it, provided that, prior to
any such disclosure, such rating agency shall undertake to preserve the
confidentiality of any Confidential Information relating to the Issuer received
by it from such Holder. Notwithstanding anything herein to the contrary, the
Agent, each Holders and their respective Related Parties, may disclose to any
and all persons, without limitation of any kind, the U.S. tax treatment and tax
structure of the transactions contemplated hereunder and under the other
Transaction Documents, and all materials of any kind (including opinions or
other tax analysis) that are provided to the Agent or any Holder, as the case
may be, relating to such U.S. tax treatment and tax structure.

      Section 9.17. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD
TO ITS CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 AND SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

      Section 9.18. Actions Consistent with this Agreement. Notwithstanding
anything to the contrary set forth in the Notes, each Holder hereby agrees not
to take any action (enforcement or otherwise) pursuant to the Notes that would
be inconsistent with the terms of this Agreement.

                            [signature pages follows]

                                       83
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                         BANCO DE GALICIA Y BUENOS AIRES S.A.,
                                           as Issuer

                                         By:  /s/ Hector E. Arzeno
                                            ------------------------------
                                           Name:  Hector E. Arzeno
                                           Title:  Executive Vice President

                                                         Note Purchase Agreement
<PAGE>

                                         DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          as Agent

                                         By:   /s/ Wanda Camacho
                                             -----------------------------------
                                           Name:  Wanda Camacho
                                           Title:  Vice President

                                         By:   /s/ Cynthia J. Powell
                                             -----------------------------------
                                           Name:  Cynthia J. Powell
                                           Title:  Assistant Vice President

                                                         Note Purchase Agreement
<PAGE>

                                       BARCLAYS BANK PLC, as Documentation Agent

                                       By:   /s/ Maria L. Justo
                                           -------------------------------------
                                         Name:  Maria L. Justo
                                         Title:  Director

                                                         Note Purchase Agreement
<PAGE>

                                         HOLDERS:

                                         NATEXIS BANQUES POPULAIRES

                                         By:   /s/ Marc Colas de la Noue
                                             -----------------------------------
                                             Name: Marc Colas de la Noue
                                             Title: FVP Head of Mercosur and
                                                    Venezuela

                                         By:   /s/ B. Gautier
                                             -----------------------------------
                                             Name: B. Gautier
                                             Title: Head of Mexico, Central
                                                    America and Caribbean

                                      S-1                Note Purchase Agreement
<PAGE>

                                     NEDERLANDSE FINANCIERINGS-
                                     MAATSCHAPPIJ VOOR
                                     ONTWIKKELINGSLANDEN N.V.

                                     By:  /s/ Janos Bonta
                                        ----------------------------------------
                                        Name: Janos Bonta
                                        Title: Head Regional Department
                                               Latin America & the Caribbean

                                     By:  /s/ H. Cornelissen
                                        ----------------------------------------
                                        Name: H. Cornelissen
                                        Title: Manager IMR

                                                         Note Purchase Agreement
<PAGE>

                                         RZB Finance LLC

                                         By:  /s/ Frank Yautz
                                            ------------------------------------
                                            Name: Frank Yautz
                                            Title: First Vice President

                                         By:  /s/ Juan Csillagi
                                            ------------------------------------
                                            Name: Juan Csillagi
                                            Title: Group Vice President

                                                         Note Purchase Agreement
<PAGE>

                                   SCHEDULE I

                      EXISTING BONDS AND EXISTING BANK DEBT

A.    EXISTING BONDS

<TABLE>
<CAPTION>
                                                                                                   APPROXIMATE AGGREGATE
                                                                                                   AMOUNT OUTSTANDING AS
          INSTRUMENT                                    DESCRIPTION                                  OF APRIL 27, 2004
          ----------                                    -----------                            ----------------------------
                                                                                               (IN MILLIONS OF U.S.DOLLARS)
<S>                             <C>                                                            <C>
STEP UP FLOATING RATE           Floating Rate Notes issued under the Indenture, dated as of                      136.92
NOTES DUE 2002 (FRN)            August 5, 1997, among the Issuer, UBS AG (formerly SBC
                                Warburg Inc.), as Lead Manager, Citicorp Trust Company
                                Limited, London, as Trustee and Citibank N.A., London, as
                                Paying and Issue Agent.

9% NOTES DUE 2003               Notes issued under the Indenture, dated as of November 8,                        192.24
(YANKEE BOND)                   1993, among the Issuer, The Bank of New York, as Trustee,
                                co-registrar, principal Paying Agent and Registrar.
</TABLE>

B.    EXISTING BANK DEBT

<TABLE>
<CAPTION>
                                                                                                   APPROXIMATE AGGREGATE
                                                                                                   AMOUNT OUTSTANDING AS
     TYPE OF INDEBTEDNESS                               DESCRIPTION                                  OF APRIL 27, 2004
     --------------------                               -----------                            ----------------------------
                                                                                               (IN MILLIONS OF U.S.DOLLARS)
<S>                             <C>                                                            <C>                   <C>
INTERNATIONAL FINANCE           Investment Agreement, dated as of July 19, 1996, the Credit    A LOAN                 15.00
CORPORATION ("IFC")             Line Agreement dated as of January 25, 1999, and the           A-1                    30.00
                                Amended and Restated Investment Agreement, dated as of July    A-2                    20.00
                                2, 1999, between the Issuer and the IFC.

                                Investment Agreement, dated as of July 19, 1996, and the       B LOAN                245.00
                                Amended and Restated Investment Agreement, dated as of July
                                2, 1999, among the Issuer, International Finance
                                Corporation and Dresdner Bank AG, New York Branch, as
                                Arrangers, Dresdner Bank AG, New York Branch, as Issuing
                                Bank, the Lenders party thereto and Bankers Trust Company
                                as Depositary and Administrative Agent.

INTER-AMERICAN INVESTMENT       Financial Intermediary Loan Agreement, dated as of March 5,    A LOAN                  3.64
CORPORATION ("IIC")             1993, and the Amended and Restated Financial Intermediary      EXT. B LOAN             3.89
                                Loan Agreements, dated as of April 5, 1994, March 15, 1996     2ND EXT.B LOAN         25.33
                                and June 23, 1997, among the Issuer and the Inter-American
                                Investment Corporation.

                                Financial Intermediary Loan Agreement, dated December 21,      A LOAN                  8.82
                                1998, among the Issuer and the IIC.                            B LOAN                 27.82
</TABLE>

                                        Schedule 1-1
<PAGE>

<TABLE>
<S>                             <C>                                                                              <C>
NETHERLANDS DEVELOPMENT         Loan Agreement, dated as of September 12, 1995, among the                        2.00
FINANCE COMPANY ("FMO")         Issuer and the FMO (Netherlands Development Finance
                                Company).

                                Loan Agreement, dated as of February 29, 1996, among the                         4.17
                                Issuer and the FMO (Netherlands Development Finance
                                Company).

                                Loan Agreement, dated as of September 11, 1998, among the                       13.13
                                Issuer and the FMO (Netherlands Development Finance
                                Company).

COMMODITY CREDIT CORPORATION    Loans under the Export Credit Guarantee Program GSM-102 of                     102.18
("CCC")                         the CCC, United States  Department of Agriculture, among
                                the Issuer and certain U.S. Banks.

USCP                            Loans under the Reimbursement and Credit Agreement, dated                       82.00
                                as of September 22, 2000, as amended, among the Issuer,
                                HSBC Bank USA, as Issuing Bank, the lenders party thereto,
                                Bank of America, N.A., as Administrative Agent, and Bank of
                                America Securities LLC and HSBC Securities (USA) Inc., as
                                joint Arrangers.

                                Loans under the Reimbursement and Credit Agreement, dated                      250.00
                                as of February 23, 2001, among the Issuer, Bayerische
                                Hypo-und Vereinsbank AG, acting through its New York
                                Branch, as Issuing Bank, the lenders party thereto, The
                                Chase Manhattan Bank  N.A., as Administrative Agent, and
                                J.P. Morgan, a division of Chase Securities Inc., as
                                Arranger.

STEP UP FLOATING RATE NOTES     Floating Rate Notes issued under the Note Purchase                              44.44
DUE 2005                        Agreement, dated as of December 18, 2000, among the Issuer,
                                Banco Santander Central Hispano S.A., acting through its
                                New York Branch, as Administrative and PRI
                                Agent, and the Initial Purchasers listed
                                therein.

                                Floating Rate Notes issued under the Note Purchase                              10.67
                                Agreement, dated as of June 7, 2001, among the Issuer,
                                Banco Santander Central Hispano S.A., acting through its
                                New York Branch, as Administrative and PRI Agent, and the
                                Initial Purchasers listed therein.

FINANCIAL LOAN                  Loan requested under SWIFT message, dated as of May 9,                           0.80
                                2001, between the Issuer and Eagle National Bank of Miami,
                                Miami, Florida.

                                Loan requested under SWIFT message, dated as of June 5,                          2.00
                                2001, between the Issuer and International Finance Bank,
                                Miami, Florida.
</TABLE>

                                      S-2                Note Purchase Agreement
<PAGE>

<TABLE>
<S>                             <C>                                                                              <C>
NDF                             Several Non Delivery Forward between the Issuer and                             12.27
                                American Express Bank, New York

                                Several Non Delivery Forward between the Issuer and J.P.                        20.78
                                Morgan Chase, New York

SWAP                            SWAP REQUESTED UNDER SWIFT MESSAGE, BETWEEN THE ISSUER AND                       1.26
                                BANK OF NOVA SCOTIA.

DOCUMENTARY LETTER OF CREDIT    Documentary Letter of Credit issued by the Issuer on May 3,                     20.00
                                2001, for the account of Enron Trading Limited, George
                                Town, Grand Cayman Islands, British West Indies, in favor
                                of Enron Metals and Commodity Limited, London, UK. and
                                confirmed by Banco Bilbao Vizcaya Argentaria, New York, USA.

                                Documentary Letter of Credit issued by the Issuer on June                       10.00
                                5, 2001, for the account of Enron Trading Limited, George
                                Town, Grand Cayman Islands, British West Indies, in favor
                                of Enron Metals and Commodity Limited, London, UK. and
                                confirmed by Banco Bilbao Vizcaya Argentaria, New York, USA.

                                Documentary Letter of Credit issued by the Issuer on July                        2.00
                                2, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela, in favor of Cargill Agricola S.A.,
                                Turks and Caicos Islands, British West Indies and confirmed
                                by Fortis Bank (Nederland) N.V. Rotterdam, The Netherlands.

                                Documentary Letter of Credit issued by the Issuer on July                        2.30
                                3, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                Bank One International Corporation, Dallas, TX, USA.

                                Documentary Letter of Credit issued by the Issuer on July                        2.20
                                3, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                KBC Bank N.V., Antwerp, Belgium.

                                Documentary Letter of Credit issued by the Issuer on July                        5.50
                                3, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                Sumitomo Bank, Ltd., New York USA.
</TABLE>

                                      S-3                Note Purchase Agreement
<PAGE>

<TABLE>
<S>                             <C>                                                                              <C>
                                Documentary Letter of Credit issued by the Issuer on July                        2.00
                                5, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                Zurcher Kantonalbank, Zurich, Switzerland.

                                Documentary Letter of Credit issued by the Issuer on July                        1.00
                                5, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                Zurcher Kantonalbank, Zurich, Switzerland.

                                Documentary Letter of Credit issued by the Issuer on July                        5.00
                                5, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela in favor of Cargill Agricola S.A., Turks
                                and Caicos Islands, British West Indies and confirmed by
                                Banco Bilbao Vizcaya Argentaria, Milan, Italy.

                                Documentary Letter of Credit issued by the Issuer on July                        5.00
                                13, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela,  in favor of Cargill International
                                S.A., Geneva, Switzerland and confirmed by US Bank,
                                Minneapolis, MN, USA.

                                Documentary Letter of Credit issued by the Issuer on July                       10.00
                                20, 2001, for the account of Cargill de Venezuela C.A.,
                                Caracas, Venezuela,  in favor of Cargill International
                                S.A., Geneva, Switzerland and confirmed by Bank of Nova
                                Scotia, Toronto, Canada.
</TABLE>

                                      S-4                Note Purchase Agreement
<PAGE>

                                        SCHEDULE II

                         ESCASANY, AYERZA AND BRAUN FAMILY MEMBERS

<TABLE>
<CAPTION>
    SHAREHOLDER                                         DATE OF BIRTH
<S>                                                   <C>
Eduardo Jose Escasany                                   June 30, 1950
Abel Ayerza                                              May 27, 1939
Federico Braun                                         February 4, 1948
Maria Ofelia Escasany                                 September 14, 1948
Marta Braun                                            January 30, 1937
Santiago Braun                                        September 16, 1942
Monica Estela Zartmann                                December 12, 1943
Maria Braun                                           September 17, 1946
Miguel Braun                                          November 30, 1973
Susana Braun de Santillan                             September 22, 1944
Ines Braun Ledesma                                     December 5, 1976
Pablo Braun Ledesma                                    January 8, 1976
Oscar Braun Malenchini                                December 28, 1961
Sonia Braun Malenchini                                 November 4, 1963
Mercedes Guerrero de Authier                           August 31, 1961
Isabel Guerrero de Romero                             December 19, 1962
Francisca Guerrero de Aduriz                            April 29, 1965
Adela Maria Ayerza de Gutierrez                        October 19, 1936
Josefina Maria Ayerza                                   June 24, 1933
Maria Teresa Ayerza                                    February 2, 1935
Silvestre Vila Moret                                    April 26, 1971
Fundacion Banco de Galicia y Buenos Aires S.A.               N/A
</TABLE>

                                       Schedule II-1

<PAGE>

                                        SCHEDULE III

                                      HOLDER ADDRESSES

<TABLE>
<CAPTION>
              HOLDER                     PRINCIPAL ADDRESS                 NOTICE INFORMATION
              ------                     -----------------                 ------------------
<S>                                 <C>                                <C>
Natexis Banques Populaires          45 rue Saint Dominique             45 rue Saint Dominique
                                    75007 Paris                        75007 Paris
                                    France                             France
                                                                       Attn:    Christian Mignot /
                                                                                Marc Colas de la Noue

                                                                       Phone:  31 1 58 19 35 38 /
                                                                               31 1 58 19 37 82
                                                                       Fax:    33 1 58 19 29 70
                                                                       E-mail: christian.mignot@nxbp.fr /
                                                                               marccolasdelanoue@nxbp.fr

Nederlandse                         Anna van Saksenlaan 71             P.O. Box 93060
Financierings-Maatschappij voor     2593 HW The Hague                  2509 AB The Hague
Ontwikkelingslanden N.V.            The Netherlands                    The Netherlands
                                                                       Attn:   Jan A. Portegies, Senior Investment
                                                                               Officer Latin America and the Caribbean
                                                                       Phone:  31 70 314 96 87
                                                                       Fax:    31 70 314 97 57

RZB Finance LLC                     1133 Avenue of the Americas        1133 Avenue of the Americas
                                    16th Floor                         16th Floor
                                    New York, New York  10036          New York, New York  10036
                                    USA                                USA
                                                                       Attn:   Joyce Marie Gapay, Account Officer
                                                                               Teri Weiner and Sharif Kamel,
                                                                               Administive Contacts

                                                                       Phone:  Gapay - 212 845-8355
                                                                               Weiner - 212 845-8356
                                                                               Kamel - 212 845-8341
                                                                       Fax:    212 944-2093 or 212 391-9670
                                                                       E-mail: jgapay@rzbfinance.com
                                                                               tweiner@rzbfinance.com
                                                                               skamel@rzbfinance.com
</TABLE>

                                       Schedule III-1
<PAGE>

                                        SCHEDULE IV

                              ORIGINAL DOLLAR LOAN AGREEMENTS

<TABLE>
<CAPTION>

                                                                                                  AGGREGATE AMOUNT
                                                                                                 OUTSTANDING AS OF
     TYPE OF INDEBTEDNESS                               DESCRIPTION                                APRIL 27, 2004
     --------------------                               -----------                         -----------------------------
                                                                                            (IN MILLIONS OF U.S. DOLLARS)
<S>                             <C>                                                         <C>
NETHERLANDS DEVELOPMENT         Loan Agreement, dated as of September 12, 1995, among the                2.00
FINANCE COMPANY ("FMO")         Issuer and the FMO (Netherlands Development Finance
                                Company).

                                Loan Agreement, dated as of February 29, 1996, among the                 4.17
                                Issuer and the FMO (Netherlands Development Finance
                                Company).

                                Loan Agreement, dated as of September 11, 1998, among the               13.13
                                Issuer and the FMO (Netherlands Development Finance
                                Company).

USCP                            Loans under the Reimbursement and Credit Agreement, dated              250.00
                                as of February 23, 2001, among the Issuer, Bayerische
                                Hypo-und Vereinsbank AG, acting through its New York
                                Branch, as Issuing Bank, the lenders party thereto, The
                                Chase Manhattan Bank N.A., as Administrative Agent, and
                                J.P. Morgan, a division of Chase Securities Inc., as
                                Arranger.
</TABLE>

                                       Schedule IV-1
<PAGE>

                                         SCHEDULE V

                                        REAL ESTATE

PART A.

                                       STREET ADDRESS

Tte. Gral. Juan D. Peron 402/434
Buenos Aires, Argentina

TOTAL

PART B.

                                       STREET ADDRESS

Tte. Gral. Juan D. Peron 407
Buenos Aires, Argentina

Florida 349/359/361/365 Second Floor to Ninth Floor
Buenos Aires, Argentina

Florida 129 Third Floor
Buenos Aires, Argentina

Tte. Gral. Juan D. Peron 452/456/460
Buenos Aires, Argentina

Av. de Mayo 580
Buenos Aires, Argentina

San Martin 201 Third Floor
Buenos Aires, Argentina

H. Yrigoyen 589/593/599
Buenos Aires, Argentina

                                       Schedule V-1
<PAGE>

                                  SCHEDULE 2.1

                      PRORATION AND REALLOCATION PROCEDURE

      Reference is hereby made to that certain (i) Pricing Supplement, dated
December 23, 2003, of Banco de Galicia y Buenos Aires S.A. (the "Issuer")
regarding the offers and solicitation of authorizations to execute an Acuerdo
Preventivo Extrajudicial described therein, as supplemented by the Supplement to
the Pricing Supplement, dated March 18, 2004 and the Second Supplement to the
Pricing Supplement, dated April 6, 2004 (as supplemented, the "Pricing
Supplement"), (ii) Summary of Terms and Conditions of Proposed Restructuring
Transactions, dated March 9, 2004 (the "Term Sheet"), related to the bank debt
restructuring of the Issuer and (iii) the Election Notice provided pursuant to
the terms of this Agreement. Capitalized terms used in this Schedule but not
otherwise defined herein or in this Agreement shall have the respective meanings
assigned thereto in the Pricing Supplement or, if not so defined therein, the
Term Sheet.

      Each of the elections made by Holders participating in the Simultaneous
Exchange and/or the Alternative Simultaneous Exchange, shall be prorated on the
terms and conditions set forth in the Section entitled "The Offers -- Proration"
in the Pricing Supplement, provided that for purposes of each of the Holders who
participate in the Alternative Simultaneous Exchange, it shall be understood
that each such Holder shall have the option to elect each of the alternative
options provided for in the Election Notice (notwithstanding anything to the
contrary set forth in the Pricing Supplement) and the prorationing of each of
the Alternative Simultaneous Exchange options available to Holders shall be made
on a pro rata basis, after taking into account all Bondholders and Bank
Creditors that participate in such relevant option.

                                 Schedule 2.1-1
<PAGE>

                                  SCHEDULE 4.17

                                 SURVIVING DEBT
                          (IN MILLIONS OF U.S. DOLLARS)

<TABLE>
<CAPTION>
                                                 Outstanding
                                                  Principal     Final        First      Second        Third        Fourth
               Creditor                            Amount      Maturity   Installment  Installment  Installment  Installment
               --------                            ------      --------   -----------  -----------  -----------  -----------
<S>                                              <C>          <C>         <C>          <C>          <C>          <C>
7.875% Notes Due 2007                                72.6      3/08/2007    3/08/2005    3/08/2006    3/08/2007      --
(NY Restructured Debt)

7th Series Floating Rate Notes Due                   43.2      3/08/2007    3/08/2005    3/08/2006    3/08/2007      --
2007 (NY Restructured Debt)

Loan from Seguro de Depositos Sociedad               64.5      3/05/2007   15/06/2004   15/12/2004   15/06/2005   15/12/2005
Anonima (SEDESA)

Loan from Banco de la Nacion                         23.9      3/05/2005    3/15/2004    3/11/2004    3/05/2005      --
Argentina in its capacity of  trustee
of  the Fondo Fiduciario de Asistencia
a Entidades Financieras y de Seguro.

Loan from Banco de la Nacion                         11.5      7/12/2008    7/12/2004    7/12/2005    7/12/2006    7/12/2007
Argentina in its capacity of trustee of the
Fondo Fiduciario de Asistencia a
Entidades Financieras y de Seguro.

Discount Bank (1)                                     0.5     20/12/2005   20/12/2005       --           --          --

Deutsche Bank AG (2)                                  8.0      3/02/2007    3/02/2005    3/02/2006    3/02/2007      --

Barclays Bank PLC (3)                                 1.7      3/02/2007    3/02/2005    3/02/2006    3/02/2007      --

BCRA - Hedge Bond                                   862.1       (*)          (*)           (*)          (*)          (*)
(Principal + Adjustments)

BCRA - Rediscounts to cover lack of                1986.3       (*)          (*)           (*)          (*)          (*)
liquidity
</TABLE>

<TABLE>
<CAPTION>
                                                     Fifth        Sixth       Seventh
               Creditor                            Installment  Installment  Installment
               --------                            -----------  -----------  -----------
<S>                                                <C>          <C>          <C>

7.875% Notes Due 2007                                  --            --           --
(NY Restructured Debt)

7th Series Floating Rate Notes Due                     --            --           --
2007 (NY Restructured Debt)

Loan from Seguro de Depositos Sociedad              15/06/2006   15/12/2006   03/05/2007
Anonima (SEDESA)

Loan from Banco de la Nacion                           --            --           --
Argentina in its capacity of  trustee
of  the Fondo Fiduciario de Asistencia
a Entidades Financieras y de Seguro.

Loan from Banco de la Nacion                         7/12/2008       --           --
Argentina in its capacity of trustee of the
Fondo Fiduciario de Asistencia a
Entidades Financieras y de Seguro.

Discount Bank (1)                                      --            --           --

Deutsche Bank AG (2)                                   --            --           --

Barclays Bank PLC (3)                                  --            --           --

BCRA - Hedge Bond                                      (*)           (*)          (*)
(Principal + Adjustments)

BCRA - Rediscounts to cover lack of                    (*)           (*)          (*)
liquidity
</TABLE>

                                 Schedule 4.17-1
<PAGE>

<TABLE>
<S>                                                  <C>        <C>          <C>           <C>          <C>          <C>
Banco Santander Central Hispano S.A.(4)              10.3       (5)          (5)           (5)          (5)          (5)

KBC Bank NV (4)                                       4.9       (5)          (5)           (5)          (5)          (5)

Bank One, N.A. (4)                                    3.0       (5)          (5)           (5)          (5)          (5)

Banco Espanol de Credito S.A. (4)                     2.0       (5)          (5)           (5)          (5)          (5)

Bayerische Hypo-und Vereinsbank A.G.(4)               5.1       (5)          (5)           (5)          (5)          (5)
</TABLE>

<TABLE>
<S>                                                  <C>           <C>          <C>
Banco Santander Central Hispano S.A.(4)              (5)           (5)          (5)

KBC Bank NV (4)                                      (5)           (5)          (5)

Bank One, N.A. (4)                                   (5)           (5)          (5)

Banco Espanol de Credito S.A. (4)                    (5)           (5)          (5)

Bayerische Hypo-und Vereinsbank A.G.(4)              (5)           (5)          (5)
</TABLE>

* See Letter from Banco Central de la Republica Argentina to Banco de Galicia y
Buenos Aires S.A. (the "Bank"), dated February 3, 2004, for the final maturity
and amortization schedule.

(1) Time Deposit placed with the Bank by Discount Bank. The Time Deposit was
converted, at the option of Discount Bank, to a bullet line of credit with a
final maturity of not less than four years rather than the alternative of a
pesification at a rate of US$1 to Ps.1.40.

(2) Debt assumed by the Bank as part of the restructuring of the Bank New York
branch, pursuant to an agreement dated May 31, 2002, among the Bank, the Bank's
New York branch and Banco Latinoamericano de Exportaciones, S.A., which was
afterwards assigned to Deutsche Bank AG.

(3) Debt assumed by the Bank as part of the restructuring of the Bank's New York
branch, pursuant to an agreement dated May 31, 2002, among the Bank, the Bank's
New York branch and Barclays Bank PLC.

(4) The original debt is as of the date hereof outstanding and will be
restructured upon settlement of the Restructuring (as described in footnote (5)
below).

(5) The outstanding principal amount will be paid in twelve monthly equal
installments beginning one month after the settlement date of the Restructuring.
Accrued and unpaid interest up to and including April 30, 2002, pursuant to the
original loan document, will be paid by the Bank on the settlement date of the
Restructuring. Interest accruing from and including May 1, 2002 to and including
December 31, 2003, shall be capitalized and added to the principal balance on
the settlement date of the Restructuring. Interest accruing from and including
January 1, 2004 to and including the settlement date of the restructuring
accrues as provided for in the restructuring agreement and is payable in arrears
by the Bank one month after the settlement of the Restructuring. Interest
accruing after the settlement date of the Restructuring shall accrue at a rate
as provided for in the restructuring agreement.

                                 Schedule 4.17-2
<PAGE>

                                  SCHEDULE 4.18

                                 EXISTING LIENS

<TABLE>
<CAPTION>
                                                                           MARCH 31, 2004
                                                                AR $ THOUSANDS        US $ THOUSANDS*
<S>                                                             <C>                   <C>
DEPOSITS GRANTED AS COLLATERAL (1)                                      44,058                 15,432

COLLATERAL SPECIAL ACCOUNTS (2)                                         68,642                 24,043

DEPOSITS IN THE ARGENTINE CENTRAL BANK, FROZEN UNDER
ARGENTINE CENTRAL BANK REGULATIONS                                       1,614                    565

SECURED LOANS GRANTED AS COLLATERAL OF FFAEFYS ASSISTANCE              188,994                 66,198

SECURITIES GRANTED AS COLLATERAL FOR BCRA ASSISTANCE                 6,847,162              2,398,306
P.G.T.F. 3% VTO.09/05/05 (cje.BT02)                                          2                      1
BONOS DEL GOB. NAC. EN $ 2% VTO 07 (BODEN)                                  66                     23
P.G.T.F. 3% VTO.21/07/06 (cje.BT03)                                        269                     94
P.G.T.F. 4% VTO.15/04/10 (cje.PRO6)                                      2,081                    729
P.G.T.F. 4% VTO.21/05/08 (cje.TY05F)                                       863                    302
P.G.T.F. 4% VTO.15/04/10 (cje.PRO10)                                       442                    155
P.G.T.F. 4% VTO.15/05/09 (cje.TY06F)                                       874                    306
P.G.T.F. 4% VTO.28/12/13 (cje.PRO4)                                      5,820                  2,039
P.G.T.F. 4% VTO.19/06/09 (cje.VEJ1DP)                                1,555,915                544,979
P.G.T.F. 4% VTO.19/12/11 (cje.GD08D)                                 1,928,856                675,606
P.G.T.F. 4% VTO.01/01/13 (cje.PRE6)                                         20                      7
P.G.T.F. 5% VTO.21/02/12 (cje.GF12D)                                   692,353                242,505
P.G.T.F. 5% VTO.07/04/12 (cje.GLO09)                                     1,056                    370
B.G. 2% VTO 04/02/18(cje.PR.PROV.$)                                    160,604                 56,254
B.G. 2% VTO 04/02/18(cje.PR.PROV.U$S)                                2,497,941                874,936
</TABLE>

                                 Schedule 4.18-1
<PAGE>

<TABLE>
<CAPTION>
                                                                                                  NUMBER OF SHARES
SHARES GRANTED AS COLLATERAL IN FAVOR OF THE INTERNATIONAL                                         WITH TRANSFER         TOTAL
FINANCE CORPORATION, THE INTER-AMERICAN BANK AND A SYNDICATE     AR $ THOUSANDS  US $ THOUSANDS*    RESTRICTIONS    NUMBER OF SHARES
<S>                                                              <C>             <C>              <C>               <C>
Correo Argentino                                                     27,460            9,618        12,462,021         12,462,021

SHARES OF EQUITY INVESTMENTS                                         51,554           18,055
Aguas Argentinas (3)                                                  6,673            2,337         3,759,766         13,166,401
Aguas Provinciales de Santa Fe (3)                                    5,260            1,842         3,662,500          7,500,000
Inversora Diamante (4)                                                3,961            1,387         1,606,117          5,248,750
Inversora Nihuiles (4)                                                2,950            1,033         1,184,093          6,321,047
Electrigal (4)                                                        2,782              974         1,222,407          2,396,875
Aguas Cordobesas (3)                                                  2,468              864           900,000          3,250,000

  CONTROLLED COMPANIES' RESTRICTED ASSETS
  Galicia Valores S.A. - Shares of Mercado de Valores de Bs.As.
      S.A. used to secure insurance covering its transactions.        4,496            1,575
  Tarjetas Cuyanas  -  Time deposit to secure a collection
      agreement signed with the Revenue Board of the Province
      of Mendoza.                                                       542              190
  Banco Galicia (Cayman) Limited  -  an attachment was levied
      on the entity's receivables from Banco Galicia Uruguay,
      which should have been transferred to the Entity in
      payment of the second installment of a credit.                  2,895            1,014
</TABLE>

(*) At an exchange rate of Ps.2.855 per US$1.00.

(1) Banco de Galicia y Buenos Aires S.A. (the "Bank") has deposited US$15,432 in
escrow as a guarantee for obligations toward third parties (VISA, Banelco,
Master Card) and for an appraisal for the sale of portfolio.

(2) The Bank has opened accounts with the Argentine Central Bank the funds of
which are used as collateral for transactions involving electronic clearing
houses, checks for settling debts and other similar transactions which, as of
March 31, 2004 amounted to US$24,043.

(3) Transfers of shares are subject to prior approval of national or provisional
authorities under the terms of concession contracts.

(4) Transfers of shares are subject to prior internal company approval.

                                 Schedule 4.18-2
<PAGE>

                               SCHEDULE 5.1(b)(ii)

                         EFFECTIVE DATE INTEREST AMOUNTS

<TABLE>
<CAPTION>
                                                                                                  ACCRUED AND UNPAID
                                                                                                   INTEREST THROUGH
                                                                                                 AND INCLUDING APRIL
                                     ORIGINAL DOLLAR LOANS                                             30, 2002
                                     ---------------------                                       -------------------
                                                                                                  (in U.S. Dollars)
<S>                          <C>                                                                 <C>
NEDERLANDSE                  Loan Agreement, dated as of September 12, 1995, among the Issuer              13,416.67
FINANCIERINGS-MAATSCHAPPIJ   and the FMO (Netherlands Development Finance Company).
VOOR ONTWIKKELINGSLANDEN
N.V. (A/K/A NETHERLANDS
DEVELOPMENT FINANCE
COMPANY) ("FMO")

                             Loan Agreement, dated as of February 29, 1996, among the Issuer               96,118.61
                             and the FMO (Netherlands Development Finance Company).

                             Loan Agreement, dated as of September 11, 1998,among the Issuer              119,720.05
                             and the FMO (Netherlands Development Finance Company).

NATEXIS BANQUES POPULAIRES   Loans under the Reimbursement and Credit Agreement, dated as of               42,520.83
                             February 23, 2001, among the Issuer, Bayerische Hypo-und
                             Vereinsbank AG, acting through its New York Branch, as Issuing
                             Bank, the lenders party thereto, The Chase Manhattan Bank  N.A.,
                             as Administrative Agent, and J.P. Morgan, a division of Chase
                             Securities Inc., as Arranger.

RZB FINANCE LLC              Loans under the Reimbursement and Credit Agreement, dated as of               42,520.83
                             February 23, 2001, among the Issuer, Bayerische Hypo-und
                             Vereinsbank AG, acting through its New York Branch, as Issuing
                             Bank, the lenders party thereto, The Chase Manhattan Bank  N.A.,
                             as Administrative Agent, and J.P. Morgan, a division of Chase
                             Securities Inc., as Arranger.
</TABLE>

                              Schedule 5.1(b)(ii)-1
<PAGE>

                                    EXHIBIT A

                                   FORM OF APE

                                (SPANISH VERSION)

En la ciudad de Buenos Aires, a los dias del mes de de 200_, se celebra el
presente Acuerdo Preventivo Extrajudicial (el "APE") para la reestructuracion de
deuda, entre:

1. Banco de Galicia y Buenos Aires S.A., con domicilio legal en Tte. Gral Peron
407, 2do piso, Ciudad de Buenos Aires, Republica Argentina, representado por el
Sr. [__], de acuerdo con la documentacion que se adjunta al presente en Anexo I
(el "Banco"); y

2. (a) Citibank, N.A., con domicilio legal en 5 Carmelite Street, London,
England, representado por el Sr. [__] en su caracter de representante, de
acuerdo con la documentacion que se adjunta al presente en Anexo I (el
"Representante"), de los titulares de Obligaciones Negociables al 9% con
vencimiento en 2003 y las Obligaciones Negociables a Tasa Variable Creciente con
vencimiento en 2002 emitidas por el Banco (en conjunto, las "Instrumentos de
deuda bancaria") (en conjunto, los "Obligacionistas Participantes"), en cada
caso, que han ofrecido canjear sus Obligaciones Negociables en virtud de la
Oferta de Canje de Obligaciones Negociables (definida mas abajo), han autorizado
la celebracion del presente APE por parte del Representante en su nombre, y han
otorgado al Representante el correspondiente Poder al efecto (definido mas
abajo);

(b) los bancos y organismos de credito multilaterales que adhieran al APE
enviando al Banco un ejemplar firmado del presente, a mas tardar en la Fecha de
Presentacion del APE (definida mas abajo) (los "Bancos Participantes");

(c) los acreedores por financiaciones de comercio exterior que adhieran al APE
enviando al Banco un ejemplar firmado del presente, a mas tardar en la Fecha de
Presentacion del APE (los "Acreedores de Comercio Exterior Participantes"); y

(d) los acreedores de la Deuda Clase "A" (definida mas abajo) que adhieran al
APE enviando al Banco un ejemplar firmado del presente, a mas tardar en la Fecha
de Presentacion del APE (los "Acredores Clase "A" Participantes" y junto con los
Obligacionistas Participantes, los Bancos Participantes, y los Acreedores de
Comercio Exterior Participantes, los "Acreedores Participantes" y, conjuntamente
con el Banco, las "Partes").

                                  CONSIDERANDOS

(i) POR CUANTO, a la fecha de celebracion del presente APE (la "Fecha de
Celebracion"), el Banco declara que mantiene (a) con todos los titulares de
Instrumentos de deuda bancaria (los "Obligacionistas"), la deuda descripta en
Anexo II al presente (la "Deuda con los Obligacionistas Existentes"); (b) con
todos los bancos y organismos multilaterales de credito que son acreedores (los
"Bancos"), la deuda bancaria quirografaria que se detalla en Anexo III al
presente (la "Deuda Bancaria Existente"); (c) con los acreedores de comercio
exterior (los "Acreedores de Comercio Exterior") la deuda existente por
financiacion de operaciones de comercio exterior que se describe en Anexo IV al
presente (la "Deuda Existente de Comercio Exterior"); y (d) con los acreedores
Clase "A" (definidos mas abajo) (los "Acreedores Clase "A") la deuda existente
que se detalla en Anexo V al presente (la "Deuda Existente Clase "A", y junto
con la Deuda con los Obligacionistas Existentes, la Deuda Bancaria Existente, y
la Deuda Existente de Comercio Exterior, la "Deuda Existente a Reestructurar").
A la Fecha de Celebracion, el Banco declara que la Deuda Existente a
Reestructurar alcanza la suma de capital total de US$ [__] millones.

(ii) POR CUANTO, a partir del mes de diciembre de 2001, el Banco experimento las
consecuencias financieras adversas generadas por, entre otros factores, el
dictado de la Ley No. 25.561 de Emergencia Publica y Reforma del Regimen
Cambiario y los subsiguientes decretos y regulaciones que dieron lugar a la
devaluacion del peso argentino (el "Peso") frente a las monedas extranjeras.

(iii) POR CUANTO, en este contexto, el Banco implemento un proceso de
reestructuracion de acuerdo con lo dispuesto por la Ley No. 21.526 y sus
modificatorias (la "Ley de Entidades Financieras"), y presento un plan de
regularizacion, posteriormente modificado (el "Plan de Capitalizacion y Liquidez
de Galicia"), ante el Banco Central de la Republica Argentina (el "BCRA"), en el
cual se dispone la reestructuracion de la Deuda Existente a Reestructurar, y que
contempla la exitosa reestructuracion de la Deuda Existente a Reestructurar como
componente esencial del mismo.

                                  Exhibit A-1
<PAGE>

(iv) POR CUANTO, en el contexto del Decreto No. 739/03, del Decreto Nro.
1262/03, y de las Comunicaciones "A" 3941 y "A" 3940 del BCRA, con fecha 27 de
noviembre de 2003 dicho organismo aprobo los terminos y condiciones de
reestructuracion de la Deuda Existente a Reestructurar.

(v) POR CUANTO, como parte de la reestructuracion de deuda, el Banco ha
propuesto reestructurar las Instrumentos de deuda bancaria a traves de un canje
voluntario de Instrumentos de deuda bancaria, como se describe en el Suplemento
de Precio de fecha 23 de diciembre de 2003 y en la Addenda a dicho Suplemento de
Precio del 18 de Marzo de 2004 (la "Oferta de Canje de Obligaciones
Negociables"). En virtud de la Propuesta de Reestructuracion, el Banco ha
solicitado una Carta de aceptacion (definida mas abajo) cuyos terminos contienen
una autorizacion al Banco para firmar el APE y un Poder (definido mas abajo) en
virtud del cual se faculta al Representante a suscribir el presente APE y a
asistir a las Asambleas (definida mas abajo) en nombre de cada uno de los
Obligacionistas Participantes. El plazo para presentar las Instrumentos de deuda
bancaria para participar en la Oferta de Canje de Obligaciones Negociables
vencio el dia de 2004 (la "Fecha de Vencimiento"), habiendose presentado
validamente para su canje un % [__] del capital total de las Instrumentos de
deuda bancaria, en virtud de los terminos de la Oferta de Canje de Obligaciones
Negociables.

(vi) POR CUANTO, como parte de la reestructuracion de deuda, la Deuda Bancaria
Existente, la Deuda Existente de Comercio Exterior y la Deuda Existente Clase
"A" se reestructuraran a traves de distintos acuerdos voluntarios de
reestructuracion privada celebrados con los Bancos, los Acreedores de Comercio
Exterior y los Acreedores Clase "A", respectivamente, descriptos en los Anexos
III, IV y V (respectivamente, el "Acuerdo y Documentacion de Reestructuracion de
Deuda Bancaria", "Acuerdo y Documentacion de Reestructuracion de Deuda de
Comercio Exterior" y "Acuerdo y Documentacion de Reestructuracion de Deuda Clase
"A", y junto con la Oferta de Canje de Obligaciones Negociables, la "Propuesta
de Reestructuracion"). En virtud de la referida reestructuracion de deuda, el
Banco ha solicitado a los Bancos, Acreedores de Comercio Exterior y Acreedores
Clase "A" que suscriban el presente APE.

(vii) POR CUANTO, la Propuesta de Reestructuracion contempla el ejercicio por
parte del Banco de su derecho a llevar adelante un procedimiento de APE (el
"Procedimiento de APE) de acuerdo con lo dispuesto en los articulos 69 a 76 de
la Ley de Quiebras No. 24.522 y sus modificatorias (la "Ley de Quiebras"), con
el objeto de extender los efectos de la Oferta de Canje de Obligaciones
Negociables, el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria,
el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior, y
el Acuerdo y Documentacion de Reestructuracion de Deuda Clase "A", a los
titulares de Deuda Existente a Reestructurar que no hubieran participado en la
Propuesta de Reestructuracion.

(viii) POR CUANTO, la Propuesta de Reestructuracion se encontrara en plena
vigencia con respecto a los acreedores que hubieran participado en los mismos,
independientemente de la Homologacion Judicial (definida mas abajo) del presente
APE, que no constituye una condicion para el perfeccionamiento de la misma.

(ix) POR CUANTO, a traves del presente APE el Banco pretende alcanzar la
reestructuracion integral de su deuda externa, lo que incluye celebrar un
acuerdo de reestructuracion con todos los Acreedores Afectados (definidos mas
abajo) bajo la Deuda Existente a Reestructurar.

(x) POR CUANTO, dado que las propuestas de reestructuracion presentadas a los
tenedores de Obligaciones Negociables y a los Bancos tienen terminos economicos
sustancialmente equivalentes, los tenedores de Obligaciones Negociables y los
Bancos se agruparon en la misma categoria de acreedores financieros. Asimismo,
dado que cada una de las propuestas de reestructuracion presentadas a los
Acreedores de Comercio Exterior y a los Acreedores Clase "A" poseen sus terminos
y condiciones particulares, cada uno de ellos constituye una categoria distinta
de acreedores financieros.

(xi) POR CUANTO, el presente APE contempla, de acuerdo con lo dispuesto por el
articulo 76 de la Ley de Quiebras, que si el Tribunal de Quiebras (definido mas
abajo) homologa la presentacion aqui prevista, (a) los titulares de las
Instrumentos de deuda bancaria que no hubieran participado en la Oferta de Canje
de Obligaciones Negociables y los Bancos que no hubieran participado en el
Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria se veran obligados
a canjear sus Instrumentos de deuda bancaria y Deuda Bancaria Existente,
respectivamente, por Unidades (como se las define mas abajo), que el Banco
considerara que dichos titulares han optado por recibir en la Primera Etapa
(definida en el Anexo II) de la Oferta de Canje de Obligaciones Negociables, (b)
los Acreedores de Comercio Exterior que no hubieran participado en el Acuerdo y
Documentacion de Reestructuracion de Deuda de Comercio Exterior se veran
obligados a canjear su Deuda Existente de Comercio Exterior por unidades
sustancialmente en los terminos ofrecidos en la Oferta de Canje de Obligaciones
Negociables en terminos similares a los del Acuerdo y Documentacion de
Reestructuracion de Deuda de Comercio Exterior; y (c) los Acreedores Clase "A"
que no hubieran participado en el Acuerdo y Documentacion de Reestructuracion de
Deuda Clase "A" se veran obligados a aceptar la reestructuracion de su Deuda
Existente Clase "A" del modo previsto en el Acuerdo y Documentacion de
Reestructuracion de Deuda de Comercio Exterior.

POR TODO ELLO, las Partes acuerdan celebrar el presente APE de acuerdo con los
terminos de los articulos 69 a 76 y disposiciones relacionadas de la Ley de
Quiebras.

                                  Exhibit A-2
<PAGE>

SECCION I

Definiciones.

Clausula 1.1

"Creditos Administrativos" significa el monto de costas judiciales a pagar,
determinado por el Tribunal de Quiebras, asi como los honorarios y costos
legales relacionados con la administracion del proceso judicial relacionado con
el Procedimiento de APE y la proteccion de los activos del Banco que gozan de
prioridad en virtud del articulo 240 de la Ley de Quiebras, incluyendo todos los
creditos, costos, honorarios y gastos incurridos por el Representante de los
Acreedores Participantes como consecuencia del Procedimiento de APE.

"Acreedores Afectados" significa (i) en el caso de cualquier serie de
Instrumentos de deuda bancaria, todos los titulares de las Instrumentos de deuda
bancaria; (ii) en el caso de la Deuda Bancaria Existente, todos los titulares de
Deuda Bancaria Existente; (iii) en el caso de la Deuda Existente de Comercio
Exterior, todos los titulares de Deuda Existente de Comercio Exterior; y (iv) en
el caso de Deuda Existente Clase "A", todos los titulares de Deuda Existente
Clase "A".

"APE" tendra el significado previsto en el parrafo introductorio del presente.

"Fecha de Presentacion del APE" significa la fecha en la que este APE se
presente ante el Tribunal de Quiebras en virtud de lo dispuesto por el articulo
72 de la Ley de Quiebras, lo cual debera ocurrir (i) dentro de los 3 Dias
Habiles Judiciales anteriores a la Fecha de Liquidacion, o (ii) con
posterioridad a la Fecha de Liquidacion.

"Procedimiento de APE" tendra el significado previsto en los Considerandos del
presente.

"Ley de Quiebras" tendra el significado previsto en los Considerandos del
presente.

"BCRA" tendra el significado previsto en los Considerandos del presente.

"Observacion del BCRA" significa cualquier observacion formal del BCRA con
respecto a la capacidad del Banco de utilizar un Procedimiento de APE en virtud
de la legislacion argentina.

"Estado de Situacion Patrimonial" significa el listado de activos y pasivos del
Banco a la Fecha de Celebracion, certificado por contador publico independiente,
de acuerdo con lo dispuesto por el articulo 72, inciso 1, de la Ley de Quiebras.

"Banco" tendra el significado previsto en el parrafo introductorio del presente.

"Bancos" tendra el significado previsto en el parrafo introductorio del
presente.

"Listado de Libros del Banco" significa el listado de todos los libros
utilizados por el Banco dentro de su operatoria, con la indicacion del ultimo
folio utilizado a la Fecha de Celebracion de acuerdo a lo dispuesto en el
articulo 72, inciso 4 de la Ley de Quiebras.

"Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria" tendra el
significado previsto en los Considerandos del presente, segun el detalle
incluido en Anexo III.

"Tribunal de Quiebras" significa un tribunal argentino en lo comercial que sea
competente respecto del Procedimiento de APE.

"BCBA" significa la Bolsa de Comercio de Buenos Aires.

"CNV" significa la Comision Nacional de Valores.

"BCC" significa la Bolsa de Comercio de Cordoba.

"Homologacion Judicial" significa la homologacion del presente APE por parte del
Tribunal de Quiebras, de acuerdo con lo dispuesto en el articulo 76 de la Ley de
Quiebras.

"Fecha de Homologacion Judicial" significa la fecha en la cual ocurra la
Homologacion Judicial (sin tener en cuenta cualquier impugnacion o recurso
presentado contra dicha Homologacion Judicial, tal como ello se preve en los
Articulos 51, 60 y concordantes de la Ley de Quiebras.

                                  Exhibit A-3
<PAGE>

"Listado de Acreedores" significa el listado de acreedores del Banco a la Fecha
de Celebracion, certificado por contador publico independiente, de acuerdo con
lo dispuesto en el articulo 72, inciso 2 de la Ley de Quiebras.

"Detalle de la Deuda Existente a Reestructurar de los Acreedores Participantes"
significa el detalle del total de la Deuda Existente a Reestructurar de los
Acreedores Participantes, y el porcentaje de Acreedores Afectados que dichos
Acreedores Participantes representan, de acuerdo a lo dispuesto en el articulo
72, inciso 5 de la Ley de Quiebras.

"Fecha de Celebracion" tendra el significado previsto en los Considerandos del
presente.

"Deuda Bancaria Existente" tendra el significado previsto en los Considerandos
del presente.

"Deuda con los Obligacionistas Existentes" tendra el significado previsto en los
Considerandos del presente.

"Instrumentos de deuda bancaria" tendra el significado previsto en el parrafo
introductorio del presente.

"Deuda Existente a Reestructurar" tendra el significado previsto en los
Considerandos del presente.

"Deuda Existente de Comercio Exterior" tendra el significado previsto en los
Considerandos del presente.

"Deuda Existente Clase "A"" tendra el significado previsto en los Considerandos
del presente.

"Fecha de Vencimiento" tendra el significado previsto en los Considerandos del
presente.

"Ley de Entidades Financieras" tiene el significado otorgado en los
Considerandos del presente.

"Plan de Capitalizacion y Liquidez de Galicia" tendra el significado previsto en
los Considerandos del presente.

"Acciones Preferidas de Grupo Galicia" tendra el significado previsto en Anexo
II al presente.

"Listado de Acciones Judiciales y Procesos Administrativos" significa el listado
de acciones, juicios o procesos judiciales, arbitrales, administrativos y demas
procesos pendientes contra el Banco o que afecten a este, ante cualquier
tribunal, organismo o autoridad gubernamental, o arbitro, de acuerdo a lo
dispuesto en el articulo 72, inciso 3 de la Ley de Quiebras.

"Dia Habil Judicial" significa un dia (excepto sabado o domingo) en el que
funcionen los Tribunales en Buenos Aires.

"Carta de aceptacion" significa la carta electronica de transmision y
autorizacion otorgada por cada uno de los Obligacionistas Participantes al
Representante para presentar las Instrumentos de deuda bancaria en virtud de la
Oferta de Canje de Obligaciones Negociables. La Carta de aceptacion contiene
ademas una autorizacion a firmar el APE.

"MAE" significa el Mercado Abierto Electronico S.A.

"Asambleas" significa las asambleas de titulares de las Instrumentos de deuda
bancaria que el Banco pueda convocar o solicitar que convoque el Tribunal de
Quiebras, antes o despues de la Fecha de Presentacion del APE, a los efectos de
confirmar la suscripcion del APE y la solicitud al Tribunal de Quiebras de
extender los efectos del APE a los Acreedores No Participantes.

"Nuevas Obligaciones Negociables" significa, conjuntamente, las Obligaciones
Negociables a Largo Plazo, las Obligaciones Negociables Subordinadas, y las
Obligaciones Negociables a Mediano Plazo - todas ellas definidas en Anexo II.

"Bancos No Participantes" tendra el significado previsto en la Clausula 2.1(b)
del presente.

"Acreedores No Participantes" significa los titulares de Deuda Existente a
Reestructurar, que aunque no suscriban el presente APE, y con sujecion a la
Homologacion Judicial, quedaran obligados en virtud de los terminos del APE, de
acuerdo con lo dispuesto por el articulo 76 de la Ley de Quiebras.

"Dispensa de los Acreedores No Participantes" tendra el significado previsto en
la Clausula 3.2 del presente.

"Obligacionistas No Participantes" tendra el significado previsto en la Clausula
2.1(b) del presente.

                                  Exhibit A-4
<PAGE>

"Acreedores de Comercio Exterior No Participantes" tendra el significado
previsto en la Clausula 2.1(b) del presente.

"Acreedores de Comercio Exterior "A" No Participantes" tendra el significado
previsto en la Clausula 2.1(b) del presente.

"Obligacionistas" tendra el significado previsto en los Considerandos del
presente.

"Oferta de Canje de Obligaciones Negociables" tendra el significado previsto en
los Considerandos del presente.

"Prospecto" significa el prospecto de fecha 5 de noviembre de 2003, cuya copia
se adjunta en Anexo II.

"Bancos Participantes" tendra el significado previsto en el parrafo
introductorio del presente, incluyendo a los sucesores, cesionarios o
beneficiarios de transferencias efectuadas por cualquiera de ellos.

"Obligacionistas Participantes" tendra el significado previsto en el parrafo
introductorio del presente, incluyendo a los sucesores, cesionarios o
beneficiarios de transferencias efectuadas por cualquiera de ellos.

"Acreedores Participantes" significa, conjuntamente, los Obligacionistas
Participantes, los Bancos Participantes, los Acreedores de Comercio Exterior
Participantes, y los Acreedores Clase "A" Participantes.

"Acreedores Clase "A" Participantes" tendra el significado previsto en el
parrafo introductorio del presente, incluyendo a los sucesores, cesionarios o
beneficiarios de transferencias efectuadas por cualquiera de ellos.

"Acreedores de Comercio Exterior Participantes" tendra el significado previsto
en el parrafo introductorio del presente, incluyendo a los sucesores,
cesionarios o beneficiarios de transferencias efectuadas por cualquiera de
ellos.

"Partes" tendra el significado previsto en el parrafo introductorio del
presente.

"Peso" tendra el significado previsto en los Considerandos del presente.

"Poder" es la autorizacion otorgada por cada Obligacionista Participante a favor
del Representante, facultandolo a suscribir el presente APE en nombre de dicho
Obligacionista Participante de acuerdo con la Ley de Quiebras, y a asistir a las
Asambleas y votar en ellas en nombre del mandante. Cada Poder, incluido en Anexo
I, ha sido validamente autenticado de acuerdo a los requisitos aplicables bajo
ley argentina (certificacion por escribano publico, apostilla o autenticacion
equivalente).

