. Procedures to permit the settlement and cancellation of other German law governed bonds that are held in physical form are under review.

 The Settlement

As of August 31, 2020, agreements in principle have been executed with holders of approximately 85% of the nominal amount of Untendered Debt outstanding as of December 31, 2015 (including in the calculation claims that the Republic considers time-barred and for which no agreements have been entered into).

As of August 31, 2020, payments to settling creditors had resulted in the dismissal of claims in the United States for an aggregate nominal amount of approximately U.S.$3.5 billion, plus interest, and the discharge of judgments in the amount of approximately U.S.$5.4 billion. Additional claimants in the District Court have entered into settlement agreements, upon payment of the amounts contemplated in such settlements, the claims are to be dismissed.

As of August 31, 2020, the Republic has settled with holders of German law governed bonds for a nominal amount of €750.1 million. Procedures to permit the settlement and cancellation of other German law governed bonds that are held in physical form are under review.