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17 -

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5
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19 -

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.%(*47%$ ') %#$,%
&2 ') %#$,& (2'$6 ') !.*+) !74. 7.'4 !'.!*& ') !74. 7'.!4& %/6$ %/5'% )
#/) - !.*+ !74. 7.'4 !'.!*& '- 3(.!! ) ') ,(3&%& '(#05%4) %#$,% &/ !('%* 74.
) - ') ;3!!.2% !8& , (.!(. ')

(/5% 02'**

!*! 45 1'($ '&"'$ ') ',0. )&

. (3&%& '(#05%4) %#$,% &/ !('%* 74. &2 ') %#$,& 2'$6 !74. 7.'4 !'.!*& '- 3(!.
!''- ') ('/6$& 7,!$ !%/&4 !'8!# (8'6( %#$,& 3(.!( )& ,#'*)% 9) &2
.%(*47%$ ') %#$,% !0! &2 ,3!!.2% !8& ,'.(!. ') '/5'%/

8.1.6

.8

-25$', 3!5$ %#$,% &/ !('%* 74. 2 #/6$ &2'8& %)-'% ('&'28 '2-'$! ') &'6!2 &"'! )

8.1.7

,&"'$( )& %&'28% ') ,#7'! )& &'6!2%' ,(3&%& %&) !,.'* (#05%4) %#$,% &/ !('%*
9) &2 .3!!.2% !8& , 2'-!$ ') (&"% 02'** !*! (%/!*,' !2$#)) 45 1'( ,3!!.2% !8&
') '/5'%/ !''- ') ('/6$& 7,!$ !%/&4 !'8!# (8'6( %#$,& 3(.!( )& ,#'*)%
.%(*47%$ ') %#$,% !0! &2 ,3!!.2% !8& ,'.(!.
$', 3!5$ %#$,% &/ !('%* 74. &2 %& /!/ !0'$2/% () !0'$2/ !&2$ '/**! )

8.1.8

.(3&%& %&) !,.'* (#05%4) %#$,% &/ !('%*


%!('!'$!!,(%$ ,%0*2 )& %#$,%/ ') ,0'*2( )& %#$,%/ !/** //,

!!6

8.1.9

('!'$!!,(%% 3!$ !4 #%$'* .(') %#07) $',% ('#5) !6!+,* !8&4 ('!('%*%
. %!02'*' !6!+,*& '&/(% !*'47 #(!% 3!$ !&&4. %#$,% &/ ('!('%*%
') %&0, ') , %!*'&/( () 6!78%& %(.''4 &2 %2!0'% ') %6!78% %#$,%

8.1.10

.(2& (2* '!%! '&)/ !84 ,%!672 1!/*%& &'0,& %(.''4 &2 %2!0'%
('#5) &/ %.'/)#& %68.%% 02'*$ %$-* (*'2& %#$,% !672$ (!('%* %2#% %&, )
(') %#07) $',% ('#5) () 2'#8& &4'( )& %#$,%/ !/** //, !!6' (') %#07) $',%

8.1.11

.302'*$
%"!&/% (#$2%& %&$6(% )&' ,3!8!62$ ') 3!#/!*$ ,%#$,$ %"!&/% %#$2'% )
%"!&/% &2$ .(0,'!* %"&,%$ (') %#07) $',% ('#5) !6!+,* (*47% #'*)4

8.1.12

.(" $,)" :0,!$ 3&%&) ".#$ !#)5 #* '.!% (') %#07) $',% ('#5) (68.% 02'*$ %#$,$
') %"!&/% &2$/ 38')$ ,%#$,$ %"!&/ !'.!/ "%"!&/ (#$2%" %+ 6"7 3!!.2&
('!.** 50% &2* 3!8!62$ ') 3!#/!*$ 6!+,%&* '&0,! %.'/)# %5#0* '(,8/* !.$
.%$ %2$-%% ('!'4+$' %#$,%
#,7*& %*'/# #/) %#$,% %6!8.%/ (#,) $', ('#5) (#07 !0!!* 3'2#8& '0*2'! )
%&'2 '86!% #/) ,%#$,% &/ #,) $', ') ("",*&/ /,08/" :%+ 9!27$ 3&%&) %7#'$$
Non-) %*-2 %#$,& %#+, ('4+ )&& '.!%/ $', "2*&) $"%#) #&'0 3'!&!* 85 &2
')/' %#7'% )& #'*)4 !0!!* 3'2#8& %/!#0%' ,(",*&/ )#*/" :3&%&) ((Recourse
'$ 02'*%* !*! 30 1'( &4%' #,)% $',% ') (#,)% %#07% () %2#8 )& %#$,%
%#$,% ('$, #/) #,) $', 2 #/6$ ,!4 3!'-! %+ 3!!.2& .#'*)4 !0!!* 3'2#8& '0*2'%
6# '6( %+ 8.1.13 9!27$/ %&!2% ,$', '(') 3'2#!8& ('$#2 3(* ('$62$ %.!% '.!5$
') '47$ (&$5'* %.!) $',% 3'2#!8& %#$,% ('$#2 (1) : !)$% !).(% '*!!6(!/ &44
;$"%#)
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%#$,% %/#0. '$/ 02'* '(')* &,% ()+' %#'*)% %&!2 % &',( !+) &!2&0 !#'*)%
'(') (0*2% 02'** )&' (&!2& ("#'8*% !'8!#% (8'6(& 9'84$) #,)% $',% () 2'#8&
. !88', .!) '&) !02'*/ &44 ,!0!!* 3'2#!8& $',

8.1.13

-26)& '+ %#8%' ,(&!2& 8.1.13 9!27$ '(#05%4) #,) $', '02'*$ %*&!/ )& %#$,% )

8.1.14

#/6$ ,!4 3!'-! %+ 3!!.2& .!".''&#% $',% '&/(& 2'$6% 02'*%* !*! 45 1'($ %.6'(
%&!2% ,$', '(') 3'2#!8& ('$#2 3(* ('$62$ %.!% '.!5$ %#$,% ('$, #/) #,) $', 2
') '47$ (&$5'* %.!) $',% 3'2#!8& %#$,% ('$#2/ &44 6# '6( %+ 8.1.14 9!27$/
.$"%#) #&'0 3'!&!* 85-* %'$5% '47& (&$5'* %.!%/
9!27$ '(#05%4 ,!&)*!.!*% 3'%%* (,8! ("'2!* ('!'4+ &&'4 )&) %#$,% &/ 3'%% )

8.1.15

. !8'-# !.'2$# 2 1/*$ &!2& (1)6.4


9!27$ '(#05%4 ,!&)*!.!*% 7,!%* (,8! 3+)*& ("'2!* ('!'4+ &&'4) 3'%% 7,! )
. !8'-# !.'2$# 2 1/*$ &!2& (2)6.4

8.1.16

!,.'*% (#05%4 ,(!&)*!.!*% ('&!+.% 17* '(,8 %#$,% &/ !&!+.% !2-*)% )

8.1.17

. !8'-# !.'2$# 2 1/*$ ,(3)6.4 9!27$


(#05%4 ,%26/%& 3"&0. &/ !&)*!.!*%

'47%* (,8! %26/%& 3"&0.%

'47

8.1.18

. !8'-# !.'2$# 2 1/*$ &!2& (4)6.4 9!27$ !,.'*%


;&!2& (5)6.4 9!27$ "#'8*4 ,0.0!$!0% (&$5* (')#'%& 0'5!.$ %6'&, %2-!$ %#$,% )

