Movable Property Security Right Proclamation No. 1147/2019

PRAPRE bafolAR BINENSE LTRAR bofolef\ 1361 OHM FEDERAL NEGARIT GAZETA OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA e AP0rs Yo 25" Yew No76 NGO RO Wb B P ELIE 9 lm-.-w-k.r LR LAT BACNENLT LTAN ADDIS ABABA 7* August. 2019 ParAl FaofitT R L e r Pon Content APE pC K ARATE 997 Proclamation No. 1147/2019 (EHAFT PNEA AL PoramOlt PPOTG ool Movable Property Security Right Proclamation hPE LR AN eivemierernnPage 11380 APR RPC AR, PROCLAMATION No. 114772019 MEIPAZT A AL POt CPATS “A_PROCLAMATIONTO PROVIDE FOR MOVABLE PROPERTY SECURITY RIGHT wAlt WP POTGar Clalld HomGE CNEC /2CHT WISKC WHEREAS, modern secured transactions NG HAODTG AR AR PNES Ty system enables individuals and entities to use N0 26 AL C9harA 4O WEA T their movable assets as security for credit generating new productive capital, expands WHETAG QLR (PRLEwe NFAOAen iy investments, creates more job opportunity, A"ING4Tr TG ol DROTS Aemaim(: increases production and productivity, fosters PCAF PCHT91F A"TARTD: PRLTIN A RETr1HT access to and usage of financial products and TP AINGET 0P AP AL services, creates opportunity to expand banking o0 PF PEPed PATH NIANCTT ARETVT services to rural areas; O A% WL ANEETT ATIART 9 0B AEMC PULLOTA lomPr: FIFAFT FNLY NPATS Aden ALC WHEREAS, it is necessary 1o provide for the VT POUFANT CHT @UCHTG PINLALY creation of security right in movable property, YU AT omT “PLL AU, (e ensure their publicity and effectiveness through efficient enforcement mechanisms; APATS (LN FIPAPT TNLT AL (HFosie WHEREAS, establishing single comprehensive

QN FF PEA PPATRYT el Aemaid electronic registration regime for secured transactions in movable property to determine priority right among PULENTA NIE @PS AT APE PAARTCLH competing claimants is necessary; F UM #2CH amliC 3T MILAT, NPy NATTEL LZ&AT S€WEOLT LTOAN NOW, THEREFOR, in accordance with Article 55(1) of the Federal Democratic Republic of w em Pt NppR iRl Pt hor Ethiopia Constitution, it is hereby proclaimed as dar¥ A follows: 18 03 * Unit price 5270 A S W INEIERE AnGA 125 o0 496 @ YA E 7 ELTE 49 Federal Negarit Gazette No.76, 7" August 2019....page 1138] i NEA hIE PARTONE m GENERAL PROVISIONS & ABC COh 1. Short Title 20 KPE M HPAF T HLT AL PerovOlt This Proclamation may be cited as “Movable PPATG mAl APE hTC AUAFALAAIN | Propery Security Right Proclamation No. i Amen LTAA:: 1147/2019. g TCca<t 2. Definitions v e#a. A1) RAY FCACE PULLAm@ Ay In this Proclamation, unless the context ovb4C gy APE o0 otherwise requires: B IRIPAPL AT AR UIAT 1/ “accessory to immovable” means a corporeal hereseadn LA 20 eLEen LPEe asset that despite the fact that it is physically ABRAIPAPT PNLA OLPMC V0T Yot affixed to an immovable is trested as movable property; ‘ g 1T PPATS oAl U7AT (1900 U0 2/ “nc.quisilinn security right” means a security WLY® ROPEP ML AL $AThéA o right" in a corporeal asset or intellectual PoF AUINLRY LY oef Ador property, which secures the obligation to pay WHILE AL PAALTFT eIl NHLLTH any unpaid portion of the purchase price of AL Phdoen ALCT A“TAhLA the asset or other credit extended to enable oo Lk AL PATT the grantor to acquire right in the asset to the AISFA (Lar extent the credit is used for that purpose; PPOTG el yar: i/ 2328 +RP" W 171 a7 Chavplilo- 3/ “business” means a business specified under £ mRAC Tort the Commercial Code of Ethiopia; 4 “cortificated sevwrily” means & document @/ NAYE PARIAL AhSL” AT A15T (L0 AN PN cvidencing swnership of share or bond ar NY® 0Ly AR issued registores is e name efdieholder.or BRALT @pgse 038 PAANTYT M7 to a beaver; @ Yot

AT EIPAFTE HOLT 5/ “Collateral Registry® mieans an electronic EIame @A hece system (for recetving, storing and making QF OOPFFT opfy w7 0Ly accessible te @ poiflin information @boul Q@i FPATS owdll wlFT bl adovs, RS AR FRET T1LLE movable prapaty; PRANTCRR QT Yot KhiT P VAT o P 6/ “Coliateral Reghtvy Qfie” o> @ @ Pawer U PIRRe office established to sy (o Collaers) UM ~CHTT ATRPARE roei Registry; N4t AT wm IERTE AReA Y227 ona dvC 5 Whi § 43 HRIE 9P Foderal Negarit Gazette No.76, 7% August 2019.... pegs 11382 W TeAfl OAeAT CIAT THA mfE T 7/ “competing claimant” mmm ®Ly OPOTS (e PLT AL POTS grantor or other person with right in the P THIN mfE OC ToiRE Pl collateral that may be in competition with the right of a secured creditor in the same PPE Phm AA N~ Fo0-i collateral; : & PREF OFPT AT ovf Ao 8/ “consumer goods” means goods primarily NPser At ofy Ad-tat PO+ onr used or intended to be used by the grantor for QED PmPIOTe @LY" Acoadbs personal, family or household consumption; PHIETF@ 63 2T STort i/ “PePTC NPT 9/ “control agreement”means: V) CRARTELh Aob 2T POTTE boodlil a) with respect to electronic securities AL hAo-@ams (em@ daar XSG means an agreement in writing among the PaTT Ao THIL @mfe owhha issuer, the grantor and the secured creditor, according to which the issuer PLRATT horaagr Poef Qo agrees to follow instruction from the TV AFEL ALNAAM0- PATS Phar secured creditor with respect to the THIA @fe CoLUmard FoUn (b securities without further consent from PULRPOT PR AT AT Tt @LY° the grantor; or ‘

Q) et %A AL hef eTTT b) with respect to right to payment of funds a1 ATINEAT N4.L57H Koo credited to a deposit account ‘means an agreement in writing among the financial oo e Gmar AT PHES QAo THIAL institution, the grantor and the secured mpd eohhd PHRLIT PELESIN dhov- creditor, according to which the financial Pam P hmar TaL"VS LFL ALNLA0r institution agrees to follow instruction oo f dAme YA o0 (dPorm from the secured creditor with respect to Tl AL PATS fhor THIN mfPR the payment of funds credited to the ramad TN (PPF PORARSOT deposit account without further consent RS OFFIT to-t from the grantor; 1/ 909 00" “TAT THIAG PULANS PTHIMI 10/ “corporeal asset” means any type of goods ML PULFAME AYE AT N0 PR incloding money, negotiable instrument, AR CEPTF @ T e SLT 05 toi negotiable documents and certificated securities; T8/ “MASR" “TAT PATST ATMAT LD 11/ “debtor” means a person that owes payment @f9 VRI 0} PondRT” or other performance of a secured obligation, 1] Pomhidd whethe; or not that person is the grantor of the SALYYF FAOT Qo AT AND PO security rtight securing payment or other PP L@ IolAT performance of that obligation, including a guarantor of a secured obligation; w IFLERE ALEA 16T N TC ER 1hO E Y EEIE G Fedoral Negarit Gazette No.76, 7 August 2019, .page 11383 i Cra0al, 240 468" “FAT P-haNail, 12/ “debtor of the receivable”™ means a person L7 Povhid A 28D AT e OPF that owes payment of a receivable, including a guaranior or other person secondarily liable AvA: hee P PPYE LT AT for payment of the receivable; £LE POPPY AA A0 LaLIOEA: Iy LR i a2 S 1 S 1 P T 13/ “deposit account” means an account

THIA Aen Q-1 L fi-Fdmao- maintained by a financial institution authorized to receive deposit from the public: PELETIN LT @0p LA LA b Ta/ “ows@ TINT WSS haED bp ot 14/ “equipment” means a corporeal asset other [ s G Cas) S TM P51 than inventory or consumer goods that is primarily used or intended to be used by Arednm CLmMP @LY° Aol the grantor in the operation of its business; eelar 04U PA@ D0 S 1%/ “WORTCLh ARG EPTF It RARTCLHE 15/ “electronic securities” means shares and WPy a3res Prosltl: PUrbAAd AT bonds registered and tramsferable (07 £AFRM ABOAETTS (327 §T electronically but not represented by a certificate; “PCT FCET Tat tiea ey 16/ “farm products” include but not limited to lemqlba AL P4 0L OLLT T7LOPA crops grown, growing or to be grown; forest, timber and other wood products: AT R¥I PLT o AT PAT " livestock. born or unborm, bees and poultry NIAT PRONETT MeC: PHIS PAC and the produce and progeny thereof; OCAIs AMICT /76 TFF° AL Poh supplies used or produced in & farming VNAETF @£y (MICT 24 Phomdoin operation; or products of crops or livestock Ly (PCT YRT EATPPE. POAIA in their unmanufactured states. oLy PRIAT FPCETIE AT PICT o-nFTY fFaFarnl 42530 hee" T Aot AR 17/ “financial lease” means a type of leasing etoat PhLda 027 Othet Ntand by which a lessor provides a lessee against payment of mutually agreed installments . odr Fhitte PeAP (r-at 015F over a specified period with the use of Nt Pledr hee 0etedr 2B specified capital goods under which the Memd Ry AIEad9°0T PoLLheLOT: lessor shall retain full ownership sight en thes a@evh M A2EL0T 1n the capital goods during the peried of the hhe CIA 0o AR o lease agreement, and, subject o egreement LANNAYT )T 2R PULBLOTT Phép between the two parties, the lessee may e ALOP Ak o15T rta 7o have an option to purchase the capital good Fhee LI Pt am eeLTANY outright after the termination of the lease Pheg 9897 ot period at an agreed price.

wIRNLERR LBLB 126F DA RC EX Yebl X 3 HAIE 99 Foderal Negarit Gazette No.76, 7" August 2019....page 11384 1% AN O AT 1T PAFAmL ey 18/ “future asset” means a movable property, PPOTS Ok 09LARSOT b @off which does not exist or which the grantor aaa 19 ALY ool PATTOCE does not have right in or the power to encumber at tl;e time the security agreement TPAPT HIET Yor: is concluded; il “FA0, ALC Tt PATS FAo THIA 19/ “future advance” means an additional mfE hi0hiio 2C L7 AA Noviddo- credit where the secured creditor provides in PALC NPyt amwit ATNALE ORLA the future to the debtor under the existing PULOME @R TIS ALC o credit agreement; &/ “ao P Nel” TTAT Adr 0L AAA Oar 20/ “grantor” means a person that creates a LD TYNLOULE POTS L 1P security right to secure either its own LD ¢rLN ML WL o PP obligation or that of another person; a buyer or other transferee, lessee, or licensee of the PrANLAT: PHhef wge Paeady collateral that acquires its right subject to a 4L PA@ (40 L el thict security right; Nar @ #a/ PHL T TAT ANGLS AN VRLFT 21/ “hire-purchase”™ means a type of leasing by a@eyt wwld phef Nrodt Lk which a lessor provides a lessee with the use of a specified capital goods, against PR NG APhbdor KL lodd payment of mutually agreed instalments Phra 0% het WiAavbyeadt over a specified period under which, with POLLPLNTT ALIATE WGP (HRLT TC each lease payment, an equal percentage of AhG Lo Fawayayy WPy v¥ A A-the-g the ownership is transferred to the lessee PAARAY ool POLTANGNTS he-s and, upon effecting of the last payment, the fomalior WGP NiS4Aemg® OWEJA ownership- of the capital goods shall dFar AP av-p PAANAYT ool @S Par automatically be transferred to the lessee; PoLETINT Phe-£ G241 Yot A& “QoUyt PAAe 0T 0T RO, 22/ “incorporeal asset” means all types of

AN BPOIE LT PAATZE PILT movable property other than corporeal HLFT o PA assets that shall include receivables, deposit 1o S [ ] accounts, intellectual property right; FamdAg AIPAPT FALATT. PhT I R ROFPEE FALT” “INT NIWIeE KA 23/ “intellectual property” means will have a T VAT Phhdmar PO LTLPA:: meaning that is given to it in the intellectual property law; &/ “@3I2L O YT 1L AT (hdA 24/ “inventory” means corporeal assets held by P12 adeC P Qo the grantor for sale or lease in the ordinary course of the grantor’s business, including Aem20% 39L& o6 hRT ANED taw and semi-processed materials; @Ly° Ag ¢PH 0N VAT Yaei w ERFERE ARGA 1268 20m &vC 5 hh & #3 KLIE 99 Federal Nogarit Guzette No.76, 7" August 2019....page 11385 wal “‘arpfs @LY FCAT UINT WL PG 25/ “mass or product” means corporeal assets I GTP0E @pye losdAda that are so physically associated or united naA PG LT @690 with other corporeal assets that they have PULAME WEZA SN PA@- fost their sepapate identity; P& Yo AT ath 26/ “money” means bank notes and coins “3pA “Tat (ATeRe P evlef T ST which are legal tender issued and minted Py defrane by the National Bank of Ethiopia; and AG COUPLR AL @9 MhATEE notes and coins which are legal tender in @NT ALLAT hEe FPaert gATeg any country outside Ethiopia as to which OAAERE AhdP T CHMAR TAA the National Bank of Ethiopia has declared VIG MOT Peleg PTIM TET RS 1o be acceptable for payment in Ethiopia; NFEPT G E gk S 27/ “moveable property” includes inventories, DR M Ve L TG S Lol agricultural products, incorporeal assets, PGS PCETH 0N PAATo- corporeal asscts, the right to use land unless VAL 00 DT a7 hadhaha prohibited by pertinent laws; a security right NFPC QemT AL Punady wollih under a hire-purchasc agreement, security 150, C PorLTF omibts (lA&L Pd-Pemay (rust deed, trust = receipt. commercial LA WL PhRL e KLV PP T morigage of a business. sale consignment, Sy FILF APATS e '4mn.-7~7-'1-'; with ownership reserved, sale with right of N (1P PoLLL7 AL Ot LT redemption, security rights in certificated

aup A oodll PeRAT Tee securities, and security rights in warehouse APahC @LPT UM ANGEPT AL receipts, motor vehicle, trailer, agricultural poyomA PPOATS evTi RS (emil'y machinery, construction machinery, AL FA PPOTT wodlh PO industrial machinery, and other properties 2407 BRCH ensgth excluding land, house and building,; +Ahche: MU 86 0') PRINA-LHTTY a6 LY R IH-OA 6 on WIC ANT hewedr DT @f90 hmiR oo P FEATT PhEIA: 28/ “negotiable docwment” includes a AE/ “PoUTANF MIRT AT (e AL LT femihil it document, such as a bill of lading, way- eced AR U1AAT | bill, voucher or a warehouse receipt for POUAPS A-FARGE PULTA goods warehoused that represents a right to A1 GefC oLy (e frboom delivery of corporeal assets and may be 0 mPlf LLNK @i transferred by negotiation; A2E" CIAT PATPA 29/ “pegotisble instrument” includes a bill of & oA PTINA A4 exchange, promissory note and other @PAr P0d NS AT WER andPC ey (hev afy AJNNAT instruments except check issued to bearer, ARG Al PAIDE AT Phirae specified name or order; W OANEERE L0GA 1251 onm RTC R YA T F BILIE 3 Federal Negerit Gozette No.76, 7% August 2019. _page 11386 ‘M7 oLy 18CL -nh-n mee ey 30/ “non-consensual creditor” means a AT OAPAES emeir Ag (808 0T creditor that has obtained ‘a right in the ToNU @B (UK THIN CoomPd ovi)t collateral, on ‘the basis of a coutt order or LY Qar jo-: applicable law;~ aa/ "nFodf” A1 LY APE aowld: 31/ “notice” includes an initial notice, an POTT MAor THIH! mpfd opy 428 amendment notice or a cancellation notice rdmar Ao (oA comPULPe /CHY submitted to the Collateral Registry by the @7 PNl paBangy UYWL secured creditor or other authorized person

CNEINE U LY PO UM Yo under this Proclamation; g/ CAPC WM oemboLe DL TINT 32/ "oéerating lease” means a type of ixhee AZ P27 AL Chony leasing for a period of time not exceeding PRLIA 03 thet Mk 015 : two years, by which a lessor provides a ageeeyt ehont he-fo enhidd hoat lessee against payment of mutually agreed Gent AAGAm UL AFEmPYelA- rent with the use of specified capital goods PN LAY PlLLf BOYT Yars that the lessor has at hand; PR HT UNT LV APE i AL 33/ “prior law” means the law in force before henPa. (1871 (1w AL PHIE 7 Yar: the entry into force of this Proclamation; i/ “PRIT TPOFS ool U0t LD ATE 34/ “prior security right” means a right Mot 14T (-kdRem PPOATG NP9t c5vaed by a security agreement entered eridy evdlt Yo into before the entry into force of this Proclamation; @E “LMF" TINT AIE G0 ope bobt 35/ “possession” means the actual possession R8T 00 HIGT NN of AA of a corporeal asset by a person or its A 2A4L5T s2C RIZWT CVLL9) 0-: representative, or constructive possession by an independent person that acknowledges holding it for that person; 9kl “Te% M” IAT hPATS om e 36/ “proceeds” means whatever is received in i A I b £ L T M 8 e LR 1 1Lo respect of the collateral, including what is VNG Nemda0l NPT ofse received as a result of sale or other disposition or collection, lease or licence of the collateral, AL2L PV 0L PEL My Pl fruits, insurance proceeds, claims arising from e OPATS Dbfe LT AT defects in, damage to or lass of the collateral. MBI BTyL RST R Tl X X T and proceeds of proceeds; PULANNN LIS Ly WL RTTREYT PHE TS AT PhEIA ™ IFHERHE ALeA 126 ohm &vc EF w0 § #) ELIS 99 Federal Negarit Gazetio No.76, 7" August 2019 -page 11387

