Circular A 4522: Modifications to Rules on "Guarantees" and "Credit Management"

"2006 - Year of Tribute to Dr. Ramón CARRILLO"

BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 4522 04/04/2006

TO FINANCIAL ENTITIES:

Ref.: Circular
LISOL 1 - 453
OPRAC 1 - 590
Rules on "Guarantees" and "Credit Management". Modifications.

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We address you to inform you that this Institution has adopted the following resolution:

"1. Substitute item c) of point 1.1.10.1. of Section 1. of the rules on "Guarantees" with the following:
"c) That, as a maximum, 20% of the nominal value of the documents corresponds to a single subject obligated to pay. This limitation will not be applicable when dealing with documents up to $ 10,000."

2. Substitute item b) of point 1.1.10.2. of Section 1. of the rules on "Guarantees" with the following:
   "b) That they be valued according to the category assigned to the subject obligated to pay in the "Central of Debtors of the Financial System" -regardless of the classification of the assignor-, considering the following percentages with respect to their nominal value:

• Classified in Category 1.: 100%
• Classified in Category 2 and unclassified: 90% "

3. Incorporate into item c) of point 1.1.10.2. of Section 1. of the rules on "Guarantees" the following paragraph:
   "When the assignor client of the financial entity is a credit cooperative, a mutual society providing economic assistance services, or another legal entity not covered by article 2° of the Law of Financial Entities, whose activity is the discounting of third-party documents, the financial entity must require said legal entity to declare under oath that it has verified that the discounted instruments originate from sales and/or service provision operations corresponding to the activity of each third-party assignor client of the aforementioned legal entity, which must be indicated in an annex to the aforementioned sworn declaration. Without prejudice to the above, the treatment as preferred guarantee "A" will not be applicable when the third-party assignor is any of the legal entities indicated in the previous paragraph."

-2-

4. Eliminate item b) of point 1.1.10.3. of Section 1. of the rules on "Guarantees".

5. Substitute point 3.1.10. of Section 3. of the rules on "Guarantees" with the following:
   " 3.1.10. Credit titles (point 1.1.10.).
   3.1.10.1. Documents corresponding to subjects obligated to pay classified in Category 1 in the "Central of Debtors of the Financial System": 100%
   3.1.10.2. Documents corresponding to subjects obligated to pay classified in Category 2 or not classified in the "Central of Debtors of the Financial System": 90%"

6. Substitute point 1.4.2. of Section 1. of the rules on "Credit Management" with the following:
   "1.4.2. Clients included.
   Private non-financial sector clients, whose debt (for all concepts) plus the amount of the requested financing, at the time of granting, exceeds 2.5% of the computable equity responsibility of the entity as of the last day of the month prior to the one in question, or the equivalent to $ 2,000,000, whichever is lower."

We send you attached the sheets that, in replacement of those previously provided, correspond to replace in the ordered texts of the rules on "Guarantees" and "Credit Management".

It is recalled that on this Institution's website www.bcra.gov.ar, accessing "regulations" ("ordered texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We salute you very attentively.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Darío C. Stefanelli José I. Rutman
Manager of
Issuance of Regulations on behalf of
General Manager of Regulations

ANNEX

The rating must have been granted by one of the rating agencies admitted by the rules on "Evaluation of Financial Entities".
When the foreign bank has an international risk rating of "AA" or higher, the computable term of the credit operation must not exceed one year.

1.1.7. "Warrants" on fungible goods that have normal and usual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.

1.1.8. Guarantees constituted by the assignment of collection rights on invoices to consumers for services already provided, issued by service provider companies (companies supplying electricity, gas, telephone, water, etc.), provided that it is a set of invoices representing a quantity of no less than 1,000 clients.

1.1.9. Guarantees constituted by the assignment of collection rights regarding credit card coupons.

1.1.10. Credit titles (post-dated checks, promissory notes, bills of exchange, and credit invoices) discounted with liability for the assignor, to the extent that the following conditions are observed:

1.1.10.1. In the set of operations carried out with each assignor, it must be verified with respect to any of the subjects legally obligated to pay, other than the assignor:
a) That at least 85%, measured in relation to the nominal value of the documents, are classified in "normal situation" (category 1) according to the latest information available in the "Central of Debtors of the Financial System". b) That, as a maximum, 15%, measured in relation to the nominal value of the documents, are classified in category 2 or are persons not reported in said central. c) That, as a maximum, 20% of the nominal value of the documents corresponds to a single subject obligated to pay. This limitation will not be applicable when dealing with documents up to $ 10,000. These requirements must be observed considering the nominal value of the documents still pending maturity and the new documents to be discounted, when carrying out each discount operation.