"Periodo Previo a la Homologacion Judicial" significa el periodo trancurrido
entre la Fecha de Presentacion del APE ante el Tribunal de Quiebras y la fecha
de su Homologacion Judicial.

"Suplemento de Precio" significa el suplemento de precio respecto de las Nuevas
Obligaciones Negociables, de fecha 23 de diciembre de 2003, cuya copia se
adjunta en Anexo II.

"Representante" tendra el significado previsto en el parrafo introductorio del
presente.

"Propuesta de Reestructuracion" tendra el significado previsto en los
Considerandos del presente.

"Ley deTitulos Valores" tiene el significado establecido en la Clausula 7.3 del
presente.

"Fecha de Liquidacion" significa la fecha en la cual se completen las
transacciones contempladas bajo (i) la Oferta de Canje de Obligaciones
Negociables, (ii) el Acuerdo y Documentacion de Reestructuracion de Deuda
Bancaria, (iii) el Acuerdo y Documentacion de Reestructuracion de Deuda de
Comercio Exterior, (iv) el Acuerdo y Documentacion de Reestructuracion de Deuda
Clase "A" (en el sentido que la Fecha de Liquidacion para todos los Acreedores
Participantes ocurrira el mismo dia), no quedando pendientes acciones alguna
para el perfeccionamiento de dichas transacciones.

"Acreedores Clase "A"" tendra el significado previsto en el parrafo
introductorio del presente.

"Acreedores de Comercio Exterior" tendra el significado previsto en el parrafo
introductorio del presente.

"Acuerdo y Documentacion de Reestructuracion de Deuda Clase "A"" tendra el
significado previsto en los Considerandos del presente.

"Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior"
tendra el significado previsto en los Considerandos del presente.

"Acreedores No Afectados" tendra el significado previsto en la Clausula 2.4 del
presente.

"Unidades" tiene el significado estipulado en el Acuerdo y Documentacion de
Reestructuracion de Deuda Bancaria.

"Dispensa" tendra el significado previsto en la Clausula 3.1 del presente.

Interpretacion.

Clausula 1.2. A todos los efectos del presente APE, a menos que se dispusiera
expresamente algo distinto en el presente, o a menos que el contexto exigiera
otra cosa: (a) los terminos definidos en el APE tendran los significados aqui
previstos, e incluiran el plural y el singular, y viceversa; (b) las palabras
representativas de un genero incluiran al otro; (c) cualquier referencia a una

                                  Exhibit A-5
<PAGE>

"Seccion", "Clausula" o "Anexo" seran referencias a una Seccion, Clausula o
Anexo del presente; (d) todas las referencias al presente APE y las expresiones
"en el presente", "del presente", "al presente" o "en virtud del presente", y
expresiones similares, haran referencia al presente APE en su totalidad, y no a
una Seccion, Clausula, Anexo u otra subdivision en particular; (e) cualquier
referencia a "incluye" o "incluyendo" significa "incluyendo de manera no
taxativa"; y (f) cualquier referencia a acuerdos o contratos, incluyendo el
presente APE, hara referencia a los mismos y a sus respectivos anexos, apendices
y adjuntos, y a sus posibles modificaciones y suplementos.

SECCION II

Homologacion Judicial del APE

Clausula 2.1. (a) Es intencion del Banco que la Propuesta de Reestructuracion
reestructure solamente la Deuda Existente a Reestructurar. Para efectuar dicha
reestructuracion, el Banco ha implementado: (i) la Oferta de Canje de
Obligaciones Negociables, (ii) el Acuerdo y Documentacion de Reestructuracion de
Deuda Bancaria; (iii) el Acuerdo y Documentacion de Reestructuracion de Deuda de
Comercio Exterior; y (iv) el Acuerdo y Documentacion de Reestructuracion de
Deuda Clase "A".

(b) A fin de extender los efectos de la reestucturacion de la Deuda Existente a
Reestructurar a los tenedores que no hubieran participado en la Oferta de Canje
de Obligaciones Negociables (los "Obligacionistas No Participantes"), a los
Bancos que no hubieran participado en el Acuerdo y Documentacion de
Reestructuracion de Deuda Bancaria (los "Bancos No Participantes"), los
Acreedores de Comercio Exterior que no hubieran participado en el Acuerdo y
Documentacion de Reestructuracion de Deuda de Comercio Exterior (los "Acreedores
de Comercio Exterior No Participantes") y a los Acreedores Clase "A" que no
hubieran participado en el Acuerdo y Documentacion de Reestructuracion de Deuda
Clase "A" (los "Acreedores Clase "A" No Participantes"), los Acreedores
Participantes acuerdan que el Banco podra solicitar la Homologacion Judicial del
presente APE a fin de obligar:

(i)   a los Obligacionistas No Participantes y a los Bancos No Participantes a
      aceptar - a cambio de la porcion respectiva de su Deuda Existente a
      Reestructurar - Unidades que el Banco considerara que dichos titulares han
      optado por recibir en la Primera Etapa (definida en el Anexo II) de la
      Oferta de Canje de Obligaciones Negociables descripta en Anexo II;

(ii)  a los Acreedores de Comercio Exterior No Participantes a aceptar - a
      cambio de la porcion respectiva de su Deuda Existente a Reestructurar -
      Unidades sustancialmente en los terminos ofrecidos en la Oferta de Canje
      de Obligaciones Negociables en terminos similares a los del Acuerdo y
      Documentacion de Reestructuracion de Deuda de Comercio Exterior; y

(iii) a los Acreedores Clase "A" que no hubieran participado en el Acuerdo y
      Documentacion de Reestructuracion de Deuda Clase "A" a aceptar la
      reestructuracion de su Deuda Existente Clase "A" del modo previsto en el
      Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior.

Clausula 2.2. A los efectos del Procedimiento de APE, los Acreedores
Participantes reconocen y aceptan que los Obligacionistas Participantes y los
Bancos Participantes formaran parte de la misma clase de acreedores, dado que
los terminos economicos de las propuestas a ellos presentadas son
sustancialmente identicos; y que los Acreedores de Comercio Exterior y los
Acreedores Clase "A" constituiran clases separadas de acreedores.

Clausula 2.3. (a) Los Acreedores Participantes reconocen que el Banco tiene
derecho a presentar el APE en la Fecha de Presentacion del APE, a su solo
criterio y sujeto a que obtenga las mayorias descriptas en la Clausula 2.3 (b)
anterior, a fin de obtener la Homologacion Judicial del APE de acuerdo con lo
dispuesto por los articulos 69 a 76 y disposiciones relacionadas de la Ley de
Quiebras.

(b) A la Fecha de Presentacion del APE, el Banco declara que:

            (i)   los Acreedores Participantes representaran la mayoria absoluta
                  de los Acreedores Afectados, representando por lo menos el 95%
                  de la Deuda Existente a Reestructurar pendiente de pago a esa
                  fecha;

            (ii)  dentro de la clase formada por los Obligacionistas
                  Participantes y los Bancos Participantes, el Banco habra
                  obtenido las mayorias previstas bajo ley Argentina;

            (iii) dentro de la clase formada por los Acreedores de Comercio
                  Exterior Participantes, el Banco habra obtenido las mayorias
                  previstas bajo ley Argentina; y

            (iv)  dentro de la clase formada por los Acreedores Clase "A"
                  Participantes, el Banco habra obtenido las mayorias previstas
                  bajo ley Argentina.

A los efectos de determinar las referidas mayorias, (i) de acuerdo con lo
dispuesto en el parrafo 3 del articulo 45 bis de la Ley de Quiebras, (A) los
titulares de Obligaciones Negociables al 9% con vencimiento en 2003 se agruparon
en los que estan a favor del

                                  Exhibit A-6
<PAGE>

APE y los que se oponen al mismo, y los titulares de Obligaciones Negociables a
Tasa Flotante Creciente con vencimiento en 2002 se agruparon en los que estan a
favor del APE y los que se oponen al mismo, y (B) cada grupo se trato como un
Acreedor Afectado, de modo tal que se considero que cada tramo de Obligaciones
Negociables al 9% con vencimiento en 2003 y de Obligaciones Negociables a Tasa
Flotante Creciente con vencimiento en 2002 estaba en poder de dos Acreedores
Afectados; y (ii) cada Banco que era parte en el Acuerdo y Documentacion de
Reestructuracion de Deuda Bancaria, cada Acreedor de Comercio Exterior que era
parte en el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio
Exterior, y cada Acreedor Clase "A" que era parte en el Acuerdo y Documentacion
de Reestructuracion de Deuda Clase "A", se trato como un Acreedor Afectado
separado.

(c) De acuerdo con los requisitos previstos en el articulo 72 de la Ley de
Quiebras, los siguientes documentos, debidamente certificados por contador
publico independiente, seran presentados por el Banco (juntamente con el APE y
otros documentos) ante el Tribunal de Quiebras en la Fecha de Presentacion del
APE: (i) el Estado de Situacion Patrimonial; (ii) el Listado de Acreedores;
(iii) el Listado de Acciones Judiciales y Procesos Administrativos; (iv) el
Listado de Libros del Banco; y (v) el Detalle de la Deuda Existente a
Reestructurar de los Acreedores Participantes.

Clausula 2.4. Los Acreedores Participantes reconocen y acuerdan que en virtud
del APE el Banco (i) no tiene intencion de modificar los terminos de sus
obligaciones con los acreedores que no sean Acreedores Afectados, como por
ejemplo (de manera no taxativa) los acreedores de la deuda originalmente
correspondiente a su Sucursal Nueva York y posteriormente canjeada por deuda del
Banco en julio de 2002 (los "Acreedores No Afectados", cuyas categorias de
acreedores se adjuntan como Anexo VI, declarando y garantizando el Banco que se
trata de una lista verdadera y completa de las categorias de acreedores a la
fecha del presente), (ii) que es intencion del Banco cumplir sus obligaciones
con los Acreedores No Afectados de acuerdo con los actuales terminos de las
mismas y sus modificaciones, y de acuerdo con las leyes argentinas aplicables, y
que el Banco se reserva el derecho de realizar el pago total a cualquier
Acreedor No Afectado en la fecha de vencimiento de sus respectivas acreencias,
en el giro normal de las operaciones del Banco. No obstante lo antedicho, si el
Tribunal de Quiebras solicitara al Banco obtener el consentimiento de los
Acreedores No Afectados para suscribir el presente APE, el Banco por el presente
se compromete a hacer sus mejores esfuerzos para cumplir con dicha solicitud del
Tribunal de Quiebras, y (iii) continuara llevando a cabo sus negocios bajo la
autoridad y supervision del BCRA, cuya autoridad y poderes de supervision y
regulatorios sobre el Banco se mantendran sin cambios en todo momento.

SECCION III

Dispensas del incumplimiento de ciertos compromisos asumidos por el Banco en
virtud de la Deuda Existente a Reestructurar.

Clausula 3.1. Las Partes acuerdan que, al producirse la liquidacion de la Oferta
de Canje de Obligaciones Negociables, el Acuerdo y Documentacion de
Reestructuracion de Deuda Bancaria, el Acuerdo y Documentacion de
Reestructuracion de Deuda de Comercio Exterior y el Acuerdo y Documentacion de
Reestructuracion de Deuda Clase "A", ellas estaran sujetas a las renuncias
previstas bajo dichos documentos y a los terminos y condiciones alli previstos (
la "Dispensa").

Clausula 3.2. Si el presente APE resultara homologado judicialmente, se
considerara que los Acreedores No Participantes han convenido que, contra
entrega de la contraprestacion prevista en el presente con respecto a los
Acreedores No Participantes, el Banco (i) quedara liberado de, y se considerara
que los Acreedores No Participantes han dispensado, el incumplimiento de
cualquier otro termino o condicion de la Deuda Existente a Reestructurar con los
Acreedores No Participantes, incluyendo supuestos de incumplimiento que existan
o puedan haber existido antes o al momento de la contraprestacion prevista en
este APE con respecto a los Acreedores No Participantes; y (ii) quedara liberado
de todos los pasivos del Banco con respecto a los Acreedores No Participantes
(la "Dispensa de los Acreedores No Participantes").

SECCION IV

Vigencia de la reestructuracion de la Deuda Existente a Reestructurar.

Clausula 4.1. Las Partes acuerdan que los terminos y condiciones de la Propuesta
de Reestructuracion entraran en vigencia en la Fecha de Liquidacion.

Clausula 4.2. En el caso de el APE no fuera homologado por el Tribunal de
Quiebras, ya sea porque este APE no fue presentado al Tribunal de Quiebras por
el Banco o por cualquier otro motivo, el presente APE seguira siendo vinculante
respecto de los Acreedores Participantes y el Banco, y todos los actos y
acuerdos realizados en virtud de la Oferta de Canje de Obligaciones Negociables,
el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria, el Acuerdo y
Documentacion de Reestructuracion de Deuda de Comercio Exterior y/o el Acuerdo y
Documentacion de Reestructuracion de Deuda Clase "A" seguiran en plena vigencia,
generando derechos y obligaciones para los sucesores, derechohabientes,
herederos y representantes personales de los Acreedores Participantes y el
Banco.

                                  Exhibit A-7
<PAGE>

SECCION V

Efectos de la Homologacion Judicial respecto de los Acreedores No Participantes.

Clausula 5.1. De acuerdo con lo dispuesto por el articulo 76 de la Ley de
Quiebras, si se otorgara la Homologacion Judicial, las Partes acuerdan que el
presente APE sera vinculante para todos los Acreedores Afectados, inclusive los
Acreedores No Participantes.

Clausula 5.2. La Propuesta de Reestructuracion que se extendera a los Acreedores
No Participantes implicara la cancelacion y extincion de todas las obligaciones
del Banco en virtud de la Deuda Existente a Reestructurar correspondiente a
dichos Acreedores No Participantes, y el canje o reestructuracion obligatoria de
dicha Deuda Existente a Reestructurar, segun corresponda, de acuerdo a lo
dispuesto en esta Seccion V.

Clausula 5.3. Los terminos y condiciones reestructurados con respecto a los
Acreedores No Participantes entraran en vigencia entre el Banco y estos, a
partir de la Fecha de Homologacion Judicial.

Clausula 5.4. Con sujecion a la Homologacion Judicial, el Banco llevara a cabo
los siguientes actos con respecto a cada Acreedor No Participante:

(I)   OBLIGACIONISTAS NO PARTICIPANTES Y BANCOS NO PARTICIPANTES

El Banco entregara a los Obligacionistas No Participantes y a los Bancos No
Participantes, Unidades por una suma de capital total equivalente al 100% del
capital de sus Instrumentos de deuda bancaria y Deuda Bancaria Existente, con
mas los intereses devengados e impagos, de acuerdo a lo previsto en la Oferta de
Canje de Obligaciones Negociables descripta en el Anexo II y el Acuerdo y
Documentacion de Reestructuracion de Deuda Bancaria descripto en el Anexo III.

(II)  ACREEDORES DE COMERCIO EXTERIOR NO PARTICIPANTES

El Banco entregara a los Acreedores de Comercio Exterior No Participantes,
Unidades sustancialmente en los terminos ofrecidos en la Oferta de Canje de
Obligaciones Negociables por una suma de capital total equivalente al 100% del
capital de su Deuda Existente de Comercio Exterior, con mas los intereses
devengados e impagos, de acuerdo a lo previsto en la Oferta de Canje de
Obligaciones Negociables descripta en el Anexo II.

(III) ACREEDORES CLASE "A" NO PARTICIPANTES

El Banco reestructurara la Deuda Existente Clase "A" del modo previsto en el
Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior
descripto en el Anexo V.

Clausula 5.5. Se considerara que todos los Acreedores No Participantes que
reciban las contraprestaciones previstas en este APE, de acuerdo a lo que
resuelva el Tribunal de Quiebras, efectuan las Declaraciones y Garantias
incluidas en la Seccion VII del presente.

SECCION VI

Declaraciones y Garantias del Banco.

El Banco por el presente declara y garantiza a las demas Partes, a la fecha del
presente, lo siguiente:

Clausula 6.l. Consentimientos. No se requiere ningun consentimiento, aprobacion,
autorizacion, notificacion, orden o inscripcion por parte de ninguna autoridad
gubernamental o regulatoria ni de ningun tribunal, a fin de perfeccionar las
operaciones previstas en el APE, con excepcion de (i) la ausencia de una
Observacion del BCRA (como se la define abajo) respecto del APE; (ii) la
Homologacion Judicial; (iii) la aprobacion de la CNV de la oferta publica de las
Nuevas Obligaciones Negociables y las Acciones Preferidas de Grupo Galicia (como
se la define abajo) y la autorizacion para negociar las Nuevas Obligaciones
Negociables en la BCC y el MAE y la autorizacion para negociar las Acciones
Preferidas de Grupo Galicia en la BCBA, la BCC y el MAE; y (iv) la ratificacion
del APE por parte de los accionistas del Banco, en el plazo de 30 dias contados
a partir de la Fecha de Presentacion del APE.

Clausula 6.2. Conflictos. La celebracion y otorgamiento del APE por parte del
Banco, el cumplimiento de sus obligaciones en virtud del presente y el
perfeccionamiento de las operaciones aqui previstas, no entraran en conflicto
con, ni provocaran un incumplimiento de, los terminos, condiciones y
disposiciones del acta constitutiva o los estatutos del Banco, ni de ninguna ley
o norma aplicable. Adicionalmente, a esta fecha, todos los actos efectuados por
el Banco para la celebracion y presentacion de este APE, han sido efectuados de
modo compatible con el derecho de los Acreedores Participantes a recibir un
trato igualitario.

                                  Exhibit A-8
<PAGE>

Clausula 6.3. Exigibilidad de la Propuesta de Reestructuracion. La Propuesta de
Reestructuracion y las consideraciones alli previstas constituyen obligaciones
legitimas, validas y vinculantes del Banco, exigibles de acuerdo con los
terminos de la correspondiente documentacion, excepto en la medida en que su
exigibilidad pudiera verse limitada por leyes de quiebra, insolvencia, concurso,
moratoria o leyes similares que afecten los derechos de los acreedores en
general, y por los principios generales de equidad (ya sea que su cumplimiento
se exija en virtud del sistema de derecho estricto o del common law).

SECCION VII

Declaraciones y Garantias de los Acreedores Participantes.

Clausula 7.l. Con respecto a la reestructuracion. A la Fecha de Homologacion
Judicial, cada Acreedor Participante renuncia a cualquier derecho que pudiera
tener en virtud de la legislacion argentina de (i) oponerse a la validez de las
operaciones previstas en el presente y en la Oferta de Canje de Obligaciones
Negociables, en el Acuerdo y Documentacion de Reestructuracion de Deuda
Bancaria, en el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio
Exterior, y en el Acuerdo y Documentacion de Reestructuracion de Deuda Clase
"A", incluyendo el derecho a interponer una accion revocatoria respecto de los
pagos efectuados por el Banco en tal sentido, y (ii) iniciar acciones de
responsabilidad contra los directores, sindicos o funcionarios jerarquicos del
Banco como consecuencia de las referidas operaciones, excepto que dicha accion
derive de una conducta dolosa del director, sindico o funcionario jerarquico del
Banco o del incumplimiento de los estatuso del Banco o de cualquier ley o
regulacion. Las renuncias y/o consentimientos previstos en el presente no seran
aplicables a cualquir acto u omision del banco que constituya un incumplimiento
de cualquier obligacion del Banco bajo la Oferta de Canje de Obligaciones
Negociables, el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria,
el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior, y
el Acuerdo y Documentacion de Reestructuracion de Deuda Clase "A".

Clausula 7.2. Con respecto al levantamiento de inhibiciones sobre la disposicion
de los activos del Banco. Cada uno de los Acreedores Participantes reconoce que,
al celebrar el presente APE, se considerara que el mismo aprueba cualquier
solicitud del Banco para levantar o eliminar cualquier medida de inhibicion
general sobre la disposicion de los activos del Banco que pudiera haber sido
impuesta por el Tribunal de Quiebras en relacion con el APE durante el Periodo
Previo a la Homologacion Judicial, al producirse la Homologacion Judicial y
hasta la fecha en que el Tribunal de Quiebras formalmente declare que el Banco
ha dado cumplimiento a todas sus obligaciones en virtud del APE, de acuerdo con
lo dispuesto por el articulo 59 de la Ley de Quiebras. Las renuncias y/o
consentimientos previstos en el presente no seran aplicables a cualquir acto u
omision del banco que constituya un incumplimiento de cualquier obligacion del
Banco bajo la Oferta de Canje de Obligaciones Negociables, el Acuerdo y
Documentacion de Reestructuracion de Deuda Bancaria, el Acuerdo y Documentacion
de Reestructuracion de Deuda de Comercio Exterior, y el Acuerdo y Documentacion
de Reestructuracion de Deuda Clase "A"

Clausula 7.3. Con respecto a las Nuevas Obligaciones Negociables y a las
Acciones Preferidas de Grupo Galicia. Cada uno de los Acreedores Participantes
reconoce y acuerda, y el Banco declara, que (i) ni el APE ni las Nuevas
Obligaciones Negociables y las Acciones Preferidas de Grupo Galicia que el Banco
debera entregar en la correspondiente Fecha de Liquidacion, han sido inscriptos
en virtud de la Ley de Titulos Valores de 1933 de EE.UU. y sus modificatorias
(la "Ley de Titulos Valores"), ni en virtud de ninguna ley de titulos valores
estadual de ese pais, y (ii) cualesquiera titulos valores emitidos en virtud del
APE y/o la Propuesta de Reestructuracion, seran entregados por el Banco,
unicamente (a) en los Estados Unidos, a "compradores institucionales
calificados" en los terminos de la Norma 144A de la Ley de Titulos Valores, en
una operacion privada basada en una exencion de los requisitos de inscripcion de
dicha Ley, y (b) fuera de los Estados Unidos, en operaciones en el exterior
basadas en la Regulacion S dictada en virtud de la Ley de Titulos Valores.

Clausula 7.4. Con respecto a la ratificacion del APE. Cada uno de los
Obligacionistas Participantes por el presente reconoce que, en virtud de su
Carta de Transmision y Autorizacion, ha autorizado al Banco a firmar el APE.

Clausula 7.5. Valido otorgamiento del Poder. Cada Obligacionista Participante ha
otorgado validamente al Representante el Poder para llevar adelante los actos
alli contemplados.

Clausula 7.6. Efectos del Canje de Obligaciones Negociables, el Acuerdo y
Documentacion de Reestructuracion de Deuda Bancaria, el Acuerdo y Documentacion
de Reestructuracion de Deuda de Comercio Exterior, y el Acuerdo y Documentacion
de Reestructuracion de Deuda Clase "A". Cada uno de los Acreedores Participantes
por el presente reconoce que si (a) no se otorgara la Homologacion Judicial; (b)
se declarara posteriormente la nulidad del APE, o (c) existiera alguna
Observacion del BCRA con respecto al Procedimiento de APE, o (d) el Banco
decidiera no seguir adelante con el Procedimiento de APE, o (e) no se
implementara el APE, entonces, la Oferta de Canje de Obligaciones Negociables,
el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria, el Acuerdo y
Documentacion de Reestructuracion de Deuda de Comercio Exterior, y el Acuerdo y
Documentacion de Reestructuracion de Deuda Clase "A", seguiran siendo validos,
vinculantes, definitivos y exigibles de acuerdo con sus terminos, y no se veran
afectados en modo alguno por el APE.

Clausula 7.7. Con respecto al Representante. Cada Obligacionista Participante
reconoce y acuerda que el Representante (a) actua en virtud del presente
unicamente en su caracter de apoderado de cada Obligacionista Participante, (b)
no asume ninguna obligacion o relacion fiduciaria con respecto al Obligacionista
Participante, (c) no tendra ningun deber u obligacion con

                                  Exhibit A-9
<PAGE>

excepcion de aquellos especificamente previstos en el presente, y (d) actuara
como Representante de los Obligacionistas Participantes en virtud del APE,
unicamente a los efectos de recibir y enviar notificaciones e instrucciones en
virtud del presente.

Clausula 7.8. Inexistencia de invitaciones. Se considera que cada uno de los
Obligacionistas No Participantes declara y garantiza no haber recibido
invitacion alguna en el Procedimiento de APE por parte de Citi group Global
Markets Inc. en su caracter de principal colocador de las ofertas y la
invitacion a aceptar el APE prevista en la Oferta de Canje de Obligaciones
Negociables, ni de ninguna de sus afiliadas, con la salvedad de que, si un
Obligacionista No Participante no pudiera efectuar dicha certificacion, antes de
que el mismo pueda recibir las Nuevas Obligaciones Negociables como consecuencia
del APE, el Banco le exigira que envie una carta certificando que el mismo es
una persona: (1) que no se encuentra en los "Estados Unidos" en los terminos de
la Norma 903(a)(1) de la Regulacion S dictada en virtud de la Ley de Titulos
Valores, y no es una "persona estadounidense" en los terminos de la Norma 902
(o) de la Regulacion S dictada en virtud de la Ley de Titulos Valores, o (2) que
es un dealer u otro fiduciario profesional constituido o, en el caso de personas
fisicas, residente en los Estados Unidos, que posee una cuenta discrecional o
similar, con excepcion de un acervo hereditario o fideicomiso, en beneficio o
por cuenta de una persona no estadounidense. El Banco podra exigir declaraciones
adicionales a los efectos de dar cumplimiento a las leyes de otras
jurisdicciones.

SECCION VIII

Extincion y Cumplimiento.

Clausula 8.1. Extincion del APE. El APE quedara extinguido en la primera de las
siguientes fechas: (a) en la fecha en que el tribunal de apelacion dicte
sentencia definitiva e inapelable rechazando la homologacion del APE; (b) en la
fecha en que el Tribunal de Quiebras o el BCRA declare la liquidacion del Banco;
(c) cuando el Banco deje de cumplir o viole cualquier compromiso o acuerdo
contenido en el presente APE, y tal incumplimiento continuara por un periodo de
30 (treinta) dias consecutivos luego de notificacion escrita cursada al Banco en
los terminos de la Clausula 9.4.; y (d) cuando cualquier autoridad gubernamental
hubiera nacionalizado o en general expropiado todo o una parte sustancial de los
activos o bienes del Banco, o el capital accionario de este, o hubiera asumido
la custodia o el control de dichos activos o bienes o de la operatoria del Banco
o su capital accionario, o hubiera tomado cualquier medida que impidiera al
Banco o a sus funcionarios llevar a cabo la operatoria de la entidad o una parte
sustancial de la misma, durante un plazo superior a sesenta (60) dias corridos,
y el resultado de dichas medidas afectare de manera sustancial la capacidad del
Banco de cumplir sus obligaciones en virtud del APE.

Las Partes acuerdan que este APE se extinguira automaticamente si la Fecha de
Liquidacion no ocurre en o antes del tercer Dia Habil Judicial posterior a la
Fecha de Presentacion del APE (si la Fecha de Presentacion del Ape ocurre).

EN CASO DE EXTINCION DEL APE, LAS PARTES DEJARAN DE ESTAR OBLIGADAS POR LOS
TERMINOS DEL MISMO, CON LA SALVEDAD DE QUE LOS EFECTOS DE LOS ACTOS Y ACUERDOS
REALIZADOS EN VIRTUD DE LA OFERTA DE CANJE DE OBLIGACIONES NEGOCIABLES, EL
ACUERDO Y DOCUMENTACION DE REESTRUCTURACION DE DEUDA BANCARIA, EL ACUERDO Y
DOCUMENTACION DE REESTRUCTURACION DE DEUDA DE COMERCIO EXTERIOR, Y/O EL ACUERDO
Y DOCUMENTACION DE REESTRUCTURACION DE DEUDA CLASE "A", CONTINUARAN EN PLENA
VIGENCIA, GENERANDO DERECHOS Y OBLIGACIONES PARA LOS ACREEDORES PARTICIPANTES Y
EL BANCO.

Clausula 8.2. Retiro o falta de perfeccionamiento. El Banco se reserva el
derecho de retirar y dejar sin efecto el presente APE en cualquier momento luego
de su celebracion y antes de la Homologacion Judicial, y, en tal caso, de
presentar otras solicitudes de APE. En todos los casos, los efectos de los actos
y acuerdos realizados en virtud de la Oferta de Canje de Obligaciones
Negociables, el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria,
el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior, y
el Acuerdo y Documentacion de Reestructuracion de Deuda Clase "A" continuaran en
plena vigencia, generando derechos y obligaciones para los Acreedores
Participantes y el Banco.

Clausula 8.3 Cumplimiento. Este APE sera considerado como cumplido, en el caso
que la Homologacion Judicial se obtuviere, luego de la entrega de las
contraprestaciones establecidas bajo el presente APE a favor de los Acreedores
No Participantes y su confirmacion por el Tribunal de Quiebras bajo el Articulo
59 de la Ley de Quiebras. Luego de dicho cumplimiento, las Partes cesaran de
estar sujetas a los terminos del presente, previendose sin embargo que los
efectos de los actos y acuerdos asumidos de acuerdo a la Oferta de Canje de
Obligaciones Negociables, el Acuerdo y Documentacion de Reestructuracion de
Deuda Bancaria, el Acuerdo y Documentacion de Reestructuracion de Deuda de
Comercio Exterior, y el Acuerdo y Documentacion de Reestructuracion de Deuda
Clase "A", permaneceran en plena vigencia, seran ejecutables contra y otorgaran
beneficios a, los Acreedores Participantes y al Banco.

Clausula 8.4. Ejecucion. A mayor abundamiento, se entiende por el presente que
la celebracion de este APE por o por cuenta de los Acreedores Participantes o la
presentacion de este APE ante el Tribunal de Quiebras no constituye una renuncia
o de cualquier forma un impedimento para que los Acreedores Participantes puedan
ejercer cualquiera de sus derechos bajo la Oferta de Canje de Obligaciones
Negociables, el Acuerdo y Documentacion de Reestructuracion de Deuda Bancaria,
el Acuerdo y Documentacion de Reestructuracion de Deuda de Comercio Exterior, y
el Acuerdo y Documentacion de Reestructuracion de Deuda Clase "A" o bajo los
documentos que los evidencien o fueren relacionados a ellos, o bajo la ley
aplicable, ante el incumplimiento del Banco de cualquiera de sus obligaciones
bajo los mismos.

                                  Exhibit A-10
<PAGE>

SECCION IX

Disposiciones Generales.

Clausula 9.1. Obligaciones de indemnizacion. Las obligaciones o derechos del
Banco de defender, indemnizar, reembolsar o limitar la responsabilidad de sus
directores, sindicos, funcionarios o empleados presentes o pasados en virtud del
acta constitutiva o estatuto del Banco, su politica de indemnizacion al
personal, las leyes argentinas aplicables o cualquier acuerdo especifico,
respecto de cualquier reclamo, demanda, causa, accion o proceso contra los
mismos basado en actos u omisiones relacionados con los servicios que aquellos
prestaran al Banco antes de la Fecha de Presentacion del APE, seguiran vigentes
luego de la Homologacion Judicial y no se veran afectados por esta, y no
quedaran dispensados, independientemente de si dicha defensa, indemnizacion,
reembolso o limitacion de responsabilidad se refieren a actos acaecidos antes o
despues de la fecha de Homologacion Judicial.

Clausula 9.2. Pago de Creditos Administrativos. (a) Los Acreedores Afectados
reconocen y acuerdan que durante el Periodo Previo a la Homologacion Judicial
(i) en relacion con la celebracion, otorgamiento y cumplimiento del presente
APE, el Banco incurrira en Creditos Administrativos, y (ii) el Banco tiene
derecho a pagar dichos Creditos Administrativos de acuerdo con la decision
judicial correspondiente, los terminos de cualquier acuerdo relacionado con los
mismos, o en terminos menos favorables para los titulares de un Credito
Administrativo segun lo convenido entre el Banco y los titulares de dicho
Credito Administrativo.

Clausula 9.3. Sucesores y derechohabientes. Los derechos, beneficios y
obligaciones de cualquier persona fisica o juridica que se mencione o a la que
se haga referencia en el APE, seran vinculantes respecto de cualquier heredero,
sucesor, cesionario o derechohabiente de dicha persona.

Clausula 9.4. Domicilios. A todos los efectos derivados del APE, las Partes
constituyen domicilio en los indicados en el parrafo introductorio del presente
o bajo los espacios correspondientes a sus firmas abajo, donde se enviaran
validamente todas las notificaciones y comunicaciones que pudieran corresponder,
incluyendo notificaciones judiciales y/o extrajudiciales. Dichos domicilios
continuaran en vigencia hasta tanto cualquiera de las partes notifique lo
contrario expresamente por escrito.

Clausula 9.5. Derecho aplicable; jurisdiccion y competencia. Las leyes
argentinas regiran todos los aspectos de este APE, incluyendo su forma y
contenido, el proceso de solicitud y aprobacion, y los efectos de su aprobacion
y de cualquier sentencia definitiva sobre la Deuda Existente a Reestructurar. A
todos los efectos legales derivados del presente, las partes se someten a la
jurisdiccion y competencia de los tribunales ordinarios en lo comercial de la
ciudad de Buenos Aires, renunciando a cualquier otro fuero o jurisdiccion que
pudiera corresponder.

EN FE DE LO CUAL las partes suscriben el presente en ejemplares del mismo tenor
y a un solo efecto, en el lugar y fecha arriba indicados.

BANCO DE GALICIA Y BUENOS AIRES S.A.

Nombre:                                                Nombre:

Cargo:                                                 Cargo:

REPRESENTANTE DE LOS OBLIGACIONISTAS PARTICIPANTES

Nombre:

Cargo:

BANCO / ACREEDOR DE COMERCIO EXTERIOR

Nombre:

Cargo:

                                  Exhibit A-11
<PAGE>

LISTADO DE ANEXOS

Anexo I Documentacion del Banco y el Representante.

Anexo     II Descripcion de la deuda representada por las Instrumentos de
          deuda bancaria y Terminos y Condiciones Basicos del Canje de
          Obligaciones Negociables, Deuda de los Obligacionistas Participantes
          y porcentaje que la misma representa respecto de la Deuda Existente
          a Reestructurar. Copia del Prospecto, del Suplemento de Precio y de
          la Addenda al Suplemento de Precio.

Anexo     III Descripcion de la Deuda Bancaria Existente y Terminos y
          Condiciones Basicos del Acuerdo y Documentacion de Reestructuracion
          de Deuda Bancaria, Deuda Bancaria Existente y el procentaje que la
          misma representa respecto de la Deuda Existente a Reestructurar.

Anexo     IV Descripcion de la Deuda Existente de Comercio Exterior y Terminos
          y Condiciones Basicos del Acuerdo y Documentacion de
          Reestructuracion de Deuda de Comercio Exterior, Deuda de Comercio
          Exterior y porcentaje que la misma representa respecto de la Deuda
          Existente a Reestructurar.

Anexo     V Descripcion de la Deuda Existente Clase "A" y Terminos y
          Condiciones Basicos del Acuerdo y Documentacion de Reestructuracion
          de Deuda Clase "A", Deuda Clase "A" y el porcentaje que la misma
          representa respcto de la Deuda Existente a Reestructurar.

Anexo VI  Categorias de Acreedores No Afectados.

                                  Exhibit A-12
<PAGE>

                                (ENGLISH VERSION)

In the City of Buenos Aires, on the [_] day of the month of [___] of 200_, this
out-of-court composition agreement with creditors (Acuerdo Preventivo
Extrajudicial) (the "APE" or the "APE Agreement") for the restructuring of debt
is entered into, by and between:

1. BANCO DE GALICIA Y BUENOS AIRES S.A., with legal domicile at Tte. Gral. Peron
407, 2nd floor, City of Buenos Aires, Argentine Republic, represented by Mr.
[________], in accordance with the documentation that is attached to this APE
Agreement as Exhibit I (the "Bank"); and

2. (a) CITIBANK, N.A., with legal domicile at 5 Carmelite Street, London,
England, represented by Mr. [___________] in its capacity as representative, in
accordance with the documentation that is attached to this APE Agreement as
Exhibit I (the "Representative"), of the holders of the notes with an interest
rate of 9% due in 2003 and step-up floating rate notes due 2002 issued by the
Bank (together the "Existing Notes") (collectively the "Participating
Noteholders"), in each case that have tendered their existing Notes for exchange
under the Notes Exchange Offer (as defined below) and have authorized the
execution of this APE Agreement by the Representative on their behalf and
granted the Representative the corresponding Power of Attorney (as defined
below);

(b) the bank and multilateral agency creditors that will adhere to this APE
Agreement by sending to the Bank, on or before the APE Filing Date (as defined
below), an executed copy of this APE Agreement (the "Participating Banks");

(c) the trade finance creditors that will adhere to this APE Agreement by
sending to the Bank, on or before the APE Filing Date, an executed copy of this
APE Agreement (the "Participating Trade Finance Creditors"); and

(d) the creditors of the Existing Trade "A" Debt (as defined below) that will
adhere to this APE Agreement by sending to the Bank, on or before the APE Filing
Date, an executed copy of this APE Agreement (the "Participating Trade "A"
Creditors" and together with the Participating Noteholders, the Participating
Banks, and the Participating Trade Finance Creditors, the "Participating
Creditors", and together with the Bank, the "Parties").

                                    RECITALS

(i)   WHEREAS, on the date of execution of this APE Agreement (the "Execution
      Date"), the Bank declares that it maintains (a) with all holders of
      Existing Notes (the "Noteholders"), the debt described in Exhibit II of
      this APE Agreement (the "Existing Noteholders Debt"); (b) with all the
      bank and multilateral agency creditors (the "Banks"), the unsecured bank
      debt detailed in Exhibit III of this APE Agreement (the "Existing Bank
      Debt"); (c) with all the trade finance creditors (the "Trade Finance
      Creditors") the existing trade debt described in Exhibit IV of this APE
      Agreement (the "Existing Trade Finance Debt"); and (d) with all creditors
      of Existing Trade "A" Debt (as defined below) (the "Trade "A" Creditors")
      the existing trade debt described in Exhibit V of this APE Agreement (the
      "Existing Trade "A" Debt" and together with the Existing Noteholders Debt,
      the Existing Bank Debt, and the Existing Trade Finance Debt, the "Existing
      Restructuring Debt"). As of the Execution Date, the Bank declares that the
      Existing Restructuring Debt amounts to US$[____] million in aggregate
      principal amount.

(ii)  WHEREAS, since December 2001, the Bank experienced adverse financial
      consequences created by, among other factors, the approval of the Public
      Emergency and Foreign Exchange System Reform Law, Law No. 25,561 and

                                  Exhibit A-13
<PAGE>

      subsequent decrees and regulations that resulted in the devaluation of the
      Argentine peso (the "Peso") against foreign currencies,

(iii) WHEREAS, within this context, the Bank implemented a restructuring
      process, in accordance with Law No. 21,526, as amended (the "Financial
      Institutions Law"), and submitted a regularization plan, as amended (the
      "Galicia Capitalization and Liquidity Plan"), to the Central Bank of the
      Argentine Republic (the "Argentine Central Bank"), which provides for the
      restructuring of the Bank's Existing Restructuring Debt and contemplates
      the successful restructuring of the Existing Restructuring Debt as an
      essential component thereof.

(iv)  WHEREAS, within the context of Decree No. 739/03 and 1262/03, and
      Argentine Central Bank Communique "A" 3941 and Communique "A" 3940, the
      terms and conditions for restructuring of the Existing Restructuring Debt
      were approved by the Argentine Central Bank on November 27, 2003.

(v)   WHEREAS, as part of the debt restructuring, the Bank has proposed to
      restructure the Existing Notes through a voluntary exchange of Existing
      Notes, as further described in the Pricing Supplement of the Bank dated
      December 23, 2003 and the Supplement to such Pricing Supplement, dated
      March 18, 2004 (the "Notes Exchange Offer"). Under the Restructuring
      Proposal, the Bank has requested a Letter of Transmittal and Authorization
      (as defined below) which contained an authorization for the Bank to file
      the APE and a Power of Attorney (as defined below), authorizing the
      Representative to execute this APE Agreement on their behalf and appear on
      behalf of each of the Participating Noteholders at Meetings (as defined
      below). The period for tendering the Existing Notes to participate in the
      Notes Exchange Offer has expired on [__], 2004 (the "Expiration Date") and
      [__]% of the aggregate principal amount of all Existing Notes has been
      validly tendered for exchange and not revoked pursuant to the terms of the
      Notes Exchange Offer.

(vi)  WHEREAS, as part of the debt restructuring, the Existing Bank Debt, the
      Existing Trade Finance Debt and the Existing Trade "A" Debt is being
      restructured through different voluntary restructuring arrangements
      entered into with the Banks, Trade Finance Creditors and Trade "A"
      Creditors, respectively, which are attached hereto as Exhibit III, IV and
      V, respectively (the "Bank Debt Restructuring Arrangement and
      Documentation", "Trade Finance Debt Restructuring Arrangement and
      Documentation" and "Trade "A" Debt Restructuring Arrangement and
      Documentation", respectively, and together with the Notes Exchange Offer,
      the "Restructuring Proposal"). Under such debt restructuring, the Bank has
      requested the Banks, Trade Finance Creditors and Trade "A" Creditors to
      execute this APE Agreement.

(vii) WHEREAS, the Restructuring Proposal provides for the exercise by the Bank
      of its right to file, in accordance with sections 69 to 76 of the
      Argentine Bankruptcy Law No. 24,522, as amended (the "Argentine Bankruptcy
      Law"), an APE procedure (the "APE Procedure") in order to extend the
      effects of the Notes Exchange Offer, the Bank Debt Restructuring
      Arrangement and Documentation, the Trade Finance Debt Restructuring
      Arrangement and Documentation, and the Trade "A" Debt Restructuring
      Arrangement and Documentation to those creditors holding Existing
      Restructuring Debt that did not participate in the Restructuring Proposal.

(viii) WHEREAS, the Restructuring Proposal shall be in full force and effect
      with respect to the creditors that participated therein, independently
      from the Court Endorsement (as defined below) of this APE Agreement, which
      is not a condition to their consummation.

(ix)  WHEREAS, the Bank seeks through this APE Agreement to reach a
      comprehensive restructuring of its foreign debt, which includes having a
      restructuring agreement with all of its Affected Creditors (as defined
      below) under the Existing Restructuring Debt.

(x)   WHEREAS, given that the restructuring proposals submitted to the holders
      of Existing Notes and the Banks have substantially equivalent economic
      terms, the holders of Existing Notes and the Banks were grouped in the
      same

                                  Exhibit A-14
<PAGE>

      category of financial creditors. Additionally, since each of the
      restructuring proposals submitted to the Trade Finance Creditors and to
      the Trade "A" Creditors have its particular terms and conditions, each of
      them constitute an additional separate category of financial creditors.

(xi)  WHEREAS, this APE Agreement contemplates, in accordance with Section 76 of
      the Argentine Bankruptcy Law, that if the filing provided herein is
      endorsed ("homologado") by the Bankruptcy Court (as defined below), (a)
      the holders of the Existing Notes that did not participate in the Notes
      Exchange Offer and the Banks that did not participate in the Bank Debt
      Restructuring Arrangement and Documentation would be compelled to exchange
      their Existing Notes and Existing Bank Debt, respectively, for Units (as
      defined below), which the Bank will deem such holders to have elected to
      receive in the First Step Exchange Offer (as defined in Exhibit II) in the
      Notes Exchange Offer, (b) the Trade Finance Creditors that did not
      participate in the Trade Finance Debt Restructuring Arrangement and
      Documentation would be compelled to exchange their Existing Trade Finance
      Debt for units substantially in the terms offered in the Notes Exchange
      Offer on terms similar to those of the Trade Finance Debt Restructuring
      Arrangement and Documentation; and (c) the Trade "A" Creditors that did
      not participate in the Trade "A" Debt Restructuring Arrangement and
      Documentation would be compelled to accept the restructuring of their
      Existing Trade "A" Debt in the manner contemplated in the Trade Finance
      Debt Restructuring Arrangement and Documentation.

NOW, THEREFORE, the Parties agree to enter into this APE Agreement in accordance
with Sections 69 through 76 and related provisions of the Argentine Bankruptcy
Law.

ARTICLE I.

Definitions.

Section 1.1

"Administrative Claims" means the amount of any court tax payable determined by
the Bankruptcy Court, as well as any legal fee and costs related to the
administration of the court proceedings related to the APE Procedure and the
preservation of the Bank's assets that is entitled to priority under Section 240
of the Argentine Bankruptcy Law, including all claims, costs, fees and expenses
incurred by the Representative of the Participating Creditors as a consequence
of the APE Procedure.

"Affected Creditors" means (i) in the case of any series of Existing Notes, all
holders of the Existing Notes; (ii) in the case of the Existing Bank Debt, all
holders of Existing Bank Debt; (iii) in the case of the Existing Trade Finance
Debt, all holders of Existing Trade Finance Debt; and (iv) in the case of the
Existing Trade "A" Debt, all holders of Existing Trade "A" Debt.

"APE" has the meaning specified in the introductory paragraph herein.

"APE Agreement" has the meaning specified in the introductory paragraph herein.

"APE Filing Date" means the date on which this APE Agreement is filed with the
Bankruptcy Court pursuant to Section 72 of the Argentine Bankruptcy Law, which
shall occur (i) within 3 Judicial Business Days prior to the Settlement Date, or
(ii) after the Settlement Date.

"APE Procedure" has the meaning specified in the Recitals herein.

"Argentine Bankruptcy Law" has the meaning specified in the Recitals herein.

"Argentine Central Bank" has the meaning specified in the Recitals herein.

"Argentine Central Bank Objection" means any formal objection by the Argentine
Central Bank to the ability of the Bank to avail itself of an APE Procedure
under Argentine law.

                                  Exhibit A-15
<PAGE>

"Assets and Liabilities Statement" means the list of the Bank's assets and
liabilities as of the Execution Date, as certified by an independent public
accountant pursuant to Section 72, subsection 1 of the Argentine Bankruptcy Law.

"Bank" has the meaning specified in the introductory paragraph herein.

"Banks" has the meaning specified in the introductory paragraph herein.

"Bank's Books List" means the list of all the books used by the Bank within its
business, with the indication of their last used folio as of the Execution Date
as provided in Section 72, subsection 4 of the Argentine Bankruptcy Law.

"Bank Debt Restructuring Arrangement and Documentation" has the meaning
specified in the Recitals herein and that are further detailed herein under
Exhibit III.

"Bankruptcy Court" means a commercial Argentine court with competent
jurisdiction over the APE Procedure.

"BASE" means the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos
Aires).

"CNV" means the Argentine Securities Commission ("Comision Nacional de
Valores").

"Cordoba Stock Exchange" means the Bolsa de Comercio de Cordoba.

"Court Endorsement" means the endorsement (homologacion) of this APE Agreement
by the Bankruptcy Court in accordance with Section 76 of the Argentine
Bankruptcy Law.

"Court Endorsement Date" means the date when the Court Endorsement occurs
(without taking into consideration any opposition or recourse filed against such
Court Endorsement, as set forth in Sections 51, 60 and others of the Argentine
Bankruptcy Law).

"Creditors List" means the list of the Bank's creditors, as of the Execution
Date as certified by an independent public accountant pursuant to Section 72,
subsection 2 of the Argentine Bankruptcy Law.

"Detail of Participating Creditors Existing Restructuring Debt" means the detail
of the aggregate principal amount of the Participating Creditors Existing
Restructuring Debt and the percentage of Affected Creditors that the
Participating Creditors account for, pursuant to Section 72, subsection 5 of the
Argentine Bankruptcy Law.

"Execution Date" has the meaning specified in the Recitals herein.

"Existing Bank Debt" has the meaning specified in the Recitals herein.

"Existing Noteholders Debt" has the meaning specified in the Recitals herein.

"Existing Notes" has the meaning specified in the introductory paragraph herein.

"Existing Restructuring Debt" has the meaning specified in the Recitals herein.

"Existing Trade Finance Debt" has the meaning specified in the Recitals herein.

"Existing Trade "A" Debt" has the meaning specified in the Recitals herein.

"Expiration Date" has the meaning specified in the Recitals herein.

"Financial Institutions Law" has the meaning specified in the Recitals herein,

"Galicia Capitalization and Liquidity Plan" has the meaning specified in the
Recitals herein.

"Grupo Galicia Preferred Shares" has the meaning specified under Exhibit II
herein.

"Judicial Actions and Administrative Proceedings List" means the list of
actions, suits or judicial, arbitral, other administrative or other proceedings
before any court or governmental agency, authority or body or any arbitrator
against or affecting the Bank, pursuant to Section 72, subsection 3 of the
Argentine Bankruptcy Law.

"Judicial Business Day" means any day (other than a Saturday or Sunday) on which
the courts in Buenos Aires are open.

"Letter of Transmittal and Authorization" means the electronic letter of
transmittal and authorization granted by each of the Participating Noteholders
to the Representative in order to tender the Existing Notes under the Notes
Exchange Offer. The Letter of Transmittal and Authorization also contains an
authorization for the Bank to pursue the APE.

"MAE" means the Mercado Abierto Electronico S.A.

                                  Exhibit A-16
<PAGE>

"Meetings" means any meetings of holders of the Existing Notes that the Bank may
call or request the Bankruptcy Court to call, prior or after the APE Filing
Date, in order to confirm the execution of this APE Agreement and to petition to
the Bankruptcy Court to extend the effect of the APE Agreement to
Non-Participating Creditors.

"New Notes" means, collectively, the Long Term Notes, Subordinated Notes and
Medium Term Notes as these terms are defined in Exhibit II.

"Non-Participating Banks" has the meaning specified in Section 2.1(b) hereof.

"Non-Participating Creditors" shall mean the holders of Existing Restructuring
Debt, that even though do not execute this APE Agreement, subject to the Court
Endorsement, will be obligated pursuant to the terms of the APE Agreement in
accordance with Section 76 of the Argentine Bankruptcy Law.

"Non-Participating Creditors' Waiver" has the meaning specified in Sections 3.2
herein.

"Non-Participating Noteholders" has the meaning specified in Section 2.1(b)
herein.

"Non-Participating Trade Finance Creditors" has the meaning specified in Section
2.1(b) herein.

"Non-Participating Trade "A" Creditors" has the meaning specified in Section 2.1
(b) herein.

"Noteholders" has the meaning specified in the Recitals herein.

"Notes Exchange Offer" has the meaning specified in the Recitals herein.

"Offering Memorandum" shall mean the offering memorandum dated November 5, 2003,
a copy of which is attached hereto as Exhibit II.

"Participating Banks" has the meaning specified in the introductory paragraph
herein, including their successor, assignee or transferee of such person or
entity.

"Participating Noteholders" has the meaning specified in the introductory
paragraph herein, including their heirs, successors, assigns, transferees or
assignees of such individual or entity.

"Participating Creditors" means, collectively, the Participating Noteholders,
the Participating Banks, the Participating Trade Finance Creditors, and the
Participating Trade "A" Creditors.

"Participating Trade "A" Creditors" has the meaning specified in the
introductory paragraph herein, including their heirs, successors, assigns,
transferees or assignees of such individual or entity.

"Participating Trade Finance Creditors" has the meaning specified in the
introductory paragraph herein, including their heirs, successors, assigns,
transferees or assignees of such individual or entity.

"Parties" has the meaning specified in the introductory paragraph herein.

"Peso" has the meaning specified in the Recitals herein.

"Power of Attorney" is the authorization granted by each Participating
Noteholder in favor of the Representative authorizing the Representative to
execute this APE Agreement on behalf of such Participating Noteholder in
accordance with the Argentine Bankruptcy Law and to attend and vote at any
Meetings on their behalf. Each Power of Attorney, included in Exhibit I, has
been validly authenticated under Argentine law requirements (public notary
certification, apostille or equivalent authentication).

"Pre-Endorsement Period" means the period of time that runs from the APE Filing
Date with the Bankruptcy Court until the date of the Court Endorsement.

"Pricing Supplement" means the pricing supplement in respect of the New Notes
dated December 23, 2003, a copy of which is included in Exhibit II.

"Representative" has the meaning specified in the introductory paragraph herein.

"Restructuring Proposal" has the meaning specified in the recitals herein.

"Securities Act" has the meaning specified in Section 7.3 herein.

