consti2 reviewer crombonds

Upload: anonymous-kcx0fo

Post on 03-Jun-2018

223 views

Category:

Documents


0 download

TRANSCRIPT

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    1/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6

    ( -%&!). &&&8 4 &)) "1 - &9:%$ %;?@=? (9' D%// +: E%A9(8"

    F'0(%+& !"

    # " L.-$"# $:()) 4. 0.L-&/.0 "1 )&1. M )&4.-%2 "- L-"L.-%2 +&%:"'% 0'.L-"!.$$ "1 )(+ M #"- $:()) (#2 L.-$"# 4. 0.#&.0 %:. .N'() L-"%.!%&"# "1)(+$ O

    PL=''& '&@+1'@ >? 9%8 M2',(+2= 87>I'0( +&/? (+ 8709 2'8(2,%&(8 ,8 ,2'&'0'88,2? :+2 (9' 0+$$+& 1'/:,2'"N -

    -JC;G G? L=7( ,// (9' 2%A9(8,2' %$;+2(,&( &+&'(9'/'88" 4+ ;2+('0( ;2+;'2(? %8 (+ ;2+('0( /%:'" 3 T,U L;JKJ>>JE=

    4K??FJEC 3JKKA .F>K?S==A ">JE= 4K??FJEC 3JKKA !?OM &EIO

    , (A>=IGA ?B 0H= L

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    2/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,

    -JC;GA

    !WA= #HFR=< !WA= #WF= 1WIGA :=KX[-WGJ?6 3JVW,8'@ +& (9' C/%'& 4+2( C0((+ (9' ,$+7&( +: h!"VD" 49'? :%/'@ , M+$;/,%&( 1%(9 (9' [,O,(% E4M

    (+ '&:+20' (9' I7@A$'&(= ;,?%&A .a!_ ,8 :%/%&A :''" E4M @%8$%88'@(9' 0,8' 8,?%&A (9,( @+0O'( :'' 89+7/@ >' .aX-["

    49' .a!_ :%/%&A :'' 1,8 0+22'0( >'0,78' (9'87>I'0( $,(('2 +: (9' 87%( 1,8 (9' :+2'%A&

    I7@A$'&( %(8'/: ,&@ &+( (9' (+2(%+78 ,0( :2+$

    19%09 %( ,2+8'" J( @+'8&78'8 +: (9' .,8%A ;+/%0'" .D[ @%@&+( 8(+; (9'$ >7( 8,%@ (9,( (9+8' 19+ :,%/ (+ 2';+2( (+ 1+2O :+2 (9'$+2&%&A 89%:( 1%// >' @%8$%88'@ ;7287,&( (+ (9' KG+ F(2%O'`G+Y+0O+7(N 0/,78' %& (9' MDC"

    .'(%(%+&'28 1'2' &+( @'$+&8(2,(%&A ,A,%&8($,&,A'$'&(= (9'2':+2'= &+( , 8(2%O'"d72(9'2$+2'= (9'? 1'2' '5'20%8%&A (9'%2 2%A9( (+:2'' '5;2'88%+& ,&@ ,88'$>/?" .D[? ,& +2@'2 +& [,?3= !VWV= 0+;? +: 19%09 1,8 2'0'%B'@ >? ;'(%(%+&'2

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    3/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Z

    L-"!.0'-() 0 '. L-"!.$$

    E'f7%8%('8 :+2 I7@%0%,/ ;2+0''@%&A8 PD,&0+ #8;,i+/ d%/%;%&+ B" .,/,&0,Q!\7"\T6U 4WEI? .A>W]?K71JKJ>JE? DO LWKWEIW^ T,U $GWG= LK= DO%==;WE_==M \

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    4/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `

    4+ %&B,/%@,(' , ;'&,/ 8(,(7('= ,& K,8 ,;;/%'@N 09,//'&A' %8 &''@'@" P*%80788'@ /,('2 %&>"(

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    5/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    e

    L

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    6/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    f

    2'B'28'@ (9' @'0%8%+& :+2 /,0O +: 87>8(,&(%,/ 'B%@'&0'" [E 1,8:%/'@ >? MJE ,&@ [+(%+& :+2 G'1 42%,/ 1,8 :%/'@ >? GYT"

    e 9?D=? H7@A' R/,/%, ,:('2 ,& [E"

    H7@A' R/,/%, @%@ &+( '22" #5(2,@%(%+& %8 &+( ,02%$%&,/ ;2+0''@%&A >7( %8 ,& ,@$%&%8(2,(%B';2+0''@%&A" *';2%B,(%+& +: >,%/ ,8 ,//+1'@ %&F'0" !3= C2(" JJJ %8 +&/? :+2 (9+8' %& 02%$%&,/

    ;2+0''@%&A8 09,2A'@ 1%(9 02%$'8 (+ 19%09 (9'/,1 ,((,09'@ (9' ;'&,/(? +: %'&*(/-". $'%$'HK?EC Y'&&%' \%//, @%'@ +: 8'2%+78 ;9?8%0,/ %&I72%'8 ,:('2 %&%(%,(%+& 2%('8 +:(9' Cf7%/, Y'A%8 :2,('2&%(?" E'8;+&@'&(8 1'2' :+7&@ A7%/(? +:B%+/,(%&A (9' ,&(%`9,g%&A ;+/%0? +: (9' 809++/ ,&@ @%8$%88'@"

    49' 809++/ 1,8 1%(9%& %(8 2%A9(8 19'& %( '5;'//'@(9' 8(7@'&(8 ,:('2 0+&@70(%&A ,& %&B'8(%A,(%+&"C*[T @%@ &+( B%+/,(' @7' ;2+0'88" J& :,0(= %(0+$;/%'@ 1%(9 (9' 2'f7%8%('8 '&7&0%,('@ %&D(EC). 12 FG " F(7@'&(8 @+ &+( &'0'88,2%/? 9,B'(9' 2%A9( (+ 02+88`'5,$%&' (9' 'B%@'&0' ,&@('8(%$+&? ,A,%&8( (9'$"

    g )W? 9J DO !( F'0" +: H78(%0' 2'&@'2'@ R;%&%+& G+" !V! 19%09 8'( ,8%@' (9'0%(%g'&89%; +: d%/+$'&+ M9%,= F2" P,"O"," Y,+ 6%Q 8,?%&A (9,( %( 1,8>,8'@ +& :2,7@ ,&@ $%82';2'8'&(,(%+&" *';+2(,(%+& 1,8 :%/'@,A,%&8( Y,+ 6% 1%(9 (9' MJ*" ]9%/' 0,8' 1,8 ;'&@%&A 1%(9 (9' MJ*=Y,+ 6% 1,8 +2@'2'@ (+ 2'A%8('2 ,8 ,& ,/%'&= 19%09 9' 2':78'@

    49' MJ* '22'@ %& +2@'2%&A ;'(%(%+&'2 (+ 2'A%8('2,8 ,& ,/%'&" F709 +2@'2 $78( >' ;2'@%0,('@ +& ,;+8%(%B' :%&@%&A (9,( (9' ;'(%(%+&'2 %8 %&@''@ ,&,/%'&" 49%8 9,8 &+( ?'( >''& ;2+B'&" .'(%(%+&'21,8 @';2%B'@ +: @7' ;2+0'88" C/(9+7A9@';+2(,(%+& %8 &+( , 02%$%&,/ ;2+0''@%&A= %( %8 ,9,289 ,&@ '5(2,+2@%&,2? ,@$%&%8(2,(%B';2+0''@%&A" *7' ;2+0'88 89+7/@ &+( >' @'&%'@"

    E7/'8 +: M+72( +& 02%$%&,/ ;2+0'@72' ,2',;;/%0,>/' (+ @';+2(,(%+& ;2+0''@%&A8"

    h 3WI=XW DO .-4 C8 , 2',0(%+& (+ (9' .'28%,& 67/: 0+&:/%0(= #ED ,//+1'@ ,;2+B%8%+&,/ %&02',8' +: .!"a-o/%('2 +: :7'/" U',2%&A8 1'2' 8'( >7([,0'@, 1,8 &+( ,>/' (+ ,(('&@ (9'8'" #ED ,//+1'@ ,// 'B%@'&0' (+>' ;/,0'@ +& 2'0+2@ :%28(" #5,$%&,(%+& 1%// 0+$' /,('2" [,0'@,0/,%$8 (9,( (9%8 @';2%B'@ 9%$ +: 9%8 2%A9( (+ 02+88`'5,$%&' (9'1%(&'88'8 +: .'(2+&= F9'// ,&@ M,/('5= (978= , @'&%,/ +: @7';2+0'88"

    .2%0' :%5%&A %8 , f7,8%`/'A%8/,(%B' :7&0(%+&= ,&@(978 &+( >+7&@ >? 8(2%0( 27/'8 +& 'B%@'&0'" #ED%8 ,/8+ '$;+1'2'@ (+ $,O' ;2+B%8%+&,/%&02',8'8 %& +%/ ;2%0'8

    i 9K?R= %=K=I?F DO #%! 49' 0,8' >'A,& 19'& F$,2( :%/'@ , M+$;/,%&( 1%(9 (9' G4M (++2@'2 6/+>' (+ ,//+1 F[F %&('20+&&'0(%+&" 49' (1+ 0+$;,&%'8

    G4M 89+7/@ :+//+1 %(8 ;2'B%+78 27/%&A %& (9'JFYCMR[ 0,8' (9,( F[F %8 , 8;'0%,/ :',(72'

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    7/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    g

    'B'&(7,//? @%@ %&('20+&&'0(= 2'&@'2%&A (9' %&%(%,/ %887' $++("U+1'B'2= G4M 8(%// 27/'@ (9,( >+(9 ('/'0+$ ;2+B%@'28 1'2' ,( :,7/(:+2 ;2+B%@%&A F[F 1%(9+7( ,7(9+2%(?" G4M 8,?8 (9,( F[F %8 , B,/7'`,@@'@ 8'2B%0' (9,( 2'f7%2'8 ;2%+2 ,;;2+B,/"

    19%09 @+'8&' ,&@ F$,2(1'2' ,/8+ @';2%B'@ +: @7' ;2+0'88 8%&0' (9'?1'2' &+( ,>/' (+ ,@@70' 'B%@'&0' 2'A,2@%&A (9'

    %887' +: F[F ,8 \CF +2 8;'0%,/ :',(72'" G4M&'B'2 %&:+2$'@ (9'$ (9,( (9%8 1,8 ,& %887'"65 !?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    8/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    h

    6Z !=EG>JE=ADO !(

    49' [+&'(,2? D+,2@ +2@'2'@ (9' 0/+872' +: 42%7$;9 F,B%&A8 D,&O,&@ ;/,0'@ %( 7&@'2 2'0'%B'289%; 1%(9 E,$+& 4%,+f7% ,8 2'0'%B'2"J( 1,8 >'0,78' 4FD 9,@ >'0+$' %&8+/B'&(" 4FD :%/'@ , 0+$;/,%&(1%(9 (9' SM E4M 19%09 09,//'&A'@ (9' 0+&8(%(7(%+&,/%(? +: K49'M'&(2,/ D,&O C0(N 19%09 ,7(9+2%g'@ (9' (,O'+B'2 +: >,&O8 'B'& %:%( %8 &+( 09,2A'@ 1%(9 , B%+/,(%+& +2 :+7&@ A7%/(? (9'2'+:" 4FD

    0+&('&@8 (9,( %( %8 , B%+/,(%+& +: @7' ;2+0'88 P/,0O +: ;2%+2 &+(%0',&@ 9',2%&AQ" MD 0+&('&@'@ (9,( 4FD 9,@ &+ 0,;,0%(? (+ 87'='50';( (927 %(8 2'0'%B'2"

    4FD %&@''@ 9,8 0,;,0%(? (+ 87'" J( 1+7/@ >',>872@ (+ 2'f7%2' (9' 2'0'%B'2 (+ 87' 9%8 $,8('2P(9' M'&(2,/ D,&OQ" 4FD 1,8 &+( @';2%B'@ +: @7';2+0'88 19'& ;2%+2 &+(%0' ,&@ 9',2%&A 1,8 &+(A%B'&" J( 8(%// 9,8 (9' +;;+2(7&%(? (+ >' 9',2@(927 , I7@%0%,/ 2'B%'1 1%(9%& !_ @,?8 :2+$ (9'

    @,(' (9' 2'0'%B'2 (,O'8 09,2A'" 49%8 K0/+8' &+1,&@ 9',2 /,('2N 809'$' %8 , B,/%@ ;+/%0' ;+1'2$',872' (+ ;2+('0( (9' @';+8%(+28 :2+$ >,&O27&8" 49' +;;+2(7&%(? (+ >' 9',2@ 0,& 0+$'>':+2' +2 ,:('2 (9' ,@$%&%8(2,(%B' ;2+0''@%&A8"

    6` (4(b(0( DO .,8'@ +& @%::'2'&( %887'8" C88+0%,(%+& +: .%/%;%&,8 F9'//*%8(2%>7(+28 0/,%$8 (9,( (9' 2'@70(%+& %& 02'@%(,>/' %&;7( (,5 %8 ,@';2%B,(%+& +: (9'%2 ;2+;'2(? 2%A9( 1%(9+7( @7' ;2+0'88 +: /,1" 49'%&;7( (,5 %8 @'@70(%>/' :2+$ (9' +7(;7( (,5 19%09 %8 'B'&(7,//?;,%@ >? (9' 0+$;,&? (+ (9' A+B'2&$'&("

    49' 02'@%(,>/' %&;7( (,5 %8 , $'2' 8(,(7(+2?;2%B%/'A' ,&@ &+( , B'8('@ 2%A9(" F%&0' (9'8';2%B%/'A'8 1'2' ;2+B%@'@ :+2 >? /,1= %( 0,& ,/8+ >'(,O'& ,1,? +2= %& (9%8 0,8'= /%$%('@ >? ,87>8'f7'&( /,1" 49'2' 1,8 &+ B%+/,(%+& +: @7';2+0'88"

    !" J&;7( (,5 ! B,/7'`,@@'@ (,5 +& %$;+2(8+: A++@8 %& (9' 0+728' +: >78%&'88

    -" R7(;7( (,5 ! B,/7'`,@@'@ (,5 +& (9' 8,/'+2 /',8' +: (,5,>/' A++@8 +2 ;2+;'2(%'8

    6e 42,&@8 9,B' /+1'2 (,5 2,('8"

    49' 0/,88%:%0,(%+& :2''g' %8 , B,/%@ '5'20%8' +:;+/%0' ;+1'2 '5'20%8'@ (92+7A9 (,5,(%+&"4,5,(%+& 9,8 >''& 0+&8%@'2'@ ,8 , /,1:7/87>I'0( +: (9' '5'20%8' +: ;+/%0' ;+1'2" 49'0/,88%:%0,(%+& :2''g' %8 , 2',8+&,>/' $'(9+@>'0,78' %( ,//+18 :+2 , $+2' 8(,>/' 8(2',$ +:0,89 %&:/+18 :+2 (9' A+B'2&$'&( ,8 1'// ,8 (+&+( ,>@%0,(' (9' @'('2$%&,(%+& +: (,5 2,('8 (+

    (9' F'02'(,2? +: d%&,&0' 19%09 $%A9( >'0+&(2,2? (+ (9' M+&8(%(7(%+&"

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    9/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    i

    $'4$%(#%&/. 0 '. L-"!.$$

    E'/'B,&0'Z , A7,2,&('' ,A,%&8( (9' '5'20%8' +: ,2>%(2,2? ;+1'2 'B'& 19'& (9';+1'2 %8 '5'20%8'@ ,00+2@%&A (+ ;2+;'2 :+2$8 ,&@ ;2+0'@72' k

    .2%$,2%/? , 8,:'A7,2@ ,A,%&8( ;+/%0' ;+1'2" 49' 8(,&@,2@8 :+2 87>8(,&(%,/ @7';2+0'88 ,2' (9' 8(,&@,2@8 :+2 B,/%@ '5'20%8' +: ;+/%0' ;+1'2"

    L?KJI= L?@=< K(9' $+8( '88'&(%,/= %&8%8('&( ,&@ (9' /',8( /%$%(,>/' +: ;+1'28= '5('&@%&A

    ,8 %( @+'8 (+ ,// (9' A2',( ;7>/%0 &''@8"N X #5'20%8'@ >? (9' /'A%8/,(%B' >7( 0,& >' @'/'A,('@= 1%(9%& /%$%(8= (+ /+0,/

    A+B'2&$'&(8 C ;+1'2 (+ 2'A7/,(' +2 ;2+9%>%(

    -=aHJAJG=A ?B L?KJI= L?@=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    10/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    65

    %;= .d=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    11/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    66

    $HRAGWEGJD= 0H= L

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    12/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6,

    0+&8(270(%+& +: 8(270(72'8 19%09 @'8(2+?8 (9' B%'1 (+ (9' ;/,g," U'1,8 0+&B%0('@"