B.C.R.A. GUARANTEES
Section 1. Classes.
Version: 6 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

1.1.10.2. With respect to the assigned documents, it must be verified:
a) That, in addition to the pertinent endorsement, there is a record of the transfer formulated by the assignor. b) That they be valued according to the category assigned to the subject obligated to pay in the "Central of Debtors of the Financial System" -regardless of the classification of the assignor-, considering the following percentages with respect to their nominal value:
-Classified in Category 1: 100%
-Classified in Category 2 and unclassified: 90% c) That they originate from sales or service provision operations corresponding to the activity of the assignor. This condition may be verified through a sworn declaration made by the client or by any other means the entity deems appropriate. When the assignor client of the financial entity is a credit cooperative, a mutual society providing economic assistance services, or another legal entity not covered by article 2° of the Law of Financial Entities, whose activity is the discounting of third-party documents, the financial entity must require said legal entity to declare under oath that it has verified that the discounted instruments originate from sales and/or service provision operations corresponding to the activity of each third-party assignor client of the aforementioned legal entity, which must be indicated in an annex to the aforementioned sworn declaration. Without prejudice to the above, the treatment as preferred guarantee "A" will not be applicable when the third-party assignor is any of the legal entities indicated in the previous paragraph. d) That they are not replaced at maturity, and must be presented for collection. Notwithstanding, their replacement -before maturity- will be admitted when any of the following circumstances are verified with respect to the subjects obligated to pay:

GUARANTEES
B.C.R.A.
Section 1. Classes.
Version: 5 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

i) That they have requested preventive bankruptcy or their bankruptcy has been requested. ii) That they are included in the "Central of Rejected Checks" or complaints of loss or theft have been filed in a judicial setting, regarding other post-dated checks from this portfolio. iii) That they register the non-payment of other credit titles (other than post-dated checks), confirmed by protest, which are part of this portfolio.

1.1.10.3. The set of operations carried out with different clients must constitute a portfolio whose nominal value is up to 15% of the computable equity responsibility of the entity of the month prior to the one in question. This limit may be exceeded with adjustment to the following guidelines:
a) Maximum limit of the total nominal value of documents corresponding to a single subject obligated to pay: 2.5% with respect to the computable equity responsibility of the entity of the month prior to the one in question. b) Maximum limit of the nominal value of documents corresponding to a single subject obligated to pay: 5% of this portfolio measured by average monthly daily balances of the month prior to the one in question. c) Global limit of the portfolio in nominal value: 100% of the computable equity responsibility of the entity of the month prior to the one in question. When the subjects obligated to pay are clients of the financial entity, the amount of assistance granted under this modality will be imputed to their credit margins, not being counted for the purposes of the limits established above. Within each period, the limits must be observed on a daily basis.

B.C.R.A. GUARANTEES
Section 1. Classes.
Version: 6 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

1.1.10.4. In the portfolio discounted by a specific client, the amount not cancelled by the client for unpaid documents and for checks whose registration has been rejected, may not exceed the equivalent to 100% of the remaining valuation margin. In case of exceeding this value, the assignor will not be able to access new discount operations of credit titles under this modality, except to the extent necessary to replenish the amount of those unpaid documents. Once the entire portfolio of the client is cancelled, the entity may grant them financing adjusted to this regime.
In all cases where this point mentions "subject/s obligated/s to pay", it refers to any of the signatories of the documents holding that condition as drawer, endorser, acceptor, or guarantor.

1.1.11. Direct guarantees issued by central governments, agencies, or departments of central governments of countries members of the Organisation for Economic Co-operation and Development (O.E.C.D.) that have an international risk rating of "AA" or higher granted by one of the rating agencies admitted by the rules on "Evaluation of Financial Entities".

1.1.12. Guarantees constituted by the assignment of rights over the collection of tariffs and taxes in public works concessions, provided they do not exceed 50% of the projected income.
The computable term of the credit operation may not exceed one year.