@7/ ST LA A RPAST HNdT 37 “receivable” means a right to payment of a AWr? h7-FAAs: PIHHA AT II-H""v-i.* monetary obligation, excluding a right to A4l AT hPOTS eorry ehaie eodlTh payment evidenced by Aa negotiable instrument, a° right to payment of funds ALAIC THHL faohd N oAl T o credited to a deposit account and a right to payment under security; @3/ ot M 14t P (L4 CULR0T 38/ “recognized market” means a market in AS/@ Ly ¥ hOCC NL e Pl which prices are stated publicly nnd/or; presumed to be commercially reasonable; Py eI EAmRS Pad NP L T @i}/ “ewiI0” VAT a1 m G ar 39/ “registrant” means the person who submits an .G anin e anlBEDT (low P the prescribed registry notice form to the apemALE CHE o0 CeLenil Collateral Registry; fl;I’-V" o220 Qo o @ “GEATEC” TIAT Lan e PN CYED 40/ “Registrar™ means a person to be appointed by the government to supervise and administer APLLeNPREC WG WHheame ao§ the operations of the Collateral Registry: PULEY Qo s ) @B/ “oelE" “INT om @ avam)L sCHE 41/ “records” means the information in all registered notices stored by the Collateral @ar PhPonm: ot OEREGES Registry, consisting of the records that are AN WG PPy Pbonlill @odE ym-: publicly accessible and the records that have been archived; G¥ “POTS PA0-THA afd” AT PPOTS 42/ “secured creditor” means a person that has e fAm- @f9° (W7 oL OFCK a security right or non-consensual creditor. P mPEYY oAl PlAmor Aor Yord PPRL 09T 43/ “security agreement” means an agreement, SF/PPOTS AT regardicss of whether the parties have PPATS APPYY Ao N LALon T flongar | denominated it as a security agreement, N5 A w (lo -Faf aovhhaA ¢-4-4.bow PPOTE between a grantor and a secured creditor that vl PLLPC NPPIYT o provides for the creation of a security right;

i/ PPATS oA TINT TPPEL 01T 44/ “security right” means a property right in movable property that is created by an FPOTS ooAlF Al NRALZoD T agreement to secure payment oFf other I 8571 oo Ama-§ -A-Pae performance of an obligation, regardless of whether the parties have denominated it as a A POTT (FFAAT LD AL ALed) security right, and regardless of the type of Phe? ol AA IRIT ATINERY property, the status of the grantor or secured creditor, or the nature of the secured H3PAPT MUT AL PG ool T obligation; -t MW TAREERE LREA 424F JUm #7C EE vh B &) EATE 9 Federnl Negarit Gizette No.76, 7" August 2019 page 11388 WE o f #TC» AT (G0, oLy NAA 45/ “serial number” means the serial number P4AISh CF RhA AL PP aopg located on the chassis or body frame; <7TC Yot a% "gopf RTC PAD- cofH" UGAT (TS 46/ “serial-numbered collateral” means a AR5 CR4. wLI CAAmé. avhf dTC motor vehicle, trailer, agricultural Phor TFC FThChé: Adalls PACH machinery, construction machinery or @GP PhINTENTT oo 1l CRIISNTE industrial machinery and others that have a @l WG AA anp P B C fhar bF For: serial number permanently marked on or attached by the mfinufaclurer; Wi e TAT PRATCE Ao e L9 (170 47/ “person™ means natural or legal person. faayt ool Plmar AhA o 48/a expression in the .masculine gender R/ YTy (o'l R 0w PaTIY includes the feminine. R Wt E. ¢h29°037 o0% 3. Scope of Application A LU APE ANLC WP ofY Al 98D 1/ This Proclamation shall apply to rights in RERRY™ P4 F (Yool (MFPASTN movable property created by agreement that secure payment of credit or other performance INET wANFT AL FEAN, LUGA:: of an obligation.

¥ 20 KPR 2/ This Proclamation shall not apply to: V) N M9fim ARCEPT AL Py ol ' a) security right in securities traded on exchanges; PPOTS wodlt AL AYPARC w7 LA PPINT emChn§ b) a “mortgage of a ship with all ard TARTET o Ap accessories required for its use subject AR to the Maritime Code; Py om0l CPOES wodlT AL ¢) an interest in an aircraft subject to the M) ORTEES ATA AULLTT N4/ ANT registration by the Ethiopian Civil Qoo Re-C'TAT AL POLTH Aviation Authority; and e rmPeLrt ool AL ow) (Y APE hacke 0FEC ANLC d) ‘except as otherwise provided in this CAfhesAd Lh THI gl (hT Proclamation, a lien or other interest AL LN (ML HILT AL: AT given by law; and P49 €) security right in proceeds of collateral if o) N3 REPN WL WY APE the proceeds are a type of asset that is @0 o Afy NLax AL AfeF T outside the scope of this Proclamation 14397571 WAFDG CIY APE L3009 to the extent that other laws applies to POUARNS PUUAPS UYL APE security right in those types of asset and £ War PPATG and) AL governs the matters addressed in this 4970, ARAPFI°:: Proclamation. w IENLEER ALl 128 DM FTC B vt B 43 BRI 4.7 Federal Negarit Gazette No.76, 7" August 2019. .. page 11389 i/ po APE (079L74AdN LT w7 3/ This Proclamation shall not prevent creation @l (ML PALD LT PAAT AL of an encumbrance in accessories to PmC PATTT ALhahag:: immovable under immovable property law. neA ot PART TWO CREATION OF A SECURITY RIGHT PPNNG oAl hoowildt 8. PPOTS ool (NPT Py a0l 4. Creation of a Security Right by Agreement DA S Lok and its Elements

B PPOTG T Py v lota nay gt 1/ A security right shall be created by a security PG merr Qaam APOTS Abdlar TN agreement, provided that the grantor has right in the asset to be encumbered or the power to AL, POANTYE @f9" PINPH andid encumber it. ATl £10A:: 2/ A lessee under a hire-purchase may create a €050 7 ard w1 P security right in capital goods but the 0F AL Fhe-p. CPATT emdll oogiml maximum amount realizable under the AN U9 Poodill: heebd oMy security right is limited to the goods value in hoPaer P2 AL Ahhe-£ AhéA P2 100 excess of the amount owed to the Jessor. +é 04 PN (NP Lme om’y AL A flo0? LPTA:: B/ enn RrPR 00 AFPR O (8) 05y 3/ Notwithstanding to Sub-article (1) of this fPOTS eodlE 099 (240N pOT AR Article, security agreement may provide for the creation of a security right in a future asset, wao T LF AN B PN Q1T AFPAPT @PY" PUTLIPAPN 4/ A security right may encumber and continue TNLA ABEET Qo) AL LTAN:: in an accessory to movable or immovable, VT LARTF AP 0 L9° he7 23 ad - and a security right is not extinguished by an ML 2C (RWA gl ao{lly 6 affixation of the accessory to movable or APRCY: immovable property. &/ PPOTS NPT MR s P1R14.S (lom eof 5/ A security agreement shall be evidenced by a writing that is signed by the grantor, and: N 8.C"7 P-FL2Mm PT- V) P A@m@IS PPOTT R ] a) identify the secured creditor and the grantor; TV b) describe the secured obligation; and A) PATS PFNATT 78I KT c) describe the collateral as provided in ) ML) APE RIPR % ol oo w5 Article 6, @R LGOI

w LLN & LELA 12T N RTC EF b B 43 KL 9 Federal Negarit Gazette No76, 7° August 2019, page 11390 & POTSTo AT PRTA IRIPF 5. Obligations That may be Sccu A& PPATS oot PAad afyr DAL A security right may secure one or more PP PRI @RYR ALY PULEAG _ obligations of any type, present or future, determined or determinable, conditional or PLen pad oLy Pa Plov pIn unconditional, fixed or fluctuating. Phdlm oLy TAPPH PP AIE 0Ly hATE DAL 280207 AGET LFAA:: £ Poopwe AT PPOTTo- 287 ovhn 6. Description__of _Collateral and _Secured Obligation B emear NG PPATSar 9L APOTS 1/ The collateral and secured obligation shall be described in the security agreement in a manner Ak @0 P ME 062G (AR LA that reasonably allows their identification. . L0TA emAlr AMR £70A:: 2/ A description shall reasonably identify the € ovpemar PPOTT on@WmT (MUCUCH collateral by specific listing, category. a type flgegedl: 9L @pY® (MUFF (lenatT of collateral, or quantity. PP AANE:: 3/The secured obligation may be described as all i PATSo ehmid 7L AUE M 089 obligation currently owed and to be incurred @RLT PR He NRRE mPAN 9oLl in the future, generically or specifically, af AFIRIE PALAE AT PRTT including by a reference to the maximum PMATT 28D Wb eoavy (1mesahit amount secured by the security right. mINR LTCNIA:: Z A£L0 M, AL DATITC AT 7. Right to Proceeds & OX3L pAME Ag A PPATS et 1/ A security right in an asset shall extend to its identifiable proceeds. Ak AL FALA® ASod PULTA L WPTT e 2/ Where proceeds in the form of funds credited to TR2 ol T 0 L 20U B A 1 a deposit account or money are commingled hRET @fY° hAA THIME 2C hbdada:- with other assets of the same kind:

V) ttPAPae THI AARLE ook a) the security right extends to the commingled assets, notwithstanding that (LehT9°9" ¢PATT ondlk PAPaAPheT the proceeds have ceased to be 209 UL LhAA: identifiable; A) N@ug LT AL PR PPOTS oot b) the security right in the commingled assets is limited to the amount of the FEAE heoPuSTFe 4T Mo FLEH AN, mah AL LIROA: proceeds immediately before they were commingled; and T IARENER AREA Y26 Omm dvC EE vt B 3 BLIS 99 Federal Negarit Gazette No.76. 7" August 2015.. _page 11391 ) ROUZT (AA A9P3F a9 QW P-FPUR0r ¢) if at any time after the commingling, the THHl heovk 041+ hbPAbhor amount of the commingled funds or money is less than the amount of the proceeds FLO M. £90 WP FFPURD TINA immediately before they were commingled, AL A PPATS @l TPEon the sccurity" right in the commingled funds APLNT 0P T (1954 moat ApL or money is limited to the available balance IR0 LPGA:: at the time of the claim. £ UL oLy FCT odr ChdAdh 0N 8. Corporeal Assets Commingled in a Mass or YT Product 20U 0A0F A Pesddf. o o gy A security right in a corporeal asset that is e 20 LPUL ATF (MM Ag commingled in a mass of assets of the same kind or product extends to the mass or product. Ploow i@ PPATS emdlT & @D WEY° P°Ck: LolANGA s . PPOTS ondlF RIRRovwlit PepaLdl 9. Contractual Limitations on_the Creation of (Voi o a Security Right & raAl, a0 AL ePATS el I/ A security right in a receivable is effective as between the grantor and the onoo g2 LRy POU LA NPPCT (1A G0V secured creditor and as against the debtor MMAdRo- enhiha (LTCY™ hiw - (FEF Y, of the receivable despite an agreement flen e Q@G POTS Ao THIA mPE limiting the grantor’s right to create a e fTémé PPATS oodlt FAALYT security right entered into between the PTLPA: grantor and the debtor of the receivable or any subsequent secured creditor;

€ty KR B0 RIERO(B) LSC” 2/ Nothing in Sub Article (1) of this Article e Ao 300 W34k Phenpheiay affects any obligation or liability of the grantor for breach of the agreement @A (eonh T halt 7809 referred to in that Article, but the other 2445 1R AUPY ARTAS:: TS party to the agreement may not: AT FPPL 017 V) ArANAN 7400 apr APOTS a) avoid the contract giving rise to the receivable or the security agreement el oy PP @A PPLA on the sole ground of the breach of 0w ©heer AF o avbori that agreement;or oLy b) raise against the secured creditor any Q) No-a AdentlC 902 ed Nemew G ar claim the party may have against the AL ASlor PULTN@T 93T arI90 ove) grantor as a result of that breach. 0TS haa- TN mPE AL TR hl’r"f‘fi,"x ] " IRREEIN LREA 3267 MM H7C EF YAL F 4y ERTE 990 Federal Neparit Gazette No.76, 7" August 2019.. _page 11392 i g0 KPR 1997 P 3/ This Article applies only to receivables arising from: AIANCT MrbPC hoS opye a) a contract for the supply or lease of v) &L oLy hhep on goods or_services other than financial hara2aet APCOT services, a) 1270 od 0L GINEIEALD LT b) a construction contract or a contract Neerr wpy® P ord: AT for the sale or lease of immovable property; and d) HROPZEE TNLT Teer he L ofe ¢) a contract for the sale, lease or licence of intellectual property. Ponndy™ 4L avin: Negemyenr: FANAML ZANT AL AF fo-:: AL PPATS 4/ A security right in a right to payment of W aoenf Qarar (oo 2ol funds credited to a deposit account is o) PG aAlid (19TS Uns effective notwithstanding an ;greemem foyaed oA hdesI RCETFT 0 between the grantor and the financial NPPAYS KT (P78 2A0 a-d 0. institution limiting in any way the WER4T THIAY AL hGe CO107F CPOES grantor’s right to create a security right. ot T4 LAPTA:: 1. &P oL AA 1L37T A"INLRS PATS 10. Personal or Prope Rights ring or @@L R4 NATILT AT oLy €I0LT Supporting Payment or Other Performance AT 1/ A secured creditor with a security right in &/ 0Ny MAde 00T @L9° FEAAL CT5IM] an incorporeal asset or a negotiable ArAT AL P0G LAo THIY mPd instrument has the benefit of any personal PATST NALA AUPRRl TINTAAS: or property right that secures or supports ALNEAT ANGE DL AAA 183 hEARYP payment or other performance of the awndy LTAN collateral without a new act of transfer.

(B) CARe- 2/ If the right referred to in Sub Article (1) ¥ My AP8 0 RibR of this Article is transferable only with a oAl AANE PLTAe- (A RSN new act of transfer, the grantor is obliged P T S (116 N o M T A RS to transfer the benefit of that right to the et oyt ool POTT Ader THI secured creditor. mfE PINPANG: 1L BTGA 11. Corporeal Assets Covered by Negotiable iE, OFAAL 0YAT PHTLY 00 ONRF Documents A security right in a negotiable document FFAAL N9e Ag Chonwld PPATT extends to the corporeal asset covered by the w1035 (PFCEE 00 U0F ARYe document. 4.9 LT M OIEELEIE AREA 120 omm #7C EF w0 F 43 GLIE A7 Federal Negarit Gazette No76, 7 August 2019... page 11393 T8 hWAOPER N oot DC DALLLN 12. Corporeal Assets with Respect to Which 200 VAT Intellectual Property is Used NROPZE 3L @vdy T (Féméd 0 A security right in a corporeal asset with VAT AL Pheowll PPATS @Al " respect to which intellectual property is used shall not extend 1o the intellectual property and AOPPZR INLES RENTTI: NP ZPar a security right in the intellectual property shall LT AL Phoowll (PTG wodl Ty not extend to the corporeal asset. Q0N VAVET RETGIY0 hea ot PPATS ool Q01T @17 AL NAde: RIGHT eI T IE. PPAYTS omQi¥ OyAts @13 AL L7, 13. v f Securi ht Against Third-Party M 3PAPTE LT AL oo lel PPATS A security right in movable property shall be @ N0 EE 0T AL AL effective against third parties if: (G Ta 78 ¥ PPOATS ool hdemANE (9ATS 1/ a notice with respect to the security right is

@Ml artr Dok Lo POTS Odar registered in the Collateral Registry by the secured creditor; TIHA @ fd hbaoiiil: ¥ PATS LA THIAL mfd TR FAAL 2/the secured creditor has possession of the corporeal asset that is money, negotiable P ARRTr FAAL IRTS AL instruments, negotiable documents and PR ANGEPT ONIPR UG ol certificated securities or subject to Article 56 or. agpar s#C WL 0 L9° 3/ the secured creditor has acquired control over i POTS LA THH MPE OLAPTT Y, the right to payment of funds credited to a Al AL PULRLT THIA @L9° MAANTCLN deposit account or an electronic security. ARGEPT POVS AL PRTTC OOV hae Yar: I3, e420% M fouf opP f7CT PPATS 14. Effectivenessof Security Right in Proceeds, Mass's and Product’s Against Third-Party AL Crenwlch PPRTS 1/ 1f a security right in an asset is effective 8 ORI HUT T (ArE 015 AL R4 WY against third parties, a security right in any Yy APE AR % oowld Lk proceeds of that asset arising under Article FeLAr M. ALY NewPrr Aarer§ 7 is effective against third parties without NPATS bPOE A AA P4 any further act by the grantor or the AP ALNEAT FAATL PAPSA: £0) e LA M THIAL -FANAN, secured creditor if the proceeds are in the oAl POUAARGE PTHIAL A% WIS of form of money, receivables, negotiable dbeyer g ML WERET THIA AL instruments or rights to payment of funds ha g 7975 wodlt QA e credited to a deposit account. W INREREE 4nin 9267 Dnm #1C E% VAN K 9 KILEE Federal Negarit Gazetie No 76, 7* August 2019. page 11394 ¥ A& 00T AL Chamwdl (PTG — 2If & security right in an asset is effective oA APt 01T AL 4L WY against third parties, a security right arising

MY AR 00 AR () hasr | under Article 7 in any type of proceeds TLOr MPT ONEPC QAT NPT other than the types of proceeds referred to in Sub Article (1) of this Article is AL Y APE AR G oowld effectiveagainst third parties: fémlbe PPATS AT NPT @1TF AL LR P 0 U) MPE Wrléds NAA AAC P76 a) for ten working days after the proceeds 5T G arise; and A)MOPE AL PA PPATS ool Asvse b) thereafter, only if the security right in oo ST NI0P T 16T A704) the proceeds is made effective against My CPATS GL4T AL T4 third partics by one of the methods applicable to the relevant type of WLl LT ONIE NIEYT collateral before the expiry of ten PPOTS wodfll: NOT 01T AL working days. +4.97%. W' ar:: ) 3/ If a security right in a corporeal asset is i/ 0900 vART AL Proowld PPOTS effective against third parties, a security ool (0 EE o195 AL 1491 WY right in a mass or product to which the MY APE AR & ool oo security right extends under Article 8 is - oLy (PCT AL PAT@TS VB effective against third parties without any NPats 15T AL 14977 LUSA further act. 1% 0yats o19F Ag 1437 fUr PPOTS 15. Changes in the Methods of Security Right »NLF Aot for Achieving Third-Party Effectiveness A security right continues to be effective against PPATS T OPATT 01T AL 1A third parties despite a change in the methods for P INFe @MAF MLdomd NAo-ar achieving third-party effectiveness, provided YT P WE4T AODAA £40 HEALYE that there is no time gap when the security right LPPAd is not effective against third parties.