"Settlement Date" means the date in which the transactions contemplated under
the (i) Notes Exchange Offer, (ii) Bank Debt Restructuring Arrangement and
Documentation-, (iii) Trade Finance Debt Restructuring Arrangement and
Documentation, (iv)

                                  Exhibit A-17
<PAGE>

Trade "A" Debt Restructuring Arrangement and Documentation (on the understanding
that the Settlement Date for all Participating Creditors shall occur on the same
date); are completed, and there are no pending actions to perfect such
transactions.

"Trade "A" Creditors" has the meaning specified in the Recitals herein.

"Trade Finance Creditors" has the meaning specified in the Recitals herein.

"Trade "A" Debt Restructuring Arrangement and Documentation" has the meaning
specified in the Recitals herein.

"Trade Finance Debt Restructuring Arrangement and Documentation" has the meaning
specified in the Recitals herein.

"Unaffected Creditors" has the meaning specified in Section 2.4 herein.

"Units" has the meaning specified in the Bank Debt Restructuring Arrangement and
Documentation.

"Waiver" has the meaning specified in Section 3.1 herein.

Interpretation.

Section 1.2. For all purposes of this APE Agreement, except as otherwise
expressly provided herein or unless the context otherwise requires: (a) the
terms defined in this APE Agreement have the meaning herein specified and
include the plural as well as the singular, and vice- versa; (b) words importing
gender include all genders; (c) any reference to an "Article" or "Section" or
"Exhibit" refers to an Article, Section or Exhibit, as the case may be, of this
APE Agreement; (d) all references to this APE Agreement and the phrases
"herein", "hereof", "hereto" and "hereunder" and other words of similar import
refer to this APE Agreement as a whole, and not to any particular Article,
Section, Exhibit or and other kind of subdivision; (e) any references to
"includes" or "including" shall mean "including, but not limited to"; and (f)
any reference to agreements or contracts, including this APE Agreement, refers
to such agreements or contracts, together with all the exhibits, appendixes and
attachments thereto and as such agreements or contracts may be amended,
restated, supplemented or otherwise modified from time to time.

ARTICLE II

Judicial Endorsement of the APE Agreement.

Section 2.1. (a) The Bank intends that the Restructuring Proposal shall
restructure only the Existing Restructuring Debt. In order to effect such
restructuring, the Bank shall implement: (i) the Notes Exchange Offer, (ii) the
Bank Debt Restructuring Arrangement and Documentation; (iii) the Trade Finance
Debt Restructuring Arrangement and Documentation; and (iv) the Trade "A" Debt
Restructuring Arrangement and Documentation.

(b) In order to extend the effects of the restructuring of the Existing
Restructuring Debt to the holders that did not participate in the Notes Exchange
Offer (the "Non-Participating Noteholders"), to the Banks that did not
participate in the Bank Debt Restructuring Arrangement and Documentation (the
"Non-Participating Banks"), to the Trade Finance Creditors that did not
participate in the Trade Finance Debt Restructuring Arrangement and
Documentation (the "Non- Participating Trade Finance Creditors") and to the
Trade "A" Creditors that did not participate in the Trade "A" Debt Restructuring
Arrangement and

                                  Exhibit A-18
<PAGE>

Documentation (the "Non-Participating Trade "A" Creditors"), the Participating
Creditors agree that the Bank will seek Court Endorsement of this APE Agreement
in order to compel:

      (i)   the Non-Participating Noteholders and the Non-Participating Banks to
            accept - in exchange for their respective portion of Existing
            Restructuring Debt - Units which the Bank will deem such holders to
            have elected to receive in the First Step Exchange Offer (as such
            term is defined in Exhibit II) had they participated in the Notes
            Exchange Offer described in Exhibit II herein

      (ii)  the Non-Participating Trade Finance Creditors to accept - in
            exchange for their respective portion of Existing Restructuring
            Debt- Units substantially on the terms offered in the Notes Exchange
            Offer on terms similar to those of the Trade Finance Debt
            Restructuring Arrangement and Documentation; and

      (iii) the Trade "A" Creditors that did not participate in the Trade "A"
            Debt Restructuring Arrangement and Documentation would be compelled
            to accept the restructuring of their Existing Trade "A" Debt in the
            manner contemplated in the Trade Finance Debt Restructuring
            Arrangement and Documentation.

Section 2.2. For purposes of the APE Procedure, the Participating Creditors
acknowledge and accept that the Participating Noteholders and the Participating
Banks shall be part of the same category of creditors, given the fact that the
economic terms of the proposals offered to them are substantially similar; and
that the Trade Finance Creditors and the Trade "A" Creditors shall constitute,
each of them, a separate and individual category of creditors.

Section 2.3. (a) The Participating Creditors acknowledge that the Bank has the
right to file the APE Agreement on the APE Filing Date, at its sole discretion
subject to obtaining the majorities described in Section 2.3 (b) below, in order
to seek the Court Endorsement of this APE Agreement in accordance with Sections
69 through 76 and related provisions of the Argentine Bankruptcy Law.

(b) The Bank represents that, as of the APE Filing Date:

      (i)   the Participating Creditors shall represent an absolute majority of
            the Affected Creditors accounting for at least 95% of the aggregate
            principal amount of the then outstanding Existing Restructuring
            Debt;

      (ii)  within the category conformed by the Participating Noteholders and
            the Participating Banks, the Bank shall have obtained the majorities
            required under Argentine Law;

      (iii) within the category conformed by the Participating Trade Finance
            Creditors, the Bank shall have obtained the majorities required
            under Argentine Law; and

      (iv)  within the category conformed by the Participating Trade "A"
            Creditors, the Bank shall have obtained the majorities required
            under Argentine Law.

For purposes of determining such majorities, (i) in compliance with paragraph 3
of Section 45 bis of the Argentine Bankruptcy Law, (A) holders of the Notes with
an interest rate of 9% due 2003 were grouped into those who support this APE
Agreement and those who oppose this APE Agreement, and holders of the Step-Up
Floating Rate Notes due 2002 were grouped into those

                                  Exhibit A-19
<PAGE>

who support this APE Agreement and those who oppose this APE Agreement, and (B)
each such group was treated as one Affected Creditor such that each tranche of
Notes with an interest rate of 9% due in 2003 and Step-Up Floating Rate Notes
due 2002 was deemed held by two Affected Creditors; and (ii) each Bank that was
a party to the Bank Debt Restructuring Arrangement and Documentation, each Trade
Finance Creditor that was a party to the Trade Finance Debt Restructuring
Arrangement and Documentation, and each Trade "A" Creditor that was a party to
the Trade "A" Debt Restructuring Arrangement and Documentation were treated as
separate Affected Creditor.

(c) In compliance with the requirements set forth under Section 72 of the
Argentine Bankruptcy Law, the following documents duly certified by an
independent public accountant will be filed by the Bank (jointly with the APE
Agreement and other documents) before the Bankruptcy Court, on the APE Filing
Date: (i) the Assets and Liabilities Statement; (ii) the Creditors List; (iii)
the Judicial Actions and Administrative Proceedings List; (iv) the Bank's Books
List; and (v) the Detail of the Participating Creditors Existing Restructuring
Debt.

Section 2.4. The Participating Creditors acknowledge and agree that the Bank,
pursuant to the APE Agreement: (i) does not intend to amend the terms of its
obligations with unsecured creditors other than the Affected Creditors, such as
(but not limited to) the creditors of the debt originally held by its New York
Branch and exchanged for the Bank's debt in July 2002 (the "Unaffected
Creditors", a list of which categories of creditors is attached hereto as
Exhibit VI, which the Bank hereby represents and warrants is true and complete
list of such categories as of the date hereof), (ii) the Bank intends to honor
its obligations with the Unaffected Creditors in accordance with their existing
terms, as amended, and in accordance with applicable Argentine law and reserves
the right to pay any Unaffected Creditor in full on the date that any credit of
the Unaffected Creditors becomes due in the ordinary course of the Bank's
business. Notwithstanding the foregoing, if the Bankruptcy Court requests the
Bank to obtain the consent of the Unaffected Creditors to execute this APE
Agreement, the Bank hereby compromises to make its best efforts to fulfill such
requirement, and (iii) shall continue to carry its business under the authority
and supervision of the Argentine Central Bank, which authority and supervisory
and regulatory powers towards the Bank should remain unaffected at all times.

ARTICLE III

Waivers for the non-compliance of certain covenants assumed by the Bank under
the Existing Restructuring Debt.

Section 3.1. The Parties agree that upon the settlement of the Notes Exchange
Offer, the Bank Debt Restructuring Arrangement and Documentation, the Trade
Finance Debt Restructuring Arrangement and Documentation and the Trade "A" Debt
Restructuring Arrangement and Documentation, they shall be bound by the waivers
provided under such documents and pursuant to the terms and conditions provided
therein (together, the "Waiver").

Section 3.2. If this APE Agreement is judicially endorsed, the Non-Participating
Creditors will be deemed to have agreed that, upon delivery of the consideration
provided in this APE Agreement with respect to the Non-Participating Creditors,
the Bank will be (i) discharged from, and the Non-Participating Creditors will
be deemed to have waived, the breach and/or non compliance of any and all
covenants, and any breach of any other terms and conditions of the Existing
Restructuring Debt with the Non-Participating Creditors, including events of
default that exist or may have existed on or prior to delivery of the
consideration provided in this APE Agreement with respect to the
Non-Participating Creditors; and (ii) discharged and released of all liabilities
of the Bank with respect to all the Non-Participating Creditors (together, the
"Non- Participating Creditors' Waiver").

                                  Exhibit A-20
<PAGE>

ARTICLE IV

Effectiveness of the restructuring of the Existing Restructuring Debt.

Section 4.1. The Parties agree that the terms and conditions of the
Restructuring Proposal will become effective on the Settlement Date.

Section 4.2. In the event that the APE Agreement is not endorsed by the
Bankruptcy Court either because the Bank does not file this APE Agreement with
the Bankruptcy Court or otherwise, this APE Agreement will still be binding as
to the Participating Creditors and the Bank and all the acts and agreements
entered into pursuant the Notes Exchange Offer, the Bank Debt Restructuring
Arrangement and Documentation, the Trade Finance Debt Restructuring Arrangement
and Documentation and/or the Trade "A" Debt Restructuring Arrangement and
Documentation shall remain in full force and effect and shall be binding upon
and inure to the benefit of any successors, assigns, heirs and personal
representatives of the Participating Creditors and the Bank.

ARTICLE V

Effect of Court Endorsement on Non-Participating Creditors.

Section 5.1. In accordance with Section 76 of the Argentine Bankruptcy Law, if
the Court Endorsement is granted, the Parties agree that this APE Agreement
shall be binding upon all Affected Creditors, including all Non-Participating
Creditors.

Section 5.2. The Restructuring Proposal that shall be extended to the
Non-Participating Creditors shall imply the cancellation, termination and
discharge of all of the obligations of the Bank under the Existing Restructuring
Debt held by such Non-Participating Creditors and the mandatory exchange or
restructuring of said Existing Restructuring Debt, as the case may be, as
provided in this Article V.

Section 5.3. The restructured terms and conditions with respect to the
Non-Participating Creditors will become effective between the Bank and the
Non-Participating Creditors as from the Court Endorsement Date.

Section 5.4. Subject to the Court Endorsement, the Bank shall execute the
following actions with respect to each Non-Participating Creditor:

(I) NON-PARTICIPATING NOTEHOLDERS AND NON-PARTICIPATING BANKS

The Bank shall deliver to the Non-Participating Noteholders and the
Non-Participating Banks Units in an aggregate principal amount equivalent to
100% of the principal amount of their Existing Notes and Existing Bank Debt plus
the accrued and unpaid interests as provided under the Notes Exchange Offer
described in Exhibit II and the Bank Debt Restructuring Agreement and
Documentation, as described in Exhibit III.

                                  Exhibit A-21
<PAGE>

(II) NON-PARTICIPATING TRADE FINANCE CREDITORS

The Bank shall deliver to the Non-Participating Trade Finance Creditors Units
substantially in the terms offered in the Notes Exchange Offer in an aggregate
principal amount equivalent to 100% of the principal amount of their Existing
Trade Finance Debt plus the accrued and unpaid interests as provided under the
Notes Exchange Offer described in Exhibit II.

(III) NON PARTICIPATING TRADE "A" CREDITORS

The Bank shall restructure the Existing Trade "A" Debt in the manner
contemplated in the Trade Finance Debt Restructuring Arrangement and
Documentation described in Exhibit V.

Section 5.5. All Non-Participating Creditors receiving the considerations set
forth under this APE Agreement, as ruled by the Bankruptcy Court, shall be
deemed to make the Representations and Warranties set forth in Article VII
herein.

ARTICLE VI

Representations and Warranties of the Bank.

The Bank hereby represents and warrants to the other Parties, as of the date
hereof:

Section 6.l. No Consents. No consent, approval, authorization, notice or order
of, or filing with, any governmental agency or regulatory authority or any
court, is required for the consummations of the transactions contemplated by
this APE Agreement other than (i) the absence of an Argentine Central Bank
Objection (as defined below) to this APE Agreement; (ii) the Court Endorsement;
(iii) the approval by the CNV of the public offering of the New Notes and the
Grupo Galicia Preferred Shares (as defined below) and the authorization to list
the New Notes (as defined below) in the Cordoba Stock Exchange and the MAE and
the authorization to trade the Grupo Galicia Preferred Shares in the BASE,
Cordoba Stock Exchange and the MAE; and (iv) the ratification by the Bank's
shareholders of this APE Agreement within 30 days of the APE Filing Date.

Section 6.2. No Conflicts. The execution and delivery of this APE Agreement by
the Bank does not, and the performance of its obligations hereunder and the
consummation of the transactions contemplated hereby will not, conflict with,
result in a violation or breach of, any of the terms, conditions and provisions
of the certificate or articles of incorporation of bylaws (estatutos) or
agreements of the Bank or any applicable laws and regulations. Additionally, as
of this date, all acts undertaken by the Bank for the execution and filing of
this APE Agreement have been effected in a manner consistent with the statutory
rights of any Affected Creditors to be treated equally and ratably.

Section 6.3. Enforceability of the Restructuring Proposal. The Restructuring
Proposal and the considerations set forth therein and herein constitute legal,
valid and binding obligation of the Bank, enforceable against the Bank in
accordance with the terms of the corresponding documentation, except insofar as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights
generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or at law).

ARTICLE VII

                                  Exhibit A-22
<PAGE>

Representations and Warranties by the Participating Creditors.

Section 7.1. Regarding the Restructuring. As of the Court Endorsement Date, each
of the Participating Creditor waives any rights that it may have pursuant to
Argentine law to (i) challenge the validity of the transactions provided for
herein and in the Notes Exchange Offer, the Bank Debt Restructuring Arrangement
and Documentation, the Trade Finance Debt Restructuring and Documentation and
the Trade "A" Debt Restructuring Arrangement and Documentation, including the
right to claw back ("accion revocatoria") any payment made by the Bank in
connection therewith, and (ii) file any action against any director, syndic or
senior officer of the Bank ("accion de responsabilidad") in connection with or
as a result of any of the aforementioned transactions, except that such action
derives from willful misconduct of the director, syndic or senior officer of the
Bank or from their violation to the by-laws of the Bank or to any law or
regulation. The waivers and/or consents provided herein shall not apply to any
acts or omissions of the Bank that constitute a breach of any of the obligations
of the Bank under the Notes Exchange Offer, Bank Debt Restructuring Arrangement
and Documentation, Trade Finance Debt Restructuring Arrangement and
Documentation and Trade "A" Debt Restructuring Arrangement and Documentation.

Section 7.2. Regarding the Removal of Any Injunction on Disposition of the
Bank's Assets. Each of the Participating Creditors acknowledges that, by its
execution of this APE Agreement, it shall be deemed to have consented to any
relief that the Bank may seek to remove or vacate any general injunction on the
disposition of the Bank's assets that may have been imposed by the Bankruptcy
Court in connection with this APE Agreement during the Pre-Endorsement Period,
upon the Court Endorsement and until the date on which the Bankruptcy Court
formally declares that the Bank has fully performed its obligations under this
APE Agreement in accordance with Section 59 of the Argentine Bankruptcy Law. The
waivers and/or consents contained herein shall not apply to any acts or
omissions of the Bank that constitute a breach of any of the obligations of the
Bank under the Notes Exchange Offer, Bank Debt Restructuring Arrangement and
Documentation, Trade Finance Debt Restructuring Arrangement and Documentation
and Trade "A" Debt Restructuring Arrangement and Documentation.

Section 7.3. Regarding the New Notes and Grupo Galicia Preferred Shares. Each
Participating Creditor acknowledges and agrees and the Bank represents that (i)
neither this APE Agreement nor the New Notes and Grupo Galicia Preferred Shares
to be delivered by the Bank on the corresponding Settlement Date has been
registered under the United States Securities Act 1933, as amended ("Securities
Act"), or under any U. S. State securities law, and (ii) any securities issued
pursuant to the APE and/or the Restructuring Proposal will be delivered by the
Bank, only (a) in the United States, to "qualified institutional buyers" as that
term is defined in Rule 144A under the Securities Act, in a private transaction
in reliance upon exemption from the registration requirements of the Securities
Act and (b) outside the United States in offshore transactions in reliance upon
Regulation S under the Securities Act.

Section 7.4. Regarding Ratification of this APE Agreement. Each of the
Participating Noteholders does hereby acknowledge that pursuant to its Letter of
Transmittal and Authorization it has authorized the Bank to pursue the APE.

Section 7.5. Valid grant of Power of Attorney. Each Participating Noteholder has
validly granted the Power of Attorney to the Representative, to take on its
behalf the actions therein contemplated.

Section 7.6. Effects of the Notes Exchange, the Bank Debt Restructuring
Arrangement and Documentation, the Trade Finance Debt Restructuring Arrangement
and Documentation, and Trade "A" Debt Restructuring Arrangement and
Documentation. Each

                                  Exhibit A-23
<PAGE>

of the Participating Creditors hereby acknowledges that if: (a) the Court
Endorsement is not granted, (b) this APE Agreement is subsequently declared null
and void or (c) there is an Argentine Central Bank Objection to the APE
Procedure, (d) the Bank decides to withdraw the APE Procedure, or (e) this APE
Agreement is not implemented, then the Notes Exchange Offer, the Bank Debt
Restructuring Arrangement and Documentation, the Trade Finance Debt
Restructuring Arrangement and Documentation, and the Trade "A" Debt
Restructuring Arrangement and Documentation shall continue to be valid, binding,
definitive and enforceable in accordance with their terms and shall not be
affected in any way by this APE Agreement.

Section 7.7. Regarding the Representative. Each Participating Noteholder
acknowledges and agrees that the Representative: (a) is acting hereunder solely
in its capacity as attorney-in-fact on behalf of each such Participating
Noteholder, (b) does not assume any obligation or relationship of trust, for or
with such Participating Noteholder, and (c) shall have no duties or obligations
other than those specifically set forth herein, and (d) shall act as
Representative of the Participating Noteholders under this APE Agreement solely
for purposes of receiving and sending notices and instructions hereunder.

Section 7.8. No Solicitation. Each Non-Participating Noteholder shall be deemed
to represent and warrant that it has not been solicited in the APE Procedure by
Citigroup Global Markets Inc. as dealer manager for the offers and the APE
solicitation provided for in the Notes Exchange Offer or by any of its
affiliates, provided however, that if such Non-Participating Noteholder cannot
make such certification, before such Non-Participating Noteholder can receive
the New Notes as a result of the APE Agreement, the Bank shall require such
Non-Participating Noteholder return a letter of inquiry certifying that he/she
is a person: (1) who is not in the "United States" as contemplated by Rule
903(a)(1) of Regulation S under the Securities Act, and is not a "U.S. person"
as defined in Rule 902 (o) of Regulation S under the Securities Act or (2) who
is a dealer or other professional fiduciary organized, incorporated or, if an
individual, resident in the United States holding a discretionary account or
similar account, other than an estate or trust, for the benefit or account of a
non "U.S. person". The Bank may require additional representations to comply
with the laws of other jurisdictions.

ARTICLE VIII

Termination and Fulfillment.

Section 8.1. Termination of this APE Agreement. This APE Agreement shall
terminate upon the earlier of: (a) the date upon which the court of appeals
shall have entered a final non-appealable order rejecting the endorsement of
this APE Agreement; (b) the date upon which the Bankruptcy Court or the
Argentine Central Bank declares the liquidation of the Bank; (c) the Bank shall
fail to perform or breach any covenant or agreement contained in this APE
Agreement and such failure and default shall continue unremedied for a period of
thirty (30) consecutive days after written notice shall have been given to the
Bank pursuant to Section 9.4; and (d) any government or governmental authority
shall have condemned, nationalized, seized, or otherwise expropriated all or any
substantial portion of the assets or property of the Bank, or the share capital
of the Bank, or shall have assumed custody or control of such assets or property
or of the business or operations of the Bank or the share capital of the Bank,
or shall have taken any action that would prevent the Bank or its officers from
carrying on its business or operations or a substantial part thereof for a
period exceeding sixty (60) consecutive days and the result of any such action
shall materially prejudice the ability of the Bank to perform its obligations
under this APE Agreement.

The Parties agree that this APE Agreement shall automatically terminate if the
Settlement Date does not occur on or prior to the third Judicial Business Day
after the APE Filing Date (if the APE Filing Date occurs).

                                  Exhibit A-24
<PAGE>

Upon such termination, the Parties hereto shall cease to be bound by the terms
hereof, provided however that the effects of the acts and agreements entered
pursuant to the Notes Exchange Offer, the Bank Debt Restructuring Arrangement
and Documentation, the Trade Finance Debt Restructuring Arrangement and
Documentation, and/or the Trade "A" Debt Restructuring Arrangement and
Documentation shall remain in full force and effect and shall be binding upon
and inure to the benefit of the Participating Creditors and the Bank.

Section 8.2. Withdrawal or Non-Consummation. The Bank reserves the right to
withdraw and terminate this APE Agreement at any time after its execution and
prior to the Court Endorsement and, in such case, to file other APE
applications. In all cases, the effects of the acts and agreements entered
pursuant to the Notes Exchange Offer, the Bank Debt Restructuring arrangement
and Documentation, the Trade Finance Debt Restructuring Arrangement and
Documentation, and the Trade "A" Debt Restructuring Arrangement and
Documentation shall remain in full force and effect and shall be binding upon
and inure to the benefit of the Participating Creditors and the Bank.

Section 8.3. Fulfillment. This APE Agreement shall be considered as fulfilled,
in the event that the Court Endorsement is obtained, upon delivery of the
considerations set forth under this APE Agreement to the Non-Participating
Creditors and its confirmation by the Bankruptcy Court under Section 59 of the
Argentine Bankruptcy Law. Upon such fulfillment, the Parties hereto shall cease
to be bound by the terms hereof, provided however that the effects of the acts
and agreements entered pursuant to the Notes Exchange Offer, the Bank Debt
Restructuring Arrangement and Documentation, the Trade Finance Debt
Restructuring Arrangement and Documentation, and/or the Trade "A" Debt
Restructuring Arrangement and Documentation shall remain in full force and
effect and shall be binding upon and inure to the benefit of the Participating
Creditors and the Bank.

Section 8.4. Enforcement of rights. For the avoidance of doubt, it is hereby
understood that the execution of this APE Agreement by or on behalf of the
Participating Creditors or the filing of this APE Agreement with the Bankruptcy
Court does not constitute a waiver or otherwise an impediment of the ability of
the Participating Creditors to enforce any of its rights under the Notes
Exchange Offer, the Bank Debt Restructuring Arrangement and Documentation, the
Trade Finance Debt Restructuring Arrangement and Documentation, and the Trade
"A" Debt Restructuring Arrangement and Documentation or instruments evidencing
or related to these documents or under applicable law upon failure by the Bank
to comply with any obligation thereunder.

ARTICLE IX

Miscellaneous.

Section 9.1. Indemnification Obligations. Any obligations or rights of the Bank
to defend, indemnify, reimburse or limit the liability of its present and former
directors, syndics, officers or employees pursuant to the Bank's certificate of
incorporation, bylaws, employee indemnification policy, applicable Argentine law
or specific agreement in respect of any claims, complaints, suits, causes of
action or proceedings against such directors, syndics, officers or employees
based on any act or omission related to such present or former directors',
syndics', officers' and employees' service with, for, or on behalf of the Bank
prior to the date of the filing of this APE Agreement will survive the Court
Endorsement and remain unaffected thereby, and will not be discharged,
irrespective of whether such defense, indemnification, reimbursement or
limitation of liability is owed in connection with an occurrence before or after
the date of the Court Endorsement.

                                  Exhibit A-25
<PAGE>

Section 9.2. Payment of Administrative Claims. (a) The Affected Creditors
acknowledge and agree that during the Pre-Endorsement Period (i) in connection
with the execution, delivery and performance of this APE Agreement, the Bank
will incur Administrative Claims and (ii) the Bank is entitled to pay such
Administrative Claims in accordance with the applicable court resolution, the
terms of any agreement relating thereto or on such less favorable terms to the
holders of any such Administrative Claim as agreed upon between the Bank and the
holders of such Administrative Claim.

Section 9.3. Successors and Assigns. The rights, benefits and obligations of any
person or legal entity named or referenced in this APE Agreement shall be
binding upon and will inure to the benefit of any heir, successor, transferee or
assignee of such person or entity.

Section 9.4. Domiciles. To all effects derived from this APE Agreement, the
Parties set up domicile at the addresses specified in the introductory paragraph
hereof or under its signature below, where all relevant notices and
communications sent will be deemed valid, including judicial and/or
extra-judicial notices. Those domiciles will continue to be effective unless
otherwise expressly notified in writing by the relevant Party.

Section 9.5. Applicable Law and Jurisdiction. The laws of Argentina will govern
all aspects of this APE Agreement, including its required form and content, the
application and approval process, and the effect of its approval and final
judicial order on the Existing Restructuring Debt. To all judicial effects
derived herefrom, the Parties submit to the jurisdiction of the ordinary
commercial courts of the City of Buenos Aires, waiving any other venue or
jurisdiction that may be applicable.

IN WITNESS WHEREOF_____, identical counterparts are signed to a single effect in
the place and date first above written.

BANCO DE GALICIA Y BUENOS AIRES S.A.
_________________________________________
Name: Name:
Title: Title:

[REPRESENTATIVE OF PARTICIPATING NOTEHOLDERS]
_________________________
Name:
Title:
Domicile:

[BANK/TRADE FINANCE CREDITOR/TRADE CREDITOR]
_________________________
Name:
Title:

                                  Exhibit A-26
<PAGE>

Domicile:

                                  Exhibit A-27
<PAGE>

LIST OF EXHIBITS

Exhibit I Bank and Representative Documentation.

Exhibit II Description of Existing Notes Debt and Basic Terms and Conditions of
the Notes Exchange, Participating Noteholders' Debt and the percentage it
accounts of the total debt of the Existing Restructuring Debt. Copy of Offering
Memorandum, the Pricing Supplement and the Supplement to the Pricing Supplement.

Exhibit III Description of Existing Bank Debt and Basic Terms and Conditions of
the Bank Debt Restructuring Arrangement and Documentation, Existing Bank Debt
and the percentage it accounts of the total debt of the Existing Restructuring
Debt.

Exhibit IV Description of Existing Trade Finance Debt and Basic Terms and
Conditions of the Finance Trade Debt Restructuring Arrangement and
Documentation, Trade Finance Debt and the percentage it accounts of the total
debt of the Existing Restructuring Debt.

Exhibit V Description of Existing Trade "A" Debt and Basic Terms and Conditions
of the Trade "A" Debt Restructuring Arrangement and Documentation, Trade "A"
Debt and the percentage it accounts of the total debt of the Existing
Restructuring Debt.

Exhibit VI Categories of Unaffected Creditors.

                                  Exhibit A-28
<PAGE>

                                    EXHIBIT B

                        FORM OF ASSIGNMENT AND ACCEPTANCE

      Reference is made to the Note Purchase Agreement dated as of April 27,
2004 (as amended, supplemented or otherwise modified from time to time, the
"Note Purchase Agreement"; the terms defined therein, unless otherwise defined
herein, being used herein as therein defined) among BANCO DE GALICIA Y BUENOS
AIRES S.A., a sociedad anonima organized under the laws of the Republic of
Argentina (the "Issuer"), the Holders party thereto from time to time, the
Documentation Agent party thereto, and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Agent for the Holders.

      Each "Assignor" referred to on Schedule 1 hereto (each, an "Assignor") and
each "Assignee" referred to on Schedule 1 hereto (each, an "Assignee") agrees
severally with respect to all information relating to it and its assignment
hereunder and on Schedule 1 hereto as follows:

      (1) Such Assignor hereby sells and assigns, without recourse except as to
the representations and warranties made by it herein, to such Assignee, and such
Assignee hereby purchases and assumes from such Assignor, an interest in and to
such Assignor's rights and obligations under the Note Purchase Agreement as of
the date hereof equal to the applicable percentage interest specified on
Schedule 1 hereto of the applicable Restructured Dollar Notes under the Note
Purchase Agreement. After giving effect to such sale and assignment, such
Assignee's Restructured Dollar Notes and the amount of the Restructured Dollar
Notes owing to such Assignee will be as set forth on Schedule 1 hereto.

      (2) Such Assignor (i) represents and warrants that its name set forth on
Schedule 1 hereto is its legal name, that it is the legal and beneficial owner
of the interest or interests being assigned by it hereunder and that such
interest or interests are free and clear of any adverse claim; (ii) makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with any
Financing Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of, or the perfection or priority of any lien
or security interest created or purported to be created under or in connection
with, any Financing Agreement or any other instrument or document furnished
pursuant thereto; (iii) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Issuer or the
performance or observance by the Issuer of any of its obligations under any
Financing Agreement or any other instrument or document furnished pursuant
thereto; and (iv) attaches the Note or Notes held by such Assignor and requests
that the Agent exchange such Note or Notes for a new Note or Notes payable to
the order of such Assignee in an amount equal to the Restructured Dollar Notes
assumed by such Assignee pursuant hereto or new Notes payable to the order of
such Assignee in an amount equal to the Restructured Dollar Notes assumed by
such Assignee pursuant hereto and such Assignor in an amount equal to
Restructured Dollar Notes retained by such Assignor under the Note Purchase
Agreement, respectively, as specified on Schedule 1 hereto.

      (3) Such Assignee (i) confirms that it has received a copy of the Note
Purchase Agreement, together with copies of the financial statements referred to
in Section 4.15 thereof and such other documents and information as it has
deemed appropriate to make its own credit

                                  Exhibit B-1
<PAGE>

analysis and decision to enter into this Assignment and Acceptance; (ii) agrees
that it will, independently and without reliance upon any Agent, any Assignor or
any other Holder and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Note Purchase Agreement; (iii) represents and
warrants that its name set forth on Schedule 1 hereto is its legal name; (iv)
represents and warrants that it is (x) a "Qualified Institutional Buyer as
defined in Rule 144A under the Securities Act, and a "Qualified Purchaser," as
defined under Section 2(a)(51) of the Investment Company Act of 1940, as amended
or (y) an institutional "accredited investor" as defined in Regulation D under
the Securities Act or (z) is not a U.S. Person; (v) appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Financing Agreements as are delegated to such Agent by the
terms thereof, together with such powers and discretion as are reasonably
incidental thereto; (vi) agrees that it will perform in accordance with their
terms all of the obligations that by the terms of the Note Purchase Agreement
are required to be performed by it as a Holder; and (vii) makes each of the
representations and warranties set forth in Section 9.5 of the Note Purchase
Agreement.

      Each Holder (including any assignee of a Holder) represents, warrants and
covenants to the Issuer that such Holder is acquiring the Restructured Dollar
Notes owing to it and the Note or Notes held by it for its own account and not
with a view to assignment, participation or transfer other than in a manner that
will not violate United States securities laws or the securities laws of any
other applicable jurisdiction

      (4) Following the execution of this Assignment and Acceptance, it will be
delivered to the Agent for acceptance and recording by the Agent. The effective
date for this Assignment and Acceptance (the "Effective Date") shall be the date
of acceptance hereof by the Agent, unless otherwise specified on Schedule 1
hereto.

      (5) Upon such acceptance and recording by the Agent, as of the Effective
Date, (i) such Assignee shall be a "Holder" pursuant to the Note Purchase
Agreement and, to the extent provided in this Assignment and Acceptance, have
the rights and obligations of a Holder thereunder and (ii) such Assignor shall,
to the extent provided in this Assignment and Acceptance, relinquish its rights
and be released from its obligations under the Note Purchase Agreement (other
than its rights and obligations under the Financing Agreements that are
specified under the terms of such Financing Agreements to survive the payment in
full of the Obligations of the parties under the Financing Agreements to the
extent any claim thereunder relates to an event arising prior to the Effective
Date of this Assignment and Acceptance) and, if this Assignment and Acceptance
covers all of the remaining portion of the rights and obligations of such
Assignor under the Note Purchase Agreement, such Assignor shall cease to be a
party thereto.

      (6) Upon such acceptance and recording by the Agent, from and after the
Effective Date, the Agent shall make all payments under the Note Purchase
Agreement and the Notes in respect of the interest assigned hereby (including,
without limitation, all payments of principal, interest and commitment fees with
respect thereto) to such Assignee. Such Assignor and such Assignee shall make
all appropriate adjustments in payments under the Note Purchase Agreement and
the Notes for periods prior to the Effective Date directly between themselves.

                                  Exhibit B-2
<PAGE>

      (7) This Assignment and Acceptance shall be governed by, and construed in
accordance with, the laws of the State of New York, without regard to its
conflicts of law principles (except for Section 5-1401 and Section 5-1402 of the
New York General Obligations Law).

      (8) This Assignment and Acceptance may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart hereof by telecopier shall be effective as delivery of an original
executed counterpart of this Assignment and Acceptance.

      IN WITNESS WHEREOF, each Assignor and each Assignee have caused Schedule 1
to this Assignment and Acceptance to be executed by their officers thereunto
duly authorized as of the date specified thereon.

      Effective Date (if other than date of acceptance by Agent):_________ __,
____

                                    ASSIGNOR

                                    _________________________, as Assignor
                                    [Type or print legal name of Assignor]

                                    By:_________________________________________
                                    Title:______________________________________

                                    Dated:  _________ __, ____

                                  Exhibit B-3
<PAGE>

                                    ASSIGNEE

                                    _________________________, as Assignee
                                    [Type or print legal name of Assignee]

                                    By:_________________________________________
                                    Title:______________________________________

                                    Dated:  _________ __, ____

                                    Holder Address:

Acknowledged this ____day of ___________, ____.

DEUTSCHE BANK TRUST COMPANY AMERICAS,
     as Agent

By ______________________________
   Title:

                                  Exhibit B-4
<PAGE>

                                   SCHEDULE 1
                                       TO
                            ASSIGNMENT AND ACCEPTANCE

<TABLE>
<S>                                                          <C>
ASSIGNOR:

LONG-TERM DOLLAR LIBOR NOTES

     Outstanding principal amount of Long-Term Dollar
         LIBOR Notes payable to Assignor                     $

     Percentage interest assigned                                              %

         Outstanding principal amount of Long-Term Dollar
              LIBOR Notes assigned                           $

         Principal amount of Long-Term Dollar LIBOR Notes
              payable to Assignor after giving effect to
              assignment                                     $

LONG-TERM DOLLAR FIXED RATE NOTES

     Outstanding principal amount of Long-Term Dollar
         Fixed Rate Notes payable to Assignor                $

     Percentage interest assigned                                              %

         Outstanding principal amount of Long-Term Dollar
              Fixed Rate Notes assigned                      $

         Principal amount of Long-Term Dollar Fixed Rate
              Notes payable to Assignor after giving
              effect to assignment                           $

MEDIUM-TERM DOLLAR LIBOR NOTES

     Outstanding principal amount of Medium-Term Dollar
         LIBOR Notes payable to Assignor                     $

     Percentage interest assigned                                              %

         Outstanding principal amount of Medium-Term
              Dollar LIBOR Notes assigned                    $

         Principal amount of Medium-Term Dollar LIBOR
              Notes payable to Assignor after giving
              effect to assignment                           $

MEDIUM-TERM DOLLAR FIXED RATE NOTES

     Outstanding principal amount of Medium-Term Dollar
         Fixed Rate Notes payable to Assignor                $

     Percentage interest assigned                                              %

         Outstanding principal amount of Medium-Term
              Dollar Fixed Rate Notes assigned               $

         Principal amount of Medium-Term Dollar Fixed Rate
              Notes payable to Assignor after giving
              effect to assignment                           $

SUBORDINATED DOLLAR LIBOR NOTES
</TABLE>

                                  Exhibit B-5
<PAGE>

<TABLE>
<S>                                                          <C>
     Outstanding principal amount of Subordinated Dollar
         LIBOR Notes payable to Assignor                     $

     Percentage interest assigned                                              %

         Outstanding principal amount of Subordinated
              Dollar LIBOR Notes assigned                    $

         Principal amount of Subordinated Dollar LIBOR
              Notes payable to Assignor after giving
              effect to assignment                           $

SUBORDINATED DOLLAR FIXED RATE NOTES

     Outstanding principal amount of Subordinated Dollar
         Fixed Rate Notes payable to Assignor                $

     Percentage interest assigned                                              %

         Outstanding principal amount of Subordinated
              Dollar Fixed Rate Notes assigned               $

         Principal amount of Subordinated Dollar Fixed
              Rate Notes payable to Assignor after giving
              effect to assignment                           $

SUBORDINATED DOLLAR LIBOR PIK NOTE

     Outstanding principal amount of Subordinated Dollar
         LIBOR PIK Note payable to Assignor                  $

     Percentage interest assigned                                              %

         Outstanding principal amount of Subordinated
              Dollar LIBOR PIK Note assigned                 $

         Principal amount of Subordinated Dollar LIBOR PIK
              Note payable to Assignor after giving effect
              to assignment                                  $

SUBORDINATED DOLLAR FIXED RATE PIK NOTE

     Outstanding principal amount of Subordinated Dollar
         Fixed Rate PIK Note payable to Assignor             $

     Percentage interest assigned                                              %

         Outstanding principal amount of Subordinated
              Dollar Fixed Rate PIK Note assigned            $

         Principal amount of Subordinated Dollar Fixed
              Rate PIK Note payable to Assignor after
              giving effect to assignment                    $
</TABLE>

<TABLE>
<S>                                                          <C>
ASSIGNEE:

LONG-TERM DOLLAR LIBOR NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Long-Term Dollar
              LIBOR Notes assumed                            $
</TABLE>

                                  Exhibit B-6
<PAGE>

<TABLE>
<S>                                                          <C>
         Principal amount of Long-Term Dollar LIBOR Notes
              payable to Assignee                            $

LONG-TERM DOLLAR FIXED RATE NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Long-Term Dollar
              Fixed Rate Notes assumed                       $

         Principal amount of Long-Term Dollar Fixed Rate
              Notes payable to Assignee                      $

MEDIUM-TERM DOLLAR LIBOR NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Medium-Term
              Dollar LIBOR Notes assumed                     $

         Principal amount of Medium-Term Dollar LIBOR
              Notes payable to Assignee                      $

MEDIUM-TERM DOLLAR FIXED RATE NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Medium-Term
              Dollar Fixed Rate Notes assumed                $

         Principal amount of Medium-Term Dollar Fixed Rate
              Notes payable to Assignee                      $

SUBORDINATED DOLLAR LIBOR NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Subordinated
              Dollar LIBOR Notes assumed                     $

         Principal amount of Subordinated Dollar LIBOR
              Notes payable to Assignee                      $

SUBORDINATED DOLLAR FIXED RATE NOTES

     Percentage interest assumed                                               %

         Outstanding principal amount of Subordinated
              Dollar Fixed Rate Notes assumed                $

         Principal amount of Subordinated Dollar Fixed
                        Rate Notes payable to Assignee       $

SUBORDINATED DOLLAR LIBOR PIK NOTE

     Percentage interest assumed                                               %

         Outstanding principal amount of Subordinated
              Dollar LIBOR PIK Note assumed                  $

         Principal amount of Subordinated Dollar LIBOR PIK
              Note payable to Assignee                       $

SUBORDINATED DOLLAR FIXED RATE PIK NOTE

     Percentage interest assumed                                               %
</TABLE>

                                  Exhibit B-7
<PAGE>

<TABLE>
<S>                                                          <C>
         Outstanding principal amount of Subordinated
              Dollar Fixed Rate PIK Note assumed             $

         Principal amount of Subordinated Dollar Fixed
              Rate PIK Note payable to Assignee              $
</TABLE>

                                  Exhibit B-8
<PAGE>

                                    EXHIBIT C

                            FORM OF ALLOCATION NOTICE

To the Holders party to the
Note Purchase Agreement referred to below

_________, 200_

                    RE: BANCO DE GALICIA Y BUENOS AIRES S.A.
                      NOTE PURCHASE AGREEMENT - ALLOCATIONS

Ladies and Gentlemen:

      Reference is made to the Note Purchase Agreement, dated as of April 27,
2004 (the "Note Purchase Agreement"), among Banco de Galicia y Buenos Aires S.A.
(the "Issuer"), the holders party thereto from time to time (the "Holders"),
Barclays Bank PLC, as Documentation Agent, and Deutsche Bank Trust Company
Americas, as Agent (the "Agent"). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in the Note
Purchase Agreement.

      This Allocation Notice is delivered pursuant to Section 2.1(d) of the Note
Purchase Agreement. The principal amount of each Holder's Long-Term Dollar LIBOR
Notes, Long-Term Dollar Fixed Rate Notes, Medium-Term Dollar LIBOR Notes,
Medium-Term Dollar Fixed Rate Notes, Subordinated Dollar LIBOR Notes,
Subordinated Dollar Fixed Rate Notes, Preferred Shares (or Preferred Shares and
the cash equivalent, if any), BODEN Tender Offer Exchange Amounts and Cash
Tender Offer Payment Amounts are set forth in the table below.

      Enclosed for your reference are the Exchange Agent's allocations of
Long-Term Dollar Notes, Medium-Term Dollar Notes, Subordinated Dollar Notes, the
Equity Participation Tender Offer, the BODEN Tender Offer and the Cash Tender
Offer and calculations of any proration factor, delivered to the Agent by the
Issuer pursuant to Section 2.1(c) of the Note Purchase Agreement.

      Also enclosed is Schedule 5.1(b)(ii) (Effective Date Interest Amounts) to
the Note Purchase Agreement and the Issuer's calculations thereof, delivered to
the Agent by the Issuer pursuant to Section 2.1(c) of the Note Purchase
Agreement.

                                   Sincerely,

                                   DEUTSCHE BANK TRUST COMPANY
                                   AMERICAS, as Agent

                                   By:
                                   Name:
                                   Title:

Enclosures

                                  Exhibit C-1
<PAGE>

cc.      [_______], Banco de Galicia y Buenos Aires S.A. Priscilla Almodovar,
         White & Case LLP

                                  Exhibit C-2
<PAGE>

                      NOTE PURCHASE AGREEMENT - ALLOCATIONS

<TABLE>
<CAPTION>
            Aggregate
        Adjusted Principal
            Amount of                                                   Medium-
        Holder's Existing     Long-Term     Long-Term   Medium-Term   Term Dollar
            Bank Debt       Dollar LIBOR  Dollar Fixed  Dollar LIBOR  Fixed Rate
Holder     Exchanged           Notes       Rate Notes     Notes         Notes
------     ---------           -----       ----------     -----         -----
<S>     <C>                 <C>           <C>           <C>           <C>
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$
               US$              US$           US$          US$            US$

<CAPTION>
                                                BODEN
                                                Tender      Cash Tender
        Subordinated  Subordinated              Offer          Offer
        Dollar LIBOR  Dollar Fixed  Preferred  Exchange       Payment
Holder     Notes      Rate Notes      Shares    Amounts        Amounts
------     -----      ----------      ------    -------        -------
<S>     <C>           <C>           <C>        <C>         <C>
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
            US$            US$                    US$           US$
</TABLE>

                                  Exhibit C-3
<PAGE>

                                   EXHIBIT D-1

                           FORM OF ARGENTINE NOTES(1)

                                     PAGARE

US$ [______________]

Buenos Aires, [__] de [______] de 20[____]

      Por igual valor recibido, pagaremos incondicionalmente a la vista a [NAME
OF LENDER], sin protesto, NO A LA ORDEN, la cantidad de Dolares Estadounidenses
[_____________] millones (US$[____________]).

      En caso de falta de pago a la fecha de presentacion de este Pagare, el
monto adeudado bajo el presente devengara un interes punitorio del [_]% ([__]
por ciento) anual hasta la fecha del efectivo pago. En caso de mora, los
intereses punitorios se capitalizaran mensualmente y seran considerados a partir
de dicha capitalizacion como capital a todos los efectos que pudieran
corresponder.

      Todos los pagos a efectuar en virtud de este pagare seran efectuados
indefectiblemente en Dolares Estadounidenses. Renunciamos en forma incondicional
e irrevocable a invocar la teoria de la imprevision y onerosidad sobreviniente
(Articulo 1198, parrafo segundo, del Codigo Civil de la Republica Argentina), u
otras defensas y/o derechos relativos a la imposibilidad de pago en Dolares
Estadounidenses (incluyendo caso fortuito y fuerza mayor).

      Todos los montos adeudados en virtud del presente Pagare seran pagados
libres de, y sin deducciones por, impuestos, tasas, gastos, derechos, y/o
retenciones, presente o futuros, de cualquier naturaleza o tipo, sean estos de
jurisdiccion nacional o provincial de la Argentina, o impuestos cobrados por
cualquier autoridad impositiva de la Argentina. En caso de ser aplicable algun
impuesto, tasa, cargo, gasto, derecho y/o retencion de la indole mencionada,
este sera pagado exclusivamente por nosotros.

      En nuestro caracter de suscriptores, hacemos constar expresamente que
ampliamos el plazo de presentacion para el pago de este pagare hasta diez (10)
anos a contar desde la fecha.

      Renunciamos expresamente e irrevocablemente a oponer la "excepcion de
arraigo" prevista en el articulo 348 del C.P.C.C.N.

      Este pagare estara sujeto a las leyes de la Republica Argentina, en
particular, al Decreto Ley N(0) 5965/63 y, en caso de ejecucion judicial, a los
tribunales Ordinarios en lo Comercial de la Ciudad de Buenos Aires. A los
efectos de la notificacion de cualquier accion o reclamo iniciado por el tenedor
contra el suscriptor con motivo de este Pagare, su validez, interpretacion,
cumplimiento y/o incumplimiento por cualquier persona y para cualesquiera otros
efectos derivados de este Pagare, por el presente constituimos domicilio en la
calle [___________], Ciudad Autonoma de Buenos Aires. En el supuesto que este
pagare o cualquiera de sus clausulas

----------
1     Separate Argentine Notes to be prepared for principal and interest,
      pursuant to Section 2.14.

                                 Exhibit D-1-1
<PAGE>

no fueren considerados un pagare bajo los terminos del Decreto Ley N(0) 5965/63
o aptas para ser contenidas en un pagare, respectivamente, el pagare o la
clausula en cuestion, segun corresponda, seran considerados como un
reconocimiento de deuda por nosotros con efectos de titulo ejecutivo que trae
aparejada su ejecucion en los terminos de los articulos 520 y 523 del Codigo
Procesal Civil y Comercial de la Nacion a cuyos efectos se procede a certificar
la firma del suscriptor con el fin de otorgarle fecha cierta al presente
instrumento.

                       Lugar de pago: [ADDRESS OF LENDER].

                                          BANCO DE GALICIA Y BUENOS AIRES S.A.

                                          Por: _________________________________
                                          Nombre:
                                          Cargo:

                                 Exhibit D-1-2
<PAGE>

                                   EXHIBIT D-2

                               FORM OF U.S. NOTES

US$[__________]                                           Dated: _______________

New York, New York

      FOR VALUE RECEIVED, the undersigned, BANCO DE GALICIA Y BUENOS AIRES S.A.,
a sociedad anonima organized under the laws of the Republic of Argentina (the
"Issuer"), HEREBY PROMISES TO PAY to the order of [NAME OF HOLDER] or its
registered assigns (the "Holder"), the principal amount of US$[_________]
pursuant to the terms of that certain the Note Purchase Agreement, dated as of
April 27, 2004, among the Issuer, Barclays Bank PLC, as documentation agent,
Deutsche Bank Trust Company Americas, as agent, and the noteholders party
thereto (as amended, amended and restated, supplemented or otherwise modified
from time to time, the "Agreement"). Terms defined in the Agreement, unless
otherwise defined herein, are being used herein as therein defined. In the event
of any conflict between the terms specified herein and in the Agreement, the
terms of the Agreement shall govern.

      The Issuer promises to pay interest on the unpaid principal amount of the
Holder's [Long-Term Dollar LIBOR Note][Long-Term Dollar Fixed Rate
Note][Medium-Term Dollar LIBOR Note][Medium-Term Dollar Fixed Rate
Note][Subordinated Dollar LIBOR Note][Subordinated Dollar Fixed Rate
Note][Subordinated Dollar PIK LIBOR Note][Subordinated Dollar PIK Fixed Rate
Note] from the date of such [Long-Term Dollar LIBOR Note][Long-Term Dollar Fixed
Rate Note][Medium-Term Dollar LIBOR Note][Medium-Term Dollar Fixed Rate
Note][Subordinated Dollar LIBOR Note][Subordinated Dollar Fixed Rate
Note][Subordinated Dollar PIK LIBOR Note][Subordinated Dollar PIK Fixed Rate
Note] until such principal amount is paid in full, at such interest rates, and
payable at such times, as are specified in the Agreement.

      Both principal and interest are payable in lawful money of the United
States of America to Deutsche Bank Trust Company Americas, as Agent, at the
Agent's Account in same day funds.

      This U.S. Note is one of the U.S. Notes referred to in, and is entitled to
the benefits of, the Agreement. The Agreement, among other things contains
provisions for acceleration of the maturity hereof upon the happening of certain
stated events and also for prepayments on account of principal hereof prior to
the maturity hereof upon the terms and conditions therein specified.

      The Issuer waives diligence, presentment, protest, demand and notice of
every kind and, to the full extent permitted by law, the right to plead any
statute of limitations as a defense to any demand hereunder that is made in
accordance with the terms of the Agreement.

      This U.S. Note shall be governed by, and construed in accordance with, the
law of the State of New York.

      IN WITNESS WHEREOF, the Issuer has caused this U.S. Note to be duly
executed and delivered as of the date and year first above written.

                                 Exhibit D-2-1
<PAGE>

                                        BANCO DE GALICIA Y BUENOS AIRES S.A.

                                        By: ____________________________________
                                        Name:
                                        Title:

                                 Exhibit D-2-2
<PAGE>

                                   EXHIBIT E

                                ELECTION BALLOT

Banco de Galicia y Buenos Aires S.A.  Barclays Bank PLC, as Docum entation Agent
Tte, Gral. J.D. Peron 407 Piso 2      200 Park Avenue
Buenos Aires, Argentina (1038)        New York, NY 10166
                                      Attention: Maria Justo
                                      +1(212) 412-3980 (Direct)
Ladies and Gentlemen:                 +1(212) 412-4000 (Switchboard)
                                      +1(212) 412-5660 or 5661 (Fax)
                                      maria.justo@barcap.com

This Election Ballot is delivered by the undersigned lender in connection with
the bank debt restructuring of Banco de Galicia y Buenos Aires S.A. (the
"Borrower") as outlined in the Summary of Terms and Conditions of Proposed
Restructuring Transactions, dated March 9, 2004 (the "Term Sheet"). As part of
its bank debt restructuring, the Borrower is offering to exchange the
outstanding principal amount of its existing bank debt listed below for the Par
Package, which at a lender's election may be exchanged for any one or more of
Cash Tender Offer, BODEN Tender Offer, Long Term Instrument Tender Offer, Equity
Participation Tender Offer and New Money Option, as set forth below. Capitalized
terms used here in that are not otherwise defined shall have the meaning
assigned to such terms in the Term Sheet.

I   -    Aggregate Principal Amount of lender's existing debt elected to be
         exchanged for Par Package in the INITIAL EXCHANGE:      US$___________*

         Please indicate which loan facility the lender's existing debt is
         issued under:

<TABLE>
<S>                                                                      <C>
Assigned participation of IFC Loan Agreement .........................   US$_____________
Assigned participation of IIC Loan Agreement .........................   US$_____________
CCC Export Guarantee Program .........................................   US$_____________
Santander Central Hispano/MIGA facilities ............................   US$_____________
Bank of America lead Commercial Paper Program ........................   US$_____________
JP Morgan lead commercial Paper Program ..............................   US$_____________
Other: (Describe_____________________) ...............................   US$_____________
</TABLE>

* THE PRINCIPAL AMOUNT WILL BE INCREASED BY ACCRUED AND UNPAID INTEREST,
CALCULATED AT 4.75% PER ANNUM, FROM MAY 1, 2002 THROUGH DECEMBER 31, 2003. THE
DOCUMENTATION AGENT WILL ASSUME THAT SUCH ACCRUED AND UNPAID INTEREST WILL BE
TENDERED IN THE SAME PROPORTIONS AS THE PRINCIPAL AMOUNT OF OUTSTANDING DEBT.