8.1.19

5'#!0* 1'*.% 5'#!0& (,8'! 5'#!0% (#$, !0! &2 (') %#07) $',% ('#5) 5'#!0/ &44

8.1.20

3!$ %)''/% 3*).% !0!& %#$,% #!$2( ,5'#!0 (#$, (8&,% &/ %#6*$ .7'.!* BBB
.%/0,% 5'#!0% (#$, &/ 5'#!0% &'7 3!$& (8&,'*% 5'#!0% (#$, &/ 5'#!0% &'7
,"#( (0( 2- "#6,#0% ('& /,08) )#*/ "#,6& 0#- 27 (7 !60#( .2/2 /3 9(-8 .(($-2
2- ,"- 27 ,/!-(" 2(-2! (0((% .#-,(42 /2(-/ .(($-2 6#,(0/ "$(*) ,"*& 6#,(0 ",)*%
.'/($()% +#%$/ 6#,(0/ (4
!#)0.&6 3'2$# 1&%*$ %!74. #6!2 () ') %!74. &4 () !/#,)& #'4*( %#$,% )

8.1.21

.&!5# $'#$ (') %#07) $',% ('#5) !6!+,* (*47% #'*)4 %#!4*& %&$6(% )&' ,0,)
%"!&/% &2$ ('$#&) )'%/ !/!&/ 0- &4& %#!4* "#,)& %#!4*" %+ 6"7 3!!.2&
;%#$,% &/ %)&* %"!&/$ !0!5)(& %#!4* "2*& ,('("!&/$ !0!5)( ')/' %#$,$
!8&) !8#-*% 4#2 ')/' '4#2 #/) !74. #87* &/ 9'#!- ') 74. "/,)*/ (87$ ,5(-"
50% &2 %&'2 !".''&#% 2'#!)% ('#6 #" '*7#'8/ !.'#,)% !!874% (','0$ (3!!.2%
.#'*)4 !!874% (','0% !8 &2 0,')*% 3+)*$ %!74. 96!%*
.9!6/($ ,7 6#8$ 7.2 9!27$ "#'8*4 %('&!28 #6!2 &/ !'.!/ 2-$( %#$,% )
,'0 (#57*$ ,3!!.2% !8& , !!.'2$#% ')/' !!(8'6(% (','0$ &'&4( %#$,%
%#$,% ,34 '*4 .%.(/% )& %#$,% &/ %('&!28 #6!2 !4 #'/!) ,3'!#'"6#!0%
)".5*$ !0!!* ,''!0 '7#8 .&".4 %('&!28 #6!2 !'.!/ &2 3*).& 2!0'%& ($!!,(*
.&".4 ,''!0 3(*4 $/,!! &2

8.1.22

-27,&!5# $'#$ (') %#07) $',% ('#5!) !6!+,* &/ 06'* #'/!) (&$6 )&& 5'+!* 2-'$

8.1.23

('#5!) !6!+,* !8&4 (3!!.2% !8&) ("&'6% %#$,% ') %#$,% %#!%-% 34 ) )&)
, 5'+!*% 02'* !.8& !672 !*! 10 (',8& ,3*).% ('2-*)$ ('$#& ,(') %#07) $',%
!!6& ("&'6% %#$,% &/ %(&'4!$ %!%! )& 5'+!*% $62/ #!$7 //, !!6 )& !4
2'#5& !04 %+ 9!27$ 3!) .(') %#07) $',% ('#5) !6!+,* !8&4 ('!'$!!,(%% ()
9!27& )(%$ $',% ('#5) !6!+,*& ('.6'*% !0!!* 3'2#!8& %0*2%& ('&!2% #(!*
'&',! ,3.4'(*% 5'+!*% 02'* !.8& !*! 30 &/ %8'6(* &,% !4' 3&%&' &!2& %+ 8.1
%(!% '&!)4 ("&'6% %#$,% 7,!$ 3&%&' &!2& %+ 8.1 9!27$ ('!'.*% ('&!2% &4
,%#$,% &/

!!874% (','0%* #+5. #'*)%

#,)& '!%!/ !84 ("&'6% %#$,% &/

%$

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.5'+!*%

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,%7#'$% 3'.6(& !2!$#% 6&,$ #'*)4 ('#!%$ !) ('#-''!% &/ %&!2$ %!!2/%

8.1.24

.%&"'$ )& %!!2/%% 4&%*$ %!!2/%% 02'** !*! 60 '8&,'


.)!%/ %$!7 &4* 6,*!( ') &7',( %#$,% )

8.1.25

,(!0'7! %#8%$ ('.*).% #"/ ') (') %#07) $',% ('#5) !).( () #8( %#$,% )

8.1.26

%.6'( )& %#8%%' , (#57*$ ('!('%*% %!('!'$!!,(%* '&!)


&28( %#$,%

4&%*$ ,%#8%% #$0 &2 %20'% (&$6 02'**

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) ')

!*! 14 1'($
. !.'6!(&

')/' 3'4. '.!) ('.*).% #"/$ ') $',% ('#5)$ %#$,% !5-** !('%* 5-* !4 ##$(! )

8.1.27

02'** !*! 14 1'($ %.6'( )& %#8%% 3'6!(& (.(!.% %#8%$ #$'0*/ %#6*$' ,)&*
.%.'6!(& &28( %#$,% 4&%*$ ,%#8%% #$0 &2 %20'% (&$6
$62

'! 60 &2 %&'2% %8'6(& ('5#'0* ('!%& %.678( (') %#07) $',% ('#5)

8.1.28

!*'&/(% 2'-!$ !) () ')#! %+ 3!!.2&) %#$,% ("!&/$ 3.!%/ ('$!7. ')/' ('$!7
20!*%' !,''!0% (#!7* !) ()' (5#0*% %#$,& &/& %#$,% %$!!,(%/
%#$,& %#$,% 3!$ ('#/6(%% (#57*$ (5#0*% %#$,% !0! &2 !/#0.% !#!$7%
.(%#$,% ("!&/$ 3.!%/ ('$!7.' ('$!74 ,(5#0*%
('87'. ('#07 6!8.( ') (') %#07) $',% ('#5)& %#07 ($,#% 2-$( %#$,%/ %#6*$

8.1.29

.('.*).% #"/& 4 9!27 (')#'%& 0'5!.$ ,$', ('#5) &/


.1#2 ('#!!. 6',& 1 9!27$ '(#05%4 ,''0* 0!5)( ('!%& &0,( %#$,% )
'! 30 1'($ ,3!0 &4 !8& '*'7#8$ ($!!, )!%/ !874 ,'0 %*7#8 )& %#$,%

.'*'7#8$ $!!, )'% '$/ 3'#,)% 02'*%*

8.1.30
8.1.31

-28.%7#'$$ #,7*%* '6,*. (') %#07) $',% ('#5) )

8.1.32

(!('%* ('$!!,(% %*!'6 )& ') 302'*$ '2#8. )& (') %#07) $',% ('#5) )
. !6!+,*% ($'"& %.(!./ (#,)

8.1.33

;&!2& (6)6.4 9!27$ "#'8*4 ,!)#/)% (&$5* (')#'%& 0'5!.$ !)#/) %&". %#$,% )

8.1.34

9!27$ #'*)4 %#$,% !74. 0'$2/

2 #/6$ %!('$!!,(%* '+!) #8( %#$,%

8.1.35

.&!2& 6.2
!./ &/ %8'6( 1/*& %#$,% &/

(!('%* %2!58&

!!874% (','0$ "!, 672" (#2% /#( )


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8.1.36

'#5& &'4! ')/' (!('%* %2!58 %''%*% #,) 2'#!) &4 ('#6$

8.1.37

.$',% ('#5) !6!+,* ('!'4+$


') %#$,% &/ #$"-*$ !74. #87* ') 74. '.!% ;/,)*/ 2! ("#/% 87$; ,%+ 9!27 3!!.2&
!#6'$*) !.'#,)% !0,')*% !!874% (','0% !8 &2 , 4#2 #/) ,%("!&/$ !0!5)( &/
&/ 0,')*% 3+)*$ !74.% 96!%* 30% &2 %&'2 %#$,% &/ 2'#!)% 02'*$ ,( !#6'7* ')
(&'4! )&& %)''&%& %,'"$ /*/*% 74. !4 #%$'* .#'*)4 !!874% (','0% !8 &2 %#$,%
.!('%* 74.4 %+ 9!27 3!!.2& $/,!! )& (Non-Recourse) %''&& %#+,
'&/ !('$!!,(%% 1#2%/ %#$,% &/ $', '2*/* "/,)*/ 2! ("#/% )#*" ,%+ 9!27 3!!.2&
%#$,% &/