I%. PPORTS oD DATTNTANG 16. Transfer of a Security Right & TAYS fae THI mfE OPAIFSo- AL 1/ If the secured creditor transfers a security LAY PPATS ool Novd. @9 OhéA right or a part of it, it may register an WAL PUTR POLAAR PUINhhe amendment notice to reflect the transfer. NFode eI LTFAA 2/ A transfer of a security right is effective ¥/ trANg. PPATS aeiE PRNTRDS whether or not an amendment notics has NFodf Nl AL MLeeniNr been registered. QLMY TR7L LPSTA ™w TETRTAE AReA 1261 Dm0 EX fehth & #3 ENTE 49 Federal Negarit Gazette No.76. 7* August 2019....pege 11395 17, of 4¢7P 240 A heLRL? TN ML 17. Right to Payment of Funds Credited te 8 NEe PoompP ov it Deposit Account PATS LAa- 1N mPE:- The secured creditor acquir;s control over a right to payment of funds credited t© a deposit accoun_t; &/ PELSH PRovy PPy PURLRCD 1/ upon the creation of the security right in PTG o)l (leman gl favour of the financial institution; & PRTPC AL MomdlI:m e 2/ upon the conclusion of a control agreement; or B/ 1eoqor 4043 200 22C (177849 3/ when the secured creditor becomes the deposit account holder. @f bbper LA nl hORLD THIAL AL e ATV PULELOTA PRPPC @) LYLPA: IZ, -HAA& AYLS MAT4 PoLALY 200 UNET 18. Negotiable Document _and _Corporeal Assets Covered by that Document B/ (FFAAZ A4e AL PA PPATS endld 1/ 1f a security right in a negotiable W70EE 0195 Ag 1&97% WPy andld: document is effective against third parties, 0024 (2o HET ALy R4, the security right that extends to the LUPGH:: corporeal asset covered by the document isalso effective against third parties.

g/ P-hAAG OYE POTT QAe- THIAI mpfd 2/ During the period when a negotiable R e WPy PPOTT andll: (RS document covers a corporcal asset, a security right in the asset may aiso be made L FNEATT 0rd o9 Ag effective against third parties by the secured TERTY, RILPT LRCIN: creditor’s possession of the document. if. kahTCih ahet 2T 19. Electronic Securities POTS fAo THIN mPE RANPELR The secured creditor acquires control over an | ARG EPTFY mPOmC LU hor- electronic security upon: 3 PANGEPED LB Aman N AOA 1) the notation of the security right or entry Mhao-mo- opy Nola (VHIDE e of the name of the secured creditor in the AL PPATS oodlET oo, flonlq books maintained by or on behalf of the oL POTS LAF THMHL mPE 09 issuer for the purpose of recording the flemani4l: @LY° name of the holder of the securities; or K- P RPPC NPT (lomdpys 2) the conclusion of a control agreement. vy ™ ARNER A2 1260 M TG EE vl B 3 BRIE e Federal Negarit Gazette No.76, 7" August 2019, page 11396 heA het PART FOUR faw fif o COLLATERAL REGISTRY 20. Establishment of the Collateral Registry £. foo iy UM RMLT A wPRge Office erIPALT LT POTS ARTL L R W The Collateral Registry Office shall be MF 027710 £RRTIN:: established by regulation. £3. Pomp owllf) oofRe” 21, Establish ) Regist The Collateral Registry shall be established PPALG endlTE XT (W7 0P ARCR for the purposes of receiving, storing and LAl PRIV T Pldmod (1UTendhd meking information accessible to the public aolZ Aemd(in: AP PS AMHAl RET in registered notices with respect to security PULLT AT Lhoe CIIPAPTT HNLY right and right of non-consensual creditors. Pem @l oAl LRRUIN:: 5y L ompeN Ao APOTS 9°U1D PoLOmor 22. Grantor’s Aul tion tion L¥ 2 Security Right

B @t el adT PR UM 1/ Registration of notices in the collateral registry will be conducted by the secured P hS e PO Ao THIAl s creditor or an authorized representative. @l 2P ohA e g an@ Ao R4S WP R (I0EPC 2/ Registration of an initial notice is PmBanll PPOTS eodlt NI 0RE ineffective unless authorized by the. grantor in writing. PUMN FERT ALY Lo-9o:: 3/ Registration of an amendment notice that F/ ewerf oo (K% QALPR AHPC adds collateral not covered in the security APOTS QPP PAIAY empf) agreement is ineffective unless authorized AewpowC PULELT PTG @dE FAKE by the grantor in writing. T T AL lorgs: | 4/ Registration of an amendment notice that 8 t@e @fy h@ PuhHe Ae adds' a grantor is ineffective unless X s WALPR ONPPC ooPW A, authorized by the additional grantor in AonaonC PULRLT PO eds N4y writing. T390 PAD-1: El MR s PHELT PPIRE APPYF oo ¢ 5/ A written security agreement is sufficient to constitute authorization by the grantor am.o N edfe AWMl NIRLPR for the registration of a notice. LPme-Ar Z My KK N AIPR (&) emendt 6/ In accordance with sub-article (5) of this PPOTS NPT hedlNl Pampenf w’!l'lll' Article, the Collateral Registry may not " require evidence of the existence of the P A@o PANM RIRLRLT L8 grantor’s authorization. NAeeNavi: “1L2717 REMEFI::

® (AT LEEA 1T D k0 ER b X 43 HRDE g Fedoral Negarit Gazette No.76. 7% August 2019 . page 11397 Ri*. WAL NAL QU PPOTS ALTYET Atooddek 23, One Notice Sufficient for Security Rights & “WFodf 0d Dol Under Multiple Security Agrecments WEE e Aaa WAL POTS LA 1IN The registration of a single notice may relate WPE AP Lodemar RIE @PY° AT AL to security rights created by the grantor under Py PR YRyl AR elemlel PPANS one or more than one securily agreements ef 1Y (IADE NS by @] BFAN with the same secured creditor. Kb, AU FREN WAL LT 24. Public Access &OTFEey Ao flon 2 an Nk I/ Any person may submit a notice to the LTR O T UT O A O VU |P Collateral Registry, if that person has a ') CobanFey . eop g he hhar established a user 'account with the Registry; and has paid fee that shall be AG {lem. mn(,_(" 1wt aoinl prescribed by directive. CAIADNT NEL TNAA v # emane opye 0l aAn:dad ¢ 2/ An amendment or cancellation notice may only be submitted through the user (X oI VT K A any ¢ he account and by the person that is AN AT Ml e ol authorized 1o submit such notice under tdmb o) ATl wandflit QAav this Part. A RTIFTl AL Yars: [ ¥ LA - LA N A 3/ Any person may submit a scarch request Nhnfbar ool e @[ e HE to the Collateral Registry, if that person uses the prescribed search request form. PN LR THPlAl LTAN o) Yean @ o)) ety awly 4/ If access is refused, the Collateral e ey iy erhabants e Registry shall communicate the reason to

Aeni 2o ‘ LY ‘ Nl &.4°%ar the registrant or searcher without delay. wH Smr AR RANP: 25. Rejection of the Registration of a Notice or o-£P NATTLLT a Search Request HELIRAT RS UV 0L PondE G 1/ The Collateral ‘Registry shall reject the @l Pe (Fmpba o l1G 2 registration of a notice or a search if no AP cuad CANT NI ofs R information is entered in one or more of nag. eiry wudE AW Pam e U the required designated fields. rnLg ¢ M- oL A I0) hperiinge: R TI0r ©) 1LY WFPR 00 WEPR (8) AIReA 2/ Except as provided in Sub Article (1) of this Article, the Collateral Registry may hay 0ok Yoo e[ el not reject the registration-of a notice or a PN0B e AT @LI CoolE 0D search request. PORT -G TVELT KLTAY MW IHAERIE ARSA 120 Oha G EF vl B #3 KRIE B Federal Negarit Gazette No.76, ™" August 2019.....page 11398 P ook e N0 oLy fonld @0 3/ 'If the registration of a notice or a search TOE O-LF CERLT NIRPY Ponear request is rejected, the Collateral Registry @M PHILET ARG D 0L shall ‘communicate the reason to the registrant or searcher without delay. AomlE LAl @A Porr PAGrPA:: £ Poogr 10 Kéd (L FCons 26. No Verifieation by the Collateral Registry ATALRCT OhaovhAha Office [ ZETU L TO T A 3 | S L T PR 2 X The Collateral Registry Office may not PUM 0L PEAD TEE 0LY CUTNROLE conduct any scrutiny. of the content of a notice or search request. PTG avaoCan(C RETOS°: RL. AwEovss TNFade £LLNLAT HPT 27. Information Requiredin an Initial Notice 1/ An initial notice shall contain the Bl pawEangp NI oRL COLNEATT RN following information in the relevant e 2T PlPA. mlBPNTY oo PN designated field: LGOI~ é‘) the identifier and name of the grantor U) OhIPR FE oowld Ponerf Garah in accordance with Article 28; wpf RPEC NG oo D97 b) the identifier of the secured creditor A) W3R Rl oowddt POTT Phar’y or its represeritative in accordance THA PR 0Ly Plohey ahp: with Article 29;

&) Pomerr Garerd AT PATST PAed ¢) ‘an address of the grantor and the I P Rt secured creditor; o) (WIPR @i ool o eafary POy e AGeLe d) a description of the collateral in accordance with Article 30; L T e) the period of effectiveness of the w) Eua: 0% CUPLOTT UL AT registration; and Ly AAIANERT - 3477 AF RIAAAN f) any other information to be prescribed in the directive collected Namang ¢ LoR@NG “TVF 09 AA o0lFs for statistical purpose only. €/ hAZE AL e G ofy PATS 2/ If there is more than one grantor or secured creditor; the required information fam THMY mfE NS COT shall be entered separately for each wEPT ANPIRIS oA 0@, 0P grantor or secured creditor. P15 fao M mek (FSmA Pt LTCHVFPA:: avhf 28. or Identifier BE. fompw O 1/ Where the grantor is a natural person: B/ em e Ao CHLFE Qo hT- a) the grantor identifier is the unique V) opfa- wavlf PToNT AR identification number as prescribed in tan)adf RTC: AT the directive; an % INEEER KAREA 56T oM kG @E v & 3 EALTE 99 Fodoral Nogarit Gazctte No.76, 7" August 2019.... page 11399 A) Qoo PRAAPRE 07T Adar Ao POT b) the grantor name is the name as it ALAAR ovdadf wi AL POLLar appears in the most recent relevant 0 AUE ATPEALE BT AN official document issued to a citizen of Pérc Ao NUHT U R Ethiopia or valid passport in case of

05 INZCT AL 1000 B natural persons who are not citizens of PUGTA:: Ethiopia. g emeof Ao Ch? Garit fam- hPy- 2/ Where the grantor is a legal person: a) the grantor identifier is the unique U) empfar lavand, ¢ Pty AR identification number as prescribed in Pandmd @ $TC 2 AT the directive, and Q) Qove (99ERme A1 0PI h? AL b) the grantor name is the name that PNé.L NP9 LAPGA:: appears in the most recent document or law constituting the legal person. A, POTS LA0- THIAL mfE oop P 29. Secured Creditor Identifier & POTS Lhar VHI @fE CPAPCE Ao 1/ Where the secured creditor is & natural (1 e 71 S T SR ¥2 {lovam s person, the secured creditor identifier is the name of the Secured creditor or its a0d CTHIN mPdor oLy ¢hohf representative as prescribed in the directive, @A QY LT 2/ Where the secured creditor is a legal person, g PaTS LA THIAL mpd P Aoyt the secured creditor identifier is the name of Pae- (7P L oo (loounlg the secured creditor or its representative as o0t C1HIA mfea af Cloht prescribed in the directive. NY° LPGA:: é@. PPOTS om0 30. Description of Collateral A APHTS ¢PA 0Ly fod HOLT I/ The assets encumbered or to be encumbered shall be described in a notice IFake AL (e el RPLAL ina manner that reasonably allows N72.P0TA aalr MILCH ooldR their identification. LECNI A

g osne e O} HIeAPT 2/ A description that indicates that the wee 3L Ntony | collateral consist of all of the grantor’s A Moo movable property of all of the grantor’s oAl ohr LA A FFEAST movable property within a particular LA emeN @t hdR 0Ly category or a description by quantity or MMM ofye AT $ooC hadosm computational formula satisfies the PILY WHPR 0 WIPR (B) m0ACTS standard of Sub Article (1) of this Article. PIA LIPGTA:: W IERa ALLB 126 D0 7C B 1 § 4 BOIE 99 Federal; Negarit Gazette No.76, 7 August 2019... page 11400 B/ N0 odLe- AL Lhe- ovps N1P0TS 3/ The description in the notice need not be ageyerl hao e OC WIS 4L identical to that in the security agreement. ALPT RTFAALL C 7 PNJedLo To the extent that the description in the wne, IPOATS ARk b ARe- notice exceeds the type of property LT 328 Pe0AT UT b1y described in the security agreement, the otLo WTCEYT MAREe JNLHT notice does not make effective against AL PPOVG emelbl: 4990 KRSl third parties security right in such assets. a/ Mkemil - T 0Ef a0T KILT 4/ Reference to an asset in a registered notice does not imply or represent that the PL onpdd aoff Amwe (AL grantor presently or in the future will have AL PAALTYT ool E ATSA @ fy° right in the asset. DRLT ATRALT L A PemATTY &/ IL 0P AT MOPC AP Bl 5/ Serial-numbered collateral shall be described by a serial number the make, PA aopf aop e &rC: NFLYET and the name of manufacturer, unless it is MR ET Y oo AR RANT held as inventory.

@B, ¢InFod e 1 497 QAT 1L 31. Time of Effectiveness of the Registration of a Notice B Pan pf a0 Uk pemEanlf MDD 0 f 1/ The Collateral Registry shall assign a AR PRUM RPC (lamhmT AG LU unique registration number to a registered HPC el (TR Cboolilr initial notice and associate all registered amendment or cancellation notices that PANL ey theM WNFoLLPT contain that number with the registered wPai e Wreoiilo “MFodsf IC initial notice. POLUA:: ‘ R/ PuoFand 3 PUINAL AG PALN TT0 ok e 2/ The registration of an initial, amendment wlEPT FREGT ARV Nlawgnr and cancellation notice is effective from the date and time when the information in apr hteotiF0 #F AT AT the notice is entered into the records of Eyec Al h§T LIPSA:: the Collateral Registry so as to be accessible to searchers. £ fomey oo (1O 0dfo 0T 3/ The Collateral Registry shall enter information LA} oolE “Modfo- QP00 in a notice into its records without delay afier the notice is submitted and in the order in FL FIFA 0% Lot @BooWUF PATN:: which each notice is submitted. Pon P aoNUF AovlE LALPT TRET 4/ The Collateral Registry shall record the 8/ date and time when the information in a AL NN odfo- 00T CAm- onlf notice is entered into its records so as to oLl PINUTE PF AT AGT be accessible to searcher. LavllM0A "w TANAER ARGA 16T onm wvC @F v § 43 LTS 49 Federal Negarit Gazette No.76, 7" August 2019 _pege 11401

@8, PINFode U PLELOT Lk 32. Period of E! ti of a Notice B/ PowEovlp ANk 497N PG PO LA 1/ The registration of an initial notice shall be W Lo (170 Sedfa- AL LU effective for the period of time indicated by the registrant in the designated field of the A"t (TIUIEe 1F AL PARe- VT notice that however may not exceed ten years. hhaC Gaoi ovdlar LANT 2/ The period of effectiveness of the §/ pomEonse “MJadf UM PFLIUVI registration of an initial notice may be 24 W02 (14 AT ALNT @cT b extended only within six months before its anr AF e RHLENYS (o LT expiry by the registration of an amendment 0 AL hhsC Gon PU9LNAT Phanls notice that indicates in the designated field a Ub Neman) AL LTAN:: new period that may not excced/un years. i/ eemBeanle I 0ke CrAIUYT AN 3/ The period of effectiveness of the registration of an initial notice may be hATL UL NAL anlety® LTAN:: extended more than once. 4/ The registration of an amendment notice B P “TAAP PPNFSar awlaly PLESCHTT extends the period of effectiveness for the +3 hAddaom PATTor PINHAD TINTOEL period indicated in the amendment notice LAY P B (10 odra AL beginning from the time the current period Abemplrte LR LECNTA would have expired if the amendment notice had not been registered. aF. ool WF@LP 200E Povih 1L 33. Obligation to Send a Copy of a Registered Notice