II  -    If you are electing to participate in the SIMULTANEOUS EXCHANGE,
         indicate aggregate principal amount of existing debt elected to be
         exchanged for any one or more of the various options. The dollar
         amounts should equal in the aggregate, the dollar amount tendered in
         the initial Exchange and indicated in Section I above. If you are
         electing to participate in the ALTERNATIVE SIMULTANEOUS EXCHANGE, fill
         in the percentages of the various options that you wish to receive if
         your choice(s) under the Simultaneous Exchange are oversubscribed. The
         percentages you fill in should add up to 100%. PLEASE NOTE THAT ANY
         AMOUNT NOT ACCEPTED FOR EXCHANGE INTO THE OPTION OF YOUR CHOICE BECAUSE
         SUCH OPTION IS OR BECOMES OVERSUBSCRIBED WILL BE EXCHANGED FOR PAR
         PACKAGE.

<TABLE>
<CAPTION>
                 SIMULTANEOUS EXCHANGE                                       ALTERNATIVE SIMULTANEOUS EXCHANGE
--------------------------------------------------------     --------------------------------------------------------------
AMOUNT ELECTED TO BE EXCHANGED FOR:                          AMOUNT ELECTED TO BE EXCHANGED FOR:

                                                                                      LONG
                                                              CASH      BODEN         TERM           EQUITY           NEW
                                                             TENDER    TENDER      INSTRUMENT     PARTICIPATION      MONEY
                                                              OFFER     OFFER     TENDER OFFER    TENDER OFFER      OPTION
<S>                                  <C>                     <C>       <C>        <C>             <C>               <C>
CASH TENDER OFFER                    US$________________           X   _______%      _______%        _______%       _______%

BODEN TENDER OFFER                   US$________________     _______%        X       _______%        _______%       _______%

LONG TERM INSTRUMENT TENDER OFFER    US$________________     _______%  _______%            X         _______%       _______%

EQUITY PARTICIPATION TENDER OFFER    US$________________     _______%  _______%      _______%              X        _______%

NEW MONEY OPTION                     US$________________     _______%  _______%      _______%        _______%             X
</TABLE>

<TABLE>
<S>                                                            <C>                           <C>
III - Indicate type of instruments you would like to receive:  [ ] BONDS UNDER AN INDENTURE  [ ] NOTE UNDER A LOAN-STYLE AGREEMENT
</TABLE>

         If you elected to receive your New Instruments IN THE FORM OF BONDS
         UNDER AN INDENTURE, complete the following for purposes of delivery of
         the New Instruments:

<TABLE>
<S>                                                      <C>
Euroclear/Clearstream Account Number:_______________

Custodial Bank Name:________________________________     Custodial Bank Contact Person:__________

Custodial Bank Contact Telephone Number:____________     Email Address:__________________________
</TABLE>

                                  Exhibit E-1
<PAGE>

      If you elected to receive your New Instruments IN THE FORM OF NOTES UNDER
      A LOAN-STYLE AGREEMENT, indicate the interest rate election for all of
      your instruments to be received:

            LONG TERM INSTRUMENT        [ ] FLOATING RATE         [ ] FIXED RATE

            MEDIUM TERM INSTRUMENT      [ ] FLOATING RATE         [ ] FIXED RATE

            SUBORDINATED INSTRUMENT     [ ] FLOATING RATE         [ ] FIXED RATE

IV  - If you elected the NEW MONEY OPTION, indicate the type of trade
      financing to provide:

            [ ] LETTER OF CREDIT    [ ] ADVANCES FOR TRADE LINES      [ ]  BOTH

V   - If you elected to receive your New Instruments IN THE FORM OF BONDS
      UNDER AN INDENTURE of if you elected to participate in the EQUITY
      PARTICIPATION TENDER OFFER, you must certify whether you are:

            [ ] a "qualified institutional buyer" as that term is defined in
                Rule 144A under the Securities Act (a QIB);*

            [ ] not in the United States (as contemplated in Rule 903(a)(1) of
                Regulation S under the Securities Act) and are not a U.S. person
                (as defined in Rule 902(o) of Regulation S under the
                Securities Act) (each a "Regulation S investor"), or

            [ ] a dealer or other professional fiduciary organized,
                incorporated, or (if an individual) resident in the United
                States holding a discretionary account or similar account (other
                than an estate or trust) for the benefit or account of a
                non-U.S. person (as contemplated by Rule 903(a)(1) or Regulation
                S under the Securities Act) (each a "Regulation S investor").

            *IF YOU ARE A QIB THAT ELECTED TO PARTICIPATE IN THE EQUITY
            PARTICIPATION TENDER OFFER, YOU MUST EXECUTE AND DELIVER TO GRUPO
            GALICICA IN INVESTOR LETTER WHICH MAY BE OBTAINED FROM THE
            DOCUMENTATION AGENT, AND WHICH SETS FORTH CERTAIN ADDITIONAL
            REPRESENTATIONS, RESTRICTIONS AND PROCEDURES REGARDING THE TRANSFER
            OF ANY PREFERRED SHARES HELD BY YOU. YOU WILL RECEIVE "RESTRICTED"
            PREFERRED SHARES, WHICH WILL BE DELIVERED IN DEFINITIVE FORM ONLY
            IN THE NAME AND TO THE ADDRESS YOU INDICATE TO THE DOCUMENTATION
            AGENT.

VI  - If you elected to participate in the EQUITY PARTICIPATION TENDER OFFER,
      you hereby acknowledge that the Borrower shall; (1) transfer Subordinated
      Instruments that would otherwise be delivered to you as part of the Par
      Package to the trust (the "Trust") established pursuant to a trust
      agreement, to be entered into on or prior to the Expiration Date, between
      First Trust of New York, N.A., Argentine Parmanent Representation acting
      solely as trustee (the "Trustee"), and the Borrower, as settlor, in order
      that the Trustee (1) subscribes the Preferred Shares pursuant to an
      assignment agreement to be entered into on or prior to the Expiration
      Date, among the Trustee, EBA Holding S. A. and other shareholders of Grupo
      Galicia, and to a subscription agreement to be entered into on or prior to
      the Expiration Date, between the Trustee and Grupo Galicia, and (2)
      transfers the relevant Preferred Shares to you as beneficiary of the
      Trust, and (ii) sell to Grupo Galicia the remaining Subordinated
      Instruments that would be delivered to you as part of the Par Package, at
      no more than US$ 0.73 per Subordinated Instrument, pursuant to the terms
      of a purchase agreement, to be entered into on or prior to the Expiration
      Date, between the Borrower and Grupo Galicia, and transfer such cash to
      you in exchange for the Preferred Shares you would otherwise have
      received.

VII - By submitting the Election Ballot, and subject to and effective upon
      delivery by the Borrower of the New Instruments, cash, BODEN and Preferred
      Shares, as the case may be, in the Bank Exchange in exchange for the
      Restructured Debt tendered herewith, except as set forth in the loan
      agreement or note purchase agreement relating to the New Instruments, you
      hereby:

      (i)   irrevocably sell, assign and transfer to or upon the Borrower's
            order or the order of its nominee, all right, title and interest in
            and to, and any and all claims in respect of or arising or having
            arisen as a result of your status as a holder of, all Restructured
            Debt tendered hereby, such that hereafter you shall have no
            contractual or other rights or claims in law or equity against the
            Borrower or any fiduciary, trustee, agent or other person connected
            with the Restructured Debt arising under, from or in connection with
            such Restructured Debt;

      (ii)  waive any and all rights with respect to the Restructured Debt
            tendered hereby (including, without limitation, any existing, past
            or continuing defaults and their consequences in respect of such
            Restructured Debt); and

      (iii) release and discharge the Borrower, its affiliates and the agents
            under any existing loan facility of the Borrower, and any agents of
            the new loand facilities or note purchase facilities pursuant to
            which the New Instruments will be delivered, from any and all claims
            you may have, now or in the future, arising out of or related to the
            Restructured Debt tendered hereby, including, without limitation,
            any claims that you are entitled to receive any accrued interest or
            any other payment with respect to the existing debt tendered hereby
            or to participate in any redemption or defeasance of the
            Restructured Debt tendered hereby.

<TABLE>
<S>                                                            <C>                   <C>
VIII - Please indicate if you vote in favor of the APE:        [ ] In favor of APE   [ ] Not in favor of APE
</TABLE>

      If you vote in favor of the APE, please return to the Documentation Agent
      the signature page to the APE with this Election Ballot.

_______________________________, 2004

The Documentation Agent will determine, in its sole discretion, all questions as
to the validity, form, eligibility (including the time of receipt), assignment
and acceptance of any Election Ballot and its determination shall be final and
binding on all parties. The Documentation Agent reserves the absolute right to
reject any and all tenders of Restructured Debt via Election Ballot determined
by it not to be in the proper form of the acceptance of or payment for which may
be unlawful. No tender of Restructured Debt will be deemed to have been validly
made until all defects and irregularities have been cured or waived. Unless
wanted, all defects or irregularities in connection with tenders must be cured
within such time as the Documentation Agent shall determine. Upon notice from
the Documentation Agent (which may be delivered by telephone, fax, letter or
email), the Participating Creditor shall have one business day to respond to
such notice. Silence may be interpreted by the Documentation Agent as a grant or
power to the Documentation Agent to, in its sole discretion, determine the
reasonable response to the notice. The Documentation Agent is not obligated to
give notice of defects or irregularities in tenders, nor shall the Documentation
Agent incur any liability for failure to give or for delay in giving any such
notice.

_____________________________________, as Lender
    (Name of Lender)

By ____________________________________________________
    Name:
    Title:

By ____________________________________________________
    Name:
    Title:

Address: ______________________________________________
_______________________________________________________
_______________________________________________________
Telephone: ____________________________________________

                                      -2-

                                  Exhibit E-2
<PAGE>

                                    EXHIBIT F

                           FORM OF CLOSING CERTIFICATE

                              OFFICER'S CERTIFICATE

            I, [_______________], the [________________] of Banco de Galicia y
Buenos Aires S.A., a sociedad anonima organized under the laws of the Republic
of Argentina (the "Company"), do hereby certify on behalf of the Company that:

            1.    This Certificate is furnished pursuant to (i) the Amended and
Restated Long-Term Loan Agreement, dated as of April 27, 2004 between the
Company and the International Finance Corporation ("IFC") (the "IFC Long-Term
Loan Agreement"), (ii) the Amended and Restated Medium-Term Loan Agreement,
dated as of April 27, 2004 between the Company and IFC (the "IFC Medium-Term
Loan Agreement"), (iii) the Amended and Restated Subordinated Loan Agreement,
dated as of April 27, 2004 between the Company and IFC (the "IFC Subordinated
Loan Agreement"), (iv) the Amended and Restated Long-Term Loan Agreement, dated
as of April 27, 2004 between the Company and the Inter-American Investment
Corporation ("IIC") (the "IIC Long-Term Loan Agreement"), (v) the Amended and
Restated Medium-Term Loan Agreement, dated as of April 27, 2004 between the
Company and IIC (the "IIC Medium-Term Loan Agreement"), (vi) the Amended and
Restated Subordinated Loan Agreement, dated as of April 27, 2004 between the
Company and IIC (the "IIC Subordinated Loan Agreement"), (vii) the Note Purchase
Agreement, dated as of April 27, 2004 among the Company, Barclays Bank PLC, as
documentation agent ("NPA Documentation Agent"), Deutsche Bank Trust Company
Americas, as agent ("NPA Agent"), and the noteholders party thereto (the "Note
Purchase Agreement"), (viii) the Dollar Loan Agreement, dated as of April 27,
2004 between the Company and the Commodity Credit Corporation, as initial sole
lender and agent ("CCC") (the "CCC Loan Agreement"), and (ix) the Trade Credit
Agreement dated as of April 27, 2004, by and among the Company, Barclays Bank
PLC, as documentation agent ("TCA Documentation Agent"), Deutsche Bank Trust
Company Americas, as agent ("TCA Agent"), the issuing bank party thereto and the
lenders party thereto (the "Trade Credit Agreement", and collectively with the
IFC Long-Term Agreement, the IFC Medium-Term Agreement, the IFC Subordinated
Loan Agreement, the IIC Long-Term Agreement, the IIC Medium-Term Agreement, the
IIC Subordinated Loan Agreement, the Note Purchase Agreement and the CCC Loan
Agreement, the "Agreements"). Unless otherwise defined herein, capitalized terms
used in this Certificate shall have the respective meanings set forth in the
Agreements.

            2.    A true and complete copy of the Charter of the Company,
together with all amendments to date, certified by the Inspeccion General de
Justicia, is attached hereto as Exhibit A. The Charter is in full force and
effect on this date. No action has been taken by the board of directors of the
Company or, to my knowledge, the stockholders of the Company for the purpose of
effecting any further amendment to or modification of such Charter.

                                  Exhibit F-1

<PAGE>

            3.    True and correct copies of resolutions duly adopted by the
board of directors of the Company on [_______], 2004, at meetings at which a
quorum was present and acting throughout, are attached hereto as Exhibit B (the
"Resolutions"). Such Resolutions constitute the only actions taken by the
Company's board of directors or any committee thereof relating to the execution,
delivery or performance of the Agreements and any other Transaction Documents,
have not been amended, modified or rescinded and are in full force and effect on
the date hereof.

            4.    On or prior to the date hereof, the Company has obtained, and
provided to the IFC, IIC, the NPA Documentation Agent, the NPA Agent, CCC, the
TCA Documentation Agent and the TCA Agent copies of all Authorizations required
in connection with the execution, delivery and performance of each of the
Financing Agreements (with respect to each Agreement) (except Authorizations
from the Central Bank that may become necessary for the Company to make
prepayments in accordance with the provisions of the Agreements).

            5.    On the date hereof, the Company, and each of its Subsidiaries,
(i) are not engaged in, nor, to the best of their knowledge, after due inquiry
threatened by, any litigation, arbitration or administrative proceedings, the
outcome of which has had or could reasonably be expected to have a Material
Adverse Effect; (ii) have not requested a moratorium or suspension of payment of
debts from any court; (iii) have not instituted proceedings or taken any form of
corporate action to be liquidated, adjudicated bankrupt or insolvent; (iv) have
not consented to the institution of bankruptcy or insolvency proceedings against
it; (v) have not filed a petition or answer or consent seeking reorganization or
relief under any Applicable Law or consented to the filing of any such petition
or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator
(or other similar official) of them or of any substantial part of their
respective property; and (vi) have not made a general assignment for the benefit
of their respective creditors.

            6.    On the date hereof, (i) there is not in effect any statute,
regulation, order, decree or judgment of any Authority that makes illegal or
enjoins or prevents the consummation of the transactions contemplated by the
Agreements or any other Transaction Document and (ii) no action or proceeding
has been commenced or, to the best knowledge of the Company, threatened, that
seeks to prevent or enjoin any transactions contemplated by the Agreements or
any other Transaction Document.

            7.    On the date hereof, the representations and warranties of the
Company set forth in the Agreements are true and correct with the same effect as
though such representations and warranties had been made on and as of the date
hereof.

            8.    On the date hereof, no Event of Default and no Potential Event
of Default has occurred and is continuing except for those that may occur if the
restructuring contemplated by the Agreements, or in any other Transaction
Document, does not become effective in accordance with the terms and conditions
set forth in the respective Transaction Documents.

            9.    On the date hereof, the exchange contemplated in the Bond
Exchange Offer has been completed.

                                  Exhibit F-2

<PAGE>

            10.   On the date hereof, the Company's assets and business
operations have been insured in accordance with the Agreements.

            11.   The Effective Date of each of the Agreements is the date
hereof.

                                  Exhibit F-3

<PAGE>

            IN WITNESS WHEREOF, I have hereunto signed my name as of this ____
day of May, 2004.

                                           BANCO DE GALICIA Y BUENOS AIRES S.A.

                                           By:    _____________________________
                                           Name:  _____________________________
                                           Title: _____________________________

                  I, _____________________________, do hereby certify that:

            1.    I am the duly elected, qualified and acting
_____________________________ of the Company.

            2.    _____________________________ is the duly elected, qualified
and acting _____________________________ of the Company, and the signature
appearing above is such person's true and genuine signature.

            In Witness Whereof, I have hereunto signed my name as of this ___
day of May, 2004.

                                            BANCO DE GALICIA Y BUENOS AIRES S.A.

                                            By:    ____________________________
                                            Name:  ____________________________
                                            Title: ____________________________

                                  Exhibit F-4

<PAGE>

                                    EXHIBIT G

                 FORM OF CERTIFICATE OF INCUMBENCY AND AUTHORITY

Deutsche Bank Trust Company Americas
Attn.: Dorothy Robinson
60 Wall Street
New York, NY  10005

                              Officers' Certificate

Dear Sirs,

            With reference to the Note Purchase Agreement among us, Barclays
Bank PLC, as documentation agent ("Documentation Agent"), Deutsche Bank Trust
Company Americas, as agent ("Agent"), and the holders party thereto ("Holders"),
dated as of April 27, 2004 (the "Note Purchase Agreement"), I, the undersigned
[Chairman/Director/Senior Executive Vice President] of Banco de Galicia y Buenos
Aires S.A. (the "Company"), duly authorized to do so, hereby certify that the
following are the names, offices and true specimen signatures of the persons
[each] [any two] of whom are, and will continue to be, authorized:

            (a)   to sign any certification provided for in the Note Purchase
Agreement and other agreement or document in connection therewith or in relation
thereto; and

            (b)   to take any other action required or permitted to be taken,
done, signed or executed under the Note Purchase Agreement or any other
agreement or document to which any of the Documentation Agent, the Agent and any
of the Holders and the Company may be parties.

<TABLE>
<CAPTION>
*Name                          Office                  Specimen Signature
 ----                          ------                  ------------------
<S>                            <C>                     <C>
---------------------          --------------------    -----------------------
---------------------          --------------------    -----------------------
---------------------          --------------------    -----------------------
---------------------          --------------------    -----------------------
</TABLE>

-------------------------
*        Designations may be changed by the Issuer at any time by issuing a new
         Certificate of Incumbency and Authority authorized by the Board of
         Directors of the Issuer where applicable.

                                  Exhibit G-1

<PAGE>

            You may assume that any such person continues to be so authorized
until you receive authorized written notice from the Company that they, or any
of them, is no longer so authorized.

                               Yours truly,

                               BANCO DE GALICIA Y BUENOS AIRES S.A.

                               By ______________________________________________
                                      [Chairman/Director/Senior Executive Vice
                                      President]

                                  Exhibit G-2

<PAGE>

                                    EXHIBIT H

                          FORM OF PROCESS AGENT LETTER

                              [CT Corp Letterhead]

                                                                  April 27, 2004

Banco de Galicia y Buenos Aires S.A.
Tte. Gral. Juan D. Peron 407, 2 degrees Piso
(C1038AAI) Buenos Aires
Argentina

            Re: BANCO DE GALICIA Y BUENOS AIRES S.A.

Gentlemen:

            Reference is made to (a) the Note Purchase Agreement (the "Note
Purchase Agreement"), dated April 27, 2004 among Banco de Galicia y Buenos Aires
S.A. (the "Issuer"), Barclays Bank PLC, as Documentation Agent and Deutsche Bank
Trust Company Americas, as Agent and (b) the Notes issued pursuant to the Note
Purchase Agreement (the "Notes") (collectively, the "Financing Agreements").

            Pursuant to Section 9.10 of the Agreement, "the Issuer hereby
irrevocably appoints CT Corporation System (the "Process Agent") with an office
on the date hereof at 111 Eighth Avenue, New York, New York 10011, United
States, as its agent to receive on behalf of the Issuer and its property service
of copies of the summons and complaint and any other process which may be served
in any such action or proceeding arising out of or relating to this Agreement or
any other Financing Agreement governed by New York law. Such service may be made
by mailing or delivering a copy of such process to the Issuer in care of the
Process Agent at the Process Agent's above address, and the Issuer hereby
irrevocably authorizes and directs the Process Agent to accept such service on
its behalf."

            The Process Agent hereby accepts such irrevocable appointment as
agent and agrees that it (i) shall maintain an office in the City of New York
and shall inform the Issuer promptly in writing of any change of its address in
the City of New York (such address presently being 111 Eighth Avenue, New York,
New York 10011), (ii) shall perform its obligations as agent in accordance with
the applicable provisions of the Note Purchase Agreement, (iii) shall forward
promptly, by courier, to the Issuer, at its address set forth in the attachment
hereto, a copy of any legal process, summons, notice or document received by the
Process Agent in its capacity as agent of the Issuer, and (iv) shall not
terminate its agency under the Note Purchase Agreement until January 1, 2020, or
if all of the obligations of the Issuer under the Note Purchase Agreement have
been satisfied prior to January 1, 2020, one calendar year after such
obligations have been satisfied.

            By its acceptance hereof, the Process Agent and its successors agree
to discharge the above-mentioned obligations and will not refuse fulfillment of
such obligations under the Note Purchase Agreement and under this letter
agreement.

                                          CT CORPORATION SYSTEM

                                          By:_________________________________
                                          Name:
                                          Title:

                                  Exhibit H-1

<PAGE>

                    SCHEDULE TO GALICIA PROCESS AGENT LETTER

Address for notices:

            BANCO DE GALICIA Y BUENOS AIRES S.A.
            Tte. General Juan D. Peron 407, 2 degrees Piso
            (C1038AAI) Buenos Aires
            Republic of Argentina

            Facsimile:  (+54 11) 3329-6429
            Attention:  Carlos Lopez

with a copy to:

            WHITE & CASE LLP
            1155 Avenue of the Americas
            New York, NY  10036

            Facsimile:  (+1 212) 354-8113
            Attention:  Priscilla Almodovar

                                  Exhibit H-2

<PAGE>

                                    EXHIBIT I

                          FORM OF AUDITOR AUTHORIZATION

                         [BANCO DE GALICIA'S LETTERHEAD]

[NAME OF AUDITING COMPANY]
[ADDRESS]

Dear [SHORT NAME OF AUDITING COMPANY],

Relating to [SHORT NAME OF AUDITING COMPANY]'s auditing of Banco de Galicia y
Buenos Aires S.A. ("Client"), the Client authorizes [SHORT NAME OF AUDITING
COMPANY] ("Auditors"), to meet and communicate directly upon the written request
of any representative of the International Finance Corporation, the
Inter-American Investment Corporation, the Commodity Credit Corporation, the
Agent under the Trade Credit Agreement, dated April 27, 2004 or the Agent under
the Note Purchase Agreement, dated April 27, 2004 ("Recipients"), regarding the
Client's accounts, operations, affairs and finances; provided, however, that we
are given prior written notice of, and are entitled to participate in, any
meetings or oral communication between the Auditors, on the one hand, and any
officer or representative of the Recipients on the other. The Client
acknowledges and agrees that it acquires no new rights against the Auditors as a
result of the Recipients' review.

Regarding the Auditors' cooperation, neither the Auditors, its affiliated firms
nor any of the Auditors' nor such affiliated firms' respective directors,
officers, managers, partners, participating principals, national directors,
employees, representatives or similar persons will have any liability of any
kind, and shall have no liability for any consequential, special, incidental or
exemplary damages; the foregoing shall apply regardless of the theory of relief
asserted (including negligence of the Auditors or others) and even if the
Auditors is advised of the possibility of such damage or loss.

Client also acknowledges that it (and not the Auditors) is solely responsible
for determining the applicability of any tax advisor privilege, attorney-client
privilege or other privilege or similar rule (e.g., the work product rules) to
the above-mentioned information and for otherwise managing the establishment and
maintenance of any such privilege or protection and for considering possible
waiver thereof (and for involving legal counsel as necessary). The Client
further acknowledges that the Auditors reserves the right to withhold from
disclosure any information that the Auditors in its discretion determines is
proprietary or confidential to the Auditors.

Very truly yours,

Banco de Galicia y Buenos Aires S.A. "Client"

By: ____________________________________________________
       (Authorized Officer)

________________________________________________________
Title                        Date

                                  Exhibit I-1

<PAGE>

Acknowledged and Agreed:

[NAME OF AUDITING COMPANY]

By:    __________________________
       Name:
       Title:

                                  Exhibit I-2FORM OF INDENTURE

 

EXHIBIT 4.1
 

INDENTURE

Among

APOGENT TECHNOLOGIES INC.,

FISHER SCIENTIFIC INTERNATIONAL INC.,

and

THE BANK OF NEW YORK, as Trustee

FLOATING RATE CONVERTIBLE SENIOR DEBENTURES

DUE 2033

Dated as of August [3] , 2004

 

 

CROSS REFERENCE TABLE*

	 	 	 
	Trust Indenture	 	Indenture
	Act Section
	 	Section

	310(a)(1)
	 	5.11
	(a)(2)
	 	5.11
	(a)(3)
	 	n/a
	(a)(4)
	 	n/a
	(a)(5)
	 	5.11
	(b)
	 	5.3; 5.11
	(c)
	 	n/a
	311(a)
	 	5.12
	(b)
	 	5.12
	(c)
	 	n/a
	312(a)
	 	2.10
	(b)
	 	14.3
	(c)
	 	14.3
	313(a)
	 	5.7
	(b)(1)
	 	n/a
	(b)(2)
	 	n/a
	(c)
	 	n/a
	(d)
	 	n/a
	314(a)
	 	9.4
	(b)
	 	n/a
	(c)(1)
	 	n/a
	(c)(2)
	 	n/a
	(c)(3)
	 	n/a
	(d)
	 	n/a
	(e)
	 	n/a
	(f)
	 	n/a
	315(a)
	 	5.2
	(b)
	 	5.2; 5.6
	(c)
	 	5.2
	(d)
	 	5.2
	(e)
	 	4.14
	316(a)(last sentence)
	 	n/a
	(a)(1)(A)
	 	n/a
	(a)(1)(B)
	 	n/a
	(a)(2)
	 	n/a
	(b)
	 	n/a

i

 

	 	 	 
	Trust Indenture	 	Indenture
	Act Section
	 	Section

	317(a)(1)
	 	n/a
	(a)(2)
	 	n/a
	(b)
	 	n/a
	318(a)
	 	n/a

“n/a” means not applicable.

*This Cross Reference Table shall not, for any purpose, be deemed to be a part
of the Indenture.

ii

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page

	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	Section 1.1
	 	Definitions	 	 	1	 
	Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	 	 	15	 
	Section 1.3
	 	Rules of Construction	 	 	15	 
	ARTICLE 2 THE SECURITIES	 	 	16	 
	Section 2.1
	 	Title and Terms	 	 	16	 
	Section 2.2
	 	Form of Securities.	 	 	18	 
	Section 2.3
	 	Legends	 	 	19	 
	Section 2.4
	 	Execution, Authentication, Delivery and Dating of the Securities	 	 	23	 
	Section 2.5
	 	Registrar, Paying Agent and Calculation Agent	 	 	24	 
	Section 2.6
	 	Paying Agent to Hold Assets in Trust	 	 	25	 
	Section 2.7
	 	General Provisions Relating to Registration, Transfer and Exchange	 	 	25	 
	Section 2.8
	 	Book-Entry Provisions for the Global Securities	 	 	26	 
	Section 2.9
	 	[Reserved]	 	 	28	 
	Section 2.10
	 	Holder Lists	 	 	28	 
	Section 2.11
	 	Persons Deemed Owners.	 	 	28	 
	Section 2.12
	 	Mutilated, Destroyed, Lost or Stolen Securities	 	 	29	 
	Section 2.13
	 	Treasury Securities	 	 	29	 
	Section 2.14
	 	Temporary Securities	 	 	30	 
	Section 2.15
	 	Cancellation	 	 	30	 
	Section 2.16
	 	CUSIP Numbers	 	 	30	 
	Section 2.17
	 	Defaulted Interest	 	 	31	 
	ARTICLE 3 DISCHARGE OF INDENTURE	 	 	31	 
	Section 3.1
	 	Discharge of Liability on Securities	 	 	31	 
	Section 3.2
	 	Repayment to the Company	 	 	31	 
	ARTICLE 4 DEFAULTS AND REMEDIES	 	 	32	 
	Section 4.1
	 	Events of Default	 	 	32	 
	Section 4.2
	 	Acceleration of Maturity; Rescission and Annulment	 	 	34	 
	Section 4.3
	 	Other Remedies	 	 	34	 
	Section 4.4
	 	Waiver of Past Defaults	 	 	35	 
	Section 4.5
	 	Control by Majority	 	 	36	 
	Section 4.6
	 	Limitation on Suit	 	 	36	 
	Section 4.7
	 	Unconditional Rights of Holders to Receive Payment and to Convert	 	 	37	 
	Section 4.8
	 	Collection of Indebtedness and Suits for Enforcement by the Trustee	 	 	37	 
	Section 4.9
	 	Trustee May File Proofs of Claim	 	 	38	 
	Section 4.10
	 	Restoration of Rights and Remedies	 	 	39	 
	Section 4.11
	 	Rights and Remedies Cumulative.	 	 	39	 
	Section 4.12
	 	Delay or Omission Not Waiver	 	 	39	 
	Section 4.13
	 	Priorities	 	 	39	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page

	Section 4.14
	 	Undertaking for Costs	 	 	40	 
	Section 4.15
	 	Waiver of Stay or Extension Laws	 	 	40	 
	ARTICLE 5 THE TRUSTEE	 	 	40	 
	Section 5.1
	 	Certain Duties and Responsibilities	 	 	40	 
	Section 5.2
	 	Certain Rights of Trustee	 	 	42	 
	Section 5.3
	 	Individual Rights of Trustee	 	 	43	 
	Section 5.4
	 	Money Held in Trust	 	 	43	 
	Section 5.5
	 	Trustee’s Disclaimer	 	 	43	 
	Section 5.6
	 	Notice of Defaults	 	 	44	 
	Section 5.7
	 	Reports by Trustee to Holders	 	 	44	 
	Section 5.8
	 	Compensation and Indemnification	 	 	44	 
	Section 5.9
	 	Replacement of Trustee	 	 	45	 
	Section 5.10
	 	Successor Trustee by Merger, Etc.	 	 	46	 
	Section 5.11
	 	Corporate Trustee Required; Eligibility	 	 	46	 
	Section 5.12
	 	Collection of Claims Against the Company	 	 	46	 
	ARTICLE 6 CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	 	47	 
	Section 6.1
	 	Company May Consolidate, Etc., Only on Certain Terms	 	 	47	 
	Section 6.2
	 	Successor Corporation Substituted	 	 	48	 
	ARTICLE 7 AMENDMENTS, SUPPLEMENTS AND WAIVERS	 	 	48	 
	Section 7.1
	 	Without Consent of Holders of Debentures	 	 	48	 
	Section 7.2
	 	With Consent of Holders of Debentures	 	 	49	 
	Section 7.3
	 	Compliance with Trust Indenture Act	 	 	50	 
	Section 7.4
	 	Revocation of Consents and Effect of Consents or Votes	 	 	50	 
	Section 7.5
	 	Notation on or Exchange of Debentures	 	 	51	 
	Section 7.6
	 	Trustee to Sign Amendment, Etc.	 	 	51	 
	ARTICLE 8 MEETING OF HOLDERS OF DEBENTURES	 	 	51	 
	Section 8.1
	 	Purposes for Which Meetings May Be Called	 	 	51	 
	Section 8.2
	 	Call Notice and Place of Meetings	 	 	52	 
	Section 8.3
	 	Persons Entitled to Vote at Meetings	 	 	52	 
	Section 8.4
	 	Quorum; Action	 	 	52	 
	Section 8.5
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	 	 	53	 
	Section 8.6
	 	Counting Votes and Recording Action of Meetings	 	 	54	 
	ARTICLE 9 COVENANTS	 	 	54	 
	Section 9.1
	 	Payment of Principal, Redemption Price, Repurchase Price and Interest	 	 	54	 
	Section 9.2
	 	Maintenance of Offices or Agencies	 	 	55	 
	Section 9.3
	 	Corporate Existence	 	 	55	 
	Section 9.4
	 	Reports	 	 	55	 
	Section 9.5
	 	Compliance Certificate.	 	 	56	 
	Section 9.6
	 	Resale of Certain Shares of Common Stock	 	 	56	 

iv

 

	 	 	 	 	 	 	 
	 	 	 	 	Page

	Section 9.7
	 	Tax Treatment of Debentures	 	 	57	 
	ARTICLE 10 REDEMPTION OF DEBENTURES	 	 	57	 
	Section 10.1
	 	Optional Redemption	 	 	57	 
	Section 10.2
	 	Notice to Trustee	 	 	58	 
	Section 10.3
	 	Selection of Debentures to Be Redeemed	 	 	58	 
	Section 10.4
	 	Notice of Redemption	 	 	59	 
	Section 10.5
	 	Effect of Notice of Redemption	 	 	60	 
	Section 10.6
	 	Deposit and Payment of Redemption Price	 	 	60	 
	Section 10.7
	 	Debentures Redeemed in Part	 	 	61	 
	ARTICLE 11 REPURCHASE AT THE OPTION OF HOLDERS	 	 	61	 
	Section 11.1
	 	Repurchase Rights	 	 	61	 
	Section 11.2
	 	Company Notice	 	 	62	 
	Section 11.3
	 	Delivery of Repurchase Notice; Forms of Repurchase Notice; Withdrawal of Repurchase Notice	 	 	63	 
	Section 11.4
	 	Exercise of Repurchase Rights	 	 	65	 
	Section 11.5
	 	Deposit and Payment of the Applicable Repurchase Price	 	 	66	 
	Section 11.6
	 	Effect of Delivery of Repurchase Notice and Purchase	 	 	66	 
	Section 11.7
	 	Physical Securities Purchased in Part	 	 	67	 
	Section 11.8
	 	Covenant to Comply With Securities Laws Upon Repurchase of Securities	 	 	67	 
	Section 11.9
	 	Repayment to the Company	 	 	67	 
	ARTICLE 12 CONVERSION OF SECURITIES	 	 	67	 
	Section 12.1
	 	Conversion Privilege	 	 	68	 
	Section 12.2
	 	Conversion Procedure; Conversion Price; Fractional Shares	 	 	71	 
	Section 12.3
	 	Adjustments of Conversion Price for Common Stock	 	 	72	 
	Section 12.4
	 	Consolidation or Merger of Fisher	 	 	82	 
	Section 12.5
	 	Notice of Adjustment	 	 	84	 
	Section 12.6
	 	Notice in Certain Events	 	 	84	 
	Section 12.7
	 	Fisher to Reserve Stock; Registration; Listing	 	 	85	 
	Section 12.8
	 	Taxes on Conversion	 	 	85	 
	Section 12.9
	 	Conversion After Record Date	 	 	86	 
	Section 12.10
	 	Determinations Final	 	 	86	 
	Section 12.11
	 	Responsibility of Trustee for Conversion Provisions	 	 	86	 
	Section 12.12
	 	Payment of Cash in Lieu of Common Stock	 	 	87	 
	Section 12.13
	 	Unconditional Right of Holders to Convert	 	 	88	 
	ARTICLE 13 GUARANTEES	 	 	88	 
	Section 13.1
	 	Future Subsidiary Guarantees	 	 	88	 
	Section 13.2
	 	Releases	 	 	88	 
	Section 13.3
	 	Fisher Guarantee	 	 	89	 
	ARTICLE 14 OTHER PROVISIONS OF GENERAL APPLICATION	 	 	91	 
	Section 14.1
	 	Trust Indenture Act Controls	 	 	91	 
	Section 14.2
	 	Notices	 	 	91	 

v

 

	 	 	 	 	 	 	 
	 	 	 	 	Page

	Section 14.3
	 	Communication by Holders with Other Holders	 	 	93	 
	Section 14.4
	 	Acts of Holders of Debentures	 	 	93	 
	Section 14.5
	 	Certificate and Opinion as to Conditions Precedent	 	 	94	 
	Section 14.6
	 	Statements Required in Certificate or Opinion	 	 	95	 
	Section 14.7
	 	Effect of Headings and Table of Contents	 	 	95	 
	Section 14.8
	 	Successors and Assigns	 	 	95	 
	Section 14.9
	 	Separability Clause	 	 	95	 
	Section 14.10
	 	Benefits of Indenture	 	 	95	 
	Section 14.11
	 	Governing Law	 	 	96	 
	Section 14.12
	 	Counterparts	 	 	96	 
	Section 14.13
	 	Legal Holidays	 	 	96	 
	Section 14.14
	 	Recourse Against Others	 	 	96	 
	EXHIBITS
	 	 	 	 	 	 
	EXHIBIT A: Form of Security	 	 	A-1	 
	EXHIBIT B: Assignment Form	 	 	B-1	 
	EXHIBIT C: Form of Repurchase Notice for Optional Repurchase Rights	 	 	C-1	 
	EXHIBIT D: Form of Repurchase Notice for Change of Control Repurchase Rights	 	 	D-1	 
	EXHIBIT E: Conversion Notice	 	 	E-1	 
	EXHIBIT F  Form of Supplemental Indenture	 	 	F-1	 

vi

 

          INDENTURE, dated as of August [3], 2004, among Apogent Technologies Inc.,
a Wisconsin corporation, having its principal office at One Liberty Lane,
Hampton, New Hampshire 03842 (the “Company”), Fisher Scientific International
Inc., a Delaware Corporation, having its principal office at 1 Liberty Lane,
Hampton, New Hampshire 03842 (“Fisher”) and The Bank of New York, a New York
banking corporation, as Trustee (the “Trustee”), having its principal corporate
trust office at 101 Barclay Street, Floor 8 West, New York, New York 10286.

RECITALS OF THE COMPANY

          The Company has duly authorized the creation of an issue of its Floating
Rate Convertible Senior Debentures (the “Debentures”) due 2033, together with
the guarantees of (1) Fisher pursuant to this Indenture forming a part hereof
and (2) any other Guarantors (as defined below) pursuant to the terms of any
indentures supplemental hereto that will form a part thereof upon the execution
of such supplemental indenture (the “Guarantees” and, together with the
Debentures, the “Securities”) having the terms, tenor, amount and other
provisions hereinafter set forth, and, to provide therefor, the Company has
duly authorized the execution and delivery of this Indenture.

          All things necessary to make the Securities, when the Securities are duly
executed by the Company and Fisher and the other Guarantors, if any, and
authenticated and delivered hereunder and duly issued by the Company and Fisher
and the other Guarantors, the valid obligations of the Company and Fisher and
the other Guarantors, and to make this Indenture a valid and binding agreement
of the Company and Fisher and the other Guarantors, in accordance with their
and its terms, have been done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

          For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of the Securities, as
follows:

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

          Section 1.1 Definitions.

          For all purposes of this Indenture and the Securities, the following terms
are defined as follows:

     “Act”, when used with respect to any Holder of a Security, has the
meaning specified in Section 14.4(a).

     “Adjusted Spread” means, with respect to any Reset Transaction, the
arithmetic average of the spreads, expressed as a percentage, from
3-month LIBOR quoted by two Reference Dealers as the spread from 3-month
LIBOR which should be used in calculating the rate at which the Interest
Rate on the

 

 

Debentures should accrue so that the Fair Market Value,
expressed in dollars, of a Debenture immediately after the later of:

     (a) the public announcement of the Reset Transaction; or

     (b) the public announcement of a change in dividend policy in
connection with the Reset Transaction,

will equal the average Trading Price of the Debentures for the 20 Trading
Days preceding the date of public announcement of the Reset Transaction
or the change in dividend policy, as the case may be; provided that, in
no event will the Interest Rate borne by the Debentures (without giving
effect to any Contingent Interest) at any time after the first Interest
Payment Date be less than the greater of (a) zero and (b) 3-month LIBOR,
determined by the Calculation Agent in accordance with the Security
attached as Annex A hereto, minus 125 basis points.

     “Affiliate” of any specified Person means any other Person directly
or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this
definition, “control”, when used with respect to any specified Person,
means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Agent Member” has the meaning specified in Section 2.8.

     “Bankruptcy Law” means Title 11 of the U.S. Code or any similar
federal or state law for the relief of debtors.

     “Board of Directors” means either the board of directors of the
Company or Fisher, as applicable, or any committee of that board
empowered to act for it with respect to this Indenture.

     “Board Resolution” means a resolution duly adopted by the applicable
Board of Directors, a copy of which, certified by the Secretary or an
Assistant Secretary of the Company or Fisher, as applicable, to be in
full force and effect on the date of such certification, shall have been
delivered to the Trustee.

     “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close in
The City of New York.

     “Calculation Agent” means any Person authorized by the Company to
perform the calculations required by this Indenture and the Security
attached as Annex A hereto. Initially, the Calculation Agent shall be
The Bank of New York.

     “Capital Stock” means, with respect to any Person, any and all shares,
interests, rights to purchase, warrants, options, participations
or other equivalents

2

 

of or interests (however designated) in equity of
such Person, whether now outstanding or issued after the date of this
Indenture, including, without limitation, all common stock and preferred
stock.

     “Cash Amount” has the meaning specified in Section 12.12 hereof.

     “Cash Settlement Averaging Period” means the 10 Trading Day period
beginning on the third Trading Day after the delivery of the conversion
notice pursuant to Section 12.1.

     “Change of Control” means the occurrence of any of the following
after the original issuance of the Securities when any of the following
has occurred:

     (1) the acquisition by any “person”, including any syndicate
or group deemed to be a “person” under Section 13(d)(3) of the
Exchange Act, as amended, of beneficial ownership, directly or
indirectly, through a purchase, merger or other acquisition
transaction or series of purchase, merger or other acquisition
transactions of shares of Fisher’s or the Company’s Capital Stock
entitling such person to exercise 50% or more of the total voting
power of all shares of such company’s Capital Stock entitled to
vote generally in elections of directors, other than any
acquisition by Fisher, any of its Subsidiaries or any of its
employee benefit plans (except that such person shall be deemed to
have beneficial ownership of all securities that such person has
the right to acquire, whether such right is currently exercisable
or is exercisable only upon the occurrence of a subsequent
condition);

     (2) the first day on which a majority of the members of the
Board of Directors of Fisher are not Continuing Directors; or

     (3) any consolidation or merger of Fisher or the Company with
or into any other person (which for purposes of this definition
has the meaning set forth in Section 13(d)(3) of the Exchange
Act), any merger of another person into Fisher or the Company, or
any conveyance, transfer, sale, lease or other disposition of all
or substantially all of the properties and assets of Fisher or the
Company to another person, other than, in each case, (x) any
transaction (i) that does not result in any reclassification,
conversion, exchange or cancellation of outstanding shares of
Capital Stock of Fisher or the Company, as applicable and (ii)
pursuant to which holders of Capital Stock of Fisher or the
Company, as applicable, immediately prior to such transaction have
the entitlement to exercise, directly or indirectly, 50% or more
of the total voting power of all shares of the Capital Stock of
such company entitled to vote generally in the election of
directors of the continuing or surviving person immediately after
such transaction, (y) any such merger solely for the purpose of
changing the jurisdiction of incorporation of Fisher or the
Company, as applicable, and resulting in a reclassification,
conversion or exchange of

3

 

outstanding common stock of such company
solely into shares of the common stock of the surviving entity, or
(z) any consolidation or merger of Fisher or the Company with or
into any Fisher Subsidiary, any merger of any Fisher Subsidiary
into Fisher or the Company, or any conveyance, transfer, sale,
lease or other disposition of all or substantially all of the
properties and assets of Fisher or the Company to any Fisher
Subsidiary;

provided, however, that a Change of Control shall not be deemed to have
occurred if the Sale Price per share of Common Stock for any five Trading
Days within the period of 10 consecutive Trading Days ending immediately
after the later of the Change of Control or the public announcement of
the Change of Control, in the case of a Change of Control under clause
(1) above, or the period of 10 consecutive Trading Days ending
immediately before the Change of Control, in the case of a Change of
Control under clause (2) above, shall equal or exceed 110% of the
Conversion Price of the Debentures in effect on each such Trading Day or
at least 90% of the consideration in the transaction or transactions
constituting a Change of Control consists of shares of common stock
traded or to be traded immediately following such Change of Control on a
national securities exchange or the Nasdaq National Market and, as a
result of the transaction or transactions, the Debentures become
convertible solely into such common stock (and any rights attached
thereto).

For the purposes of this definition, “beneficial ownership” shall be
determined in accordance with Rule 13d-3 under the Exchange Act.

     “Change of Control Repurchase Date” has the meaning specified in
Section 11.1(b) hereof.

     “Change of Control Repurchase Price” has the meaning specified in
Section 11.1(b) hereof.

     “Change of Control Repurchase Right” has the meaning specified in
Section 11.1(b) hereof.

     “Clearstream” means Clearstream Banking, société anonyme (or any
successor securities clearing agency).

     “Commission” means the Securities and Exchange Commission or any
successor agency.

     “Common Stock” means any stock of any class of Fisher which has no
preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding up of
Fisher and which is not subject to redemption by Fisher. However,
subject to the provisions of Section 12.2 hereof, shares issuable on
conversion of the Debentures shall include only shares of the class
designated as Common Stock, par value $0.01 per share, of Fisher at
the date of execution of this Indenture or shares of any class or
classes resulting from any reclassification or
reclassifications thereof and which

4

 

have no preference in respect of
dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of Fisher and which
are not subject to redemption by Fisher, provided that if at any time
there shall be more than one such resulting class, the shares of each
such class then so issuable shall be substantially in the proportion
which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

     “Company” means the corporation named as the “Company” in the first
paragraph of this instrument until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and
thereafter “Company” shall mean such successor Person.

     “Company Notice” has the meaning specified in Section 11.2(a).

     “Company Order” means a written order signed in the name of the
Company by any Officer.

     “Contingent Interest” has the meaning specified in Section 2.1(d)
hereof.

     “Contingent Payment Regulations” has the meaning specified in
Section 9.6 hereof.

     “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors of Fisher who (i) was a member of the
Board of Directors of Fisher on August [3], 2004 or (ii) was nominated
for election or elected to the Board of Directors of Fisher with the
approval of two thirds of the Continuing Directors who were members of
the Board of Directors of Fisher at the time of a new director’s
nomination or election.

     “Conversion Agent” means any Person authorized by the Company to
convert Debentures in accordance with Article 12. Initially, the
Conversion Agent shall be The Bank of New York.

     “Conversion Date” means, with respect to any Holder, the date on
which such Holder has satisfied all the requirements to convert its
Debentures.

     “Conversion Obligation” means the Company’s obligation pursuant to
Article 12 to deliver Common Stock, cash or a combination of cash and
Common Stock.

     “Conversion Price” means the principal amount of Debentures that can
be exchanged for one share of Common Stock (initially $59.09), subject to
adjustments set forth herein.

     “Conversion Rate” means the number of shares of Common Stock into
which each $1,000 principal amount of Debentures is convertible, which is
initially approximately 16.9233, subject to adjustments as set forth
herein.

5

 

     “Conversion Value” means, on any day, the product of the Sale Price
for the Common Stock on such day multiplied by the then-applicable
Conversion Rate.

     “Corporate Trust Office” means for purposes of presentation or
surrender of Debentures for payment, registration, transfer, exchange or
conversion or for service of notices or demands upon the Company or for
any other purpose of this Indenture, the office of the Trustee located in
New York, New York at which at any particular time its corporate trust
business shall be administered (which at the date of this Indenture is
located at 101 Barclay Street, Floor 8 West, New York, New York 10286).

     “corporation” means any corporation, association, limited liability
company, company and business trust.

     “Credit Agreement” means the bank credit agreement dated as of July
29, 2003, among the Company, certain subsidiary guarantors and
co-borrowers thereto and the several lenders parties thereto, as such
Credit Agreement is amended, modified or supplemented from time to time
in accordance with the terms thereof.

     “Current Market Price” has the meaning set forth in Section 12.3(g).

     “Custodian” means any receiver, trustee, assignee, liquidator,
sequestrator or similar official under any Bankruptcy Law.

     “Debentures” has the meaning specified in the first paragraph under
the caption “Recitals of the Company.”

     “Default” means an event which is, or after notice or lapse of time
or both would be, an Event of Default.

     “Defaulted Payment” has the meaning specified in Section 4.1(b).

     “Defaulted Interest” has the meaning specified in Section 2.17.

     “Depositary” means The Depository Trust Company, its nominees and
their respective successors.

     “Dividend Yield” on any security for any period means the dividends
paid or proposed to be paid pursuant to an announced dividend policy on
such security for such period, divided by, if with respect to dividends
paid on such security, the average Sale Price of such security during
such period and, if with respect to
dividends proposed to be paid on such security, the Sale Price of
such security on the effective date of the related Reset Transaction.

6

 

     “Dollar” or “$” means a U.S. dollar or other equivalent unit in such
coin or currency of the United States as at the time shall be legal
tender for the payment of public and private debts.

     “Euroclear” means Euroclear Bank. S.A./N.V., as operator of the
Euroclear System (or any successor securities clearing agency).

     “Event of Default” has the meaning specified in Section 4.1.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended
and the rules and regulations of the Commission thereunder.

     “Excluded Subsidiary” means any Subsidiary of the Company that is
not or has ceased to be a guarantor of the Company’s indebtedness under
the Credit Agreement and is not a “Borrower” under the Credit Agreement
(as defined therein).

     “Expiration Time” has the meaning specified in Section 12.3(f).

     “Excess Amount” has the meaning specified in Section 12.3(f).

     “Ex-Dividend Time” means, with respect to any issuance or
distribution on shares of Common Stock, the first date on which the shares
of Common Stock trade regular way on the principal securities
market on which the shares of Common Stock are then traded without the
right to receive such issuance or distribution.

     “Fair Market Value” has the meaning set forth in Section 12.3(g).

     “Fisher” means the corporation named as “Fisher” in the first
paragraph of this instrument until a successor Person shall have
become obligated under this Indenture pursuant to Section 12.4 hereof.

     “Fisher Subsidiary” means a corporation more than 50% of the outstanding
Voting Stock of which is owned, directly or indirectly, by Fisher or by one or
more other such corporations, or by Fisher and one or more other such
corporations.

     “GAAP” has the meaning set forth in Section 1.3.

     “Global Security” has the meaning specified in Section 2.2.

     “Guarantees” means the obligations of the Guarantors described
herein.

     “Guarantors” means (i) Fisher and (ii) each Person who becomes a
Guarantor pursuant to Section 13.1 of this Indenture; provided that,
pursuant to
Section 13.2 hereof, a Subsidiary shall no longer be
deemed a Guarantor pursuant to this clause (ii) if it is released
from its Guarantee pursuant to Section 13.2 hereof.

7

 

     “Holder", when used with respect to any Security, including any
Global Security, means the Person in whose name the Security is
registered in the Register.

     “Indenture” means this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof.

     “Interest” means, with respect to any Debenture, the interest
payable on such Debenture based upon the applicable Interest Rate.

     “Interest Adjustment Date” shall have the meaning set forth in the
Security attached as Annex A hereto.

     “Interest Determination Date” shall have the meaning set forth in
the Security attached as Annex A hereto.

     “Interest Payment Date” means each of March 15, June 15, September
15 and December 15, unless any such Interest Payment Date (other than an
Interest Payment Date at maturity) would otherwise be a day that is not a
Business Day, in which case the Interest Payment Date will be postponed
to the next succeeding Business Day (except if that Business Day falls in
the next succeeding calendar month, that Interest Payment Date will be
the immediately preceding Business Day). If the maturity date of the
Debentures is a day that is not a Business Day, all payments to be made
on such day will be made on the next succeeding Business Day, with the
same force and effect as if made on the maturity date, and no additional
interest will be payable as a result of such a delay in payment.

     “Interest Rate” has the meaning specified in Section 2.1(c).

     “Issue Date” means August [3], 2004.

     “London banking day” shall have the meaning set forth in the
Security attached as Annex A hereto.

     “Maturity” means the date on which the Outstanding principal amount,
Redemption Price or Repurchase Price with respect to a Debenture becomes
due and payable as therein or herein provided, whether at the Stated
Maturity or by acceleration, conversion, call for redemption, exercise of
a repurchase right or otherwise.

     “Moneyline Telerate Page 3750” shall have the meaning set forth in
the Security attached as Annex A hereto.