1.1.13. Guarantees or sureties of securities (shares or bonds) privately issued by national or foreign companies, taking into account their market value permanently, which must correspond to a normal and usual quotation in local or international markets, widely disseminated and easily accessible to public knowledge.
Local issuing companies must maintain outstanding debt papers that have a local risk rating of "A" or higher, granted by one of the rating agencies admitted by the rules on "Evaluation of Financial Entities". Foreign titles must correspond to companies whose debt papers have an international risk rating of "A" or higher granted by one of those rating agencies.

1.1.14. Credit titles (post-dated checks, promissory notes, bills of exchange, and credit invoices), discounted with liability for the assignor, in which any of the subjects legally obligated to pay, holding that condition as drawer, endorser, acceptor, or guarantor, meets at least one of the following conditions:

B.C.R.A. GUARANTEES
Section 1. Classes.
Version: 8 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

1.1.14.1. Register a level of indebtedness with the system equal to or greater than $ 2,000,000, according to the latest information available in the "Central of Debtors of the Financial System" and be reported by at least two financial entities in which the indebtedness -in each of them- is at least $ 1,000,000.
It must be classified, in said central, "in normal situation" by all financial entities and, in the case of maintaining outstanding debentures or other debt titles, these must have a rating at the levels set in point 1.1.14.2. The total financing granted to different assignors and assigned by the entity under this modality to a single legally obligated subject, may not exceed 10% of the latter's debts with the financial system, reported in the "Central of Debtors of the Financial System", nor 5% of the computable equity responsibility of the entity of the month prior to the one in question, whichever is lower. This last limit will not be observed in case the entity has a credit file of said obligated subject, in which case the operations will be counted within the assistance margins provided by the applicable rules in the matter.

1.1.14.2. Maintain outstanding debentures or other debt titles in the local market that have a local risk rating and all of them are, at minimum, "A" or higher, for a sum no less than $ 6,000,000.
The total financing granted to different assignors and assigned by the entity under this modality to a single legally obligated subject, may not exceed 5% of the computable equity responsibility of the entity of the month prior to the one in question. This limit will not be observed in case the entity has a credit file of said obligated subject, in which case the operations will be counted within the assistance margins provided by the applicable rules in the matter.

1.1.15. Guarantees or sureties granted by reciprocal guarantee societies registered in the Registry enabled at the Central Bank of the Republic of Argentina or by national and provincial funds constituted with the same object as those societies, admitted by this Institution, regardless of the term of the operation, provided they effectuate the non-cancelled credits within 30 calendar days of their maturity.

B.C.R.A. GUARANTEES
Section 1. Classes.
Version: 6 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

iii) By coverage of an operation in a foreign currency other than:
80% of the quotation value, calculated on the imposed capital.

3.1.4. Reimbursement of export operations (point 1.1.4.): 100%.

3.1.5. National public securities (point 1.1.5.): 85% of their quotation value.

3.1.6. Guarantees and letters of credit from foreign banks (point 1.1.6): 100%.

3.1.7. "Warrants" (point 1.1.7.): 80% of the market value of the goods.

3.1.8. Invoices to consumers for services already provided, issued by service provider companies (point 1.1.8.): 80% of the nominal value of the documents.

3.1.9. Credit card coupons (point 1.1.9.):
3.1.9.1. Issued by financial entities: 90% of the nominal value of the documents.
3.1.9.2. Issued by companies that are not financial entities meeting the conditions required to be a subject of credit: 80% of the nominal value of the documents.
3.1.9.3. Issued by the remaining non-financial companies: 50% of the nominal value of the documents.

3.1.10. Credit titles (point 1.1.10.).
3.1.10.1. Documents corresponding to subjects obligated to pay classified in Category 1 in the "Central of Debtors of the Financial System": 100%
3.1.10.2. Documents corresponding to subjects obligated to pay classified in category 2 or not classified in the "Central of Debtors of the Financial System": 90 %.

B.C.R.A. GUARANTEES
Section 3. Computation.
Version: 7 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

3.1.11. Direct guarantees of foreign governments (point 1.1.11.): 100%.

3.1.12. Assignment of rights over the collection of tariffs and taxes in public works concessions (point 1.1.12.): 80%.

3.1.13. Private securities (point 1.1.13.): 70% of their quotation value.

3.1.14. First-degree mortgage on real estate, and regardless of its degree of priority provided the entity is the creditor in all degrees (point 1.2.1.):
3.1.14.1. On real estate for own housing that is the subject of the encumbrance: 75% of the appraised value of the property.
3.1.14.2. On real estate for uses other than own housing: 50% of the appraised value of the property.