1/ Without delay after the registration of a # N TDoRs NigdelH foo e notice, the Collateral Registry shall NN 20 0L for otdme provide to the registrant a copy of the andPony PUAAR N1L Aemil sl information in a registered notice. Pt 1L AANT:: 2/ The information in a registered notice g Mo oodpgont COUMAROr 0L shall indicate the date and time the RMe- P-FLOeoll T PF 1 A% AT registration became effective and the PRUNDT RTC PULAR wolFPNG registration number. P LTCOD A 3/ Within ten working days after the registrant 0y KR 00 KiPR (§) eowdd receives a copy of the information in the ww2o d Lo} PTIN) EUL notice in accordance with Sub Article (1) of (As»C 0 p2e- 5T a0t "IN odfo’} this Article, the registrant shall send it to the fem e Ada sl Atoniitfio Gar wAh person identified in the registered notice as LYCND A the grantor. iNnBrE ARER I26F um ke EX veh h #3 KLER 99 Federal Negarit Gazette No.76, 7" August 2019 page 11402 @9, PTINF @es Phin I obf fevoonti 34. Right to Register an_Amendment or o= Cancellation Notice & D RIPR 100 WPR (B) ARRAalld 1/ subject to Sub Article (2) of this Article, VS (Hlaolii) PanBavsf NI Ef AL the person identified in a registered initial POTE LA T mPd M elhadio- notice as the secured creditor may register o PUMN®F Adeonlk POTNe ol an amendment or cancellation notice PN NS @b P ovomii] LN relating to that notice. 2/ Upon registration of an amendment notice § PaTrs fAa- THIN apd T changing the person identified in a registered PUPLLC CUTAGE NI ofe hrbenii initial notice as the secured creditor. only the 034 e790¢ gy Padn “InZode person idemtified in the amendment notice as enao Ml O A NFINE e 9N the secwed creditor may regisier an AL POTS fhm THI mfd U amendment or cancellation nofice.

ehadie dar AF raras E/ (ool ¢emBansg @fy® VGRS 3/ The registration of an amendment or QFoLe AL PATS fAe THH cancellation notice is ineffective unless authorized by the person identified in the MmeE e Pradbio e ALLPS registered initial or amendment notice as Flooilll 7100 e epy PN the secured creditor. “MIOEE FLIT AT ALTAY:: @%. 1799 oLy MLy nJedsfAL 35. Information Required in an Amendment Ot PARYT oolX and Cancellation Notice A K% eoVANe TMPeds ALy N 1/ An amendment notice shall contain in the FFAC 0 Af: relevant designated field: U) MLy APE NiPR @ik &) aoinlap a) the unique registration number assigned by the Collateral Registry oo e wYfl Cam? A% P71 pursuant to Article 31(1) ; and ®PC: AT Q) P LaLamlTy afy® frLAomar? b) the information to be added or onlBt otherwise modified. an P RANT: & poyan ¢ nSadLo (FonliNl TNad P 2/ An amendment notice may relate to one a0 LA oolF WiBT oL DAL (AL or more than one item of information in & PIPyor At LTFAN:: registered notice. 3/ A cancellation notice shall contain in the F/ A3& fhén “Mgodf AmFovlf InFebfo PHmoT AL P/UIN RTC designated field the unique registration (FAP RF AL “PAPT LTCOT A number assigned to the registered initial A notice to which the cancellation refates. w ARTERE ALLA 126 M RTC EX b B ¥ IR 997 Federal Negarit Gazette No.76, 7" August 2019.. page 11403 a%. AMAE PII0L @R PO “INtodf 36. m 10 Amendment or Cancellation Notice A POFST LA@ THIAO mPd:- 1/ The secured creditor shall register an amendment notice if:

U) P00 ¢ IS okLo @ haro a) the regislereci notice to which it relates hébRar (AL wnlF PPN RIS (‘:ontains information that exceeds the scope of the grantor’s authorization; or oL b) the security agreement to which the A) Phano- N oke Chott CPRTS registered notice relates has been Py PO LACH S Il As revised to delete some collateral. PTINGE TN ok TNV RANT & POTT LAo VAN med- 2/ The secured creditor shall register a cancellation notice if: v) e Gaaar PenPanlp “MNMDadp a) the registration of an initial notice was APl Wi dbR not authorized by the grantor; Ao @ PwBaipar UM b) the registration of an initial notice was APLARY AFETT Om (03A Phme-) authorized by the grantor but the LFe WA RGPPATE A authorization has been withdrawn and no security agreement has been concluded; or NATddam: 0 LI ¢) the security right to which the notice &) MMIoefo Pl CPOTT relates has been extinguished and the wAVt ¢4 RIRPT RS POTS fAm- secured creditor has no further TN @fE Awfo a@o hef commitment to provide value to the Pomb.09° Fen1é 18 DAL grantor, R NS odfa ama Ml KalT:: i/ LY AR 0 AIPR S(U) AT E() 3/ In cases under Sub Articles 1(a) and (2) erRe e ASC PATS fam (a) the secured creditor may not charge or accept any fee or expense for complying THA mfE 28307 AaNt hEe with its obligation. aomfP aLI® Pl ALTAP:: B0y KPR 00 NHPR (B) AT (@) 4/ If any of the conditions set out in Sub

WELpt e 2T K% W4 omgr Articles (1) and (2) of this Article are met, A POTS LA THINM mpe POVTAEL the grantor is enfitled to request the @LP® Pl TN adf APLLNoolT secured creditor in writing to register an & de® qomeP P7UFA APH TINN amendment or cancellation notice and the meRar PUTF ATIRLD 9390 VLT e secured creditor may not charge or accept oL o, omfP ofy @PA any fee or expense. ALTAP:: " jertil] AR I2CT U RTC @F vebt B+ FATE 99 Federal Negarit Gazetic No76, 7" August 2019, page 11404 T % Gy AIER W00 RIPR (5) el 5/ 1f the secured creditor does not comply with POTST Laer THHI mfe haem e Oano- the grantor’s written request referred to in X hs (RLOD TPE ool (Mt Sub Article (4) of this Article within ten working days after its receipt, the grantor is el 51 o WALOww an W Oan.or entitled to 3$eek the registration of an PANNE WLy PO TN o Lo Now el amendment or cancellation notice through NM R 0 QA NPl the Collateral Registry Office. aomfP LTAN:: # MY AR 0N NHPR (B) amwld 6/ An amendment or cancellation notice in accordance with Sub Article (5) of this PULaWPI POTANE wpL PO “INSwd e Article shall be registered by the Collateral Peom g UM AT 0 @4 Porh Registry Office without delay upon the ol POTS Ade- THIH P AN issuance of the relevant order with a copy of’ o147 P, 0N v KA the orderto the secured creditor. @7, Pood AP ovNdLt 37. Search Criteria ANl Wt W fao el o) A public search of a record may be 0T CNF wlF- conducted according to: 1/ the identifier of the grantor; or B/ Pan @7 NG} oo f1 mL.9° Bl Pan @y anp @ BPCE 2/ the serial number of the collateral. fleomd9> ovd A LTAAN @z. MAsA2 o-mt 38. Search Results By WEA PR ool CFT P14 1/ Upon submission of a search request that

f&A2 TPE APCAl Pem P 90 satisfies the requirements of this Past, the Collateral Registry shall, without delay, 7C%E o4 fo - provide a search result that a) indicates the date and time when the V) a0 CFhSo1d 77 AT A%t search was performed; A) ALIE1S hTa2ar anpedG D0 b) sets forth all information in each oo, (lov-. PN onlF: registered = notice that contains information matching the search oLy ’ criterion exactly; or &) NEAI@ oolG IC oo (lao-d ¢) indicates that no registered notice contains information matching the PryamAAN «wlB AT kR search criterion exactly. P AL PPN LADNA:: 2/ A search result issued by the Collateral & rPer MNEE Aohaa Llh (leo o Registry is proof of its contents in the oWt ARAD TLE MM “I0LE DA absence of evidence to the contrary. GAI@ LHT "1491% LAPTA w INnaEn ALLA Y26T D0 *TC EF T B P KT 9 Federsl Negarit Gazétte No'76. 7° August 2019... page 11403 e @0 ANFoES ahT 10 PhALALo g. 39. Error in Required Information Entered it in a Notice 1/ An error in the grantor identifier renders &/ P Aarar ovdf AL fdand the registration of the notice ineffective. (LR S G T Y Xl T O T 8 i A NIALPT PRACIA:: g W3 Pamenr Gan, @odf AL PlAmé 2/An error in the grantor identifier does not

AT QANT 0THIA PRAR @ e render the registration of the notice A2 AL 9ouar 4977 NISLU inéffective with respect to other grantors ALRCNYO: s correctly identified in the notice. i/ hewerwr Qarar ewAf Q0FPC OANT 3/ An error in required information other AO4AT lBPT AL PlAmé DT than the grantor’s identifier does not ADE PONILID S0 emlE 4477 (WS render the registration ineffective unless the error would seriously mislead a PoreANT KOMAUY K40 o uTar 447, reasonable searcher, NIRLTT ALRCNY°:: : 4/ Any error in ‘the statistical information B/ AQ-EhEhO A (el g WS aliul- prescribed by directive may not affect (ha@d ondBPT AL Pléméd Dl the sffectiveness of the registration. LN 4497091 RPOAPCT st 5/ An eror in the description of the &l OR3E PPATS ondss, AL Pléamd collateral does not render the registration AT A4 (N 0B 110 aeg of the notice ineffective with respect to L9ok e JONI TN RPAPCI other. collateral sufficiently described. (B Raopp £TC PA@ POTSE avpf RTC 6/ An error jin the serial number of the @hAY ey - L 1ME AT serial-numbered collateral renders the ANGp LA AT NPT do- registration ineffective as against a buyer PRCIN or lessee of that asset. ho=11 03A Pow P Am o awdf AT 40. Post-Registratio r Identifier B P Garm oop o} homdPs. (LN 1/ The grantor shall notify the secured creditor of the changes in the grantor identifier at hhzoC $ST LT ddAo-me POTS least ten days before the change. A THIH mfE TP LTCOIA:: 2/1f the grantor’s jdentifier changes after 2 ¥ heeuna 034 Pemer e den g notice is registered and the secured Wraom: PATS a0 T e creditor . registers an amendment notice ade-m- 0D adf h&lLbm- (134 AT indicating the new identifier of the grantor AsoC PST o AT Clemifiile- within ten days after the change ok CFAATTE L WS notification is received but before the 04+ ¢ q¢ mnJ-odrod hhevtin: expiry of the period of effectiveness of Ny oefo- pUophbae CPATT the registered notice, the security right to

™w IANHER ALLB 16T DM RC B b & 43 ENTE 99 ! Tederal Negarit Gazette No.76, 7 August 2019, page | 1406 aodlit (NP0cEE 01T AL o which'the notice relates remains effective AT 0 E Porde AT haeeme against | third parties and retains the &t Wro88e ool @fEPW priority it had over the right of competing claimants before the change. Prlcar PLYTITY Clalld LAPTA:: L PATS Pae THI aPe LY A3PR 3/ If “the = secured . .creditor registers an Fo-n AHPR (E) Provatrta b 0P amendment notice afler the expiration of the time period indicated in Sub Article (%A e900 e T0Sode Qaoolil:- {2) of this Article: V) “0 0.8 ChomT @LY° Pao g a) the security right with respect to which a notice is registered or which is Aanar aopf frlAom (24 71 77 otherwise made effective against third WA e hemao il N4 (AP 0ET parties after the change iin;the grantor’s W AL 1AL O PPOTG aod) T identifier but before the registration of PAG ¢ ) wd o hranphirtor the amendment notice, has priority over PPOTT ondlt PRI BYEPA: the security right to which the amendment notice relates; Ay howear Qanar oopf Aoxr (34 99C b) a person that buys. Icases or licenses the 23 WA e I od Lo NN 08T collateral afier the change in the grantor's an P ar'y P her [ identifier but before the registration of the amendment notice acquires its right free Pevqdye 4.7 L PA-Omor Aer £77T44 ¢ 77 of the security right to which the Ndoge el herevphelao- amendment notice relates. PPOTG em) T ¥ UPT L1F A 41. Post—Regislmfion Transfer of the Collateral A security right in collateral that was made effective against third parties by registration LAy PPATG amerf el AIEAMOP of a notice remains effective against third Uy @evfo- AdA e WA of9 parties and retains its priority over the right LY VA (e E Tt S T A AT of competing claimants after the collateral is PRAUYT o OVE PUds PR sold or otherwise transferred by the grantor to _jn-l;l}:h’l& ool 't mPEPT fam a transferee that acquires its right subject to PLYFrTY Crafid yar:: the security right. 42. Integrity of Information in the Collateral HE, vool o0t Adtaeliflo. oolR Th LT Registry e 1/ Without prejudice to Article 36 (6) the B P KPR WIOR G5(E) WIEF@ld U§ Collateral Registry Office may not amend Pam e UM RMbA LT a9 | or delete information contained in any Plemiiil SISO e arirr AT wmlE registered notice. QAN OLY° O RRTAP e

W TENERY ALLA 126 nm 4G EX Y0 § 3 RATE 99 Federnl Negarit Gazette No.76, 7* August 2019....page 11407 §/ Pamgar UM KRLT AT (lemunr 2/ The Collateral = Registry = Office shall 0P P omlEY mdd ISP AT preserve information contained in its miFo- g 0L ATE Al records and reconstruct it in the event of loss or damage, PTIRGET 780 AAFE on PN o AT h°wec 43. Removal _of formation __from _ the NaIna e Collateral Registry and Archival B/ Pao P M AT 0 AN 1/ The Collateral Registry Office shall remove information in a registered notice hell M- PPN “INJ 0 ¢ o0 from its public records only upon the AT endE PNek fo PN expiry of the period of effectiveness of LA L ALNT Do)t RGN the registration of a notice. g Poognr W0 RABLAT 01 Adn 2/ The Collateral Registry Office shall hedl e ooPl Planlf aol¥h archive information removed from its MLy APE WibR @i aowld b public records for ten years in a manner ATE N e0TA oAl AhsrC Gl that enables the information to be retrieved by the Collateral Registry in Dhdanp LECAIN:: accordance with Article 37. 3. faoprr U Kkt LT PEafrit 44, Limitation of Liability of the Collateral o0} Registry Office Pao e UM R méTF LT AT W Any liability that the Collateral Registry T eErt LS - Office may have under other laws is limited for loss or damage caused by: &/ AewlE 2A%@- PAm 9CAT oR9° 1/ an error or omission in a search result AN 2o -FOTF O Faelii) “I0Jodf issued to a searcher or in a copy of a A0 @07 QT levdo oL registered notice provided to the registrant; iR QNI

& Mnw APE RIPR d% (E) AT (B) 2/ In accordance with Article 36 (5) and (6) oowld (PHTS @il anr ewlE an error or omission in entering or failing to enter information in the records or in Qo1 AT (ewd by w9 ool erroneously removing information from AN“ININT @pLye heenlr anT the records; N+t onld 1 @t ¥} Pom g U AU CEaniil 3/ a failure of the Collateral Registry to send 3o f IANE Qhovhavk: 0L a copy of the registered notice to the registrant;or 'lt uurs LLJ-A 92¢F o «vC fl Yol § Y HUIE 99 Federal Negarit Gazette No.76, 7" August 2019....page 11408 8/ l\rm'll.?(l.m- LY liand‘fi Zate OnET | . 4/ the provision of false or misleading LI hAAT awlE Navdmits information to a registrant or searcher. ARLA W12 DRI FAT v heA At PART FIVE i 21 ol PRIOR[TIY RIGHT HE. PATE_PAG TN mPE PPALYT on it 45. PRIORITY OF THE SECURED Creditor 1 The secured creditor shall have priority &/ PSS fam- TN meE WAL T over other creditors, MLELT LAP PPRULIT AVt K- 2/ unless olhgmisé ) provicied in the Qe W7 (b eao AT NAPC insolvency law, Sub Article (1) of this PILY KIPR TN AIER (B) AR Article shall continue during insolvency AZie. opgy° AN “P0et T or liquidation. LETAA:: L. ONIL PoufA A OATEm4é ToRSe 46. Competing Security Right Treated by the £POFS AT Same Grantor

B/ PID AN £1032F ATRFald Pro- 1/ Subject to the ‘provisions of this Part, priority among competing security rights NI ongar day (bhasddf, POTS AL created by the same' grantor in the same Né.méTar PPOTS oAl eohhid £har collateral is determined according to the PLEYYT o P00t POTS order of registration, without regard to the PhomOlANT AN PR thta h2et ' order of creation, of the security right. a.e.'m N@WIF - FLI° AhTA Jars: 2/ The priority of a securily right with respect E/ r?n't-‘: @A havd.pov: @p9 1240, to which a notice has been registered in the u-fl't' AL el Naa PTINEN aAT Collateral Registry before the conclusion of ®L9 WAMY hMITTE LT el a security agreement or, in the case of a APATS e T AT P00 ‘ security right in a future asset, before the &N PRI Thid cowlct o grantor acquires right in the asset or the power to encumber it, is determined according to fic time of registration. . OE0F2 o APF ONTime TOARE 47, ompeting Different Grantors Securi ts ted b PPATE awARF A security’ right created by a grantor is AYE @ @y, wfet £Tie- ML) subordinate to a security right in the same e AL PRI Al (AA Gor Praehdet collateral created by another person if the PPATS avdll AIRTMOPS AP0 05T grantor acquired the collateral subject to the AL9° 4877 P o erar AL Ptavhitar security right created by the other person and mqlt #2950 AN QAA0- (o hbovddor made effective against third parties before the PPATG avdld PNFT yari grantor acquired the collateral.

