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TMF
AAG
AMA SOLUTIONS
FINANCIAL SERVICES
LAAWS
GTF FIDUCIAIRE
FIDUCIAIRE CONTINENTALE
IBS & PARTNERS
FMS
ExF

Request for Quotation – Incorporation of a General Partner in Luxembourg




Dears,

I am planning to establish a General Partner company in Luxembourg and would like to request a quotation for a turnkey incorporation service, including notarial fees.

Could you kindly provide me with your detailed offer, specifying the services covered in your package, such as:

Drafting and filing of incorporation documents

Coordination with the notary and inclusion of notarial fees

Preparation of articles of association

Registration with the Luxembourg Trade and Companies Register (RCS)

Obtaining tax and VAT numbers

Registered office services (if available)

Corporate secretary and administrative support (if applicable)

Any other relevant services or mandatory compliance requirements

Please also indicate the expected timeframe for incorporation, as well as your annual fees for ongoing services (if applicable).

Thank you in advance for your assistance. I look forward to receiving your proposal.

Kind regards,
Emmanuel Dos Santos','1','7',NULL);
INSERT INTO `mtt_todolist` VALUES ('12','c54bfb8e-b7cf-424f-b217-f33cf36213fc','4','1761829003','0','1761829003','0','Acheter 1 bureau et 2 chaise',NULL,'0','8',NULL);
INSERT INTO `mtt_todolist` VALUES ('13','4ab91ec8-58fc-45d3-8b7e-e286a2440190','2','1762254058','0','1762356479','0','Présentation St Barth','Slide 7
J\'ai ajouté de la transparence aux boites texte pour un style plus épuré

Slide 8
Remplacement de : \"Une équipe de gestion solide avec plus de 30 années d’expériences dans la gestion des fonds d’investissements alternatifs.
\"
par
\"Une équipe de direction expérimentée, cumulant plus de 30 ans d’expertise dans la gestion de fonds d’investissements alternatifs.
Correction de \"Entreprises du bâtiment\"

Slide 9
Remplacement de : \"Villa St JEAN avec vue impregnable sur la baie et le mythique hôtel Eden Rock.
Villa LURIN offrir également a une vue magnifique sur la baie de ST JEAN et offrira des prestations exceptionnelles\"
par
\"La Villa St JEAN bénéficie d\'une vue imprenable sur la baie ainsi que sur le légendaire hôtel Eden Rock.
La Villa LURIN propose également une vue splendide sur la baie de St JEAN et offrira des prestations de grande qualité.\"

Confirmes-tu le début des 2 projets en 2025 ?

Slide 10
Remplacement de : \"Revenus locatifs annuel de 0,6 million d\'euros par an. Soit une rentabilité sur fond propres d’environ 20%/an.\" 
par 
\"Les revenus locatifs s’élèvent à 0,6 million d’euros par an, ce qui correspond à une rentabilité sur fonds propres d’environ 20 % par an.\"

Slide 11
Remplacement de : \"3 millions \" par \"30 millions \" ?
Remplacement de : \"Les investisseurs doivent founir un apport total de 30 millions d\'euros par trance de 2 millions .\"
par
\"Les investisseurs sont tenus de fournir un capital total de 30 millions d\'euros, réparti en tranches de 2 millions chacune.\"

Slide 12
Remplacement de : \"Revenus locatifs annuel de 1 million d\'euros par an. Soit une rentabilité sur fond propres d’environ 20%/an\"
par
\"Les revenus locatifs atteignent un million d\'euros par an, ce qui correspond à un rendement annuel sur fonds propres d\'environ 20 %.\"

Slide 13
Vérifier si 4,5 millions est correcte
Correction de trance par tranche

Slide 14
Correction de trance par tranche


','0','2',NULL);

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INSERT INTO `notes` VALUES ('3','Sample 101','Aliquam id odio metus. Aliquam molestie pulvinar quam, et commodo arcu porta ut. Cras ultricies semper dolor sed pretium. Aliquam semper, quam quis tempus posuere, tellus leo interdum mi, eu varius lectus dui nec dui. Integer sit amet sem rhoncus risus elementum gravida. Curabitur varius erat non augue accumsan, et tincidunt diam dapibus.','0','2023-01-23 15:24:21','2023-01-23 15:24:25');
INSERT INTO `notes` VALUES ('6','Again and again','Thank you','0','2025-07-08 12:36:41',NULL);