    ,/8+ %&B,/%@ >'0,78' %( +B'28(';8 (9' >+7&@8 +:;+/%0' ;+1'2" J&8(',@= %( %8 , (,O%&A +: (9' 2%A9((+ 78' ;2+;'2(? 1%(9+7( I78( 0+$;'&8,(%+&" J( %8/%O' ,& 7&/,1:7/ 0+&:%80,(%+& +: ;2+;'2(?"d,I,2@+? .2'8%@'&( [,20+8%& +2@'2 (+ 8,:'A7,2@ (9' ;+;7/,(%+& +: 0,2,>,+8 P8%$%/,2 (+ TF B"4+2%>%+Q" J( ;2+9%>%('@ (9' 7&,7(9+2%g'@ (2,&8;+2( +: 0,2,>,+8 ,&@0,2,>'':= ,&@ ,//+1'@ :+2 ,7(+$,(%0 0+&:%80,(%+& +: 8709"

    49'2' %8 %&@''@ , &''@ (+ ;2+('0( (9' ;+;7/,(%+&

    +: 0,2,>,+8 ,8 (9'8' ,2' '88'&(%,/ (+ 02+;;2+@70(%+&= 9'&0' (9' :%28( 2'f7%8%(' +: ;+/%0';+1'2 %8 ;2'8'&(" U+1'B'2= (9' $',&8'$;/+?'@ ,2' &+( 2',8+&,>/'" .2+9%>%(%+&,A,%&8( (9' (2,&8;+2( +: 0,2,>,+8 ,&@ 0,2,>'':@+'8 &+( ;2'B'&( (9'%2 %&@%802%$%&,(' 8/,7A9('2"d72(9'2$+2'= (9' #R %8 %&B,/%@ >'0,78' %( ,//+18:+2 ,7(+$,(%0 0+&:%80,(%+&" M+&:%80,(%+& 0,& +&/?>' @+&' ,:('2 I7@%0%,/ @'0%8%+& >'0,78' #R k-k`C%8 , ;'&,/ /,1" *'('2$%&,(%+& +: A7%/( $78( >'@+&' >? (9' 0+72(= ,&@ &+( (9' ;+/%0'"

    f 4WKWIHJG DO !1& ?B (CHAWE X=K#?+(9 09%/@2'& ,&@ ,@7/(8" 49'+2@%&,&0'= (9'2':+2'= %8 7&2',8+&,>/' ,&@%&B,/%@"

    g #WGJ?EWK 0=DkG !?O WEX #=@(C>JE=/=G=%/%(,('@ (9' CA2%5 62+7; +: M+$;,&%'8%&(+ G'1 CA2%5= J&0" R&' +: (9' ;2+B%8%+&8 %& 8,%@ @'02'' @%88+/B'@$+2(A,A'8 ,&@ /%'&8 +: (9' +/@ 0+$;,&?" R&' +: 19%09 %8 , $+2(A,A''5'07('@ >? CA2%5 1%(9 .\4"

    .* !X!X %8 7&0+&8(%(7(%+&,/" J( %8 &+( , B,/%@'5'20%8' +: ;+/%0' ;+1'2 >'0,78' 02',(%+& +:G'1 CA2%5 ,&@ '5(%&0(%+& +: ;2+;'2(? 2%A9(8 +:02'@%(+28 1+7/@ >'&':%( (9' ;7>/%0 ,8 , 19+/'"49' $',&8 '$;/+?'@ ,2' ,/8+ 7&2',8+&,>/'>'0,78' %( @';2%B'8 02'@%(+28 +: (9' 2%A9( (+ ,$+2(A,A' P;2+;'2(? 2%A9(Q 1%(9+7( @7' ;2+0'88+: /,1"

    h (!!1( DO !'9!" MT6MR PT&%+&Q 87'@ CMMdC :+2 ,//'A'@ B%+/,(%+&8 +: (9' MDC (9'?'&('2'@ %&(+" *72%&A (9' ;'&@'&0? +: (9' 87%(= (9' ;2'8%@'&(8%A&'@ %&(+ /,1 (9' CA2%07/(72,/ Y,&@ E':+2$ M+@' 19%09

    CMC %8 ;'2:+2$%&A , A+B'2&$'&(,/ :7&0(%+&=9'&0'= (9' T&%+& %8 &+( '&(%(/'@ (+ 0'2(%:%0,(%+&,&@ $,? &+( '&('2 %&(+ , MDC" 49%8 %8 >'0,78'

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    13/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6Z

    2'+2A,&%g'@ ,&@ 2'&,$'@ CMMdC %&(+ (9' CMC" 49' T&%+& (9'&;'(%(%+&'2 (9' MJE (+ >' 0'2(%:%'@ ,8 '50/78%B' >,2A,%&%&A ,A'&(8 %&CMC"

    A+B'2&$'&( 1+2O'28 ,2' &+( ,//+1'@ (+ 8(2%O'P19%09 %8 ,//+1'@ %& , MDCQ" d2%&A' >'&':%(8,A2''@ +& :2+$ (9' ;2'B%+78 MDC 1%// 8(%// >'A%B'& >7( &+ :72(9'2 :2%&A' >'&':%(8 $,? >'@'$,&@'@"

    #?G=Z J& H78(%0' #&2%f7' d'2&,&@+%(2,(%+& D2,&09 +: GYEM :+2 %//'A,/ @%8$%88,/=,&@ (9' Y,>+2 C2>%('2 27/'@ %& 9'2 :,B+2" GYEM 2'B'28'@ (9' @'0%8%+&>7( +2@'2'@ (9' 9+('/ (+ ;,? 8,/,2%'8 @7' (+ M,8(2+ :+2 (9' ;'2%+@ :2+$(9' YC @'0%8%+& (+ (9' GYEM @'0%8%+&"

    GYEM 0+$$%(('@ 6C*CY#H 19'& %( +2@'2'@ (9'

    9+('/ (+ ;,?" #B'& %: (9' @'0%8%+& +: (9' YC %8%$$'@%,('/? '5'07(+2?= (9'2' 9,8 (+ >' , 12%( +:'5'07(%+& %887'@= >7( (9%8 1,8 ,>8'&(" C2(" --3+: (9' Y,>+2 M+@' ,/8+ ,//+18 (9' '$;/+?'2 (+09++8' (9' $,&&'2 +: 2'%&8(,('$'&(Z '%(9'22'%&('A2,(%+& %&(+ (9' 1+2O:+20' +2 %&(+ (9';,?2+// +&/?" 49' GYEM 0+$$%(('@ 6C*CY#H19'& %( +2@'2'@ (9' 9+('/ (+ ;,? 1,A'8,7(+$,(%0,//?" PJ( $,@' (9' 09+%0' :+2 (9' 9+('/"Q

    66 3WCGWVWA DO L

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    14/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6`

    +: $,O%&A 02%$%&,/ ,0(%B%(? /'88 ,((2,0(%B' (+1+7/@ >' +::'&@'28" H78( 0+$;'&8,(%+& %8 &+(&''@'@ 19'& (9' 8(,(' '5'20%8'8 ;+/%0' ;+1'2"JA&+2,&0' +: (9' +1&'2 +: ;2+;'2(? 87>I'0( (+:+2:'%(72' 9,8 >''& @'&%'@ ,8 , @':'&8' %& TF

    I72%8;27@'&0'"6Z !

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    15/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6e

    P[,? k= -__-Q" C( (9,( (%$'= MR[#Y#M '5;2'88'@ 87;;+2( (+ , ;'&@%&A>%// %& M+&A2'88 19%09 $+B'@ (9' Fm ,&@ D,2,&AA,? '/'0(%+&8 (+ H7/?!^= -__- ,&@ /+1'2'@ (9' Fm $'$>'289%; ,A' (+ ,( /',8( !^ ,&@ &+($+2' (9,& -! ?"+" .'(%(%+&'28 ,8O (9' FM P!Q (+ @'0/,2'7&0+&8(%(7(%+&,/ ,&? /,1 ;+8(;+&%&A (9' Fm '/'0(%+&8= P-Q (+ 0+&(%&7''/'0(%+& ,8 809'@7/'@= ,&@ P3Q (+ ,//+1 (9' ;2'8'&( Fm $'$>'28 (+ 27&,&@ B+(' 'B'& %: (9'? ,2' +B'2 -! ?"+"

    9,8 >''& ;,88'@ ?'(" 49' M+72( 0,&&+(;2'802%>' (+ M+&A2'88 19,( %( 0,& +2 0,&&+(/'A%8/,(' 7;+&" Fm $'$>'289%; %8 , $'2'8(,(7(+2? 2%A9(= (9'2':+2'= %( 0,& >' 1%(9@2,1&+2 ,$'&@'@ >? M+&A2'88 ,&?(%$'"d72(9'2$+2'= ;7>/%0 +::%0' %8 , ;7>/%0 (278(".'(%(%+&'28 9,B' &+ ;2+;2%'(,2? 0/,%$ +B'2 (9'Fm +::%0'"

    6h %WE DO L=?>K= .'(%(%+&'28 1'2' 0,7A9( (2,&8;+2(%&A /7$>'2 1%(9+7( ;'2$%(8" 4,& 1,8(9' +1&'2 +: (9' /+AA%&A 0+$;,&?" .'(%(%+&'28 1'2' 0+&B%0('@ +:%//'A,/ ;+88'88%+& +: /7$>'2" 49'? 0+&('&@ (9,( F'0" kW +: #R -XX P(9';2+B%8%+& (9'? B%+/,('@Q %8 7&0+&8(%(7(%+&,/ >'0,78' %: @';2%B'8 @7';2+0'88 :+2 2'f7%2%&A ;+88'88%+& +: /'A,/ @+07$'&(8 :+2 $'2';+88'88%+& +: :+2'8( ;2+@70(8 P:%2'1++@= >,2O= 9+&'?= '(0"Q

    .'(%(%+&'28 1'2' 0,7A9( (2,&8;+2(%&A /7$>'21%(9+7( ;'2$%(8" 4,& 1,8 (9' +1&'2 +: (9'/+AA%&A 0+$;,&?" .'(%(%+&'28 1'2' 0+&B%0('@+: %//'A,/ ;+88'88%+& +: /7$>'2" 49'? 0+&('&@(9,( F'0" kW +: #R -XX P(9' ;2+B%8%+& (9'?B%+/,('@Q %8 7&0+&8(%(7(%+&,/ >'0,78' %:@';2%B'8 @7' ;2+0'88 :+2 2'f7%2%&A ;+88'88%+&+: /'A,/ @+07$'&(8 :+2 $'2' ;+88'88%+& +::+2'8( ;2+@70(8 P:%2'1++@= >,2O= 9+&'?= '(0"Q

    6i !/%89'@Q ,;;/%0,>/' %& 8'((/%&A @%8;7('8= (978 B%+/,(%&A @7';2+0'88"

    C:('2 (1+ 2+7&@8 +: B+(%&A= (9' (,//? 2'$,%&'@(9' 8,$' ,( X`X" 49' ;'(%(%+& 1,8 (978@%8$%88'@ ,&@ (9' 0+&8(%(7(%+&,/%(? +: (9' J.EC1,8 7;9'/@"

    ,5 $FJG; bKJE= DO !( F$%(9 m/%&' %8 (9' ;,('&( 9+/@'2 +: 3-C'/'= ,&@ ,( /+1'2 ;2%0'8" 4978= %( %8

    >'&':%0%,/ (+ (9' A'&'2,/ ;7>/%0" 49' ;,?$'&(+: 2+?,/(%'8 (+ F$%(9 m/%&' '&872' (9,( (9'2' %8&+ @';2%B,(%+& +: ;2+;'2(? 2%A9(8 P%& (9' :+2$+: %&('//'0(7,/ ;2+;'2(?Q" 49' FM @%@ &+(09,&A' (9' 2,(' +: -"^p 2+?,/(%'8 >'0,78' %( %81%(9%& (9' 0+$;'('&0? +: (9' D72',7 +:.,('&(8 (+ @'('2$%&' ,0(7,/ 2+?,/(%'8 2,('"

    ,6 L=?>K= DO 0= KW LJ=X+2M+@'" F9' ,//'A'8 (9,( (9' @':%&%(%+& +: K2'027%($'&( ,&@ ;/,0'$'&(N%8 B+%@ :+2 B,A7'&'88= ,&@ (978= B%+/,(%B' +: @7' ;2+0'88"

    J( %8 &+( , ;'2:'0(/? B,A7' ,0( 19%09 %8 +>8072'+& %(8 :,0'" J( %8 $'2'/? 0+709'@ %& %$;2'0%8'/,&A7,A' 19%09 0,& >' 8,B' >? ;2+;'28(,(7(+2? 0+&8(270(%+&" 49'2':+2'= %( %8 &+(

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    16/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6f

    %&B,/%@" J( ,/8+ @+'8 &+( 87::'2 :2+$+B'2>2',@(9" C 8(,(7(' %8 +B'2>2+,@ 19'& %(%&9%>%(8 (9' '5'20%8' +: %&@%B%@7,/ :2''@+$8A7,2,&(''@ >? (9' M+&8(%(7(%+&"

    ,, LJKJ>JEWA bW? DO !( 49' D+,2@ +: J&B'8($'&(8 (9' (,5 02'@%(8 +: .%/%;%&,8 m,+" .%/%;%&,8 m,+$+B'@ (+ 2'0+&8%@'2 >7( 1,8 @'&%'@ >? (9' DRJ"

    DRJ $,@' , @'0%8%+& 19%09 @%@ &+( 8(,(' (9':,0(8 ,&@ 2',8+&8 :+2 (9' 2'@70(%+&= 0+&(2,2?(+ %(8 +1& 27/'8" 49' [,&7,/ +: R;'2,(%+&81,8 ,/8+ &+( ;7>/%89'@= (978= (9' [R 19%092'@70'@ (9' (,5 02'@%(8 %8 B+%@" 6'&'2,//?=%&('2&,/ 27/'8 &''@ &+( >' ;7>/%89'@= >7( %: %(,::'0(8 (9' 2%A9(8 +: (9' ;7>/%0= ;7>/%0,(%+& %8&'0'88,2?" .7>/%0,(%+& %8 0+&8(270(%B' &+(%0'=,& '88'&(%,/ '/'$'&( +: @7' ;2+0'88"

    ,Z L:&)$( DO $=I@,&'= .G. M9%':= 19%09 %$;/'$'&('@ , >,& +& 0,22?%&A :%2',2$8"

    6'&" #>@,&' %8 ,7(9+2%g'@ (+ %887' A7%@'/%&'8>'0,78' (9' ;+1'2 (+ A2,&( P,&@ 2'B+O'Q:%2',2$8 /%0'&8'8 9,8 >''& 9%8(+2%0,//?@'/'A,('@ (+ (9' M9%': M+&8(,>7/,2? P.G.M9%':Q" 49' 2%A9( (+ >',2 :%2',2$8 %8 &+( ,0+&8(%(7(%+&,/ 2%A9( >7( %8 $'2'/? , 8(,(7(+2?;2%B%/'A' 19%09 0,& >' 2'B+O'@ >? (9' F(,('"49' - &@ C$'&@$'&( %& (9' TF M+&8(%(7(%+& %8

    &+( ,;;/%0,>/' %& (9' .9%/%;;%&'8" 49'2' %8 &+0+22'8;+&@%&A ;2+B%8%+& %& (9' .9%/%;;%&'M+&8(%(7(%+&" C :%2',2$8 /%0'&8' %8 &+( ,0+&(2,0( +2 , ;2+;'2(? 2%A9(" 49' 2'B+0,(%+& +::%2',2$8 /%0'&8'8 9,8 /+&A >''& 9'/@ (+ >' ,B,/%@ '5'20%8' +: ;+/%0' ;+1'2" J(8 ;7>/%0&'0'88%(? ,&@ 2',8+&,>/' $',&8 ,2' +>B%+78"

    ,e 9$&$ DO 3?EG=AIKW

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    17/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6g

    ,f -?FHWKX=Y DO $WEXJCWERWSWEC/:2'@+ E+$7,/@'g= >2+(9'2`%&`/,1 +: .2'8" [,20+8= 1,8 09,2A'@ 1%(9B%+/,(%+& +: EC 3_!V PC&(%`62,:( ,&@ M+227;( .2,0(%0'8 C0(Q" U' 0/,%$8(9,( 9' 1,8 @';2%B'@ +: @7' ;2+0'88 >'0,78' (9' ;2'/%$%&,2?%&B'8(%A,(%+& 1,8 B+%@ :+2 >'%&A 0+&@70('@ >? , >%,8'@ >+@?" U' ,/8+8,?8 (9,( (9' /,1 %8 B,A7' ,&@ +B'2>2+,@ P, :,0%,/ 09,//'&A' (+ (9'0+&8(%(7(%+&,/%(? +: (9' /,1Q"