IENAER ALLA 1D MM TG EE v B 3 ENTE 99 Federal Negarit Gazette No.76, 7" August 2019....page 11409 9%, PPNTS ovdlt @4 FoP ont fAde- 48. Irrelevance of Knowledge of the Existence Mooy i of a Security Right PATST PAm TINN mfd PPATT oo 3 Kno.wledgc of the existence of a security wFeT Mok (Y APE mwll PAm} right on the part of a secured creditor does not affeet its priority under this Proclamation, PERLYT oAl T REAN@TO:: R ) WATT @1TF AL TLRTL W1 PPOTS 49. Competing Security Rights in the Case of @y (AT 18 MAITE TokRé a Change in_the Method of Third-Party £PATS a0t ' Effectiveness Unless otherwise provided ifi this Part, the iy !:fi:A tFeu L7101 haa ke N7A1s 0197 AL 1ER7L Pild PPATS priority of a security right is not affected by a change in the method by which it is made ol Praw T ag G00T L effective against third parties, provided there NG ADhAA@. £L0 PPALTT vl is no time gap during which the security right Challd GUPTA:: is not effective against third parties. 7. 2L ALC AT A0, omg 50. Future Advances and Future Collateral & CHY APE ATPR HE AIRtTalld U 1/ Subject to Article 55, the priority of a LY LPOES oot OPatE 015T AL security right extends: to all secured 4N WPy NAA R LT obligations, including obligations incurred after the:security right became effective WIC T AT PATTTe Prhaild against third parties. ‘ VLN ING LATGA: 2/ The priority of a security right covers all € heene 244 wLy® (KA (lom @Y Qdaar collateral described in a notice registered eEY @L9° P1dmé WIS 577 PPOTT in the Collateral Registry, whether they aoAl (lom 29 av ) (19900 ¢+ Lotor are acquired by the grantor or come into bl POA-S 2TF Nov-a J’Jfi:'.'l-\a; existence before or after the time of registration. 4. O+££% . AL DATLTC A7 PO St Priority of a Security Right in Proceeds it Subject to Acticle 58, a security right in £y APE ATPR BT A2Rtm0e T LY proceeds that is effective against third parties APE AIPR I8 aeowlt NPAEF o019 under Article 14 has the same priority over a AL FLATL QP PELLTC TN, PATS oot competing security right as the security right htob%e PPOTS ot AT PllLa- in the collateral from which the proceeds oI Wi PATT AL (Fheewltar arose. PLENG T oot aowli 14997, BAPGH

W IRUEET ARGA 420 onm drC @F v B 3 ENIE 99 Federal Negarit Gazette No.76, 7* August 2019.. _page | 1410 ge. oy oLy (9°CF o0 f+dada 20U 52. Priority of Security Right in Corporeal UOFTF AL 0ATLTC P51 PPOTS oud)T Assets Commingled in a Mass or Product & PreAPa. oRY9° CHPYS OFPT WKL 1/ If more than one security right extends to commingled_ goods, a security right that ATLOAT PPOTS oodlF hPA 0P PR is effective against third parties before the hondAdaTFar (&1 M70EF 0157 AL goods become commingled has priority 1847, e PPOEG aodlT 0P over a security right that is not effective WAt (134 hezaoT ePATS aodih against third parties at the time the 4.4 ¢L&27F ooVt hdo-:: collateral becomes commingled goods. & erPaAba. 0Ly CFPIS. 03 2T WAL 2/1f more than one security right in ATLAAT PPATST a2 hPAT 070 ET commingled goods is effective against U0 L S Y A A L A 11 ¢ S 2| o third parties, the security rights rank equally in proportion to the value of the PEYTE P OPPE (HPISNT AL collateral at the time it became NAm oot GIPTN:: commingled goods. . [ e & o I 1 A o +A8% 4L dATISC . 53. Priority of Security Right in Accessories to P47 EPOES 0T Immovable 8 $POTS ool T PUULTEALN TNLT TAGT 1/ A security right may be created in corporeal assets that are accessories to e @Ls AVE 0T 900 UOET immovable or may continue in corporeal AL Aawit opF APTA LFAA assets that become accessories to unmevable. A security right, howevér, UE i (05 PTINN bPPF may not be ¢reated in ordinary building AL 1A AL TS materigls incorporated into an immovable. 2/ A security right made effective against L8 Y APE mwld MP0EE @1$F AL third parties in an accessory to immovable AU B PMEIPAPD LT AART under this Proclamation has priority over PPOTS A OANT VIR hbmwlds a competing right created and made AL W t@SAC el R RAY effective against third parties under other L REATLT AT hdoe: applicable laws.

8. P e P PTANLATT PThef e 54. Rights of Buyers or Other Transferees, AMEaP LPL Phme Go ooFT Lessees or Licensees of Collateral 8/ LPOTG W OPNEE 015T AL 1A 1/ If the collateral is sold or otherwise S AfLA o (TR oLy A4 transferred, leased or licensed while the e hkands hrtbhe? opye Poomdye security right in that asset is effective AP hlam 1MLe @LF ok against third parties, the buyer or other CLANLATE PUNGe OLI° PHEPRAT LY transferee, lessee or licensee acquires its AR ALY hary l!(H‘*I'C right subject to the security right except as PSR Qe PO e AR AL fhar provided in this Article. PPATS wod)t AIRAbmlE PT rora: " IANEEDR LLa 126T oum dve @R hai § 2 BOLIE 9 Federal Negarit Gazetic No.76, 7° August 2019..._page 11411 & Pars fher T @PfE. TAET .2/ A buyer or other transferee of the collateral hPatrs 17 PT RPEAAAE PR acquires its right fre¢ of the security right, AIRUPT aogfo: AL 0L9° (AA e if the secured creditor authorizes the sale or other transfer of the asset free of the CrANLAT N oolEF hPOTMGar 39 security right. My s L1FA:: } i POTE A THI @mpd om0} 3/The right of a lessee or licensee of the nearSo ¥ WY vRd RILLhEL collateral is not affected by a security right if the secured creditor authorizes the afy Ponmtys LFE WILAT Aoven grantor to- lease or license the asset Aam AR RIRIPY Phit o unaffected by the security right. tanmds 4L CHamo OG- andlt NPOTTo- aoAl’t he2ohy:: 8/ Meby amf0F €928 mé aT Tar 4/ A buyer of corporeal collateral sold in the e oot FPPANT ot MGk ordinary course of the seller’s business Qoo eoPATT Aaw POTS - Phor acquires its rights free of the security right, THIAl mPE: oorf)l PAN aofr} hawd provided that, at the time of the conclusion of the sale agreement, the buyer Mee- PYLNEFar oodlbF WPATTor does not have knowledge that the sale Y S violates the rights of the secured creditor under the security agreement.

& MRN8 wfF €51L #4600 Thét 5/The rights of a lessee of corporeal the-g ot 0PPANE ot Lk collateral leased in the ordinary course of A e amPAIS het PATST LA the lessor’s business are not affected by the security right, provided that, at the time of THA mfET @Al PMf ooftT hiotd the conclusion of the lease agreement, the et e77 15T o oodl#F hPOTSo: 19 lessee does not have knowledge that the [ lease violates the right of the secured creditor under the security agreement. i N42L dmo wfOF 1L me aivy 6/The rights of a non-exclusive licensee of LFE PR AOTZR PNLTT Aovmbd? " intellectual property licensed in the ordinary course of the licensor’s business P4.2L wtd HPPANT 0P KROPZT are not affected by the security right, Tk APATS @PAIT LF5 POTS provided that, at the time of the conclusion Lao THA @PET AT PUULTN @1 of the license agreement, the licensee does haod M6.25 P15 Fo wtT not have knowledge that the license hPotSo: 99 ST ae:: violates the right of the secured creditor under the security agreement. M IRARRIR ARLA 1247 onm wve BE dad B 3 HLIN 49 Federal Negarit Gazette No 76, 7" Avgust 2019 . pagé (412 TH RTRT i PN 0L QA aniin 7/ I a buyer or other transferee of corporeal PFANLAT o aAIEET hPATGar 92 collateral ‘acquires ‘its' rights free of a Wwr vid MTFe PO ML 0L security right, any. subsequent buyer or other lrafisferce also acquires its rights free adlk PULFANEAT Oar oo (LR of that security right. PLTT o WPATTar 29 NPT Uk 1as: £ W3& OPATS ereN 00T Ao /1t the rights of a lessee ‘of a corporeal

@£ PAA®S VAT WPATS ¥ Phhop collateral or licensee of incorporeal collateral are not affected by the security right, the oeF LFe erPOA WPY fbap rights of any sub-lesscc or sub-licensee are FGL® T 4L FP0p ol T also unaffected by that security right, ll‘l’b-’r‘.‘ar TO A 9%, W7 OLP AFCL PIIHA mPETT aollt 55. Rights of Non-Consensual Creditors ¢-Hamo: Ao av )£ &/ QU7 @L9° NECL TP mPErl avd)l- I/ The right of a non-consensual creditor has Cloma do- CPATS enll: (90T priority aver a security righ't if, before the IGT AL b8 hoolPr AOPE security right is made effective against Moo ol o0t LU D third parties, the non-consensual creditor has registered a notice in the Collateral aodll: PRLYT LTEPA Registry. &/ W2 oL M%CL THIM mfert ot 2/ 1f a security right is made effective against eramer Ao "IhDoke havorlili third parties before the non-consensual APET CPOTS oodll: N70F 019 creditor registers a notice, the security right has priority but that priority is limited to AR L9 WP eThor aollt b ReyY <credit extended by the secured creditor; BELPATIC TF L0 CPRmET avfli:- 0) 7 @LF OSCE TH medrt a) within thirty working days from the time the secured creditor received a notification from ,éfi erime Ao (looff cof Ul the non-consensual creditor that the non- @NT DA TDI4 E DAmOT consensual, creditor has registered a an Eec 00Ad P2 51 onri notification in the Collateral Registry: or QREY 12 b) pursuant to an irrevocable commitment in M) @mar. ADELE ol o PATS a fixed amount or an amount to be fixed Qe THIN. mfE FARFE (hPenm pursuant to a specified formula of the domC oowlt (Mody THIN 0Ly secured creditor to extend credit, if the £LEC KD HATE (W07 0Ly commitment was made before the secured ARCL THIAN mpEr ool C1dmar creditor received a notice from the non- Ao A Y Aana N2 odf hadmdk: consensual creditor that the non- 8. consensual creditor had registered a At0m NLC AL NF Prodt PPTAL notice.

™® (BABREL ABEA T26T nm kG ER v & 3 ERIA 9 Federal Negarit Gazette No.76, 7" August 2019.. page 11413 Bl (w0 €38 e LT ATLPCHE 3/ A possessory lien on goods which secures PRIADNT @LY° CAPCOT" NS payment or performance of an obligation for services or materials furnished with WP hERRYCT ATWDIT bP T respect to goods by a person in the APOTS LMD 7C ATHET CULENTA | ordinary course of the person’s business PPOTST ool AOhA K40 B0 CRND- has priority over a security right in the woAt AL T BTEPN goods as long as the holder of the possessory lien remains in possession of the goods. & > W1y ePNTS oot IC PULmRRC AA 56. Acquisition Security Right Competing PPATE avit with Non-Acquisition Security Right B/ NGED 0P P oo 4 99T WG MhOYO2:T 1/ An acquisition security right in consumer FALAT AL CETT PPATS andlTl ao ff goods, equipment, or intellectual property has priority as against a competing non- Aaam heowlbam AA FoSSE PPOTT acquisition security right created by the a1 PR P dar- grantor provided that: V) T CPATS @ndlt fA- THI a) the acquisition secured creditor is in mee LT NBRda- oG R posscssion of the asset; or wL” A) e OGana OAVET (LNSar 0 b) a notice with respect to the acquisition NRLT WLy ROPZERo- THILT AL security right is registered in the oAl OTF 00T Prre 5T o Collateral ~Registry within seven ¢CErY PO o) Dbl working days after the grantor obtains possession of the asset or acquires a elemiil KIRPY: right in intellectual property. F (U 2/ An acquisition security right in g 0L 0P AL CRTF PPATS wwdlt inventory has priority as against a @ @ Qe hemwlbar AA o586 ‘competing mnon-acquisition security PPOTG amdlt PRTUYT PULS bor- right created by the grantor if: a) the acquisition secured creditor V) PETF PPATST omlT PA@- I is in possession of the asset; or med ey NENJar 0 NRLN: agy° b) a notice with respect to the A) en @ Qmo- A} 0&e 0 acquisition security right s hyeln bRy AN U7 PPOET registered in the Collateral Registry andl T “MNDad e Pl Wt AT before the grantor obtains possession of the asset; and

INRREEE AREA Y26F UM ATC @F b & 3 ERTE 9 Federsl Negarit Gazette No.76, 7% August 2019.._.page 11414 TR TR T T @t Ao Ao ¢) the holder of the acquisition NFavdA L, SR apaf AL "IN obe security right hotifies a secured creditor that has registered a notice Al MS PATS Ahe THIAY mPd ‘against the collateral of the same flongrra PPOTS ot NHRA@- @LY” kind that it. has or intends to obtain ATTTF I8 hASade an acquisition security right. %fl" it 5. 01T PPATS oo AT TORRLYT 57. Competing Acquisition Security Rights 1/ Subject to Sub Article (2) of this Article, the &/ My APR J0-0 W3dA (#) eledbdo- priority . between competing acquisition A& P osse Wr SETY security rights is determined according to PPATG onI 1T ovhihid, $A901T PULONYO- Article 46. (L) APE RIPR 95 amdd jares An acquisition security right of a seller, #/ haer: hahee opye WP am, lessor or licensor has priority over a PT PPATS endflt PATS hao competing acquisition secu;uy right of a tofKe THIAL mfde oot bRyt secured creditor. LSLPA:: < §E, QL 0, AL P-E1T LPATS v . Acquisition security Right in Proceeds I/ Tn the case of an acquisition security right &l oo AL PETE CPOTS avdl’h ha in equipment, a security right in proceeds WML ELON WL AL PRUSC PPRLYT has the same priority as the acquisition @t WETF PPATS emd 20 security right. kA g, LAPTA:: In the case of an acquisition security right & ARG ZT T @pye 1L 0P Ap in inventory ‘or intellectual property, a CPETE . AT, PPATT e A (A security right in proceeds has the same g 2 M, ARYS PRRULSY ool TR priority as the acquisition security right, LUGAy T llor AN LAl except where the proceeds take the form PoLPAASE PTHIMD AT PIUL @l of receivables, negotiable instruments, or U @pye ok PR LA HeRn A AL rights to payment of funds credited to a WEP PaomfP o hrr $AU%h 'deposit account. Apoo g g () AL 3/The priority of a security right in proceeds b Y NP 00 RHR wdlll PUIOG0- under Sub Article (2)' of this Article is L presphie PPAULYT conditional on the acquisition secured 1T PPATS ovdld Phaor THIA mPE creditor notifying non-acquisition secured +ee5r Mo heoTE (4 Nemgnr oreditors with a security right in the same @] o0 I okP Do Wit Q07 kind of asset as the proceeds that, before the S eft %CK T meerr oudll arose, the acquisition secured procesds ATANFo THIN mehoT LododTe creditor registered a notice in the Collateral AIRUY Yo Registry.

W IRNSEIR ALLN 126F oum wrC @ val & 43 BNLIE wo Federal Nagarit Gazette No.76, 7 August 2019....page 11415 8. hov® oL heCAt OC (tPadh 0N §9. Acquisition Security Right in Corporeal UNRT AL PT PPATS ool Assets Commingled in a Mass or Product @ULF @BI° G ITLHSIS (1900 v0F An acquisition security right in a corporeal AL APOEF @19 AL ROl VS PT asset that extends to a mass or product PPATS andlF (Mrawddp @ G, effective is against third parties has priority over a non-acquisition security right granted Whaowlt A4 PPATT oollt LAY by the same grantor in the mass or product. PELIT hdwe:: 60. Subordination of Priority Right B TF o dor 1799T w9 L (MY APE 1/ A person may at any time subordinate the erOmart PPRUYE wodlt A"TITor9 priority of its right under this Proclamation in favor of any competing Tosi%S PPATT Adardtt Adadeias claimant without the need for the @TF FPPL TILLD APNEAT CPRNLE beneficiary to be a party to the @Al AAAE: coda T LTAA subordination. U PpsmET oY TANE ondflid 2/ Subordination does not affect the right of hande Ao A Wkmdoo oo competing claimants other than the person PANT FORHS QN NRT T Aoy subordinating its priority and the beneficiary of the subordination, 28, PoLAANS P1INA ATRAT 61. Negotiable Instruments 0PaTs Wkeslis 0ats o9 Ae 1/ A security right in a negotiable instrument & that is made effective against third parties T4 ham PUUMANG PTHI AV by possession of the instrument has PPOTS oVt PAY AT (LB priority over a security right in the M€ APOEST LR QN QT PETTT instrument that is madé¢ effective against Ao third parties by registration of a notice in the Collateral Registry.