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INSERT INTO `payslip_moderation` VALUES ('420','191','6','','FD','FD','189.75','2026-04-28 14:33:24','2026-04-28 14:33:24');
INSERT INTO `payslip_moderation` VALUES ('421','191','6','','FDS','FDS','20.00','2026-04-28 14:33:24','2026-04-28 14:33:24');
INSERT INTO `payslip_moderation` VALUES ('422','191','6','','FFO','FFO','45.00','2026-04-28 14:33:24','2026-04-28 14:33:24');

-- TABLE: payslip_plus_minus
CREATE TABLE `payslip_plus_minus` (
  `id` int NOT NULL AUTO_INCREMENT,
  `payslip_id` int NOT NULL,
  `employee_id` int NOT NULL,
  `period` varchar(20) NOT NULL,
  `keyname` varchar(10) NOT NULL,
  `label` varchar(100) CHARACTER SET utf8mb4 COLLATE utf8mb4_0900_ai_ci NOT NULL,
  `amount` decimal(10,2) NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  KEY `payslip_id` (`payslip_id`),
  KEY `employee_id` (`employee_id`),
  CONSTRAINT `payslip_plus_minus_ibfk_1` FOREIGN KEY (`payslip_id`) REFERENCES `payslips` (`id`) ON DELETE CASCADE,
  CONSTRAINT `ppayslip_plus_minus_ibfk_2` FOREIGN KEY (`employee_id`) REFERENCES `employees` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB AUTO_INCREMENT=122 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;