    .'(%(%+& %8 1%(9+7( $'2%(" C/(9+7A9 (9';2'/%$%&,2? %&B'8(%A,(%+& +: .M66 1,8&7//%:%'@= , 2'%&B'8(%A,(%+& >? (9' R$>7@8$,&2'&@'28 (9' %887' &7//" J( %8 ,/8+ 12+&A (+ ;+8', :,0%,/ 09,//'&A' >'0,78' %( %8 &+( ,//+1'@ :+2;'&,/ /,18 P8709 ,8 EC 3_!VQ= +&/? :+2 :2''8;''09 0,8'8" d72(9'2$+2'= %& :%/%&A , [+(%+&(+ *%8$%88= ;'(%(%+&'2 %& '::'0( :%/'@ ,;2+9%>%('@ 8'0+&@ [+(%+& (+ S7,89" D+(9 9,B'(9' 8,$' '::'0( +: @%8$%88%&A (9' 0,8'" PS7,89%8 (+ 02%$%&,/ 0,8'8c @%8$%88 %8 (+ 0%B%/ 0,8'8Q"

    ,g !;WD=Y DO !"3.).! d2,&O M9,B'g 1,8 ,& '&@+28'2 :+2 0'2(,%& ;2+@70(8 1%(9 >%//>+,2@8,/+&A $,%& 2+,@8" U' (9'& 2,& :+2 F'&,(+2 ,&@ 1,8 @%2'0('@ >? (9'MR[#Y#M (+ 2'$+B' 8709 >%//>+,2@8 (+ ;2'B'&( %$$,(72'0,$;,%A&%&A"= ;7287,&( (+ MR[#Y#M E'8+/7(%+& G+" k^-_= F'0" 3-".'(%(%+&'2 ,88,%/8 (9' B,/%@%(? +: (9' 2'8+/7(%+& >,8'@ +& P!Q &+&`%$;,%2$'&( 0/,78' P9' 9,8 0+&(2,0(8 1%(9 (9' 0+$;,&%'8Q= P-Q %&B,/%@'5'20%8' +: ;+/%0' ;+1'2= ,&@ +(9'2 %887'8"

    49' 2'8+/7(%+& %8 &+( B%+/,(%B' +: (9' &+&`%$;,%2$'&( +: 0+&(2,0(8 0/,78'" J( 9,8 >''&9'/@ (9,( (9' &+&`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

    ,h 4=KG/%0 9',/(9 9,8>''& 9'/@ (+ >' , B,/%@ 87>I'0( :+2 (9' '5'20%8'+: ;+/%0' ;+1'2" .9,8%&A +7( 0+$$'20%,/ >/++@>,&O8 %8 , 2',8+&,>/' $'(9+@ >'0,78' %(,//+18 (9' A+B'2&$'&( (+ >'(('2 '&872' (9,((9' >/++@ ,B,%/,>/' (+ (9' ;7>/%0 1%// >' 8,:',&@ +: 9%A9 f7,/%(?" J&@%B%@7,/ %&('2'8(8 +: (9'>/++@ >,&O +1&'28 $78( A%B' 1,? (+ (9';7>/%0 1'/:,2'"

    ,i "EC DO $WEXJCWERWSWE DJE M+$$%88%+&'2 H+8' R&A 1,8 09,2A'@ 1%(9 ,$,88%&A %//`A+(('&1',/(9 >'0,78' 9%8 ,88'(8 ,//'A'@/? 1'2' @%8;2+;+2(%+&,(' :2+$ 9%8

    J& , ;2'B%+78 27/%&A= (9' FM 27/'@ (9,(:+2:'%(72' ;2+0''@%&A8 ,2' 0%B%/ %& &,(72'= >7(

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    18/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6h

    %&0+$' ,8 DJE 0+$$%88%+&'2" U%8 1%:' G'//? R&A 1,8 ,/8+ %$;/',@'@ %&(9' :+2:'%(72' 87%( +: (9' ;2+;'2(?" .'(%(%+&'28 0/,%$ (9,( (9'? 1'2'@';2%B'@ +: @7' ;2+0'88 >'0,78' &+ ;2'/%$%&,2? %&B'8(%A,(%+& 1,8@+&' +& G'//? R&A"

    %& , 87>8'f7'&( 27/%&A= (9'? 0/,2%:%'@ (9,( (9%8,;;/%'8 +&/? (+ (9' ;2+0'@72,/ ,8;'0( +::+2:'%(72' ;2+0''@%&A8" F7>8(,&(%,//?= %( %802%$%&,/" 49'2':+2'= G'//? R&A 1,8 '&(%(/'@ (+;2'/%$%&,2? %&B'8(%A,(%+&" U+1'B'2= (9%8 1+7/@>' ;+%&(/'88 >'0,78' H+8' R&A 0/,%$'@ (9,( 9';7209,8'@ (9' ;2+;'2(%'8 1%(9 9%8 $+&'?PG'//? @%@ &+( 9,B' , ;,2(Q" 49' /,1 %8 ,/8+ &+(B,A7' >'0,78' %( @':%&'8 19,( 7&/,1:7//?,0f7%2'@ ;2+;'2(? %8 P;2+;'2(? ,0f7%2'@ +7( +:;2+;+2(%+& (+ , ;7>/%0 +::%0'2%('@ (9' '&(2,&0' +: >78'8 ,&@ I'';&'?8 :2+$'&('2%&A (9' 0%(?= ,&@ @'0/,2'@ %&+;'2,>/' ,// ('2$%&,/8 %& (9' 0%(?" HCMY%&'2 ,88,%/8 (9' B,/%@%(? +: (9' +2@%&,&0'"

    49' +2@%&,&0'8 ,2' ,& %&B,/%@ '5'20%8' +: ;+/%0';+1'2" 49+7A9 (9'2' %8 , /,1:7/ 87>I'0( 19%09%8 (9' ',8%&A +: (2,::%0 0+&A'8(%+& %& (9' 0%(?=(9' $',&8 ,2' &+( 2',8+&,>/'" 49'? ,2'09,2,0('2%g'@ >? +B'2>2',@(9 >'0,78' (9'? A+>'?+&@ 19,( %8 2',8+&,>/' &'0'88,2?" J( %8 &+((9' ('2$%&,/8= >7( (9' %&@%802%$%&,(' /+,@%&A,&@ 7&/+,@%&A 19%09 %$;'@'8 (2,::%0"4'2$%&,/8 ,2' &+( +>8(,0/'8 >7( ,2' /'A%(%$,('>78%&'88'8"

    Z6 !JGS ?B 3WEJKW DO )WCHJ? 49' M%(? +: [,&%/, ;2+$7/A,('@ R2@" G+" XXW3 19%09 ;2+9%>%('@0'2(,%& :+2$8 +: '&('2(,%&$'&( %& (9' #2$%(,`[,/,(' ,2', 19'2'K1+$'& ,2' 78'@ ,8 (++/8 %& '&('2(,%&$'&("N 49'8' %&0/7@'@ 8,7&,8=

    $,88,A' ;,2/+28= >''29+78'8= $+('/8= &%A9( 0/7>8= '(0" H7@A' Y,A7%+27/'@ (9,( (9' +2@%&,&0' 1,8 %&B,/%@"

    49' +2@%&,&0' %8 %&@''@ %&B,/%@" J( B%+/,('8 (9'2%A9( (+ ;2%B,0? +: $+('/ ;,(2+&8 19+ 9,B' (9'/%>'2(? :+2 8'57,/ 0+&87$$,(%+& ,8 /+&A ,8

    (9'? @+ &+( B%+/,(' (9' /,1" J( ,/8+ @+'8 &+(9,B' (9' 8(,&@,2@8 (+ @'('2$%&' 19%09'8(,>/%89$'&(8 K('&@ (+ @%8(72> (9'0+$$7&%(?= ,&&+? (9' %&9,>%(,&(8 ,&@ ,::'0(8+0%,/ ,&@ $+2,/ 1'/:,2' +: (9' 0+$$7&%(?=N(978 ,//+1%&A ,7(9+2%(%'8 7&>2%@/'@ @%802'(%+&"d72(9'2$+2'= (9' +2@%&,&0' %8 ,& %&B,/%@'5'20%8' +: ;+/%0' ;+1'2" 49+7A9 (9'2' %8 ,/,1:7/ 87>I'0(= 19%09 %8 (9' $+2,/ ,&@ 8+0%,/1'/:,2' +: 8+0%'(?= (9' $',&8 '$;/+?'@ ,2'7&2',8+&,>/'" C8%@' :2+$ >'%&A , @';2%B,(%+&

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    19/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    6i

    +: ;2+;'2(? 2%A9(8= ;2+9%>%(%+& +: (9''8(,>/%89$'&(8 1+7/@ &+( @+ ,&?(9%&A (+ 8(+;%$$+2,/%(?" 49' ;2+>/'$ %8 1%(9 (9' ;'+;/'19+ 78' (9'8' ;/,0'8 :+2 %$$+2,/ ,0(%B%(%'8"#2,@%0,(%&A (9'8' '8(,>/%89$'&(8 1%// &+('2,@%0,(' (9' ;2+>/'$ +: %$$+2,/ ,0(%B%(%'8@+&' >? (9' ;'+;/'= ,8 (9'8' 0+7/@ >' @+&''B'& %& (9' $+8( %&&+0'&( +: ;/,0'8"

    Z, 4WSWE DO ./? ,&@ ;'(%(%+&(9' A+B'2&$'&( :+2 2'@2'88 +: A2%'B,&0'8"

    .'(%(%+&8 A2,&('@ %& ;,2(" D. WW_ %8 , B,/%@'5'20%8' +: ;+/%0' ;+1'2" J( @+'8&', B,/%@ 87>I'0( +: 2'A7/,(%+&" 49' ;'2$%( 0,&+&/? >' @'&%'@ +& (9' >,8%8 +: 0/',2 ,&@;2'8'&( @,&A'2 (+ ;7>/%0 8,:'(?= $+2,/8 +29',/(9= (978= (9' $'(9+@ '$;/+?'@ 1,8 ,/8+2',8+&,>/'" 49' FM ,/8+ +2@'2'@ (9' *JY6F'02'(,2? (+ 0+$;/? 1%(9 F'0" !^ +: D. WW_19%09 ;2+B%@'@ :+2 (9' 02',(%+& +: K:2''@+$;,2O8N %& ,// 0%(%'8 ,&@ $7&%0%;,/%(%'8"*'$+&8(2,(%+&8 %& 8709 ;,2O8 1+7/@ &+( &''@;'2$%(8" G+&`0+$;/%,&0' 1%(9 (9%8 +2@'21+7/@ $',& (9,( ,// (9' ;7>/%0 ;,2O8 %& (9'/+0,/%(%'8 1+7/@ >' @''$'@ :2''@+$ ;,2O8"

    49' M.E ;+/%0? 1,8 @'0/,2'@ B+%@ >'0,78' %(2';/,0'@ (9' $,5%$7$ (+/'2,&0' ;+/%0? 8(,('@%& D. WW_" ./,%&/? 8;',O%&A= %( %8 &+( &''@'@

    ,&?$+2' 8%&0' (9' $,5%$7$ (+/'2,&0' ;+/%0?,/2',@? '5%8(8"ZZ b3' DO 0J/%0 8'2B%0'=(9%&A8 ,/2',@? $,&@,('@ >? '5%8(%&A /,18"d72(9'2$+2'= (9' d,%(9:7/ #5'07(%+& +: Y,18M/,78' PF'0" !X= C2(" \JJQ $,&@,('8 (9';2'8%@'&( (+ '5'07(' /,18" 49'2' %8 2',8+& (+%$;/'$'&( #R a-_" J( @+'8 &+( B%+/,(' (9'

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    20/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,5

    27/%&A %&9$*' 12 0"%%'/ >'0,78' %( %8 &+( ,7872;,(%+& +: /'A%8/,(%B' ,7(9+2%(?" J( @+'8 &+(%$;/'$'&( , &,(%+&,/ J* 8?8('$ >'0,78' %(+&/? ,;;/%'8 (+ ,A'&0%'8 19%09 ,/2',@? 0+//'0(;'28+&,/ @,(, ,&@ %887' J*8 P'"A" FFF=.9%/9',/(9= Y4R= '(0"Q" d72(9'2$+2'= (9' #R;2+B%@'8 :+2 87::%0%'&( 8(,&@,2@8 1%(9 2'A,2@(+ (9' 78' +: (9' @,(," .2%B,0? %8 (9'2':+2' &+(B%+/,('@"

    Z` 3J? (9'*.]MQ ,&@ *';,2($'&( R2@'2 G+8" Xa= -!^ ,&@ !-3 P%887'@ >? (9'*.]UQ" CR ! ;2+9%>%('@ $+(+20?0/'8 +& /%$%('@ ,00'88 :,0%/%(%'8= 19%/'(9' *R8 >,&&'@ $+(+20?0/'8 %& GY#q= FY#q ,&@ M+,8(,/ E+,@"

    49' +2@'28 1'2' %887'@ ;7287,&( (+ EC -___+2 (9' Y%$%('@ C00'88 U%A91,? C0( 19%09'$;+1'2'@ (9' &+1 @':7&0( *';,2($'&( +:.7>/%0 ]+2O8 ,&@ M+$$7&%0,(%+& P*.]MQ (+2'A7/,(' ,&@ 2'8(2%0( ,00'88 (+ /%$%('@ ,00'88:,0%/%(%'8 %& +2@'2 (+ ,//'B%,(' (2,::%00+&A'8(%+&" 49' 8,%@ @';,2($'&( 1,8'B'&(7,//? 8;/%( %&(+ (9' *.]U P19%09,887$'@ (9' ;7>/%0 1+2O8 :7&0(%+&Q ,&@ (9'*R4M P19%09 %8 (,8O'@ 1%(9 ;+/%0?:+2$7/,(%+&Q" 49'2':+2'= (9' *R8 %887'@ >?(9' *.]U ,2' %&B,/%@ >'0,78' (9'? ,2' &+('$;+1'2'@ (+ %887' 8709 ;+/%0?`8'((%&A+2@'28" 49' CR= 9+1'B'2= 1,8 7;9'/@ >'0,78'%( 1,8 %887'@ >? *.]M" J( %8 , B,/%@ '5'20%8' +:;+/%0' ;+1'2 >'0,78' (9' 78' +: ;7>/%09%A91,?8 >? $+(+2 B'9%0/'8 %8 , B,/%@ 87>I'0(+: 2'A7/,(%+&" 49' $',&8 78'@ ,2' 2',8+&,>/'%& 8,:'A7,2@%&A (9' ;'+;/' 19+ 78' (9' (+//1,?8 ,&@ (+ ;2'B'&( ,00%@'&(8"

    Ze LW7/,2? 19+ 9,@ >''& 2'0'%B%&A ;'&8%+&" .7287,&( (+.* !k3W= (9' ;'&8%+& 8(+;;'@ 19'& 9' >'0,$' , TF 0%(%g'&"

    8 .* !k3W ,;;/%'8 (+ 9%$ >'0,78' %( >'0,$''::'0(%B' 19%/' 9' 1,8 8(%// %& ,0(%B' 8'2B%0'" C((9' (%$' +: (9' '::'0(%B%(? +: .* !k3W= .,22'i+8(%// 9,@ &+ B'8('@ 2%A9(8 +& (9' ;'&8%+&" 4978=(9'2' %8 &+ @';2%B,(%+& +: ;2+;'2(? 2%A9(81%(9+7( @7' ;2+0'88 +: /,1" 49'2' %8 ,/8+ &+B%+/,(%+& +: (9' #.M >'0,78' %( 9,8 >''& 9'/@(9,( ,/%'&,A' %8 , 87>8(,&(%,/ @%8(%&0(%+&"

    Zf .A>JE?IJKKWM \?d+2(7&' *'B8'&0' +:(9' +;;+2(7&%(? (+ >' 9',2@" .'(%(%+&'28 1'2'

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    21/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,6

    ,@I,0'&( (+ (9'%28" C:('2 , /,&@ 872B'?= (9'8' 1'2' :+7&@ (+ &+( >'/+&A(+ (9'$ ,&@ 1,8 @'@70('@ :2+$ (9'%2 ,//+0,(%+&" 49'? ,/8+ @%@ &+(0+$;/'(' (9' @+07$'&(8 2'f7%2'@ >? DC4CUCJ 'B'& ,:('2 &'1@',@/%&'8 ,&@ @'$,&@ /'(('28 1'2' A%B'&" 4978= (9'? 1'2' @'/%8('@ ,8$'$>'2`>'&':%0%,2%'8"

    A%B'& 8'B'2,/ &+(%0'8 ,&@ +;;+2(7&%(%'8 (+ >'9',2@ 19%09 (9'? @%@ &+( 78'" 49' ;2+;'2(?1,8 (9'2':+2' 2%A9(:7//? 8'%g'@" d72(9'2$+2'=(9'? 8(%// 9,B' &+ B'8('@ 2%A9(8 +& 8,%@;2+;'2(?" .2'802%;(%+& 1%// &+( ,;;/? %& (9%80,8' >'0,78' ,0(8 +: ;+88'88+2? 09,2,0('2'5'07('@ >? B%2(7' +: /%0'&8' +2 (+/'2,&0' +:(9' +1&'2 1%// &+( A%B' 2%8' (+ ,0f7%8%(%B';2'802%;(%+&"