     “Nasdaq National Market” means the National Association of
Securities Dealers Automated Quotation National Market or any successor national

8

 

securities exchange or automated over-the-counter trading market
in the United States.

     “Non-Electing Share” has the meaning specified in Section 12.4.

          “Obligations”
means any principal, interest, including interest accruing on or after the
filing of any petition of bankruptcy or for reorganization (whether or not a
claim for post-filing interest is allowed in such proceeding), penalties, fees,
charges, expenses, indemnifications, reimbursement obligations, guarantees and
other liabilities or amounts payable under the documentation governing any
indebtedness or in respect thereto.

     
“Officer” of the Company, Fisher or a Guarantor means the Chairman
of the Board, the Chief Executive Officer, the President, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, any Vice
President or the Secretary or any Assistant Secretary, or persons holding
similar positions of the Company, Fisher or a Guarantor, as the case may
be.

     
“Officers’ Certificate” means, with respect to
the Company or Fisher, a certificate signed by both (1) the Chairman of the Board, the
Chief Executive Officer, the President or a Vice President of the Company
or Fisher, as applicable, and (2) so long as not the same as the officer
signing pursuant to clause (1), the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Secretary or any Assistant
Secretary of the Company or Fisher, as applicable, and delivered to the
Trustee.

     
“Opinion of Counsel” means, with respect to the Company or Fisher a written opinion of counsel, who may be
counsel to the Company or Fisher, as applicable (and may include directors or employees of the
Company or a Fisher, as applicable) and in form and substance acceptable to the Trustee.

     “Optional Repurchase Date” has the meaning specified in Section
11.1(a) hereof.

     “Optional Repurchase Price” has the meaning specified in Section
11.1(a) hereof.

     “Optional Repurchase Right” has the meaning specified in Section
11.1(a) hereof.

     “Outstanding", when used with respect to Debentures, means, as of
the date of determination, all Debentures theretofore authenticated and
delivered under this Indenture, except Debentures:

     (1) previously canceled by the Trustee or delivered to the
Trustee for cancellation;

     (2) for the payment or redemption of which money in the
necessary amount has been previously deposited with the Trustee or
any Paying Agent (other than the Company) in trust or set aside
and

9

 

segregated in trust by the Company (if the Company shall act
as its own Paying Agent) for the Holders of such Debentures;
provided, however, that if such Debentures are to be redeemed,
notice of such redemption has been duly given pursuant to this
Indenture; and

     (3) which have been paid in exchange for or in lieu of other
Securities which have been authenticated and delivered pursuant to
this Indenture, other than any such Security in respect of which
there shall have been presented to the Trustee proof satisfactory
to it that such Securities are held by a bona fide purchaser in
whose hands such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the
requisite principal amount of Outstanding Debentures are present at a
meeting of Holders of Debentures for quorum purposes or have consented to
or voted in favor of any request, demand, authorization, direction,
notice, consent, waiver, amendment or modification hereunder, Debentures
held for the account of the Company or Fisher or of any of their
Affiliates shall be disregarded and deemed not to be Outstanding, except
that in determining whether the Trustee shall be protected in making such
a determination or relying upon any such quorum, consent or vote, only
Debentures which a Responsible Officer of the Trustee actually knows to
be so owned shall be so disregarded.

     “Paying Agent” has the meaning specified in Section 2.5.

     “Person” means any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company,
trust, estate, unincorporated organization or government or any agency or
political subdivision thereof.

     “Physical Securities” means Securities issued in definitive, fully
registered form without interest coupons, substantially in the form of
Exhibit A hereto, that are not Global Securities.

     “Place of Conversion” means any city in which any Conversion Agent
is located.

     “Place of Payment” means any city in which any Paying Agent is
located.

     “Predecessor Security” of any particular Security, means every
previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 2.12
in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen
Security.

     “Record Date” has the meaning assigned to it in Section 12.3(g).

10

 

     “Redemption Date", when used with respect to any Debenture to be
redeemed, means the date fixed for such redemption by or pursuant to this
Indenture.

     “Redemption Price", when used with respect to any Debenture to be
redeemed, means 100% of the principal amount of the Debenture.

     “Reference Dealer” means a dealer engaged in the trading of
convertible securities selected by the Company (or its successor) for the
purpose for which such dealers are quoted or otherwise to which they are
referred herein.

     “Reference Period” has the meaning set forth in Section 12.3(d).

     “Register” has the meaning specified in Section 2.5.

     “Registrar” has the meaning specified in Section 2.5.

     “Regular Record Date” for the Interest (including Contingent
Interest) payable on the Debentures means March 1, June 1, September 1
and December 1 (whether or not a Business Day), as applicable, next
preceding the corresponding Interest Payment Date.

     “Repurchase Date” has the meaning specified in Section 11.1(b)
hereof.

     “Repurchase Notice” has the meaning specified in Section 11.2(a)
hereof.

     “Repurchase Price” has the meaning specified in Section 11.1(b)
hereof.

     “Repurchase Right” has the meaning specified in Section 11.1(b)
hereof.

     “Reset Transaction” means any of (1) a merger, consolidation or
statutory share exchange to which the entity that is the issuer of the shares
of the common stock into which the Debentures are then convertible
is a party, (2) a sale of all or substantially all the assets of that
entity, (3) a recapitalization of the common stock of that entity or (4)
a distribution contemplated by Section 12.3(d), in any case, after the
effective date of which transaction or distribution the Debentures would
be convertible into either:

     (a) shares of an entity, the common stock of which had a
Dividend Yield for the four fiscal quarters of such entity
immediately preceding the public announcement of such transaction
or distribution that was more than 2.5 percentage points higher
than the Dividend Yield on
the Common Stock (or other common stock then issuable upon a
conversion of the Debentures) for the four fiscal quarters
preceding the public announcement of such transaction or
distribution; or

11

 

     (b) shares of an entity that announces a dividend policy
prior to the effective date of such transaction or distribution
which policy, if implemented, would result in a Dividend Yield on
such entity’s common stock for the next four fiscal quarters that
would be more than 2.5 percentage points higher than the Dividend
Yield on the Common Stock (or other common stock then issuable
upon conversion of the Debentures) for the four fiscal quarters
preceding the public announcement of the transaction or
distribution.

     “Responsible Officer", when used with respect to the Trustee, means
any officer of the Trustee, including any vice president, assistant vice
president, any assistant treasurer, or any other officer of the Trustee
customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the
particular subject.

     “Restricted Securities” means the Securities defined as such in
Section 2.3(a).

     “Restricted Securities Legend” has the meaning set forth in Section
2.3(a).

     “Rule 144” means Rule 144 as promulgated under the Securities Act
(including any successor rule thereof), as the same may be amended from
time to time.

     “Rule 144A” means Rule 144A as promulgated under the Securities Act
(including any successor rule thereof), as the same may be amended from
time to time.

     “Sale Price” of a security on any date of determination means:

     (1) the closing sale price (or, if no closing sale price is
reported, the last reported sale price) of a security (regular
way) on the New York Stock Exchange on that date;

     (2) if that security is not listed on the New York Stock
Exchange on that date, the closing sale price as reported in the
composite transactions for the principal U.S. securities exchange
on which that security is listed;

     (3) if that security is not so listed on a U.S. national or
regional securities exchange, the closing sale price as reported
by the Nasdaq National Market;

     (4) if that security is not so reported, the last price
quoted by Interactive Data Corporation for that security or, if
Interactive Data

12

 

Corporation is not quoting such price, a similar
quotation service selected by the Company; or

     (5) if that security is not so quoted, the average of the
mid-point of the last bid and ask prices for that security from at
least two dealers recognized as market-makers for that security.

     “Securities” has the meaning ascribed to it in the first paragraph
under the caption “Recitals of the Company”.

     “Securities Act” means the Securities Act of 1933, as amended and
the rules and regulations of the Commission thereunder.

     “Significant Subsidiary” has the meaning assigned to it under Rule
405 of the Securities Act.

     “Spin-off” has the meaning assigned to it in Section 12.3(d).

     “Stated Maturity” has the meaning assigned to it in Section 2.1(b).

     “Subsidiary” means a corporation more than 50% of the outstanding
Voting Stock of which is owned, directly or indirectly, by the Company or
by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries.

     “3-month LIBOR” shall have the meaning set forth in the Security
attached as Annex A hereto.

     “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.
Code Section 77aaa 77bbbb), as in effect on the date of this Indenture;
provided, however, that in the event the TIA is amended after such date,
“TIA” means, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended, or any successor statute.

     “Trading Day” means:

     (1) if the applicable security is listed or admitted for
trading on the New York Stock Exchange, a day on which the New
York Stock Exchange is open for business;

     (2) if that security is not listed on the New York Stock
Exchange, a day on which trades may be made on the Nasdaq National
Market;

     (3) if that security is not so listed on the New York Stock
Exchange and not quoted on the Nasdaq National Market, a day on
which the principal U.S. securities exchange on which the
securities are listed is open for business; or

13

 

     (4) if the applicable security is not so listed, admitted
for trading or quoted, any day other than a Saturday or a Sunday
or a day on which banking institutions in the State of New York
are authorized or obligated by law or executive order to close.

     “Trading Price” of a Debenture on any date of determination means:

     (1) the average of the secondary market bid quotations per
$1,000 principal amount of Debentures obtained by the Company or
the Conversion Agent for $10,000,000 principal amount of the
Debentures at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized
securities dealers selected by the Company;

     (2) if at least three such bids cannot reasonably be
obtained by the Company or the Conversion Agent, but two such bids
are obtained, then the average of the two bids shall be used;

     (3) if only one such bid can reasonably be obtained by the
Company or the Conversion Agent, this one bid shall be used; or

     (4) if the Company or the Conversion Agent cannot reasonably
obtain at least one bid for $10,000,000 principal amount of the
Debentures from a nationally recognized securities dealer or in
the Company’s reasonable judgment, the bid quotations are not
indicative of the secondary market value of the Debentures, then
the trading price per $1,000 principal amount of the Debentures
will equal (i) the then-applicable Conversion Rate of the
Debentures multiplied by (ii) the Sale Price of the Common Stock
on such determination date.

     “Transfer Agent” means Mellon Investor Services LLC (or any
successor thereto).

     “Trigger Event” has the meaning specified in Section 12.3(d).

     “Trustee” means the Person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and
thereafter “Trustee” shall mean such successor Trustee.

     “Vice President", when used with respect to the Company or any
Guarantor, means any vice president, whether or not designated by a
number or a word or words added before or after the title “vice
president”.

     “Voting Stock” means with respect to any Person, Capital Stock of
any class or kind ordinarily having the power to vote for the election of
directors, managers or other voting members of the governing body of such
Person.

14

 

          Section 1.2 Incorporation by Reference of Trust Indenture Act.

          Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture.

          The following TIA terms used in this Indenture have the following
meanings:

     “indenture securities” means the Securities;

     “indenture security holder” means a Holder;

     “indenture to be qualified” means this Indenture;

     “indenture trustee” or “institutional trustee” means the Trustee;
and

     “obligor” on the Securities means the Company and any other obligor
on the indenture securities.

          All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meanings assigned to them by such definitions.

          Section 1.3 Rules of Construction.

          For all purposes of this Indenture, except as otherwise expressly provided
or unless the context otherwise requires:

     (1) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as
the singular;

     (2) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally
accepted accounting principles in the United States prevailing at
the time of any relevant computation hereunder (“GAAP”);

     (3) the words “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Indenture as a whole and not
to any particular Article, Section or other subdivision;

     (4) all references to section and article numbers in this
Indenture shall refer to sections and articles hereof, unless
otherwise specified.

15

 

ARTICLE 2

THE SECURITIES

          Section 2.1 Title and Terms.

          (a) The Debentures shall be designated as the “Floating Rate Convertible
Senior Debentures due 2033” of the Company. The aggregate principal amount of
Debentures which may be authenticated and delivered under this Indenture is
limited to $[345] million, except for Debentures authenticated and delivered
upon registration of, transfer of, or in exchange for, or in lieu of other
Debentures pursuant to Sections 2.7, 2.8, 2.12, 7.5 or 10.7, hereof. The
Debentures shall be issuable in denominations of $1,000 or integral multiples
thereof.

          (b) The Debentures shall mature on December 15, 2033 (the “Stated
Maturity").

          (c) Debentures shall bear Interest from the Issue Date until the principal
amount thereof is paid or made available for payment, or until such date on
which the Debentures are converted, redeemed or purchased as provided herein at
a per annum rate which will equal 3-month LIBOR, adjusted quarterly by the
Calculation Agent in accordance with the Security attached as Annex A hereto,
minus a spread of 125 basis points, which spread may be reset upon the
occurrence of a Reset Transaction, to, but not including, the effective date of
any succeeding Reset Transaction (as adjusted as provided herein and the
Debentures, the “Interest Rate”). The Interest Rate for the initial interest
period commencing on the Issue Date shall be 0.27% per annum. Notwithstanding
anything to the contrary contained herein or in the form of Security, the
Interest Rate will never be less than zero. Interest shall be payable
quarterly in arrears on each Interest Payment Date, commencing September 15,
2004, with interest payable in Dollars to Holders in whose names the Debentures
are registered at the close of business on the preceding Regular Record Date,
except as otherwise provided herein and in the Debentures.

          (d) In addition, interest (the “Contingent Interest") will accrue on each
Debenture during any quarterly interest period commencing with the quarterly
interest period beginning December 15, 2009, if the average Trading Price of a
Debenture for the five Trading Days ending on the second Trading Day
immediately preceding the beginning of the relevant quarterly interest period
equals 120% or more of the principal amount of such Debenture. The amount of
Contingent Interest payable in respect of any quarterly period will equal
0.0625% of the average Trading Price of the Debentures over the measuring
period triggering the Contingent Interest payment. Upon determination that
Holders of Debentures will be entitled to receive Contingent Interest during
any relevant quarterly interest period, on or prior to the start of the
relevant quarterly interest period, the Company shall issue a press release and
publish information with respect to any Contingent Interest on its web site.
The Company shall pay Contingent Interest, if any, in the same manner as it
shall pay Interest pursuant to Section 2.1(c) hereof and the obligations of
Holders in respect of the payment of Contingent Interest in connection

16

 

          with the
conversion of any Debenture will also be the same as described in Section
2.1(f) hereof.

          (e) Interest (including Contingent Interest) on the Debentures shall be
computed on the basis of the actual number of days for which Interest is
payable in the relevant interest period, divided by 360. For purposes of
determining the Interest Rate, the Trustee may assume that a Reset Transaction
has not occurred unless the Trustee has received an Officers’ Certificate
stating that a Reset Transaction has occurred and specifying the Adjusted
Spread then in effect.

          (f) Interest (including Contingent Interest) shall be due and payable on a
Debenture as follows:

     (1) A registered Holder of any Debenture as of the close of
business on a Regular Record Date shall be entitled (except as
otherwise indicated in this Section 2.1(f)) to receive and shall
receive, as the registered Holder as of such Regular Record Date,
Interest (including Contingent Interest) on such Debenture on the
corresponding Interest Payment Date (other than any Debenture
whose Stated Maturity is prior to such Interest Payment Date).

     (2) In the event that a Debenture becomes subject to
redemption pursuant to Article 10 and the Redemption Date occurs
after a Regular Record Date, the Person whose Debenture becomes
subject to redemption (and only such Person rather than the Holder
as of such Regular Record Date) shall be entitled to receive and
shall receive accrued and unpaid Interest (including Contingent
Interest) from the preceding Interest Payment Date (or such
earlier date on which Interest, including Contingent Interest, if
any, was last paid) to but not including the Redemption Date on
such Debenture, even if such Person is not the Holder of such
Debenture.

     (3) In the event that a Debenture becomes subject to purchase
pursuant to Article 11, a Holder of any Debenture who exercises a
repurchase right with respect to such Debenture shall be entitled
to receive and shall receive Interest (including Contingent
Interest) to but not including the applicable purchase date for
such Debenture, which amount shall be included in the applicable
purchase price thereof.

     (4) In the event that a Debenture is converted pursuant to
Article 12, the Holder who converts such Debenture on any date
other than an Interest Payment Date shall not be entitled to
accrued and unpaid
Interest (including Contingent Interest) from the preceding
Interest Payment Date until the Conversion Date, or otherwise, on
such Debenture, such amounts being deemed to have been paid by
receipt of shares of Common Stock in full rather than canceled,
extinguished or forfeited; and, accordingly, a Holder which
converts a Debenture after a Regular Record

17

 

Date but prior to the
corresponding Interest Payment Date will receive accrued and
unpaid Interest (including Contingent Interest) for such period on
such Interest Payment Date but will be required to remit to the
Company an amount equal to that Interest (including Contingent
Interest) at the time such Holder surrenders the Debenture for
conversion. The preceding sentence does not apply, however, to a
Holder that converts, after a Regular Record Date for an interest
payment date but prior to the corresponding Interest Payment Date,
Debentures that the Company calls for redemption prior to such
conversion on a Redemption Date that is after such Regular Record
Date and prior to such Interest Payment Date.

          (g) Payment of any principal, Redemption Price, Repurchase Price and
Interest and Contingent Interest, if any, on, Global Securities shall be
payable by the Company to the Depositary in immediately available funds.

          (h) Payment of any principal on Physical Securities shall be made at the
office or agency of the Company maintained for such purpose, initially the
Corporate Trust Office of the Trustee. Interest, including Contingent
Interest, if any, on Physical Securities will be payable by (i) U.S. Dollar
check drawn on a bank in The City of New York mailed to the address of the
Person entitled thereto as such address shall appear in the Register, or (ii)
upon written application to the Registrar not later than the relevant Regular
Record Date by a Holder of a principal amount of Securities in excess of
$5,000,000, wire transfer in immediately available funds, which application
shall remain in effect until the Holder notifies, in writing, the Registrar to
the contrary.

          (i) The Debentures are redeemable at the option of the Company as provided
in and subject to Article 10.

          (j) The Debentures shall be purchased by the Company at the option of
Holders as provided in and subject to Article 11.

          (k) The Debentures shall be convertible at the option of the Holders as
provided in and subject to Article 12.

          (l) The Debentures shall be jointly and severally guaranteed by the
Guarantors as provided in Article 13 hereof.

          Section 2.2 Form of Securities.

          (a) Except as otherwise provided pursuant to this Section 2.2, the
Securities are issuable in fully registered form without coupons, in
substantially the form of Exhibit A hereto, with such applicable legends as are
provided for in Section 2.3. The Securities are not issuable in bearer form.
The terms and provisions contained in the
form of Security shall constitute, and are hereby expressly made, a part
of this Indenture and to the extent applicable, the Company, and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such
terms and provisions and to be bound thereby.

18

 

          (b) The Securities will be issued on the Issue Date in the form of one or
more permanent global Securities in fully registered form without interest
coupons, substantially in the form of Exhibit A hereto, with the applicable
legends as provided in Section 2.3 (each a “Global Security” and collectively
the “Global Securities"). Each Global Security shall be duly executed by the
Company and authenticated and delivered by the Trustee, and shall be registered
in the name of the Depositary or its nominee and retained by the Trustee, as
Custodian, at its Corporate Trust Office. The aggregate principal amount of
the Global Securities may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as Custodian, and of the
Depositary or its nominee, as hereinafter provided.

          (c) Physical Securities may be exchanged for interests in Global
Securities pursuant to Section 2.8(d) only. Physical Securities shall be duly
executed by the Company and authenticated and delivered by the Trustee shall be
registered, in the case of Physical Securities issued pursuant to Section
2.8(d), in such names as the Depositary shall identify in writing as the
beneficial owners of the Securities represented by the Global Security or
Global Securities (or any nominee thereof) being exchanged.

          Section 2.3 Legends.

          (a) Restricted Securities Legends.

          Each share of Common Stock issued upon conversion of any Debenture issued
hereunder before the date upon which the Fisher guarantee of the Debentures
becomes effective pursuant to Section 13.3 of this Indenture, shall, upon
issuance, bear the legend set forth in Section 2.3(a)(i) (a “Restricted
Securities Legend”), and such legend shall not be removed except as provided in
Section 2.3(a)(ii). Each share of Common Stock issued upon conversion of such
Debenture that bears or is required to bear the Restricted Securities Legend
(the “Restricted Securities”) shall be subject to the restrictions on transfer
set forth in this Section 2.3(a) (including the Restricted Securities Legend
set forth below), and the Holder of each such Restricted Security, by such
Holder’s acceptance thereof, shall be deemed to have agreed to be bound by the
restrictions on transfer set forth herein.

          As used in Section 2.3(a), the term “transfer” encompasses any sale,
pledge, transfer or other disposition whatsoever of any Restricted Security.

     (i) Restricted Securities Legend for Common Stock Issued Upon
Conversion of the Debentures.

          Until the expiration of the period of time specified in Section 2.3(a)(ii)
below, any shares of Common Stock issued upon conversion of any Debenture
issued hereunder before the date upon which the Fisher guarantee of the
Debentures becomes effective pursuant to Section 13.3 of this Indenture shall
bear a Restricted Securities Legend in substantially the following form:

	 	 	THE SECURITY EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE

19

 

	 	 	“SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES
OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH
IN THE FOLLOWING SENTENCE. THE HOLDER HEREOF AGREES THAT UNTIL THE
EXPIRATION OF TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THE SECURITY UPON
THE CONVERSION OF WHICH THE COMMON STOCK EVIDENCED HEREBY WAS ISSUED,

(1) IT WILL NOT RESELL OR OTHERWISE TRANSFER THE SECURITY
EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT
IS PURCHASING COMMON STOCK IN AN AGGREGATE PRINCIPAL AMOUNT
OF AT LEAST $100,000 AND THAT PRIOR TO SUCH TRANSFER,
FURNISHES TO MELLON INVESTOR SERVICES LLC AS TRANSFER AGENT
(OR ANY SUCCESSOR TRANSFER AGENT, AS APPLICABLE), A SIGNED
LETTER CONTAINING CERTAIN REPRESENTATIONS AND WARRANTIES
RELATING TO THE RESTRICTIONS ON TRANSFER OF THE COMMON
STOCK EVIDENCED HEREBY (THE FORM OF WHICH LETTER CAN BE
OBTAINED FROM SUCH TRUSTEE), (C) PURSUANT TO THE EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT (IF AVAILABLE) OR (D) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE
TIME OF SUCH TRANSFER;

(2) PRIOR TO ANY SUCH TRANSFER OTHER THAN A TRANSFER
PURSUANT TO CLAUSE (1)(D) ABOVE, IT WILL FURNISH TO MELLON
INVESTOR SERVICES LLC (OR ANY SUCCESSOR TRANSFER AGENT, AS
APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS THE COMPANY MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND

(3) IT WILL DELIVER TO EACH PERSON TO WHOM THE COMMON STOCK
EVIDENCED HEREBY IS TRANSFERRED (OTHER THAN A TRANSFER
PURSUANT

20

 

TO A CLAUSE (1)(D) ABOVE) A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND.

	 	 	THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THE
COMMON STOCK EVIDENCED HEREBY PURSUANT TO CLAUSE (1)(D) ABOVE OR THE
EXPIRATION OF TWO YEARS FROM THE ORIGINAL ISSUANCE OF THE SECURITY UPON
THE CONVERSION OF WHICH THE COMMON STOCK EVIDENCED HEREBY WAS ISSUED.

          (ii) Removal of the Restricted Securities Legends.

          All shares of Common Stock issued upon conversion of any Debenture before
the date upon which the Fisher Guarantee (as defined herein) becomes
effective pursuant to Section 13.3
of this Indenture shall bear the Restricted Securities Legend, until the
earlier of:

     (1) the date which is two years after the original issuance
date of such shares of Common Stock; and

     (2) the date such shares of Common Stock have been sold
pursuant to a registration statement that has been declared
effective under the Securities Act (and which continues to be
effective at the time of such sale).

The Holder must give notice thereof to the Trustee, as applicable.

          In the event Rule 144(k) as promulgated under the Securities Act is
amended to shorten the two-year period under Rule 144(k), then the references
in the restrictive legends set forth above and in the corresponding transfer
restrictions described above to “TWO YEARS” and “two years,” respectively, will
be deemed to refer to such shorter period, from and after receipt by the
Trustee of an Officers’ Certificate of the Company and an Opinion of Counsel to
that effect. As soon as practicable after the Company knows of the
effectiveness of any such amendment to shorten the two-year period under Rule
144(k), unless such changes would otherwise be prohibited by, or would cause a
violation of, the federal securities laws applicable at the time, the Company
will provide to the Trustee an Officers’ Certificate of the Company and an
Opinion of Counsel of the Company as to the effectiveness of such amendment and
the effectiveness of such change to the restrictive legends and transfer
restrictions.

          Notwithstanding the foregoing, the Restricted Securities Legend may be
removed if there is delivered to the Company such satisfactory evidence, which
may include an opinion of independent counsel, as may be reasonably required by
the Company that neither such legend nor the restrictions on transfer set
forth therein are required to ensure that transfers of such shares of Common
Stock will not violate the registration requirements of the Securities Act.
Upon provision of such satisfactory evidence, the Transfer Agent, at the
written direction of the Company, shall authenticate and deliver in exchange
for such shares of Common Stock another certificate representing an equal
number of shares of Common Stock that does not bear such legend. If the
Restricted Securities Legend has been removed from such shares of Common Stock

21

 

as provided above, no other shares of Common Stock issued in exchange for all
or any part of such shares of Common Stock shall bear such legend, unless the
Company has reasonable cause to believe that such other shares of Common Stock
are “restricted securities” within the meaning of Rule 144 and instructs the
Transfer Agent in writing to cause a Restricted Securities Legend to appear
thereon.

          Any such shares of Common Stock as to which such restrictions on transfer
shall have expired in accordance with their terms or as to which the conditions
set forth in Section 2.3(a)(ii) for removal of the Restricted Securities Legend
have been satisfied may, upon surrender of the certificates representing such shares
of Common Stock for exchange in accordance with the procedures of the
Transfer Agent, be exchanged for a new certificate or certificates for a like
aggregate number of shares of Common Stock, which shall not bear the Restricted
Securities Legend.

          (b) Global Security Legend.

          Each Global Security shall also bear the following legend on the face
thereof:

	 	 	 
	 
	 	 	UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
ARTICLE 2 OF THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.

22

 

          (c) Legend for Physical Securities.

          Physical Securities, in addition to the legend set forth in Section
2.3(a)(i), will also bear a legend substantially in the following form:

THIS SECURITY WILL NOT BE ACCEPTED IN EXCHANGE FOR A
BENEFICIAL INTEREST IN A GLOBAL SECURITY UNLESS THE HOLDER
OF THIS SECURITY, SUBSEQUENT TO SUCH EXCHANGE, WILL HOLD
EITHER NO SECURITIES OR A MINIMUM AGGREGATE BENEFICIAL
INTEREST IN THE SECURITIES OF AT LEAST TWO HUNDRED FIFTY
THOUSAND DOLLARS ($250,000).

          (d) Tax Legend.

          All Securities, in addition to any other legends required by this Section
2.3, will also bear a legend substantially in the following form:

THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT AND IS
SUBJECT TO THE RULES FOR DEBT INSTRUMENTS WITH CONTINGENT
PAYMENTS UNDER TREASURY REGULATION § 1.1275-4(b). FOR
INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF
ORIGINAL ISSUE DISCOUNT, ISSUE DATE, THE YIELD TO MATURITY,
THE COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE FOR
THIS SECURITY, YOU SHOULD SUBMIT A WRITTEN REQUEST FOR IT
TO THE COMPANY AT THE COMPANY’S ADDRESS SPECIFIED IN
SECTION 14.2 OF THE INDENTURE.

          Section 2.4 Execution, Authentication, Delivery and Dating of the
Securities.

          (a) Two Officers shall execute the Securities on behalf of the Company by
manual or facsimile signature. Securities bearing the manual or facsimile
signatures of individuals who were at the time of the execution of the
Securities the proper Officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of authentication of such Securities.

          (b) At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities executed by the Company to
the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with such Company Order shall authenticate and deliver such Securities as in
this Indenture provided and not otherwise. No Security shall be entitled to
any benefit under this Indenture, or be valid or obligatory for any purpose,
unless there appears on such Security a certificate of

23

 

authentication
substantially in the form provided for herein executed by or on behalf of the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. The Trustee may appoint an
authenticating agent or agents reasonably acceptable to the Company with
respect to the Securities. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent.

          (c) Each Security shall be dated the date of its authentication. The
Trustee shall authenticate and deliver Securities for original issue upon one
or more Company Orders without any further action by the Company. The
aggregate principal amount of Securities Outstanding at any time may not exceed
$[345] million.

          Section 2.5 Registrar, Paying Agent and Calculation Agent.

          The Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange (the “Registrar") and an
office or agency where Securities may be presented for payment (the “Paying
Agent"). The Registrar shall keep a register of the Securities (the
“Register") and of their transfer and exchange. The Company may appoint one or
more co Registrars and one or more additional Paying Agents for the Securities.
The term “Paying Agent” includes any additional paying agent and the term
“Registrar” includes any additional registrar. The Company may change any
Paying Agent or Registrar without prior notice to any Holder.

          The Company shall also appoint a Calculation Agent to perform the
calculations required pursuant to this Indenture and the Securities.

          The Company will cause each Paying Agent (other than The Bank of New York)
to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent will:

     (1) hold all sums of money or Common Stock held by it for
the payment of any amounts due and payable in respect of the
Securities in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise
disposed of as provided in this Indenture;

     (2) give the Trustee notice of any Default by the Company in
the making of any such payment; and

     (3) at any time during the continuance of any such Default,
upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent.

          The Company shall give prompt written notice to the Trustee of the name
and address of any Agent who is not a party to this Indenture. If the Company
fails to

24

 

appoint or maintain another entity as Registrar, Paying Agent, or
Calculation Agent, the Trustee shall act as such. The Company or any Affiliate
of the Company may act as Paying Agent or Registrar; provided, however, that
none of the Company, its subsidiaries or the Affiliates of the foregoing shall
act:

     (1) as Paying Agent in connection with redemptions, offers
to purchase and discharges, except as otherwise specified in this
Indenture, and

     (2) as Paying Agent or Registrar if a Default or Event of
Default has occurred and is continuing.

          The Company hereby initially appoints The Bank of New York as Registrar,
Paying Agent and Calculation Agent.

          Section 2.6 Paying Agent to Hold Assets in Trust.

          Not later than 10:00 a.m. (New York City time) on or prior to each due
date of payments in respect of any Security, the Company shall deposit with one
or more Paying Agents a sum of money in immediately available funds sufficient
to make such payments when so becoming due. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company) shall
have no further liability for the money so paid over to the Trustee.

          The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the making of
payments in respect of the Securities and shall notify the Trustee of any
Default by the Company in making any such payment. At any time during the
continuance of any such Default, the Paying Agent shall, upon the written
request of the Trustee, forthwith pay to the Trustee all money so held in
trust.

          If the Company shall act as a Paying Agent, it shall, prior to or on each
such due date, segregate and hold in trust for the benefit of the Holders a sum
sufficient with monies held by all other Paying Agents, to pay such amounts so
becoming due until
such sums shall be paid to such Persons or otherwise disposed of as
provided in this Indenture, and shall promptly notify the Trustee of its action
or failure to act.

          Section 2.7 General Provisions Relating to Registration, Transfer and
Exchange.

          The Securities are issuable only in registered form. A Holder may
transfer a Security only by written application to the Registrar stating the
name of the proposed transferee and otherwise complying with the terms of this
Indenture. No such transfer shall be effected until, and such transferee shall
succeed to the rights of a Holder only upon, final acceptance and registration
of the transfer by the Registrar in the Register. Furthermore, any Holder of a
Global Security shall, by acceptance of such Global

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Security, agree that
transfers of beneficial interests in such Global Security may be effected only
through a book-entry system maintained by the Holder of such Global Security
(or its agent) and that ownership of a beneficial interest in the Global
Security shall be required to be reflected in a book-entry.

          When Securities are presented to the Registrar with a request to register
the transfer or to exchange them for an equal principal amount of Securities of
other authorized denominations, the Registrar shall register the transfer or
make the exchange as requested if the requirements hereunder for such
transactions are met (including that such Securities are duly endorsed or
accompanied by a written instrument of transfer duly executed by the Holder
thereof or by an attorney who is authorized in writing to act on behalf of the
Holder). Subject to Section 2.4, to permit registrations of transfers and
exchanges, the Company shall execute and the Trustee shall authenticate
Securities at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange or redemption of the Securities, but the
Company may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any
such transfer taxes or other similar governmental charge payable upon issuances
pursuant to Section 2.12 and exchanges pursuant to Sections 2.14, 7.5 or 10.7).

          Neither the Company nor the Registrar shall be required to exchange or
register a transfer of any Securities:

     (1) for a period of 15 days prior to the day of mailing of
notice of redemption of Securities under Article 10 hereof;

     (2) so selected for redemption or, if a portion of any
Security is selected for redemption, such portion thereof selected
for redemption; or

     (3) surrendered for conversion or, if a portion of any
Security is surrendered for conversion, such portion thereof
surrendered for conversion.

          The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest
in any Security (including any transfers between or among Agent Members or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

          Section 2.8 Book-Entry Provisions for the Global Securities.

          (a) The Global Securities initially shall:

     (1) be registered in the name of the Depositary; and

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     (2) be delivered to the Trustee as custodian for such
Depositary, for credit to the accounts of the members of,
participants in, the Depositary (the “Agent Members”) holding the
Securities evidenced thereby, registered with the Depositary for
credit to the accounts of the Agent Members then holding such
Securities on behalf of Euroclear or Clearstream, as applicable).

          Agent Members shall have no rights under this Indenture with respect to
any Global Security held on their behalf by the Depositary, or the Trustee as
its custodian, or under such Global Security, and the Depositary may be treated
by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing contained herein shall prevent the
Company, the Trustee or any agent of the Company or Trustee from giving effect
to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and the Agent Members, the
operation of customary practices governing the exercise of the rights of a
Holder of any Security. With respect to any Global Security deposited on
behalf of the subscribers for the Securities represented thereby with the
Trustee as custodian for the Depositary for credit to their respective accounts
(or to such other accounts as they may direct) at Euroclear or Clearstream, the
provisions of the “Operating Procedures of the Euroclear System” and the “Terms
and Conditions Governing Use of Euroclear” and the “Management Regulations” and
“Instructions to Participants” of Clearstream, respectively, shall be
applicable to the Global Securities.

          (b) The registered Holder of a Global Security may grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

          (c) A Global Security may not be transferred, in whole or in part, to any
Person other than the Depositary, and no such transfer to any such other Person
may be registered. Beneficial interests in a Global Security may be
transferred in accordance with the rules and procedures of the Depositary and
the provisions of Section 2.9 hereof.

          (d) If at any time:

     (1) the Depositary notifies the Company in writing that it is
no longer willing or able to continue to act as Depositary for the
Global Securities, or the Depositary ceases to be a “clearing
agency” registered under the Exchange Act and a successor
depositary for the Global Securities is not appointed by the
Company within 90 days of such notice or cessation;

     (2) the Company, at its option, notifies the Trustee in
writing that it elects to cause the issuance of the Physical
Securities under this Indenture in exchange for all or any part of
the Securities represented by a Global Security or Global
Securities; or

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     (3) an Event of Default has occurred and is continuing and
the Registrar has received a request from the Depositary for the
issuance of Physical Securities in exchange for such Global
Security or Global Securities,

then the Depositary shall surrender such Global Security or Global Securities
to the Trustee for cancellation and the Company shall execute, and the Trustee,
upon receipt of an Officers’ Certificate and Company Order for the
authentication and delivery of Securities (which certificate and order the
Company shall promptly deliver to the Trustee), shall authenticate and deliver
in exchange for such Global Security or Global Securities, Physical Securities
in an aggregate principal amount equal to the aggregate principal amount of
such Global Security or Global Securities. Such Physical Securities shall be
registered in such names as the Depositary shall identify in writing as the
beneficial owners of the Securities represented by such Global Security or
Global Securities (or any nominee thereof).

          (e) In connection with any transfer of beneficial interests in a Global
Security to the beneficial owners thereof pursuant to Section 2.8(d) hereof,
the Registrar shall reflect on its books and records the date and a decrease in
the aggregate principal amount of such Global Security in an amount equal to
the aggregate principal amount of the beneficial interest in such Global
Security to be transferred in the form of Physical Securities.

          Section 2.9 [Reserved].

          Section 2.10 Holder Lists.

          The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Holders and shall otherwise comply with Section 312(a) of the TIA. If the
Trustee is not the Registrar, the Company shall furnish to the Trustee prior to
or on each Interest Payment Date and at such other times as the Trustee may
request in writing a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Holders relating to such
Interest Payment Date or request, as applicable.

          Section 2.11 Persons Deemed Owners.

          Prior to due presentment of a Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security
for the purpose of receiving payment of principal of the Security or the
payment of any Redemption Price or Repurchase Price in respect thereof and
Interest (including Contingent Interest) thereon, if any, for any purpose under
this Indenture, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

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          Section 2.12 Mutilated, Destroyed, Lost or Stolen Securities.

          If any mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of like tenor and aggregate principal amount and bearing a number
not contemporaneously outstanding.

          If there is delivered to the Company and the Trustee

     (1) evidence to their satisfaction of the destruction, loss
or theft of any Security, and

     (2) such security or indemnity as may be required by them to
save each of them and any agent of either of them harmless, then,
in the absence of actual notice to the Company or the Trustee that
such Security has been acquired by a bona fide purchaser, the
Company shall execute and, upon request, the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security, a new Security of like tenor and principal
amount, and bearing a number not contemporaneously outstanding.

          In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion, but
subject to any conversion rights, may, instead of issuing a new Security, pay
such Security, upon satisfaction of the condition set forth in the preceding
paragraph.

          Upon the issuance of any new Security under this Section, the Company may
require the payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other expenses
(including the fees and expenses of the Trustee) connected therewith.

          Every new Security issued pursuant to this Section 2.12 in lieu of any
destroyed, lost or stolen Security shall constitute an original contractual
obligation of the Company, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone, and such new Security
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder.

          The provisions of this Section 2.12 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities.

          Section 2.13 Treasury Securities.

          In determining whether the Holders of the requisite principal amount of
Outstanding Securities are present at a meeting of Holders for quorum purposes
or have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any Affiliate of the
Company shall be disregarded

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and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
determination as to the presence of a quorum or upon any such request, demand,
authorization, direction, notice, consent or waiver, only such Securities of
which a Responsible Officer of the Trustee has received written notice and are
so owned shall be so disregarded.

          Section 2.14 Temporary Securities.

          Pending the preparation of Securities in definitive form, the Company may
execute and the Trustee shall, upon written request of the Company,
authenticate and deliver temporary Securities (printed or lithographed).
Temporary Securities shall be issuable in any authorized denomination, and
substantially in the form of the Securities in definitive form but with such
omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Company. Every such temporary
Security shall be executed by the Company and authenticated by the Trustee upon
the same conditions and in substantially the same manner, and with the same
effect, as the Securities in definitive form. Without unreasonable delay, the
Company will execute and deliver to the Trustee Securities in definitive form
(other than in the case of Securities in global form) and thereupon any or all
temporary Securities (other than any such Securities in global form) may be
surrendered in exchange therefor, at each office or agency maintained by the
Company pursuant to Section 9.2 and the Trustee shall authenticate and deliver
in exchange for such temporary Securities an equal principal
amount of Securities in definitive form. Such exchange shall be made by
the Company at its own expense and without any charge therefor. Until so
exchanged, the temporary Securities shall in all respects be entitled to the
same benefits and subject to the same limitations under this Indenture as
Securities in definitive form authenticated and delivered hereunder.

          Section 2.15 Cancellation.

          All Securities surrendered for payment, redemption, purchase, conversion,
registration of transfer or exchange shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee. All Securities so delivered
shall be canceled promptly by the Trustee, and no Securities shall be issued in
lieu thereof except as expressly permitted by any of the provisions of this
Indenture. Upon written instructions of the Company, the Trustee shall dispose
of canceled Securities in accordance with its procedures for the disposition of
cancelled securities in effect as of the date of such disposition. If the
Company shall acquire any of the Securities, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such
Securities unless the same are delivered to the Trustee for cancellation.

          Section 2.16 CUSIP Numbers.

          The Company in issuing the Securities may use “CUSIP” numbers (if then
generally in use), and the Trustee shall use CUSIP numbers in notices of
redemption or exchange as a convenience to Holders; provided that any such
notice shall state that no representation is made as to the correctness of such
numbers either as printed on the

30

 

Securities or as contained in any such notice
and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company shall promptly notify the
Trustee of any change in the CUSIP numbers.

          Section 2.17 Defaulted Interest.

          If the Company fails to make a payment of principal, Redemption Price,
Repurchase Price or Interest (including Contingent Interest) on any Debenture
when due and payable, it shall pay Interest (including Contingent Interest) on
such amounts (to the extent lawful), which shall be calculated using the
applicable Interest Rate (such amounts, the “Defaulted Interest”). The Company
may elect to pay such Defaulted Interest, plus any other Interest (including
Contingent Interest) payable on it, to the Persons who are Holders on which the
Interest (including Contingent Interest) is due on a subsequent special record
date. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each such Debenture. The Company
shall fix any such special record date and payment date for such payment. At
least 15 days before any such special record date, the Company shall mail to
Holders affected thereby a notice that states the special record date, the
Interest Payment Date and amount to be paid.

ARTICLE 3

DISCHARGE OF INDENTURE

          Section 3.1 Discharge of Liability on Securities.

          When (i) the Company delivers to the Trustee all outstanding Securities
(other than Securities replaced pursuant to Section 2.12) for cancellation or
(ii) all outstanding Securities have become due and payable at their Stated
Maturity or all outstanding Securities have been redeemed and the Company has
deposited with the Trustee cash or, in the event of conversions pursuant to
Article 12 (subject to the provisions of Section 12.12), Common Stock and/or
cash sufficient to pay all amounts and deliver all Common Stock due and owing
on all outstanding Securities (other than Securities replaced pursuant to
Section 2.12) on the date of their Stated Maturity, the Redemption Date or the
Conversion Date, as the case may be, and if in either case the Company pays all
other sums payable hereunder by the Company, then this Indenture shall, subject
to Section 5.8, cease to be of further effect. The Trustee shall join in the
execution of a document prepared by the Company acknowledging satisfaction and
discharge of this Indenture on demand of the Company accompanied by an
Officers’ Certificate and Opinion of Counsel and at the cost and expense of the
Company.

          Section 3.2 Repayment to the Company.

          The Trustee and the Paying Agent shall return to the Company upon written
request any money or securities held by them for the payment of any amount with
respect to the Securities that remains unclaimed for two years, subject to
applicable

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unclaimed property law. After return to the Company, Holders
entitled to the money or securities must look to the Company for payment as
general creditors unless an applicable abandoned property law designates
another person and the Trustee and the Paying Agent shall have no further
liability to the Holders with respect to such money or securities for that
period commencing after the return thereof.

ARTICLE 4

DEFAULTS AND REMEDIES

          Section 4.1 Events of Default.

          An “Event of Default”, wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

          (a) the Company defaults in converting the Debentures into shares of
Common Stock and/or cash upon exercise of a Holder’s conversion right;

          (b) the Company defaults in the payment of the principal amount,
Redemption Price or Repurchase Price (each, a “Defaulted Payment") on any
Outstanding Debentures when the same becomes due and payable at its Stated
Maturity, upon redemption, repurchase, upon declaration, when due for purchase
by the Company or otherwise;

          (c) the Company defaults in the payment of an installment of Interest
(including Contingent Interest) on any Debenture when it becomes due and
payable and such default continues for a period of 30 days;

          (d) the Company fails to perform or observe any other term, covenant or
agreement contained in the Securities or this Indenture and the default
continues for a period of 60 days after written notice of such failure,
requiring the Company to remedy the same, shall have been given to the Company
by the Trustee or to the Company and the Trustee by the Holders of at least 25%
in aggregate principal amount of the Outstanding Debentures;

          (e) the Company defaults under any indebtedness for money borrowed by the
Company, any Guarantor or any Subsidiary that is a Significant Subsidiary or
any group of two or more Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary, the aggregate outstanding principal amount of which
is in an amount in excess of $25.0 million, for a period of 30 days after
written notice to the Company by the Trustee or to the Company and the Trustee
by Holders of at least 25% in aggregate principal amount of the Outstanding
Debentures, which default (i) is caused the Company’s failure to pay when due
principal or interest on such indebtedness by the end of the applicable grace
period, if any, unless such indebtedness is discharged or (ii)

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results in the
acceleration of such indebtedness, unless such acceleration is waived, cured,
rescinded or annulled; and

          (f) the entry by a court having jurisdiction in the premises of (i) a
decree or order for relief in respect of the Company or any Guarantor, in an
involuntary
case or proceeding under any applicable U.S. federal or state bankruptcy,
insolvency, reorganization or other similar law or (ii) a decree or order
adjudging the Company or any Guarantor a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or
composition of or in respect of the Company or any Guarantor, under any
applicable U.S. federal or state law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the
Company or any Guarantor or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order for relief or any such other decree or order unstayed
and in effect for a period of 60 consecutive days;

          (g) the commencement by the Company or any Guarantor of a voluntary case
or proceeding under any applicable U.S. federal or state bankruptcy,
insolvency, reorganization or other similar law or of any other case or
proceeding to be adjudicated a bankrupt or insolvent, or the consent by the
Company or any Guarantor or any Subsidiary that is a Significant Subsidiary or
any group of two or more Subsidiaries that, taken as a whole, would constitute
a Significant Subsidiary, to the entry of a decree or order for relief in
respect of the Company or any Guarantor or any Subsidiary that is a Significant
Subsidiary or any group of two or more Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary, in an involuntary case or proceeding
under any applicable U.S. federal or state bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against the Company or any Guarantor, or the
filing by the Company or any Guarantor or any Subsidiary that is a Significant
Subsidiary or any group of two or more Subsidiaries that, taken as a whole,
would constitute a Significant Subsidiary, of a petition or answer or consent
seeking reorganization or relief under any applicable U.S. federal or state
law, or the consent by the Company or any Guarantor to the filing of such
petition or to the appointment of or the taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or any Guarantor or of any substantial part of its property, or
the making by the Company or any Guarantor or any Subsidiary that is a
Significant Subsidiary or any group of two or more Subsidiaries that, taken as
a whole, would constitute a Significant Subsidiary, of an assignment for the
benefit of creditors, or the admission by the Company or any Guarantor or any
Subsidiary that is a Significant Subsidiary or any group of two or more
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary,
in writing of its inability to pay its debts generally as they become due, or
the taking of corporate action by the Company or any Guarantor or any
Subsidiary that is a Significant Subsidiary or any group of two or more
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary,
expressly in furtherance of any such action; and

          (h) except in accordance with Section 13.3 hereof, any Guarantee shall be
held in any judicial proceeding to be unenforceable or invalid.

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          A Default under clause (d) or (e) above is not an Event of Default until
the Trustee notifies the Company, or the Holders of at least 25% of the
principal amount of the Debentures at the time outstanding notify the Company
and the Trustee, of the Default and the Company does not cure such Default (and
such Default is not waived)
within the time specified in clause (d) or (e) above after actual receipt
of such notice. Any such notice must specify the Default, demand that it be
remedied and state that such notice is a “Notice of Default.”

          The Trustee shall, within 90 days of the occurrence of a Default, give to
the Holders of the Securities notice of all uncured Defaults known to it and
written notice of any event which with the giving of notice or the lapse of
time, or both, would become an Event of Default; provided, however, the Trustee
shall be protected in withholding such notice if it, in good faith, determines
that the withholding of such notice is in the best interest of such Holders,
except in the case of a Default in the payment of the Principal of or Interest
(including Contingent Interest) on, any of the Securities when due or in the
payment of any redemption or Repurchase Right.

          Section 4.2 Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default with respect to Outstanding Debentures (other than
an Event of Default specified in Section 4.1(f) or 4.1(g) hereof) occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the Outstanding Debentures, by written notice to the Company, may
declare due and payable 100% of the principal amount of all Outstanding
Debentures, plus any accrued and unpaid Interest (including Contingent
Interest), to the date of payment. Upon a declaration of acceleration, such
principal amount, and accrued and unpaid Interest (including Contingent
Interest) to the date of payment shall be immediately due and payable. If an
Event of Default specified in Section 4.1(f) and 4.1(g) occurs, the principal,
and accrued and unpaid Interest (including Contingent Interest) on the
Outstanding Debentures shall become and be immediately due and payable. Once
the principal and accrued and unpaid Interest (including Contingent Interest)
on the Outstanding Debentures shall become and be immediately due and payable,
the Trustee may, at its discretion, proceed to protect and enforce the rights
of the Holders at appropriate judicial proceedings.

          Section 4.3 Other Remedies.

          If an Event of Default with respect to Outstanding Debentures occurs and
is continuing, the Trustee may pursue any available remedy by proceeding at law
or in equity to collect the Defaulted Payment or Interest (including Contingent
Interest) due and payable on the Debentures or to enforce the performance of
any provision of the Securities.

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          The Trustee may maintain a proceeding in which it may prosecute and
enforce all rights of action and claims under this Indenture or the Securities,
even if it does not possess any of the Securities or does not produce any of
them in the proceeding.

          Section 4.4 Waiver of Past Defaults.

          The Holders, either (a) through the written consent of not less than a
majority of the principal amount of the Outstanding Debentures, or (b) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Debentures
at which a quorum is present, by the Holders of at least a majority of the
principal amount of the Outstanding Debentures represented at such meeting,
may, on behalf of the Holders of all of the Debentures, waive an existing
Default or Event of Default, except a Default or Event of Default:

     (1) set forth in Sections 4.1(a), (b) and (c), provided,
however, that subject to Section 4.7, the Holders of a majority of
the principal amount of the Outstanding Debentures may rescind an
acceleration and its consequences, including any related payment
default that resulted from such acceleration; or

     (2) in respect of a covenant or provision hereof which,
under Section 7.2 hereof, cannot be modified or amended without
the consent of the Holders of each Outstanding Debentures
affected;

provided that any such waiver or rescission would not conflict with any
judgment or decree of a court of competent jurisdiction.

Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; provided, however, that in the event such declaration of
acceleration has been made based on the existence of an Event of Default under
Section 4.1(e) and the default with respect to Indebtedness for money borrowed
which gave rise to such Event of Default has been remedied, cured or waived,
then, without any further action by the Holders, such declaration of
acceleration shall be rescinded automatically and the consequences of such
declaration shall be annulled. No such rescission or annulment shall affect
any subsequent Default or impair any right consequent thereon; and provided,
further, that no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon.

35

 

          Section 4.5 Control by Majority.

          The Holders of a majority of the principal amount of the Outstanding
Debentures (or such lesser amount as shall have acted at a meeting pursuant to
the provisions of this Indenture) shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or exercising any trust or power conferred on the Trustee. However,
the Trustee may refuse to follow any direction that:

     (1) conflicts with any law or with this Indenture;

     (2) the Trustee determines may be unduly prejudicial to the
rights of the Holders not joining therein; or

     (3) may expose the Trustee to personal liability.

The Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction.

          Section 4.6 Limitation on Suit.

          No Holder of any Security shall have any right to pursue any remedy with
respect to this Indenture or the Securities (including, instituting any
proceeding, judicial or otherwise, with respect to this Indenture or for the
appointment of a receiver or trustee) unless:

     (1) such Holder has previously given written notice to the
Trustee of an Event of Default that is continuing;

     (2) the Holders of at least 25% of the principal amount of
the Outstanding Debentures shall have made written request to the
Trustee to pursue the remedy;

     (3) such Holder or Holders have offered to the Trustee
indemnity satisfactory to it against any costs, expenses and
liabilities incurred in complying with such request;

     (4) the Trustee has failed to comply with the request for 60
days after its receipt of such notice, request and offer of
indemnity; and

     (5) during such 60-day period, no direction inconsistent with
such written request has been given to the Trustee by the Holders
of a majority of the principal amount of the Outstanding
Debentures (or such
amount as shall have acted at a meeting pursuant to the
provisions of this Indenture);

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provided, however, that no one or more of such Holders may use this Indenture
to prejudice the rights of another Holder or to obtain preference or priority
over another Holder.

          Section 4.7 Unconditional Rights of Holders to Receive Payment and to
Convert.