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%#$, &/ $', ') ("'((487/ "#*#0/":3&%&) ( !#6'$* .!)/ 3!$' !#6'$* 3!$) '*7#'8/
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%#$,& %#+, (&'4! )&& %)''&% . !!874% (','0% !8& $"%#) #&'0 3'!&!* 100 %''%*
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:(')$% (')#'%%
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#/)' ,(3&%& 8.2.4 9!27 (')#'%& )(%$ #('! #-6 02'* ')) %.'*!+ 02'** !*!
!(&$% %#(!% &4 &/ !0!* 3'2#!8& %0*2% #$0$ %"&,% %!%( %*'! #07 &2
!"#'8*%

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%!% !4 ,3!'-! 3'*!+% (20'%$ .3!!.2% !8& ,&!2& (&&'4) 8.1.37 02 8.1.1

!8!27$

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8.2.1

8.2

-29('#5) !6!+,* (8!7) 3'*!+ &"'$! !+) ,%8!7)% 7'.!4 02'*& 02 ,%8!7)% %.*'+
.&!2& #'*)4 $',%
(8!7)$ &$6(( !0!!* 3'2#!8& (') %#07) $',% ('#5) () 0!*2%& !6!+,* ("&,%

8.2.2

&/ $'6.% 1#2% (#(!* (',8& (50%) !+',) !/!*,$ !6!+,* %$ ',4./ !6!+,*
5-'!*% $',% ('#5) &/ $'6.% 1#2% (#(!$ !6!+,*% &/ $'#$ ,(') %#07) $',% ('#5)
!+',) !#/2$ !6!+,* %$ ',4./ (!,0. !6!+,* (8!7)$ #'*)4 $'#$ ') %2$-%$
.#'*)4 %#(!%* (',8& (20%)
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%#07) $',% ('#5) !6!+,* (8!7)$ %"&,%' ,&!2& (&&'4) 8.1.37 02 8.1.1 !8!27$

8.2.3

,$!!, %!%! 3*).% ,&!2& 8.2.3 9!27$ "#'8*4 /#0.% 38')$ %&$6(% #'*)4 (')
('#5!) &/ (6&'7* !(&$% %#(!% &4 () !0!!* 3'2#!8& 0!*2%& ,#!$7 3*+ 1'(
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'7#8

/& %#$,& 3*).% !0! &2 ,&/! #'*)4 %8!7)% 3'*!+ (20'%* 6(2%

8.2.4

%0*2%& &'28& '(.''4 &2 %#$,& $(4$' /)#* %)#(% %''%! %8!7)& 3'*!+%'
.#'*)4 $',% ('#5) &/ !0!!* 3'2#!8&
8.2.1 9!27$ !#'*)% !*!% 21 3!.* () #-6& '(20 &'6!/& )(%$ !)/# 3*).%

8.2.5

%)#(% #'7*& )& ')/' (&!2& 8.2.3 9!27$) !#'*)% %)#(%% !*! 15 () ')/' &!2&
(#!7* ') '+ %8'6( (.(*% !4 #!$7 //, !!6 !4 ,%20$ 3*).% %!%! '$ %#6*$ ,&&4
258( ') !0!!* 3'2#!8& $',% ('#5) () 0!*2%& ('#/8)$ 258( ,3!!.2% !8& ,%)#(%%
. !6!+,*% ('!'4+$
2-$& %#$,% (!)/# %$/ %#!$7 %8'6( ,&!2& 8.1 9!27$ %./*% !8!27* %+!)$ %2$6.

8.2.6

!)/# ,!0!!* 3'2#!8& %0*2%& %&!2% ("*/. %.** %)-'(4/ %"&,% &$6& ') %&'28
) 6# ,%+ 8 9!27$ #'*)4 !0!!* 3'2#!8& $',% ('#5) () 0!*2%& !6!+,*% ') 3*).%
() #-6& !)/# 3*).% &')' ;%"*/. )& %&!2%' #'*)4 %2$6./ %8'6(% %8&,
. !6!+,*% ('!'4+$ !('%* 38')$ 2'58& !04 %$ /!/ #$7 ) %#'*)% %8'6(%
3*).% &/ '('4*7* 2'#5& !04$ &!2& %+ 8.2 9!27$ #'*)$ 3!) !4 ,#%$'! 687 #7% 32*&

8.2.7

.'(20 &'6!/ !8 &2 (') %#07) $',% ('#5) () !0!!* 3'2#!8& 0!*2%&
('.*& $(4$ 3*).%* %#$,% /6$( '$ %#6*$ ,&!2& %+ 8.2 9!27$ #'*)% 9) &2

8.2.8

#"/& (!/!&/% (87'($ ('2'$6% (')#'%% !8 &2 &'28& /! ,%8',0 ('5!-.


.('.*).%
$',% ('#5) &/ $'6.% 34#2 (#(! !8& %/2! !0!!*% 3'2#!8% !4 #%$'* 687 #7% 32*&
(!$!#% #/)4 ,3#6% &2 '#$"-%/ (!$!# !/#8% &&'4 '2#8.

#" #/) ,(') %#07)

8.2.9

-303'2#!8% 02'*& 02' (!$!# %*&'/ '.!5$/ 3'#,)% '!% #,)& %&!,(*% %8'6(& $/',(
.(%./& '! 365 7!7$ &2 %/2! %./* 6&, #'$2 (!$!#% $'/!,) &2'8$ !0!!*%
%0*2%$ ')/' &!2& #'*)4 !0!!* 3'2#!8& %0*2%% ('4+$ 3!) !4 #%$'* ,687 #7% 32*&

8.2.10

$',% ('#5) !6!+,*& 0*'2% 97'. ') #,) 027 &4$ 2'58& ') 2'#5& !04 !0!!* 3'2#!8&
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)& ,&!2& 8.1 9!27$ !"#'8*% !#6*%* %+!) ('#6$ !0!!* 3'2#!8& $',% (0*2% !)'
.#'*)4 3*).% &/ ') $',% ('#5) !6!+,* &/ %!('!'4+ &2 '%/&4 #'(!' %''%(

.%&$/ (0() '(7(2/# "#-()"


,(2 &4$ ,!)/# %!%! 3*).% ,(!)*-2 ('4*7' ('4+4' %+ #"/$ %)#'% &4 &2 97'.$

9.1

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14.1

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24.4

-42'(*#2! 5(8-/2 .%&$/ "#7%8

.25

3!$' 3!0 1#'2 3!$ ,'*'6*$ '/&28!/ !/,'&/ ('.*& ,('.*).% !672 (&%.% (#57*$ ,!)/# %!%! 3*).%
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.%&$2 (#4(!
#"/& 26.6 9!27$ #'*)4 !".''&#% 2$'6% 02'*$) $',% ('#5) !6!+,*' %#$,%

26.1

($!!,(* (('.*).% #"/& 26.4 9!27$ #'*)4 '('$!!,(% 3!5$ 0,) &4 ,('.*).%
') ,'&/ ,'!('!.* !&2$ ,'!0$'2 ,'$ %#/* !)/'. &4' 3*).% () ('8/& ()+$
:("(#4(!2 '(&73/" :3&%&) %.*!/ %,*'*
(2'-!$ $'4!2 '!$5& 3(!. )&/) 3!0 678 !8 &2 !874 $'!, 3!5$ ')/' 078% ')/' 6+. &4

26.1.1

%#$,% (*47% %.(!. %#$,& (25'. %#/8%/ &44') %*!!(7./ %#/8 !8 &2 ')
,'4* 2-$& %!&2/ ') !'8!/& !)4+% '2-!$/ ('&'28& %#'/6 '(&!2 #/) (%#/8&
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34' ;%#$,% (/!#0 !8& ')/' (') %#07) $',% ('#5) !6!+,* (/!#0 !8&
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2-$&

%!&2/ ') !'8!/&

!)4+% '2-!$/ ('&'28 &/$

26.1.2

%& '*#5!!/ 078% ')/'

3!0 &4 ')/' (4*7'* ('/# &/ %)#'% ')/' 6', !8 &2 ')/' ,%+ #"/ (')#'% ,'4*
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26.1.3

%&'28%' $& '($ )&/ '&28 !'8!/& !)4+% !4 %"'&, (!"'8!/ %"&,%$ 2$6. )&

26.1.4

!8 &2 )&/ ')/' 3!0% (')#'%&

)(%$ )&/ , 0!68( !'&!* (#57*$ )&/ %(/2.