    Zg 'EJG=X 41 :?F=?@E=' B,/%@/? 2'A7/,('@ >? ;+/%0' ;+1'2"49' /,1 2'f7%2'8 (9' /%0'&8%&A +: 5`2,?;2+:'88%+&,/8 P/,1:7/ $'(9+@Q %& +2@'2 (+8,:'A7,2@ ;7>/%0 9',/(9 ,&@ 8,:'(? P/,1:7/87>I'0(Q"

    Zi !W=72@'& +: (9' '5;'&8'8 :+2 8'&%+2 0%(%g'&8"49%8 %8 , B,/%@ '5'20%8' +: ;+/%0' ;+1'2>'0,78' (9' A+,/ +: (9' /,1 +: $,5%$%g%&A (9'0+&(2%>7(%+& +: 8'&%+2 0%(%g'&8 (+ 8+0%'(?P/,1:7/ 87>I'0(Q %8 ,00+$;/%89'@ >? A%B%&A(9'$ >'&':%(8 ,&@ ;2%B%/'A'8 P/,1:7/ $',&8Q"F%&0' %( %8 ;+/%0' ;+1'2 ,( 1+2O= I78(0+$;'&8,(%+& %8 7&&'0'88,2?" ]9'&@'('2$%&'@ >? (9' /'A%8/,(72'= ;2+;'2(? 2%A9(8$78( >+1 (+ (9' ;2%$,0? +: ;+/%0' ;+1'2"

    `5 L=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    22/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,,

    (AA?IJWGJ?E ?B G;= L;JKJ>>JE=AM&EIO

    %$;/'$'&(%&A 27/'8 :+2 D. 33" 49'? 0/,%$ (9,( %( %8 B+%@ :+2 B,A7'&'88,&@ (9,( %( %8 0+&:%80,(+2? >'0,78' %( ;2+B%@'8 ;'&,/(%'8 +& , ;'20?/%&@'2 >,8%8"

    >'0,78' A'&'2,/ 1+2@8 ,2' 78'@" 49' ,0(8 ,&@+$%88%+&8 %& (9' 0%207/,2 ,2' 0+&('$;/,('@ %&D. 33= (978= (9' 0%207/,2 @+'8 &+( 02',(' >2,&@&'1 B%+/,(%+&8" 49' ;'2 0?/%&@'2 >,8%8 %8%&0/7@'@ %& D. 33 19%09 8;',O8 +: K,&? ,0(9'2'%& ;2+9%>%('@"N 49' 0%207/,2 %8 B,/%@"

    `6 330( DO /J

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    23/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,Z

    ;2%B,(' +::%0'8= ,&@ ;'28+&8 09,2A'@ >':+2' (9' ;2+8'07(+28 +::%0'1%(9 0'2(,%& +::'&8'8"

    %//'A,/ @27A8" J( %8 7&0+&8(%(7(%+&,/ %& 8+ :,2 ,8%( 2'f7%2'8 0,&@%@,('8 (+ 7&@'2A+ @27A ('8(%&A>'0,78' %( ,@@8 ,@@%(%+&,/ f7,/%:%0,(%+&8 19%09,2' >'?+&@ 19,( (9' M+&8(%(7(%+& ;2+B%@'8" J(%8 ,/8+ 7&0+&8(%(7(%+&,/ 1%(9 2'A,2@ (+$,&@,(+2? @27A ('8(%&A +: ,0078'@ ;'28+&8>'0,78' 8709 0,& &'B'2 >' 878;%0%+&/'88" J( %8%& '::'0( 9,2&'88%&A , $'@%0,/ (++/ 19%09 0,&>' 78'@ (+ ;2+8'07(' 9%$o9'2"

    `` $\$ DO (GJ=EYW 49' M%(? +: [,&%/, '&,0('@ R2@%&,&0' G+" W_-X 19%09 2'0/,88%:%'@ (9'.,&@,0,& ,&@ F(," C&, @%8(2%0(8 :2+$ %&@78(2%,/ (+ 0+$$'20%,/" C8 ,2'87/(= (9' .,&@,0,& R%/ *';+(8 +1&'@ >? M,/('5= .'(2+& ,&@ F9'// 9,@(+ >' $+B'@" 49' D%A 3 +%/ 0+$;,&%'8 8%A&'@ , $'$+2,&@7$ +:7&@'28(,&@%&A 1%(9 [,?+2 C(%'&g, ,&@ (9' *R# 19'2'%& (9'? ,A2''@(+ 80,/' @+1& (9' .,&@,0,& 4'2$%&,/8 %&8(',@ +: 0/+8%&A (9'$ @+1&'&(%2'/?" .'(%(%+&'28 ;2,? (9,( , 12%( +: $,&@,$78 >' %887'@ %& +2@'2(+ 0+$;'/ (9' $,?+2 (+ '&:+20' R2@" G+= W_-X ,&@ 0/+8' @+1& (9'.,&@,0,& 4'2$%&,/8"

    .'(%(%+& A2,&('@" 49'2' %8 &+ /'A,/ %$;'@%$'&((+ (9' '&:+20'$'&( +: R2@" G+= W_-X= J( %8 ,B,/%@ '5'20%8' +: ;+/%0' ;+1'2 >'0,78' (9'2'$+B,/ +: 9%A9/? @,&A'2+78 :7'/8 &',22'8%@'&(%,/ ,2',8 P/,1:7/ $'(9+@Q %8 , B,/%@1,? +: 8,:'A7,2@%&A (9' 9',/(9 ,&@ 8,:'(? +:(9' A'&'2,/ ;7>/%0 P/,1:7/ 87>I'0(Q" 49' +%/0+$;,&%'8 0+&('&@ (9,( %( %8 , @';2%B,(%+& +:(9'%2 ;2+;'2(? 2%A9(8= 9+1'B'2= (9' 2%A9( (+ /%:'

    %8 87;'2%+2 (+ (9' 2%A9( (+ ;2+;'2(?"d72(9'2$+2'= 8%&0' ;+/%0' ;+1'2 %8 78'@= I78(0+$;'&8,(%+& %8 &+( &'0'88,2?" F709 %8 ,2'f7%2'$'&( +&/? %& (9' '5'20%8' +: (9' ;+1'2+: '$%&'&( @+$,%&"

    `e $.! DO &EG=?? F#M +: %&8%@'2 (2,@%&A :+2 &+&`@%80/+872' +:2'/'B,&( %&:+2$,(%+& ,>+7( ,& ,0f7%8%(%+& (9'? 9,@" F#M %887'@ , 89+10,78' +2@'2 19%09 $,@' J&('2;+2( '5;/,%& 19? &+ 8,&0(%+&8 89+7/@ >':%/'@ ,A,%&8( (9'$" J&('2;+2( 0/,%$8 (9,( (9' 89+1 0,78' +2@'2 %8 ,B%+/,(%+& +: @7' ;2+0'88" J&('2;+2( ,/8+ 0/,%$8 (9,( (9' F#M 9,8 &+

    I72%8@%0(%+& >'0,78' %( %8 (9' .2+8'07(%+& ,&@ #&:+20'$'&(

    *';,2($'&( P.#*Q +: (9' F#M 19%09 9,8 I72%8@%0(%+&" 49' MC 27/'@ %&:,B+2 +: %&('2;+2("

    49' MC '22'@" *72%&A (9' ;'&@'&0? +: (9'0,8'= , &'1 /,1 PF'072%(%'8 E'A7/,(%+& M+@'Q1,8 ;,88'@ 19%09 ,>+/%89'@ (9' .#*" 4978=F#M &+1 9,8 I72%8@%0(%+&" 49' MC 1,8 12+&A19'& %( 27/'@ (9,( %$;/'$'&(%&A 27/'8 ,2'&'0'88,2? :+2 (9' '::'0(%B%(? +: (9' E'B%8'@

    F'072%(%'8 C0( P+/@ /,1Q" 49' EFC 1,8 :7//?'::'0(%B' 'B'& %: &+ %$;/'$'&(%&A 27/'8 1'2';2+$7/A,('@ 8%&0' (9' ;2+B%8%+&8 ,2'87::%0%'&(/? 0/',2 ,&@ 0+$;/'(' >? (9'$8'/B'8"49' +/@ ;2+B%8%+&8 ,2' 8(%// '::'0(%B' >'0,78'(9'? 1'2' 2''&,0('@ %& (9' FEM"

    `f 4(#(% DO !"3.).! .'(%(%+&'28 ,88,%/ (9' 0+&8(%(7(%+&,/%(? +: EC V3kV 19%09 ,$'&@'@ ECWa3k P.+// C7(+$,(%+& Y,1Q +& 8'B'2,/ A2+7&@8" R&' +: 19%09 %8 (9';2+B%8%+& 19%09 8,?8 (9,( ;+/ 1,(09'28 +: (9' @+$%&,&( $,I+2%(? ,&@@+$%&,&( $%&+2%(? ;,2(%'8 89,// >' A%B'& , :%5'@ ;'2 @%'$ +: .a__".'(%(%+&'28 0/,%$ (9,( (9%8 B%+/,('8 (9' &+&`%$;,%2$'&( +: 0+&(2,0(8

    .'(%(%+&'28< ,2A7$'&( %8 '22+&'+78" C( (9'(%$' +: (9' '&,0($'&( +: (9' /,1= (9'2' 1,88(%// &+ ;'2:'0('@ 0+&(2,0(8 >'(1''& (9' ;+//1,(09'28 ,&@ (9' ;,2(%'8" 49'2':+2'= &++>/%A,(%+& 1%// >' %$;,%2'@" d72(9'2$+2'= (9%8

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    24/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,`

    0/,78'" %8 , B,/%@ '5'20%8' +: ;+/%0' ;+1'2" 49' 2+/' +:;+// 1,(09'28 %8 B'8('@ 1%(9 ;7>/%0 %&('2'8(19%09 0,& >' 2'A7/,('@ >? M+&A2'88 %& (9''5'20%8' +: ;+/%0' ;+1'2" 6%B%&A (9' ;+//1,(09'28 :,%2 ,&@ 'f7%(,>/' 0+$;'&8,(%+&;2+$+('8 A'&'2,/ 1'/:,2'"

    `g L=?>K= DO $JG?E #B,&A'/%&' F%(+& ,&@ m2?8('/ m,(' FA,2,&+ 1'2' ,22'8('@ ,&@ 09,2A'@1%(9 B,A2,&0? 7&@'2 C2(" -_-P-Q +: (9' E.M" E'8;+&@'&(8 0/,%$ (9,((9' /,1 %8 B,A7' ,&@ B%+/,('8 (9' #.M"

    C2(" -_-P-Q %8 0+&8(%(7(%+&,/" J(8 ,%$ %8 (+$,%&(,%& $%&%$7$ 8(,&@,2@8 +: @'0'&0?=$+2,/%(? ,&@ 0%B%/%(? %& 97$,& 8+0%'(?" J( %8 ,B,/%@ '5'20%8' +: ;+/%0' ;+1'2" 49'2'8;+&@'&(8 %& (9%8 0,8' 1'2' ,22'8('@ ,:('2;+/%0' 0+&@70('@ 872B'%//,&0'= (978= (9'2' 1,8;2+>,>/' 0,78' (+ ,22'8( (9'$"

    `h +;JG= )JC;G !??2',@(9 @+0(2%&'"

    .'(%(%+&'28 @+ 9,B' 8(,&@%&A (+ 09,//'&A' (9'+2@%&,&0'" J( %8 %&@''@ 7&0+&8(%(7(%+&,/" 49'+2@%&,&0' &''@/'88/? 2'8(2,%&8 (9' 2%A9( (+/%>'2(? +: (9' 0/%'&(8= ,8 1'// ,8 (9' >78%&'88+;'2,(%+&8 +: (9' 9+('/ ,&@ $+('/ +;'2,(+28"U'&0'= (9' RB'2>2',@(9 @+0(2%&' ,;;/%'8>'0,78' , 0+&8(%(7(%+&,//? A7,2,&(''@ 2%A9( %8&''@/'88/? 2'8(2,%&'@" J( %8 ,& %&B,/%@ '5'20%8'+: ;+/%0' ;+1'2" C/(9+7A9 $%&%$%g%&A;2+8(%(7(%+&= @27A 78'= %//%0%( 8'5= ,&@ +(9'2%$$+2,/ ,0(%B%(%'8 %8 , /,1:7/ 87>I'0( :+2 ;+/%0';+1'2= (9' $',&8 78'@ >? (9' +2@%&,&0' ,2'7&2',8+&,>/'" D'8%@'8= (9'2' ,2' ,/2',@?+(9'2 /,18 19%09 ;2+9%>%( 8,%@ ,0(8"

    `i !-.4( DO -?FHK? .'(%(%+&'28 ,88,%/ (9' 0+&8(%(7(%+&,/%(? +: 2'B'&7' 2'A7/,(%+&8 %887'@ >?(9' DJE 19%09 ;2+B%@' :+2 02'@%(,>/' 1%(99+/@%&A (,5 PM]4Q ,&@

    $%&%$7$ 0+2;+2,(' %&0+$' (,5 P[MJ4Q :+2 (9+8' '&A,A'@ %& 2',/'8(,('" 49' M]4 %8 09,2A'@ +& , ;'2 (2,&8,0(%+& >,8%8= 19%/' (9' [MJ4%8 09,2A'@ +& (9' A2+88 %&0+$'" #%(9'2 (9' [MJ4 +2 (9' &+2$,/0+2;+2,(' %&0+$' (,5 %8 ,0(7,//? ;,%@ >? (9' 0+$;,&?= 19%09'B'2 %89%A9'2"

    49' [MJ4 %8 &+( 7&0+&8(%(7(%+&,/" 49' ;+1'2(+ (,5 %8 ;/'&,2? ,&@ 7&/%$%('@ %& 2,&A'" 49'

    +&/? /%$%( %8 (9' M+&8(%(7(%+&" J( %8 &+( , (,5 +&0,;%(,/ >7( +& A2+88 %&0+$'= (9'2':+2'= %( %8&+( +;;2'88%B' ,&@ ,2>%(2,2?" J( %8 ,/8+ &+( ,&,@@%(%+&,/ (,5 >7( , (,5 %& /%'7 +: (9' &+2$,/0+2;+2,(' %&0+$' (,5" 49' M]4= +& (9' +(9'29,&@= ,/8+ @+'8 &+( %$;+8' , &'1 (,5 &+2@+'8 %( %&02',8' (,5'8" J( %8 &+( , @';2%B,(%+& +:;2+;'2(? >'0,78' (9' M]4 %8 02'@%(,>/',A,%&8( (9' (,5 @7' :2+$ (9' 8'//'2 +: (9';2+;'2(? ,( (9' '&@ +: (9' (,5,>/' ?',2" 4978=(9'2' %8 &+ @';2%B,(%+& >'0,78' (9' $+&'?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    25/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,e

    'B'& A+'8 >,0O (+ (9' 8'//'2"e5 $?HG;=;=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    26/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,f

    . N'() L-"%.!%&"# ! )('$.

    M+&8(%(7(%+&,/ A7,2,&('' +: (9' m.aHWKJGS ?B G;= L==

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    27/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,g

    `O 9?D=? /,1 ,&@ (9+8' 19%09 ,2' &+( P%& (9%8 0,8'= A,$'8 +: 09,&0'Q TgU4($!" DO L(9!"-

    d+2 (9' ;72;+8' +: (9' A'&'2,/ 1'/:,2' +: ;'+;/' P$+2'+B'2 (9+8' 19+ ,2' %&&''@Q ,&@ '5,0(%&A 8+0%,/ I78(%0'= (9' 8(,(' 0,& 78' %(8 ;+/%0' ;+1'2 (+ 02',(' ,0/,88%:%0,(%+& >'(1''& (9' ;++2 ,&@ +(9'28 TiU 4JEWS DO 0?FJEC?C A,$>/%&A :2,&09%8' %8 ,/1,?8 87>I'0( (+ (9' '5'20%8' +: ;+/%0' ;+1'2 :+2 (9';7>/%0 1'/:,2' T6`U )JF DO LWIaHJEC

    49' 6+B'2&$'&( $,? 2'f7%2' >2+,@0,8(%&A 8(,(%+&8 (+ ,//+1 (9'$ (+0+$$7&%0,(' (+ (9' ;7>/%0" 49%8 %8 ;,2( +: (9'%2 2'8;+&8%>%/%(? 7&@'2 E"C" X-^-T,eU %.).4(L /O !"3.).!

    49' \dC @+'8 &+( B%+/,(' (9' #.M >'0,78' (9' 0'2(,%& '5'$;(%+&8 ,&@

    ;2%B%/'A'8 A%B'& (+ TF $%/%(,2? ;'28+&&'/ ,2' I78( (+ 8'2B' +7( (9' ,A2''$'&('2 +: , :+2'%A&$%/%(,2? ,2$'@ :+20'8 ,//+1'@ (+ '&('2 +72 ('22%(+2? ,&@ ,// +(9'2 ,0078'@ Te5U#JI?KWA DO -?FHK?