3.1.15. Fixed pledge with first-degree registration or with displacement to the entity (point 1.2.2.):
3.1.15.1. Motor vehicles and agricultural machinery: 75% of the market value.
3.1.15.2. Road and industrial machinery: 60% of the market value.

3.1.16. From reciprocal guarantee societies or national and provincial funds constituted with the same object as those societies (points 1.1.15. and 1.2.3.): 100%.

3.1.17. Credit titles (point 1.1.14.): 100% of the nominal value of the documents.

3.1.18. Goods in financial lease (point 1.2.4.):
3.1.18.1. Real estate for the tenant's housing: 75% of the appraised value of the property.
3.1.18.2. Other real estate: 50% of the appraised value of the property.
3.1.18.3. Motor vehicles and agricultural machinery: 75% of the appraised value of the property.

B.C.R.A. GUARANTEES
Section 3. Computation.
Version: 9 a. COMMUNICATION "A" 4522
Validity:
04/04/2006

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "GUARANTEES"

ORDERED TEXT ORIGIN RULE
Section Point Paragraph Com. Annex Point Paragraph
Observations
1.1. "A" 2932 Single 1.1. According to Com. "A" 4242
1.1.1. "A" 2216 I 1. 3rd, a) According to Com. "A" 2443, "A"
2932, "A" 3918 and "A" 4242.
1.1.2. "A" 2216 I
1.
3rd, a) According to Com. "A" 2443, "A"
2932 and "A" 3918.
1.1.3. "A" 2216 I 1. 3rd, b) According to Com. "A" 2932, "A"
3918 and "A" 4242 .
1.1.4. "A" 2216 I 1. 3rd, c) According to Com. "A" 2932 and "A"
4242.
1.1.5. "A" 2216 I 1. 3rd, d) According to Com. "A" 2932.
1.1.6. "A" 2216 I 1. 3rd, e) According to Com. "A" 2932, "A"
3918 and "A" 4242.
1.1.7. "A" 2216 I 1. 3rd, g) According to Com. "A" 2932.
1.1.8. "A" 2216 I 1. 3rd, h) According to Com. "A" 2932.
1.1.9. "A" 2216 I 1. 3rd, i) According to Com. "A" 2932.
1.1.10. "A" 2932 single 1.1.11. According to Com. "A" 3104, "A"
4242 and "A" 4522
1.1.11. "A" 2932 single 1.1.12. According to Com. "A" 4141.
1.1.12. "A" 2932 single 1.1.13. According to Com "A" 4242
1.1.13.
1.1.13. 2nd
"A" 2932 single 1.1.14.
According to Com. "A" 3918.
1.1.14. "A" 3114 1.
1.1.14.1. 1st "A" 3114 According to Com. "A" 3918 and "A"
4055.
1.1.14.2. "A" 3114 1. According to Com. "A" 3918 and "A"
4055.
1.1.15. "A" 3141 According to Com. "A" 3307 and "A"
3918 and "A" 4465.
1.1.16. "A" 3314
1.2. "A" 2932 single 1.2. According to Com. "A" 3104.
1.2.1. "A" 2419 1. 1st According to Com. "A" 2563 (points

1. and 2.), "A" 2932 and "A" 3314.
   1.2.2. "A" 2448 Debtor status report (point 6.1.2.2.2.), Com.
   "A" 2932 and "A" 3918.
   "A" 2448 Debtor status report (point 6.1.2.2.2.), Com.
   "A" 2932 and "A" 3918.
   1.2.3.
   "A" 2410 7. According to Com. "A" 3141.
   1.2.4. "A" 3259 1. According to Com. "A" 3314.
   1.2.5. "A" 3314
   1.2.6. "A" 2932 single 1.2.4. According to Com. "A" 4242
   1.2.7. "A" 4491 1. According to Com. "A" 4501
   1.
   1.3. "A" 7 Specifications of the items of "other guarantees received", modified by Com.
   "A" 2932.