          Notwithstanding any other provision in this Indenture, the Holder of any
Debenture shall have the right, which is absolute and unconditional, to receive
payment of the principal amount, Redemption Price or Repurchase Price, and
Interest (including Contingent Interest) in respect of the Debentures held by
such Holder, on or after the respective due dates expressed in the Debenture or
any Redemption Date or Repurchase Date, and to convert the Debenture in
accordance with Article 12, or to bring suit for the enforcement of any such
payment on or after such respective dates or the right to convert, and such
rights shall not be impaired or affected adversely without the consent of such
Holder.

          Section 4.8 Collection of Indebtedness and Suits for Enforcement by the
Trustee.

          The Company covenants that if:

     (1) a Default or Event of Default is made in the payment of
Interest (including Contingent Interest) on any Debenture when
such Interest (including Contingent Interest) becomes due and
payable and such Default or Event of Default continues for a
period of 30 days; or

     (2) a Default or Event of Default is made in the payment of
the principal amount, Redemption Price or Repurchase Price on any
Debenture when the same becomes due and payable at its Stated
Maturity, upon redemption, upon declaration when due for purchase
by the Company or otherwise,

then the Company will, upon demand of the Trustee, pay to it, for the benefit
of the Holders of such Debenture, the entire principal then due and payable (as
expressed therein or as a result of any acceleration effected pursuant to
Section 4.2 hereof) on such Debenture for any such amounts and, to the extent
legally enforceable, Interest (including Contingent Interest) on such
Debenture, and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel.

          If the Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may
prosecute such proceeding to judgment or final decree and may enforce the same
against the Company and collect the monies adjudged or decreed to be payable in
the manner provided by law out of the property of the Company, wherever
situated.

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          If an Event of Default occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities by such appropriate judicial proceedings as the Trustee
shall deem most effectual to protect and enforce any such rights, whether for
the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper
remedy.

          Section 4.9 Trustee May File Proofs of Claim.

          In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or the property of the Company or
its creditors, the Trustee (irrespective of whether the principal amount,
Redemption Price, Repurchase Price or Interest (including Contingent Interest)
in respect of the Debentures shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of any such amount) shall
be entitled and empowered, by intervention in such proceeding or otherwise:

     (1) to file and prove a claim for the whole amount of the
principal amount, Redemption Price, Repurchase Price or Interest
(including Contingent Interest) owing and unpaid in respect of the
Debentures and to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel)
and of the Holders of Debentures allowed in such judicial
proceeding and

     (2) to collect and receive any monies, Common Stock or other
property payable or deliverable on any such claim and to
distribute the same,

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceedings is hereby authorized by
each Holder of Debentures to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to
the Holders of Debentures, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel and any other
amounts due the Trustee under Section 5.8.

          Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept, or adopt on behalf of any Holder of a
Debenture, any plan of reorganization, arrangement, adjustment or composition
affecting the Debentures or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder of a Debenture in any
such proceeding.

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          Section 4.10 Restoration of Rights and Remedies.

          If the Trustee or any Holder of a Debenture has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders of
Debentures shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and
the Holders shall continue as though no such proceeding had been instituted.

          Section 4.11 Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 2.12, no right or remedy conferred in this Indenture upon or reserved
to the Trustee or to the Holders of Securities is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

          Section 4.12 Delay or Omission Not Waiver.

          No delay or omission of the Trustee or of any Holder of any Security to
exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
any acquiescence therein. Every right and remedy given by this Article or by
law to the Trustee or to the Holders of Securities may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the
Holders of Securities, as applicable.

          Section 4.13 Priorities.

          Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee:

          FIRST: to the payment of all amounts due to the Trustee under
Section 5.8;

          SECOND: to Holders for amounts due and unpaid on the Securities for
the principal amount, Redemption Price, Repurchase Price or Interest
(including Contingent Interest) as applicable, ratably, without
preference or priority of any kind, according to such amounts due and
payable on the Debentures; and

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          THIRD: any remaining amounts shall be repaid to the Company.

          The Trustee may fix a special record date and payment date for any payment
to Holders pursuant to this Section 4.13. At least 15 days before such special
record date, the Trustee shall mail to each Holder and the Company a notice
that states the special record date, the payment date and the amount to be
paid.

          Section 4.14 Undertaking for Costs.

          All parties to this Indenture agree, and each Holder of any Debenture by
such Holder’s acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of
Holders, holding in the aggregate more than 10% of the principal amount of the
Outstanding Debentures, or to any suit instituted by any Holder of any
Debenture for the enforcement of (i) payments pursuant to Section 4.7, (ii)
repurchase rights in accordance with Article 11 or (iii) conversion rights in
accordance with Article 12. This Section 4.14 shall be in lieu of Section
315(e) of the TIA and such Section 315(e) is hereby expressly excluded from
this Indenture, as permitted by the TIA.

          Section 4.15 Waiver of Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that it
will not at any time insist upon, or plead, or in any manner whatsoever claim
to take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any
such law and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

ARTICLE 5

THE TRUSTEE

          Section 5.1 Certain Duties and Responsibilities.

          (a) Except during the continuance of an Event of Default,

     (1) The Trustee undertakes to perform such duties and only
such duties as are specifically set forth in this Indenture or the
TIA, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and

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     (2) In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates
or opinions furnished to the Trustee and conforming to the
requirements of this Indenture; provided, however, that in the
case of any such certificates or opinions which by any provision
hereof are specifically required to be furnished to the Trustee,
the Trustee shall examine the certificates or opinions to
determine whether or not, on their face, they conform to the
requirements to this Indenture (but need not investigate or
confirm the accuracy of any facts stated therein).

          (b) In case an Event of Default actually known to a Responsible Officer of
the Trustee has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree
of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs.

          (c) No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure
to act, or its own willful misconduct, except that:

     (1) This paragraph (c) shall not be construed to limit the
effect of paragraph (a) of this Section 5.1;

     (2) The Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be
proved that the Trustee was negligent in ascertaining the
pertinent facts; and

     (3) The Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in
accordance with a direction received by it of the Holders of a
majority of the principal amount of the Outstanding Securities (or
such lesser amount as shall have acted at a meeting pursuant to
the provisions of this Indenture) relating to the time, method and
place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.

          (d) Whether or not herein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section
5.1.

          (e) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur any liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers.
The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity reasonably satisfactory to it against any loss,
liability, cost or expense (including, without limitation, reasonable fees and
expenses of counsel).

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          (f) The Trustee shall not be obligated to pay interest on any money or
other assets received by it unless otherwise agreed in writing with the
Company. Assets held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

          (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation
into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Company, personally or by
agent or attorney at the sole cost of the Company and shall incur no liability
or additional liability of any kind by reason of such inquiry or investigation.

          (h) The Trustee shall not be deemed to have notice or actual knowledge of
any Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact a
Default is received by the Trustee pursuant to Section 14.2 hereof, and such
notice references the Securities and this Indenture.

          (i) The rights, privileges, protections, immunities and benefits given to
the Trustee hereunder, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and each Paying Agent, authenticating agent,
Calculation Agent, Conversion Agent or Registrar acting hereunder.

          (j) The
Trustee may request that the Company or Fisher deliver an Officers’
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers’ Certificate may be signed by any person authorized to sign an
Officers’ Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

          Section 5.2 Certain Rights of Trustee.

          Subject to the provisions of Section 5.1 hereof and subject to Section
315(a) through (d) of the TIA:

     (1) The Trustee may conclusively rely on any document
believed by it to be genuine and to have been signed or presented
by the proper person. The Trustee need not investigate any fact
or matter stated in the document.

     (2) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel, or
both. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on the Officers’
Certificate or Opinion of Counsel.

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     (3) The Trustee may act through attorneys and agents and
shall be responsible for the misconduct or negligence of any
attorney or agent appointed with due care.

     (4) The Trustee shall not be liable for any action taken or
omitted to be taken by it in good faith that it believed to be
authorized or within the discretion or rights or powers conferred
upon it by this Indenture, unless the Trustee’s conduct
constitutes negligence.

     (5) The Trustee may consult with counsel of its selection and
the advice of such counsel as to matters of law or legal
interpretation shall be full and complete authorization and
protection in respect of any action taken, omitted or suffered by
it hereunder in good faith and in accordance with the advice or
opinion of such counsel.

     (6) Unless otherwise specifically provided in this Indenture,
any demand, request, direction or notice from the Company shall be
sufficient if signed by an Officer of the Company.

     (7) The permissive rights of the Trustee to do things
enumerated in this Indenture shall not be construed as a duty
unless so specified herein.

          Section 5.3 Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner
or pledgee of Securities and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest (as such term is defined in Section 310(b) of the TIA), it must
eliminate such conflict within 90 days, apply to the Commission for permission
to continue as trustee (to the extent permitted under Section 310(b) of the
TIA) or resign. Any agent may do the same with like rights and duties. The
Trustee is also subject to Sections 5.11 and 5.12 hereof.

          Section 5.4 Money Held in Trust.

          Money held by the Trustee in trust hereunder shall not be segregated from
other funds except to the extent required by law. The Trustee shall be under
no liability for interest on any money received by it hereunder except as
otherwise expressly agreed in writing with the Company.

          Section 5.5 Trustee’s Disclaimer.

          The recitals contained herein and in the Securities (except for those in
the certificate of authentication) shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity, sufficiency or priority of
this Indenture or of the

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Securities. The Trustee shall not be accountable for
the use or application by the Company of Securities or the proceeds thereof.

          Section 5.6 Notice of Defaults.

          Within 90 days after the occurrence of any Default or Event of Default
hereunder of which the Trustee has received written notice, the Trustee shall
give notice to Holders, unless such Default or Event of Default shall have been
cured or waived; provided, however, that, except in the case of a Default or
Event of Default described in Sections 4.1(a) or (b), the Trustee shall be
protected in withholding such notice if and so long as Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in
the interest of the Holders. The proviso in the first sentence of this
Section 5.6 shall be in lieu of the proviso to Section 315(b) of the TIA
and such proviso is hereby expressly excluded from this Indenture, as permitted
by the TIA. The Trustee shall not be deemed to have knowledge of a Default
unless a Responsible Officer of the Trustee has received written notice of such
Default.

          Section 5.7 Reports by Trustee to Holders.

          The Trustee shall transmit to Holders such reports concerning the Trustee
and its actions under this Indenture as may be required by Section 313 of the
TIA at the times and in the manner provided by the TIA. If required by Section
313(a) of the TIA, the Trustee shall, within 60 days after each September 15
following the date of this Indenture deliver to Holders a brief report, dated
as of such September 15, which complies with the provisions of such Section
313(a).

          A copy of each report at the time of its mailing to Holders shall be filed
with the Commission, if required, and each stock exchange, if any, on which the
Securities or the Common Stock are listed. The Company or Fisher, as
applicable, shall promptly notify
the Trustee when the Securities or the Common Stock become listed on any stock
exchange and of any delisting thereof.

          Section 5.8 Compensation and Indemnification.

          The Company covenants and agrees to pay to the Trustee from time to time,
and the Trustee shall be entitled to, such compensation as agreed to in writing
by the Trustee and the Company (which shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust) and the
Company covenants and agrees to pay or reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by or
on behalf of it in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of
its counsel and of all agents and other persons not regularly in its employ),
except to the extent that any such expense, disbursement or advance is due to
its negligence or bad faith. When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 4.1, the
expenses (including the reasonable charges and expenses of its counsel) and the
compensation for the services are intended to constitute expenses of
administration under

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any bankruptcy law. The Company also covenants to
indemnify the Trustee and its officers, directors, employees and agents for,
and to hold such Persons harmless against, any loss, liability or expense
incurred by them, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder or the performance of
their duties hereunder, including the costs and expenses of defending
themselves against or investigating any claim (whether asserted by the Company,
a Guarantor, a Holder or any other Person) of liability in the premises, except
to the extent that any such loss, liability or expense was due to the
negligence or willful misconduct of such Persons.
The obligations of the Company under this Section 5.8 to compensate and
indemnify the Trustee and its officers, directors, employees and agents and to
pay or reimburse such Persons for expenses, disbursements and advances shall
constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture or the earlier resignation or removal of the
Trustee. Such additional indebtedness shall be a lien prior to that of the
Securities upon all property and funds held or collected by the Trustee as
such, except funds held in trust for the benefit of the Holders of particular
Securities, and the Securities are hereby subordinated to such senior claim.
“Trustee” for purposes of this Section 5.8 shall include any predecessor
Trustee, but the negligence or willful misconduct of any Trustee shall not
affect the indemnification of any other Trustee.

          Section 5.9 Replacement of Trustee.

          A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section 5.9.

          The Trustee may resign and be discharged from the trust hereby created by
so notifying the Company in writing. The Holders of at least a majority of the
principal amount of Outstanding Debentures may remove the Trustee by so
notifying the Trustee and the Company in writing. The Company must remove the
Trustee if:

     (i) the Trustee fails to comply with Section 5.11 hereof or
Section 310 of the TIA;

     (ii) the Trustee becomes incapable of acting;

     (iii) the Trustee is adjudged a bankrupt or an insolvent or
an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; or

     (iv) a Custodian or public officer takes charge of the
Trustee or its property.

          If the Trustee resigns or is removed or if a vacancy exists in the office
of the Trustee for any reason, the Company shall promptly appoint a successor
Trustee. The Trustee shall be entitled to payment of its fees and
reimbursement of its expenses while acting as Trustee. Within one year after
the successor Trustee takes office, the Holders of

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at least a majority of the
principal amount of Outstanding Debentures may appoint a successor Trustee to
replace the successor Trustee appointed by the Company.

          Any Holder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee if the
Trustee fails to comply with Section 5.11.

          If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation or removal, the resigning or removed Trustee, as applicable, may
petition, at the expense of the Company, any court of competent jurisdiction
for the appointment of a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Thereupon the resignation or
removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The Company shall issue a notice of the successor Trustee’s
succession to the Holders. Upon payment of its charges, the retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor
Trustee, subject nevertheless to its lien, if any, provided for in Section 5.8
hereof. Notwithstanding replacement of the Trustee pursuant to this Section
5.9 hereof, the Company’s obligations under Section 5.8 hereof shall continue
for the benefit of the retiring Trustee with respect to expenses, losses and
liabilities incurred by it prior to such replacement.

          Section 5.10 Successor Trustee by Merger, Etc.

          Subject to Section 5.11 hereof, if the Trustee consolidates with, merges
or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation or national banking association, the successor
entity without any further act shall be the successor Trustee as to the
Securities.

          Section 5.11 Corporate Trustee Required; Eligibility.

          The Trustee shall at all times satisfy the requirements of Section
310(a)(1), (2) and (5) of the TIA. The Trustee shall at all times have (or, in
the case of a corporation included in a bank holding company system, the
related bank holding company shall at all times have), a combined capital and
surplus of at least $50 million as set forth in its (or its related bank
holding company’s) most recent published annual report of condition. The
Trustee is subject to Section 310(b) of the TIA.

          Section 5.12 Collection of Claims Against the Company.

          The Trustee is subject to Section 311(a) of the TIA, excluding any
creditor relationship listed in Section 311(b) of the TIA. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the TIA to the
extent indicated therein.

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ARTICLE 6

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

          Section 6.1 Company May Consolidate, Etc., Only on Certain Terms.

          The Company shall not consolidate with or merge into any other Person or
convey, transfer or lease its properties and assets substantially as an
entirety to any Person, and the Company shall not permit any Person to
consolidate with or merge into the Company or convey, transfer or lease its
properties and assets substantially as an entirety to the Company, unless:

     (1) in the event that the Company shall consolidate with or
merge into another Person or convey, transfer or lease its
properties and assets substantially as an entirety to any Person,
the Person formed by such consolidation or into which the Company
is merged or the Person which acquires by conveyance or transfer,
or which leases, the properties and assets of the Company
substantially as an entirety shall be a corporation organized and
validly existing under the laws of the United States of America,
any State thereof or the District of Columbia;

     (2) in the event that the Company shall consolidate with or
merge into another Person or convey, transfer or lease its
properties and assets substantially as an entirety to any Person,
and the entity surviving such transaction or transferee entity is
not the Company, then such surviving or transferee entity shall
expressly assume, by an indenture supplemental hereto, executed
and delivered to the Trustee, in form reasonably satisfactory to
the Trustee, the due and punctual payment of all and any amounts
when due on all the Debentures and the performance of every
covenant of this Indenture and the Debentures on the part of the
Company to be performed or observed and shall have provided for
conversion rights provided in Article 12;

     (3) immediately after giving effect to such transaction, no
Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have
occurred and be continuing; and

     (4) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and, if
a supplemental indenture is required in connection with such
transaction, such supplemental indenture, comply with this Article
and that all conditions
precedent herein provided for relating to such transaction
have been complied with.

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          Section 6.2 Successor Corporation Substituted.

          Upon any consolidation or merger by the Company with or into any other
corporation or any conveyance, transfer or lease of the properties and assets
of the Company substantially as an entirety to any Person, in accordance with
Section 6.1 hereof, the successor corporation formed by such consolidation or
into which the Company is merged or to which such conveyance, transfer or lease
is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such
successor corporation had been named as the Company herein. In the event of
any such conveyance or transfer, the Company (which term shall for this purpose
mean the Person named as the “Company” in the first paragraph of this Indenture
or any successor Person which shall theretofore become such in the manner
described in Section 6.1 hereof), except in the case of a lease to another
Person, shall be relieved of all obligations and covenants under this Indenture
and the Securities and may be dissolved and liquidated.

ARTICLE 7

AMENDMENTS, SUPPLEMENTS AND WAIVERS

          Section 7.1 Without Consent of Holders of Debentures.

          Without the consent of any Holders of Securities, the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to
time, may amend this Indenture and the Securities to:

          (a) add to the covenants of the Company and the Guarantors for the benefit
of the Holders of Debentures;

          (b) surrender any right or power herein conferred upon the Company or the
Guarantors, as the case may be;

          (c) provide for conversion rights of Holders of Debentures if any
reclassification or change of Common Stock or any consolidation, merger or sale
of all or substantially all of Fisher’s assets occurs;

          (d) provide for
the assumption of the Company’s obligations or Fisher’s
obligations, as applicable, to the Holders
of Debentures in the case of a merger, consolidation, conveyance, transfer or
lease pursuant to Article 6 hereof or Section 12.4,
respectively;

          (e) reduce the Conversion Price; provided, however, that such reduction in
the Conversion Price shall not adversely affect the interests of the Holders of
Debentures (after taking into account tax and other consequences of such
reduction);

          (f) comply with the requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the TIA;

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          (g) cure any ambiguity, to correct or supplement any provision herein
which may be inconsistent with any other provision herein or which is otherwise
defective, or to make any other provisions with respect to matters or questions
arising under this Indenture which the Company may deem necessary or desirable
and which shall not be inconsistent with the provisions of this Indenture;
provided, however, that such action pursuant to this clause (g) does not, in
the good faith opinion of the Board of Directors of the Company (as evidenced
by a Board Resolution) and the Trustee, adversely affect the interests of the
Holders of Securities in any material respect;

          (h) add Guarantees with respect to the Debentures; and

          (i) add or modify any other provisions herein with respect to matters or
questions arising hereunder which the Company and the Trustee may deem
necessary or desirable and which will not adversely affect the interests of the
Holders of Debentures.

          Section 7.2 With Consent of Holders of Debentures.

          Except as provided below in this Section 7.2, this Indenture or the
Securities may be amended, modified or supplemented, and noncompliance in any
particular instance with any provision of this Indenture or the Securities may
be waived, in each case (i) with the written consent of the Holders of at least
a majority of the principal amount of the Outstanding Debentures or (ii) by the
adoption of a resolution, at a meeting of Holders of the Outstanding Debentures
at which a quorum is present, by the Holders of a majority of the principal
amount of the Outstanding Debentures represented at such meeting.

          Without the written consent or the affirmative vote of each Holder of
Debentures affected thereby, an amendment or waiver under this Section 7.2 may
not:

          (a) change the Stated Maturity of the principal amount of, or any
installment of Interest (including Contingent Interest) on, any Security;

          (b) reduce the principal amount, Redemption Price or Repurchase Price of,
or accrued Interest (including accrued Contingent Interest) on, any Debenture;

          (c) impair or adversely affect the conversion rights as provided in
Article 12 of any Holders of Debentures;

          (d) impair or adversely affect the rights of any Holder of the Debentures
with respect to the Guarantees;

          (e) change the currency of any amount owed or owing under the Debentures
or any interest thereon from U.S. Dollars;

          (f) alter or otherwise modify the manner of calculation the Interest Rate
on any Debenture, or extend time for payment of any amounts due and payable
(including Contingent Interest) to the Holders of the Debentures;

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          (g) impair or adversely affect the right of any Holder to institute suit
for the enforcement of any payment in or with respect to any Debenture;

          (h) modify the obligation of the Company to maintain an office or agency
in The City of New York pursuant to Section 9.2;

          (i) impair or adversely affect the repurchase right of the Holders of the
Debentures as provided in Article 11 or the right of the Holders of the
Debentures to convert any Debenture as provided in Article 12;

          (j) modify the provisions of Article 10 in a manner adverse to the Holders
of the Debentures;

          (k) modify any of the provisions of this Section, or reduce the percentage
of voting interests required to waive a default, except to provide that certain
other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each Outstanding Debenture affected thereby; or

          (l) reduce the requirements of Section 8.4 hereof for quorum or voting, or
reduce the percentage of the principal amount of the Outstanding Debentures the
consent of whose Holders is required for any such supplemental indenture or the
consent of whose Holders is required for any waiver provided for in this
Indenture.

          It shall not be necessary for any Act of Holders of Debentures under this
Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

          Section 7.3 Compliance with Trust Indenture Act.

          Every amendment to this Indenture or the Securities shall be set forth in
a supplemental indenture that complies with the TIA as then in effect.

          Section 7.4 Revocation of Consents and Effect of Consents or Votes.

          Until an amendment, supplement or waiver becomes effective, a written
consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Debenture or portion of a Debenture that evidences the
same debt as the consenting Holder’s Debenture, even if notation of the consent
is not made on any Debenture; provided, however, that unless a record date
shall have been established, any such Holder or subsequent Holder may revoke
the consent as to its Debenture or portion of a Debenture if the Trustee
receives written notice of revocation before the date the amendment, supplement
or waiver becomes effective.

          An amendment, supplement or waiver becomes effective on receipt by the
Trustee of written consents from or affirmative votes by, as applicable, the
Holders of the requisite percentage of the principal amount of the Outstanding
Debentures, and thereafter shall bind every Holder of Debentures; provided,
however, if the amendment,

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supplement or waiver makes a change described in any
of the clauses (a) through (l) of Section 7.2, the amendment, supplement or
waiver shall bind only each Holder of a Debenture which has consented to it or
voted for it, as applicable, and every subsequent Holder of a Debenture or
portion of a Debenture that evidences the same indebtedness as the Debenture of
the consenting or affirmatively voting Holder, as applicable.

          Section 7.5 Notation on or Exchange of Debentures.

          If an amendment, supplement or waiver changes the terms of a Debenture:

          (a) the Trustee may require the Holder of a Debenture to deliver such
Debenture to the Trustee, the Trustee may place an appropriate notation on the
Debenture about the changed terms and return it to the Holder and the Trustee
may place an appropriate notation on any Debenture thereafter authenticated; or

          (b) if the Company or the Trustee so determines, the Company in exchange
for the Debenture shall issue and the Trustee shall authenticate a new
Debenture that reflects the changed terms.

          Failure to make the appropriate notation or issue a new Debenture shall
not affect the validity and effect of such amendment, supplement or waiver.

          Section 7.6 Trustee to Sign Amendment, Etc.

          The Trustee shall sign any amendment authorized pursuant to this Article 7
if the Trustee reasonably determines the amendment does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. If the Trustee
reasonably determines the amendment does adversely affect the rights, duties,
liabilities or immunities of the Trustee, the Trustee may but need not sign it.
In signing or refusing to sign any amendment hereunder, the Trustee shall be
entitled to receive and shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that such
amendment is authorized or permitted by this Indenture and that all conditions
precedent relating thereto have been complied with.

ARTICLE 8

MEETING OF HOLDERS OF DEBENTURES

          Section 8.1 Purposes for Which Meetings May Be Called.

          A meeting of Holders of Debentures may be called at any time and from time
to time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Debentures.

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          Section 8.2 Call Notice and Place of Meetings.

          (a) The Trustee may at any time call a meeting of Holders of Debentures
for any purpose specified in Section 8.1, to be held at such time and at such
place in The City of New York as the Trustee may determine. Notice of every
meeting of Holders of Debentures, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 14.2, not less than 21 nor
more than 180 days prior to the date fixed for the meeting.

          (b) In case at any time the Company, pursuant to a Board Resolution, or
the Holders of at least 10% of the principal amount of the Outstanding
Debentures shall have requested the Trustee to call a meeting of the Holders of
Debentures for any purpose specified in Section 8.1 hereof, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the
notice of such meeting within 21 days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then
the Company or the Holders of Debentures in the amount specified, as
applicable, may determine the time and the place in The City of New York for
such meeting and may call such meeting for such purposes by giving notice
thereof as provided in paragraph (a) of this Section 8.2.

          Section 8.3 Persons Entitled to Vote at Meetings.

          To be entitled to vote at any meeting of Holders of Debentures, a Person
shall be (a) a Holder of one or more Outstanding Debentures, or (b) a Person
appointed by an instrument in writing as proxy for a Holder or Holders of one
or more Outstanding Debentures by such Holder or Holders. The only Persons who
shall be entitled to be present or to speak at any meeting of Holders shall be
the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

          Section 8.4 Quorum; Action.

          The Persons entitled to vote a majority of the principal amount of the
Outstanding Debentures shall constitute a quorum. In the absence of a quorum
within 30 minutes of the time appointed for any such meeting, the meeting
shall, if convened at the request of Holders of Debentures, be dissolved. In
any other case, the meeting may be adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10
days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting. Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 8.2(a), except that such notice need be
given only once and not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an
adjourned meeting shall

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state expressly the percentage of the principal amount
of the Outstanding Debentures which shall constitute a quorum.

          Subject to the foregoing, at the reconvening of any meeting adjourned for
a lack of a quorum, the Persons entitled to vote 25% of the principal amount of
the Outstanding Debentures at the time shall constitute a quorum for the taking
of any action set forth in the notice of the original meeting.

          At a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid, any resolution and all matters (except as limited by
Section 7.2) shall be effectively passed and decided if passed or decided by
the Persons entitled to vote not less than a majority of the principal amount
of Outstanding Debentures represented and voting at such meeting.

          Any resolution passed or decisions taken at any meeting of Holders of
Debentures duly held in accordance with this Section shall be binding on all
the Holders of Debentures, whether or not present or represented at the
meeting.

          Section 8.5 Determination of Voting Rights; Conduct and Adjournment of
Meetings.

          (a) Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Debentures in regard to proof of the holding of Debentures and of
the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Debentures shall
be proved in the manner specified in Section 14.4 hereof and the appointment of
any proxy shall be proved in the manner specified in Section 14.4 hereof. Such
regulations may provide that written instruments appointing proxies, regular on
their face, may be presumed valid and genuine without the proof specified in
Section 14.4 hereof or other proof.

          (b) The Trustee shall, by an instrument in writing, appoint a temporary
chairman (which may be the Trustee) of the meeting, unless the meeting shall
have been called by the Company or by Holders of Debentures as provided in
Section 8.2(b), in which case the Company or the Holders of Debentures calling
the meeting, as applicable, shall in like manner appoint a temporary chairman.
A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Persons entitled to vote a majority of the principal amount of
the Outstanding Debentures represented at the meeting.

          (c) At any meeting, each Holder of a Debenture or proxy shall be entitled
to one vote for each $1,000 principal amount of Debentures held or represented
by him; provided, however, that no vote shall be cast or counted at any meeting
in respect of any Debentures challenged as not Outstanding and ruled by the
chairman of the

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meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote, except as a Holder of a Debenture or proxy.

     (d) Any meeting of Holders of Debentures duly called pursuant to Section
8.2 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority of the principal amount of the Outstanding
Debentures represented at the meeting, and the meeting may be held as so
adjourned without further notice.

     Section 8.6 Counting Votes and Recording Action of Meetings.

     The vote upon any resolution submitted to any meeting of Holders of
Debentures shall be by written ballots on which shall be subscribed the
signatures of the Holders of Debentures or of their representatives by proxy
and the principal amount and serial numbers of the Outstanding Debentures held
or represented by them. The permanent chairman of the meeting shall appoint
two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the
meeting their verified written reports in duplicate of all votes cast at the
meeting. A record, at least in duplicate, of the proceedings of each meeting
of Holders of Debentures shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 8.2 and,
if applicable, Section 8.4. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

ARTICLE 9

COVENANTS

          Section 9.1 Payment of Principal, Redemption Price, Repurchase Price and
Interest.

          The Company will duly and punctually pay the principal amount, Redemption
Price, Repurchase Price or Interest (including Contingent Interest) on the
Debentures when and if at any time any such foregoing amounts are due and
payable in accordance with the terms of the Debentures and this Indenture. The
Company will deposit or cause to be deposited with the Trustee as directed by
the Trustee the amount payable in immediately available funds, no later than
the day of the Stated Maturity of any Debenture, the date of any installment of
Interest (including Contingent Interest) or any other date such payment is
otherwise due.

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          Section 9.2 Maintenance of Offices or Agencies.

          The Company hereby appoints the Trustee’s Corporate Trust Office as its
office in the Borough of Manhattan, The City of New York, where Debentures may
be:

          (i) presented or surrendered for payment;

          (ii) surrendered for registration of transfer or exchange;

          (iii) surrendered for conversion;

and where notices and demands to or upon the Company or any Guarantor in
respect of the Debentures and this Indenture may be served.

          The Company will maintain in The City of New York, an office or agency
where Debentures may be presented or surrendered for payment, where Debentures
may be surrendered for registration of transfer or exchange, where Debentures
may be surrendered for conversion and where notices and demands to or upon the
Company or any Guarantor in respect of the Debentures and this Indenture may be
served. The Company will give prompt written notice to the Trustee, and notice
to the Holders in accordance with Section 14.2 hereof, of the appointment or
termination of any such agents and of the location and any change in the
location of any such office or agency.

          If at any time the Company shall fail to maintain any such required office
or agency in The City of New York, or shall fail to furnish the Trustee with
the address thereof, presentations and surrenders may be made at, and notices
and demands may be served on, the Corporate Trust Office of the Trustee.

          Section 9.3 Corporate Existence.

          Each of Fisher and, subject to Article 6 hereof, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence, rights (charter and statutory) and franchises
(and in the case of the Company, franchises of each Subsidiary); provided,
however, that each of Fisher and the Company shall not be required to preserve
any such right or franchise if its Board of Directors shall determine in good
faith that the preservation thereof is no longer desirable in the conduct of
the business of it and its Subsidiaries as a whole and that the loss thereof is
not disadvantageous in any material respect to the Holders.

          Section 9.4 Reports.

          (a) Each of the Company and, as of the Effective Date (as defined in
Section 13.3 hereof), Fisher shall deliver to the Trustee within 15 days after it files them with the
Commission copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may by rules and regulations prescribe) which the Company
or Fisher, as applicable, is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act, or, if

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the Company or Fisher is not required to file such information,
documents or reports pursuant to either of such Sections, then such Person
shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed
from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934 in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations; provided, however, neither
the Company nor Fisher shall be required to deliver to
the Trustee any materials for which the Company or Fisher has sought and received confidential treatment by the Commission.

          (b) Each of the Company, Fisher and any other Guarantor also shall comply
with the other provisions of Section 314(a) of the TIA.

          (c) Delivery of the reports, information and documents described
paragraphs (a) and (b) of this Section 9.4 to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained herein, including the Company’s, Fisher’s and any other
Guarantor’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

          Section 9.5 Compliance Certificate.

          The Company and, as of the Effective Date (as defined in Section 13.3
hereof), Fisher shall each deliver to the Trustee, within 90 days after the end
of each fiscal year of the Company or Fisher, as applicable, an Officers’
Certificate, one of the signatories of which shall be the principal executive
officer, principal financial officer or principal accounting officer of the
Company or Fisher, as applicable, stating that in the course of the performance
by the signers of their duties as Officers of the Company or Fisher, as
applicable, they would normally have knowledge of any failure by the Company or
Fisher, as applicable, to comply with all conditions, or Default by the Company
or Fisher, as applicable, with respect to any covenants, under this Indenture,
and further stating whether or not they have knowledge of any such failure or
Default and, if so, specifying each such failure or Default and the nature
thereof. In the event an Officer of the Company or Fisher, as applicable,
comes to have actual knowledge of a Default, regardless of the date, the
Company or Fisher, as applicable, shall deliver an Officers’ Certificate to the
Trustee within five Business Days of obtaining such actual knowledge specifying
such Default, its status and what action the Company or Fisher, as applicable,
is taking or proposes to take with respect thereto.

          Section 9.6 Resale of Certain Shares of Common Stock.

          During the period of two years after the last date of original issuance of
any Debentures, the Company shall not, and shall not permit any of its
“affiliates” (as defined under Rule 144 under the Securities Act) to, resell
any shares of Common Stock

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issuable upon conversion of the Debentures, which
constitute “restricted securities” under
Rule 144, that are acquired by any of them within the United States or to
“U.S. persons” (as defined in Regulation S) except pursuant to an effective
registration statement under the Securities Act or an applicable exemption
therefrom. The Trustee shall have no responsibility or liability in respect of
the Company’s performance of its agreement in the preceding sentence.

          The provisions of this Section 9.6 shall apply to each Guarantor as well
as to the Company, and each reference in this Section to “the Company” shall,
insofar as this Section applies to a Guarantor, be deemed to refer to such
Guarantor.

          Section 9.7 Tax Treatment of Debentures.

          The Company agrees, and by acceptance of beneficial ownership interest in
the Debentures each beneficial holder of Debentures will be deemed to have
agreed, unless otherwise required by the Internal Revenue Service, for United
States federal income tax purposes (1) to treat the Debentures as indebtedness
that is subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment
Regulations”) and, for purposes of the Contingent Payment Regulations, to treat
the fair market value of any stock beneficially received by a beneficial holder
upon any conversion of the Debentures as a contingent payment and (2) to be
bound by the Company’s determination of the “comparable yield” and “projected
payment schedule,” within the meaning of the Contingent Payment Regulations,
with respect to the Debentures. A Holder of Debentures may obtain the amount
of original issue discount, issue date, yield to maturity, comparable yield and
projected payment schedule by submitting a written request for it to the
Company at the address specified in accordance with Section 14.2.

ARTICLE 10

REDEMPTION OF DEBENTURES

          Section 10.1 Optional Redemption.

          (a) At any time on or after March 15, 2010, except for Debentures that it
is required to purchase pursuant to Section 11.1 or required to convert
pursuant to Section 12.1, the Company may, at its option, redeem the Debentures
in whole at any time or in part from time to time, on any date prior to the
Stated Maturity of such Debentures, upon notice as set forth in Section 10.4,
at the Redemption Price.

          (b) If the Company exercises its option to redeem the Debentures pursuant
to this Section 10.1, a Holder may nevertheless exercise its right to have its
Debentures purchased pursuant to Section 11.1, if applicable, or to convert
such
Debentures pursuant to Article 12, in each case, until the close of
business two Business Days immediately preceding the Redemption Date.

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          (c) The Company shall pay to the Holder of the Debentures called for
redemption (including those Debentures which are converted into Common Stock
after the date the notice of the redemption is mailed and prior to the
Redemption Date) any Interest (including Contingent Interest) accrued but not
paid to, but excluding, the Redemption Date pursuant to Section 2.1(f);
provided, however, that if the Redemption Date is an Interest Payment Date, the
Company shall pay the Interest (including Contingent Interest) to the Holder of
the Debentures on the relevant Regular Record Date.

          Section 10.2 Notice to Trustee.

          If the Company elects to redeem Debentures pursuant to the provisions of
Section 10.1 hereof (such election to be ordered by a Board Resolution), it
shall notify the Trustee at least 60 days prior to the intended Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee) of (i) such
intended Redemption Date, (ii) the principal amount of Debentures to be
redeemed and (iii) the CUSIP numbers of the Debentures to be redeemed.

          Section 10.3 Selection of Debentures to Be Redeemed.

          If fewer than all the Debentures are to be redeemed, the Trustee shall
select the particular Debentures to be redeemed from the Outstanding Debentures
by a method that complies with the requirements of any exchange on which the
Debentures are listed, or, if the Debentures are not listed on an exchange, on
a pro rata basis or by lot or in accordance with any other method the Trustee
considers fair and appropriate. The Trustee may select for redemption portions
of the principal amount of Debentures that have denominations larger than
$1,000.

          Debentures and portions thereof that the Trustee selects shall be in
principal amounts in integral multiples of $1,000. Provisions of this
Indenture that apply to Debentures called for redemption also apply to portions
of Debentures called for redemption. The Trustee shall notify the Company
promptly of the Debentures or portions of Debentures to be redeemed.

          The Trustee shall promptly notify the Company and the Registrar in writing
of the Debentures selected for redemption and, in the case of any Debentures
selected for partial redemption, the principal amount thereof to be redeemed.

          If any Debenture selected for partial redemption is converted or elected
to be purchased in part before termination of the conversion right or
repurchase right with respect to the portion of the Debenture so selected, the
converted or purchased portion of
such Debenture shall be deemed to be the portion selected for redemption;
provided, however, that the Holder of such Debenture so converted or purchased
and deemed redeemed shall not be entitled to any additional interest payment as
a result of such deemed redemption than such Holder would have otherwise been
entitled to receive upon conversion or purchase of such Debenture subject to
Section 2.1(f). Debentures which

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have been converted or purchased during a
selection of Debentures to be redeemed may be treated by the Trustee as
Outstanding for the purpose of such selection.

          For all purposes of this Indenture, unless the context otherwise requires,
all provisions relating to the redemption of Debentures shall relate, in the
case of any Debenture redeemed or to be redeemed only in part, to the portion
of the principal amount of such Debenture which has been or is to be redeemed.

          Section 10.4 Notice of Redemption.

          Notice of redemption shall be given in the manner provided in Section 14.2
to the Holders of Debentures to be redeemed. Such notice shall be given not
less than 20 nor more than 60 days prior to the intended Redemption Date.

          All notices of redemption shall state:

     (1) such intended Redemption Date;

     (2) the Redemption Price and Interest (including Contingent
Interest) accrued and unpaid to, but excluding, the Redemption
Date, if any;

     (3) if fewer than all the Outstanding Debentures are to be
redeemed, the principal amount of Debentures to be redeemed and
the principal amount of Debentures which will be Outstanding after
such partial redemption;

     (4) that on the Redemption Date, the Redemption Price and
Interest (including Contingent Interest) accrued and unpaid to,
but excluding, the Redemption Date, if any, will become due and
payable, and will cease to accrue, upon each such Debenture to be
redeemed;

     (5) the Conversion Price, the date on which the right to
convert the principal of the Debentures to be redeemed will
terminate and the places where such Debentures may be surrendered
for conversion;

     (6) the place or places where such Debentures are to be
surrendered for payment of the Redemption Price and accrued and
unpaid Interest (including Contingent Interest);

     (7) the CUSIP number of the Debentures; and

     (8) whether the Company intends to satisfy its obligation by
delivering Common Stock, cash or a combination of cash and Common
Stock (and in such case, the dollar amount per Debenture to be
satisfied in cash) in the event that Holders elect to convert
their Debentures in connection with the redemption.

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          The notice given shall specify the last date on which exchanges or
transfers of Debentures may be made pursuant to Section 2.7, and shall specify
the serial numbers of Debentures and the portions thereof called for
redemption.

          Notice of redemption of Debentures to be redeemed at the election of the
Company shall be given by the Company or, at the Company’s written request
delivered at least 20 days prior to the date of the mailing of such Notice
(unless a shorter period shall be acceptable to the Trustee), by the Trustee in
the name of and at the expense of the Company.

          Section 10.5 Effect of Notice of Redemption.

          Notice of redemption having been given as provided in Section 10.4 hereof,
the Debentures so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued and
unpaid Interest (including Contingent Interest)) such Debentures shall cease to
bear Interest (including Contingent Interest). Upon surrender of any such
Debenture for redemption in accordance with such notice, such Debenture shall
be paid by the Company at the Redemption Price; provided, however, the
installments of Interest (including Contingent Interest) on Debentures whose
Stated Maturity is prior to or on the Redemption Date shall be payable to the
Holders of such Debentures, or one or more Predecessor Securities, registered
as such on the relevant Regular Record Date.

          If any Debenture called for redemption shall not be so paid upon surrender
thereof for redemption, the principal shall, until paid, bear Interest
(including Contingent Interest) from the Redemption Date at the Interest Rate.

          Section 10.6 Deposit and Payment of Redemption Price.

          Prior to or by 10:00 a.m. (New York City time) on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company or a Subsidiary or an Affiliate of either of them is acting as the
Paying Agent, shall segregate and hold in trust as provided in Section 2.6) an
amount of money in immediately available funds sufficient to pay the Redemption
Price, and accrued and unpaid Interest (including Contingent Interest) in
respect of all the Debentures to be redeemed on that Redemption Date from the
last Interest Payment Date to but not including the Redemption Date, other than
any Debentures called for redemption on that
date which have been converted prior to the date of such deposit, and
accrued and unpaid Interest (including Contingent Interest) on such Debentures.
The Trustee and Paying Agent shall then cause such funds to be paid to the
Holders of the Debentures being redeemed in accordance with this Article.

          If any Debenture delivered for redemption shall not be so redeemed by
payment to the Holders thereof on the Redemption Date, the principal amount of
such Debenture shall, until it is redeemed, bear Interest (including Contingent
Interest) on the Redemption Date to but not including the actual date of
redemption at the applicable

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Interest Rate, and each such Debenture shall
remain convertible into shares of Common Stock pursuant to Article 12 until
such Debenture shall have been so redeemed.

          If any Debenture called for redemption is converted, any money deposited
with the Trustee or with a Paying Agent or so segregated and held in trust for
the redemption of such Debenture shall (subject to any right of the Holder of
such Debenture or any Predecessor Security to receive Interest (including
Contingent Interest) as provided in Section 2.1(f)) be paid to the Company upon
request by the Company or, if then held by the Company, shall be discharged
from such trust.

          Section 10.7 Debentures Redeemed in Part.

          Any Debenture which is to be redeemed only in part shall be surrendered at
an office or agency of the Company designated for that purpose pursuant to
Section 9.2 hereof (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or the Holder’s
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Debenture without
service charge, a new Debenture of any authorized denomination as requested by
such Holder in principal amount equal to and in exchange for the unredeemed
portion of the Debenture so surrendered.

ARTICLE 11

REPURCHASE AT THE OPTION OF HOLDERS

          Section 11.1 Repurchase Rights.

          (a) Optional Put.

          On December 15, 2008, March 15, 2010, December 15, 2014, December 15,
2019, December 15, 2024 and December 15, 2029 (each, an “Optional Repurchase
Date"), each Holder shall have the right (each, an “Optional Repurchase
Right"), at the Holder’s option, to require the Company to repurchase, and upon
the exercise of such right the Company shall repurchase, all of such Holder’s
Debentures not theretofore
called for redemption, or any portion of the principal amount thereof that
is equal to $1,000 or an integral multiple thereof as directed by such Holder
pursuant to Section 11.3 (provided that no single Debenture may be repurchased
in part unless the portion of the principal amount of such Debenture to be
Outstanding after such repurchase is equal to $1,000 or an integral multiple
thereof), at a purchase price in cash equal to 100% of the principal amount of
the Debentures to be repurchased plus accrued and unpaid Interest, including
Contingent Interest, if any, on such Optional Repurchase Date (the “Optional
Repurchase Price").

          (b) Change of Control Put.

          In the event that a Change of Control shall occur, each Holder shall have
the right (each, a “Change of Control Repurchase Right” and, together with the

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Optional Repurchase Right, each a “Repurchase Right”), at the Holder’s option,
but subject to the provisions of Section 11.2 hereof, to require the Company to
repurchase, and upon the exercise of such right the Company shall repurchase,
all of such Holder’s Debentures not theretofore called for redemption, or any
portion of the principal amount thereof that is equal to $1,000 or an integral
multiple thereof as directed by such Holder pursuant to Section 11.3 (provided
that no single Debenture may be repurchased in part unless the portion of the
principal amount of such Debenture to be Outstanding after such repurchase is
equal to $1,000 or an integral multiple thereof), on the date (the “Change of
Control Repurchase Date” and, together with the Optional Repurchase Date, each
a “Repurchase Date”) that is a Business Day 30 days after the date of the
Company Notice at a purchase price in cash equal to 100% of the principal
amount of the Debentures to be repurchased (the “Change of Control Repurchase
Price” and, together with the Optional Repurchase Price, each a “Repurchase
Price”), plus accrued and unpaid Interest (including Contingent Interest) to,
but excluding, the Change of Control Repurchase Date; provided, however, that
installments of Interest (including Contingent Interest) on Debentures whose
Stated Maturity is prior to or on the Change of Control Repurchase Date shall
be payable to the Holders of such Debentures, or one or more Predecessor
Securities, registered as such on the relevant Regular Record Date according to
terms and the provisions of Section 2.1 hereof.

          Section 11.2 Company Notice.

          In the case of an Optional Repurchase Right, no later than 20 Business
Days prior to each Optional Repurchase Date and in the case of a Change of
Control Repurchase Right, no later than 30 days after the occurrence of a
Change of Control, the Company shall mail a written notice (the “Company
Notice”) by first class mail to the Trustee and to each Holder (and to
beneficial owners as required by applicable law) pursuant to Section 14.2. The
Company Notice shall include a form of notice (the “Repurchase Notice”) to be
completed by the Holder and delivered to the Paying Agent pursuant to Section
11.3(b), and shall state the following:

     (i) that it is a Company Notice pursuant to this Section
11.2;

     (ii) in the case of a Change of Control Repurchase Right, the
events causing a Change of Control and the date of such Change of
Control;

     (iii) the procedures with which such Holder must comply to
exercise its right to have its Debentures purchased pursuant to
Section 11.1(a) or 11.1(b), including the date by which the
completed Repurchase Notice pursuant to Section 11.3(b) and the
Debentures the Holder elects to have repurchased pursuant to
Section 11.1(a) or 11.1(b) must be delivered to the Paying Agent
in order to have such Debentures purchased by the Company pursuant
to Section 11.1(a) or 11.1(b), as the case may be, the name and
address of the Paying Agent and that the Debentures as to which a
Repurchase Notice has been given may be converted, if they are

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otherwise convertible pursuant to Article 12, only if the
completed and delivered Repurchase Notice has been withdrawn in
accordance with the terms of the Indenture, the Holder’s
conversion rights pursuant to Article 12, and the Conversion Rate
then in effect and any adjustments thereto;

     (iv) the Repurchase Date and the Repurchase Price;

     (v) that, unless the Company defaults in making payment of
such Repurchase Price, Interest (including Contingent Interest) on
the Debentures surrendered for purchase by the Company will cease
to accrue on and after Repurchase Date; and

     (vi) the CUSIP number of the Debentures.

          No failure by the Company to give the foregoing Company Notice shall limit
any Holder’s right to exercise its rights pursuant to Section 11.1(a) or
11.1(b) or affect the validity of the proceedings for the purchase of its
Debentures hereunder.

          Section 11.3 Delivery of Repurchase Notice; Forms of Repurchase Notice;
Withdrawal of Repurchase Notice.

          (a) Delivery of Repurchase Notice.

          The Company shall deliver to all Holders (and beneficial holders of the
Debentures) a form of Repurchase Notice, which with respect to Holders
repurchase rights set forth in Section 11.1(a) or 11.1(b), as the case may be,
shall be delivered to such Holders at least 20 Business Days prior to the
Repurchase Date and, as set forth in Section 11.2 shall be included in the
Company Notice; provided that the delivery of such form of Repurchase Notice to
the Holders shall be made in the Company’s name and at
the Company’s expense and the text of such form of Repurchase Notice,
shall be prepared by the Company pursuant to Section 11.2.

          (b) Form of Repurchase Notice.

          The form of Repurchase Notice shall provide instructions regarding
procedures with which holders must comply to exercise their rights pursuant to
Section 11.1 and the completion of the Repurchase Notice and also shall state:

     (1) that it is the Repurchase Notice pursuant to Sections
11.2 and 11.3 of the Indenture and must be completed by the Holder
and delivered to the Paying Agent (and any beneficial holder of
securities), together with the delivery of the Holder’s Debentures
for which the Holder will exercise its repurchase rights pursuant
to Section 11.1, for such Holder to receive the Repurchase Price;

     (2) the name and address of the Paying Agent to, and the date
by, which the completed Repurchase Notice and Debentures must be

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     delivered in order for the Holder to receive the applicable
Repurchase Price;

     (3) the portion of the principal amount of the Debentures
which the Holder will deliver to be repurchased, which portion
must be in principal amounts of $1,000 or an integral multiple
thereof;

     (4) any other procedures then applicable that the Holder must
follow to exercise rights under Article 11 and a brief description
of those rights;

     (5) the Repurchase Date and the Repurchase Price;

     (6) the procedures with which such Holder must comply to
exercise its right to have its Debentures purchased pursuant to
Section 11.1, including the date by which the completed Repurchase
Notice pursuant to Section 11.3 and the Debentures the Holder
elects to have purchased pursuant to Section 11.1 must be
delivered to the Paying Agent in order to have such Debentures
purchased by the Company pursuant to Section 11.1, the name and
address of the Paying Agent and that the Debentures as to which a
Repurchase Notice has been given may be converted, if they are
otherwise convertible pursuant to Article 12, only if the
completed and delivered Repurchase Notice has been withdrawn in
accordance with the terms of the Indenture, the Holder’s
conversion rights pursuant to Article 12, the Conversion Rate then
in effect and any adjustments thereto;

     (7) the Holder’s right to withdraw a completed and delivered
Repurchase Notice, the procedures for withdrawing a Repurchase
Notice, pursuant to clause (c) below and that Debentures as to
which a completed
and delivered Repurchase Notice may be converted, if they are
convertible only in accordance with Article 12, if the applicable
completed and delivered Repurchase Notice has been withdrawn;

     (8) that, unless the Company defaults in making payment on
Debentures for which a Repurchase Notice has been submitted,
Interest (including Contingent Interest) on such Debentures will
cease to accrue on the Repurchase Date; and

     (9) the CUSIP number of the Debentures.

          (c) Withdrawal of Repurchase Notice.

          Notwithstanding anything herein to the contrary, any Holder which has
delivered a completed Repurchase Notice to the Paying Agent shall have the
right to withdraw such Repurchase Notice, as applicable, by delivery of a
written notice of withdrawal delivered to the office of the Paying Agent in
accordance with the

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Repurchase Notice at any time prior to the close of
business on the day immediately preceding the Repurchase Date specifying:

     (1) the certificate number, if any, of the Debenture in
respect of which such notice of withdrawal is being submitted;

     (2) the principal amount of the Debenture with respect to
which such notice of withdrawal is being submitted; and

     (3) the principal amount, if any, of such Debenture which
remains subject to the original Repurchase Notice and which has
been or will be delivered for purchase by the Company.

          (d) The Paying Agent shall promptly notify the Company of the receipt by
it of any Repurchase Notice or written notice of withdrawal thereof.

          Section 11.4 Exercise of Repurchase Rights.

          (a) To exercise an Optional Repurchase Right pursuant to Section 11.1(a),
a Holder must deliver to the Trustee at its offices no later than the close of
business on the third Business Day prior to the Optional Repurchase Date the
following:

     (i) a completed Repurchase Notice for Optional Repurchase
Rights, the form of which is contained in Exhibit C hereto; and

     (ii) the Debentures or cause such Debentures to be delivered
through the facilities of the Depositary, as applicable, with
respect to which the repurchase right is being exercised, with, if
the
Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer, in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or
such Holder’s attorney duly authorized in writing.

          (b) To exercise a Change of Control Repurchase Right pursuant to Section
11.1(b), a Holder must deliver to the Trustee at its offices on or prior to the
close of business on the Business Day prior to the Change of Control Repurchase
Date the following:

     (i) a completed Repurchase Notice for Change of Control
Repurchase Rights, the form of which is contained in Exhibit D
hereto; and

     (ii) the Debentures or cause such Debentures to be delivered
through the facilities of the Depositary, as applicable, with
respect to which the repurchase right is being exercised, with, if
the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer, in form satisfactory to the
Company and the

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Trustee duly executed by, the Holder thereof or
such Holder’s attorney duly authorized in writing.

          Section 11.5 Deposit and Payment of the Applicable Repurchase Price.