¥ NPATS eeNs ek 07T @19 2/ A buyer or other consensual transferee of an encumbered negotiable instrument AL FAIUL S PULAANE PTHIN NPT acquires its right free of a seourity right Pirer afy® W7 CHAALAT Oo- that is made effective against third parties NPOTSe. 1 W . we ALTE by registration of a notice in the Collateral £op T ‘ Registry if the buyer or other consensual transferee: V) AYRET P18 W aolt RIRLN a) qualifies as a holder in due course PLEmC hre: of9° under the Commercial Code; or ARLA 126F D0 BTG @F teh B #3 KRIX 40 Federal Negarit Gazette No.76, 7 August 2019, page 11416 w INUEETR D) MEET NREFer C WRET AS b) takes possession of the negotiable Meax 0fy UNoas PAFS Pho instrument and gives value without knowledge that the sale or other THIH mee aodl’t AFRph transfer is in violation of the right of A0 P2 hhé.n: the secured “ereditor under the security far:: agreement. A0 o-br bR THIN hELT 62. Right to Payment of Funds Credited to a 2. APy Ponamfd® evdlt Deposit Account A/ @& Fmyer LAl heran T A haie 1/ A security right in a right to payment of Pem@fF PPOTS avdlt PAmS AN funds credited to a deposit account that is Ngnda ~C LYY QQesT (A4 made effective against third parties by the W Eoye e WrEs (i secured creditor becoming the account holder has priority over a competing @15T AL 84 W ¢PaTs et security right that is made effective LT LAY Ao against third parties by any other method.

i/ @% o7 LA a0 heran TR ey 2/ A security right in a right to payment of PovmPP PPATST T Ao PHLTIN funds credited to a deposit account with respect to which the secured creditor is Ry W PPATE oAl PAor AA TGS OP0rE the financial institution has priority over a mpE - PrAN aaLPS QewiPd competing security right made effective 1T Ap Ad8T hRkéte- Fehfie against third parties by any method other PPATG i o IAA “TIEare @R than by the secured creditor becoming the NP04E 19T AL H437L Wi Twh%6 account holder. PPOTS T LAP PRULIT LTLPA:: 3/ A security right in a right to payment of VDL O Ve T S e L R Ay irby funds credited to a deposit account that is OWT AL HAI (WIS @ TPl made effective against third parties by a 744} her1a 1340 hep foonfd aodlt control agreement has priority over a AL, A PPOTS oo AVE:- competing security right except: a) asecurity right of the financial V) W6 B30 R oo PPATE andlFt oL institution; or aAsR) PPy POTS fam- b) a security right that is made effective A) F2AN against third parties by the secured THIAN meE Oots 09T AR creditor that has become the account Fé9e, W&LMw PPOTS ovdlls holder. aatec haa tosss PPATT ol PERYT BTLPA: ™ TRREFLS ASLeB 426F D0 BC EF YA E 3 ERIR 99 Federnl Newurit Quzette No.76, 7" August 2019 page 11417 W ek TPE LA henan T her 4/ The order of priority among competing Pemnpd ool PAT@G (RFPTE APYOrT security right in a right to payment of AT 0T a1 AL 1A9YY PP funds credited to a. deposit account that FORRL PPOTE en BT oA P4 are made effective against third parties by

trohter PRPTC ARl PrRAMITS the conclusion of control agreement is Wb wotndels (199849 Sarss determined on the basis of the time of conclusion of the control agreement. & @& b ) hegaa il ha ¢ S/ A financial institution’s right to set off Panmnfd CPATS ol haor Oer LA obligations owed to it by the grantor has AT P4.L50N Rye PlNSsart b4 priority as against a security right in the ATFEFN Poar ol BT RAors right to payment of tunds credited to the TEIR P PPReny e cnd)le PLAN QRSN deposit account, except a security right lemiry £POTS e} arors o that is made effective against third parties AL, AT PR PATG LA THHI by the secured creditor becoming the meEd PPOTG o)l AP PP account holder. W Newgrr Qamar &5 ofy9 NWEYE 6/ A transferce of funds from a deposit account hwres bt hid 9A4 AL pursuant to a transfer initiated or authorized by the grantor acquires its right free of a CLANLAT Am L4 Nerar PAVE Phar security right in the right to payment of ThiAl Pk ool PUPn P funds credited 1o the deposit account, unless Raad VHIY hPATS 99 WY ool the transferee has knowledge that the PIE A transfer violates the right of the secured creditor under the security agreement, ZF, 11 . Money APATS eodit beinfl THML AL lm-orC A transferee that obtains possession of money Prépeop T dar THIET WPATS ¥ 0P that is subject to a security right acquires its right free of the security right, unless that oy ALY P TA@ Neowmde PATT person has knowledge that the transfer Lam THIN mfE @013 PPN oot} violates the right of the secured creditor haod 1F yar:: under the security agreement.

) . AL TS AS NT5. PoRldr 01 vOFT 64. Negotiable Document I Assets Covere th B/ PUUAAAG AV LTS N8R oC (1247 Nk 1/ A security right in a corporeal asset made MLy 3Lt AL 1497, Oy PPNAS effective against third parties by possession oAl (A o9 g ety of the negotiable document covering that @1T AL AL977 hPrer F@RRE FPATT asset has priority over a competing security audll: FRIT LTEPA right made effective against third parties by any other method. IRUSEIE AREA 126% Jum 4vC 8% Y0 F 3 R0IA 9.9 Federal Negarit Gazettc No.76, T August 2019... page 11418 E/ NPNTS PPN TAAL AYE PFANLAT O 2/ A transferee of an encumbered ncgotiable a5 el NgRgee C WRAm document that obtains possession of the PILT Tfan oLy Hoaé AA POIT document and gives value without knowledge that the sale or other transfer is faar THIHI mfE oA NIRTIA in violation of the right of the secured WNTo¥ P2 h&a0 Wy ovdlk 0075 creditor under the security agreement, ey N1A (e 70 UAFT AL ha acquires its right free of a security right in AG (MY APE wld (ydls 01§ T AL the document and the corporeal assets 497, W@ PPATS oAl W U covered thereby that is made effective PITN:: against third parties under this Proclamation. £E. ahe k2T 65. Securities &/ A0%L 1L AhCEPTT (RN e o0 I/ A security right in certificated securities N84 APnks o197 AL 149 made effective against lhi‘rd parties by the secured creditor’s possession of the PR PPNTG emgf ol angf Ama (aheEPF AL hdnder§ certificate has priority over a competing security right created by the same grantor T N T T L 2 U R AT in the same securities made effective AL 1499 RN AA bEhhS PPATS against third parties by registration of a Al PRPVIT LEEPA notice in the Collateral Registry. g Ohorare ofy RCHE (lemohA 2/ A security right in electronic securities

ArARTCIR AheEPT AL 0APATT made effective against third parties by a Py Al (FFIDE o]l AL av e, notation of the security right or Nlewxs: @Y™ PATS FA0r THIN mPEY registration of the name of the secured age AR ewenilH] (IANEEPT creditor as the holder of the securities in OPry o5 the books maintained for that purpose by AL OAA VIO a1 or on behalf of the issuer has priority over AL Y7 WPy PPATS T BAT ol PROVYT a security right in the same securities aeuer PTer made effective against third parties by any LTLPA other method. 3/ A security right in electronic securities P parec Aoyl Qemdidyc Oyakd made effective against third parties by the 5T Ap B PUY PAARTCLR conclusion of a control agreememt has AheEPF PPATT e (ALY priority over a security right in the same AhsEPF AL MJody 0TheMl securities made effective against third (90Fs @1T AL 4490 Wie- PPATT parties by registration of a notice in the Al LAY PRT RTLPAL Collateral Registry. TANREYR AReA 920 onm wvc @E i B 43 KRIE 2.9 ¢ Federsl._Negarit Gazette Na.76, 7" August 2019.....page. 11419 ; B ARTrC APEPET RUINIEE PR "4/ The order of priority am @SF AL FAATL PP CTwARSL security rights in electroni¢ securities that eAARTCLh AhSEPTF AL PPOEST are made effective agdinst third parties by worf)le aohhd PATLYT PO the conclusion of control agreements are determined on the basis of the time of APFELRT CRRLNTTT o ldop | conclusjon of the control agreements. 11 T4 I T E AL CERM: ALehPTY Nepdor 0 5/ A transferee of securities who takes PRLY L CRANTCLE ARLEST AL possession of the certificated security or

bl #VFG ooefll: PEANLAT Gor TLun acquires right in an electronic security and aLye darard NPNTS o T gives value without knowledge that the PATS Lhar AA THIM mPET endid sale or other transfer is in violation of the NI Ph AA“Ted PO head WPy right of the secured creditor under the cudbl) RPATFr T PE PIF A security agreement acquires its right free of a security right. PART SIX PEPPL 15T _AS_P0tT _o1r FSET RIGHT AND OBLIGATION OF THE PARTIES AND THIRD, I a5 LI 2E. oMo} (L13e ¢ WAL Ho P Lm0 66. Obligation_of a_Person in_Possession_to Exercise Reasonable Care 8> RIE P i, @f£9° POTST PAo- A prantor or secured creditor in possession of the collateral shall exercise reasonable care to THHI med 0L ~C P9UTF ool preserve the asset. a3 TIPE 1184 ool AANT:: 5. POTS Lo THIA mfd 723 © 67. Obligation of a Secured Creditor CPOTS ol NOLLPOT UL POTS LAa Upon termination of a security right in the TiAl mfd:- collateral, the secured creditor: 1/ in possession shall returait to the grantor; 8 Nengo 2C LAY POTT Aaopnf B VAL NI e 2/ not in possession shall register cancellation g ehoolod PPNTS 0D ede (RIPR notice as provided in Article 36 (2) (¢); a% () () el LACHAT Bl QdeeC 09e9ert oowedt Q9P 3/ ifi control shall release it. Ka i7-E EE. ompfwed foondd™i oo WiSTh 68. Right to use, be Reimb: for Expen: £998:47 AS fomdamC av )T and Inspect the Collateral & PATTo- QLRI er 20 PP PRTT Lhar I/ A secured creditor in possession of the collateral: THH M- ® TANAER ASEA I LM £PC EF 20 B+ TLIR 99 Federal Newamit L.azztte No.76, 7" August 2019,.: page 1142 ) PorfTh PUC RS ANT hee®T a) has the right to be reimbursed and Qe VT pcealld fomiar A0, add to the secured obligation any Py o, NHEAHATT omerye reasonable expenses it incurs for the PATGo (HEOOPar 78,0 AL NISIDA preservation of the asset, ‘inctuding PULLA (1T hdar the cost of insurance, payment of taxes and other charges; &) @ e ary (a0 fanmdy™s hoo o arg™ b) may reasonably use the collateral and LATA bR Qe ERLMAF 0, apply the agreed sum generated from POTT AEAT IRI NEE YIPA the service for the payment of the PN 7 secured obligation. # POPT Lo THI avfE N Hana- / A secured creditor has the right to inspect @R (A Go- ' LRD o0 PR ampar the collateral in the possession of the

YemPayme: oot Ahar:: grantor or another person Zi. oulH O AT 69. Right to Obtain Information 8 eme Qare PATS PEINATT 28,0 1/ A grantor is entitled to request the secured apy aprray (mephdt odE creditor to provide information with AMAmar PATS PAe- THIN medd regard to the secured obligation or the am@fP LTAN collateral. 2/ Within five working days after receipt of a & m-?-'.' L0 THHI mpd enlE request for information, a secured creditor A'H.n-r TLE NPLOAT OAOT Proin shail provide to the grantor or a person ?‘:"I' @NT A@Ea ORo 0L designated by the grantor: - £ Ao AwhAo- No-- U) POTS PTG -1'1 04AA-FhdA a) statement of acéount that provides an IR PYA o accounting of the unpaid obligation secured by the collateral; CRY TS Pho I mfE 81To b)' statement indicating the collateral in ! POFS AL PPAIT oot ATSAor which the secured creditor claims a TPmANT =i 0L security right; or &) PAXSHUFAT G 7T DAA-FhLA ¢) statement that both provides an AR LA PTINRT PPOS accounting of the unpaid obligation WP ol LR, PPN secured by the collateral and PATS Py LaoaRl coqhens identifies the collateral subject to a security right. Mt AdFr: w TARBERE AREA 1267 Jum wre BF 140 F ) ELIE 47 Fedaral Negerhh Gazétte No.76, 7" August 2019....page 11421 @. PRONANL 2040 QADA GATLLLT0T TNF 70. Protection of the Debtor of the Receivable Y APE (Péio WAFLYN ONFEC Except as otherwise provided in this ML ZAN AE PPATS aofl’F Proclamation, the ¢reation of'a security right in a receivable does not affect the right and amav st AIAE ooy (Wher PFor oA obligation of the debior of the receivable, Ptttk Phae ved-2T% anyee PAAdSmS including the payment terms contained in the eI+ 183 DACKH &% af Afohyr contract giving rise to the receivable, without its consent. @5, M0NAR. 740 AL PPATS am TS 7M. at rity Rij nELT NATI0P Payment of a Receivable

& O-rOAQ, A Ag PO oAl I/ Notification of a security right in a A LA e A4 S NT Pats receivable is effective when received by the debtor of the receivable if it [N AL 74415 ParS fAm reasonably identifies the encumbered PHIA e 710 Pa¢ I ade receivable and the secured creditor. NE&CAD jar:: g -FNANL AN AL Ehevdel PPOTT 2/ ‘Notification of a security right in a receivable may relate to receivables ao{l’t h"id2 o€y (34 Pov4mC -H0A0, arising after notification. LAAE AL LTAA 3/ Until the debtor of the receivable receives P erafal. van- NadA dactesiddor notification of a security right in a PPOTS eodlt TINJwdf AOhTRCHo- receivable, it is discharged by paying in wan o NPSer oA ool PheE accordance with the original contract. After QLI 0F LLOIA:: QNDAR@ TN ot for the debtor of the receivable receives h&dam N34 h2L20e 71 P20 PATS nolificgfi,ion of a security right in a Aa THI mPE NELT Nowdog® ofy® receivfiblé; it is discharged only by paying Ngotfe oLy OTHA mpla the sccilred creditor or, if otherwise MRd® b2 “NMokf htooo OF -instructed ‘n'the notification or subsequently by the secured ereditor in a writing received Jars: by the debtor of the receivable. 4/ If the debtor of the receivable receives 8 PO, YA AAsSE (FFANAR 2 AL notification of more than one security AN-FemOl-FS hhTE 1AL oy PR | right in the same receivable created by the At nSode e daae hARLAo- same grantor, it is discharged by paying mEavse NRLA@ “IND0bf el in accordance with the first notification nate Nemd 09° horfdar 19 LUPTA:: received.

™ TANEERY ALLR 12CF MM R1C X BhO K 43 EDIE 9 Federal Negarit Gazette No76, 7" August 2019... page 11422 &l EEONAN . FA A% POTT . LA0rT 5/ The debtor. of the receivable is entitled to THAL @fd (RN LA4] AL £PATS request the secured creditor to provide within a reasonable period of time a1l feo$4 M, WP N ardr (4 adequate proof that the security right in a LN RIELPCA Ao LFAN: receivable has been created. Until the POTE Ao TH @fE (Y ewd secured creditor complies, the debtor of AOhOL4.09° L4h PN, 2Aa0 0465 the receivable may discharge its AAPHTS ool QDI we P (LACAD-Y® obligation by paying the grantor, even if AWE O Aew e danae e e (law g the debtor of the receivable has received a QeI o LTAN notification of a security right EF PO, YA AR e PoeeTs 72. Defenses and Right of Set-Off of the PFFA oot Debtor of the Receivable # PATG PA@ THMN mpd PO, a1 1/ In a claim by the secured creditor against AN05F NPATS Phelas FAaal LA the debtor of the receivable fof payment of the encumbered receivable, the debtor AIShGA TeE ALPCA PN, Za of the receivable may raise against the AABS (I nedar AL (D@ Ot secured creditor: ) ATAAAN A 7 P Nt T X a) all defenses and right of set-off Wryar - avdA POLendy an ol arising from the contract giving rise 2UG PTFFA Al eg to the receivable or any other contract Lo A A LTS lompdh Pn that was part of the same transaction G il R3S ibanOlob: of which the debtor of the receivable could avail iself as if the security right had not been created and the claim were made by the grantor;

S ) MAdSaee NATHTS eodll: DD ods RN b) any other right of set-off that was G AP PHTAMTY PORFER Y ow )Y available to the debtor of the receivable at the time it received 7T LFAA:: notification of the security right. 2/ Despite Sub Article (1) of this Article, the (7 PILY RWHER 00 NIPR (B 050 debtor of the receivable may not raise as a CRANA0, 2440 0AS PUY KPR WHPR defense or right of set-off against the 09290 FTAA PULA PanhAhf @ Po¢ grantor breach of an agreement referred to Al PUNFFEN P ek 0973 m ey any way the in Article 9 limiting in Ao (HEA0A, Al AL PA0TS PATS grantor’s right to create the security right. Cavaodb ool (1T @Y e ATTEANT ABTAY w IENEXAE ALLA 12T MM 4TC GF 1hO § 43 KA 99 Federal Negarit Gazette No.76, 7 August 2019...page 11423 I/ pranal van a0k My AR 300 3/ The debtor of the receivable may agroe AreR (B) Pleophl: wFoiPPNNT with the grantor in a signed writing not to PIFEFA T POTS QA THIA afd raise against the secured creditor the AL ANCTINT hew e Ndvo IC 0K HF defenses and right of set-off referred to in AN LFAA:: PT PATS hebdaor Sub Article (1) of this Article. The debtor THHI @PE PORACHC +IC Pohonibk: of the receivable may not waive defenses @LY® ety Thod- WMy AL Plavrlel: arising from fraudulent acts on the part of the secured creditor or based on the aw D@y LPTD REOPCYI°:s incapacity of the debtor of the receivable. P N T 1 L2 e R 0 A Lt O e 73. Modification of the Original Cougract of NA“TTTA Receivables AN, ZA0) AL Aacteomdel CPATT Any modification to the original contract

aoflT TS wb e hendmel (14l (lonear concluded before notification of a security right in a receivable between the grantor and N es N0ad%a oot Prhédom PPSar the debtor of the receivable that affects the ad Ty TRGE POTT LA THIA secured creditor’s right is effective as against mPd: eoflES Poush WD FAI, yari the secured creditor and the secured creditor PATS Lam THIA mfdy® FTTA0 oA acquires corresponding right. i P oAl@ a0l PTT A 5. pNNAL,_ YA QADA PLE“ITad hELPT 74. Recovery of Payments Made by the FY L e ) Debtor of the Receivable flew e Aeno oLy (o-d PEANAL The failure of the grantor or, in the case of an A oo-f\. flov-f LA - outright assignment of a contractual receivable the assignor of the receivable to perform the EEAIAN@ 2A1 ey CPrard oy an b0 contract giving rise to a receivable, does not NaAmFA ANbLar AP Ama- oL entitle the debtor of the receivable to recover POTT Adar THIM mfe PhéamF THIA from the secured creditor a sum paid by the eMNaodn ool hLNM@-9e:: debtor of the receivable to the grantor or the secured creditor. 2&. hand __++79 THA_ Pavlindl &IE 75. Right as Against the Financial lnstitution haNTo- P4-LSH +RVF PRES PPy codl thorized to Receiv: its fro lic &/ P AN o0 AL W4T THIAL AL |/ The creation of a security right in a right to payment of funds credited to a deposit hesg POTFT PPOTS oudlt AeohdA havidl account does not affect the right and TR THIA PaoAA] 4L LA PELTHN obligation of the financial institution TR APOVS awdlk cvaiyelt LI 0 authorized to receive deposits from the public with which that deposit account is hAadm Q0FeC kS %000 Phalld 0D maintained without its consent, nor does it AYOE @1 DAYAIE 1Te e amlE obligate the financial institution to AIEZNT ALIRE T provide any information about that deposit account to third parties.