    C $+(+20?0/'= A%B'& %(8 2,(9'2 :2,A%/' 09,2,0('2%8(%08= $,? >' 8%&A/'@ +7( >?/,1 (9,( %&('&@8 (+ ;2+('0( (9' 8,:'(? +: (9' ;7>/%0 T`ZU 3J8(,&(%,/@%8(%&0(%+& ,A,%&8( +(9'2 %&@78(2%'8 >'0,78' +: (9' 8'B'2%(? +: @,$,A' (9'?$,? 0,78' T`gU $\$ DO (GJ=EYW

    49' 0%(%'8 '&7$'2,('@ %& (9' 0%(?9++@ /,18 9,B' 87>8(,&(%,/ @%::'2'&0',A,%&8( (9+8' &+( '&7$'2,('@ A%B'& (9'%2 0,;,>%/%(? (+ >'0+$' 0+$;+&'&(0%(%'8 +: (9'%2 2'8;'0(%B' ;2+B%&0'8 TeZU )=WCH= ?B !JGJ=A DO !?F=K=I

    eO %Wd !KWAAJBJIWGJ?E

    M2',(%&A 0/,88%:%0,(%+&8 :+2 (9' ;72;+8' +: (,5,(%+& %8 %&9'2'&( %& (9' (,5%&A;+1'2 +: (9' F(,(' T66U %?K=EGJE? DO $=I8(,&(%,/ @%8(%&0(%+& >'(1''& 0,8'8 19'2' (2%,/ ,/2',@? >'A7&,A,%&8( (9+8' 19'2' %( 9,8 &+( ?'( 8(,2('@" T,gU )WIA?E DO .d=IHGJD= $=I%/%(? +& (9' ;,2( +: (9'A2,&(''" U+1'B'2= ;,?$'&( +: 0%B%/ @,$,A'8 $,? >' B,/%@/? $,@' ,8 ,0+&@%(%+& :+2 (9' 0+&(%&7'@ '&I+?$'&( +: 8709 ;2+>,(%+&"T,hU $?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    28/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,h

    :2+$ +(9'2 ;2%8+&'28 19+ 0+$$%(('@ 02%$'8 ;7&%89'@ >? (9' 8,$' ;'&,/(%'8TZeU L=?>K= DO \WK?AV?A

    .'&,/ 8(,(7('8 @+ &+( A+ ,A,%&8( (9' #.M ,8 (9'? @+ &+( ;7&%89 ;'+;/' :+2 19+(9'? ,2'= 2,(9'2= 19,( %8 ;7&%89'@ %8 19,( (9'? @+ +2 9+1 (9'? 0+&@70((9'$8'/B'8 Te,U L=?>K= DO $JG?E

    gO .F>K?SF=EG

    49'2' %8 , 87>8(,&(%,/ @%8(%&0(%+& >'(1''& /,&@`>,8'@ ,&@ 8',`>,8'@ 1+2O'28%& ('2$8 +: 1+2O '&B%2+&$'&( ,&@ ,00'88%>%/%(? (+ 8'B'2,/ (?;'8 +: ,0(%B%(%'8"T6eU 3W'0+$;/%'@ 1%(9"T,6U "KJDW8(,&(%,/ @%8(%&0(%+& >'(1''& &+&`2'8%@'&( ,/%'&8 ,&@ 2'8%@'&(,/%'&8 19'& 19,( %8 %& f7'8(%+& %8 (9' %887,&0' +: '$;/+?$'&( ;'2$%(8 T,,U93! DO %?%/%(? +: /72%&A %& >%A %&B'8($'&(8 ,&@ $,&? '$;/+?$'&(+;;+2(7&%(%'8 :+2 d%/%;%&+8T,fU %JH DO !(

    J: (9'2' %8 87>8(,&(%,/ 'f7,/%(? %& (9' 2+/'8 ;'+;/' :2+$ @%::'2'&( ;+8%(%+&8 ;/,?%& (9' I7@%0%,2?= 0/,88%:%0,(%+& :+2 0'2(,%& >'&':%(8 ,&@ ;2%B%/'A'8 1%(9 2'A,2@ 0+$;'&8,(%+& %8 ;2+9%>%('@T``U &E -= -=aH=AG ?B (!(

    iO "BBJI= ?B G;= "FRHXAFWE 7 .L! JA E?G W>>KJIWRK=

    49' R::%0' +: (9' R$>7@8$,& 0,& 09++8' (+ ,0( +& ,&? 0+$;/,%&( :%/'@ %& ,&?$,&&'2 P&+ &''@ :+2 B'2%:%'@ 0+$;/,%&(8= 81+2& 8(,('$'&(8 ,&@ :7//@%80/+872' +: %@'&(%(?Q ,A,%&8( ;7>/%0 +::%0%,/8T6ZU (KF?EG= DO /WAaH=Y

    49' R::%0' +: (9' R$>7@8$,& 9,8 (9' 8+/' @%802'(%+& +: 19'(9'2 +2 &+( (+;7287' ;2'/%$%&,2? %&B'8(%A,(%+& ,&@ :72(9'2 ;2+0''@%&A8 %& 0,8'8 %( 9,&@/'8T`eU 0JFWSHCW DO "34

    49' R$>7@8$,& $,? %$;+8' 878;'&8%+& (+ ;2'B'&( ,0078'@ ;7>/%0 +::%0'28:2+$ 0+$$%((%&A ,0(8 (9,( 1+7/@ '%(9'2 ,::'0( (9' 0,8' +2 (9+8' (9,( 0+7/@02',(' $+2' 9,2$ T,ZU $=C?DJW DO $WEXJCWERWSWEM T`iU 9?R=EIJ?EC DO !(

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    29/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ,i

    !WA= #?O !WA= %JGK= )W@[0=IJAJ?E[0?IHF=EGWG &AAH=

    (KK=C=X0JAI

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    30/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Z5

    @';2%B'@ +: /%:'P/%B'/%9++@ %&0/7@'@Q 1%(9+7( @7' ;2+0'88 +: /,1".2+('0(%+& +: #.M %8 A%B'& (+ ,// ;'28+&8= >+(9 ,/%'& ,&@ 0%(%g'&8

    a *7$/,+ B"MR[#Y#M

    $=IO ` ?B 4L 4KCO e, ;2+B%@'8 (9,( ,&=K=IGJD=?BBJIJWK P0%(? +2 $7&%0%;,/Q19+ 9,8 R==E C

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    31/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Z6

    M+2;+2,(%+& M9,2('2Q/'A,/%g'@ .C6MRE`0+&@70('@ A,$>/%&A

    (9' #.M >'0,78' %(K/'A,/%g'@ .C6MRE`0+&@70('@ A,$>/%&A=19%/' $+8( A,$>/%&A,2' +7(/,1'@(+A'(9'2 1%(9;2+8(%(7(%+&= @27A(2,::%0O%&A ,&@ +(9'2B%0'8N

    ,//+1'@ >? /,1 ,&@ 2'A7/,('@ >? (9' A+B'2&$'&( 19%/' (9' /,(('2%8 &+( P%&B+/B'8 ,// (9' 'B%/8 ,&@= $,/;2,0(%0'8= ,&@ 0+227;(%+&8Q

    RO 9=H?A= ?B G;= KW@ T2.$U o;72;+8' %8 (9'0'&(2,/%g,(%+&= %&('A2,(%+&= ,&@ 2'A7/,(%+&8 +: A,$'8 +: 09,&0',7(9+2%g'@ >? /,1 %& +2@'2 (+ A'&'2,(' ,@@%(%+&,/ 2'B'&7'

    IO LKJIWGJ?E G? G;= F=FR='(1''& ,0(%B%(%'80+&(2+//'@ ,&@2'A7/,('@ >? /,1,&@ (9+8' 19%09 ,2'&+( P%& (9%8 0,8'=A,$'8 +: 09,&0'Q

    W E';7>/%0 B"F,&@%A,&>,?,&'(",/"

    0==X ?B (AAJCEF=EG '&('2'@ %&(+ >? .M66 ,&@M+&A2'88$,& *' \'&'0%, bRWAJA ?B G;=$WEXJCWERWSWE G? XJAFJAA!JDJK !WA= #?O 55,5 WCWJEAG?EX=EGA

    49' '5'07('@ @''@+: ,88%A&$'&( 89+7/@+&/? @%8$%88 (9' 0,8',A,%&8( 2'8;+&@'&(*' \'&'0%, >7( &+((9' +(9'22'8;+&@'&(8P$'$>'28 +:.UJY6TCECG4## bD+&@+0 '(",/" =d'2@%&,&@ ,&@J$'/@, [,20+8Q

    WO $HRAGWEGJWK 0JAGJEIGJ?E TLW

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    32/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Z,

    +&/? (9+8' 19+f7,/%:?

    !_ G,(%+&,/ .+/%0'M+$$%88%+& B"*' 67g$,&= H2"

    $=IO Zi ?B -( fige ;2+B%@'8 (9,( 7;+&,((,%&$'&( +: (9' ,A' +:^k= +::%0'2 ,&@ &+&`+::%0'2$'$>'28 +: (9' .G. $78(2'(%2'c %& 0,8' +: ,&?+::%0'2 1%(9 (9' 2,&O +:09%': 87;'2%&('&@'&(=@%2'0(+2 +2 @';7(? @%2'0(+2A'&'2,/= (9' M+$$%88%+&$,? ,//+1 9%8 2'('&(%+& :+2,& 7&'5('&@%>/' ;'2%+@ +:! ?',2

    $=I hi +: (9' 8,$' /,1;2+B%@'@ , a ?',2(2,&8%(+2? ;'2%+@ +: (9',0(Z 0+$;7/8+2?2'(%2'$'&( ,( (9' P,Q ,A' +:k_ %& (9' !8( ?',2= P>Q ,A'+: ^V +& (9' - &@ ?',2= P0Q,A' +: ^W +& (9' 3 2@ ?',2=,&@ P@Q ,A' +: ^X +: (9' a(9 ?',2

    J( %8 %& f7'8(%+&19'(9'2 +2 &+( F'0"WV +: (9' /,1 %8,;;/%0,>/' (+ (9'$'$>'28 +: (9' &+1@':7&0( .9%/%;;%&'M+&8(,>7/,2? P.MQ

    J: &+(= @+'8 %( B%+/,('(9' #.Ms

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U o(9'2' %8 , 87>8(,&(%,/@%8(%&0(%+& >'(1''& (9' .M ,&@ (9' /+0,/ ;+/%0' :+20'c /'A%8/,(%B'%&('&( %8 0/',2 19'& %( 0+$'8 (+ (9' %887' +: F'0" WV +: (9' /,1&+( >'%&A ,;;/%0,>/' (+ (9' $'$>'28 +: (9' .M

    RO 9=H?A= ?B G;= KW@ T2.$U o;72;+8' %8 (+'&,>/' (9' ;+/%0' (+ ;/,& (9'%2 2'(%2'$'&( 19%09 1+7/@ >' ',2/%'2(9,& 787,/ 7&@'2 (9' 8,%@ /,1

    IO LKJIWRK=U oF'0" WV %8$'2'/? (2,&8%(+2?

    XO .aHWK W>>KJIWGJ?E G? G;= F=FR=8(,&(%,/@%8(%&0(%+&

    !! 4+/'&(%&+ B"F'02'(,2? +:d%&,&0'

    -O(O gg6f +2 (9' #5;,&@'@\,/7' C@@'@ 4,5 Y,1

    J( %8 ,//'A'@ (9,( (9'8,%@ /,1 B%+/,('8 (9'#.M >,8'@ +& (9' P!Q

    /,0O +: '5'$;(%+& +&(9' 8,/'8 +: 2',/;2+;'2(? ,&@ P-Q:,B+72,>/''5'$;(%+&8 :+2'/'0(2%0 0++;'2,(%B'8

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U o49'2' %8 , @%::'2'&0' >'(1''&(9' 9+$'/'88 ;++2 ,&@ (9' 9+$'/'88 /'88 ;++2 b (9' /,(('2P8'0+&@o$%@@/' 0/,88 A2+7;Q 0,& ,::+2@ (+ 2'&( 9+78'8 :+2 (9'

    $',&(%$' 19%/' (9' :+2$'2 0,&&+(

    ` %( %8 %&9'2'&( %& (9' (,5 ;+1'2 +: (9' 8(,(' (+ 8'/'0( (9' 87>I'0(8+: (,5,(%+&

    RO 9=H?A= ?B G;= KW@ T2.$U o (9' ;72;+8' +: (9' '5'$;(%+& +: :++@= ;'(2+/'7$= $'@%0,/=,&@ B'('2%&,2? 8'2B%0'8 :2+$ #`\C4 %8 (+ ;2+B%@' 2'/%': :+2 (9'/+1'2 %&0+$' A2+7;8` ,/8+= (9'2' %8 , A2',('2 &''@ (+ ;2+B%@' 09',;'2 '/'0(2%0 ;+1'2(+ ,8 $,&? ;'+;/' ,8 ;+88%>/'

    M2',(%&A0/,88%:%0,(%+&8 :+2(9' ;72;+8' +:

    (,5,(%+& %8 %&9'2'&(%& (9' (,5%&A ;+1'2+: (9' F(,('

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    33/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ZZ

    IO LKJIWGJ?E G? G;= F=FR=;+'&, #(&'/,8'@

    +& , 0,8' >2+7A9( ,>+7( >?,& 7&8%A&'@ ,&@ 7&B'2%:%'@/'(('2 0+$;/,%&(

    .'(%(%+&'28 ,//'A'@(9,( %&WKK B?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    34/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Z`

    !a Y%$ B" .,0f7%&A LO0O gg62'B+O'@ ,//'5%8(%&A H,%`C/,% :2,&09%8'28%887'@ >? /+0,/A+B'2&$'&(8

    C88+0%,('*'B'/+;$'&(M+2;+2,(%+& ,2A7'8(9,( ."*" XX! B%+/,('8(9' #.M ,8 %( 2'B+O'8(9'%2 A,$>/%&A:2,&09%8'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#[(U o%( 89+7/@ >' 2'$'$>'2'@ (9,(, :2,&09%8' %8 &+( , 8%$;/' 0+&(2,0( >7( , $'2' ;2%B%/'A' 8;'0%,//?%& $,(('28 19%09 ,2' 1%(9%& (9' A+B'2&$'&('((%&A>? (9' ;7>/%0 +& 9+28' ,&@ @+A 2,0'8= I,%`,/,% ,&@ +(9'2 :+2$8 +:A,$>/%&A P:+2 ;7>/%0 1'/:,2'Q

    IO LKJIWGJ?E G? F=FR=? /+0,/ A+B'2&$'&(81%(9+7( f7,/%:%0,(%+& +2 '50';(%+&

    C A,$>/%&A:2,&09%8' %8 ,/1,?887>I'0( (+ (9''5'20%8' +: ;+/%0';+1'2 :+2 (9' ;7>/%01'/:,2'

    !^ [,2%(%$'[,&&%&ACA'&0%'8= J&0" B"

    .R#C

    -=A?KHGJ?E #?O 56M A='(1''& /,&@`>,8'@ ,&@ 8',`>,8'@ 1+2O'28 %& ('2$8 +: 1+2O'&B%2+&$'&(= 8,:'(?= @,&A'28= 2%8O8= ,&@ ,00'88%>%/%(? (+ 8+0%,/=

    0%B%0= ,&@ 8;%2%(7,/ ,0(%B%(%'8

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ ,::+2@ ;2+('0(%+& (+ d%/%;%&+ Rd]'(1''&

    /,&@`>,8'@ ,&@ 8',`>,8'@ 1+2O'28 %&('2$8 +: 1+2O'&B%2+&$'&( ,&@,00'88%>%/%(? (+8'B'2,/ (?;'8 +:,0(%B%(%'8"

    !k E'A,/, B"F,&@%A,&>,?,&

    .'(%(%+&'28= ;,2(&'28 +:CMMEC Y,1 d%2$ (9,(2'B',/%&A (9' &,$' +: (9'%20/%'&( %8 , B%+/,(%+& +:,((+2&'?`0/%'&( ;2%B%/'A' b2'0+A&%(%+& +: (9'%$;+2(,&0' +:0+&:%@'&(%,/%(?