          (a) If a Holder has exercised its rights pursuant to Section 11.1(a) or
11.1(b) and has satisfied the conditions for the exercise of such rights in
accordance with Section 11.4(a) or 11.4(b), as the case may be, then the
Company shall, prior to 10:00 a.m. (New York City time) on the applicable
Repurchase Date deposit with the Trustee or with the Paying Agent (or, if the
Company or a Subsidiary or an Affiliate of either of them is acting as the
Paying Agent, shall segregate and hold in trust as provided in Section 2.5) an
amount of money in immediately available funds if deposited on such Business
Day sufficient to pay the aggregate Repurchase Price of all the Debentures or
portions thereof which are to be purchased on such applicable Repurchase Date,
and the Trustee or Paying Agent, as applicable, shall pay the Holder the
Repurchase Price multiplied by the principal amount of Debentures for which
such rights were exercised on the applicable Repurchase Date.

          (b) There shall be no purchase of any Debenture pursuant to Section
11.1(a) or 11.1(b) if there has occurred (prior to, on or after, as applicable,
the giving, by the Holders of such Debenture, of the required Repurchase
Notice) and is continuing an Event of Default (other than a default in the
payment of the Repurchase Price with respect to such Debenture). The Paying
Agent will promptly return to the respective Holders thereof any Debenture (x)
with respect to which a Repurchase Notice has been withdrawn in compliance with
this Indenture, or (y) held by it during the continuance of
an Event of Default (other than a default in the payment of the Repurchase
Price with respect to such Securities) in which case, upon such return, the
Repurchase Notice with respect thereto shall be deemed to have been withdrawn.

          (c) If any Debenture delivered for purchase pursuant to Section 11.1(a) or
11.1(b) shall not be so paid on the Repurchase Date, the principal amount of
such Debenture shall, until it is paid, bear Interest (including Contingent
Interest) from the purchase date to but not including the date of actual
payment hereunder at the applicable Interest Rate, and each such Debenture
shall remain convertible pursuant to Article 12 until such Debenture shall have
been paid.

          Section 11.6 Effect of Delivery of Repurchase Notice and Purchase.

          (a) Upon receipt by the Paying Agent of a Repurchase Notice, the Holder of
the Debenture in respect of which such Repurchase Notice was delivered shall
(unless such Repurchase Notice is withdrawn pursuant to Section 11.3(c))
thereafter be entitled to receive solely the Repurchase Price with respect to
such Debenture, and, if applicable, any accrued and unpaid Interest (including
Contingent Interest) pursuant to Section 2.1(f). Debentures in respect of
which a Repurchase Notice has been delivered by the Holder thereof may not be
converted pursuant to Article 12 on or after the date of

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the delivery of such
Repurchase Notice unless such Repurchase Notice which has been completed and
delivered to the Paying Agent has first been validly withdrawn pursuant to
Section 11.3(c).

          (b) All Debentures delivered for purchase shall be canceled by the Trustee
or Paying Agent, as applicable.

          Section 11.7 Physical Securities Purchased in Part.

          Any Physical Security which is to be purchased only in part shall be
surrendered at the office of the Paying Agent (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder’s attorney duly authorized in writing) and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of
such Debentures, without service charge, new Debentures, of any authorized
denomination as requested by such Holder in principal amount equal to, and in
exchange for, the portion of the principal amount of the Debentures so
surrendered which is not purchased.

          Section 11.8 Covenant to Comply With Securities Laws Upon Repurchase of
Securities.

          When complying with the provisions of this Article 11 (if such offer or
purchase constitutes an “issuer tender offer” for purposes of Rule 13e 4 (which
term, as used herein, includes any successor provision thereto) under the
Exchange Act at the time of such offer or purchase), the Company shall (a)
comply with Rule 13e 4 and Rule 14e 1 under the Exchange Act, (b) file the
related Schedule TO (or any successor schedule, form or report) under the
Exchange Act and (c) otherwise comply with all federal and state securities
laws so as to permit the rights and obligations under this Article 11 to be
exercised in the time and in the manner specified in this Article 11.

          Section 11.9 Repayment to the Company.

          The Trustee and the Paying Agent shall return to the Company upon written
request any cash that remains unclaimed, together with interest or dividends,
if any, thereon (subject to the provisions of Section 5.4), held by them for
the payment of the Repurchase Price; provided, however, that to the extent that
the aggregate amount of cash deposited by the Company pursuant to Section 11.5
exceeds the aggregate Repurchase Price of the Debentures or portions thereof
which the Company is obligated to purchase on the purchase date then, unless
otherwise agreed in writing with the Company, promptly after the Business Day
following such purchase date, the Trustee or Paying Agent, as applicable, shall
return any such excess to the Company together with interest or dividends, if
any, thereon, subject to the provisions of Section 5.4.

ARTICLE 12

CONVERSION OF SECURITIES

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          Section 12.1 Conversion Privilege.

          (a) Subject to and upon compliance with the provisions of this Article, at
the option of the Holder, any Debenture or any portion of the principal amount
thereof which is an integral multiple of $1,000 may be converted at the
principal amount thereof, or of such portion thereof, into duly authorized,
fully paid and nonassessable shares of Common Stock (subject to
Section 12.12 hereof), at the Conversion Price,
determined as hereinafter provided, in effect at the time of conversion:

     (1) during any fiscal quarter, if the Sale Price of the
Common Stock for at least 20 Trading Days in the 30 consecutive
Trading-Day period ending on the last day of the preceding fiscal
quarter was more than 130% of the Conversion Price on that
thirtieth Trading Day;

     (2) on or before December 15, 2028, during the five Business
Day period following any five consecutive Trading-Day period in
which the average of the Trading Prices for the Debentures, as
determined following a written request by a Holder of Debentures
delivered to the Company in accordance with Section 14.2, to make
a determination, for that five Trading-Day period was less than
97% of the average Conversion Value for the Debentures during such
period; provided, however, if on the Conversion Date, the Sale
Price of the Common Stock is greater than the then current
Conversion Price and less than or equal to 130% of the then
current Conversion Price, and the Debentures are not otherwise
convertible, the Company may satisfy such conversion, at its
option, in cash, Common Stock or a combination of cash and Common
Stock with a value equal to the principal amount of such Debenture
to be converted (any such Common Stock so utilized to satisfy such
conversion pursuant to this proviso will be valued at 100% of the
average of the Sale Prices of the Common Stock for the five
Trading Days ending on the third Trading Day immediately preceding the
Conversion Date);

     (3) during any period, following the date the Debentures are
rated by both Moody’s and by Standard and Poor’s, (1) when the
credit ratings assigned to the Debentures by Moody’s is lower than
“B3” or by Standard & Poor’s is lower than “B-”, (2) in which the
credit rating assigned to the Debentures is suspended or withdrawn
by either rating agency, or (3) in which neither agency continues
to rate the Debentures or provide ratings services or coverage to
the Company;

     (4) if the Company has called the Debentures for redemption;
or

     (5) upon the occurrence of any of the corporate transactions
specified in clause (b) of this Section 12.1.

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          The Company shall determine on a daily basis whether the Debentures shall
be convertible as a result of the occurrence of an event specified in clause
(1) or, following a request by a Holder of Debentures delivered to the Company,
clause (2) above and, if the Debentures shall be so convertible, the Company
shall promptly deliver to the Trustee written notice thereof. Whenever the
Debentures shall become convertible pursuant to Section 12.1, the Company or,
at the Company’s written request, the Trustee in the name and at the expense of
the Company, shall notify the Holders of the event triggering such
convertibility in the manner provided in Section 14.2, and the Company shall
also publicly announce such information and publish it on the Company’s web
site. Any notice so given shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice.

          Notwithstanding anything to the contrary contained herein, the Conversion
Agent shall have no obligation to determine the Trading Price of the Debentures
pursuant to clause (2) above, unless the Company shall have requested that it
make such determination; and the Company shall have no obligation to make such
request unless so requested by a Holder. At such time as a written request is
made by a Holder, the Company shall instruct the Conversion Agent to determine
the Trading Price of the Debentures beginning on the next Trading Day and on
each successive Trading Day until the Trading Price of the Debentures is
greater than or equal to 97% of the average Conversion Value for five
consecutive Trading Days.

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          (b) In addition, in the event that:

     (1) (A) Fisher distributes to all or substantially all
holders of its shares of Common Stock rights or warrants entitling
them (for a period expiring within 60 days of the Record Date for
such distribution) to subscribe for or purchase shares of Common
Stock, at a price per share less than the Sale Price of the Common
Stock on the Business Day immediately preceding the announcement
of such distribution, (B) Fisher distributes to all or
substantially all holders of its shares of Common Stock, cash or
other assets, debt securities or rights or warrants to purchase
its securities, where the Fair Market Value (as determined by the
Board of Directors) of such distribution per share of Common Stock
exceeds 5% of the Sale Price of a share of Common Stock on the
Business Day immediately preceding the date of declaration of such
distribution, or (C) a Change of Control occurs but Holders of
Debentures do not have the right to require the Company to
purchase their Debentures as a result of such Change of Control
because either (i) the Sale Price of the Common Stock for
specified periods (as described in the definition of Change of
Control) exceeds specified levels (as described in the definition
of Change of Control) or (ii) the consideration received in such
Change of Control consists of Capital Stock that is freely
tradeable and the Debentures become convertible into that Capital
Stock as specified in the definition of Change of Control, then,
in each case, the Debentures may be surrendered for conversion at
any time on and after the date that the Company gives notice to
the Holders of such right, which shall be not less than 20 days
prior to the Ex-Dividend Time for such distribution, in the case
of (A) or (B), or within 30 days after the occurrence of the
Change of Control, in the case of (C), until the earlier of the
close of business on the Business Day immediately preceding the
Ex-Dividend Time or the date the Company announces that such
distribution will not take place, in the case of (A) or (B), or
the earlier of 30 days after the Company’s delivery of the
Repurchase Notice for Change of Control Repurchase Rights or the
date the Company announces that the Change of Control will not
take place, in the case of (C), or

     (2) Fisher consolidates with or merges into another
corporation, or is a party to a binding share exchange pursuant to
which the shares of Common Stock would be converted into cash,
securities or other property as set forth in Section 12.4 hereof,
then the Debentures may be surrendered for conversion at any time
from and after the date which is 15 days prior to the date
announced by Fisher as the anticipated effective time of such
transaction until 15 days after the actual date of such
transaction.

          The Conversion Rate, at any time, shall equal (A) $1,000 divided by the
Conversion Price at such time, rounded to three decimal places (rounded up if
the fourth decimal place thereof is 5 or more and otherwise rounded down).

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          Section 12.2 Conversion Procedure; Conversion Price; Fractional Shares.

          (a) Upon conversion, the Company has the option, as set forth in Section
12.12, to deliver cash or a combination of cash and Common Stock, in lieu of
Common Stock in order to satisfy its Conversion Obligation; provided, however,
that the Company has the unilateral right, exercisable at any time, to deliver
an Officers’ Certificate to the Trustee and notice to the Holders, each stating
that it shall be thereafter obligated to satisfy certain of its Conversion
Obligation in cash. If the Company
chooses to settle the Conversion Obligation in Common Stock, Debentures shall
be convertible at the office of the Conversion Agent into fully paid and
nonassessable shares (calculated to the nearest 1/100th of a share) of Common
Stock and will be converted into shares of Common Stock at the Conversion Price
therefor. No payment or adjustment shall be made in respect of dividends on
the Common Stock or accrued interest on a converted Debenture, except as
described in Section 12.9 hereof. The Company shall not issue any fraction of
a share of Common Stock in connection with any conversion of Debentures, but
instead shall, subject to Section 12.3(h) hereof, make a cash payment
(calculated to the nearest cent) equal to such fraction multiplied by the Sale
Price of the Common Stock on the last Trading Day prior to the date of
conversion. Notwithstanding the foregoing, a Debenture in respect of which a
Holder has delivered a Repurchase Notice exercising such Holder’s option to
require the Company to repurchase such Debenture may be converted only if such
notice of exercise is withdrawn in accordance with Section 11.3 hereof.

          (b) Before any Holder of a Debenture shall be entitled to convert the
same, such Holder shall, in the case of Debentures issued in global form,
comply with the procedures of the Depositary in effect at that time, and in the
case of Physical Securities, surrender such Debenture, duly endorsed to the
Company or in blank, at the office of the Conversion Agent, and shall give
written notice to the Company at said office or place that such Holder elects
to convert the same and shall state in writing therein the principal amount of
Debentures to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for Common Stock to be issued.

          Before any such conversion, a Holder also shall pay all funds required, if
any, relating to interest on the Debenture, as provided in Section 12.9, and
all taxes or duties, if any, as provided in Section 12.8.

          If more than one Debenture shall be surrendered for conversion at one time
by the same Holder, the number of full shares of Common Stock which shall be
deliverable upon conversion shall be computed on the basis of the aggregate
principal amount of the Debentures (or specified portions thereof to the extent
permitted thereby) so surrendered. Subject to Section 12.12 and the next
succeeding sentence, the Company will, as soon as practicable thereafter, issue
and deliver at said office or place to such Holder of a Debenture, or to such
Holder’s nominee or nominees, certificates for the
number of full shares of Common Stock to which such Holder shall be
entitled as aforesaid, together, subject to the last sentence of Section
12.2(a) above, with cash in lieu

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of any fraction of a share to which such
Holder would otherwise be entitled. The Company shall not be required to
deliver certificates for shares of Common Stock while the stock transfer books
for such stock or the security register are duly closed for any purpose, but
certificates for shares of Common Stock shall be issued and delivered as soon
as practicable after the opening of such books or security register.

          (c) A Debenture shall be deemed to have been converted as of the close of
business on the date of the surrender of such Debenture for conversion as
provided above and the satisfaction of the other requirements for conversion,
and, if the Company chooses to settle the Conversion Obligation only in Common
Stock or a combination of cash and Common Stock, the person or persons entitled
to receive such Common Stock issuable upon such conversion shall be treated for
all purposes as the record Holder or Holders of such Common Stock as of the
close of business on such date.

          (d) In case any Debenture shall be surrendered for partial conversion, the
Company shall execute and the Trustee shall authenticate and deliver to or upon
the written order of the Holder of the Debenture so surrendered, without charge
to such Holder (subject to the provisions of Section 12.8 hereof), a new
Debenture in authorized denominations in an aggregate principal amount equal to
the unconverted portion of the surrendered Debenture.

          (e) For purposes of calculating the amount of the Common Stock to be
delivered pursuant to any conversion under this Article 12, the Common Stock
shall be valued at 100% of the average of the Sale Price for the Common Stock
for the five Trading Days ending on the third Trading Day immediately preceding
the applicable Conversion Date.

          Section 12.3 Adjustments of Conversion Price for Common Stock.

          The Conversion Price shall be adjusted from time to time as follows:

          (a) In case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, pay a dividend or make a distribution in shares
of Common Stock to all holders of its outstanding shares of Common Stock, then
the Conversion Price in effect at the opening of business on the date following
the Record Date fixed for the determination of stockholders entitled to receive
such dividend or other distribution shall be reduced by multiplying such
Conversion Price by a fraction:

     (1) the numerator of which shall be the number of shares of
Common Stock outstanding at the close of business on the Record
Date fixed for such determination; and

     (2) the denominator of which shall be the sum of such number
of shares and the total number of shares constituting such
dividend or other distribution.

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          Such reduction shall become effective immediately after the opening of
business on the day following the Record Date fixed for such determination. If
any dividend or distribution of the type described in this Section 12.3(a) is
declared but not so paid or made, the Conversion Price shall again be adjusted
to the Conversion Price which would then be in effect if such dividend or
distribution had not been declared.

          (b) In case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, subdivide its outstanding shares of Common
Stock into a greater number of shares of Common Stock, then the Conversion
Price in effect at the opening of business on the day following the day upon
which such subdivision becomes effective shall be proportionately reduced, and
conversely, in case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, combine its outstanding shares of Common Stock
into a smaller number of shares of Common Stock, then the Conversion Price in
effect at the opening of business on the day following the day upon which such
combination becomes effective shall be proportionately increased.

          Such reduction or increase, as the case may be, shall become effective
immediately after the opening of business on the day following the day upon
which such subdivision or combination becomes effective.

          (c) In case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, issue rights or warrants (other than any rights
or warrants referred to in Section 12.3(d)) to all or substantially all holders
of its shares of Common Stock entitling them to subscribe for or purchase
shares of Common Stock (or securities convertible into shares of Common Stock)
at a price per share (or having a conversion price per share) less than the
Sale Price on the Business Day immediately preceding the date of the
announcement of such issuance (treating the conversion price per share of the
securities convertible into Common Stock as equal to (x) the sum of (i) the
price for a unit of the security convertible into Common Stock and (ii) any
additional consideration initially payable upon the conversion of such security
into Common Stock divided by (y) the number of shares of Common Stock initially
underlying such convertible security), then the Conversion Price shall be
adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect at the opening of business on the date after such
date of announcement by a fraction:

     (1) the numerator of which shall be the number of shares of
Common Stock outstanding on the close of business on the date of
announcement, plus the number of shares or securities which the
aggregate offering price of the total number of shares or
securities so offered for subscription or purchase (or the
aggregate conversion price of the convertible securities so
offered) would purchase at such Sale Price of the Common Stock;
and

     (2) the denominator of which shall be the number of shares
of Common Stock outstanding at the close of business on the date
of announcement, plus the total number of additional shares of Common

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Stock so offered for subscription or purchase (or into which
the convertible securities so offered are convertible).

          Such adjustment shall become effective immediately after the opening of
business on the day following the date of announcement of such issuance. To
the extent that shares of Common Stock (or securities convertible into shares
of Common Stock) are not delivered pursuant to such rights or warrants, upon
the expiration or termination of such rights or warrants, the Conversion Price
shall be readjusted to the Conversion Price which would then be in effect had
the adjustments made upon the issuance of such rights or warrants been made on
the basis of the delivery of only the number of shares of Common Stock (or
securities convertible into shares of Common Stock) actually delivered. In the
event that such rights or warrants are not so issued, the Conversion Price
shall again be adjusted to be the Conversion Price which would then be in
effect if the date fixed for the determination of stockholders entitled to
receive such rights or warrants had not been fixed. In determining whether any
rights or warrants entitle the holders to subscribe for or purchase shares of
Common Stock at less than such Sale Price, and in determining the aggregate
offering price of such shares of Common Stock, there shall be taken into
account any consideration received for such rights or warrants, the value of
such consideration if other than cash, to be determined by the Board of
Directors.

          (d) In case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, by dividend or otherwise, distribute to all or
substantially all holders of its shares of Common Stock (including any such
distribution made in connection with a consolidation or merger in which Fisher
is the continuing corporation and the Common Stock is not changed or
exchanged), cash, shares of its capital stock (other than any dividends or
distributions to which Section 12.3(a) applies), evidences of its Indebtedness
or other assets, including securities, but excluding (i) any rights or warrants
referred to in Section 12.3(c), (ii) dividends or distributions of stock,
securities or other property or assets (including cash) in connection with a
reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance to which Section 12.4 applies and (iii)
dividends and distributions paid exclusively in cash (such capital stock,
evidence of its indebtedness, cash, other assets or securities being
distributed hereinafter in this Section 12.3(d) called the “distributed
assets”), then, in each such case, subject to the third and fourth succeeding
paragraphs and the last Section of this Section 12.3(d), the Conversion Price
shall be reduced so that the same shall be equal to the price determined by
multiplying the Conversion Price in effect immediately prior to the close of
business on the Record Date with respect to such distribution by a fraction:

               (1) the numerator of which shall be the Current Market Price
of the Common Stock, less the Fair Market Value on such date of
the portion of the distributed assets so distributed applicable to
one share of Common Stock (determined on the basis of the number
of shares of Common Stock outstanding on the Record
Date)(determined as provided in Section 12.3(g)) on such date; and

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               (2) the denominator of which shall be such Current Market
Price.

Such reduction shall become effective immediately prior to the opening of
business on the day following the Record Date for such distribution. In the
event that such dividend or distribution is not so paid or made, the Conversion
Price shall again be adjusted to be the Conversion Price which would then be in
effect if such dividend or distribution had not been declared.

          If the Board of Directors determines the Fair Market Value of any
distribution for purposes of this Section 12.3(d) by reference to the actual or
when issued trading market for any distributed assets comprising all or part of
such distribution, it must in doing so consider the prices in such market over
the same period (the “Reference Period”) used in computing the Current Market
Price pursuant to Section 12.3(g) to the extent possible, unless the Board of
Directors determines in good faith that determining the Fair Market Value
during the Reference Period would not be in the best interest of the Holders.

          In the event any such distribution consists of shares of capital stock of,
or similar equity interests in, one or more Fisher Subsidiaries (a
“Spin-Off”), the Fair Market Value of the securities to be distributed shall
equal the average of the closing sale prices of such securities on the
principal securities market on which such securities are traded for the five
consecutive Trading Days commencing on and including the sixth day of trading
of those securities after the effectiveness of the Spin-Off, and the Current
Market Price shall be measured for the same period. In the event, however,
that an underwritten initial public offering of the securities in the Spin-Off
occurs simultaneously with the Spin-Off, Fair Market Value of the securities
distributed in the Spin-Off shall mean the initial public offering price of
such securities and the Current Market Price shall mean the Sale Price for the
Common Stock on the same Trading Day.

          Rights or warrants distributed by Fisher to all holders of its shares of
Common Stock entitling them to subscribe for or purchase shares of Fisher’s
capital stock (either initially or under certain circumstances), which rights
or warrants, until the occurrence of a specified event or events (“Trigger
Event”), (i) are deemed to be transferred with such shares of Common Stock,
(ii) are not exercisable and (iii) are also issued in respect of future
issuances of shares of Common Stock, shall be deemed not to have been
distributed for purposes of this Section 12.3(d) (and no adjustment to the
Conversion Price under this Section 12.3(d) will be required) until the
occurrence of the earliest Trigger Event. If such right or warrant is subject
to subsequent events, upon the occurrence of which such right or warrant shall
become exercisable to purchase different distributed assets, evidences of
indebtedness or other assets, or entitle the holder to purchase a different
number or amount of the foregoing or to purchase any of the foregoing at a
different purchase price, then the occurrence of each such event shall be
deemed to be the date of issuance and Record Date with respect to a new right
or warrant (and a termination or expiration of the existing right or warrant
without exercise by the holder thereof). In addition, in the event of any
distribution (or deemed distribution) of rights or warrants, or any Trigger
Event or other event (of the type described in the

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preceding sentence) with respect thereto, that resulted in an adjustment
to the Conversion Price under this Section 12.3(d):

               (1) in the case of any such rights or warrants which shall
all have been redeemed or repurchased without exercise by any
holders thereof, the Conversion Price shall be readjusted upon
such final redemption or repurchase to give effect to such
distribution or Trigger Event, as the case may be, as though it
were a cash distribution, equal to the per share redemption or
repurchase price received by a holder of shares of Common Stock
with respect to such rights or warrants (assuming such holder had
retained such rights or warrants), made to all holders of shares
of Common Stock as of the date of such redemption or repurchase;
and

               (2) in the case of such rights or warrants which shall have
expired or been terminated without exercise, the Conversion Price
shall be readjusted as if such rights and warrants had never been
issued.

          For purposes of this Section 12.3(d) and Sections 12.3(a), 12.3(b) and
12.3(c), any dividend or distribution to which this Section 12.3(d) is
applicable that also includes (i) shares of Common Stock, (ii) a subdivision or
combination of shares of Common Stock to which Section 12.3(b) applies or (iii)
rights or warrants to subscribe for or purchase shares of Common Stock to which
Section 12.3(c) applies (or any combination thereof), shall be deemed instead
to be:

               (1) a dividend or distribution of the evidences of
indebtedness, assets, shares of capital stock, rights or warrants,
other than such shares of Common Stock, such subdivision or
combination or such rights or warrants to which Sections 12.3(a),
12.3(b) and 12.3(c) apply, respectively (and any Conversion Price
reduction required by this Section 12.3(d) with respect to such
dividend or distribution shall then be made), immediately followed
by

               (2) a dividend or distribution of such shares of Common
Stock, such subdivision or combination or such rights or warrants
(and any further Conversion Price reduction required by Sections
12.3(a), 12.3(b) and 12.3(c) with respect to such dividend or
distribution shall then be made), except:

                    (A) the Record Date of such dividend or distribution
shall be substituted as (i) “the date fixed for the
determination of stockholders entitled to receive such
dividend or other distribution,” “Record Date fixed for
such determinations” and “Record Date” within the meaning
of Section 12.3(a), (ii) “the day upon which such
subdivision becomes effective” and “the day upon which such
combination becomes effective” within the meaning of
Section 12.3(b), and (iii) as “the date fixed for the

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 determination of stockholders entitled to receive such
rights or warrants,” “the Record Date fixed for the
determination of the stockholders entitled to receive such
rights or warrants” and such “Record Date” within the
meaning of Section 12.3(c); and

                    (B) any shares of Common Stock included in such
dividend or distribution shall not be deemed “outstanding
at the close of business on the date fixed for such
determination” within the meaning of Section 12.3(a) and
any reduction or increase in the number of shares of Common
Stock resulting from such subdivision or combination shall
be disregarded in connection with such dividend or
distribution.

          In the event of any distribution referred to in this Section 12.3(d) in
which (1) the Fair Market Value (as determined by the Board of Directors) of
such distribution applicable to one share of Common Stock (determined as
provided above) equals or exceeds the average of the Sale Prices of the Common
Stock over the ten consecutive Trading Day period ending on the Record Date for
such distribution or (2) the average of the Sale Prices of the Common Stock
over the ten consecutive Trading Day period ending on the Record Date for such
distribution exceeds the Fair Market Value of such distribution by less than
$1.00, then, in each such case, in lieu of an adjustment to the Conversion
Price, adequate provision shall be made so that each Holder shall have the
right to receive upon conversion of a Debenture, in addition to shares of
Common Stock, the kind and amount of such distribution such Holder would have
received had such Holder converted such Debenture immediately prior to the
Record Date for determining the shareholders entitled to receive the
distribution.

          In the event of any distribution referred to in Section 12.3(c) or
12.3(d), where, in the case of a distribution described in Section 12.3(d), the
Fair Market Value of such distribution per share of Common Stock (as determined
by the Board of Directors) exceeds 5% of the Sale Price of a share of Common
Stock on the Business Day immediately preceding the declaration date for such
distribution, then, if such distribution would also trigger a conversion right
under Section 12.1(b) or the Debentures are otherwise convertible pursuant to
this Article 12, the Company will be required to give notice to the Holders of
Debentures at least 20 days prior to the Ex-Dividend Time for the distribution
and, upon the giving of notice, the Debentures may be surrendered for
conversion at any time on and after the date that the Company gives notice to
the Holders of such conversion right, until the close of business on the
Business Day prior to the Ex-Dividend Time or Fisher announces that such
distribution will not take place. No adjustment to the Conversion Price or the
ability of a Holder of a Debenture to convert will be made if the Holder will
otherwise participate in such distribution without conversion.

          (e) In case Fisher shall, at any time or from time to time while any of
the Debentures are outstanding, by dividend or otherwise, distribute to all or
substantially all holders of shares of its Common Stock cash (excluding any
dividend or distribution in connection with the liquidation, dissolution or
winding up of Fisher, whether voluntary or

77

 

involuntary), then, in such case, the Conversion Price shall be reduced so
that the same shall equal the rate determined by multiplying the Conversion
Price in effect on the applicable Record Date by a fraction,

               (1) the numerator of which shall be the Current Market Price
on such Record Date less the full amount of cash so distributed as
applicable to one share of Common Stock; and

               (2) the denominator of which shall be the Current Market
Price on such Record Date,

such adjustment to be effective immediately prior to the opening of business on
the day following the Record Date; provided that if the portion of the cash so
distributed applicable to one share of Common Stock is equal to or greater than
the Current Market Price on the Record Date, in lieu of the foregoing
adjustment, adequate provision shall be made so that each Holder shall have the
right to receive upon conversion the amount of cash such holder would have
received had such Holder converted each Security on the Record Date. If such
dividend or distribution is not so paid or made, the Conversion Price shall
again be adjusted to be the Conversion Price that would then be in effect if
such dividend or distribution had not been declared.

          (f) In case a tender offer made by Fisher or any of its Subsidiaries for
all or any portion of the shares of Common Stock shall expire and such tender
offer (as amended upon the expiration thereof) shall require the payment to
stockholders (based on the acceptance (up to any maximum specified in the terms
of the tender offer) of shares tendered) of an aggregate consideration having a
Fair Market Value (as determined by the Board of Directors) that combined
together with:

               (1) the aggregate amount of the cash, plus the Fair Market
Value (as determined by the Board of Directors), as of the
expiration of such tender offer, of consideration payable in
respect of any other tender offers, by Fisher or any of its
Subsidiaries for all or any portion of the shares of Common Stock
expiring within the 12 months preceding the expiration of such
tender offer and in respect of which no adjustment pursuant to
this Section 12.3(f) has been made; and

               (2) the aggregate amount of any distributions to all holders
of shares of Common Stock made exclusively in cash within 12
months preceding the expiration of such tender offer and in
respect of which no adjustment pursuant to Section 12.3(e) has
been made;

exceeds 10% of the product of the Current Market Price of the Common Stock as
of the last time (the “Expiration Time”) tenders could have been made pursuant
to such tender offer (as it may be amended), times the number of shares of
Common Stock outstanding (including any tendered shares) on the Expiration Time
(such excess, the “Excess Amount”), then, and in each such case, immediately
prior to the opening of business on the Business Day after the date of the
Expiration Time, the Conversion Price shall be

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adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the close of business on the
date of the Expiration Time by a fraction:

               (1) the numerator of which shall be the (x) the product of
(i) the number of shares of Common Stock outstanding (including
any tendered shares) at the Expiration Time and (ii) the Current
Market Price of the Common Stock at the Expiration Time, less (y)
the Excess Amount; and

               (2) the denominator shall be the product of the number of
shares of Common Stock outstanding (including any tendered shares)
at the Expiration Time and the Current Market Price of the Common
Stock at the Expiration Time.

          Such reduction (if any) shall become effective immediately prior to the
opening of business on the day following the Expiration Time. In the event
that Fisher is obligated to purchase shares pursuant to any such tender offer,
but Fisher is permanently prevented by applicable law from effecting any such
purchases or all or a portion of such purchases are rescinded, the Conversion
Price shall again be adjusted to be the Conversion Price which would then be in
effect if such (or such portion of the) tender offer had not been made. If the
application of this Section 12.3(f) to any tender offer would result in an
increase in the Conversion Price, no adjustment shall be made for such tender
offer under this Section 12.3(f).

          (g) For purposes of this Article 12, the following terms shall have the
meanings indicated:

          “Current Market Price” on any date means the average of the daily Sale
Prices per share of Common Stock for the ten consecutive Trading Days
immediately prior to such date; provided, however, that if:

               (1) the “ex” date (as hereinafter defined) for any event
(other than the issuance or distribution requiring such
computation) that requires an adjustment to the Conversion Price
pursuant to Section 12.3(a), (b), (c), (d), (e) or (f) occurs
during such ten consecutive Trading Days, the Sale Price for each
Trading Day prior to the “ex” date for such other event shall be
adjusted by dividing such Sale Price by the same fraction by which
the Conversion Price is so required to be adjusted as a result of
such other event;

               (2) the “ex” date for any event (other than the issuance or
distribution requiring such computation) that requires an
adjustment to the Conversion Price pursuant to Section 12.3(a),
(b), (c), (d), (e) or (f) occurs on or after the “ex” date for the
issuance or distribution requiring such computation and prior to
the day in question, the Sale Price for each Trading Day on and
after the “ex” date for such other event shall be

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	 	 	adjusted by dividing such Sale Price by the reciprocal of the
fraction by which the Conversion Price is so required to be
adjusted as a result of such other event; and

               (3) the “ex” date for the issuance or distribution requiring
such computation is prior to the day in question, after taking
into account any adjustment required pursuant to clause (1) or (2)
of this proviso, the Sale Price for each Trading Day on or after
such “ex” date shall be adjusted by adding thereto the amount of
any cash and the Fair Market Value (as determined by the Board of
Directors in a manner consistent with any determination of such
value for purposes of Section 12.3(d), (e) or (f)) of the
evidences of Indebtedness, shares of capital stock or assets being
distributed applicable to one share of Common Stock as of the
close of business on the day before such “ex” date.

For purposes of any computation under Section 12.3(f), if the “ex” date for any
event (other than the tender offer requiring such computation) that requires an
adjustment to the Conversion Price pursuant to Section 12.3(a), (b), (c), (d),
(e) or (f) occurs on or after the Expiration Time for the tender or exchange
offer requiring such computation and prior to the day in question, the Sale
Price for each Trading Day on and after the “ex” date for such other event
shall be adjusted by dividing such Sale Price by the reciprocal of the fraction
by which the Conversion Price is so required to be adjusted as a result of such
other event. For purposes of this paragraph, the term “ex” date, when used:

               (1) with respect to any issuance or distribution, means the
first date on which the shares of Common Stock trade regular way
on the relevant exchange or in the relevant market from which the
Sale Price was obtained without the right to receive such issuance
or distribution;

               (2) with respect to any subdivision or combination of shares
of Common Stock, means the first date on which the shares of
Common Stock trade regular way on such exchange or in such market
after the time at which such subdivision or combination becomes
effective; and

               (3) with respect to any tender or exchange offer, means the
first date on which the shares of Common Stock trade regular way
on such exchange or in such market after the Expiration Time of
such offer.

Notwithstanding the foregoing, whenever successive adjustments to the
Conversion Price are called for pursuant to this Section 12.3, such adjustments
shall be made to the Current Market Price as may be necessary or appropriate to
effectuate the intent of this Section 12.3 and to avoid unjust or inequitable
results as determined in good faith by the Board of Directors of Fisher.

          “Fair Market Value” shall mean the amount which a willing buyer would pay
a willing seller in an arm’s length transaction (as determined by the Board of
Directors of Fisher, whose determination shall be conclusive).

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          “Record Date” shall mean, with respect to any dividend, distribution or
other transaction or event in which the holders of shares of Common Stock have
the right to receive any cash, securities or other property or in which the
shares of Common Stock (or other applicable security) is exchanged for or
converted into any combination of cash, securities or other property, the date
fixed for determination of stockholders entitled to receive such cash,
securities or other property (whether such date is fixed by the Board of
Directors of Fisher or by statute, contract or otherwise).

          Unless otherwise specified, determinations required in this Article 12 to
be made by the Board of Directors shall be made by the Board of Directors of
Fisher.

          (h) The Company shall be entitled to make such additional reductions in
the Conversion Price, in addition to those required by Sections 12.3(a), (b),
(c), (d), (e) and (f), as shall be necessary in order that any dividend or
distribution of Common Stock, any subdivision, reclassification or combination
of shares of Common Stock or any issuance of rights or warrants referred to
above shall not be taxable to the holders of Common Stock for United States
federal income tax purposes.

          (i) To the extent permitted by applicable law, the Company may, from time
to time, reduce the Conversion Price by any amount for any period of time, if
such period is at least 20 days and the reduction is irrevocable during the
period. Whenever the Conversion Price is reduced pursuant to the preceding
sentence, the Company shall mail to the Trustee and each Holder at the address
of such Holder as it appears in the register of the Debentures maintained by
the Registrar, at least 15 days prior to the date the reduced Conversion Price
takes effect, a notice of the reduction stating the reduced Conversion Price
and the period during which it will be in effect.

          (j) In any case in which this Section 12.3 shall require that any
adjustment be made effective as of or retroactively immediately following a
Record Date, Fisher may elect to defer (but only for five Trading Days
following the filing of the statement referred to in Section 12.5) issuing to
the Holder of any Debenture converted after such Record Date the shares of
Common Stock issuable upon such conversion over and above the shares of Common
Stock issuable upon such conversion on the basis of the Conversion Price prior
to adjustment; provided, however, that Fisher shall deliver to such Holder a
due bill or other appropriate instrument evidencing such Holder’s right to
receive such additional shares upon the occurrence of the event requiring such
adjustment.

          (k) All calculations under this Section 12.3 shall be made to the nearest
cent or one hundredth of a share, with one half cent and 0.005 of a share,
respectively, being rounded upward. Notwithstanding any other provision of
this Section 12.3, the Company shall not be required to make any adjustment of
the Conversion Price unless such adjustment would require an increase or
decrease of at least 1% of such price; provided that the Company must carry
forward any adjustments that are less than 1% of the Conversion Price and make
such carried forward adjustments, regardless of whether the aggregate
adjustment is less than 1%, within one year of the first such adjustment

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carried forward. Any adjustments under this Section 12.3 shall be made
successively whenever an event requiring such an adjustment occurs.

          (l) In the event that at any time, as a result of an adjustment made
pursuant to this Section 12.3, the Holder of any Debenture thereafter
surrendered for conversion shall become entitled to receive any shares of stock
of Fisher other than shares of Common Stock into which the Debentures
originally were convertible, the Conversion Price of such other shares so
receivable upon conversion of any such Debenture shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions with respect to Common Stock contained in subparagraphs (a)
through (k) of this Section 12.3, and the provisions of Sections 12.1, 12.2 and
12.4 through 12.9 with respect to the Common Stock shall apply on like or
similar terms to any such other shares and the determination of the Board of
Directors as to any such adjustment shall be conclusive.

          (m) No adjustment shall be made pursuant to this Section 12.3 (i) if the
effect thereof would be to reduce the Conversion Price below the par value (if
any) of the Common Stock or (ii) if the Holders of the Debentures may
participate in the transaction that would otherwise give rise to an adjustment
pursuant to this Section 12.3.

          Section 12.4 Consolidation or Merger of Fisher.

	 	 	If any of the following events occurs, namely:

               (1) any reclassification or change of the outstanding Common
Stock (other than a change in par value, or from par value to no
par value, or from no par value to par value, or as a result of a
subdivision or combination);

               (2) any merger, consolidation, statutory share exchange or
combination of Fisher with another corporation as a result of
which holders of Common Stock shall be entitled to receive stock,
securities or other property or assets (including cash) with
respect to or in exchange for such Common Stock; or

               (3) any sale or conveyance of the properties and assets of
Fisher as, or substantially as, an entirety to any other
corporation as a result of which holders of Common Stock shall be
entitled to receive stock, securities or other property or assets
(including cash) with respect to or in exchange for such Common
Stock;

Fisher or the successor or purchasing corporation, as the case may be, shall
execute with the Trustee a supplemental indenture (which shall comply with the
Trust Indenture Act as in force at the date of execution of such supplemental
indenture, if such supplemental indenture is then required to so comply)
providing that such Debentures shall be convertible into the kind and amount of
shares of stock and other securities or property or assets (including cash)
which such Holder would have been entitled to receive upon such
reclassification, change, merger, consolidation, statutory share exchange,
combination,

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sale or conveyance had such Debentures been converted into Common Stock
immediately prior to such reclassification, change, merger, consolidation,
statutory share exchange, combination, sale or conveyance assuming such holder
of Common Stock did not exercise its rights of election, if any, as to the kind
or amount of securities, cash or other property receivable upon such merger,
consolidation, statutory share exchange, sale or conveyance (provided, that if
the kind or amount of securities, cash or other property receivable upon such
merger, consolidation, statutory share exchange, sale or conveyance is not the
same for each share of Common Stock in respect of which such rights of election
shall not have been exercised (“Non-Electing Share”), then for the purposes of
this Section 12.4, the kind and amount of securities, cash or other property
receivable upon such merger, consolidation, statutory share exchange, sale or
conveyance for each Non-Electing Share shall be deemed to be the kind and
amount so receivable per share by a plurality of the Non-Electing Shares).
Such supplemental indenture shall provide for adjustments that shall be as
nearly equivalent as may be practicable to the adjustments provided for in this
Article 12. If, in the case of any such reclassification, change, merger,
consolidation, statutory share exchange, combination, sale or conveyance, the
stock or other securities and assets receivable thereupon by a holder of Common
Stock includes shares of stock or other securities and assets of a corporation
other than the successor or purchasing corporation, as the case may be, in such
reclassification, change, merger, consolidation, statutory share exchange,
combination, sale or conveyance, then such supplemental indenture shall also be
executed by such other corporation and shall contain such additional provisions
to protect the interests of the Holders of the Debentures as the Board of
Directors shall reasonably consider necessary by reason of the foregoing,
including to the extent practicable the provisions providing for the repurchase
rights set forth in Article 11 hereof.

          Fisher shall cause notice of the execution of such supplemental indenture
to be mailed to each Holder, at the address of such Holder as it appears on the
register of the Debentures maintained by the Registrar, within 20 days after
execution thereof. Failure to deliver such notice shall not affect the
legality or validity of such supplemental indenture.

          The above provisions of this Section 12.4 shall similarly apply to
successive reclassifications, mergers, consolidations, statutory share
exchanges, combinations, sales and conveyances.

          If this Section 12.4 applies to any event or occurrence, Section 12.3
shall not apply.

          Fisher shall not enter into a transaction of the type described in this
Section 12.4 unless the terms of this Section 12.4 are complied with in full.

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          Section 12.5 Notice of Adjustment.

          Whenever an adjustment in the Conversion Price with respect to the
Debentures is required:

               (1) Fisher shall forthwith place on file with the Trustee and
any Conversion Agent for such securities a certificate of the
Treasurer of Fisher, stating the adjusted Conversion Price
determined as provided herein and setting forth in reasonable
detail such facts as shall be necessary to show the reason for and
the manner of computing such adjustment; and

               (2) a notice stating that the Conversion Price has been
adjusted and setting forth the adjusted Conversion Price shall
forthwith be given by Fisher or, at Fisher’s written request, by
the Trustee in the name and at the expense of Fisher, to each
Holder in the manner provided in Section 14.2. Any notice so
given shall be conclusively presumed to have been duly given,
whether or not the Holder receives such notice.

          Section 12.6 Notice in Certain Events.

          In case:

               (1) of a consolidation or merger to which Fisher is a party
and for which approval of any stockholders of Fisher is required,
or of the sale or conveyance to another Person or entity or group
of Persons or entities acting in concert as a partnership, limited
partnership, syndicate or other group (within the meaning of Rule
13d 3 under the Exchange Act) of all or substantially all of the
property and assets of Fisher; or

               (2) of the voluntary or involuntary dissolution, liquidation
or winding up of Fisher; or

               (3) of any action triggering an adjustment of the Conversion
Price referred to in clauses (x) or (y) below;

then, in each case, Fisher shall cause to be filed with the Trustee and the
Conversion Agent, and shall cause to be given, to the Holders of the Debentures
in the manner provided in Section 14.2, at least 15 days prior to the
applicable date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of any distribution or grant of rights or
warrants triggering an adjustment to the Conversion Price pursuant to this
Article 12, or, if a record is not to be taken, the date as of which the
holders of record of Common Stock entitled to such distribution, rights or
warrants are to be determined, or (y) the date on which any reclassification,
consolidation, merger, sale, conveyance, dissolution, liquidation or winding up
triggering an adjustment to the Conversion Price pursuant to this Article 12 is
expected to become effective, and the date as of which it is expected that
holders of Common Stock of record shall be entitled to exchange their Common
Stock for securities or other property deliverable upon such

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reclassification, consolidation, merger, sale, conveyance, dissolution,
liquidation or winding up.

          Failure to give such notice or any defect therein shall not affect the
legality or validity of the proceedings described in clause (1), (2) or (3) of
this Section 12.6.

          Section 12.7 Fisher to Reserve Stock; Registration; Listing.

          (a) Fisher shall, in accordance with the laws of the State of Delaware, at
all times reserve and keep available, free from preemptive rights, out of its
authorized but unissued shares of Common Stock, for the purpose of effecting
the conversion of the Debentures, such number of its duly authorized shares of
Common Stock as shall from time to time be sufficient to effect the conversion
of all Debentures then Outstanding into such Common Stock at any time (assuming
that, at the time of the computation of such number of shares or securities,
all such Debentures would be held by a single Holder); provided, however, that
nothing contained herein shall preclude Fisher from satisfying its obligations
in respect of the conversion of the Debentures by delivery of purchased shares
of Common Stock which are then held in the treasury of Fisher. Fisher
covenants that all shares of Common Stock that may be issued upon conversion of
Debentures will upon issue be fully paid and nonassessable and free from all
liens and charges and, except as provided in Section 12.8, taxes with respect
to the issue thereof.

          (b) If any shares of Common Stock which would be issuable upon conversion
of Debentures hereunder require registration with or approval of any
governmental authority before such shares or securities may be issued upon such
conversion, Fisher will in good faith and as expeditiously as possible endeavor
to cause such shares or securities to be duly registered or approved, as the
case may be. Fisher further covenants that so long as the Common Stock shall
be listed on the New York Stock Exchange, Fisher will, if permitted by the
rules of such exchange, list and keep listed all Common Stock issuable upon
conversion of the Debentures, and Fisher will endeavor to list the shares of
Common Stock required to be delivered upon conversion of the Debentures prior
to such delivery upon any other national securities exchange upon which the
outstanding Common Stock is listed at the time of such delivery.

          Section 12.8 Taxes on Conversion.

          The issue of stock certificates on conversion of Debentures shall be made
without charge to the converting Holder for any documentary, stamp or similar
issue or transfer taxes in respect of the issue thereof, and Fisher shall pay
any and all documentary, stamp or similar issue or transfer taxes that may be
payable in respect of the issue or delivery of shares of Common Stock on
conversion of Debentures pursuant hereto. Fisher shall not, however, be
required to pay any such tax which may be payable in respect of any transfer
involved in the issue or delivery of shares of Common Stock or the portion, if
any, of the Debentures which are not so converted in a name other than that in
which the Debentures so converted were registered, and no such issue or
delivery shall

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be made unless and until the Person requesting such issue has paid to
Fisher the amount of such tax or has established to the satisfaction of Fisher
that such tax has been paid.

          Section 12.9 Conversion After Record Date.

          Except as provided below, if any Debentures are surrendered for conversion
on any day other than an Interest Payment Date, the Holder of such Debentures
shall not be entitled to receive any Interest (including Contingent Interest)
that has accrued on such Debentures since the prior Interest Payment Date. By
delivery to the Holder of the number of shares of Common Stock or other
consideration issuable upon conversion in accordance with this Article 12, any
accrued and unpaid Interest (including Contingent Interest) on such Debentures
will be deemed to have been paid in full.

          If any Debentures are surrendered for conversion subsequent to the Record
Date preceding an Interest Payment Date but on or prior to such Interest
Payment Date, the Holder of such Debentures at the close of business on such
Record Date shall receive the Interest (including Contingent Interest) payable
on such Debentures on such Interest Payment Date notwithstanding the conversion
thereof. Debentures surrendered for conversion during the period from the
close of business on any Record Date preceding any Interest Payment Date to the
opening of business on such Interest Payment Date shall (except in the case of
Debentures which have been called for redemption on a Redemption Date within
such period) be accompanied by payment by Holders, for the account of the
Company, in New York Clearing House funds or other funds of an amount equal to
the Interest (including Contingent Interest) payable on such Interest Payment
Date on the Debentures being surrendered for conversion. Except as provided in
this Section 12.9, no adjustments in respect of payments of Interest (including
Contingent Interest) on Debentures surrendered for conversion or any dividends
or distributions or interest on the Common Stock issued upon conversion shall
be made upon the conversion of any Debentures.

          Section 12.10 Determinations Final.

          Any determination that Fisher, the Company or their respective Boards of
Directors must make pursuant to this Article 12 shall be conclusive if made in
good faith and in accordance with the provisions of this Article 12, absent
manifest error, and set forth in a Board Resolution.

          Section 12.11 Responsibility of Trustee for Conversion Provisions.

          The Trustee has no duty to determine when an adjustment under this Article
12 should be made, how it should be made or what it should be. The Trustee
makes no representation as to the validity or value of any securities or assets
issued upon conversion of Debentures. The Trustee shall not be responsible for
any failure of the Company or Fisher to comply with this Article 12. Each
Conversion Agent other than the Company or Fisher shall have the same
protection under this Section 12.11 as the Trustee.

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The rights, privileges, protections, immunities and benefits given to the
Trustee under this Indenture including, without limitation, its rights to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each
of its capacities hereunder, and each Paying Agent or Conversion Agent acting
hereunder.

          Section 12.12 Payment of Cash in Lieu of Common Stock.

          If a Holder elects to convert all or any portion of a Debenture into
shares of Common Stock as set forth in Section 12.1 and delivers an irrevocable
conversion notice, together, if the Debentures are in certificated form, with
the certificated Debenture, as set forth in Section 12.2, the Company may
choose to satisfy all or any portion of its Conversion Obligation in cash or a
combination of cash and Common Stock; provided, however, that the Company has
the unilateral right, exercisable at any time, to deliver an Officers’
Certificate to the Trustee and notice to the Holders, each stating that it
shall be thereafter obligated to satisfy certain of its Conversion Obligation
in cash. Within two Trading Days
following the Conversion Date, the Company will notify such Holder through the
Conversion Agent of the Company’s election to deliver Common Stock or to pay
cash in lieu of delivery of some or all of the shares of Common Stock and, if
applicable, the dollar amount per $1,000 principal amount of Debentures to be
satisfied in cash (which must be expressed either as 100% of the Conversion
Obligation or as a fixed dollar amount) (such amount of cash, the “Cash
Amount”) unless the Company has previously informed Holders of its election in
connection with an optional redemption of Debentures in accordance with Section
10.4 of this Indenture. Settlement amounts will be computed as follows:

          (a) If the Company elects to satisfy the entire Conversion Obligation in
cash, the Company will deliver to such Holder cash in an amount equal to the
product of:

               (1) a number equal to (x) the aggregate principal amount of
Debentures to be converted, divided by (y) the then applicable
Conversion Price; and

               (2) the average Sale Price of the Common Stock during the
Cash Settlement Averaging Period; and

          (b) if the Company elects to satisfy a fixed amount (but not all) of the
Conversion Obligation in cash, the Company will deliver to such Holder, per
$1,000 principal amount of Debentures converted:

               (1) the Cash Amount; and

               (2) a number of shares of Common Stock equal to the sum, for
each Trading Day of the Cash Settlement Averaging Period, of the
greater of (i) zero and (ii) a number of shares of Common Stock
equal to a fraction:

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                    (A) the numerator of which equals the (x) the product
of the Sale Price of the Common Stock on such Trading Day
multiplied by the Conversion Rate minus (y) the Cash
Amount; and

                    (B) the denominator of which equals the product of the
Sale Price of Common Stock on such Trading Day multiplied
by the number of Trading Days in the Cash Settlement
Averaging Period;

provided, however, that the Company will pay cash in lieu of fractional shares
of Common Stock in accordance with Section 12.2.

          Section 12.13 Unconditional Right of Holders to Convert.

          Notwithstanding any other provision in this Indenture, the Holder of any
Debenture shall have the right, which is absolute and unconditional, to convert
its Debenture in accordance with this Article 12 and to bring an action for the
enforcement of any such right to convert, and such rights shall not be impaired
or affected without the consent of such Holder.

ARTICLE 13

GUARANTEES

          Section 13.1 Future Subsidiary Guarantees.

          (a) After the date of this Indenture, the Company shall cause each
Subsidiary (including any newly created or acquired Subsidiary) of the Company
which becomes a guarantor under the Credit Agreement to promptly execute and
deliver to the Trustee a Guarantee substantially in the form of the
Supplemental Indenture attached as Exhibit F hereto pursuant to which such
Subsidiary shall unconditionally guarantee, on a joint and several basis, the
full and prompt payment of the principal, Interest (including Contingent
Interest), if any, with respect to the Debentures.

          Section 13.2 Releases.

          (a) Upon the designation of any of the Guarantors (other than Fisher) as
an Excluded Subsidiary, such Guarantor shall be released and relieved of its
obligations under this Indenture. Upon delivery by the Company to the Trustee
of an Officers’ Certificate and an Opinion of Counsel to the effect that such
designation of such Guarantor as an Excluded Subsidiary was made by the Company
in accordance with the provisions of this Indenture, the Trustee shall execute
any documents reasonably required in order to evidence the release of such
Guarantor from its obligations under its Guarantee. The Guarantors not released
from their obligations under the Guarantees shall remain liable for the full
amount of principal of and Interest (including Contingent Interest) on the
Debentures and for the other obligations of any of the Guarantors under this
Indenture.

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          Section 13.3 Fisher Guarantee.