M IANEVEE LREA Y26F nm derC E% G & 4 URIE 99 Federal Negrit Gazette No76, ™ August 2019 page | 1424 BONGLGHN Ao -0 WFhEE Pl epe 2/ Any right of set-off that the financial A AL R PADT Y9 PUYFFEA institution may have are not affected by any security right that the bank may have anAVES (TR LA M, h7LR8LT TINA) in a right to payment of funds credited to HELP PHVFT PPAAT @Al hforhyss a deposit account maintained with the financial institution. heaA 00t PART SEVEN PPOTS om Al “IARNC ENFORCEMENT OF A SECURITY RIGHT 21, 1980 NA@LOF 031 DATLES AT 76. Post-Default Rights A WL RAwdR (134 e enfo- AL I/ The exercise of a post—deféuh right with f0 @A omde PATE PH100T respect to the collateral does not prevent the exercise of a post-default right with Mg CTINLRY omll mmdy respect to the secured obligation, the APRPCYSs . N%D hAemiAE (134 exercise of a post-default right with q'n'm' f'l"lfln"l' Vo PUUNLRYS o AVES respect to the secured obligation does not w-m-M’ fleo P ar AL, LA oot prevent the exercise of a post-default right mm«i')"') hrLhnhage:: with respect to the collateral. g angrt Ao RS POV C1NAT LD 2 The grantor and any other person that owes payment or other performance of the L PomhdA @LY” Pand RY0 VALY LANTY AA sccured obligation may not waive WPFoe Ade LY NEA LIIRPT o0 unilaterally or vary by agreement any of - I G R 1 o S T S LR ¥ 2 g its rights under the provisions of this Part AT “TARA KELTAP1: prior to default.

B 90TS £a@ THA e MU WTA 4G 3/ The secured creditor shall exercise its FATY T 0F3 ADT AG b0, Y remedies under this Part in good faith and @l aomdy” Rt in a commercially reasonable manner, P32 PG @%. 024D V8 AL KPrE dAmabd ‘ 77. Relief for Non-Compliance VLR Y o P REA RI009F QdenhiéiFor 1/ The secured creditor whose right is affected by the non-compliance of another person T e PATS ghor THM aed ok with the provisions of thfs Part is entitled to NN dar eRYRDT WY 899 R3A0maer apply for relief to a court, including relief in ARCE 0T YAl PUTFA OPH Luge the form of expeditious proceedings. (FF4my 2% 2CHl BT PP liris 2/ The secured creditor shall be liable for & 'I'M-s' fao THIL mee ORIER HE(E) any damage it causesto the debtor in the AL PRRITFIG l"i'-'t'.h-lloh(‘ Pardd dpar process of selling by auction in violation RS0 Yy CHET lowd-An% (19008e- of the relevant provisions of the Civil AL ACLPLRCAM BAT tmPEIT AT Procedure Code specified under Article 82 (4) of this Proclamation. MW TARSIRE AREA 124T onm wvC GF Wi § 43 KNIE 49 Federal Negarit Gazeie No.76, 7* August 2019....page 01425 8%, QIRIPAPD LT HARE AL o] al POTT PAar THIM med 0°785PAPA i/ The secured creditor may enforce a TREA AR AL LVTe PPATS w1 security right in an sccessory to Yy hed £poaeT eowdd IRROC immovable in accordance with this Part. LTAN: @ PATE 8D hEART® (lem e Qaame 2/ If an obligation is secured by both a TIPAFT 1 PMEIPALD HAT movable property and immovable PATS WA POATS LAm- TN property of a grantor, the secured creditor may elect to enforce: m P I Cenm- V) HP3PAST ML PPATS oo a) the security right in the movable ARG £ 20PF e dA (MEIPAPE property under the provisions on

ek AL LA PPATT emf) enforcement of a security right in movable property; QA) NFL3PALh LT PATT o)t b) the encumbrance on the immewsdle PrOhic LI PT anir i property under the law governing N8 5pAPh Hidk AL Phary enforcement of encumbrances on PPATT aollis meo immovable property; or d) PTLTPAPD PRL PATS emlY ¢) both rights under the law governing PURANNC &3 20PT el Wehdye enforcement of encumbrances on L9 AT AL 1Ted PPAPS immovable property. anf} it “0NAC LTAN:: &f. ovAD DAwarOf 4T 79. Right Redempof tion & My hed L3222 toodlt “0h0C 1/ Any person whose right is affected by the et ookt PRV TIFat do- enforcement process in accordance with UL PPy PTIOhOC oa? e the provisions of this Part is entitled to redeem the collateral by paying or POTS PHINAT TR Oovhéh oL otherwise performing the secured flond 9 o fWary oo oo\ obligation in full, including the reasonable LHAA ' cost of enforcement. Ll wfY hdrer PAo- @PWaF oohd 2/ The grantor’s right to redeem the Poop0f ot AR TIFer o collateral shall have priority over any wPYe} Awmedf hie oolF other person’s right to redeem the PAYLIT BTLPA collateral. w AN BERR ARLA 1T ot dre EF vt b JILIR 490 Federal. Negarit Gazette No.76, 7% August 2019....page 11426 i/ awprfory @ PaomOf: ondll 3/ The right of redemption may be exercised @ prfo ROWCLIT: @P90 RONTLAANG until the collateral is sold or ofimiw oLy POATST PAo- THIH mfd disposed of acquired or collected by the secured creditor or until the conclusion of Anh7io0Laer @f9° AN~ G477 @A an agreement. by the secured creditor for AONULLRT® €40 oomebg® £FAAN that purpose. PR LLE POTT PAm- THIA mPE 80. Right of the Higher-Ranking Secured oAl ATINDAC NALT Lar Pavdydt avdit Creditor to Take Over Enforcement

B AA PTG LAD- TR mPE 0L 1/ Despite commencement of enforcement w9 ey O05CE YN mPerl by another secured creditor or a non- Al Crame do- CPATS emdlid consensual creditor, a secured creditor “nhne LErCy b ool BT whose sccurity right has priority over that PPSeLet eodit PAer THML med of the enforcing creditor is entitled to take PATTe horlim: heoAnd o9 over the enforcement process at 'any time QAT e . POTT Cam TR @PE before the collateral is sold or otherwise hewads wf9° Lha- 1M mped: Ay disposed of, or acquired by the secured 997 @-a7r hawggon (14T 0°TFavge creditor or until the conclusion of an agreement by the secured creditor for that WL PPATG codlF POINNNGC 78T purpose QALY ang it anBan(c LOTAA: g PR7 RLE TOATS Lhae THIAL mPd 2/ The right of the higher-ranking secured aiF peIahc YT (ALY E creditor to take over the enforcement Pyl oot WEE POTS . fAe- process inchides the right to enforce by ™ mpe My APE 0FRY1 any method available 1o a secured creditor @y oo el ATIONIC Phdmar} ool i - under this Proclamation. AILTA TEPOTS fhe THIN afE oo} 81. Right of the Secured Creditor to Possess Agpte roC ATILLT DA ool the Collateral #/ POTS Lao- T mfd- 1/ The secured creditor is entitled to obtain possession of the collateral ift v) LASCE QA TFerAhF awpar) a) the grantor has consented in the Agpar wGC T1LLT WILSTA v security agreement to the secured SAaym PTG NP9erl hédh: creditor obtaining possession without applying to a court; and A) ey NEBIe C AT b) at the time the secured creditor U e Amoe oLy attempis to obtain possession of the AReRCAT collateral, the grantor or any other Py A T E 0 £2L9 person in possession of the collateral PIFar AA o hakPoos: : does not object. am g’y MRS o C L7 PTANG

" IRNEERE 4rea 1267 nm e GE YA B 43 ELIE 49 Fodoral Negarit Gazette No.76, 7" August 2019..._page 11427 g wwerr haar opfy @pey (LHIo 2/ If the grantor or any other person in G PR "TEF Y AA Ao em Py possession of the collateral objects to give PAVS Ado- THIA mPE Aoohmd LPLE possession to the sccured creditor the RAPY Pamerr 9 KmdA DA PZAN Collateral Registry Office shall have the EYTY chhnes NI PNLK Y o power and duty to order the police force to AT SALET AAD- s execule possession. ¥/ POTS PA® THIM mped oo ard 3/ The secured creditor may, without AL.eAL Qe daim- PPC N 00T removal, render the collateral unusable AR RIAINCTF endavt WEHALTA and dispose of it on the grantor’s premises. ATILLT WL ATINEARE: LTAA:: TE PATS _ PAe THIA mfE ofMar} 82. Right of the Secured Creditor to Dispose ATINTANE MAde- ool T of the Collateral al PRI AAawd A Hhbhe POTS LA I/ After default, the secured creditor is THiAl mfd ey QAQT e entitled to sell or otherwise dispose of weye WINE hwdC RHC PN (0T lease or license the collateral in its present condition or following any commercially NPET oLy° VAAe (1L47 Aoolip: reasonable preparation or processing. ATINAAG . ATTHEPT @fY° Aanaqiby? L ENTA LFE Aamhmd LFAA:: THIAl med 2/ The secured creditor may select the g/ LaTs fao- o0 £ ar method, manner, time, place and other frartr: [ L T LS S A PAY A | B aspects of the sale or other disposition oLy haoavb)® POLEATN LPL: lease or license, including whether to sell PULATITT evpir 0adE Ub T or otherwise dispose of, lease or license AN DR PF o FEY RAA collaterals individually, in groups or as a Luge aofwary (FFSma: héh ol whole. NmPAA Pemiie: POI0-FANG: POTRECT ®L” Aeombye PULLATA LPE Pomnml 9T LaadeeN::

F/ears fhor TH med oo P arG 3/ The secured creditor may transfer the QAT (héP aplar o OPFANET | ownership of the collateral to the buyer at oLy WatFo heE T hAdl a public auction or if no buyer appears at NemEanigar hé B (Hoior Pouyd P2 the second auction, to acquire the w0 P @3 Pooa- A £5 QALYBT AFEAANGA property at the floor price set for the first T P47 LFAN:: auction and have the ownership of the property transferred to it. I IRBREER: AELA 20T M GPC BE G B ¥ BN G e Federal Negarit Cazette No 76, 7" August 2019, page 11428 POVT LA THIA mPE héPT homdam 4/ 1f the creditor opts to-use public auction, CPANLI YR NETMARC 227 2 CH Y the auction procedure” shall mutatis U EEA-RRS R (M FeeAlET 3000 mutandis, follow the provisions of Article CRTERINNG T fl""’&"l' g A9 KA 394-449 of the Civil Procedure Code. 5/ The disposition made in accordance with &MY APR LI wowlF $LLOY this proclamation shall be deemed to have L TREAE FINEANG . amnf na.}nr’i been executed on behalf of the grantor . Meopha, NiR140a0 Ldmd-Aii EL. @LAT ATNTANE PUNT TS DL 83. Notification of Disposition of the Collateral I/ The secured creditor shall give a ten # PO P AR Pl o Pfan working days notification of its intention EPART - GATT HAar ChaoC Prre- to dispose of the collateral to: FEP NI ode- V). Aem P Q@ae RS A0ADSm- a) the grantor and the debtor; &) llan e m- AL oAl WiSAar (1R hG: b) any person with right in the collateral Aq@Par DIF@Y” Qar: that notifies in writing the secured creditor of those right; W) PR anlil TN oEf Adel ¢) any other sccured creditor that

YFEage PAFS LA AA THMI registered a security right notification with respect to the collateral; and med: AT d) any other sccured creditor that was in @) PATT Lhar THHI mfE ong Ao} possession of the collateral at the time n U AgRaer G n-z.rxc-ma? b when the enforcing secured creditor g mPe PRI UM OLEI0r 0 took its possession. A ey PATT LA AA T @b oot AR 2/ In accordance with Sub-article (1) of this B Oy KIPR ION RIPR(B) eolip Article, the notice shall: B Lo A1l [ P A S V) es e Aap,ov? RS POTST Lhe- THIM a) identify the grantor and the secured creditor; mEE: b) contain a description of the collateral; Q) Pom e D3 am IR o el 2T N O P7I0RNGR oan, ¢) state the amount required to satisfy the AR ageler L age POTSas phaild secured obligation including interest CMEIE . A@LAT PULENLANDS and a reasonable estimate of the cost of enforcement; CVEHIM) oaE: d) identify the manner of the intended my PhPRa CINTANG: ANTRAAYCINT disposition; and (ISP ‘ ™ IETBERD AReA 16T oum drC EF 2hA § 3 KRIE 4o Federal Wegarit Gazetic No.76, 7 August 2019.. page 11429 w) hemF 3 (134 @@ KIRLLNP %) statc the date after which the collateral NIRULFANS: NIROThE£. ofye will be sold or otherwise disposed of, Ay PYLNTA L2 RIRTAT leased or licensed, or provide the time and place of a public disposition. @Ly Mhe-¥ PERPATT 1T 02

@IS VeeplT Al i wdaero gkt (P 0B 3/ The notice shall be in a language that is LIARA R OalE RIR oo reasonably expected to inform its AN PSP Ao N e CLAmar recipients about its contents. However, it is sufficient if the notice 1o the grantor is RO ety PPOTT AErk (MRRANT in the language of the security agreement. R Wy (1 o § I etfa LT (LRI % o ¥ B0 4/ The contents of a notice providing AR (E) elasilbe-d P0v4 ) Hpper substantially the information specified in Sub Article (2) of this Anicle is Myea A¥es hetoofhbo: i o Uy sufficient, even if the notice includes wlE LA epfyt hae ot information not specified in that Sub P ealtA. RIDET AT R Article or minor errors that are not 4 LPTA:: seriously misleading. &l "No f eodmT 001 flio.be an P or- 5/ The notice need not be given if the collateral: a) may perish before the end of ten U) POTS Ao THI mfd LB 0 working days after the secured creditor hry 34 PAT hsoC P76 P51 obtained possession of such collateral; hera P o (14T 92047 hory: b) may decline in value speedily; /) Poo AFPYE P0CE WP c) is of a kind sold on a recognized h)od ME AL PerHT 3L9T WP market; or Ly d) the cost of care and storage of the o) ARIRMLES ATNPe POYLPOLATD: collateral is disproportionately large o), WPoor KNG AR PUUIAT relative to its value. horyi ar::

@ 30 m heo £ar 84. Right of the Secured Creditor to Distribute the Proceeds of a Disposition of a Collateral oo ANE P 2L MY A“ThéAA MAAe aodit 1/ The secured creditor shall apply the B PO fAo THIMY mfe QLY ATE proceeds of disposition under Article 82 ArpA TE anwil (MTLRLET Pom el in the following order to: AOFANE LET PUUVY 20T ULE- W IAAEER KELR I26T oM kG BE b B 4y BATE 49 Federal Negarit Gazette No,76. 7" August 2019, page 11430 V) @y oo Aavarf: Ao P a) the reasonable expense of retaking, A ARG NTE AL ATTAAA holding, preparing for disposition, AS AINFANG: AL UL o processing and * disposing of the collateral; -~ A) eofAay ATIFANG oodd (IWhar b) the satisfaction of obligations secured PPOTT wrdlt AL PA. NLI P by the security right under which the disposition is made; and AoT RS ¢) the satisfaction of obligations secured &) Pl WEEA heonGdd 041 0T by any- subordinate security right or Uy PPOTS vl @fY” AA POTT other subordinate lien in the collateral LA Gor LCAe- ATSAM@rT PO if the secured creditor receives from CFNATo VLI PT WiSdRe TEE the holder of the subordinate security el right or other lien a demand for proceeds before distributfon of the ML 300 RIPa PR Ahla aowld proceed is completed. AP LARTIA:: 2/ If requested by the secured creditor, a & AT U PPATS ool LY AA holder of a subordinate security right or POTS LA Ao OATPOv- @ LY NATATT )l other lien shall furnish reasonable proof of AA PATS OAo- THI amfd the interest or lien within a reasonable hrafd tULoF “PE375 AN (P72 time. Unless the holder does so, the @0P VPLA LECONIA: L0 WAFéDom secured creditor need not comply with the PAVT Lao THIA mpd MY WIPR H-0 holder’s demand under Sub Article (1) (c) NIPR (B) (¢h) oow sy POIT P EPATT of this Article. Qe POLLPCNATT TR AYTHOC PV A LIS ¥ Mt@ise NaemNFT wothd Poodlk 3/Where there is a dispute as to the

@L9° PEANLYT hChGC A% TS Pha- entitlement or pricrity of any competing TN mfE PRCE M oL AA claimant, the enforcing secured creditor may deposit the surplus in an interest ‘A3 fAe RhA TONNT eeN bearing blocked account within sixty days NAenA)l AMWTema) 240 bédard and keep the account until a claimant T edL 090.007%F N7 ZA) on comes up with an order of court or any Adh AAA P5TF AP TT LA LR competing organ. ATYBET LTAN 4/A debtor remains liable for any shortfall 8/ PPOFS oo (17PONMNC PO To- L owing after application of the proceeds of PatrSa PEmle 2L Aot P enforcement to the secured obligation. 034 AA-FhéAm ¢4 04 ANdHar DALY PSCNI A IREREGE AR 126 DM TG B T § by EOIA 3 Federal Negarit Gezette No.76, 7" August 2019 . .page 11431 & wwpf darer ANtldao N, AAeod]T 5/The grantor shall be entitied to any PG surplus. TE PATS ATMAT 1RS> oA 0RF héA 85. Acquisition of Collateral in Total or Partial Satisfaction of the Secured Obligation PALARS® o= @ NATeo-(1L 1/ The secured creditor may propose in A PATS PAe- I mge Pars writing, before or during disposition to AT 8D ooefe 0fY0 héA acquire one or more of the assets subject AEARY® NOA ATE ofy” hhTe 0Ap to a security right in total or partial PPATS omfUPTF Aemarfs PR ArS: satisfaction of the secured obligation. he. hAR e 2 heotAddFar 04T @pfy Nrraadntr L AeecH

