3. BORROWING LIMITS

Resolved that

1. The Jewish agency for Israel, may, during the fiscal year 1.1.02 - 31.12.02, renew existing financial commitments which shall mature during the fiscal year and, in addition, borrow additional sums as interim financing, provided however that the sum total of the financial commitments at the end of the fiscal year will not exceed the sum total of the financial commitments at the beginning of the fiscal year.

"Financial Commitments", shall mean any loan, guarantee, indemnity or any other financial transaction and any document evidencing or constituing such financial commitments.

2. If for any fiscal year after 2002, the Board of Governors does not determine the borrowing limits of the fiscal year, then the borrowing limits for thatfiscal year will be the level of borrowing at the end of the previous fiscal year.