Loading...
SR-203-001-05 (3) 72%(5(&25'('$1':+(15(&25'(' 5(785172 2UULFN+HUULQJWRQ 6XWFOLIIH//3 *5281'/($6( 7+,6*5281'/($6(  WKLV³*URXQG/HDVH´ H[HFXWHGDQGHQWHUHGLQWRDVRI BBBBBBBBBBLVE\DQGEHWZHHQWKH&,7<2)6$17$021,&$ WKH³&LW\´ DPXQLFLSDO FRUSRUDWLRQDQGFKDUWHUFLW\GXO\RUJDQL]HGDQGH[LVWLQJXQGHUDQGE\YLUWXHRIWKH&RQVWLWXWLRQDQG ODZVRIWKH6WDWHRI&DOLIRUQLDDQGLWV&KDUWHUDVOHVVRUDQGWKH6$17$021,&$38%/,& ),1$1&,1*$87+25,7< WKH³$XWKRULW\´ DMRLQWH[HUFLVHRISRZHUVHQWLW\RUJDQL]HGDQG H[LVWLQJXQGHUDQGE\YLUWXHRIWKHODZVRIWKH6WDWHRI&DOLIRUQLDDVOHVVHH :,71(66(7+ :+(5($6 WKH&LW\GHVLUHVWRILQDQFHDSRUWLRQRIWKHFRVWVRIWKHDFTXLVLWLRQ FRQVWUXFWLRQDQGLQVWDOODWLRQRIFHUWDLQFDSLWDOLPSURYHPHQWVFRQVWLWXWLQJDSXEOLFVDIHW\IDFLOLW\ DQGUHODWHGLPSURYHPHQWVIDFLOLWLHVDQGHTXLSPHQW WKH³3URMHFW´  :+(5($6 LQRUGHUWRILQDQFHWKH3URMHFWWKH&LW\ZLOOOHDVHFHUWDLQUHDOSURSHUW\RQ ZKLFKWKH3URMHFWLVWREHFRQVWUXFWHG WKH³6LWH´ WRWKH$XWKRULW\SXUVXDQWWRWKLV*URXQG /HDVHDQGWKH&LW\ZLOOVXEOHDVHWKH6LWHDQGWKH3URMHFWEDFNIURPWKH$XWKRULW\SXUVXDQWWRD /HDVH$JUHHPHQWGDWHGDVRIWKHGDWHKHUHRI WKH³/HDVH$JUHHPHQW´  :+(5($6 WKH6LWHLVPRUHSDUWLFXODUO\GHVFULEHGLQ([KLELW$KHUHWR :+(5($6 WKH&LW\DQGWKH$XWKRULW\KDYHGHWHUPLQHGWKDWLWZRXOGEHLQWKHEHVWLQWHUHVWV RIWKH&LW\DQGWKH$XWKRULW\WRSURYLGHWKHIXQGVQHFHVVDU\WRILQDQFHWKH3URMHFWWKURXJKWKHLVVXDQFH E\WKH$XWKRULW\RIERQGV WKH³%RQGV´ SD\DEOHIURPWKHEDVHUHQWDOSD\PHQWV WKH³%DVH5HQWDO 3D\PHQWV´ WREHPDGHE\WKH&LW\XQGHUWKH/HDVH$JUHHPHQW :+(5($6 WKH&LW\DQGWKH$XWKRULW\KDYHGHWHUPLQHGWKDWLWZRXOGEHLQWKHEHVWLQWHUHVWV RIWKH&LW\DQGWKH$XWKRULW\WRSURYLGHIRUWKHLVVXDQFHRIWKH%RQGVSD\DEOHIURPWKH%DVH5HQWDO 3D\PHQWVSXUVXDQWWRDQ,QGHQWXUHGDWHGDVRIWKHGDWHKHUHRIE\DQGDPRQJWKH$XWKRULW\WKH&LW\ DQG%1<:HVWHUQ7UXVW&RPSDQ\DV7UXVWHH WKH³7UXVWHH´ DQG :+(5($6 DOOULJKWVWRUHFHLYHWKH%DVH5HQWDO3D\PHQWVKDYHEHHQDVVLJQHGZLWKRXW UHFRXUVHE\WKH$XWKRULW\WRWKH7UXVWHHSXUVXDQWWRDQ$VVLJQPHQW$JUHHPHQWGDWHGDVRIWKH GDWHKHUHRI WKH³$VVLJQPHQW$JUHHPHQW´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¶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