Notwithstanding any other provision of the Exchange Offer, the Company's obligation to accept for exchange any Existing Notes validly tendered is subject to the satisfaction of certain general conditions described in the Exchange Offer Memorandum, and the following special conditions: (i) the New Notes issued on the Early Exchange Settlement Date or the Final Exchange Settlement Date, as the case may be, in the Exchange Offer are fungible for U.S. federal income tax purposes with the Company's notes issued simultaneously with this Exchange Offer ("Cash Offering Notes") issued in the New Notes Offering for U.S. federal income tax purposes (the "Tax Fungibility Condition"); and (ii) the New Notes Offering is settled and the Cash Offering Notes are issued in connection therewith on or before the Early Exchange Settlement Date (the "Cash Offering Notes Closing Condition"). The Company may waive any general condition and the Tax Fungibility Condition in our sole discretion.The New Notes will be the Company's direct, unconditional and unsecured general obligations and will, other than as set forth below, at all times rank pari passu in right of payment with all of the Company's other unsecured obligations other than obligations that are, by their terms, expressly subordinated in right of payment to the New Notes. The notes will be effectively subordinated to (i) all of the Company's secured indebtedness with respect to the value of the Company's assets securing that indebtedness, (ii) certain direct, unconditional and unsecured general obligations that in case of the Company's insolvency are granted preferential treatment pursuant to Peruvian law and (iii) all of the existing and future liabilities of the Company's subsidiaries, including trade payables. The New Notes will bear interest of 4.25% per year. Interest will be payable on April 1 and October 1 of each year, commencing on October 1, 2013. The New Notes will mature on April 1, 2023.
Banco De Credito Del Peru Announces Exchange Offer For Up To U.S.$350 Million Of Its Outstanding U.S.$700 Million 4.75% Senior Notes Due 2016
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