;%+ ('.*). #"/

.26

-43%.!)/ ('.&/#$ '&/#(% !'8!/&

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26.1.5

;(2& (2* %!%!/ !84 6', !8 &2 %#'"8


;3'0+$ '&28 !'8!/& !)4+% !4 %"'&, (!"'8!/ %"&,%$ 2$6. )&

26.1.6

."(#4(!/ "#)((*"/" )#6( %+ 26.1 9!27 !8 &2 !'8!/% ('!'$!!,(%


)&/ ') ,$& '($ )&/ '&28 .(1) !4 !'8!/& !)4+% 05.4 32"! '$ %#6* &4$ !4 47'*
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26.2

1'(* !'8!/ &$6& !)4+ ,!'8!/& !)4+% '!%! ,%+ #"/ !8 -&2 %#$,% ('!'$!',*$
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26.3

-44!4!&%$ ') %&'28$ "'6.& %$', 3*).% &2 &',( )& ,(/#0.% '3'*!*% (!#4' '47
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:!'8!/% ('$!!,(%

26.4

&4 !8 &2 ')/' 3*).% (20 &'6!/ !8 &2 '2-'$/ ('&'28 (1) :&/ %#6* &4$ %#$,% &2 &',( 26.4.1
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:)$% 38')$ '$5! !874%
%#$,% &2/ 3#6% ')/' (!$!#% !874 1'(* 3*'*! '47% - (!/)# 26.5.1.1
,(/#0.% %&'28% 1!#)( #,)& (') %#07) $',% ('#5) !6!+,*& &/&
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26.5.1

26.5

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%#6*$' !7,!% 6&,& #$2* &!2& %+ 9!27$ #'*)4 (')-'%$ ()/& '&4'! &!2& %+
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(!#4' '&/($ ')/' '!'8!/% ('$!!,(%'$ 6!+,* &/ '('$, (2!$6& 2$'6% 02'*%
:3*6&04 '.!% '3'*!*%

26.6

%"&,% &/$ !/#0. '3'*!*% (!#4' '&/( ')/' '!'8!/% ('$!!,(%' '$ %#6* &4$

26.6.1

('#5) !6!+,* ('!'4+$ %2#& (!('%* %2!58 (2!.* /& ('/'#0% %8',0 %&'28 ')
%#07) $',% ('#5) !6!+,* (8!7) &/ (*06'* %"&,% )&& ()+' (') %#07) $',%
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2$'6% 02'*% ('$,& 2$'6% 02'*% %!%! - (') %#07) $', ('#5) !6!+,* (8!7)

26.6.2

.(3'*!+% (20'%$ 2$6. %+ 02'*/ !84) %8!7)$ ('8((/%&


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26.7

!&'$6( 1'(* %+ 9!27 !8& !*'&/($ ')/. #/) !6!+,*& #+,%% ('*!06 3!.2&

26.8

.&!2& 10 9!27 %)# 3*).% !0!$


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27.1
27.1.1

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27.2

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( $)

.28

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FARARA KERINS

Barristers & Solicitors


Trade Mark & patent Agents
Notaries Public

14-1209.01

26th May, 2014


Extell Limited
c/o Blenheim Trust Company (BVI) Limited
P.O. Box 3483
Road Town, Tortola
British Virgin Islands
Shimonov & Co.- Advocates
Rogovin Tidhar Tower, 23rd Floor
11 Menachem Begin Rd.
Ramat Gan
52681, Israel
Dear Sirs
Corporate Summary Opinion
We have been asked to act as counsel as to British Virgin Islands law to Extell Limited
(the "Company") in connection of the Company's filing of an initial public offering
Prospectus to be published in Israel (the Prospectus and the "Public Offering")
according to the Israeli law and have been asked to render a legal opinion on certain
matters and provisions of British Virgin Islands ("BVI") company law.
This opinion relates to a BVI Business Company, which does not carry on an activity
which would require that the company be licenced by the British Virgin Islands
Financial Services Commission and we have not reviewed the Prospectus or any other
document relating to the Prospectus.
Set out below is a summary of certain provisions of British Virgin Islands company law
pursuant to the BVI Business Companies Act, 2004 (as amended) ( the Act) and the
Insolvency Act, 2003 and common law in some instances. The summary is not specific
to the Company or its Memorandum and Articles of Association and does not purport to
contain all applicable qualifications and exceptions or to be a complete review of all
matters of British Virgin Islands company law and taxation, which may differ from
equivalent provisions in jurisdictions with which interested parties may be more
familiar.

37 -

5.5

Having regard to such legal considerations as we deem relevant, we are of the opinion
as follows:
Summary of BVI company law
(i)

Incorporation
According to the provisions of the Act, a certificate of incorporation issued by
the Registrar of Corporate Affairs is conclusive evidence that all the
requirements of the Act as to incorporation have been complied with and that the
Company is incorporated as from the date specified in the certificate of
incorporation.
To maintain the Company in good standing under the laws of the British Virgin
Islands, annual filing fees must be paid to the Registry of Corporate Affairs.

(ii)

Shares
Subject to the Act and to the company's memorandum or articles, shares in
company may be issued, and options to acquire shares in a company granted, at
such times, to such persons, for such consideration and on such terms as the
directors may determine.
A statement of the maximum number of shares that the company is authorised to
issue or that the company is authorised to issue an unlimited number of shares,
and the classes of shares that the company is authorised to issue, and if the
company is authorised to issue two or more classes of shares, the rights,
privileges, restrictions and conditions attaching to each class of shares, must be
included in the company's memorandum of association.
Share may be issued for consideration in any form, including money, a
promissory note, or other written obligation to contribute money or property,
real property, personal property (including goodwill and know-how), services
rendered or a contract for future services. The consideration for a share with par
value shall not be less than the par value of the share.
If shares are to be issued by a company for a consideration other than money,
then the directors are required to pass a resolution stating (a) the amount to be
credited for the issue of the shares; (b) their determination of the reasonable
present cash value of the non-money consideration for the issue; and (c) that, in
their opinion, the present cash value of the non-money consideration for the
issue is not less than the amount to be credited for the issue of the shares.

38 -

(iii)

Transfer of Shares
The transfer of a registered share under the Act is by a written instrument of
transfer signed by the transferor and containing the name of the transferee.
However, the instrument must also be signed by the transferee if registration
would impose a liability on the transferee to the company. The instrument of
transfer must be sent to the company for registration. Subject to the company
memorandum or articles the company shall on receipt of an instrument of
transfer, enter the name of the transferee of the share in the register of members
unless the directors resolve to refuse or delay registration of the transfer for
reasons that should be specified in a resolution of directors. The transfer of a
registered share is effective when the name of the transferee is entered in the
register of members. The entry of the name of a person in the companys register
of members is prima facie evidence that legal title in the share vests in that
person.

(iv)

Financial assistance to purchase shares of a company


The Act specifically provides that, subject to the memorandum and articles of
the company, a company may give financial assistance to any person in
connection with the acquisition of the company's own shares.