    J& @2+;;%&A 8%$%/,209,2A'8 ,A,%&8(;2%B,(' 2'8;+&@'&(E,7/ E+0+= (9'0+&(%&7'@;2+8'07(%+& +: (9';'(%(%+&'28 B%+/,('8(9' #.M ,8 (9'2' %8&+ 87>8(,&(%,/@%::'2'&0' >'(1''&

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U oJ( %8 A2+88/? 7&:,%2 (+ '5'$;(+&' 8%$%/,2/? 8%(7,('@ /%(%A,&( :2+$ ;2+8'07(%+& 1%(9+7( ,//+1%&A(9' 8,$' '5'$;(%+& (+ (9' +(9'28

    RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR='$,@' 1%(9+7( (9';2'8'&0' +: ,87>8(,&(%,/@%8(%&0(%+&

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    35/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Ze

    E+0+ ,&@ (9';'(%(%+&'28

    !X F%8+&= H2" B"C&09'(,

    $=IO 6 ?B 4OLO 4KCO 6Ze .'(%(%+&'2 ,//'A'8(9,( (9'2' 1+7/@ >'7&@7' @%802%$%&,(%+&,A,%&8( 9%$ >? (9'%$;+8%(%+& +: 9%A9'2(,5 2,('8 7;+& 9%8%&0+$' ,2%8%&A :2+$(9' '5'20%8' +: 9%8;2+:'88%+& ,A,%&8((9+8' 19%09 ,2'%$;+8'@ 7;+& :%5'@%&0+$'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U b (9' 2'B'&7' $',872'8 ,2',&09+2'@ %& , 87>8(,&(%,/ @%8(%&0(%+& >'(1''& (,5;,?'28 ,>%/%(?(+ ;,? (,5'8

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ ,@@2'88 (9' @%8;,2%(%'8 ,$+&A8( (9' '5;'&8'8&'0'88,2? (+ ;2+@70' (9'%2 %&0+$'

    IO LKJIWGJ?E G? G;= F=FR=':+2'@%8f7,/%:%0,(%+&

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#[(U b MR[#Y#M 9,8 (9' ;+1'2 (+

    2'8+/B' (9' 0,8'8 +: D/,&0+ @%2'0(/? 1%(9+7( 2':'22%&A %( (+ %(8 Y,1*';,2($'&(

    RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR=' 2'8(2%0('@ >?$'2' ;2+0'@72,/27/'8

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    36/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Zf

    (9' #/'0(%+& M+@'-_ .9%/ H7@A'8 B"

    .2,@+$=IO Ze ?B -O(O gZe`1%(9@2,18 (9' :2,&O%&A;2%B%/'A' :2+$ (9' I7@%0%,2?

    d2,&O $,%/8 t 8+$' :+2$ +:0+$$7&%0,(%+&

    J( %8 ,//'A'@ (9,( 8709/,1 B%+/,('8 (9' #.M,8 %( 1%(9@2,18 (9':2,&O%&A ;2%B%/'A' (9'

    I7@%0%,2? 19%/'$,%&(,%&%&A %( :+2+(9'28 8709 ,8 (9''5'07(%B'= :+2$'2'5'07(%B'8= ,&@ (9'%21%@+18 ,$+&A+(9'28

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%::'2'&0' >'(1''& (9' I7@%0%,2? ,&@ +(9'28 19'& %( 0+$'8 (+(9' :2,&O%&A ;2%B%/'A' b (9' I7@%0%,2? &''@8 %( ,8 $709 +2 'B'&$+2' (9,& +(9'2 ,A'&0%'8 A2,&('@ 8709 ;2%B%/'A'

    RO 9=H?A= ?B G;= KW@ T2.$U o,/(9+7A9 (9%8 %8%$$,('2%,/ ,8 (9' /,1 %8 7&0+&8(%(7(%+&,/

    IO LKJIWGJ?E G? G;= F=FR=,?,&

    ." %887'@ >? ;'(%(%+&'219+ %8 (9' [,?+2 +:.,2,&,f7'"

    J( %887'@ ;'2$%( (+,&K7&%@'&(%:%'@ D,0/,2,&`>,8'@B'&@+28'0+$;/%'@ 1%(9"

    -- 6[M B" 4+22'8 (+7( (9''$;/+?$'&( ;'2$%(A2,&('@ (+ &+&`2'8%@'&(,/%'&8

    E'B+0,(%+& +:'$;/+?$'&( ;'2$%(+: 4%$ M+&' ,&@0+&(%&7'@'$;/+?$'&( +:G+2$,& D/,0O

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U oG+2$,& D/,0O %8 , /+&A (%$'2'8%@'&( +: (9' 0+7&(2?c C2( a_ +: (9' /,>+2 0+@' ,;;/%'8 +&/? (+&+&`2'8%@'&(8

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ 2'A7/,(' (9' '$;/+?$'&( +: ,/%'&8

    IO LKJIWGJ?E G? G;= F=FR=8(,&(%,/@%8(%&0(%+& >'(1''&&+&`2'8%@'&( ,/%'&8,&@ 2'8%@'&( ,/%'&819'& 19,( %8 %&f7'8(%+& %8 (9'%887,&0' +:'$;/+?$'&(;'2$%(8

    -3 F'A+B%, B" $=IO 6Z ?B -O(O Z56iPC&(%` .'(%(%+&'2 ,//'A'@ WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U b ;7>/%0 +::%0'28 $,? 78' (9' 49' R$>7@8$,&

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    37/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Zg

    F,&@%A,&>,?,& 62,:( ,&@ M+227;( .2,0(%0'8Y,1Q 19%09 ;2+B%@'8 (9,(,&? %&07$>'&( +::%0'2,A,%&8( 19+$ , 0,8'P0+$%&A :2+$ , B,/%@%&:+2$,(%+&Q %8 :%/'@ 89,//>' 878;'&@'@ :2+$ +::%0'

    (9,( 8709 ;+1'2 (+878;'&@ %8 , B%+/,(%+&+: (9' #.M

    ;2'8(%A' ,&@ %&:/7'&0' +: (9'%2 +::%0' (+ %&(%$%@,(' +2 %&:/7'&0';2+8;'0(%B' 1%(&'88'8= (+ (,$;'2 1%(9 @+07$'&(,2? 'B%@'&0'= +2(+ 0+$$%( :72(9'2 ,0(8 +: $,/:',8,&0' 19%/' %& +::%0'

    RO 9=H?A= ?B G;= KW@ T2.$U b (9' ;72;+8' +:(9' /,1 %8 (+ ;2'B'&( 8709 ;7>/%0 +::%0'28 :2+$ @+%&A (9' ,0(8'&7$'2,('@ ,>+B'

    IO LKJIWGJ?E G? G;= F=FR=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    38/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Zh

    @72%&A (9' ;'2%+@ +: (9'0,$;,%A& :+2 KM+$'/'04%$'N

    XO .aHWK W>>KJIWGJ?E G? G;= F=FR=%/%(?7&@'2 E"C" X-^-

    -k 4%7 B" MC .O"O ig7( 19%09 /%$%('@(9' >'&':%(8 ,&@ '0+&+$%0%&0'&(%B'8 A%B'& >? ECX--X

    J( %8 ,//'A'@ (9,( >?&,22+1%&A @+1& (9'8;'0%,/ ;2%B%/'A'8A2,&('@ (+ (9'K:'&0'@`%& :+2$'2F7>%0 G,B,/ D,8'+&/?N= #"R" VX` C'50/7@'@ +(9'28:2+$ '&I+?%&A 8709>'&':%(8 ,$+7&(%&A(+ @%802%$%&,(%+& &+(>,8'@ +& 87>8(,&(%,/@%8(%&0(%+&8

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U7 (9'2' %8 87>8(,&(%,/ @%8(%&0(%+& >'(1''& (9' >%A %&B'8(+28 >'%&A/72'@ %&(+ '8(,>/%89%&A ,&@ +;'2,(%&A (9'%2 %&@78(2%'8 %&8%@' (9'K8'072'@ ,2',N ,&@ (9' ;2'8'&( >78%&'88'8 +7(8%@' (9' 8,%@ ,2', 7 (9' 8'072'@ ,2', 0+7/@ A%B' 2%8' (+ (9+78,&@8 +: &'1 I+>8 ,&@>%//%+& ;'8+ %&B'8($'&(8` +& (9' +(9'2 9,&@= (9+8' ,0(%B%(%'8 +7(8%@' ,2' &+( /%O'/? (+9,B' ,&? %$;,0( %& ,09%'B%&A (9' ;72;+8' +: (9' /,1

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' 2',/ ;72;+8'+: (9' /,1 %8 (+ 0+&B'2( (9' /,&@8 :+2$'2/? +007;%'@ >? TF$%/%(,2? >,8'8 %&(+ '0+&+$%0 ,&@ %&@78(2%,/ ,2',8 b A%B'& (9%8=(9' M+&A2'88 %&('&@'@ (+ @'B'/+; (9' K8'072'@ ,2',N ,8 , 8%(':+2 >%A %&B'8(+28 (+ 78' :+2 (9'%2 %&@78(2%'8

    IO LKJIWGJ?E G? G;= F=FR='&':%(8 (+ 8;'0%:%0,2',8 +&/? 19%099,B' (9' 0,;,>%/%(?+: /72%&A %& >%A%&B'8($'&(8 ,&@$,&? '$;/+?$'&(+;;+2(7&%(%'8 :+2d%/%;%&+8

    -X Y,08+& B"#5'07(%B'F'02'(,2?

    -O(O h,`i PC& C0( d72(9'2*':%&%&A (9' H72%8@%0(%+& +:(9' F,&@%A,&>,?,&Q 1,8,//'A'@ (+ >'7&0+&8(%(7(%+&,/

    $=IO ` ?B G;= AWJX KW@ @'/'('@ (9' 1+2@

    K;2%&0%;,/N 8+ (9,( (9'F,&@%A,&>,?,& 1%// 9,B''50/78%B' I72%8@%0(%+&2'A,2@/'88 +: (9' @'A2'' +:;,2(%0%;,(%+&

    $=IO g ?B G;= AWJX KW@ %8 ,(2,&8%(+2? ;2+B%8%+& 19%098(,('8 (9,( (9' C0( 1%//,;;/? (+ ,// ;'&@%&A 0,8'8%& ,&? 0+72( +B'2 19%09

    Y,08+& ,//'A'@ (9,((9' ;2+B%8%+&8 %& (9'8,%@ /,1 1'2' $,@'(+ (,2A'( 9%8 0,8'"49' I72%8@%0(%+& 1,8,/2',@? A%B'& (+ (9'E4M >7( 19'& (9'/,1 1,8 ;,88'@=

    I72%8@%0(%+&(2,&8:'22'@ (+ (9'F,&@%A,&>,?,&" U'8,%@ (9,( %( B%+/,('8(9' #.M"

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U o(9'2' %8 87>8(,&(%,/ @%8(%&0(%+&>'(1''& (9+8' 0,8'8 19'2' (2%,/ ,/2',@? >'A7& ,A,%&8( (9+8'19%09 9,B' &+( ?'( 8(,2('@ 7;+& (9' '::'0(%B%(? +: (9' /,1

    RO 9=H?A= ?B G;= KW@ T2.$U b (9' /,1 8%$;/?2'8(+2'@ 19,( 1,8 ;2+B%@'@ %& (9' +2%A%&,/ ;2+B%8%+&8 7&@'2 ."*"!k_k

    IO LKJIWGJ?E G? G;= F=FR=8(,&(%,/@%8(%&0(%+& >'(1''&0,8'8 19'2' (2%,/,/2',@? >'A7&,A,%&8( (9+8' 19'2'%( 9,8 &+( ?'(8(,2('@"

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    39/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    Zi

    (2%,/ 9,8 &+( >'A7&-W F+2%,&+ B" MC .'(%(%+&'2= ,:('2 >'%&A

    0+&B%0('@ ,&@87>8'f7'&(/? >'%&AA2,&('@ ;2+>,(%+&=B%+/,('@ (9' %=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    40/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `5

    ,/%O'8 0,&&+( >' (2',('@ ,8 7&,/%O'87

    3! J&('2&,(%+&,/F09++/ C//%,&0'+: #@70,(+28 B"S7%87$>%&A

    49' L?JEG7?B7;J+2 M+@'=M%B%/ M+@'= ,&@ B,2%+78%&('2&,(%+&,/ (2',(%'8 (+19%09 (9' .9%/%;;%&'8 %8 ,;,2(? (+

    J( ;2+B%@'8 ,,eq 8,/,2?@%8(%&0(%+& >'(1''&:+2'%A& 9%2'8 ,&@ /+0,/9%2'8

    .'(%(%+&'2 0/,%$8(9,( (9' ;+%&(`+:`9%2'0/,88%:%0,(%+&'$;/+?'@ >? (9'809++/ %8@%802%$%&,(+2? (+d%/%;%&+8 ,&@ (9,( (9'A2,&( +: 9%A9'28,/,2%'8 (+ :+2'%A&'280+&8(%(7('8 2,0%,/@%802%$%&,(%+&

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U b (9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& >'(1''& /+0,/ ,&@ :+2'%A& 9%2'8 b (9' FM 9'/@ (9,(K;'28+&8 19+ 1+2O 1%(9 87>8(,&(%,//? 'f7,/ f7,/%:%0,(%+&8= 8O%//='::+2(= ,&@ 2'8;+&8%>%/%(?= 7&@'2 8%$%/,2 0+&@%(%+&8= 89+7/@ >';,%@ 8%$%/,2 8,/,2%'8"N

    RO 9=H?A= ?B G;= KW@ T#"U o(9' K@%8/+0,(%+&:,0(+2N ,&@ (9' K/%$%('@ ('&72'N '5;'2%'&0'@ >? (9' :+2'%A&`9%2'8 ,2' &+( B,/%@ >,8'8 :+2 (9' 8,/,2? @%8(%&0(%+& b (9'8' ,2'0+$;'&8,('@ >? +(9'2 >'&':%(8 8709 ,8 9+78%&A= (2,&8;+2(,(%+&=(,5'8= '(0"

    IO L8(,&(%,/ @%8(%&0(%+& (+ 02',(' , B,/%@0/,88%:%0,(%+&= /+0,/ 9%2'8 ,&@ :+2'%A& 9%2'8 ,2' 87;;+8'@ (+ >'0+&8%@'2'@ %& (9' 8,$' 0/,88 19'& %( 0+$'8 (+ 2%A9( (+ 8,/,2%'8

    .'+;/' 19+ 1+2O1%(9 87>8(,&(%,//?'f7,/ f7,/%:%0,(%+&8=8O%//= '::+2(= ,&@2'8;+&8%>%/%(?= 7&@'28%$%/,2 0+&@%(%+&8=89+7/@ >' ;,%@8%$%/,2 8,/,2%'8P19'(9'2 (9'? ,2'd%/%;%&+ +2 &+(Q

    3- *' 67g$,&= H2" B"MR[#Y#M

    $=IO `` ?B -( h6hi P\+('2WK=K=IGJ?E ?BBJI=2',O /%&O8 >'(1''& 09,%&8 +: 0+227;(%+& >?09,&A%&A '/'0(%+& +::%0'28 'B'2? 8+ +:('&

    IO LKJIWGJ?E G? G;= F=FR=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    41/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `6

    $%/%(,2? ,&@ 0%B%/%,&;'28+&&'/ +B'2+(9'28

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ ;2+$+(' $7(7,/ 2'8;'0( ,&@ 87;;+2( >'(1''& (9'(1+ 0+7&(2%'8 19%09 0,& ,/8+ A7,2,&('' 8,:'(? :+2 (9'.9%/%;;%&'8 ,8 TF $%/%(,2? ;'28+&&'/ 0,& '&('2 (9' 0+7&(2?,&?(%$'

    IO LI'0('@ (+(+2(72' +2 @'97$,&%g%&A,0(8= +2 %8 2,;'@= +2 %8O%//'@= +2 @%'8 ,8 ,

    0+&8'f7'&0' +: ,& %//'A,/@'('&(%+&= (9' $,5%$7$;'&,/(? %8 %$;+8'@

    J( %8 ,//'A'@ (9,( (9'@',(9 ;'&,/(? %8$+8( +:('& 78'@,A,%&8( (9' ;++2

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#[(U o&+ @%8(%&0(%+& %8 $,@c ,&?;'28+& 2'A,2@/'88 +: 9%8 8(,(72' %& /%:' $,? 0+$$%( (9' 02%$' ,&@>' ;7&%89'@ 1%(9 8709 ;'&,/(?

    RO 9=H?A= ?B G;= KW@ T#[(U o&+ @%8(%&0(%+& %8$,@c ,&? ;'28+& 2'A,2@/'88 +: 9%8 8(,(72' %& /%:' $,? 0+$$%( (9'02%$' ,&@ >' ;7&%89'@ 1%(9 8709 ;'&,/(?

    IO L>KJIWGJ?E G? G;= F=FR=/' >? &+($+2' (9,& k ?',28%$;2%8+&$'&(= >';2%B%/'A'@ :2+$ ,22'8(19%/' (9' M+&A2'88 %8 %&8'88%+&

    C0078'@`,;;'//,&(=>'%&A 09,2A'@ 1%(902%$'8 P8(,(7(+2?

