Exchange and Conversion. Any duly approved modification of the terms and conditions of the Securities may be implemented by means of a mandatory exchange or conversion of the Securities for new debt securities containing the modified terms and conditions if the proposed exchange or conversion is notified to Holders prior to the record date for the relevant proposal and/or proposed modification. Any conversion or exchange undertaken to implement a duly approved proposal and/or modification will be binding on all Holders.
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Sources: Fiscal Agency Agreement (Italy Republic Of), Fiscal Agency Agreement (Italy Republic Of)