(v)

Purchase of shares and warrants by a company and its subsidiaries


The Act provides that a company may purchase, redeem or otherwise acquire its
own shares, either in accordance with the procedures set out in the Act, or any
other procedure as provided for in the company's memorandum and articles of
association. The statutory provisions do not apply to a company to the extent
that they are negated, modified or inconsistent with the provisions contained in a
company's memorandum and articles.
Under the statutory provisions, the directors may make an offer to purchase,
redeem or otherwise acquire the shares in a company provided that the offer is
either made: (a) to all shareholders and would, if successful, leave the relative
voting and distribution rights unaffected, and affords each shareholder a
reasonable opportunity to accept the offer; or (b) to one or more shareholders
and consented to in writing by all shareholders, or otherwise permitted by the
memorandum or articles of association. Where the offer is to one or more
shareholders, the directors must have passed a resolution to the effect that in
their opinion the purchase, redemption or other acquisition would (i) benefit the
remaining shareholders, and (ii) that the proposed offer is fair and reasonable to
the company and the remaining shareholders. A shareholder may apply to the
High Court in the British Virgin Islands (the "Court" or "court") for an order
restraining the proposed purchase, redemption or other acquisition on the
grounds that (a) the purchase, redemption or other acquisition is not in the best
interests of the remaining shareholders; or (b) the terms of the offer and the
consideration offered for the shares are not fair and reasonable to the company
or the remaining shareholders.
Subject to the memorandum and articles of the company and the Act, a company
may only acquire its own shares if the directors, by resolution of directors are

39 -

satisfied, on reasonable grounds, that a company will, immediately after the


distribution, satisfy the solvency test i.e. that the value of the companys assets
exceeds its liabilities and the company is able to pay its debts as they fall due.
Shares in the company can be redeemed otherwise than at the option of the
company if such share is redeemable at the option of the shareholder and the
shareholder gives proper notice to the company of his intention to redeem the
share.
Under British Virgin Islands law a company may hold shares that have been
purchased, redeemed or otherwise acquired as treasury shares if the
memorandum or articles of the company do not prohibit it from holding treasury
shares; the directors resolve that shares to be purchased, redeemed or otherwise
acquired shall be held as treasury shares; and the number of shares purchased,
redeemed or otherwise acquired, when aggregated with shares of the same class
already held by the company as treasury shares, does not exceed 50% of the
shares of that class previously issued by the company, excluding shares that
have been cancelled. All the rights and obligations attaching to a treasury share
are suspended and cannot be exercised by or against the company while it holds
a share as a treasury share.
A company is not prohibited from purchasing and may purchase its own
warrants subject to and in accordance with the terms and conditions of the
relevant warrant instrument or certificate. There is no requirement under British
Virgin Islands law that a company's memorandum or articles of association
contain a specific provision enabling such purchases and the directors of a
company may rely upon the general power contained in its memorandum of
association.
(vi)

Dividends and distributions


Subject to the memorandum and articles of the company, the directors of a
company may, by resolution of directors, authorise a distribution by the
company to members at such time and of such an amount, as the directors think
fit if they are satisfied, on reasonable grounds, that the company will,
immediately after the distribution, satisfy the solvency test. A company satisfies
the solvency test if (i) the value of the companys assets exceeds its liabilities,
and (ii) the company is able to pay its debts as they fall due. The resolution of
the directors must contain a statement that, in the opinion of the directors, the
company will, immediately after the distribution, satisfy the solvency test. BVI
case law has determined that failure by a company to pay even a single
unchallenged debt may be taken as evidence of an inability to pay debts as they
fall due. Further, the similar UK statute and case law decided on the matter are
likely to be of some guidance to the Court in determining the meaning of a
company is able to pay its debts as they fall due. The Supreme Court was called
on in BNY Corporate Trustee Services Ltd. v Eurosail- UK Plc14 to tell us what
the phrase a company is able to pay its debts as they fall due actually means. It
was held that a comparison of present assets with present and future liabilities
(discounted for contingencies and deferment) was the only sensible test and the
burden of proof must be on the party which asserted balance-sheet insolvency.

14

2007-3BL Plc [2013] UKSC 28; [2013] B.C.C. 397


40 -

The test would involve a consideration of the overall context and facts
applicable to the company in question. Such an exercise includes taking into
account when any prospective liabilities fall due, whether such liabilities are
denominated in a foreign currency, what assets are available or will become
available to meet any future liabilities and if any provisions have been made for
the allocation of losses.
Distribution, in relation to a distribution by a company to a member, means (i)
the direct or indirect transfer of an asset, other than the companys own shares,
to or for the benefit of the member, or (ii) the incurring of a debt to or for the
benefit of a member, in relation to shares held by a shareholder, or the
entitlements to distributions of a member who is not a shareholder, and whether
by means of the purchase of an asset, the purchase, redemption or other
acquisition of shares, a transfer of indebtedness or otherwise, and includes a
dividend.
A distribution made to a member at a time when the company did not,
immediately after the distribution, satisfy the solvency test may be recovered by
the company from the member unless:. (a) the member received it in good faith
and without knowledge of the companys failure to satisfy the solvency test; (b)
the member has altered its position in reliance on the validity of the distribution;
and (c) it would be unfair to require repayment. If, after a distribution is
authorized and before it is made, the directors cease to be satisfied on reasonable
grounds that a company will, immediately after the distribution is made, satisfy
the solvency test, any distribution made by the company is deemed not to have
been authorized. If a distribution is deemed not to have been authorized a
director who (a) ceased, after authorization but before the making of the
distribution, to be satisfied on reasonable grounds for believing that the
company would satisfy the solvency test immediately after distribution is made;
and failed to take reasonable steps to prevent the distribution being made, is
personal liable to the company to repay to the company so much of the
distribution as is not recovered from members.
If, in an action brought against a director or member under the aforementioned
paragraph, the High Court of the British Virgin Islands is satisfied that the
company could, by making a distribution of a lesser account, have satisfied the
solvency test, the Court may (a) permit the member to retain; or relieve the
director from liability in respect of, an amount equal to the value of any
distribution that could properly have been made.
(vii)

Rights of Shareholders and Protection of minorities


Under the provisions of the Act the memorandum and articles of a company are
binding as between the company and its shareholders and between the
shareholders. In general, shareholders are bound by the decision of the majority
or special majorities as set out in the articles of association or in the Act. As for
voting, the usual rule is that with respect to normal commercial matters
shareholders may act from self interest when exercising the right to vote
attached to their shares.
If the majority shareholders have infringed a minority shareholders rights, the
minority may seek to enforce its rights either by derivative action or by personal

41 -

action. A derivative action concerns the infringement of the companys rights


where the wrongdoers are in control of the company and are preventing it from
taking action, whereas a personal action concerns the infringement of a right that
is personal to the particular shareholder concerned.
The Act has introduced a series of remedies available to members. Where a
company incorporated under the Act conducts some activity which breaches the
Act or the Company's memorandum and articles of association, the court can
issue a restraining or compliance order. Members can now also bring derivative,
personal and representative actions under certain circumstances.
Under the Act, a Representative Action is defined as :
Where a member of a company brings proceedings against the company and
other members have the same or substantially the same interest in relation to the
proceedings, the Court may appoint that member to represent all or some of the
members having the same interest and may, for that purpose, make such
order as it thinks fit including an order to (a) as to the control and conduct of the
proceedings; (b) as to the costs of the proceedings; and (c) directing the
distribution of any amount ordered to be paid by the defendant in the
proceedings among the members represented.
Therefore, this action is only available to members and not any other party such
as creditors.
The traditional English basis for members' remedies have also been
incorporated into the Act - where a member of a company considers that the
affairs of the company have been, are being or are likely to be conducted in a
manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to
him, he may now apply to the court for an order on such conduct.

