Interpretation

In this Act, unless the context otherwise requires“BECOL” means Belize Electricity Company Limited; “BEL” means Belize Electricity Limited; “Deed of Assurance” means the Deed of Confirmation and Assurance entered into between the Government, Fortis, and BECOL in the form agreed between them in accordance with the Deed of Settlement, giving Fortis and BECOL assurances in respect of the ownership of BECOL and of the rights of BECOL to carry on its business in the ordinary course; Schedule II. “Deed of Settlement” means the Deed of Settlement and Compromise made the 28th day of August 2015 between the Government and the Fortis Companies, the terms of which are reproduced in Schedule II, and as may be amended from time to time; “Fortis” means Fortis Inc.; “Fortis Companies” means Fortis Cayman Inc., Maritime Electric Cayman Inc., Newfoundland Energy Cayman Inc., and Fortis Energy International (Belize) Inc.; “the Fortis Shareholder” means Fortis Cayman Inc. or its successors and any transferee of the Shares; Electricity Acquisition (Settlement) 5 “Put Option” means the option granted by the Government to the Fortis Shareholder and any transferee of the Shares to require the Government to purchase all of the shares in BEL then held by it (“the Fortis Shares”) at the Put Option Price and on the terms and subject to the conditions set out in Clause 5 of the Deed of Settlement; “Shareholders Agreement” means the Shareholders Agreement entered into between the Government and the Fortis Shareholder, in the form agreed between them in accordance with the Deed of Settlement setting out certain rights and obligations of the Government and the Fortis Shareholder as shareholders of BEL, and any amendment or modification thereto; “Shares” means 22,984,662 ordinary shares in BEL, representing 33.3% of the issued and outstanding ordinary shares in the capital of BEL; and “Transaction Documents” means the Deed of Settlement, the Deed of Assurance and the Shareholders Agreement, and as may be amended from time to time.