Final (TD 8110) INTL-50-86

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OMQMWU Hot h R q b t d Forrn
h t p m ? tnternal Revenue Service.
Trernury. AMQ~CFind ~ S u j a l i o l l l .

,

Coda Tk T ~ RMd w Act d 1BW W.
t
Os Stm t SU) d c r w b d
dwt~c]nrnctioolW.Sectloa
Im(Q h U o w r la
dduc0
&wable lmdat e

¶WhL or any other pmvidoe d tb.
M e , if the iotuul Ir 4ttributPble b
*t.onth.ti.

dduction far any h a
uutaiad on r
~tratiw-mqud
oblrsatio. kt 3 0 . 1 6 b -r
rdSectivn I=(&) pmvider that. if r
mgistrrtion-mguired oblgetion ir held
h
b c m r form any gain on tht B& or
olbtr diqmsirion of rucb m a t i o n d d
be h r i d as ordinary iacome.
dimalIowr

1
-

Ir w o o n r i d t d to k

in mghtmmd lo*a 4 8 d Ipuhculmr time

~*tiom~imhmdoarmcn
amd
kwnOdTWRA.ddsdnm
*tclionr lWIJ,
a d t W c ) b tbs

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R u h md Regulrtiona
.- -- --

+ t t d

tbr popowd r q # d m t i r n u be# h l

W-Y~CW

I

rt L . t t h . t ~ a r . t m y P w ~ t i l i u
wtluiry.ftank~medbym
meworbrtbratht~isrwaerdtk
aMyrtim~
hum- of. D C -W
~
ar 8 Wmtq n o t a h by tbt irua
(or Iu *gcat).a &ligation [a
~trvrttbhob~mtirm]i~Mon

ODhlkkd to kinbsuu f m A.
~m
d of tbc dclttioa d the w n v m i m

& h owvsrtlblt oWgalion u n k
fortiga-tm@d iu i
h clw manner u
myothtrk&m&h#atiae
Section t . l ~ c ) [ l ) ( i i ) ( 8rrguirer
]
4
4 e n d orr tk fact d any k r r t r
abligrtibn ot oa r a y detrchrble inttmst
rnPnfw hepurpor
mtifpg
pudn&the pndtie~
impo*td
&
,
htunitd
laws
,united
N
l
t
r
puw#l
who
pdalel

,

dationl

duih that the icnead twuirrmcnl
&li& to a hat&obl&&tiw w i d e n a d
wuwm Thir dotumtnt mnlaitu final
by 4 b k sow. Wirh trrptd to much an
regulations relating lo the d e b t ) o o of
Tbc And r r s o ] a t i o ~contained In thir
obligatina the l e g a d muri appear in Ihc
tbt term wmtmtiori-rtguirrd
document pmvidt d a b for dtttrmininp
b k or 4in which the b l t enby
oblqatioa* with rrrptct to obrigationm
whtthtr
m issuer may claim an htmd
fa mdc.
irrucd to &ah fonign pe-.
mi8
for inten#! paid on mn
da-umcnt tho arntainr final mphtioar deduction
Section 1 . 3 W c # 1 I I i ] q u i m that
obligstioo in h a m f a which 81
on the imparitioo of mnctiona am b u m vlberrriw a m$rhtion-rrquirrd
ihm k arrrrrgtmcnh rerlonably
isnuing @lh.rbOCkreqIlircd obligationr
deriIyrd lo ccuw that mn obl~gatioa
obtrgrrioa becauw the inrun rntirbes
in bemr Tom and w p e w - boldiry
will k w l d [ar mold in -tion
tbt cwnditionr met fvrlh in section
M r t r s t i o n - q u i d obligatimn in
with it.
h n c e ) m l y tom
183(fl[t)IB]Under &ion
lM(T)[21@),
k r n r Iam~
This document p d d e r
p
n
o
n
who
I#
not
United S t n t n
m obligeLiw Is not 4 rtgi~mtionfind mgdationw wilb mpca to the
p c m a or r Unitsd Strtn p r m n Ib4t in
required obhgahoa U i t m t c b the
p p o s e d n g d a tiom publlrhd in tk
finrndrl Inrtiturion t h m l rmer to
foUowhg conditionr: Lnlcm! on the
F d d Eqgbtm at &J
33p8(Aug. tZ
mmply
with &in
mquinmentr
obtigatim Im prysblt d y outside the
1W)end SQ Fa W (A= a I=).
las[j]
~ and the
U d t d S h t n and I ~ Bpo~a-iorw wr tbe contained in s s t m ~
mgdacioar tbemmdct. Paragraph
EFFECl-iW MTC T b t W
l
t
i
O
W apply
fmce vl the obligation them Ir r
(c){Z)(i)of the r e p l a t . pmvidefi three
g e n t d l y lo o b l ~ g r t i mS u t d &
mblltrnent that my ptrson w h o bddr the
d l e r r u t i v t MP to wfiafy thia
lanuary
XL.
obligmtion rill hm u b j to
~ limitrlioru
mquirrmtnL
methodr. which .re
--morm*moon*er:
under Udted Stattr incow tu I m m :
d&M
in rubdivirions {A), pj.~d
C.rl CPopcr ofthe Offia
of tba
*ad thsw am nrraqementr rrnmabiy
(C)of p v q p p b (c)(Z)ti). i m p o u c l h l n
h a m i a l e ChielCounntl Fternmtlund]
designed to e n r u n ih d e (or ~ 8 d int
r r p u l c m t a a in wamhw wltb the
within rhe ma d ChItf Co-1
wnnectiocl with tbc o w d inma] d y
d an o b l i g a b o ~The
lo~tmalRevenue Service. Ill1
t o ~ ~ n w b o b u ~ ~ m U n l n d W ot n w
third mttbd mder ruMvirion IC]
Constttution Avmut NW, Wm&bqtoa
~ p p l toi .~a obtgstioa thmt u i s t u d
DC m ( A t t c n t i w :
-(
I.r-sHrl
d tb.lorn.,
outlick tk URitd Stmtea and i t l
bmpwvy regulatim, m*
tbtl ul
33881.
p a u e s r i o a l by la unm that d m not
w o t hw i d 4 t o k
-m*Ctl-n#
rignj!icasdy mgqc b inlentate
hrudpururnt to amngammtr
cornmercc wilb ra*
10 tbe isruancc
rtneonrbly designed to e w w u l t to
ofh e obligatiam
On Augus! 2t tsW. tht &
F
non-United s14r el persortr if on- ebc
h mpplying t b 1t.t
~ ofurangemtntr
P
w publirbd ternwry
obligation b r hen mmdt payablt to 8
m a w a b l y dcligntd to enam selt lo
tqplatioru under TB.7985 (19 FR
mmd payre. t b ~
oblqatiw m y b
~on+Udlmd
Stat- p c m * m m t n ! c m
and p r o d ameDdwntr
FX medt p y n b k tn h r . A n u m k of
commentem m i d quntimm a~~E;arnipg mrktd fw duificrhm or the meanin8
w e ) to cbt
TU w ~ r t i Iza
m
and duration of M %iginal i u u r n a "
~ t
h d t (ho m v w r i o n
tXR Put 11 under ~ c t i o n r1 6 3 . 1 8 5 . 4 tbr K X ) d
m d ~rr
W u u a m " fw purport@of the
dtl hLtb u iIa npplimtim tD h a
lZsf of t
h h t e m l Revwe Codt of
i#wr u n h o m h e n t e n have
I=.
A n m k r of w r i t l a ~ t n h voluntuy rccrrPdrnQor 0 b ~ t i udar
0 ~
tb lawn dcsrtria 1E Q M M ~ rrirtd th.q ~ a ofhwhether rn
mmpoadq to thr mticc w s r ~n c s i v t d
a n ~ t i o o a m u r m t o l u !
Otba -[en
qwadwed whulbw
A public
wnm bdd M IUIUQ
ubligrtiw L ur * v m t t b t q u k r the
28.1M5OtrAuguslZQ1~.tbc?dd t h u d . I r n w t ~ b ~ t l *
n m ~ b ~ l p w i l h o 0n1 tt h ~ ~
Kegintar p u b h s d 713.
[SO PR
amb j United Strttl t . q y t m
u w ] , ~ ~ d I ott h rhf l d ~~W b b r e o o v s m h
tipor uader T D 7965, m6 w
d t
~ t r U&
d -h
.nd
the *Limn
M e ,m &&aamtadmcn~of the d c e of
t h t h 0thc m i d s r s d k k in
tulernakuq (W FB 32221.A K -