Any member of a company may apply to court for the appointment of a


liquidator for the company and the court may appoint a liquidator for the
company if it is of the opinion that it is just and equitable to do so.
The Act provides that any member of a company is entitled to payment of the
fair value of his shares upon dissenting from any of the following:
(a)

a merger;

(b)

a consolidation;

(c)

any sale, transfer, lease, exchange or other disposition of more than 50


per cent in value of the assets or business of the company if not made in
the usual or regular course of the business carried on by the company but
not including (i) a disposition pursuant to an order of the court having
jurisdiction in the matter, (ii) a disposition for money on terms requiring
all or substantially all net proceeds to be distributed to the members in
accordance with their respective interest within one year after the date of
disposition, or (iii) a transfer pursuant to the power of the directors to
transfer assets for the protection thereof;
42 -

(d)

a redemption of 10 per cent, or fewer of the issued shares of the company


required by the holders of 90 percent, or more of the shares of the
company pursuant to the terms of the Act; and

(e)

an arrangement, if permitted by the court.

Generally any other claims against a company by its shareholders must be based
on the general laws of contract or tort applicable in the British Virgin Islands or
their individual rights as shareholders as established by the company's
memorandum and articles of association.
The Act provides that if a company or a director of a company engages in,
proposes to engage in or has engaged in, conduct that contravenes the Act or the
memorandum or articles of the company, the Court may, on the application of a
member or a director of the company, make an order directing the company or
director to comply with, or restraining the company or director from engaging in
conduct that contravenes the Act or the memorandum or articles.

(viii) Management
The Act provides that, subject to the memorandum or articles of a company, any
sale, transfer, lease, exchange or other disposition, other than a mortgage, charge
or other encumbrance or the enforcement thereof, of more than 50 per cent in
value of the assets of the company, if not made in the usual or regular course of
the business carried on by the company, must be approved by a resolution of
members. The Act contains no other specific restrictions on the power of
directors to dispose of assets of a company.
Fiduciary duties of directors have been enshrined in the Act, giving statutory
standing to the duties to act honestly and in good faith, in what the relevant
director believes to be the best interests of a company. The Act also permits a
director of a subsidiary company to exercise his duty by acting in the best
interests of a holding company, even though it may not be in the best interests of
the company of which he is a director (if so authorised by the memorandum or
articles of association and where the company is not a wholly-owned
subsidiary with the prior agreement of the shareholders).
The Act reflects the English common law duties of due care, diligence and skill
and imposes on directors the duty to act for a proper purpose and not in a
manner which contravenes either the Act or the company's memorandum or
articles of association.
A director is also obliged to disclose any interests he may have in a transaction
to be entered into by the company (although he remains entitled to vote on the
transaction, attend meetings in relation to it and be counted for the purposes of
the quorum). Should he fail to do so, the transaction will be voidable by the
company, unless the material facts of the interest are disclosed to the members
and the members nevertheless ratify or approve the transaction, or the company
receives fair value for it.

43 -

(ix)

Chairman of the Board Serving as CEO


There is no prohibition in the Act which prevents an individual to act as
Chairman and CEO of a BVI Company.
The matters listed in this paragraph are subject to the companys memorandum
and articles of association and Act regarding disclose of interests.

(x)

Transactions with related parties and conflicts of interest


Directors must not place themselves in a position in which there is a conflict
between their duty to the company and their personal interests. This means that,
strictly speaking, a director should not participate in a decision in circumstances
where he has a potential conflict. That is, he should declare his interest and
abstain. Indeed, the Act provides that a director shall, forthwith after becoming
aware of the fact that he is interested in a transaction entered into or to be
entered into by the company, disclose the interest to the board of the company.
The failure of a director to so disclose an interest does not affect the validity of a
transaction entered into by the director or the company, provided that the
directors interest was disclosed to the board prior to the companys entry into
the transaction or was not required to be disclosed (for example where the
transaction is between the company and the director himself or is otherwise in
the ordinary course of business and on usual terms and conditions).
Under BVI law, a transaction entered into by the company in respect of which a
director is interested will not be voidable by the company where the
shareholders have approved the transaction in knowledge of the interest, or if the
company received fair value for the transaction.
Typically a BVI companys memorandum and articles of association will allow
a director interested in a particular transaction to vote on it, attend meetings at
which it is considered, and sign documents on behalf of the company which
relate to the transaction.
In a departure from the previous corporate legislation in the British Virgin
Islands, the Act permits a director of a company to exercise his powers and
perform his duties in the best interests of that companys holding company even
in circumstances where it may not be in the best interests of the company itself.
This provision is subject to there being an express permission in the companys
memorandum and articles of association. Unless the company is wholly owned
by such parent, the director would also need the approval of the shareholders.
Common law rules that preclude a fiduciary from profiting from his position
apply to directors of the Company and a director may not take advantage of
business opportunities of which he becomes aware by virtue of his position as
director even though the Act does not explicitly place restrictions on a director
taking advantage of such opportunities.

(xi)

Accounting requirements

44 -

A company must keep such records that are sufficient to show and explain the
company's transactions and will, at any time, enable the financial position of the
company to be determined with reasonable accuracy.

(xii)

Inspection of corporate records


Members of the general public, on payment of a nominal fee, can inspect the
public records of a company available at the office of the British Virgin Islands
Registrar of Corporate Affairs which will include the company's certificate of
incorporation, its Memorandum and Articles of Association (with any
amendments) and records of licence fees paid to date and will also disclose any
articles of dissolution, articles of merger and a register of charges if the company
has elected to file such a register.
A member of a company is entitled, on giving written notice to the company, to
inspect (i) the memorandum and articles; (ii) the register of members; (iii) the
register of directors; and (iv) the minutes of meetings and resolutions of
members and of those classes of members of which he is a member; and to make
copies of or take extracts from the documents and records. Subject to the
memorandum and articles, the directors may, if they are satisfied that it would
be contrary to the companys interests to allow a member to inspect any
document, or part of a document, specified in (ii), (iii) and (iv) above, refuse to
permit the member to inspect the document or limit the inspection of the
document, including limiting the making of copies or the taking of extracts from
the records.
Where a company fails or refuses to permit a member to inspect a document or
permits a member to inspect a document subject to limitations, that member may
apply to the Court for an order that he should be permitted to inspect the
document or to inspect the document without limitation.
A company is required to keep at the office of its registered agent the
memorandum and articles of the company; the register of members maintained
or a copy of the register of members; the register of directors or a copy of the
register of directors; and copies of all notices and other documents filed by the
company in the previous ten years.
Where a company keeps a copy of the register of members or the register of
directors at the office of its registered agent, it is required to notify any changes
to such registers to the registered agent, in writing, within 15 days of any
change; and to provide the registered agent with a written record of the physical
address of the place or places at which the original register of members or the
original register of directors is kept. Where the place at which the original
register of members or the original register of directors is changed, the company
is required to provide the registered agent with the physical address of the new
location of the records within fourteen days of the change of location.
A company is also required to keep at the office of its registered agent or at such
other place or places, within or outside the Virgin Islands, as the directors
determine the minutes of meetings and resolutions of members and of classes of
members; and the minutes of meetings and resolutions of directors and

45 -

committees of directors. If such records are kept at a place other than at the
office of the companys registered agent, the company is required to provide the
registered agent with a written record of the physical address of the place or
places at which the records are kept and to notify the registered agent, within 14
days, of the physical address of any new location where such records may be
kept.
(xiii) The right to compromise or settle
If the directors of a company determine that it is in the best interests of the
company or the creditors or members, there are statutory provisions which
facilitate arrangements which involve a plan of arrangement being approved by
a resolution of directors of the company and application being made to the court
for approval of the proposed arrangement to restructure a companys affairs
which may involve:
(a) an amendment to the memorandum and articles;
(b) a reorganisation or reconstruction of a company;
(c) a merger or consolidation of one or more companies that are companies
registered under the Act with one or more other companies, if the
surviving company or the consolidated company is a company
incorporated under the Act;
(d) a separation of two or more businesses carried on by a company;
(e) any sale, transfer, exchange or other disposition of any part of the assets
or business of a company to any person in exchange for shares, debt
obligations or other securities of that other person, or money or other
assets, or a combination thereof;
(f) any sale, transfer, exchange or other disposition of shares, debt
obligations or other securities in a company held by the holders thereof
for shares, debt obligations or other securities in the company or money
or other property, or a combination thereof;
(g) a dissolution of a company; and
(h) any combination of the things specified in paragraphs (a) to (g).
Once the directors have resolved to approve a plan of arrangement, they must
then make an application to the BVI court for approval of the proposed
arrangement. The court may, upon an application make an interim or final order
that is not subject to an appeal unless a question of law is involved and in which
case notice of appeal would be given within the period of twenty days
immediately following the date of the order, and in making the order the court
may:
(a) determine what notice, if any, of the proposed arrangement is to be
given to any person;
(b) determine whether approval of the proposed arraignment by any
person should be obtained and the manner of obtaining the approval;
(c) determine whether any holder of shares, debt obligations or other
securities in the company may dissent from the proposed
arrangement and receive payment of the fair value of his shares, debt
obligations or other securities;
(d) conduct a hearing and permit any interested person to appear; and