    2,;' ,&@ ,0(8 +:/,80%B%+78&'88Q (9,(1+7/@ '&(,%/%$;2%8+&$'&( $+2'(9,& (9' k ?',2'5'$;(%+&= %8 ,8O%&A:+2 , 0/,88%:%0,(%+&>'%&A ,& '/'0(%B'+::%0%,/

    U' %8 ,8O%&A (9,( 9'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& >'(1''& ,& '/'0(%B' +::%0%,/ ,&@ +(9'2 ;2%8+&'28 (9,(,2' @';2%B'@ +: /%>'2(? ,:('2 0+$$%((%&A 0'2(,%& 02%$'8 1%(9

    0'2(,%& ;'&,/(%'8

    RO 9=H?A= ?B G;= KW@ T#"U b , 0/,88%:%0,(%+&0,&&+( >' $,@' ,8 (9' ;72;+8' +: (9' /,1 %8 (+ ;2+$+(' (9'0+7&(2?? ,//+1%&A 2'9,>%/%(,(%+& (+9,;;'& ,&@ 8'072%(? (+ >' ;2'8'&( >? %$;/'$'&(%&A ;7&%89$'&(,A,%&8( ;2%8+&'28 &+ $,(('2 19+ (9'? ,2' +2 19,( ;+8%(%+& (9'?9+/@

    IO L'?+&@ (9'%2;2%B%/'A'@`:2+$`,22'8( '5'$;(%+&9,8 &+ 87>8(,&(%,/@%8(%&0(%+& :2+$+(9'2 ;2%8+&'28 19+0+$$%(('@ 02%$'8;7&%89'@ >? (9'8,$' ;'&,/(%'8

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    42/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `,

    >' ,//+1'@ (+0+&(%&7' 9%8 1+2O ,8, $'$>'2 +:M+&A2'88

    XO .aHWK W>>KJIWGJ?E G? G;= F=FR='2(? ,8 ;7&%89$'&(:+2 (9' 02%$'8 9' 0+$$%(('@

    3k Y+;'g B" MC -( fgg5 P49' R$>7@8$,&C0(Q 19%09 ;2+B%@'8 (9,(?EKS+2@'28= @%2'0(%B'8 +2@'0%8%+&8 +: (9' R::%0' +:(9' R$>7@8$,& %&WXFJEJAG?AJEC G;= >=EWKGS ?B>HRKJI I=EAH=WK ?B G;= "FEJRHA.K=IGJ?E !?X= 19%09 ,//+18'/'0(%B' +::%0%,/8 (+ 2'$,%&%& ;+8%(%+& 19%/'0,$;,%A&%&A :+2 2''/'0(%+&+2 '/'0(%+& :+2 ,&+(9'2

    .'(%(%+&'28 ,//'A'@(9,( 8709 2';',/B%+/,('8 (9' #.M>'0,78' '/'0(%B'+::%0%,/8 0,& O'';(9'%2 ;+8%(%+&8 19%/'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U7 (9'2' %8 87>8(,&(%,/ @%8(%&0(%+& >'(1''& '/'0(%B' ,&@ ,;;+%&(%B'+::%0%,/8 >'0,78' (9' :+2$'2 +007;? (9'%2 +::%0' >? B%2(7' +: (9'$,&@,(' +: (9' '/'0(+2,(' 19%/' (9' /,(('2 9+/@ (9'%2 +::%0' >?B%2(7' +: (9'%2 @'8%A&,(%+& (9'2'(+ >? ,& ,;;+%&(%&A ,7(9+2%(?` ,/8+= ,;;+%&(%B' +::%0%,/8 ,2' 8(2%0(/? ;2+9%>%('@ :2+$ '&A,A%&A %&

    C;;+%&(%B' +::%0%,/8$78( >' 2'$+B'@:2+$ (9'%2 ;+8%(%+& %:(9'? 09++8' (+ 27&:+2 '/'0(%+&8 8%&0'(9'? ,2' ;2+9%>%('@

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    43/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `Z

    +::%0' 0,$;,%A&%&A 19%/',;;+%&(%B' +::%0%,/80,&&+(

    ,&? ;,2(%8,& ;+/%(%0,/ ,0(%B%(%'8 +2 (,O%&A ;,2( %& ,&? '/'0(%+&P'50';( B+(%&AQ

    RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR=? /,1 (+ '&A,A' %&;,2(%8,& ;+/%(%0,/,0(%B%(%'8"

    3V *%$,;+2+ B"UE#4

    -=A?KHGJ?E 5Z75`h 19%09@'&%'@ (9' $+(%+& :+2('09&%0,/ 'B,/7,(%+& +: (9'(97$>$,2O8 ,&@8%A&,(72'8 ,::%5'@ %& (9'B+('28 2'A%8(2,(%+& 2'0+2@8,&@ B+(%&A 2'0+2@8

    -=A?KHGJ?E 5Z766f 19%09@'&%'@ (9' $+(%+& :+2

    2'0+&8%@'2,(%+& +: (9',>+B'$'&(%+&'@2'8+/7(%+&

    M+&A2'88%+&,/M,&@%@,('[,&A+(,2, :%/'@ :+2(9' 8,$' $+(%+&19%09 1,8 'B'&(7,//?A2,&('@

    .2+0/,%$'@M+&A2'88%+&,/1%&&'2 *%$,;+2+

    :%/'@ (9' 8,$'$+(%+& >7( 1,8@'&%'@

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U7 (9'2' ,2' 87>8(,&(%,/ @%8(%&0(%+&8 >'(1''& [,&A+(,2,8(,&(%,/@%::'2'&0'8 ,2'89+1& >'(1''& (9'@%::'2'&( A2+7;8

    a_ 6FJF B"[+&('80/,2+8

    $=IO 6h ?B L0 66`fPE'B%8'@ 6+B'2&$'&(

    J&872,&0' C0( +: !VXXQ19%09 ;2+B%@'8 (9,( (9'@';'&@'&( 8;+78' 89,//&+( >' '&(%(/'@ (+ ;'&8%+&%: 9'2 $,22%,A' 1%(9 (9';'&8%+&'2PA+B'2&$'&('$;/+?''Q %8 0+&(2,0('@1%(9%& 3 ?',28 >':+2' (9';'&8%+&'2 f7,/%:%'8 :+2 (9';'&8%+&

    J( %8 ,//'A'@ (9,( 8709;2+B%8%+& B%+/,('8

    (9' #.M ,8 (9'2' %87&@7' @%802%$%&,(%+&,A,%&8( (9+8' 19+$,22%'@ ;'&8%+&'281%(9%& 3 ?',28 :2+$;'&8%+& '/%A%>%/%(?

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& >'(1''& 8;+78'8 19+ @%@ &+( f7,/%:? :+2 (9' ;'&8%+&

    ,&@ (9+8' 19+ @%@ &+(

    RO 9=H?A= ?B G;= KW@ T#"U o(9' ;72;+8' +: (9'/,1 %8 (+ ;2'B'&( K@',(9>'@ $,22%,A'8N b (9'2' %8 &+ ;+%&( (+2'0O+& , (92'' ?',2 ;2+9%>%(%+& :2+$ (9' ;'&8%+&'2 >'%&Af7,/%:%'@ (+ 8709 ;2%B%/'A'

    IO LKJIWGJ?E G? G;= F=FR='0,78' (9'2' %8&+ 87>8(,&(%,/@%8(%&0(%+& ;2'8'&(,&@ 87090/,88%:%0,(%+& %8 &+(A'2$,&' (+ (9';72;+8' +: (9' /,1

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    44/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ``

    a! J& E' E'f7'8( +:M+72(C@$%&%8(2,(+28

    -O(O g,,g 19%09 A2,&(8,@@%(%+&,/ 0+$;'&8,(%+& %&(9' :+2$ +: 8;'0%,/,//+1,&0'8 :+2 P!Q I7@A'8=P-Q I78(%0'8= ,&@ P3Q +(9'2;+8%(%+&8 %& (9' I7@%0%,2?1%(9 (9' 'f7%B,/'&( 2,&O +:P,Q MC I78(%0'= ,&@ P>Q E4M I7@A'

    49' MC C88%8(,&(M+72( C@$%&%8(2,(+2=MC *%B%8%+& M/'2O +:M+72(= ,&@F,&@%A,&>,?,&*%B%8%+& M/'2O +:M+72( 8''O (9'%2%&0/78%+& %& (9'0+B'2,A' +: EC V--XP(9'? 9,B' (9';+8%(%+& +: , [4M

    I7@A' +&/? (978 &+(>'%&A %&0/7@'@ %& (9'0+B'2,A' +: (9' 8,%@/,1Q

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o'B'& %: (9'2' ,2' @%::'2'&0'8 %&(9' :7&0(%+&8 +: (9'%2 1+2O= (9' 0+&:'2$'&( +: 8709 2,&O8 %82'0+A&%(%+& +: (9' 87>8(,&(%,/ 'f7,/%(? %& (9' 2+/'8 (9'? ;/,? %&(9' H7@%0%,2?

    RO 9=H?A= ?B G;= KW@ T#"U b (9' ;72;+8' +: (9'/,1 %8 (+ ,((2,0( f7,/%:%'@ 0%(%g'&8 (+ 8'2B' %& (9' H7@%0%,2?IO LKJIWGJ?E G? G;= F=FR='@ 7&@'2E"C" kX^W +2 FFY P@%::'2'&((2',($'&(Q

    J( %8 ,//'A'@ (9,( (9'/,8( ;,2,A2,;9 %80+&(2,2? (+ (9' #.M

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& 8+ ,8 (+ @%::'2'&(%,(' (9' DF. 2,&O`,&@`:%/' :2+$ (9'+(9'2 2,&O`,&@`:%/' +: (9' X A+B'2&$'&( :%&,&0%,/ %&8(%(7(%+&

    RO 9=H?A= ?B G;= KW@ T#"U o@%8(%&0(%+& %8 &+(A'2$,&' (+ (9' ;72;+8' +: (9' /,1 A%B'& (9,( (9' ;72;+8' %8 P!Q(+ ;2+$+(' ;2+:'88%+&,/%8$ ,&@ '50'//'&0' C4 CYY Y#\#YF +: (9'DF.= ,&@ P-Q (+ 9%2' ,&@ 2'(,%& f7,/%:%'@ ,&@ '::'0(%B' ;'28+&&'/

    IO LKJIWGJ?E G? G;= F=FR=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    45/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `e

    aa J& E' E'f7'8( +:CMC P-__kQ

    49' "IG?R=< 6 ,55`-=A?KHGJ?E ?B G;= $H>' ,;;/%'@(+ (9'$P!Q M9%': 2';+2('2 +:(9' MC ,//'A'@ (9,(9'2 ;+8%(%+& ,8 MCE';+2('2 JJ 9,8 >''&7;A2,@'@ (+ (9,(19%09 %8 'f7%B,/'&((+ , [4M H7@A'P-Q #5'07(%B' M/'2O +:M+72( JJJ +: (9' M4C0+&('&@'@ (9,( 9'2;+8%(%+& 9,8 >''&7;A2,@'@ (+ (9,(19%09 %8 'f7%B,/'&((+ , [4M I7@A'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& (+ I78(%:? '50/78%+& b (9' /,1 2'0+A&%g'8 (9'87>8(,&(%,/ 'f7,/%(? %& (9' 2+/'8 (9'? ;/,? %& (9' H7@%0%,2?

    RO 9=H?A= ?B G;= KW@ T#?G XJAIHAA=XU

    IO LKJIWGJ?E G? G;= F=FR=7@8$,&

    "34757ie75`Z5 19%09,//+18 (9' +::%0' +: (9'+$>7@8$,& (+ 0+&@70(;2'/%$%&,2? %&B'8(%A,(%+&,&@ ;7287' :72(9'2;2+0''@%&A8 ,A,%&8( (9';'(%(%+&'28 %& 2'/,(%+& (+(9'%2 ,//'A'@ B%+/,(%+& +:EC 3_!V PC&(%`62,:( Y,1Q

    .'(%(%+&'28 0+&('&@(9,( 8%&0' (9'2'8;+&@'&( @%@ &+(;7287' ;2'/%$%&,2?%&B'8(%A,(%+& %&,&+(9'2 8%$%/,2 0,8'PMRC B" 6,>+2Q=;7287%&A %( %& (9'%20,8' 1+7/@ >'0+&(2,2? (+ (9' #.M

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#[(U o('8( %8 &+( ,;;/%0,>/'RO 9=H?A= ?B G;= KW@ T#[(U o('8( %8 &+(,;;/%0,>/' IO L>KJIWGJ?E G? G;= F=FR=? /,1 ,&@ >? (9' M+&8(%(7(%+&= 9,8 8+/' @%802'(%+& +& 19'(9'2+2 &+( (+ ;7287' ;2'/%$%&,2? %&B'8(%A,(%+& ,&@ ;2+8'07(%+& %&0,8'8 %( 9,&@/'8

    49' R::%0' +: (9'R$>7@8$,& 9,8 (9'8+/' @%802'(%+& +:19'(9'2 +2 &+( (+;7287' ;2'/%$%&,2?%&B'8(%A,(%+& ,&@:72(9'2 ;2+0''@%&A8%& 0,8'8 %( 9,&@/'8

    ak e2,87'A7% B" .CY ('%&A &+( %&('&@'@1%/:7//?= @+'8 &+( :,//7&@'2 (9'K,&,/+A+78 0,8'8N;2+B%@'@ ,8 2',8+&8:+2 I78( @%8$%88,/ ,8;2+B%@'@ %& (9'Y,>+2 M+@'

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U b ,& +>'8' 0,>%& ,(('&@,&(=>'%&A 2,(9'2 %$$+>%/'= $,? %$;'@' ;,88'&A'28 :2+$ 'B,07,(%&A(9' ,%202,:( %& 0,8'8 +: '$'2A'&0?

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:.CY %& ;2+$+(%&A 8709 /,1 %8 (+ ;2+B%@' :/%A9( 8,:'(?

    IO LKJIWGJ?E G? G;= F=FR='8' 0,>%&,(('&@,&(8 ,A,%&8(+(9'28 A%B'& (9,((9' :+2$'2%/%(? 0,&%$;'@' ;,88'&A'28:2+$ 'B,07,(%&A (9',%202,:( %& 0,8'8 +:'$'2A'&0?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    46/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `f

    87;;+8'@ 0,>%& ,(('&@,&(8 19+ ,2' ,//'A'@/? 8%$%/,2/? 8%(7,('@,8 9%$

    aX FHF B" C(%'&g, "?8%&A/%&A +7(.,&@,0,& 4'2$%&,/8@'8;%(' (9' :,0( (9,(8'B'2,/ +(9'28 %& (9',2', @+ &+( 0+$;/?1%(9 0'2(,%&$,%&('&,&0' /,18

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U b 7&/%O' (9' @';+(= (9+8' %& (9'8722+7&@%&A 0+$$7&%(? ,2' &+( 9%A9`B,/7' ('22+2%8( (,2A'(8c ,&?'5;/+8%+& +2 :%2' 0,78'@ %& (9' @';+( 1+7/@ /',@ (+ 7&$,(09'@@,$,A'

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ '/%$%&,(' (9' (92',(8 (9,( (9' @';+(8 $,? 0,78'

    IO LKJIWGJ?E G? G;= F=FR=8(,&(%,/@%8(%&0(%+& ,A,%&8(+(9'2 %&@78(2%'8>'0,78' +: (9'8'B'2%(? +: @,$,A'(9'? $,? 0,78'

    aW 6+>'&0%+&A B" MC-( fgg5 P49' R$>7@8$,&C0( +: !VWVQ 19%09 A2,&(8(+ (9' R$>7@8$,& (9';+1'2 (+ %$;+8' , 8%5`$+&(9 ;2'B'&(%B'

    878;'&8%+&

    J( %8 ,//'A'@ (9,( (9';+1'2 A%B'& (+ (9'R$>7@8$,& B%+/,('8(9' #.M >'0,78';2%+2 (+ 8709 A2,&( +:

    ;+1'2= 9' 0,& +&/?%$;+8' , ;2'B'&(%+&878;'&8%+& :+2 ,;'2%+@ &+( '50''@%&AV_ @,?8 P7&@'2 (9'0%B%/ 8'2B%0';2+B%8%+&8 +: (9'C@$%&%8(2,(%B' M+@'Q

    WO $HRAGWEGJWK 0JAGJEIGJ?E

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ ,2$ (9' +::%0' +: (9' +$>7@8$,& (9' ;+1'2 (+;2'B'&( (9' ,0078'@ +::%0%,/ :2+$ 78%&A 9%8 +::%0' (+ %&(%$%@,(' +2

    (+ %&:/7'&0' 1%(&'88'8 +2 (+ (,$;'2 1%(9 2'0+2@8 (9,( $%A9( >'B%(,/ (+ (9' ;2+8'07(%+& +: (9' 0,8'

    IO LKJIWGJ?E G? G;= F=FR=/%0 +::%0'28 :2+$

    0+$$%((%&A ,0(8 (9,(1+7/@ '%(9'2 ,::'0((9' 0,8' +2 (9+8'(9,( 0+7/@ 02',('$+2' 9,2$

    aV [JCC B"R/+&A,;+[,%&('&,&0'

    F'2B%0'8= J&0"

    49' 0+&0'88%+& ,2',8 +:R[FJ ,&@ 4MFJ 1'2',1,2@'@ (+ &'1 8'2B%0'

    0+&(2,0(+28 (92+7A9 ,&'A+(%,('@ 0+&(2,0(

    J( 1,8 ,//'A'@ (9,( (+,1,2@ E'8;+&@'&(8? $'2'