m n

+

T2m

----

c
.
.

~ s h e dwhether Immttrirl chb rp
obligrtion'r terrar, which d ! a
he
recognibon orgaw or boa uder
1W. ir M tvtnl h a t
m okito comply witb one a f t b n t d ~ s m r t i v c

WB

arrangements. Cbmmcntem have rded
that ~ h6t ~ m1 p h b ~
~ ~ f i ~toi t
rtatc &at the mubst~tutimdobligetian e v t o w ~ b l i g e t i w ~ ~ t h
materisIly U m m t ! e m , h not
b
p Imuircmmt
~
~
to a>mp\y Gtb
one of thtrc *Iltms tive urPngementa am
tong am the oblisation rumndtnd wcr
i r ~ u e dunder one 01 b c u mIrernrtivt
rrranpmcnk

T h e final wpdatianm do not d t h r an

~ g i n aiasuancc
l
ia term ola W e

ptnod b u m * Ct m c t i r i t i t ~h r
conslifute M wigina! ismuance ~ r t
tompleted within U t t e r i t time m c r
depending on the tircwtanma 01 the
trans3 ction. However,

tbt f w l

regulation# darify that an exchange of
one obllgalrun Tor .noher ir AB original
i*suence only if ~t cxchangt
w n s t i t u t e 8 r d u p i t i o n oipmpmty fat
purposes o f c ~ r i o nI # H 01 tbt 6 d r .
Thus. )n c~nrrectionwith an txcbrrrge

that doer mi ~ 4 ~ l t i t uthe
tt dkpsiti~m
01an obIigation mder n m i m IWI,m '

dotr mot q d U y u r -5.
wrb
mde fn tbc hnrl
mgdntioar haw tbt crldhat
this h d h.b &n uti.Ficd h r M e t e a
opidon of CounKl tbt tbr m t y
mad not be - * r e d
uadm tbt
d-tin
Add
rot t
b W U R I th41
it in Inteadd for dimtHbutian u
wbo ut not U d t d 3tatts w. - -tion
fhir

Alrbough r commentcr q u n l c d rbmt
Chr mpkmtnt D? r d t t m
d
cowel k deleted om tbe b.si# ofo i t
Cbe rsquimmcnt war m W n d m
tI
purpow L to d w m l tbt rpcdfie
rtepc to k b k t a to plr# m obhrlim
In tbc bandm of om-United %aka
Pen- m d m u d i an w l y @ i nr*"dd
~quvtdinmyevtattomntnthrtra
fsruer would not violrtc tbt w t i a r
Act of 1BS.
Scctim f .iMcn2Ki)fB) pmwidtr
that the t e ~of
t muqtrntnb m m b l y
denigned to m:um ult to am-United
Staftr pcrronr i m met if the obliymtim L
*tercd
he
Am
1P33. U It fr txempl h m mgirtratioll
andcructiooSor4dtbeAcfcriltbc
obligatiorr~d m not qullify m, a

wcuriry and LT five wnditiotu # mt
indudin8 the place 01 offer, u l c , lad
delivery, tbe execution uf Ieavrnanl by
the iuuer. each underwriter, and tach
m e m b r of the ~ c 1 h g
m u p , the delivery
of a eoniirmrtion. h e m i p l ol r

that L r UnfttdSlrtn pcrrPr! ff*
M
iomtitutiw
rm 8
wwon d bt p t b m f o m W

r t . t w t md~prnrttitl
d
p j u q that it i n r h m a d I n c t i t u f h ~
bnc it ~ ~ o m p l y w lthe
t i mwhmmtr
b~
6 lbyin31
n
{AL @&-mto
lad
d r t i w r -dtr
.ad h t it t
wt -kg
fot offer to
w for

Wver).

mu

the W t t d %lea The
F&
&a? m d i t i o l u d& mt hrve k e n

m

M to k -irtmt

wjtb thir

&-P.