46 -

(e) approve or reject the plan of arrangement as proposed or with such


amendments as it may direct.
Where the court makes an order approving a plan of arrangement, the directors
of the company, if they are still desirous of executing the plan, shall confirm the
plan of arrangement as approved by the Court whether or not the Court has
directed any amendments to be made thereto.
The directors of the company, upon confirming the plan of arrangement shall (a)
give notice to the persons to whom the order of the Court requires notice to be
given; and (b) submit the plan of arrangement to those person for such approval,
if any, as the Court requires.
After the plan of arrangement has been approved by those person by whom the
order of the Court may require approval, articles of arraignment shall be
executed by the company and shall contain (a) the plan of arrangement, (b) the
order of the Court approving the plan of arrangement; and (c) the manner in
which the plan of arrangement was approved, if approval was required by the
order of the Court. The articles of arrangement shall be filed with the Registrar
who shall register them. Upon registration of the articles of arrangement, the
Registrar shall issue a certificate in the approved form certifying that the articles
of arrangement have been registered.
An arrangement is effective on the date the articles of arrangement are registered
by the Registrar or such date subsequent thereto, not exceeding thirty days, as is
stated in the articles of arrangement.
A voluntary liquidator of the company may approve a plan of arrangement if a
company is in liquidation, in which case the voluntary liquidator will carry out
the functions of the director listed above and will be subject to such other
modifications as are appropriate.
(xiv)

Compulsory acquisition
Subject to the memorandum or articles of association of a company, members of
the company holding 90 per cent of the votes of the outstanding shares entitled
to vote may give a written instruction to a company directing the company to
redeem the shares held by the remaining members. Upon receipt of the written
instruction, the company is required to redeem the shares specified in the written
instruction irrespective of whether or not the shares are by their terms
redeemable and give written notice to each member
whose shares are to be redeemed stating the redemption price and the manner in
which the redemption is to be effected.

(xv)

Indemnification
British Virgin Islands law does not limit the extent to which a company's articles
of association may provide for indemnification of officers and directors, except
to the extent any such provision may be held by the court to be contrary to
public policy (e.g. for purporting to provide indemnification against the
consequences of committing a crime). An indemnity will be void and of no
effect and will not apply to a person unless the person acted honestly and in

47 -

good faith and in what he believed to be in the best interests of the company and,
in the case of criminal proceedings, the person had no reasonable cause to
believe that his conduct was unlawful.
(xvi)

Insurance
Under the Act, the company may purchase and maintain insurance in relation to
any person who is or was a director of the company, or who at the request of the
company is or was serving as a director of, or in any other capacity is or was
acting for, another body corporate or a partnership, joint venture, trust or other
enterprise, against any liability asserted against the person and incurred by the
person in that capacity, whether or not the company has or would have had the
power to indemnify the person against liability.

(xvii) Enforcement of Foreign Judgments


No foreign judgment has any direct operation in the British Virgin Islands, but it
may be enforced by action at common law or in the case of judgments from
certain jurisdictions by registration under the Foreign Judgments Reciprocal
Enforcement Ordinance or the Reciprocal Enforcement of Judgments Act in the
BVI. It should be noted that not every foreign judgment is capable of
enforcement. Some may lend themselves only to recognition by the British
Virgin Islands courts. The Reciprocal Enforcement of Judgements Act 1922 and
the Foreign Judgements (Reciprocal Enforcement) Act 1964 does not extend to
Israel or the United States of America and thus enforcement by common law is
applicable. Under common law, any final and conclusive money judgment for a
definite sum obtained against the debtor in the courts of a foreign jurisdiction is
treated by the British Virgin Islands courts as a cause of action for debt itself so
that no retrial of the issues is necessary. Accordingly, where the judgment debt
arises in a country other than the ones regulated by the Reciprocal Enforcement
of Judgments Act, it is possible to enforce the judgment debt by suing upon it as
a cause of action at common law. The claimant must therefore commence new
proceedings on the defendant in accordance with Parts 5 and 7 of the Civil
Procedure Rules. To be enforceable the judgment must be (a) for a debt or
definite sum of money ( not being a sum payable in respect of taxes or other
charges of a like nature, or in respect of a fine or penalty); (b) final and
conclusive. Importantly, at common law a foreign judgment is final and
conclusive even though it is subject to appeal, an appeal is actually pending in
the foreign country where it was given; and (c) from a foreign courts which had
jurisdiction to give the judgement; must not be impeachable; and must be
conclusive on the merits.
Under BVI law a judgement or order for payment of a sum of money other than
an order for payment of money into a court may be enforced by (i) a charging
order; (ii) a garnishee order; (iii) a judgement summons; (iv) an order for seizure
of sale of goods; and (v) the appointment of a receiver
The BVI Court plays a supportive role to facilitate arbitration procedures and
will recognise and enforce foreign arbitral awards made in any of the contracting
states to the New York Convention under the terms of the Convention.

48 -

(xviii) Liquidation
Under BVI law, a company can be liquidated, other than by way of a voluntary
liquidation, as follows: (i) by court order following an application for the
appointment of a liquidator for the company by a creditor of the company; (ii) if
the court is of the opinion that it would be just and equitable to appoint a
liquidator for the company; and
(iii) where a company has been struck off the Register of Companies under the
Act continuously for a period of 10 years it is deemed to be dissolved.

A liquidator is appointed for the purpose of collecting in and realising the assets
of a company and distributing proceeds to creditors. Liquidation marks the end
of a company's business and does not have a rescue function.
If the liquidation is a solvent liquidation, the provisions of the Act governs the
liquidation. . A company may only be liquidated under the Act as a solvent
liquidation if it has no liabilities or it is able to pay its debts as they fall due and
the value of its assets exceeds its liabilities. Subject to the memorandum and
articles of association of a company, a liquidator may be appointed by a
resolution of directors or resolution of members but if the directors have
commenced liquidation by a resolution of directors the members must approve
the liquidation plan by a resolution of members. The Insolvency Act, 2003 (the
Insolvency Act) governs an insolvent liquidation. Pursuant to the Insolvency
Act, a company is insolvent if (a) it fails to comply with the requirements of a
statutory demand that has not be seen aside pursuant to the Insolvency Act,
execution or other process issued on a judgement, decree or order of Virgin
Islands court in favour of a creditor of the company is returned wholly or partly
unsatisfied or either the value of the companys liabilities exceeds its assets or
the company is unable to pay its debts as they fall due. The liquidator must be
either the Official Receiver in BVI or a BVI licensed insolvency practitioner. An
individual resident outside the BVI may be appointed to act as liquidator jointly
with a BVI licensed insolvency practitioner or the Official Receiver. The
members of the company may appoint an insolvency practitioner as liquidator of
the company or the Court may appoint an Official Receiver or an eligible
insolvency practitioner. The application to the Court can be made by one or
more of the following: (a) the company (b) a creditor (c) a member (d), the
supervisor of a creditors arrangement in respect of the company, the
Commission and the Attorney General in the BVI. The court may appoint a
liquidator if :
(a)
(b)
(c)

the company is insolvent;


if the court is of the opinion that it is just and equitable that a liquidator
should be appointed or;
the court is of the opinion that it is in the public interest for a liquidation
to be appointed .