LA € PATS PAm I mfE Phé hAll- 2/ The secured creditor shall send the proposal to: V) Awo e Ada o a) the grantor; b) the debtor but only in the case of a A) PATS CAT 280 hdA RAARYT proposal to accept the collateral in Neyemplit AF InFy AGADS®-: partial satisfaction of the secured obligation; c) any person with rights in the collateral &) AP Gdaar hevdlr 0f9° om0 that has notified in writing the secured A@mae °hé Al hendld hsoC creditor of those right at least ten T ANPLP (emefo AL QAda- working days before the notice is sent wdll (KA Adobo Vo to the grantor or the grantor waived @ the right to receive the proposal; d) any - other secured creditor that n) Ao G@aor homdly @f9° o0 £ registered. a notice with respect to the O Y°NL hAME PonPlA oo ALy collateral at least ten working days hoobaor hhC $ST AOPRT before the notice is sent to the grantor mprfay hhewpht "IN ods or the grantor waived the right to Apeolil A4 POTS Faor THIF) receive the proposal; and med: AT €) any other secured creditor that was in w) woPary (ENdar 20 QR4 UL possession of the collateral at the time mperfam FRYS AN Lo 27C the secured creditor took possession. arié A TIEo9e POTT PAo-

THIH mPd: wohl LTCOI N W TEAEEAE AREA 1LY DRM *TC EF bl K 2 KAAE 4 Federal Negarit Gazette No.76, 7" August 2019....page 11432 i/ ML RIPR HEO KPR (B) eowll 3/ In accor'dance’ with Sub-&nficle (1) of this PPl RS Y- Article, the proposal shall: U) PATE LA® THIAL medIS Pomenr a) identify the secured creditor and grantor; Aa,o3 739 AN Lo (AN P PAThéAa b) specify the amoufit owed as of the date 8% hiwa%S POLS fhar CTHIMA the netification is sent, including mfe eodild ATINDOC oo interest and the cost of enforcement, and the amount of the obligation that ey, RI9° m oy ovaL: is proposéd to be satisfied by QL0 0} Aenma)g oL LNEAN T acquiring the collateral; avayy: c) indicate whether the secured creditor &) PATT fhar THML mgd ADLI intends (o acquire the collateral in total hEARARY® an P} PUl@0Rar (lov:A. or partial satisfaction of the secured ‘_amé" b o obligation; “n) oo @Ay dj describe the collateral; @) QAbSa- wfye e e Gio (ThIER €) refer to the right of the debtor or the @ el ey oA grantor to redeem the collateral as TS L Y R A Xy provided in ‘Anicle 79; and &) PAFS LA THIA mfd e as f) state the date after which the collateral hom®E #3134 KILY00L: will be acquired by the secured ALAS ANCUC @Ad hallTF:: creditor. ' B FNYT PAer THIA meE e o) 4/ The secured creditor : acquires the collateral: " P ehRe-- a) in the case of a p.roposal for the T U) POISE Akl 7L ao-fe héRRY acquisition of the collateral in full WY W0 fa-s CamdA AT hhar satisfaction of the secured obligation, Moy der 10040 (FFADAT unless the secured creditor receives an Ao APPOYT Proe PGT aAT objection in writing from any person RS 2o YAPLONT: AT entitled to receive such a notice within fifieen working days after the notice is sent to that person; and A)TATSe Atad %I DA b) in the case of a proposal for the acquisition of the collateral in partial AART® MUY ALPEIE IR0k Lo- satisfaction of the 'secured obligation, erARAT Aer N adfo (MFAR _only if the secured creditor receives the hsmé APOT Proe- P5T odr affirmative consent of each addressee of the notice in writing within fifteen SPRTET MR T Ri7Im NF: working days after the notice is sent to a1 that person.

IRuEa LRLA 126 JEm *vC BF b K 43 KUIK 2o Federal Negarit Gazette No.76, 7" August 2019..._page 11433 HE,_lovgrfar 4L DARYT oot 86. Rights Acquired in Collateral B POTE eha Tl med mpwa 1/ If a secured creditor sells or otherwise him efy hatand: disposes of the colla{eral, a buyer or other T weY” transferce acquires the grantor’s right in P-FANLAT N hil, Pax apfe the asset free of the rights of the enforcing hAlFAALa: AA 57, PPOTS At secured creditor and any subordinate fam- THIN @mfE hAA - competing claimant, except the right that a @y PINEU omdlT PUUETTo have priority over the security right of the oo et} himerS POST PP Tossé enforcing secured creditor. PPATT wodlt 9% (WY e 398 s 2/ 1f a secured creditor leases or licenses the # PATs Phor THIMI mfd oo PWar'y collateral, a lessee or licensee is entitled Qhet @pye Paoombye 4P ham: to the benefit of the lease or license Thet mpye 425 Cramaer AA PR during its term, except as against creditors PPATT el PAer THIA mPe had with right that have priority over the right OhbeC e wfy™ 425 (e AL of the enforcing secured creditor. a0 L PLLATY@F PPI° 1T 3/ If a secured creditor sells or otherwise B/ POt fhe- 1IN mpe Iy heA disposés of leases or licenses the LFRPT e wen@ o’} hiim o L9° collateral not in accordance with the hn-rANds Wt ofe Peemb L0 provisions of this Part, a buyer or other hdm 1Car ofy® ErAdLAT Ao transferee, lessee, or licensee of the ‘Hhéet oLy QNLPE NamPifar AL, collateral acquires the right or benefit, oo\t @f AaFerrrd LTV ar provided that it had no knowledge of a PATST LAa THIA mPE CIUT hea violation of the provisions of this Part £3209F (oo oo Am,ax? OLT that materially prejudiced the right of PAAT Nm oodll: A0 (WY A% the grantor or another person. ok K1 haod o T, hPA0A0, A0 hbAns PTIA AvE: 014 87. Collection _of _Payment Under a oLy hahét hES Receivable, Negotiable Instrument, Right 440 M, hreea 1A AR AT dpeemEP emdli to Payment of Funds Credited to a Deposit Account or Security A W9RI Rhewent (134 (FFANAG, LAND: 1/ After default, a secured creditor with a rFAAg. PTIIM e opy Qe AL security right in a receivable, negotiable

PATS PAax THH meE htaNAle- 744} instrument, or security is entitled to AA6R: Wrkaag PR NYS FIRE of collect payment from the debtor of the halket ha-ara heg oofiddl LTAN:: receivable, obligor under the negotiable instrument, or issuer of the security. = THMERAS LR4A 1267 M #7C % WhO B 43 ¥NIE 99 Pedersl Negarit Gasette No 76, 7° August 2019, _page 11434 & Tars fhe THIA @mfe WL 2/ The secured creditor may exercise the AADO@E KDL Pl N3 Lg | right to collect under Sub Article (1) of 7 (Y NIeER 300 RIPR (B) ool this Article even before default with the neg Pl ondlk’y oomdy® LTAN:: consent of the grantor. i/ o A3P& Hh KPR (B) opr (#) 3/ A secured creditor exercising the right to ol WG FomBAAl onllld P8 LO4RY" collect under Sub Article (1) or (2) of this PATST LA THHl mfd Phey a@foe} Article is also entitled to enforce any 032796 @@Ly (990497 “TiTay™ e personal or property right that securcs or oL PHNLA ovdld ALY oudl-lF 70RO supports payment of the collateral. LTAA £~ The right of the secured creditor to collect o/ (FFOAAL, ZA AL PATS Paor I med: payment from the debtor of the receivable iy Wiexk Wreda RReR (B0 Qaoee under Sub Articles (1)-(3)of this Article el NP Lm0 il oo DRTER & is subject to Articles 70-74. Anh @8 L1 el 14877, PRACI N 5/ The secured creditor may collect payment EOPOFS PA@ RN agd N0 05 from the financial institutions authorized AL Lam} T (WFER 1% () aowli to receive deposits without a court order PTG APyt FAAT MR OF PA only if it has made its security right L T NN hPTer THIMD Pondiln effective against third parties by a control @A WATe P4L5H ARTT hGS agreement pursuant Lo Article 17 (2). @A LTAA:: FE PN, YA ool oohe flesa. . Coilection of Payment Under a Receivable PHAALAT N NA“LANGe e P by an Outright Assignee

AL YA et ovd (leme In the case of an outright assignment of a receivable, the assignee is entitled to collect PFARLAT dor BEPet ANPAALm- the receivable before or after default of the 983 ®F heoank (4 @L9 (A4 assignor. @O0 LTAAN:: PART EIGHT hea N9t MISCELLANEOUS PROVISIONS AR AR £IILPH 89, Exemption from Stump Duty B, bk AC LT 19 o} MY APE eowlt PPOES ool Transactions thal create security right governed by this Proclamation is exempted Nmaopldt PURLT 0P @Ry from payment of stamp duty. 24084 EyeAC PLr g 11 o w IRNAKAE ALGA 16T Du v £ Lh0 B & KLIE 49 Fedetal Negarit Gnzétic No.76, 7* August 2019.. page | 1438 1. 2V APE Nowk§E 4+ (TRows. NCHET | 90. Inapplica of This Proclamation bility o Actions Jom its E AL 44977 _hAmiFr . I/prior law applies to a matter that is the &/ £9 KPE WSl 4F ¢HEand 06:CL subject of proceedings before a court or N+ wpye PASCIAT M% hChC AL arbitral tribunal commenced before the PPRYT T FAIY T LSLPA entry into force of this Proclamation. g L0 APE hemdSk (14T PlEond 2/if enforcement of a prior security right PRIT CPATS ovdlT hERAYS (1PRY™F commenced before the entry into force of Y el A PPN LTAN this Proclamation, the enforcement may continue under the prior law, 18, oNtS 183 PF MATITAG 91. Transfer of Right and Obligations B DA o6 4L A NPTS LT 1/ By the provisions of other laws, currently 7V o in force, the rights and obligations of the:

V) EFEINZCT ek C FThChesT a) Ministry of Transport with respect to matters relating to registration of security rights on vehicles; Q) FIIFENAT ran-kC (BT b) Ministry of Construction with respect w PP AT to matters relating to registration of security rights on Construction Machineries and Equipments; and b)) I YABC (137L PRTEG ¢) Ministry of Trade with respect to 150, Pir ar&rs matters relating to registration of security rights on Business Mortgage and Hire Purchase; FF3PASa MG PPATS aodlr with respect to registration of moveable M ¢ (M5T PAFe oAl RS collaterals are hereby transferred to the WP (MY APE awwli Nao g Collateral Registry Office. 2 Kb T T TAALPA 8 ey AA oFImIe R (ALT 2/ The right and obligation of any other e A QA AT LI PT evld government institution by the provisions FANT 99N AT TeUT FAATe- of other laws currently in force, with PYPAPE PET PPATC e 9mu0 respect to matters relating to registration FACT a0 PITTT LA o} § 9L, of security rights on other corporal and Y APE Aeef UM KMéA A incorporeal assets are hereby transferred TANSA to the Collateral Registry Office. w (L RIS ALl 40F o DTC GF bty B b3 TR 490 Federal Neganit Gazette No76. 7" August 2019 page 1436 %] Y Are& 100 KPR ®) %5 (@) 3/ Without prejudice to Sub Article (1) and CrRYIIe AR Eme T 00 ARG 2) 6{ this Article, institutions responsible Q01U Ad.Aor [TE10E AN for providing title deeds for corporal and LR PRANC wld T PenfunT incorporeal assets shail check with the 3201 CROATTo- FROTE QAN Collateral Registry and ascertain whether or not the assct has been free from any h - FAAdFo- (181 ondbl: WPOTS 19 pledged before effecting title transter aB(f'r} nros “n ) TGN G “PLINP ANV ar:: PRET PPATS emlT AYarF_ o017 AL 92. Third-Party Effectiveness of a Prior 0AAD- 429775 Security Right &/ APLY°T M e lf (IF0F 01T AL 1/ A prior security right that was effective T4 LIS PPOTT el DD (13 against third parties under prior law WAt WieSar (Lo e anherhot continues to be effective against third L0 NPOEE @07F AL 144 U parties under this Proclamation wti the PPrAn:- earlier of: a) the time it would have cvased to be V) NPT w7 el OrNET a1 effective against third parties under AL, Phar MAYYYLRPT LU ATE prior law within twelve months from TGP WY (A QA Aarde DAY entry into force of this Proclamation; or @t L NPT oLy b) registration of security right in the h) LU APE WS 134 QAT hsrée registry within twetve months after the AT @l Lk @ fPOre entry into force of this Proctamation oAy lem e el Polamitiil ATRP: rars: & L4 ATE hem 5k (Mol (emP Amo- 2/ A written agreement hetween the grantor and

AT POTS Qa@ THIl afd ohha the secured creditor creating or providing for a prior seeurity right entered into before the PEIT PPOTG @l AanaeNlt (R deit entry into force of this Proclamation is P4RET AT @ @ LU RTE sufficient to constitute authorization by the hes 034 “Fadodfa RISomil grantor for the registration of a notice after LFETVE Lhar ooUrF A@E (I o the entry into force of this Proclamation, ] MY AR N AIPR (A) ol 3/ 1f the third-party effectiveness FEPF PPOTS aodlF (MP0FF 0T AL requirements of this Proclamation are PAe AHLIUNT hASE 04T LD satisfied before the third-party effectiveness of a prior security right APE WP0HT 017 AL fhar FAIULYT ceases in accordance with Sub Article (1) PLom pRJOT WA NHY APE of this Article, the security right continues mwl Yt LT PPATS ool PRIUT to be effective against third parties under &7 el (IPDEE @1 AL R this Proclamation from the time when it Wt u Eeee A &3 was made effective against third parties LPPAd: under prior law. W IRLIE AReA 526 Duw S0C @4 bl § ¢ TUIE 97 Federal Negarit Gazette No.76, 7™ August 2019....page 11437 W ww NR 0R NIR () wlT 4/ If the thirdparty effectiveness L7 PPAIS AT MPAT .1 AL requirements of this Proclamation are not Pa0- FLIUYT WOIASR &+ fuy satisfied before . the third-panty effectiveness of & prior security right APE fPOMT 017 FLIVIT PLoem ceases in accordance with Sub Asticle (1) 32T hAPTA PROT PPATS of this Article, the prior security right is aodbk APats @17 AL 447 PP Yar effective against third pariies only from Yy APE avwlidt 0pPnebd @13 AL the time it is made effective against third +47%, WERLNT UL EPC Jar:: parties under this Proclamation.

i PSS HLADYT PIRT T aT 93. Repealed and Inapplicable Laws A/ Nth emerr dAELH HILT Naiar 1/Provisions related to movable property APE drC B i edr F3EASE security rights stipulated under Property Mortgaged or Pledged with Banks T Com @ aodlt AL 3R P Proclamation No.97/1998 are hereby LB2LOT (loo-p (LY APE FHLPA:: repealed. & DAL PR PPOTS e POt WPR 2/Business Mortgage Proclamations No. L 2 vell. o APE LTHEA 98/1998 is hereby repealed. APE POUPLT TTIEary® 9 R 3/No law, regulation, directive or practice i/ U woanl @ WL ATILE WAGC LY RTE shall, in so far as it is inconsistent with this Proclamation may be applicable with respect eidE AR Ny onpht BT A LA S to matters covered under this Proclamation. AT emyo:s 94. Powerto Issue Regulati 48, R3T aeomg f PI@-MT 120N 1/The Council of Ministers may issue B PO TCT 9ohe 0T LUt APE regulation for, or with respect to, any ATINLRY® PerehdA? R AL matter under this Proclamation that is £FAA:: necessary for carrying out or giving effect to this Proclamation. g/ fampr M AT 0T LUY ATES 2/ The Collateral Registry Office may issue MY KR 00 RIPR /Bl aow it directives necessary for the implementation of this Proclamation and Regulations in fom LI0TI ATINERT® PULENLNT accordance with Sub Article (1) of this ol P A Lo LTAN:: Article. 1&. temiinc e £792 9s. Transitory Provision &Y PFA (CXS A i T B O 93 | 2 Until such time of the establishment of an eyl hohkdye £4n: Pam e 9oUN autonomous Collateral Registry Office by RméT AT ATTRGET: Pom @ e M) regulation, the National Bank of Ethiopia is MCHET AeNCoT i NTINEC: NG hereby empowered to establish the Collateral CENTGT Ay PATEAS b Registry Office, the Collateral Registry, operationalize the Collateral Registry and ah DA FATEIA appoint the Registrar.

" THIEEAE LRLA 132 Dnm 4nC GR vai § 43 KILIR 99 Federal Negarit Gazette No.76, 7" August 2019....page 11438 9%, APE Po20507F 18 96. Effective Date This Proclamation shall come into force on LU APE N&R&A 1246F Im T the date of the expiry of 12 months after hoa0+ +3 ¢I8 @cT “1AP oLy> Pon o1 publication in the Negarit Gazette or the ol PETANNCL) T 1 T (1P Lemar- commencement of c;vernion of the Collateral AR50 73 00T LUGA:: Registry, whichever comes first. h&h ANA yads & 47 ERLIE 9.9 Done at Addis Ababa, this 7" day of August, 2019 TASCY N2, SAHLEWORK ZEWDIE PAATEL LRLAT ATREALT PRESIDENT OF THE FEDERALDEMOCRATIC TR TERATT REPUBLIC OF ETHIOPIA