In rbditioa the ntrteraat tobe
t d e ~t this t u t

td by any p

c&nged by thc mddilion d the
rtrtcmnt th.t Lbe ~ M Q a t i L
b ~mt
~ e r t 6 ~ o p f o r
dc
to
bib uaittd

magdl
$htw

-

tP ooanection with khr kid kr! of
eampli.nu *vltb
mmabty dtrbtd to
wk to
wbww
prIhc ttrl
mpplicrblt to h u m who mm not
-tlr
involve3
la memute
cD-mwitbn
,pKt,d &eiurrulct

--,,

drn obligrtioa, abmmtnttn objecttd
ht tbt thrr,bdd
wrwunr"
hvotve-t
ia Intentate-ce
d e r tbe (tmporrw rtpurmtiom ia fao

obligor dm no1 have lo comply rritb
one of lht rlieniativt mm-qernenta.ln
corntatem wen
,tria Ccdy
mnnedion with an e~changeof
faurn
to msrt
obligalions thar ir derrned rD r
d i r p o s , t i o n ~ o r p u r p o s c r d r t c t i ~ n l m , c c f i f i c r l c m d t h e ~ ~ m m t o f ~ h't"u'cEammc.a'~twoddrub~ect
~
M u ~ u ~of.
U !m d m t e of dcp-it by
the final regulali~ncdo r q u i h m n
m C h P ~ bowledge
dut.
obligor to comply w i h one of Lhe
~ 1 s tseveral
.
commenten mtcd that tht
hchof
ajlemative rrrangtment*. him
tt~ficrte~guimmcaiccmbmp\atrm
-orbyrwn~'dfm*
mndon
'WEcd
requir~menti~ irnposcd in order to
purchaac of 4 bearer obiiptim by 4
buminer~to requh-rmtnb r W l r Ibm
provide mom rmruranm &at bearer
Uaircd St,rcr pcrrds megw
obllgatronr will nor -,e
readily
rfinandinrlitutionbutthattbcmId t b t m l i n t e - O t o f d ~ t ~
widen- dnmclunitsd State8 kntSci8l
r v a r l a b l t tounited Slntes penonr.
the cdnditionr nf tht tert Pndcr
membip
Tbt iatctrh't
h applying !he test of -rntntl
pungraph (c)(i'][i)@J do mt 8 - d y
r e a s o n a b l y d e r i g n ~ t ~ ~ n ~ ~pmvideforrbepurthrwbyaUnitd
~~~to
m~ms~bu8brbia~ttmer
nun.UnltedSlates penons. mmmrntm
Stele#pemn mcquhiq
r
kernrrgulatioa* bar h e n
aIs3 asked whether thin requirement
Rnancial inrtitrrtioa Tbut o~mmtnten

'

'

An ruwmtd by mmmentetr,
rlw objected to tbe q u i r t m ~ aof
t ofltr,
-eutay
tvidanos brs h a defined
wle, m d dclivcry only nutride tbu
United Staler given thrt
-p
by o r b ant referenct p h t me d e r * n ~
pbht wltcted L tbe dcFiniticm under
United Staler pemona Wugh finlndd
hmtiluti~mucbnttmp~rtd~~ertbir u M ~ v ; m i a a ( i i i ) o l A d o f I ~ ~ T
Secliwl I.lK.Mltl(2ni)fh)provides
ttrt.
lot conmirlency with the informstion
m d badup dwoldinS d e s tha! the lest otarrangemtnt~n r ~ o n r b l ~ Became o r t b t ~tahtoryr q u h r n c n t

applies to the i ~ ~ u a nofuA tempomry
global mtcunty. The Final rqdrtionn
contain s alalemtnt Qet tempomry
global security necd not m~tirfytbe
eondit~onsof l 1.1Wtc)(2)(i).

d t a ~ g n ~Iod enuum r a l c 10non.unittd
St a tea petmons ifi met if the &ligation L
overed l o r salc and delivmmd only
outaide the U m l d Ststtfi and i t s
p e w B Q I onr and n e t d not bt mg~nttmd
undtr tht Stcuritit* A d 911s33
I t ir intended Tor dietribution to pcrrarrl
who are no! United Stater pcnow.
Commentrn a s h d that this m t l b d ot
laliblying the temt o t r r r a ~ m e n t n

k rvrilrble ta an

o f m a q e m t n t l naronably dembed
w
u
f
e.ohfor

mlt in mnnactioa wirb

~gindluuance)dytomn-United
Swkm psrronm. the Tmmrruy
I3cpartmml h not h v c the authority
to p e d t t
h oflet, ulc, or dttivtry of
k w r obligmb'onr Inrldr the Ualred
Smtn In urnnetion with h e i r or@nd

brurnce. Tbtrtfort. rbt ngdrUon was

mi c h a m in thIm

Howera,

U ~ d ttbt
t [elrltemsdve, 8 purcbaltt of
M hfivihdCCrtfRalt br d c m i l

rrhoccrtatur&rmf~igngcrronun~t

tmtablimbed by dDcummtary evidence
m-1 pmv(de r r i p d ~ l t t m mht i 1 Iht
oblbrtion t4 not bchq rcguitd by or oa
khdo i r Unlttd Stater m n or that.
ff h bcntfidd kuteml in t h e obhsatlon
b b s b required by 8 Unit4 Stater
pcnon. loch p r w a L I hancial
fnr~tutionor i~mcquiriq through r
hsndml In~titutionmd Ibt obligatim in
beld by f i n r n d d htltution that ham

Ibt Final rrgularionr l a v e bsm Jutifid
L r u r r o f a n o b l i g a t i o h t b r i b ~ r l r n d Cbtbsfktthal~lmmmrbbligmt)~~
mdzt tht Sc~uritiaAd dl= or
may be oIfetad and wld outlid+ the
exempt fmtn r P g i n h t i o a &at
d o n
U d t d Stale* to r f i n r n d r l I r n ~ ~ t i ~ang e d to comply with m d o n lM(j)(3)
l h r e e or
of the Ad ar b w t h e
pcvchaahg for the rcmun! of custmct r a d tbt ngulationa themunder.

resronably dcsigncd

FbderrI R e g b h r
-

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_

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-

-

-

-

-

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I

Val. St No. 244

-----

intcm~nteeornrncmt t n t baw k n
r c t r ~ n dhr in tbt ltmporuy
q r h r tiom publinbcd crm Augur! 22.
19M. fomign branch- of Udttd SIater