An application under (a) above by a member may only be made with leave of
the court, which shall not be granted unless the court is satisfied that there is
prima facie case that the company is insolvent. An application under (c) above
may only be made by the Commission or the Attorney General and the
Commission may only make an application under (c) above if the company
49 -

concerned is, or at any time has been, as regulated a person or the company is
carrying on, or at any time has carried on , unlicensed financial services
business.
Upon the insolvent liquidation of a company, the assets of a company shall be
applied in accordance with the following priorities: (a) in paying, in priority to
all other claims, the costs and expenses properly incurred in the liquidation in
accordance with the prescribed priority; (b) after payment of the costs and
expenses of the liquidation, in paying the preferential claims admitted by the
liquidator (wages and salary, amounts to the BVI Social Security Board, pension
contributions, government taxes) - preferential claims rank equally between
themselves and, if the assets of the company are insufficient to meet the claims
in full, they shall be paid rateably; (c) after the payment of preferential claims, in
paying all other claims admitted by the liquidator, including those of nonsecured creditors - the claims of non-secured creditors of the Company shall
rank equally among themselves and if the assets of the company are insufficient
to meet the claims in full, such non-secured creditors shall be paid rateably; (d)
after paying all admitted claims, paying any interest payable under the BVI
Insolvency Act; and finally (e) any surplus assets remaining after payment of the
costs, expenses and claims above shall be distributed to the members in
accordance with their rights and interests in the Company.
Part VIII of the Insolvency Act provides for various applications which may be
made by a liquidator to set aside transactions which have unfairly diminished the
assets which are available to creditors. There are four types of voidable
transactions provided for under the Insolvency Act namely:
(i)

unfair preferences - any transaction which is entered into during the


vulnerability period and is an insolvency transaction which has the
effect of putting the creditor into a position, which, in the event of the
company going into insolvent liquidation, will be better than the
position he would have been in if the transaction had not be entered into;

(ii)

undervalue transactions - if the company either gives a gift or receives


no consideration, or the consideration which the company receives the
value of which, in money or moneys worth, of the consideration
provided by the company then the transaction potential may be
vulnerable as an undervalue transaction provided that it is also an
insolvency transaction and entered into during the vulnerability period;

(iii)

voidable floating charges every floating charge entered into within the
vulnerability period and which is an insolvency transaction is a voidable
floating charge; and

extortionate credit transactions where a company enters into a transaction


during the vulnerability period for the provision of credit to the company and (a)
the terms of the transaction are such as to require grossly exorbitant payments to
be made (including conditional payments), or the transaction otherwise grossly
contravenes ordinary principles of fair trading, then the transaction will be
susceptible to challenge by a liquidator as an extortionate credit transaction.

50 -

(xix)

External Directors
There is no requirement under the Act for a company to appoint external
directors/non-executive directors to the board of a company. The Act does not
distinguish between a company's directors and independent directors.

(xx)

Alternate Directors
Subject to the memorandum and articles of a company, a director of the
company may appoint as an alternate any other director or any other person who
is not disqualified for appointment as a director under the Act to (a) exercise the
appointing directors powers, and (b) carry out the appointing directors
responsibilities, in relation to the taking of decisions by the directors in the
absence of the appointing director.
The appointing director may, at any time, terminate the alternates appointment.
The appointment of an alternate director and its termination shall be in writing
and written notice of the appointment and termination shall be given by the
appointing director to the company (a) within such period as may be specified in
the memorandum or articles; or (b) if no period is specified in the
memorandum or articles, as soon as reasonably practicable.
The termination of the appointment of an alternate director does not take effect
until written notice of the termination has been given to the company.
An Alternate director has no power to appoint an alternate, whether of the
appointing director or of the alternate director; and does not act as an agent of or
for the appointing director.
An alternate director has the same rights as the appointing director in relation to
any directors meeting and any written resolution circulated for written consent.
Any exercise by the alternate director of the appointing directors powers in
relation to the taking of decisions by the directors, is as effective as if the powers
were exercised by the appointing director. An Alternate director is liable for his
own acts and omissions as an alternate director and Division 3 of the Act applies
to a person appointed as an alternate director, when acting as such.

(xxi)

Audit Committee
There is no requirement under the Act for a company to appoint an audit
committee.

(xxii) Remuneration Committee


There is no requirement under the Act for a company to appoint a remuneration
committee.
(xxiii) Limitation on appointment and termination of position as Company Directors
and Officers

51 -

A person shall not be appointed as director or alternate director of a company, or


nominated as a reserve director, unless, he has consented in writing to be a
director or alternate director or to be nominated as a reserve director.
The Act states that the following are disqualified for appointment as the director
of a company:
(a) an individual who is under eighteen years of age;
(b) a person who is a disqualified person within the meaning of section 260(4) of
the Insolvency Act;
(c) a person who is a restricted person within the meaning of section 409 of the
Insolvency Act;
(d) an undischarged bankrupt; and
(e) a person who, in respect of a particular company, is disqualified by the
memorandum or articles from being a director of the company;
A director of a company shall resign forthwith if he is, or becomes disqualified
to act as director pursuant to the above section.
There is no requirement under the Act for a company to appoint officers. It is at
the discretion of a BVI company whether they wish to appoint officers of the
company. The Act does not contain provisions for disqualification for
appointment or removal as officer of a BVI Company.
(xxiv) Remuneration Policy
Subject to the memorandum and articles of a company, the directors of the
company may fix the emoluments of directors in respect of services to be
rendered in any capacity to the company.
There is no requirement under the Act for a company to maintain a remuneration
policy for Directors and/or Officers.
(xxv) Internal Auditor and External Auditor
There is no requirement under the Act for a company to appoint an internal
auditor. There is also no requirement under the Act for a company to appoint an
external auditor unless the company is a public mutual fund or is carrying out
certain activities within the BVI which require the company to be licensed and
have an auditor e.g. insurance company. It is at the discretion of the directors of
a BVI company whether they should call for the company's accounts to be
audited. The Act requires a company to keep records that are sufficient to show
and explain the company's transactions and will, at any time, enable the financial
position of the company to be determined with reasonable accuracy.
(xxvi) Jursdiction
Subject to the memorandum or articles of association of a company, a company
can enter into documents governed by Israeli law and can submit to the
jurisdiction of the courts of Israel contained in such documents and such a
submission is a valid one and will be upheld by the courts of the British Virgin
Islands.

52 -

This opinion is given only as to, and based on, circumstances and matters of fact
existing and known to us on the date of this opinion. This opinion only relates to the
laws of the British Virgin Islands which are in force on the date of this opinion.
This opinion may be relied on by the addresses only. It may not be relied upon by any
other person except with our prior written consent. This opinion may be disclosed to
those who will buy the Securities from the Company and anyone who sells or acquires
the Securities of the Company in the course of trading on the stock exchange or over the
counter for information purposes only. This opinion is limited to the matters detailed
herein and is not to be read as an opinion with respect to any other matter.
We consent to the filing of this opinion and its Hebrew translation with the Israeli
Securities Authority and the Tel Aviv Stock Exchange Ltd. as part of the Prospectus.
Yours faithfully,

FARARA KERINS

53 -

Shimonov & Co.

A D V O C A T E S

+(972) 3 611 1000


+(972) 3 613 3355
mail@is-adv.com

Telephone
Fax
e-mail

Israel Shimonov
Oren Elkabetz
Jonathan Robinson
Nir Cohen Sasson
Igor Katz
Noa Shefer
Liron Azriel
Corinne Bitton
Dudi Berland
Shiran manor
Ran Felder
Barak Baruch
Hila Hefetz
Eyal Natanyan

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