          (a) Upon the earlier of (1) the date on which the obligation of the
Company to file periodic reports with the Commission pursuant to Section 13 or
15(d) of the Exchange Act is terminated or suspended and (2) February 23, 2010
(such earlier date, the “Effective Date”), Fisher hereby agrees as follows:

               (1) Fisher unconditionally guarantees to each Holder of a
Debenture authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, regardless of the validity
and enforceability of the Indenture, the Securities or the
Obligations of the Company under this Indenture or the Securities,
that:

                    (A) the principal of, and Interest (including
Contingent Interest) on the Debentures will be promptly
paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the
overdue principal of, Interest (including Contingent
Interest) on the Debentures, to the extent lawful, and all
other Obligations of the Company, including the Cash Amount, to the Holders or the
Trustee thereunder or under this Indenture will be promptly
paid in full, all in accordance with the terms thereof; and

                    (B) in case of any extension of time for payment or
renewal of any Debentures or any of such other Obligations,
that the same will be promptly paid in full when due in
accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise.

               (2) Notwithstanding the foregoing, in the event that the
Guarantee set forth in paragraph (a)(1) of this Section 13.3 (the
“Fisher Guarantee”) would constitute or result in a violation of
any applicable fraudulent conveyance or similar law of any
relevant jurisdiction, the liability of Fisher under this
Indenture shall be reduced to the maximum amount permissible under
such fraudulent conveyance or similar law.

          (b) Execution and Delivery of Guarantee.

               (1) To evidence the Fisher Guarantee, Fisher hereby agrees
that, on the Effective Date, a notation of such Fisher Guarantee
shall be endorsed by an officer of Fisher on each Debenture
authenticated and delivered by the Trustee on and after the date
hereof, which Fisher Guarantee will be effective as of the
Effective Date.

               (2) Notwithstanding the foregoing, Fisher hereby agrees that
the Fisher Guarantee shall be effective as of the Effective Date, and
thereafter remain in full force and effect
notwithstanding any failure to endorse on each Debenture a
notation of such Fisher Guarantee.

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               (3) If an Officer who endorses the notation of the Fisher
Guarantee on any Debenture no longer holds that office at the time
the Trustee authenticates the Debenture on which the Fisher
Guarantee is endorsed, the Fisher Guarantee shall be valid
nevertheless.

               (4) The delivery of any Debenture by the Trustee, after the
authentication thereof under the Indenture, shall constitute due
delivery of the Fisher Guarantee set forth in this Indenture on
behalf of Fisher as of the Effective Date.

               (5) Fisher hereby agrees that its obligations hereunder shall
be unconditional, regardless of the validity, regularity or
enforceability of the Securities or the Indenture, the absence of
any action to enforce the same, any waiver or consent by any
Holder of the Debentures with respect to any provisions of the
Securities or the Indenture, the recovery of any judgment against
the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor.

               (6) Fisher hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands
whatsoever and covenants that the Fisher Guarantee made pursuant
to this Indenture will not be discharged except by complete
performance of the Obligations contained in the Securities and the
Indenture.

               (7) If any Holder or the Trustee is required by any court or
otherwise to return to the Company or the Guarantors, or any
Custodian, Trustee, liquidator or other similar official acting in
relation to either the Company or any Guarantor, any amount paid
by any of them to the Trustee or such Holder, the Fisher Guarantee
made pursuant to this Indenture, to the extent theretofore
discharged, shall be reinstated in full force and effect.

               (8) Fisher hereby agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Fisher further agrees that, as
between Fisher and the other Guarantors, if any, on the one hand,
and the Holders and the Trustee, on the other hand:

                    (A) the maturity of the Obligations guaranteed hereby
may be accelerated as provided in Article 4 of the
Indenture for the purposes of the Fisher Guarantee made
pursuant to this Indenture, notwithstanding any stay,
injunction or other prohibition

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	 	 	preventing such acceleration in respect of the
obligations guaranteed hereby; and

                    (B) in the event of any declaration of acceleration of
such Obligations as provided in Article 4 of the Indenture,
such Obligations (whether or not due and payable) shall
forthwith become due and payable by Fisher for the purpose
of the Fisher Guarantee made pursuant to this Indenture.

          (c) Fisher
shall have the right to seek contribution from any other non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders or the Trustee under the Guarantees made pursuant to this
Indenture.

          (d) No Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder or agent of Fisher, as such, shall
have any liability for any obligations of the Company or any Guarantor under
the Debentures, any Guarantees, this Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of
the Debentures by accepting a Debentures waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Debentures. Such waiver may not be effective to waive liabilities under the
federal securities laws and it is the view of the Commission that such a waiver
is against public policy.

ARTICLE 14

OTHER PROVISIONS OF GENERAL APPLICATION

     Section 14.1 Trust Indenture Act Controls.

     This Indenture is subject to the provisions of the TIA which are required
to be part of this Indenture, and shall, to the extent applicable, be governed
by such provisions.

     Section 14.2 Notices.

     Any notice or communication to the Company, Fisher, any other Guarantor or
the Trustee is duly given if in writing (which may be by facsimile with the
original to follow) and delivered in person or mailed by first-class mail to
the address set forth below:

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	(a)    if to the Company or to any Guarantor (other than Fisher):

	 
	Apogent Technologies Inc.

C/O Fisher Scientific International Inc.

One Liberty Lane

Hampton, New Hampshire 03842

Attn: General Counsel

Fax: (603) 929-2379

	 

	With a copy to:

	 

	Quarles & Brady LLP

411 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Attn.: Joe Masterson, Esq.

Fax: (414) 271-3552

Telephone: (414) 277-5169

	 

	(b)    if to Fisher:

	 

	Fisher Scientific International Inc.

One Liberty Lane

Hampton, New Hampshire 03842

Fax: (603) 929-2379

Attention: General Counsel

	 

	With a copy to:

	 

	Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, New York 10036

Fax: (212) 735-2000

Attention: Richard Aftanas, Esq.

	 

	(c)    if to the Trustee:

	 

	The Bank of New York

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration

Fax: (212) 815-5704/5707

Telephone: (212) 815-4779

     The Company, Fisher, any other Guarantor or the Trustee by notice to the
other parties may designate additional or different addresses for subsequent
notices or communications.

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     Any notice or communication to a Holder shall be mailed by first class
mail to its address shown on the Register kept by the Registrar. Failure to
mail a notice or communication to a Holder or any defect in such notice or
communication shall not affect its sufficiency with respect to other Holders.
If the Company, Fisher or any other Guarantor mails a notice or communication
to Holders, it shall mail a copy to the Trustee at the same time.

     If a notice or communication is mailed or sent in the manner provided
above within the time prescribed it is duly given as of the date it is mailed,
whether or not the addressee receives it, except that notice to the Trustee
shall only be effective upon receipt thereof by the Trustee.

     Section 14.3 Communication by Holders with Other Holders.

     Holders may communicate pursuant to Section 312(b) of the TIA with other
Holders with respect to their rights under the Securities or this Indenture.
The Company, Fisher, any other Guarantor, the Trustee, the Registrar and anyone
else shall have the protection of Section 312(c) of the TIA.

     Section 14.4 Acts of Holders of Debentures.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or taken by Holders of
Debentures may be embodied in and evidenced by:

	 	(1)     one or more instruments of substantially similar tenor
signed by such Holders in person or by agent or proxy duly
appointed in writing;
	 
	 	(2)     the record of Holders of Debentures voting in favor
thereof, either in person or by proxies duly appointed in writing,
at any meeting of Holders of Debentures duly called and held in
accordance with the provisions of Article 8; or
	 
	 	(3)     a combination of such instruments and any such record.

Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered
to the Trustee and, where it is hereby expressly required, to the Company.
Such instrument or instruments and record (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
of Debentures signing such instrument or instruments and so voting at such
meeting. Proof of execution of any such instrument or of a writing appointing
any such agent or proxy, or of the holding by any Person of a Security, shall
be sufficient for any purpose of this Indenture and (subject to Section 5.1)
conclusive in favor of the Trustee, and the Company if made in the manner
provided in this Section. The record of any meeting of Holders of Securities
shall be proved in the manner provided in Section 8.6.

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     (b) The fact and date of the execution by any Person of any such
instrument or writing may be provided in any manner which the Trustee
reasonably deems sufficient.

     (c) The principal amount and serial numbers of Securities held by any
Person, and the date of such Person holding the same, shall be proved by the
Register.

     (d) Any request, demand, authorization, direction, notice, consent,
election, waiver or other Act of the Holders of any Debenture shall bind every
future Holder of the same Debenture and the Holder of every Debenture issued
upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the
Trustee, the Company in reliance thereon, whether or not notation of such
action is made upon such Debenture.

     Section 14.5 Certificate and Opinion as to Conditions Precedent.

     In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

     Any certificate or opinion of an officer of the Company or any Guarantor
may be based, insofar as it relates to legal matters, upon an Opinion of
Counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the Opinion of Counsel with respect to the matters upon which
such certificate or opinion is based is erroneous. Any such Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
representations by, an officer or officers of the Company or such Guarantor, as
applicable, stating that the information with respect to such factual matters
is in the possession of the Company or such Guarantor, as applicable, unless
such counsel knows, or in the exercise of reasonable care should know, that the
certificate or representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

     Upon any application or request by the Company or any Guarantor to the
Trustee to take any action under any provision of this Indenture, the Company
or such Guarantor, as applicable shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such Counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such

94

 

particular application or request, no additional certificate or opinion
need be furnished; provided however, that, at any time that an Opinion of
Counsel is required to be delivered hereunder, the opining counsel may, with
the consent of the Trustee, deliver the Opinion of Counsel in question
addressed to a party other than the Trustee with text to the effect that the
Trustee may rely on such opinion rather than by delivering a separate Opinion
of Counsel to the Trustee directly.

     Section 14.6 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include:

	 	(1)     a statement that each individual signing such certificate
or opinion on behalf of the Company or relevant Guarantor, as
applicable, has read such covenant or condition and the
definitions herein relating thereto;
	 
	 	(2)     a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based;
	 
	 	(3)     a statement that, in the opinion of each such individual,
he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and
	 
	 	(4)     a statement as to whether, in the opinion of each such
individual, such condition or covenant has been complied with.

     Section 14.7 Effect of Headings and Table of Contents.

     The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

     Section 14.8 Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind
its successors and assigns, whether so expressed or not.

     Section 14.9 Separability Clause.

     In case any provision in this Indenture or the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

     Section 14.10 Benefits of Indenture.

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     Nothing contained in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the Holders of Securities, any benefit or legal or
equitable right, remedy or claim under this Indenture.

     Section 14.11 Governing Law.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 14.12 Counterparts.

     This instrument may be executed in any number of counterparts, each of
which when so executed shall be deemed to be an original but all such
counterparts shall together constitute but one and the same instrument.

     Section 14.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date, Repurchase
Date or Stated Maturity of any Debenture or the last day on which a Holder of a
Debenture has a right to convert such Debenture shall not be a Business Day at
any Place of Payment or Place of Conversion, then (notwithstanding any other
provision of this Indenture or of the Debenture) payment of interest, if any,
or principal or conversion of the Debenture, need not be made at such Place of
Payment or Place of Conversion on such day, but may be made on the next
succeeding Business Day at such Place of Payment or Place of Conversion with
the same force and effect as if made on the Interest Payment Date, Redemption
Date, Repurchase Date or at the Stated Maturity or on such last day for
conversion; provided, however, that in the case that payment is made on such
succeeding Business Day, no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, Redemption Date,
Repurchase Date or Stated Maturity, as applicable.

     Section 14.14 Recourse Against Others.

     No recourse for the payment of the principal or interest, if any, on any
Debenture, or for any claim based thereon or otherwise in respect thereof,
shall be had against any incorporator, shareholder, officer or director or
manager, as such, past, present or future, of the Company or Fisher or of any
successor entity to either the Company or Fisher, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment or
penalty or otherwise, all such liability being, by the acceptance thereof and
as part of the consideration for the issue thereof, expressly waived and
released.

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     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed all as of the day and year first above written.

	 	 	 	 	 
	 	 	APOGENT TECHNOLOGIES INC.
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	FISHER SCIENTIFIC INTERNATIONAL INC.
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

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	 	 	THE BANK OF NEW YORK, AS TRUSTEE AND NOT IN

ITS INDIVIDUAL CAPACITY
	 
	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

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EXHIBIT A

[Face of Debenture]

APOGENT TECHNOLOGIES INC.

Floating Rate Convertible Senior Debentures due 2033

Convertible into Common Stock of, and guaranteed as to payment by, Fisher
Scientific International, Inc., subject to certain conditions in the Indenture.

	 	 	 
	CUSIP No.

Registered No._____

	 	Principal Amount: $

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THIS DEBENTURES MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC OR BY A
NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE
TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

     APOGENT TECHNOLOGIES INC., a corporation duly organized and existing under
the laws of Wisconsin (herein called the “Company,” which term includes any
successor corporation under the Indenture referred to on the reverse hereof),
for value received, hereby promises to pay to CEDE & CO. or registered assigns,
the principal sum of $_______ (_______ Dollars) [insert in global
Debenture: , as revised by the Schedule of Increases and Decreases in Global
Debenture attached hereto], on December 15, 2033, and to pay Interest
(including Contingent Interest) thereon from and including August [3], 2004 or
from and including the most recent Interest Payment Date to which Interest
(including Contingent Interest) has been paid or duly provided for, as the case
may be, at the rate calculated in accordance with the Indenture.

     Interest (including any Contingent Interest) will be paid quarterly in
arrears on March 15, June 15, September 15 and December 15 of each year,
beginning September 15, 2004, unless any such Interest Payment Date (other than
an Interest Payment Date at maturity) would otherwise be a day that is not a
Business Day, in which case the Interest Payment Date will be postponed to the
next succeeding Business Day

 

 

(except if that Business Day falls in the next succeeding calendar month,
that Interest Payment Date will be the immediately preceding Business Day).
The Interest (including Contingent Interest) so payable and punctually paid or
duly provided for on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Debenture (or one or more
predecessor Debenture) is registered in the Register at the close of business
on the Regular Record Date for such Interest (including Contingent Interest),
which shall be the March 1, June 1, September 1 and December 1 preceding the
relevant Interest Payment Date. Except as otherwise provided in the Indenture,
any such Interest (including Contingent Interest) not so punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Debenture (or one or more predecessor Debenture) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof is to be given to Holders of Debenture
not less than 10 calendar days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Debenture may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said
Indenture.

     While this Debenture is represented by one or more Global Securities
registered in the name of the Depositary or its nominee, the Company will cause
payments of principal and Interest (including Contingent Interest) on such
Global Securities to be made to the Depositary or its nominee, as the case may
be, by wire transfer to the extent, in the funds and in the manner required by
agreements with, or regulations or procedures prescribed from time to time by,
the Depositary or its nominee, and otherwise in accordance with such
agreements, regulations and procedures.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS DEBENTURE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof, or its successor as Trustee, or its
Authenticating Agent, by manual signature of an authorized signatory, this
Debenture will not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

Dated: August [3], 2004

	 	 	 	 	 
	 	 	APOGENT TECHNOLOGIES INC.
	

	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:
	

	 	 	 	 
	

	 	By:
	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the debt securities issued under the within-mentioned Indenture.

THE BANK OF NEW YORK,

as Trustee

	 	 
	By:  

	

	

	Authorized Signatory

3

 

[Reverse of Debenture]

APOGENT TECHNOLOGIES INC.

Floating Rate Convertible Senior Debentures due 2033

          Section 1. General. This Debenture is one of a duly authorized issue of
debt securities of the Company (herein called the “Debentures”), issued under
an Indenture, dated as of August [3], 2004, as amended or supplemented from
time to time (the “Indenture”), among the Company, Fisher Scientific
International Inc. (“Fisher”) and The Bank of New York, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, Fisher, the Trustee and the Holders of the Debentures and of
the terms upon which the Debentures are, and are to be, authenticated and
delivered. The terms, conditions and provisions of the Debentures are those
stated in the Indenture, those made a part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended, and those set forth in this Debenture.
To the extent that the terms, conditions and other provisions of this
Debenture modify, supplement or are inconsistent with those of the Indenture,
then the terms, conditions and other provisions of the Indenture shall govern.
All terms used in this Debenture that are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

          Section 2. Interest and Payments. This Debenture will bear interest from
August [3], 2004 or from and including the most recent Interest Payment Date to
which Interest (including Contingent Interest) has been paid or duly provided
for, as the case may be, at a per annum rate which will equal 3-month LIBOR,
adjusted quarterly on each Interest Adjustment Date, as defined below, minus a
spread of 125 basis points, which spread may be reset upon the occurrence of a
Reset Transaction as described in the Indenture. Notwithstanding the
foregoing, Interest for the initial interest period commencing August [3], 2004
shall accrue at the rate of 0.27% per annum. In no event shall any quarterly
adjustments of the interest rate or resetting of the spread result in the
interest rate borne by the Debentures being less than zero.

          We will pay interest quarterly in arrears on March 15, June 15, September
15 and December 15 of each year, beginning September 15, 2004, unless any such
Interest Payment Date (other than an Interest Payment Date at maturity) would
otherwise be a day that is not a business day, in which case the interest
payment date will be postponed to the next succeeding business day (except if
that business day falls in the next succeeding calendar month, that interest
payment date will be the immediately preceding business day). If the maturity
date of the Debentures is a day that is not a business day, all payments to be
made on such day will be made on the next succeeding
business day, with the same force and effect as if made on the due date,
and no additional interest will be payable as a result of such a delay in
payment.

          On each Interest Determination Date for the Debentures, or as soon
thereafter as practicable, the Calculation Agent shall determine the applicable
Interest

 

 

Rates as provided for and contemplated by the Debentures. The
Calculation Agent shall notify the Company and the Trustee of such Interest
Rates as soon as reasonably practicable after the determination thereof. The
Calculation Agent shall perform such other actions and undertake such other
duties of the Calculation Agent as are described in the Indenture to be
performed or undertaken by the Calculation Agent. The Calculation Agent shall
not be responsible for calculating Contingent Interest.

          The term “3-month LIBOR” as determined by the Calculation Agent means,
with respect to any Interest Determination Date:

     (1) the rate for 3-month deposits in United States dollars
commencing on the related Interest Adjustment Date, that appears on the
Moneyline Telerate Page 3750 (as described below) as of 11:00 A.M.,
London time, on the Interest Determination Date, unless fewer than two
such offered rates so appear; or

     (2) if fewer than two offered rates appear, or no rate appears, as
the case may be, on the particular Interest Determination Date on the
Moneyline Telerate Page 3750, the rate calculated by the Calculation
Agent of at least two offered quotations obtained by the calculation
agent after requesting the principal London offices of each of four major
reference banks in the London interbank market to provide the Calculation
Agent with its offered quotation for deposits in United States dollars
for the period of three months, commencing on the related interest
adjustment date, to prime banks in the London interbank markets at
approximately 11:00 A.M., London time, on that Interest Determination
Date and in a principal amount that is representative for a single
transaction in United States dollars in that market at that time; or

     (3) if fewer than two offered quotations referred to in clause (2)
are provided as requested, the rate calculated by the Calculation Agent
as the arithmetic mean of the rates quoted at approximately 11:00 A.M.,
New York time, on the particular interest determination date by three
major banks (which will not include our affiliates) in The City of New
York selected by the Calculation Agent for loans in United States dollars
to leading European banks for a period of three months and in a principal
amount that is representative for a single transaction in United States
dollars in that markets at that time; or

     (4) if the banks so selected by the Calculation Agent are not
quoting as mentioned in clause (3), 3-month LIBOR in effect immediately
prior to the particular Interest Determination Date.

          The term “Interest Determination Date” means the second London banking day
preceding the related Interest Adjustment Date.

          The term “Interest Adjustment Date” means March 15, June 15, September 15
and December 15 of each year; provided that, if any Interest Adjustment Date
would otherwise be a day that is not a Business Day, such Interest Adjustment
Date shall be postponed to the next succeeding Business Day, except if such
Business Day

2

 

falls in the next succeeding calendar month, such Interest
Adjustment Date will be the immediately preceding Business Day.

          The term “London banking day” means a day on which commercial banks are
open for business, including dealings in United States dollars, in London.

          The term “Moneyline Telerate Page 3750” means the display on Moneyline
Telerate (or any successor service) on such page (or any other page as may
replace such page on such service) for the purpose of displaying the London
interbank rates of major banks for United States dollars.

          In addition, Contingent Interest will accrue on this Debenture during any
quarterly interest period, commencing with the quarterly interest period
beginning December 15, 2009, under the conditions specified in the Indenture at
an amount equal to 0.0625% of the average Trading Price of the Debentures over
the measuring period triggering the contingent interest payment.

          Interest on this Debenture, including Contingent Interest, will be payable
on the Interest Payment Date or Interest Payment Dates as specified on the face
hereof and, in either case, at Maturity. Except as provided below, Interest
(including Contingent Interest) will be paid (i) if this Debenture is
represented by one or more Global Securities, to DTC in immediately available
funds, (ii) if this Debenture is represented by one or more certificated
Debentures by check mailed to the Holders of such Debentures unless, in the
case of Holders of certificated Debentures having a principal amount of more
than $5,000,000, such Holders shall have made written application to the
Registrar not later than the relevant Regular Record Date requesting payment by
wire transfer, in which case payment shall be made by wire transfer in
immediately available funds. Principal will be paid (i) if this Debenture is
represented by one or more Book-Entry Notes, to DTC in immediately available
funds or (ii) if this Debenture is represented by one or more certificated
Debentures, at our office or agency in New York City, which initially will be
the office or agency of the trustee in New York City.

          Payments on this Debenture with respect to any Interest Payment Date or
Maturity will include Interest (including Contingent Interest) accrued from and
including the original date of issuance, or from and including the most recent
Interest Payment Date to which interest has been paid or duly provided for, to
but excluding such Interest Payment Date or Maturity, except as may otherwise
be provided in the Indenture. Interest (including Contingent Interest) on the
Debentures shall be computed on the basis of the actual number of days for
which Interest is payable in the relevant interest period, divided by 360.

          Except as provided below, if any Debenture is surrendered for conversion
on any day other than an Interest Payment Date, the Holder of such Debenture
shall not
be entitled to receive any Interest (including Contingent Interest) that
has accrued on such Debenture since the prior Interest Payment Date. By
delivery to the Holder of the number of shares of Common Stock or other
consideration issuable upon conversion in

3

 

accordance with Indenture, any
accrued and unpaid Interest (including Contingent Interest) on such Debenture
shall be deemed to have been paid in full.

          If any Debenture is converted subsequent to the Regular Record Date
preceding an Interest Payment Date but on or prior to such Interest Payment
Date (except Debentures called for redemption on a Redemption Date between such
Regular Record Date and Interest Payment Date), the Holder of such Debenture at
the close of business on such Regular Record Date shall be entitled to receive
the Interest (including Contingent Interest) payable on such Debenture on such
Interest Payment Date notwithstanding the conversion thereof. Any Debenture
converted during the period from the close of business on any Regular Record
Date next preceding any Interest Payment Date to the opening of business on
such Interest Payment Date shall (except in the case of Debentures which have
been called for redemption on a Redemption Date within such period) be
accompanied by payment in New York Clearing House funds or other funds of an
amount equal to the Interest (including Contingent Interest) payable on such
Interest Payment Date on the Debenture being surrendered for conversion.
Except as provided in this Section 2 or in Indenture, no adjustments in respect
of payments of Interest (including Contingent Interest) on any Debenture
surrendered for conversion or any dividends or distributions or Interest
(including Contingent Interest) on the Common Stock issued upon conversion
shall be made upon the conversion of any Debenture.

          All percentages resulting from any calculation with respect Interest
(including Contingent Interest) will be rounded, if necessary, to the nearest
one hundred-thousandth of a percentage point (with five one-millionths of a
percentage point being rounded upward) and all dollar amounts used in or
resulting from any such calculation with respect to this Debenture will be
rounded to the nearest cent (with one-half cent being rounded upward).

          If an Interest Payment Date or Maturity for this Debenture falls on a day
that is not a Business Day, payment of principal and Interest (including
Contingent Interest) to be made on such day with respect to this Debenture will
be made on the next succeeding day that is a Business Day (except if that
Business Day falls in the next succeeding calendar month, that Interest Payment
Date will be the immediately preceding Business Day) and if the date of
Maturity is a day that is not a Business Day, all payments to be made on such
day will be made on the next succeeding Business Day, with the same force and
effect as if made on the due date, and no additional interest will be payable
as a result of such a delay in payment.

          Section 3. Redemption. This Debenture is subject to redemption at the
option of the Company, at any time on or after March 15, 2010, in whole or from
time to time in part in increments of $1,000 or an integral multiple of $1,000
(provided that any remaining principal amount hereof shall be an authorized
denomination), at a Redemption Price
equal to 100% of the principal amount, plus accrued and unpaid Interest,
including Contingent Interest, to, but excluding, the Redemption Date.
However, payments due with respect to this Debenture on or prior to the
Redemption Date will be payable to the Holder of this Debenture of record at
the close of business on the relevant Regular Record Date specified on the face
hereof, all as provided in the

4

 

Indenture. The Company may exercise such option
by causing the Trustee to mail a notice of such redemption, at least 20 but not
more than 60 calendar days prior to the date of redemption, in accordance with
the provisions of the Indenture. In the event of redemption of this Debenture
in part only, this Debenture will be cancelled and new Debentures representing
the unredeemed portion hereof will be issued in the name of the Holder hereof.

          Section 4. Conversion. Subject to and in compliance with the provisions
of the Indenture, a Holder is entitled, at such Holder’s option, to convert the
Holder’s Debentures (or any portion of the principal amount thereof that is
$1,000 or an integral multiple $1,000), into fully paid and nonassessable
shares of Common Stock (or, at the election of the Company as
provided in the Indenture, cash or a
combination of Common Stock and cash) at the Conversion Price in effect at the
time of conversion, under certain circumstances set forth in the Indenture.

          A Debenture in respect of which a Holder has delivered a Repurchase Notice
exercising the option of such Holder to require the Company to repurchase such
Debenture may be converted only if such notice of exercise is withdrawn in
accordance with the terms of the Indenture.

          The initial Conversion Price is $59.09 per share of Common Stock (a
Conversion Rate of approximately 16.9233 shares of Common Stock per $1,000
principal amount of Debentures), subject to adjustment in certain events
described in the Indenture. A Holder that surrenders Debentures for conversion
will receive cash or a check in lieu of any fractional share of Common Stock.
The Company from time to time may voluntarily reduce the Conversion Price.

          To surrender a Debenture for conversion, a Holder must (1) complete and
manually sign the conversion notice below (or complete and manually sign a
facsimile of such notice) and deliver such notice to the Conversion Agent, (2)
surrender the Debenture to the Conversion Agent, (3) furnish appropriate
endorsements and transfer documents and (4) pay any transfer or similar tax, if
required.

          No fractional shares of Common Stock shall be issued upon conversion of
any Debenture. Instead of any fractional share of Common Stock that would
otherwise be issued upon conversion of such Debenture, the Company shall pay a
cash adjustment as provided in the Indenture.

          No payment or adjustment will be made for dividends on the shares of
Common Stock, except as provided in the Indenture.

          If Fisher(i) is a party to a consolidation, merger or binding share
exchange (ii) reclassifies the Common Stock or (iii) conveys, transfers or
leases its properties and
assets substantially as an entirety to any Person, the right to convert a
Debenture into shares of Common Stock may be changed into a right to convert it
into securities, cash or other assets of Fisher or such other Person.

5

 

          Section 5. Repurchase By the Company at the Option of the Holder. Subject
to the terms and conditions of the Indenture and at the option of the Holder,
on December 15, 2008, March 15, 2010, December 15, 2014, December 15, 2019,
December 15, 2024 and December 15, 2029, the Company shall become obligated to
purchase all of such Holder’s Debentures, or any portion of the principal
amount thereof that is equal to any integral multiple of $1,000, at a
repurchase price equal to 100% of the principal amount of the Debentures to be
repurchased, plus accrued and unpaid Interest (including Contingent Interest)
to, but excluding, the Repurchase Date. In addition, subject to the terms and
conditions of the Indenture and at the option of the Holder, following the
occurrence of a Change of Control, the Company shall become obligated to
purchase all of such Holder’s Debentures, or any portion of the principal
amount thereof that is equal to any integral multiple of $1,000, on the date
that is 30 days after the date of the Company Notice given in connection with
such Change of Control at a Repurchase Price equal to 100% of the principal
amount of the Debentures to be repurchased, plus accrued and unpaid Interest
(including Contingent Interest) to, but excluding, the Change of Control
Repurchase Date.

          To exercise an Optional Repurchase Right to have Debentures repurchased on
December 15, 2008, March 15, 2010, December 15, 2014, December 15, 2019,
December 15, 2024 and December 15, 2029, a Holder must deliver to the Trustee
at its offices no later than the close of business on the third Business Day
prior to the Optional Repurchase Date the following: a completed Repurchase
Notice for Optional Repurchase Rights, the form of which is contained in
Exhibit C hereto; and the Debenture or cause such Debenture to be delivered
through the facilities of the Depositary, as applicable, with respect to which
the repurchase right is being exercised, with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer, in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder’s attorney duly authorized in writing.

          To exercise a Change of Control Repurchase Right, a Holder must deliver to
the Trustee at its offices on or prior to the close of business on the Business
Day prior to the Change of Control Repurchase Date the following: a completed
Repurchase Notice for Change of Control Repurchase Rights, the form of which is
contained in Exhibit D hereto; and the Debentures or cause such
Debentures to be
delivered through the facilities of the Depositary, as applicable, with respect
to which the repurchase right is being exercised, with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer,
in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or such Holder’s attorney duly authorized in writing.

          Holders have the right to withdraw any Repurchase Notice by delivering to
the Paying Agent a written notice of withdrawal in accordance with the
provisions of the Indenture.

          If cash sufficient to pay the Repurchase Price of all Debentures or
portions thereof to be purchased as of the Repurchase Date is deposited with
the Paying Agent on the Business Day following the applicable Repurchase Date,
Interest (including Contingent Interest) ceases to accrue on such Debentures
(or portions thereof)

6

 

immediately after such applicable repurchase date, and
the Holder thereof shall have no other rights as such other than the right to
receive the Repurchase Price upon surrender of such Debentures.

          Section 6. Tax Treatment. The Company agrees, and by acceptance of a
beneficial ownership interest in the Debentures each beneficial holder of
Debentures will be deemed to have agreed unless otherwise required by the
Internal Revenue Service, for United States federal income tax purposes (1) to
treat the Debentures as indebtedness that is subject to Treas. Reg. Sec.
1.1275-4 (the “Contingent Payment Regulations”) and, for purposes of the
Contingent Payment Regulations, to treat the fair market value of any stock
beneficially received by a beneficial holder upon any conversion of the
Debentures as a contingent payment and (2) to be bound by the Company’s
determination of the “comparable yield” and “projected payment schedule,”
within the meaning of the Contingent Payment Regulations, with respect to the
Debentures. A Holder of Debentures may obtain the amount of original issue
discount, issue date, yield to maturity, comparable yield and projected payment
schedule by submitting a written request for it to the Company at the following
address: Apogent Technologies Inc., One Liberty Lane, Hampton, New Hampshire
03842, Attention: General Counsel.

          Paying Agent, Calculation Agent, Conversion Agent and Registrar. The Bank
of New York will act as Paying Agent, Calculation Agent, Conversion Agent and
Security Registrar. The Company may appoint and change any Paying Agent,
Calculation Agent, Conversion Agent or Security Registrar without notice, other
than notice to the Trustee; provided, that the Company will maintain at least
one Paying Agent in the State of New York, City of New York, Borough of
Manhattan, which shall initially be an office or agency of the Trustee. The
Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Conversion Agent or Registrar.

          Section 7. Sinking Fund. This Debenture is not subject to a sinking fund.

          Section 8. Events of Default. If any Event of Default with respect to
Debentures shall occur and be continuing, the principal of all the Debentures
may be declared due and payable in the manner and with the effect provided in
the Indenture.

          Section 9. Modification or Waiver; Obligation of the Company Absolute.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Debentures at any time by the
Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of the Outstanding Debentures. The Indenture also
contains provisions permitting the Holders of specified percentages in
principal amount of the Outstanding Debentures, on behalf of the Holders of all
Debentures, to waive, with respect to the Debentures, compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Debenture will be conclusive and binding upon such Holder and upon all
future Holders of this Debenture and of any Debenture issued upon the
registration of

7

 

transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Debenture.

          No reference herein to the Indenture and no provision of this Debenture or
of the Indenture will alter or impair the obligations of the Company, which are
absolute and unconditional, to pay the principal of, and Interest (including
Contingent Interest) on this Debenture at the times, places and rates herein
prescribed and to convert this Debenture in accordance with the Indenture.

          Section 10. Satisfaction and Discharge. Provisions contained in the
Indenture provide that the Company may satisfy and discharge its obligations
under the Indenture while Debentures remain outstanding, subject to certain
conditions, if all outstanding Debentures have become due and payable at their
scheduled maturity or all outstanding Debentures have been redeemed.

          Section 11. Authorized Denominations. The Debentures are issuable only in
global or certificated registered form, without coupons, in denominations of
$1,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein specified and to the
limitations described below, if applicable, the Debentures are exchangeable for
a like aggregate principal amount of Debentures with a like Stated Maturity and
with like terms and conditions of a different authorized denomination, as
requested by the Holder surrendering the same.

          Section 12. Registration of Transfer. As provided in the Indenture and
subject to certain limitations therein specified and to the limitations
described below, if applicable, the transfer of this Debenture is registerable
in the Register upon surrender of this Debenture for registration of transfer
at the office or agency of the Company maintained for that purpose duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar (which will initially be the
Trustee at its principal corporate trust office located in the Borough of
Manhattan, The City of New York), duly
executed by the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Debentures of authorized denominations and for
the same Stated Maturity and aggregate principal amount, will be issued to the
designated transferee or transferees.

          This Debenture is exchangeable for certificated Debentures only upon the
terms and conditions provided in the Indenture. Except as provided in the
Indenture, owners of beneficial interests in a Global Security will not be
entitled to receive physical delivery of Debentures in certificated registered
form and will not be considered the Holders thereof for any purpose under the
Indenture.

          No service charge will be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

          Section 13. Owners. Prior to due presentment of this Debenture for
registration of transfer, the Company, the Trustee and any agent of the Company
or the

8

 

Trustee may treat the Person in whose name this Debenture is registered
as the owner hereof for all purposes, whether or not this Debenture be overdue
and notwithstanding any notation of ownership or other writing hereon, and none
of the Company, the Trustee or any such agent will be affected by notice to the
contrary.

          Section 14. Governing Law. The Indenture and the Debentures will be
governed by and construed in accordance with the laws of the State of New York.

          Section 15. Defined Terms. All terms used in this Debentures that are
defined in the Indenture will have the meanings assigned to them in the
Indenture unless otherwise defined herein.

9

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITIES

          The following increases or decreases in this Global Security have been
made:
 

	 	 	Amount of decrease	 	 	Amount of increase	 	 	Principal Amount of	 	 	Signature of
	 	 	in Principal Amount	 	 	in Principal Amount	 	 	this Global Security	 	 	authorized signatory
	 	 	of this Global	 	 	of this Global	 	 	following such	 	 	of Trustee or
	Date
	 	Security
	 	 	Security
	 	 	decrease or increase
	 	 	Securities Custodian

 

 

ABBREVIATIONS

          The following abbreviations, when used in the inscription on the face of
this instrument, will be construed as though they were written out in full
according to applicable laws or regulations:

          TEN COM — as tenants in common

          TEN ENT — as tenants by the entireties

          JT TEN — as joint tenants with right of survivorship and not as tenants in
common

	 	 	 	 	 	 	 
	UNIF GIFT MIN ACT

	 	 	 	Custodian	 	 
	 	 	
 
	

	 	(Cust)
	 	 	 	(Minor)
	 
	 	 	 	 	 	 
	 	 	Under Uniform Gifts to Minors Act

	 	 	
 
	

	 	 	 	(State)	 	 

          Additional abbreviations may also be used though not in the above list.

 

 

          Fisher (as defined in the Indenture referred to in the Debentures upon
which this notation is endorsed and hereinafter referred to as “Fisher”) hereby
agrees to guarantee, on a senior unsecured basis (such guarantee by Fisher
being referred to herein as the “Guarantee”) effective as of the date specified
in Section 13.3 of the Indenture (i) the due and punctual payment of the
principal of and Interest (including Contingent Interest) on the Debentures,
whether at maturity, by acceleration or otherwise, the due and punctual payment
of interest on the overdue principal and interest, if any, on the Debentures,
to the extent lawful, and the due and punctual performance of all other
obligations of the Company to the Holders or the Trustee all in accordance with
the terms set forth in Article 13 of the Indenture and (ii) in case of any
extension of time of payment or renewal of any Debentures or any of such other
obligations, that the same will be promptly paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The Guarantee shall automatically,
without action by any person, be effective on and after the Effective Date as
defined in the Indenture.

          No stockholder, officer, director, employee or incorporator, as such,
past, present or future, of Fisher shall have any liability under the Guarantee
by reason of his, her or its status as such stockholder, officer, director,
employee or incorporator.

          The Guarantee shall not be valid or obligatory for any purpose until the
certificate of authentication on the Debentures upon which the Guarantee is
noted shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized signatories.

	 	 	 	 	 
	 	 	FISHER SCIENTIFIC INTERNATIONAL INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	

	

	 	 	 	Name:
	

	 	 	 	Title:

2

 

EXHIBIT B

ASSIGNMENT FORM

          To assign this Security, fill in the form below and have your signature
guaranteed: (I) or (we) assign and transfer this Security to:

(Insert assignee’s social security or tax I.D. number)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint
      to transfer this Security on the books
of the Company. The agent may substitute another to act for him.

	 	 	 
	Your Name:
	 	 
	

	 	

	

	 	(Print your name exactly as it appears on the face of this Security)
	 
	 	 
	Dated:
	 	 
	

	 	

	 
	 	 
	Your Signature:
	 	 
	

	 	

	

	 	(Sign exactly as your name appears on the face of this Security)
	 
	 	 
	

	 	Signature
	Guarantee*:
	 	 
	

	 	

 

 

EXHIBIT C

REPURCHASE NOTICE FOR OPTIONAL REPURCHASE RIGHTS

          (1) We refer to the Indenture dated as of August [3], 2004 (the
“Indenture”) among Apogent Technologies Inc., as issuer (the “Company”), Fisher
Scientific International Inc. and The Bank of New York, as Trustee. Pursuant to
Article 11 of the Indenture, the undersigned hereby requests and instructs the
Company to repurchase this Debenture, or any portion of the principal amount
hereof (which is $1,000 in principal amount or an integral multiple of $1,000),
below designated, in accordance with the terms and conditions specified in such
Article 11.

          (2) The undersigned hereby directs the Trustee or the Company to pay the
undersigned an amount in cash equal to 100% of the principal amount to be
repurchased (as set forth below), plus accrued and unpaid Interest, including
Contingent Interest, to the Optional Repurchase Date (the “Optional Repurchase
Price”), as provided in the Indenture.

          (3) The undersigned elects (check one):

	 	 	 	 	 
	

	 	o
	 	to receive the Optional
Repurchase Price with respect to the following
portions of the following Debenture:
	 
	 	 	 	 
	

	 	 	 	Debentures certificate number:                    
	 
	 	 	 	 
	

	 	 	 	Principal amount to be repurchased (if less than all): $                   
	 
	 	 	 	 
	

	 	 	 	Remaining principal amount after repurchase: $                   
	 
	 	 	 	 
	

	 	o
	 	to receive the Optional
Repurchase Price with respect to the full principal
amount of all of the Debentures that are subject to
this notice.

Notice: If the Holder fails to make an election, the Holder shall be deemed to
have elected to receive the Optional Repurchase Price for the full principal
amount of all of the Debentures subject to this notice.

	 	 	 	 	 
	Dated:
	 	 	 	 
	

	 	

	 	

	

	 	 	 	

	

	 	 	 	Signature(s)

 

 

Signature(s) must be guaranteed by an Eligible Guarantor Institution with
membership in an approved signature guarantee program pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

	 	 	 
	 

	 	

	 

	 	Signature(s)

If only a portion of this Debenture is to be repurchased, please indicate: 1.
Principal amount to be repurchased: $                   2. Remaining principal amount
after repurchase: $                                      

	 	 	 
	 

	 	

	 

	 	Social Security or Other Taxpayer
Identification Number

2

 

EXHIBIT D

REPURCHASE NOTICE FOR CHANGE OF CONTROL

REPURCHASE RIGHTS

	 	 	 
	TO:

	 	Apogent Technologies Inc.
	

	 	One Liberty Lane
	

	 	Hampton, New Hampshire 03842

          Pursuant to the Indenture dated as of August [3], 2004 (the “Indenture”),
among Apogent Technologies Inc., as issuer (the “Company”), Fisher Scientific
International Inc. (“Fisher”) and The Bank of New York, as Trustee, the
undersigned registered owner of this Security hereby irrevocably acknowledges
receipt of a notice from the Company as to the occurrence of a Change of
Control (as defined in the Indenture) with respect to the Company or Fisher, as
applicable, and requests and instructs the Company to repay the entire
principal amount of this Security, or the portion thereof (which is $1,000
principal amount or an integral multiple thereof) below designated, in
accordance with the terms of the Indenture referred to in this Security,
together with Interest (including Contingent Interest) accrued and unpaid to,
but excluding, such date, to the registered holder hereof.

	 	 	 	 	 
	

	 	Your Name:	 	 
	

	 	 	 	
 
	

	 	 	 	(Print your name exactly as it appears on the face of this Security)
	 
	 	 	 	 
	

	 	Dated:	 	 
	

	 	 	 	
 
	 
	 	 	 	 
	

	 	Your Signature:	 	 
	

	 	 	 	

	 
	 	 	 	(Sign exactly as your name appears on the face of this Security)

     Social Security or other Taxpayer Identification Number:

       Principal amount to be repurchased (if less than all): $                                       

     Signature Guarantee*:                                       

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

 

 

EXHIBIT E

FORM OF CONVERSION NOTICE

	 	 	 
	TO:

	 	Apogent Technologies Inc.
	

	 	One Liberty Lane
	

	 	Hampton, New Hampshire 03842

          Pursuant to the Indenture dated as of August [3], 2004 (the “Indenture”),
among Apogent Technologies Inc., as issuer (the “Company”), Fisher Scientific
International Inc. and The Bank of New York, as Trustee, the undersigned
registered owner of this Security hereby irrevocably exercises the option to
convert this Security, or the portion hereof (which is $1,000 principal amount
or an integral multiple thereof) below designated, into shares of Common Stock
and/or cash or a combination thereof in accordance with the terms of the
Indenture referred to in this Security, and directs that the shares issuable
and deliverable upon such conversion, together with any check in payment for
fractional shares and any Securities representing any unconverted principal
amount hereof, be issued and delivered to the registered holder hereof unless a
different name has been indicated below. If shares or any portion of this
Security not converted are to be issued in the name of a person other than the
undersigned, the undersigned will pay all transfer taxes payable with respect
thereto. To the extent provided in the Indenture, any amount required to be
paid to the undersigned on account of Interest (including Contingent Interest)
accompanies this Security.

	 	 	 	 	 
	

	 	Your Name:	 	 
	

	 	 	 	
 
	

	 	 	 	(Print your name exactly as it appears on the face of this Security)
	 
	 	 	 	 
	

	 	Dated:	 	 
	

	 	 	 	
 
	 
	 	 	 	 
	

	 	Your Signature:	 	 
	

	 	 	 	
 
	

	 	 	 	(Sign exactly as your name appears on the face of this Security)

     Social Security or other Taxpayer Identification Number:

       Principal amount to be repurchased (if less than all): $                                       

Signature Guarantee*:                                       

          Fill in for registration of shares (if to be issued) and Securities (if to
be delivered) other than to and in the name of the registered holder:

(Name)

	*	 	Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

 

 

(Street Address)

(City, State and Zip Code)

2

 

EXHIBIT F

FORM OF SUPPLEMENTAL INDENTURE TO ADD GUARANTORS

          This Supplemental Indenture, dated as of [                   ](this “Supplemental
Indenture” or “Guarantee”), among [Insert Name of New Guarantor] (the “New
Guarantor”), Apogent Technologies Inc. (together with its successors and
assigns, the “Company”), Fisher Scientific International Inc. (“Fisher”), each
other Guarantor under the Indenture (as defined below) and The Bank of New
York, as Trustee under the Indenture referred to below.

     W I T N E S S E T H:

          WHEREAS, the Company, Fisher and the Trustee have heretofore executed and
delivered an Indenture, dated as of August [3], 2004 (as amended, supplemented,
waived or otherwise modified, the “Indenture”), providing for the issuance of
an aggregate principal amount of $[345] million of Floating Rate Convertible
Senior Debentures due 2033 of the Company (the “Securities”);

          WHEREAS, Section 13.1 of the Indenture provides that the Company is
required to cause each Subsidiary (including any created or acquired by the
Company) which becomes a guarantor under the Credit Agreement to execute and
deliver to the Trustee a Supplemental Indenture pursuant to which such
Subsidiary will unconditionally guarantee, on a joint and several basis with
the other Guarantors, the full and prompt payment of the principal of and
Interest (including Contingent Interest), if any, on the Securities on a senior
basis; and

          WHEREAS, pursuant to Section 7.1 of the Indenture, the Trustee and the
Company are authorized to execute and deliver this Supplemental Indenture to
amend the Indenture, without the consent of any Holder;

          NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the New
Guarantor, the Company, Fisher, the other Guarantors and the Trustee mutually
covenant and agree for the equal and ratable benefit of the Holders of the
Securities as follows:

ARTICLE I

Definitions

          SECTION 1.1. Defined Terms. As used in this Supplemental Indenture,
terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “Holders” in this Guarantee
shall refer to the term “Holders” as defined in the Indenture and the Trustee
acting on behalf or for the benefit of such holders. The words “herein,”
“hereof” and “hereby” and other words of similar import used in this
Supplemental Indenture refer to this Supplemental Indenture as a whole and not
to any particular section hereof.

 

 

ARTICLE II

Agreement to be Bound; Guarantee

          SECTION 2.1. Agreement to be Bound. The New Guarantor hereby becomes a
party to the Indenture as a Guarantor and as such will have all of the rights
and be subject to all of the obligations and agreements of a Guarantor under
the Indenture. The New Guarantor agrees to be bound by all of the provisions
of the Indenture applicable to a Guarantor and to perform all of the
obligations and agreements of a Guarantor under the Indenture.

          SECTION 2.2. Guarantee.

          (a) The New Guarantor hereby unconditionally guarantees, on a joint and
several basis with the other Guarantors, to each Holder of a Security
authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, regardless of the validity and enforceability of the
Indenture, the Securities or the Obligations of the Company under the Indenture
or the Securities, that:

     (1) the principal of, and Interest (including Contingent Interest)
on the Debentures will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the
overdue principal of, Interest (including Contingent Interest) on the
Debentures, to the extent lawful, and all other Obligations of the
Company to the Holders or the Trustee thereunder or under the Indenture
will be promptly paid in full, all in accordance with the terms thereof;
and

     (2) in case of any extension of time for payment or renewal of any
Debentures or any of such other Obligations, that the same will be
promptly paid in full when due in accordance with the terms of the
extension or renewal, whether at stated maturity, by acceleration or
otherwise.

          (b) Notwithstanding the foregoing, in the event that the Guarantee would
constitute or result in a violation of any applicable fraudulent conveyance or
similar law of any relevant jurisdiction, the liability of the New Guarantor
under the Indenture shall be reduced to the maximum amount permissible under
such fraudulent conveyance or similar law.

          (c) The New Guarantor hereby agrees that its obligations hereunder shall
be unconditional, regardless of the validity, regularity or enforceability of
the Securities or the Indenture, the absence of any action to enforce the same,
any waiver or consent by any Holder of the Securities with respect to any
provisions of the Securities or the Indenture, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
guarantor.

          (d) The New Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy
of the

2

 

Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that the Guarantee
made pursuant to this Supplemental Indenture will not be discharged except by
complete performance of the Obligations contained in the Securities and the
Indenture.

          (e) To evidence the Guarantee made pursuant to this Supplemental
Indenture, the New Guarantor hereby agrees that a notation of such Guarantee
shall be endorsed by an Officer of the New Guarantor on each Debenture
authenticated and delivered by the Trustee on and after the Issue Date, which
Guarantee will be effective as of the date of this Supplemental Indenture.

          (f) Notwithstanding the foregoing, the New Guarantor hereby agrees that
the Guarantee made pursuant to this Supplemental Indenture shall remain in full
force and effect notwithstanding any failure to endorse on each Debenture a
notation of such Guarantee.

          (g) If an Officer whose signature is on this Supplemental Indenture no
longer holds that office at the time the Trustee authenticates the Debenture on
which the Guarantee made pursuant to this Supplemental Indenture is endorsed,
such Guarantee shall be valid nevertheless.

          (h) The delivery of any Debenture by the Trustee, after the authentication
thereof under the Indenture, shall constitute due delivery of the Guarantee set
forth in this Supplemental Indenture on behalf of the New Guarantor as of the
date of this Supplemental Indenture.

          (i) If any Holder or the Trustee is required by any court or otherwise to
return to the Company or the Guarantors, or any Custodian, Trustee, liquidator
or other similar official acting in relation to either the Company or any
Guarantor, any amount paid by either to the Trustee or such Holder, the
Guarantee made pursuant to this Supplemental Indenture, to the extent
theretofore discharged, shall be reinstated in full force and effect.

          (j) The New Guarantor hereby agrees that it shall not be entitled to any
right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby.
The New Guarantor further agrees that, as between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand:

     (1) the maturity of the Obligations guaranteed hereby may be
accelerated as provided in Article 4 of the Indenture for the purposes of
the Guarantee made pursuant to this Supplemental Indenture,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby; and

     (2) in the event of any declaration of acceleration of such
obligations as provided in Article 4 of the Indenture, such Obligations
(whether or not due

3

 

and payable) shall forthwith become due and payable by the New
Guarantor for the purpose of the Guarantee made pursuant to this
Supplemental Indenture.

          (k) The Guarantors shall have the right to seek contribution from any
other non paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders or the Trustee under the Guarantees made
pursuant to this Indenture.

ARTICLE III

Miscellaneous

          SECTION 3.1. Notices. All notices and other communications to the New
Guarantor shall be given as provided in the Indenture to the New Guarantor, at
its address set forth below, with a copy to the Company as provided in the
Indenture for notices to the Company.

          SECTION 3.2. Parties. Nothing expressed or mentioned herein is intended
or shall be construed to give any Person, firm or corporation, other than the
Holders and the Trustee, any legal or equitable right, remedy or claim under or
in respect of this Supplemental Indenture or the Indenture or any provision
herein or therein contained.

          SECTION 3.3. Governing Law. This Supplemental Indenture shall be
governed by the laws of the State of New York.

          SECTION 3.4. Severability Clause. In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby and such provision shall be ineffective
only to the extent of such invalidity, illegality or unenforceability.

          SECTION 3.5. Ratification of Indenture; Supplemental Indentures Part of
Indenture; Trustee’s Disclaimer. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and
every Holder of Securities heretofore or hereafter authenticated and delivered
shall be bound hereby. The Trustee makes no representation or warranty as to
the validity or sufficiency of this Supplemental Indenture.

          SECTION 3.6. Counterparts. The parties hereto may sign one or more
copies of this Supplemental Indenture in counterparts, all of which together
shall constitute one and the same agreement.

          SECTION 3.7. Headings. The headings of the Articles and the sections in
this Guarantee are for convenience of reference only and shall not be deemed to
alter or affect the meaning or interpretation of any provisions hereof.

4

 

          IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed as of the date first above written.

          [NEW GUARANTOR],

as a Guarantor

	 	 	 	 	 
	By:

	 	 
	 	 
	

	 	
 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 
	 	 	 
	THE BANK OF NEW YORK, as Trustee
	 	 	 
	By:
	 	 	 	 
	

	 	
 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 
	 	 	 
	APOGENT TECHNOLOGIES INC.
	 	 	 
	By:
	 	 	 	 
	

	 	
 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 
	 	 	 
	FISHER SCIENTIFIC INTERNATIONAL INC.
	 	 	 
	By:
	 	 	 	 
	

	 	
 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 
	 	 	 
	[GUARANTORS]
	 	 	 
	By:
	 	 	 	 
	

	 	
 	 	 
	

	 	Name:	 	 
	

	 	Title:	 	 

5

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