T)cc

bank8 rnd r;oohIkd fonign
cotpntioar q p g d in the d w
wnduci of the k
u
burinn&oubrids
thr Unifcd %tea cm wtirfy.thi~
rl!tmativr d y under the conditjwu

I

Friday. k m b e r 19. 1888 I Rulem m d kqpdmtioru
\

- - ,

. -5

.

rtrting that t h e fo.mcr ~ e m m
rqulobom&
t s ~ . ~ B ~ - Iand
( c )rbe
f4-r
propoKd r q u ) o t i m under
5 1 v c ] publuhcb in SIptemhr.
I-, only mpply to m ~bhgatiooi w u d

lRetDeatmbtr~,i~mdwm
Wore Srplsmkr ZI,1W4. Tkur d'18n#8

u l l inmidt t
h Unjtcd Sr+tct in
tmuactrw a w u i ~ t d
q be purchase of
b l d d obhgntiop. wih rn totmi
kwrminrtioa of 81In.l nnnm to 4
Snmcid ia*titutioa h a t provides r
rtmtcmmt u m k pmmlticloipcriuty
&st it ir m Finrnorliamtituh

m d e a i t cku tbrt h e Senict wlU wt
w for Uw
p r c b r w fwitlorn
apply the tormar tcmpruy orp
munl,dm o t h h c i . 1 inrHtution
d e ~ c r i ~ i n I I . I ~ c ) l Z ) ( 1 ) ( C ) ( i ) . (m
3&
gdsti~bLh&tmrminbhn
or ixrmpt o r g a h t i m d r h d in
urd (41.
wbdher ur &ligation iuued on rn
rcction w c K 3 ) dthat It wItl comply
In w ~ e c t i m
witb tbt intentrtc
MOCT
Dbcemkr m. 1062 utirfd
w i t h rcctim I ~ M s )[A]. @la or (Cj and
mmmcrr* t t r t m e oommenttn
1B3fc?(rn)lijfw the
the r t g u l a h r t)tcmmdct.Suailary, the
~biecid
to hc d=
Ih.1 ~ u h t m D d I y
uttslyhg u 6 o . rP(l](t)o m : '
find +.lonl
p v k k that financial
identical 1 - r ~ dirgudify an o h ~ t i o n Reform Acl dfm.k i r t e n t witb tbt
for itr own account
htibtiofi
ftom the intenlete mmmercc kd and
allecbve date change to tbt Ion@under 5 1.1bS-l2(cHZ]or 4 pcrron
othtr wmmenten muggtrkd that tbt
we+ohm,
tbe e f k n v e date
holding a b a r n obligetion h u g h
nrlt 4 applied only where the
provirionr oZ t
k bolder ~ t i under
o
~ financial irutimtimun&r # 1.1o b l ~ g a b o narr
~ idtn b u t The
# 1.1*12 *nd 8 1 - 1 S t
m a m t tQ
fac)[3)ir permitted to ofler mnd =st11
regulrtionr have oot h a dun&
tBc dtfhtiw ofw i l t e d form b r v t
tbc oblipation h i d e the United States
k c a u ~ the
e cxintenu of r rubrtentially . betn chnngtd to rpply the definition to
to a h e n ~ ai m
l t i t u t i ~ nfor i t s own
identical c-blrgetion of r United States
obligations i u u d mIler h m k r 3Z
-mt
rmr
hea-t
of an exempt
shareholder may i n b u t e tht
1982
organiznlion.met. the mquircment to
involvement 01the &hueholderin the
T b e ~ t f l e c t i v c d a ! e o f l b e d r ~ ~ o n ~ fr t p r y m t n ~ o f ~ t t ~ ~ t e n d m r s
irsuanct. and tbt intentate mmtrce
regirtertd Twm W P I d m cb8ngcd to
with rtspca lo bearer b n d s
f c ~ rshould b mvrilablc only if the irctr
provide t h t the formtt ltmpora
tld thm& fmancirl hltitutions has
derrly indicate !.ht the tranuctim
mgdationr under S f . t W 1 or the omer
hn
tlrp.nded by iring ruth
takes place d y outride tbt United
p r o p o d mgu!rtionr publirbcd on
r
e
w
i
n
g in the mw of payments to
Staler rnd k r w e e n fore* v n b .
Scptemkr 2.
apply 10 the definibon e x m p l
un&r 8 1 . ~ 4 Set ion ¶.l53-5(c)(Z)[vJ n g u u t a thnt
ofmgi~teredform with rrspecl to
Y
C
)
IIiil~
inrereat. including original irrue
obligatiwu i u u d aher Stpttmkt a.
Although w m t commcnttn msked for
diwount. lx payable only outride the
t9M punuant to Ibt t x e r c i u of m
I drenge in the confvmrtion and
Uniied Stater md ib porrtsnioru. A
wrrrant w the m v t n i o n of 8
d m e n l a r y evidence mquirtments
c o r n e n t e r susgtrtcd h a t thir
obbrtiod
which wmnt or .ppliceblc to delivtriem oul~idethe U.S..
rcquirtment k conridered ratirficd
movtrtiblc obligobon (iduding
the
t i quirrment
o n were
r
not changed
e v t n if r penon prebtntr an original
wnvtsion pridegel w 8 l i n u d on w
to final W ~at
inrut d i w u n t obligation inride he
beforr September a,1881.
fmnnus'
On
United S ~ = ! sprovided
l
m srnoimt equal
The holdcr m c t i o uada
~
Ir . l S 1 2 conrmafiou
inalitution
and
of
d~cumcntory
evadtnce
to Iht original i u u t discount u pryrMc
m d $ 1.1287-1 have h e n mvirtd in
on dtlivcry to r penon who i r not a
wrfy outride the United Statel and itr
numbcr or ways in rrrponcc to
financial iastituljon. Thtse requirements
posuorioru. Thir suggertion wmr no1
m-mtioru
by VMW oomwnttn.
were included in the former iemporary
adopted k r u u the requimmcnt that
Fint. Ip n o n boldmg rn k r m r
rrgulationr in lieu ol the more attingent
mn obligstion bt prewnted outridt the
obligation under 4 l.l&slz(c)( I ) tnd
United S t r t n Imdr to d u c e ht
qualifymg
rrBi,te, b k r r d e , i t r
~ertilicatcrcguirrmcnt in the f o m t r
propoled regdrbonr h u e d in
mnvtdmu of hrporirq of k r m