    &'A+(%,(%+& 1+7/@B%+/,(' (9'%2 2%A9( (+#f7,/ .2+('0(%+&c %( %8,//'A'@ (9,( [JCC89+7/@ 0+&@70(;7>/%0 >%@@%&A :+2(9' 0+&(2,0( (+ >',1,2@'@

    WO $HRAGWEGJWK 0JAGJEIGJ?E T#"U o(9'2' %8 &+ 87>8(,&(%,/@%8(%&0(%+& >'(1''& R[FJ ,&@ 4MFJ ,A,%&8( (+ 19+$ (9'0+&0'88%+& ,2',8 1'2' ,1,2@'@c

    RO 9=H?A= ?B G;= KW@ T#"U7 [JCC 89+7/@

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    47/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `g

    XJAIHAA=XU ^_ G%0+/,8 B"

    E+$7/+/JAJGJEC 1?' 0,22%'@+7( %& :,0%/%(%'8 ,A2''@

    7;+& >? >+(9 (9'.9%/%;;%&'8 ,&@ (9' TF,7(9+2%(%'8

    J( %8 ,//'A'@ (9,((9'2' %8 , B%+/,(%+& +:(9' #.M A%B'& (9'@%::'2'&0' %& (9'27/'8 +: ;2+0'@72',;;/%'@ (+ TF;'28+&&'/ ,8 ,A,%&8(+(9'2 ;'28+&8

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U o(9'2' %8 87>8(,&(%,/ >,8%8 :+2 ,@%::'2'&( (2',($'&( +: , $'$>'2 +: , :+2'%A& $%/%(,2? ,2$'@:+20'8 ,//+1'@ (+ '&('2 +72 ('22%(+2? ,&@ ,// +(9'2 ,0078'@

    RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR=8(,&(%,/>,8%8 :+2 , @%::'2'&((2',($'&( +: ,$'$>'2 +: , :+2'%A&$%/%(,2? ,2$'@:+20'8 ,//+1'@ (+'&('2 +72 ('22%(+2?,&@ ,// +(9'2,0078'@

    ^! F'22,&+ B" 6,/,&([,2%(%$'F'2B%0'8= J&0"

    )WAG IKWHA= JE G;= eG; >W?,& +B'28',8 '$;/+?'21%(9+7( I78( 0,78'Q A'((%&A:7// 2'%$>728'$'&( +: 9%8;/,0'$'&( :'' 1%(9%&('2'8(= 9' 89,// ,/8+ >''&(%(/'@ (+ 9%8 8,/,2%'8B?J?K?SF=EG I?EG%/%(? +: ;/,0'$'&( ,A'&0%'8= %( %$;+8'8>72@'& +& (9' Rd]8 19+ 9,B' >''& %//'A,//? @%8$%88'@

    IO LKJIWGJ?E G? G;= F=FR=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    48/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `h

    ;7>/%0 +2 8'$%`;7>/%0>7%/@%&A8 +2 ;/,0'8 +2(2,$;%&A +2 1,&@'2%&A,>+7( (9' 0+7&(2? +28(2''(8 @JG;?HG DJAJRK=F=WEA ?B AH>>?=WI=

    RO 9=H?A= ?B G;= KW@ T#[(U

    IO LKJIWGJ?E G? G;= F=FR=/%0 +::%0%,/89,// >' 0+&8%@'2'@ %;8+:,0(+ 2'8%A&'@ 7;+& :%/%&A9%8 +2 9'2 0'2(%:%0,(' +:0,&@%@,0? :+2 ,& '/'0(%B';+8%(%+&

    Y%O' %&L)%-.)/ 128M'&(8(,&(%,/ @%::'2'&0',8 ,;;+%&(%B' +::%0%,/8 9+/@ (9'%2 +::%0' >? B%2(7' +: (9'%2@'8%A&,(%+& (9'2'(+ >? ,& ,;;+%&(%&A ,7(9+2%(? 19%/' '/'0(%B'+::%0%,/8 +007;? (9'%2 +::%0' >? B%2(7' +: (9' $,&@,(' +: (9''/'0(+2,('RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR=8(,&(%,/@%::'2'&0' >'(1''&,;;+%&(%B' ,&@'/'0(%B' +::%0%,/8 ,8(9' :+2$'2 9+/@(9'%2 +::%0' >? B%2(7'+: (9'%2 @'8%A&,(%+&(9'2'(+ >? ,&,;;+%&(%&A ,7(9+2%(?19%/' (9' /,(('2+007;? (9'%2 +::%0'>? B%2(7' +: (9'$,&@,(' +: (9''/'0(+2,('

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    49/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    `i

    ^^ ME#DC B" E+$7/+ $=IO ,g ?B -( h`,` ,&@ (9'-=D=EH= -=CHKWGJ?EAPEE8Q%887'@ >? (9' DJE

    .'(%(%+&'28 ,88'2((9,( 8709 /,18B%+/,(' (9' #.M 8%&0'M2'@%(,>/']%(99+/@%&A 4,5PM]4Q %8 >'%&A /'B%'@7;+& 2',/ '8(,(''&('2;2%8'8 ,&@ &+(,A,%&8( +(9'28

    WO $HRAGWEGJWK 0JAGJEIGJ?E T2.$U o(9' 2',/ '8(,(' %&@78(2? %8= >?%(8'/:= , 0/,88 ,&@ 0,& >' B,/%@/? (2',('@ @%::'2'&(/? :2+$ +(9'2>78%&'88 '&('2;2%8'8 P(9' 8,/' +: , 2',/ ;2+;'2(? %8 >%AA'2 ,&@ (9':2'f7'&0? +: (2,&8,0(%+&8 %8 /%$%('@= $,O%&A %( /'88 07$>'28+$':+2 (9' ;,2(%'8 (+ 0+$;/? 1%(9 (9' 1%(99+/@%&A (,5 809'$'Q o ()$"M (9' 8(,('= A%B'& %(8 (,5%&A ;+1'2= 9,8 (9' ,7(9+2%(? (+02',(' 0/,88%:%0,(%+&8 :+2 (9' ;72;+8' +: (,5,(%+&

    RO 9=H?A= ?B G;= KW@ T2.$U

    IO LKJIWGJ?E G? G;= F=FR=7?'2 1'2' , $,&7:,0(72'2+2 ;2+0'88+2= (9' 802,; CMFE8 1+7/@ '&@ 7; %& 9%8 ;+88'88%+&19%/' %: (9' >7?'2 1'2' , (2,@'2= (9'2' %8 , A2',('2 09,&0' (9,((9' ;7209,8'@ CMFE8 1%// ;,88 :2+$ +&' (2,@'2 (+ ,&+(9'2

    RO 9=H?A= ?B G;= KW@ T2.$U o(9' ;72;+8' +:(9' /,1 %8 (+ '&,>/' G.M (+ >'(('2 $+&%(+2 (9' $,2O'( +: (9'802,; CMFE ,&@ B'2%:? 19'(9'2 ;+88'88%+& +: %( %8 %//'A,/ +2 &+(

    IO LKJIWGJ?E G? G;= F=FR=' $,@' %:87>8(,&(%,/@%::'2'&0'8 ,2'89+1& >'(1''& (9'

    @%::'2'&( A2+7;8

    ^X D%2,+A+ B" .4M $=IO 6 ?B .O"O 6PM2',(%&A(9' .9%/%;;%&' 427(9M+$$%88%+& +: -_!_Q19%09 %&%(%,('8 (9' 02',(%+&+: 8709 0+$$%88%+& (9,(8''O8 (+ %&B'8(%A,(' 0,8'8+: A2,:( ,&@ 0+227;(%+& +:(9' >':+2' %( 1'2'&+( 0+&8%@'2'@ 87>8(,&(%,/ '&+7A9 (+ $'2%( , 8';,2,('0/,88%:%0,(%+&

    RO 9=H?A= ?B G;= KW@ T#"U o(9' ;72;+8' +: (9'/,1 %8 (+ :%&@ (27(9 b /%$%(%&A %(8 0+B'2,A' (+ I78( (9' C22+?+,@$%&%8(2,(%+& @+'8 &+( $,O' 8'&8'

    IO LKJIWGJ?E G? G;= F=FR=

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    50/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    e5

    F'0(%+& -"

    %:. -&9:% "1 %:. L."L). %" 4. $.!'-. %:.&- L.-$"#$ M :"'$.$ M L(L.-$ M (#0.11.!%$ (9($% '#-.($"#(4). $.(-!:.$ (#0 $.&n'-.$ "1 +:(%./.- #(%'-.

    (#0 1"- (#2 L'-L"$. $:()) 4. /&")(4). M (#0 #" $.(-!: +(--(#% "-+(--(#% "1 (--.$% $:()) &$$'. .r!.L% 'L"# L-"4(4). !('$. %" 4.

    0.%.-3.0 L.-$"#())2 42 %:. \'09. (1%.- .r(3(%&"# '#0.- "(%: "-

    (11&-3(%&"# "1 %:. !"3L)((#% (#0 %:. +&%#.$$.$ :. 3(2 L-"0'!. M (#0L(-%&!')(-)2 0.$!-&4 %:. L)(!. %" 4. $.(-!:.0 (#0 %:. L.-$"#$ "-

    %:$ %" 4. $.&n.0 O

    &O +;=E JA W A=W' 2'A,2@'@ ,8 B%+/,(%B' +: ,& %&@%B%@7,/

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    51/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    e6

    $=W?JEGA 1'2' 8'( 7; %& \,/'&g7'/, ;7287,&( (+ Y'(('2 +:

    %&8(270(%+& _-oWX" .'(%(%+&'28 ,B'2 (9,( %( A%B'8 >/,&O'( ,7(9+2%(? (++::%0'28 (+ $,O' 8',209'8 ,&@ 8'%g72'8 1%(9+7( 1,22,&(= 19%09 $,?>' ,>78'@"

    G+( ,// 8',209'8 ,&@ 8'%g72'8 ,2' :+2>%@@'&= +&/?7&2',8+&,>/' +&'8" 49' 1'/:,2' +: (9' ;7>/%0;2'B,%/8 +B'2 %&@%B%@7,/ 2%A9(" [+2'+B'2= %( %8+&/? , B%87,/ 8',209o2+7(%&' 09'0O"

    , $\$ DO 004 EC V!k^ 2'f7%2'8 FWEXWG?':+2' (9' ;2+8'07(+2

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    52/171

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    53/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    eZ

    I7@A' %8 8,(%8:%'@ 1%(9 (9' ,::%@,B%( +: (9' 0+$;/,%&,&(= 9' $,? @%8;'&8'1%(9 (9,( +: (9' 1%(&'88'8 PT? B" DJEQ

    0" 5'%/".)* Q."N*'#!' " 49' +,(9 2'f7%2'@ $78( 2':'2 (+ (9' $%(('@ >? (9' :%80,/ 2'A,2@%&A (9' '5%8('&0' +: ;2+>,>/' 0,78',&@= +& (9' >,8%8 (9'2'+:= %887' , 1,22,&( +: ,22'8(c +2

    %%" %: +& (9' >,8%8 (9'2'+: 9' :%&@8 &+ ;2+>,>/' 0,78'= 9' $,?@%82'A,2@ (9' :%80,/v8 2';+2( ,&@ 2'f7%2' (9' 87>$%88%+& +:87;;+2(%&A ,::%@,B%(8 +: 1%(&'88'8 (+ ,%@ 9%$ %& ,22%B%&A ,( ,0+&0/78%+& ,8 (+ (9' '5%8('&0' +: ;2+>,>/' 0,78'"

    LW' 0+$$%(('@" PD,09' w M+" B" E7%gQ

    >" 5)%'%&A %887'@"

    0" F"< $)%' I78(%:%'@ >? (9' @%2'0(%B' (+ K8'%g' ,&@ (,O' ;+88'88%+& +: +(9'2 ;2+;'2(%'82'/,(%B' (+ 8709 B%+/,(%+&=N 19%09 %& &+ 1,? 0,& >' 09,2,0('2%g'@ ,8 ,;,2(%07/,2 @'802%;(%+& +: (9' (9%&A8 (+ >' 8'%g'@" PT? B" DJEQ

    @" 5*)&'" C @'802%;(%+& +: , ;/,0' (+ >' 8',209'@ %8 87::%0%'&( %: (9' +::%0'21%(9 (9' 1,22,&( 0,&= 1%(9 2',8+&,>/' '::+2(= ,80'2(,%& ,&@ %@'&(%:? (9';/,0' %&('&@'@" P.'+;/' B" \'/+8+Q

    '" R.&"./-/K= DO /=K?A?

    $=W'/+&A= ,&@ $,? &+( >' %&B+O'@ >? (9' 0+2;+2,(' +::%0'28 %& ;2+0''@%&A8 ,A,%&8((9'$ %& (9'%2 %&@%B%@7,/ 0,;,0%(?

    $ () )( ( $ ( )( ( $

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    54/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    e`

    !??

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    55/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ee

    -=aHJAJG=A ?B W DWKJX @W/';'28+& ,&@ 872B'%//,&0' +& (9' ;2'$%8'8 1,80+&@70('@

    " *'('2$%&'@ ;'28+&,//? >? , I7@A'" #5,$%&' 7&@'2 +,(9 +2 ,::%2$,(%+& (9'

    0+$;/,%&,&( ,&@ (9' 1%(&'88 9' $,?;2+@70'u,& ,::%@,B%( ,&@ , S w C ;+2(%+&>'(1''& 6,2@7i+ ,&@ 6'2+&%$+ 7&@'2 +,(9

    " .,2(%07/,2/? @'802%>' (9' ;/,0' (+ >' 8',209'@,&@ (9' ;'28+& +2 (9%&A8 (+ >' 8'%g'@u;/,0'1,8 8;'0%:%'@ ,&@ (9' @'802%;(%+& +: (9' U"A.I"' 0/',2/? %@'&(%:%'@ \'/+8+

    VW'*"/" N)/ )%%'/7( (9,( 9'9,@ O&+1/'@A' (9'2'+: (92+7A9 $'2'%&:+2$,(%+& :2+$ , 2'/%,>/' 8+720'

    " D? I7@A' #5,$%&' 0+$;/,%&,&( ,&@ 1%(&'88'8uI7@A'

    2'/%'@ '50/78%B'/? 7;+& (9' ,::%@,B%( $,@' >?,A'&( C/$'@, ,&@ (9,( 9' @%@ &+( 2'f7%2' &+2(,O' (9' @';+8%(%+& +: ,&? +(9'2 1%(&'88

    " .,2(%07/,2 @'802%;(%+&

    Z $G?E=;JKK DO 0J?_E? $=W78%&'88(2,&8,0(%+&8= 2'A,2@/'88 +: 19'(9'2 +2 &+((9'? 1'2' %//'A,/

    !"#$%&%'%&"#() )(+ /& + 0 (# $ 01 2 !(#0 )( &( ! "34"#0$ 5667 56

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    56/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    ef

    VR.'%&A A'&'2,/ %& ('2$8"

    " .M" D? I7@A'" #5,$%&,(%+& +: 0+$;/,%&,&( ,&@

    1%(&'88'8.,2(%07/,2 @'802%;(%+&u49' >,&O%&A /,18 8''O (+;2+('0( (9' ;7>/%0 ,A,%&8( ,0(7,/= ,8 1'//,8 $"$%88%+& +:@+07$'&(,2? 'B%@'&0' 8+ 9' 0,& @'('2$%&' ]RG (9'2',>/'0,78'" d%80,/ f7'8(%+&8 (9%8 >'0,78' 9' ,/2',@? @'('2$%&'@ ;2+>,>/'0,78'"

    L0 i66 WHG;?

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    57/171

    !"#$%&%'%&"#() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !-"34"#0$ ,5667,56,

    eg

    %887%&A , 1,22,&("9' %8 &+( >+7&@ (+ %887' 1,22,&(8 ,&@ %( %8 1'//1%(9%& 9%8 ;+1'2 (+ 2'$,&@ (9' 0,8' :+2 :72(9'2%&B'8(%A,(%+&= +2 (+ @%8$%88 %("

    g 4HW

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    58/171

    ! #$%&% %& #() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !- 34 #0$ ,5667,56,

    eh

    2'8;+&@'&( E4M I7@A' %887'@ ,@W

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    59/171

    ! #$%&% %& #() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !- 34 #0$ ,5667,56,

    ei

    C",>/' 0,78' >'0,78' (9'

    I7@A' @%@&%/%(? +: (9' 'B%@'&0'"

    .Mu &"%$(/ #'*-&,/'0,78'

    %( 1,8 %887'@ 7;+& ;2+>,>/' 0,78' @'('2$%&'@ >? *RH ;,&'/ $,%&/?>,8'@ +& H'88%0, C/:,2+

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    60/171

    ! #$%&% %& #() )(+ , -./&.+.- 0.(# $.01-.2 !(#0.)(-&( !- 34 #0$ ,5667,56,

    f5

    6g ,5 G; !=EGHK= DO 1

  • 8/12/2019 Consti2 Reviewer CROMBONDS

    61/171

    ! #$%&% %& #() )(+ , ./&.+. 0.(# $.01 .2 !(#0.)( &( ! 34 #0$ ,5667,56,

    f6

    :