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5. Listing of Private Placement of Debt Securities

Pursuant to Article (142) of the Commercial Companies Law, it must be made clear in the listing document that the issue may be cancelled at any time up to the time when subscription monies are received and the Debt Securities issued (the "closing date"), and that listing is, therefore, conditional in this respect. It is recommended that subscription agreements should include wording making the obligations thereunder conditional upon the Debt Securities being listed on or before the closing date.