(ot p e ~ exempt
n
h m much
obligatiom by United Strtrr pcmru. At rrgistratian b e u u r it ia r bank) 1, not
Scp'embtt
A'
lime
de'eted. Ihc
cf"ificate reguirerncnt
tbc mqutmt of Im t n l e r . the p1.a of q u i d lo b d d the obIqalian outride
paymen! rule we# c h a m by h e
united
in eoMectioa M&r
mnilmation md dotumencary evidcnce
addition of langurgc to thc t f l d that
bade or buintu conducrsd outride Iht muirrmentr
"
Ihe drninislrat've
the srnounl of lnterert 10 bc conridcrrd
Unittd Stater. ud r financial inrhtutiorr md
burden while provid t g t t t of
p e y able only wtridr the UnlrEd S t r l n
fa not q u i d to bold ibutt
rnd its paturaioru im not mfftctdby
obligmtion outride tbr United Stat". A
.'"anct
hanr
obliga'ions
not k ttmdify ~ v n i l a b t eto Umlrd Slates
t
h amount of mu-ket dincount
brokeratrlar iw pcrrcrn
them ir no mason to furrhcr
dettmined uader uxtion ~ n b ( r ) .
exempt from
wrhtion
bwe
it pem~na~
A cornmenlet r4ggertcd h t tbc
irrbank]iraUowedtobddaku*r
~ l ~ t h c ~ ~ ~ ~ MWremenl that intenmt on r k e r n
obligation h d t the U m t d S t l t n for
Noa.AppliobiJly of h-tiuc
Order
obligation tw psyablt d y out*i& thr
w t e to curbmen in b e ordinuy c o r n
United Statn k changed to A
d
i
t
m trade w burintmr conducted inride
T'bt Cwrmirlioner of hternml
rrquirrrntn?that the imrutr. undtmritcr. or ~ u b i d ethe U n i ~ dSbrm. A fh.nda]
R t v t n u t hua determined thst l h i s hnal
md m t m k m ol the ~ I l l n ggroup muat
imtjhtjon a l l o w d to b d d 8 b r n r
defmed in
d t in not 4 major rule
a p e m1 the time of mighrl icauance to
oblrgstion h i d e the Uaiicd S~.!cs for
b w t l v t Order 1
mnd
a
pay i n t t m t only mbide h e United
wlt to wtmm ~ntht odnmry c o w
&dory impact mrlysir themfore is
Starts. Tbi* ruggerhon war no! adoprd
of itr ba& or bruintu d u c t 4
mt l t q ~ i d
&we
the rtguhment to pay inite,~ oubide the Unlted Stam d y I f h e
d y outride t
h Unlqd Stmtem, Lh tLs
Enadd inrtitution offem to wIL cellr
%mty
M
mquirrmcnt of r b e n d . ~ p p l i e r
md d e l i v m the obligstino outmidt the
Altbmqh a noticc oC propoled
thmqhout tbc term of thr oblqrtion.
United S h r s r m
d 8 bmkudeatar
Tbc eRective d r l e prov~bionof h e
d t m n k i q Lbrt wlicitd publ~c
holding m obligr% uncle 1 L t W
b l u e r unctionr har k n dnnttd by
comment warn i u u t d . the lnrernal
IWC)(I]u d l o d b ~ l f t rto ntJ4

I,

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w q u i r m r f i r hawe bMK);&g we^. m y Rol M*
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by
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tbc rtsuttiapr
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t b u t u n d e r ~ ~ ~ b t h ~ d h . ~
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prblicdkrk&Akmwmdfi
TbevrrpjpJau4brdLhsrr~a
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de~ignedto e n w e thsf such obIierM
can&h
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a
lib
.isroc. 11tChrd Counei ILawbul)
k rord [or -W
m cmncdmt
@) h wnructim with tk origiP*l
widvn$rOfhdCkreIL;ourvel
withito &+I
irsueaa)ody t o m
tru~danofA@oatbe~lina
hit-al ReSemicP. -el
pcmon w b is wt a thdfuI
i r o h r d h u l e o r d e d y ~ d e
horn o w d i e s d b W
~~~~~~~~~~m
oftht Uui~rdSlptemrodiupovcrrioar
R t v e n l u Sewice m d Tr e m q
that ir r b u d
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~4
DepamenL howruor, p-ed
m
h 6 l . l S 5 - T ~ c X ~ M v lb) i r r # hr k
-,lom
4
i, mt
Su,j
developing thc mgutations. on aatlar d own r
m a r b &e a-t
dr
the Ssaiti~
Md
tcgiste.d
b ~ rubs4b
snd siyk
~
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r
~ 1
~*
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f~
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ttw
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d
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a
a
1
drtxibuliw te penoru w b rn bet
List of Sdjrlr
tAl,lel. or ICJrtrd Ue
Uniird Stater perrtm- ha
26 L7;R 1.61-1 ~@
la14
Ihereurrdcr m d
rvittmbe
ukmpmdto
hem m c r ~ d lh t t .
~ i i ) ~ . ~ a ~ t r n a ~ i p t i m r h i d
3educ1mm. F~rmptiom,k b n d
tmmhg;cledlam-1 ~ 3 Y t k ~ , h & 1 ~ m ~
(A) Intertat ar m w h &lip* m
i
a e o e ~ o p r m ~b at r d s . w h
tp
vdm o
w of m w d d w d prior
py&k mty c r r t d e th United S t l t n
rquirrrmm.
*rtd
tn
and ilr W.
4d
ukh h t Ih 8Mg.tion M not
26 CFP? 1 fW
f h r ~ u g h?.--IT
Ud"' Ih. *bfis.lim i. ht&
rrgmdrrad+rLkSccuitarMd
in m ~ b p ItfirtC)
d
Cb*m
bxes. hphl
a d
l D # f o r t & ~ k t i t h ~ f a
paragraph
o
r
k
8
gMrt
106Reuplure
~ m t o m r * b a n m
~

