law of 20 December 2002 - Alfi

III. Borrowings.UCITS may borrow the equivalent of up to 25% of their net assets without restriction in respectof the intended use thereof. This limit does not apply to the category of UCITS definedin heading II.4.3. of Chapter C. above.IV. Provisions applicable to UCITS which are subject to Chapter 11 of the law of30 March 1988.1. Information to be provided in the constitutional documents.The constitutional documents must inter alia specify- the principles and methods of valuation of assets;- the time allowed for payment in respect of issues (and redemptions, if any);- the conditions which enable suspension of issues (and redemptions, if any).2. Valuation of assets.Unless otherwise provided for in the constitutional documents, the valuation of the assets ofUCITS referred to herein must be based, in the case of officially listed securities, on the lastknown stock exchange price, unless such price is not representative. For securities not solisted and for securities which are so listed but for which the latest price is not representative,the valuation shall be based on the probable realisation value which must be estimated withcare and in good faith.3. Purchases and sales of securities held in the portfolio.The purchase and sale of securities held in the portfolio of these UCITS can only be carriedout at prices consistent with the valuation criteria specified in heading 2. above (“Valuationof assets”).114