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ҋV JXDUDQWHH $UJXPHQW7KHWKDPHQGPHQWPDNHVWKHMXU\WULDOJXDUDQWHHRIWKHWKDPHQGPHQW DSSOLFDEOHWRWKHVWDWHVLQFDVHVZKHUHDVHQWHQFHDVORQJDV\HDUVPD\EHLPSRVHG ¨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´IXQGDPHQWDOµ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´SULYLOHJHVDQG LPPXQLWLHVµFODXVHRIWKHWKDPHQGPHQWVHUYHVWRWRWDOO\LQFRUSRUDWHWKH%LOORI5LJKWV EHFDXVH´ZKDWPRUHSUHFLRXVSULYLOHJHFDQWKHUHEHWKDWWKHSULYLOHJHWRFODLPWKHSURWHFWLRQV RIRXUJUHDW%LOORI5LJKWVµ+HFULWLFL]HV+DUODQҋVGLVVHQWDVEHLQJWRRVXEMHFWLYHDGHILQLWLRQRI GXHSURFHVV 'LVVHQW5HDVRQLQJ>+DUODQ@VWDWHGWKDWWKHGXHSURFHVVFODXVHRIWKHWKDPHQGPHQW UHTXLUHVWKDWVWDWHSURFHGXUHVEH´IXQGDPHQWDOO\IDLUµLQDOOUHVSHFWVEXWLWGRHVQRWUHTXLUH MXU\WULDOVLQFULPLQDOFDVHV7KHKLVWRULFDOHYLGHQFHGHPRQVWUDWHVWKDWWKHIUDPHUVRIWKHWK DPHQGPHQWGLGQRWWKLQNWKDWWKH\ZHUH´LQFRUSRUDWLQJµWKHELOORIULJKWV7KHSURSHUDQDO\VLV VKRXOGEHD´JUDGXDOSURFHVVRIMXGLFLDOLQFOXVLRQDQGH[FOXVLRQµWRDVFHUWDLQWKRVH ´LPPXWDEOHSULQFLSOHVRIIUHHJRYHUQPHQWµ,WLVLPSURSHUIRUWKHPDMRULW\WRVLPSO\LQFRUSRUDWH WKHMXU\WULDOFODXVH´MRWIRUMRWµZLWKDOORILWVDVVRFLDWHGEDJJDJHRIIHGHUDOMXGLFLDO LQWHUSUHWDWLRQ(DFKFDVHPXVWEHDQDO\]HGWRVHHZKHWKHULWZDVDIDLURQH 1RWHV,Q%HQWRQY0DU\ODQGWKHFRXUWKHOGWKDWWKH´GRXEOHMHRSDUG\µFODXVHZDVD ´IXQGDPHQWDOµLGHDODQGLVDSSOLFDEOHWRWKHVWDWHV6LQFHWKHQDVDUHVXOWRIVHOHFWLYH LQFRUSRUDWLRQDOPRVWDOOFULPLQDOSURFHVVJXDUDQWHHVDUHDSSOLFDEOHWRWKHVWDWHV,Q:ROIY &RORUDGRWKHFRXUWLQFRUSRUDWHGRQO\WKH´FRUHµRIWKHWKDPHQGPHQWEXWQRWWKHFDVHODZ LQWHUSUHWLQJLWLQIHGHUDOFRXUWV+RZHYHUODWHULQ0DSSY2KLRWKHFRXUWFKDQJHGLWVPLQG DQGLQFRUSRUDWLRQWKHUHDIWHUPHDQWQRWRQO\LQFRUSRUDWLQJWKH´FRUHµ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
© Copyright 2026 Paperzz