GUARANTEES
ORDERED TEXT ORIGIN RULE
Section Point Paragraph Com. Annex Point Paragraph
Observations
2.1. 1st "A" 2448 Debtor status report (point 6.1.2.2.2.).
2.1. 2nd "A" 2932 single 2.1. 2nd
2.
2.2. "A" 2216 I 1. 4th
3.1. "A" 2932 single 3.1.
3.1.1. "A" 2932 single 3.1.1. According to Com "A" 3918.
3.1.2. "A" 2932 single 3.1.2.
3.1.3. "A" 2932 single 3.1.3. According to Com "A" 3918.
3.1.4. "A" 2932 single 3.1.4.
3.1.5. "A" 2932 single 3.1.5. According to Com. "A" 3918 and "A"
4242.
3.1.6. "A" 2932 single 3.1.6. According to Com. "A" 3918.
3.1.7. "A" 2216 I 1. 3rd, g) According to Com. "A" 2932.
3.1.8. "A" 2216 I 1. 3rd, h) According to Com. "A" 2932.
3.1.9. "A" 2216 I 1. 3rd, i) According to Com. "A" 2932.
3.1.10. "A" 2932 single 3.1.11. According to Com. "A" 3104 and "A"
4522.
3.1.11. "A" 2932 single 3.1.12. According to Com "A" 3918.
3.1.12. "A" 2932 single 3.1.13.
3.1.13. "A" 2932 single 3.1.14.
3.1.14. "A" 2419 1. 1st, ii) According to Com. "A" 2932, "A"
3314 and "A" 3918.
3.1.15. "A" 2932 single 3.1.18. According to Com "A" 3918.
3.1.16. "A" 2932 single 3.1.19. According to Com. "A" 3141, "A"
3918 , "A" 4242 and "A" 4465.
3.1.17. "A" 3114 2. According to Com. "A" 4242
3.1.18. "A" 3259 2. According to Com. "A" 3314.
3.1.18.1
. "A" 3259 2 According to Com. "A" 3314 and "A" 3918.
3.1.18.2
. "A" 3259 2 According to Com. "A" 3314 and "A" 3918.
3.1.19. "A" 3314
3.1.20. "A" 4491 1. According to Com. "A" 4501
3.
3.2. "A" 2216 II 5th According to Com "A" 3918.

Financial entities are obliged to supply to applicants for assistance the necessary information in a timely manner for the correct integration of the data contained in said declaration.

1.4.2. Clients included.
Private sector non-financial clients, whose debt (for any reason) plus the amount of the financing requested, at the time of granting, exceeds 2.5% of the entity's net worth computable for the last day of the month prior to the one in question, or the equivalent to $ 2,000,000, whichever is the lesser of the two.

1.4.3. Scope.
For these purposes, financings included within the scope established in the regulations on "Credit Risk Fragmentation" shall be considered.
In matters of affiliation, the definitions contained in the regulations on "Credit Risk Fragmentation" shall apply.

1.4.4. Conditioning of assistance.
The granting of assistance shall be subject to the applicant presenting the sworn declaration.

1.4.5. Update.
The sworn declaration must be updated within five calendar days following the date on which the facts determining the modification of the declared situation occur or, otherwise, annually on November 30. Annual update is only appropriate in cases where the last sworn declaration presented by the client is at least twelve months old.

1.4.6. Assignment of rights or credit titles.
In cases of assignment to financial entities of rights or credit titles, without liability for the assignor, the obligation to present the sworn declaration regarding whether they have or do not have the character of affiliated with the entity shall fall on both the signer or drawer of the documents and the direct beneficiary of the assistance.

1.4.7. Exceptions.
Those obligated by facilities derived from occasional mismatches in forward, spot-to-be-settled, and stock market pledge and collateral operations are exempt from presenting the sworn declaration, in which the financial entity has already effected payment (or delivered the agreed counterparty) and the delivery of the agreed counterparty (or receipt of the agreed cash payment) is pending.

B.C.R.A. CREDIT MANAGEMENT
Section 1. Requirements for granting financings.
Version: 3rd
COMMUNICATION “A” 4522
Validity:
04/04/2006

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE
ORDERED TEXT OF THE REGULATIONS ON CREDIT MANAGEMENT

| ORDERED TEXT | ORIGIN NORM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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