o

n

b

e

w

k

m

~

&d ~
e - *r p - h , d ~ d w F
U a + p g e A e tt-t

.,

,

b-ebM

gd!

L+ L"ERPufl #Z
OMB conirol numbAeductmn A ~ L

P.pPrruk

W o n d A d m F t e b
Rquhrirn,

Accnrdingly.EbCFRPaflrland~

ate amendrd e i bnowc:
PART I-qAMRSbEI)?
p a r a ~ p 1,
~ hThe * u r M hhfl1
~
Ir arncnded by a d b g the Lollowing
citatiarr:
Autborit~-:a U . 5 C 7805

-

'

'Sec~tonm

1 l R ' L l Z r a l 1 1 s - I dm w e d .04=

USC IPS b) 13)

f 1 . l l F S t [Rwwrcd]

Ntw

'

IJrUJf
rtmovch
5 isram
1
i s innr~rdin iu p t c t . to

read a s io!tows:

# 1 16SS l k n W of Intmrt
on
a r t . ( o -m
U .*r Rcrrbw
st. W Z
M
hW m m
{a)

Ik-I

Uniledflpltlp~r)lcbddr&
obligation 4 b c Prbject m Uinlmbmm
d p r ?h
Wted S h h a i m x m e t a x

htbtStaaifimm*fHLt3-

wrtisn
ir

tbe-~mft8#b&igakn
jefihdirg
lmtlmnfim
d
ir exempt from regmation by e m crf
h r r d i o a r ~ ~ m d l ~ a ~ dp h
ectinn~au&40icrrckhctorh

~ , - ~ ptapem
e r d obligatim h r mt qdib 8s r m f y
brrrnr~
unda b SecurfW k t d lm.
.Rd
thia
pmmpPh.
Ihe
tm
~ ~ - r y - ~ ~ - ~ ) r n tb
h. - r r c ~ f d a i a p a m b
~
~
~
~
~
~
d
a( ~ l ( zb ) l i ) cl 8 ) 1p1 ) 1 (~~ ( J )aI I 4 ) m
~(53~~~t
h&
b math e b l i g m t i ~ .
o f & c j,d b
11)In W o n with tbt W n a !
inr-r+
ia wk~chme elt&m&Ae
Fa
in btam form.
wwmt of b~
w&
in definitive regillwad m
k-h
rtrtIh~Cdmaktrity. thtObligrtiollbmhmbm
(2) bin
q+hno/hri
w k d y
the Ueikd S b k .
porogmph--Cu &
m d Ctt pontmiom.
m d h be-&&
wk t
M T h e i n w r h r rwt.mdend
undtrwrRtr and t r c h m c m h 07 tha
n a r - ~ i l Sd & ~ W R A h
oMgdon wi# k ~ d t m rstjsfi
d
wlbq m.
B any, m n a n h t h d f
w r w @ ~ ) l r K r )e l & w mim U the
will not in amntceibn wit)r t h e origmal
h m m ~ m ax t t h e o b r i t i o n . oner to sell or
wr&bow ddwiah (A), fl9L or [C]

-

-

Fdenl
.-

-tar

I

Vol. L l . N o . 2 4 l

/ Friday, O e a m b s r

1B. t-

-.-

mrlJ !br n b ! t g r h n h W f m lo
my penon b a d e th! United S U l u ofto
U ~ t Sd~ * ~ C D dt#d
Uaited S f a h gtrroo h 4 Firuncid
btitutlon 81 d e w in 8 I.l&Slt(cHv)
pcvcbacingfor Ib OW a
~ w lortrhr
m m t olr a r t o w . wbld U d d
iortihrtloa r n r conditian of &be
p d a w . q m r to provide on dcbvtry
of the obligation (or on iarumnce. if the
D b b a t i o p t not in d t m t i v t tom) h
c r r h f i u l e required under p

w p b

[cHz)(ilCB)tO( 3 ) f mam3ionMthibdcar

m ~ l during
e
tbc original usulncs of tbe
obkn tim in bcarcr form arch
~ d e m ' t tm
r d each m b e t of tbe
wltng grvup, il m y , or tbt irrucr. if
tbcm ir no u n d e d t t r w wlluy -up.
wnha c o d h o t i o n to the purcbPw of
tbc bcnrer oblrgrtion wtlting that tbc
p u d a r n repmwnb art i t u not
United Ststel p e n o n or,if i t im 4 United
Stntes penon I t i s h a n c i a l wtitution
u d e h d in 4 1.1&12(c)(v) purchasing
fw ih o m uctount w fw tbt accoutll of
r c u s t m r r md that tbc hM.1

inrhtutioa will comply with the
mquiftmcnlr or mtioo 1m)t3)
(A), @).
or (C]and &t RgrJaljoar thmunder.
The w h t i o n mu! a h atate thrt if
tht prrchawr ir dtrltr. it wUI wad
similu A a t i o m to wbomever

purtbam born IL
IC) h EonnccGon witb he o
w
b s ~ d o of
u tbt bbligaCjon in btuei
f o m I t Ir d e U v t d in d t f i t i n form {or
iraucd, if the obtigr tim h not h
definitiva r ~ nlo] the p c w n entitled io
pbymiul delivery t h e m ¶ d y u p
pmrciomtionor 8 ctrbfiatc c r p e d by
rucb ptm t- 'be irruer. u d e d t t r ,
w mcmbtr oi thc w l t q p u p . whid
udut rbter that tbr obllgrlim b
ml b t Q a q u i r t d by or on b t b d of 4
UnlM Str!a perroh or for offer to
n + e U ar fa m u l e to 8 United Stater
p c m n or m y ptm U d t tbt U n i t 4
S h r n or. Llr k n t f i d a l interwt in the
obLprUm Lr being 4 c g d by r U d t e d
&tea pcrron th.1 mCb pma La
Bh*ndal institution as &Findh

-

t l.l&1Zlc){v)

6t I8

acquirlag thm&

h c i d inrtitutron mnd that the
obhgrtion ir beM by r f h n d a l
htitutirra that h r rgrsd to #wply
4 t h tbc mquircmentl of r t c t h
1ayl)IslIhb (Bl. or t c l lad tbs

4

a l r l i o m l h t m d c r md tb.1 fa w
plrchmrlng lor oKar io r s ~ U
or lot
&t
incide the Unittd Slmtc~.Wbm fi
artlfiatt l a @dad
by d c d q
orgnniutfw. It mwt ba k don
Dllttmmb pmddsd C iI b y i(r mrm&r

tiom mom ruch mcmbarr by
Mlwdsbtt t o h m 1 o f r
m t m k dtbovt i
hw i t y a
phylid drlivcr~oftbe obbrprtim Pot

*a

purpalc)(zMillB), the
tam " d e l i v t e dm#not Ladude th
&livery of la obliptim to ur
dcmrircr ar wernhr or tbr w b

I Ruln
-

urd Regul.tiom

L a l t m r tn cbe obiyytb t buq
m q u i n d by r M t r d Strttr pmoa.

mcb p m m n i.If i n ~ inshhrtion
d
mr
d t b d in 11 - 1 ~ W t ~avia)mcquiring
through IM
d i n r B b h lad tbc
O b ~ r i o a I r b k I ~ ~ ~
tnrtitutionh i hmr @b m l y

kitb &t r q a k m s n t r d tm#3)CAL

(B1wM.d Ihtrrlul.tiorutbrttrradtf
Pwu-Y.
(3Tbt hruer, undtmrlk,or mcmbet ~ t h t I t L w t p o r c b . c i m & i o r o f f u t o
of tbt dhq m p docr wt hrve rnchr.1
hod*
dm1 tht d c l l t d d b d
b v p b (c)(zMI~)(q
of t
ba d o n
b fdu.t b c iuue.d w m i t e r . a
tbt

d a t e dedbcd ia

W.undenvritr, or mcmbrr dthc
ulting g m p baa r tldted Statm d b t r r fvr tbt btn~fitiafomtt (o&tr
then a finandd inrtrtution ru d e h d iu
l . l B S l ~ c ) [ vthat
] m p r z a t r tb.t i t
wilJ comply wjth L e mquirtmsatr of
&on
layi)[3l (A), IB],or IC) md the

rrgulatioar thtmmdtt] 4doe* mot
L v t documentuy widen- em
drew in ruwhim (iili]of A d of
fi w . m T tbat &t bcntbcid owner
b not r U a i t d Sblta
[C)T h e obhhtioa Ib Iuutd only
wtlidt lhe United Sutm md Ita
potuumiopr by an i u m r tbrt dmr not
r i g n j d w U y c4gw ia iattnrate
ammtrcc with rrlm to the im~umnct

of such abligr ti- ritber duaerly or

tbrpugb I t writ, w uadtrwriter, or 8
m e m k r of the wUlng p p . Ln the cane
ol m h r u w that LI r U 6 t J Statem
pcma ru& Iuoer m y a l l y wtdy the
t t l t set forth in thil w r p h
(cHzIIi)(9 tr-

ajs b - t p l h r o l y b a b n a l i .

the a ~ t i vwt n

uct of 4
hinnt,wlthia tbo mouring of rsctfm
051(c)[3m]
dbct
tbt TU
Relorn Act of I= md tbe rrgul4Uocu
&emunder, outrick tbi United Stater:
[q72w vbIIgation h b u d outrlb or
&eUdtadSL.tmby tb.-in
W M & ~ with tbat tra& ~t bwinem~
( Y j T b c ~ I i g a t i o ot h m t u ro I d I#

mlIor fw d
e iaridt Lbc United
Srrtn lprovlded b t tbt b a r L r no
Utud h o ~ l d thrl
p tbt nhkmenl ia

h).

In rddltioa *m h a b
tb a
mbLldfon& corporation within the
m d w c b a P 5 7 (4) that Im
~ q t ladthe active m d u c l of fi

buikmg burineu ouuidc the Udted
Win A t b the -4of d o n
PSl[c)[3)@)rr b tRcd hlum Ibe Tax
Reform Act of 1- and the rtgulatioar
braunder. m a d y m t i r f y Ibe
p c o v i a i m of thir m p h (c)IZHiJIC).
tf it mtctr the rquinmmtr d thit
~ r m ~ IC)I~M~)IC)IZL
p h
rs) m d 14).
(ti] SpeCiaI W m .Au obhgation rhell
rmt bC mIdCThd to k d e e b r d in
purgrrpb {cHZ)(iKC)of & rccboa if i t
L
(A] G w t 4 by

United Starer

lhlnhotdtr of tbc bluer.
[8] ~ n v t r t i b l einto 4 debt or tguity
inltrcsr la 8 Unittd Strtm.hrrtbo)der
d ibt ilm
[C) Subttmtirfly fdtnticel to m
o b h a l i d n i m d by IUnited Statrhrnholdtr of &e iuuer.
For pof thib p r ~ g l p h
(c)(t)(ii).tbc timu "Unltad S t b t e ~
rbrrtbolder- la defined 11 it im d t h c d
io wctiongS1 f b ) d &crtgu).tiou
thcreundu. For
of thir

(c)(2l[tilCJ.obligrtions am

p-ph

rub6trn~nUyidentiul if the face
amount iatererl n t c , term of the lsmut,
dut d r t n lor prymtnh and m m M ! y
dm te or wrch u auktrarimDy identicol to

the otbtt.

t&)Znkmmte m

.For

of thic pu-ph,
tht ttmt
"intentate wmmsrcc" m a w bade or
purprntm

pbUc r a d Ir rn

Dommem (a obbrtiotu or any
h~
tmmportrtion or cummdution
mbdt by mtmm of r public o f l e w and mlmw b t o h h * ~ m
a y fort*
((I7%. I w w r d k mAlntAlar
-try
d tba U d k d Stat- or 14
pbrccrrianr.
dbcumcatuy widenee u dtcerlbd Ln
rubdivlrium {U]
01 A 4 d I 3hODBP41
(A] Aa Luucr u(ll not be mnridertb
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kame payable a! the oE6cc d the
ir~ueror itr URilCd S a t ? plying -t

under tht b l l o w b mditions: the
imwr has ippomled p r y i n g qmt,
l~caredwtridc the United Shm rnd itr
w r a i o c u with Ihe rcmwnrblt
rrpectatioa thrl fucb prying hgenlr d l
k mblt IO pay h e intmmt in united
Stares dollar* rad t
h full mount of
auch payment at thr omcu or dl much
paying agentr is i l l e y l or efftctivtly
p r e c l d e d b e c m w of tbt i m p i t i o n d
txchangr mmlm cn 0 t h s m i l u
mslricholu 00 tbC full prymml ar
nctipt of interest in Unitid S u l n
dollam. A bwruit brought ia tbc Unjkd
Stafeo or i t s potrcm~ioorl a paymto! d
tbc obligatioo or iattmt hereon ma
renu11of r defad! r ball wt te
considered lo lw a demand rot p y m m L
For p u r p m of tbu rubdi-imn [v).
inttrtmt rwludtr ~ t l g h imue
~ l djccomt
41 &lined In &n
1273[r). h J o i -an amour equal to tbt v
.
1
iuut
discount as d e h d in wriion lZ73(4) u
payable o d y wtridt hUnikd Strta
rnd its pwsermoru. Tbe amount d
market dirusunr 41 defined in d m
1Z;Nal dwr wk affect the m u t of

ob&gatitj~lrocd8hr~n.

(bl M m f o m l mIw-

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ScprcmkrzL f s r . w,th

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qbrgobligrtioamighmny
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i
h a a ~ s r b dn a a v d b k
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k l o r C ~ h Z t . t O b l . U t 6 r ~ mgidrred fwrn im ad aonridcmd to b
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W * b - M b
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not
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F&R+mAps~ti~tObl(49

FR -3.
{I]m~ripr
h&.
l l # t rqdrtiwr
apply m l l y lo obligsbonr i r d
after Imm4r~m, 1887. A taqmyer m # j
chww 10 m d y &e rnkr of t l . t w c )
with msptct fo an obligation u a v d
a h a I k a h m. tsgt a d on M
belore jammr). ar, 1W7.
Ithir d o i c e is made. tbc d u of
b t . l ~ ed
] mpply ln lieu of 1.1mc)txctpt tha~the i e p n d requirement
under I i . l ~ c ~ ) ( doer
i i ~not
~ )
apply wiLb resptcl to r b a r e r obhgntion
e v i d e n d txduaively by 4
toby
d&rl tbc urtihcatioo rqninmeut
under I Sl.~&~[c)(t)[i)fB){r) mpplum In
lim d Lhe c e d i a t i o n m&r i1 .I*
~~K2)(iPK~l?u.
9. %&on
1 . 1 6 5 - t n im removed.
New §1.1@S32 ir m e d in itr plau, to

mad rr

lohm:

(a) in g m m l . Exctpl a~ p m v k h d h
in
puagmph (c) d thla wctioa

m t i o n lwb]
m d th m a t i m a
thereunder, a La my o&er prml rim of
hw,dull k eonrtmd l o grovkk fi
deduction for r a y h mrtrbcd m m y
~ t m t i o a r s q u i dd i g l t i o o b.M
.fits-n.
tes;~&Lb
obllgatioo h ta m g h l d lmm a the
hluancr oithc obligrb;on was ~ n b la
w

e
u timt. ir -I conrldemd to h
An regirted T o m bccruw 11 cro bt
t r u u f t d by m y m t l r u no1 d ~ ~ n b t d
tn I Sf.1-1fc) ir conaided to b in

egis~f~rtdtimerdufml:~
pried k g h i q with r later lime md
ending with
maturity of the
obhption In rrhicb tbt bbhg4tion can be
e ~ ~ r t r r eoaly
d by 4 m r m d t m i k d
in 4 5f.IflLl[c).
{2) Obligo tiom ir~ucd
ofrtr CIecernbcr

sl. lm and M QT kM &plem&r

ZI,

l a . With ttlpeGt to m y obbisrtion
wigiadly b a u d rher -bet
31.1W2
u d W w btfm spte*
n.1- a?

m obligation m
y i.iwd iflet
Sc@embr a. leM pvrlvnl to the
txt&
of w m t at ch convenioo
of cwvertiblt o&tioa
which
w-t
or obligation ( i n d d a g
anvtrsloa privilrgc) w u b a u d rhu
k & r $1,lPsZ md an or b d m
Scptcmbr 2l.
t h t obLytion
bc considered b w
l
r
r
s
d£am if it
utimfied 5f1&1 or the ptopoud
regul.tiom pmrided b i ~ l W c a1 d
pubbhed la h e F m k d P*drt.r im
Septembar Z tPe3 (U FR w).
[t)R p V / h ~ ~ u b d * t i o N
m
i in ='#land farm w h d am J W ~
rvbjdcl b r s c ~ ' m
1WtH21.

Nohrithbrdiq tht f& h r 4n
obligation b rn Wh-UiRd
*tim
tbrli4 m! ia resiakmd k m
poeuiow
the bolder rrit) w k pnbjec( to W b o ~
[vi Rules mh~liagb d4gorionr
las(lMl] iftbtmsetl tbc
lisued afer W k 3 1 . l attd on
mrditboar
uf
lay
acre
of Lba ZoUowing
or before S e p t e m k 21. I=.
W b t k
fiubprrrgapbr D L It),fS1. a I 4 1 of
rn obl~gstionw l g i ~ U yinmud m f t r r
m p b tcb
Dectmht 31, leSZ d a or
bxu~derm4m.Tbcwm
(11 A m ptmv'nbd b W in
Seprcmhr 2 1 . 1 w~ ro obligmtion
~ i m l n t i ~ u k oblrg.Uona
s d
h r
m wi& L k &I
of o mdt
onginrlly immned after S c p l t m k n .
t b * m e m i q ~ m ~ o t b t l e r mm
h ~
or&irrw(i)Rc h o k t h l a
1981 plvrrrent lo tbc exerdw d r
t&3[r)(2), txrxpt that drurt (i.1 d
d t d m r , brolsr, &I=.
buJL or
warrant w tbe coavtmion of 8
r u b p a r s p p b (A] t h r d h!lnol
olbcr W bctlt d e ub
cmvertiblt obligntioa w k h w m n t a applr. M o r t Iltlmgb M &Ii#ap l r d ( ~ H l l r ] &at
) bolda 8md3
obligation (mcludmg cnhvcnion
that ia aot la rrgi*ltd lwsr Ir
*rib ib b 8 k Or
oblyrthb
privdrp] wpr irrued Ihu -be
51. dia I l.am-qc#lj. the bdd.r
~#mb.etbd~tAttbtUdtd
a d OD U b o t 0 ~
01lllchua~tlonrhUwtk
laM.b ckuribcd in -tion 1umZ)!B]
~ o r t h . C o h I r . l m k e h b
l l b r s d a M ~ b o r m n y b u
(WklFd&F & d W 9t.k 1w
. DC
rhell k dckmined undu tht n 3 r m
s*rtaiard m u d obligmtloo h
pmvided In & SL1&l[c) mr ia a
puhgrapb Icl o l thir m t i o n opplim IbO c x r m ~ ~ ~ ~ b y t b
vWonr o I d hw h w c ff is I
prim tb i t # m v e L H d d h l *
dm t e m - w m e m s t b p m 8 r L . t
hrr r.1~
1 w lmb mwh
prscedq ctnlrnm In i.ruer r*Ul k
wdbrdtdda1oudsdr~ud.r
~aaPlommlUtheordInnry~of
c o n s i d e d &J u t i s t y tbr r q u i ~ m c a t01
r
w l i w lWKi1 ar d d d
pin
1 b m b a m .
rtctioa 1 U 4 F ) t Z f l j wirb rraptct to .n
k a t m t s t &m c t b m m a ) .

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