-- TABLE: payslip_social
CREATE TABLE `payslip_social` (
  `id` int NOT NULL AUTO_INCREMENT,
  `payslip_id` int NOT NULL,
  `employee_id` int NOT NULL,
  `period` varchar(20) NOT NULL,
  `keyname` varchar(10) NOT NULL,
  `label` varchar(100) CHARACTER SET utf8mb4 COLLATE utf8mb4_0900_ai_ci NOT NULL,
  `rate` decimal(5,2) NOT NULL,
  `gross_base` decimal(10,2) NOT NULL,
  `amount` decimal(10,2) NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  KEY `payslip_id` (`payslip_id`),
  KEY `employee_id` (`employee_id`),
  CONSTRAINT `payslip_social_ibfk_1` FOREIGN KEY (`payslip_id`) REFERENCES `payslips` (`id`) ON DELETE CASCADE,
  CONSTRAINT `payslip_social_ibfk_2` FOREIGN KEY (`employee_id`) REFERENCES `employees` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB AUTO_INCREMENT=333 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `payslip_social` VALUES ('289','181','6','Juin 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:34:19','2026-02-27 16:34:19');
INSERT INTO `payslip_social` VALUES ('290','181','6','Juin 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:34:19','2026-02-27 16:34:19');
INSERT INTO `payslip_social` VALUES ('291','181','6','Juin 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:34:19','2026-02-27 16:34:19');
INSERT INTO `payslip_social` VALUES ('292','181','6','Juin 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:34:19','2026-02-27 16:34:19');
INSERT INTO `payslip_social` VALUES ('293','182','6','Juillet 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:35:53','2026-02-27 16:35:53');
INSERT INTO `payslip_social` VALUES ('294','182','6','Juillet 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:35:53','2026-02-27 16:35:53');
INSERT INTO `payslip_social` VALUES ('295','182','6','Juillet 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:35:53','2026-02-27 16:35:53');
INSERT INTO `payslip_social` VALUES ('296','182','6','Juillet 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:35:53','2026-02-27 16:35:53');
INSERT INTO `payslip_social` VALUES ('297','183','6','Août 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:37:08','2026-02-27 16:37:08');
INSERT INTO `payslip_social` VALUES ('298','183','6','Août 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:37:08','2026-02-27 16:37:08');
INSERT INTO `payslip_social` VALUES ('299','183','6','Août 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:37:08','2026-02-27 16:37:08');
INSERT INTO `payslip_social` VALUES ('300','183','6','Août 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:37:08','2026-02-27 16:37:08');
INSERT INTO `payslip_social` VALUES ('301','184','6','Septembre 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:39:22','2026-02-27 16:39:22');
INSERT INTO `payslip_social` VALUES ('302','184','6','Septembre 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:39:22','2026-02-27 16:39:22');
INSERT INTO `payslip_social` VALUES ('303','184','6','Septembre 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:39:22','2026-02-27 16:39:22');
INSERT INTO `payslip_social` VALUES ('304','184','6','Septembre 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:39:22','2026-02-27 16:39:22');
INSERT INTO `payslip_social` VALUES ('305','185','6','Octobre 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:40:35','2026-02-27 16:40:35');
INSERT INTO `payslip_social` VALUES ('306','185','6','Octobre 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:40:35','2026-02-27 16:40:35');
INSERT INTO `payslip_social` VALUES ('307','185','6','Octobre 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:40:35','2026-02-27 16:40:35');
INSERT INTO `payslip_social` VALUES ('308','185','6','Octobre 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:40:35','2026-02-27 16:40:35');
INSERT INTO `payslip_social` VALUES ('309','186','6','Novembre 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:41:34','2026-02-27 16:41:34');
INSERT INTO `payslip_social` VALUES ('310','186','6','Novembre 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:41:34','2026-02-27 16:41:34');
INSERT INTO `payslip_social` VALUES ('311','186','6','Novembre 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:41:34','2026-02-27 16:41:34');
INSERT INTO `payslip_social` VALUES ('312','186','6','Novembre 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:41:34','2026-02-27 16:41:34');
INSERT INTO `payslip_social` VALUES ('313','187','6','Décembre 2025','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:42:15','2026-02-27 16:42:15');
INSERT INTO `payslip_social` VALUES ('314','187','6','Décembre 2025','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:42:15','2026-02-27 16:42:15');
INSERT INTO `payslip_social` VALUES ('315','187','6','Décembre 2025','C.P','Caisse de Pension','8.00','2731.00','218.48','2026-02-27 16:42:15','2026-02-27 16:42:15');
INSERT INTO `payslip_social` VALUES ('316','187','6','Décembre 2025','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:42:15','2026-02-27 16:42:15');
INSERT INTO `payslip_social` VALUES ('317','188','6','Janvier 2026','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-27 16:43:31','2026-02-27 16:43:31');
INSERT INTO `payslip_social` VALUES ('318','188','6','Janvier 2026','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-27 16:43:31','2026-02-27 16:43:31');
INSERT INTO `payslip_social` VALUES ('319','188','6','Janvier 2026','C.P','Caisse de Pension','8.50','2731.00','232.14','2026-02-27 16:43:31','2026-02-27 16:43:31');
INSERT INTO `payslip_social` VALUES ('320','188','6','Janvier 2026','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-27 16:43:31','2026-02-27 16:43:31');
INSERT INTO `payslip_social` VALUES ('321','189','6','Février 2026','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-02-28 13:27:37','2026-02-28 13:27:37');
INSERT INTO `payslip_social` VALUES ('322','189','6','Février 2026','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-02-28 13:27:37','2026-02-28 13:27:37');
INSERT INTO `payslip_social` VALUES ('323','189','6','Février 2026','C.P','Caisse de Pension','8.50','2731.00','232.14','2026-02-28 13:27:37','2026-02-28 13:27:37');
INSERT INTO `payslip_social` VALUES ('324','189','6','Février 2026','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-02-28 13:27:37','2026-02-28 13:27:37');
INSERT INTO `payslip_social` VALUES ('325','190','6','Mars 2026','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-03-31 11:30:02','2026-03-31 11:30:02');
INSERT INTO `payslip_social` VALUES ('326','190','6','Mars 2026','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-03-31 11:30:02','2026-03-31 11:30:02');
INSERT INTO `payslip_social` VALUES ('327','190','6','Mars 2026','C.P','Caisse de Pension','8.50','2731.00','232.14','2026-03-31 11:30:02','2026-03-31 11:30:02');
INSERT INTO `payslip_social` VALUES ('328','190','6','Mars 2026','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-03-31 11:30:02','2026-03-31 11:30:02');
INSERT INTO `payslip_social` VALUES ('329','191','6','Avril 2026','C.M','Caisse de maladie','2.80','2731.00','76.47','2026-04-28 14:33:24','2026-04-28 14:33:24');
INSERT INTO `payslip_social` VALUES ('330','191','6','Avril 2026','C.ME','Caisse maladie esp.','0.25','2731.00','6.83','2026-04-28 14:33:24','2026-04-28 14:33:24');
INSERT INTO `payslip_social` VALUES ('331','191','6','Avril 2026','C.P','Caisse de Pension','8.50','2731.00','232.14','2026-04-28 14:33:24','2026-04-28 14:33:24');
INSERT INTO `payslip_social` VALUES ('332','191','6','Avril 2026','S.D','Assurance dépendance','1.40','2071.55','29.00','2026-04-28 14:33:24','2026-04-28 14:33:24');

-- TABLE: payslip_taxes
CREATE TABLE `payslip_taxes` (
  `id` int NOT NULL AUTO_INCREMENT,
  `employee_id` int NOT NULL,
  `payslip_id` int NOT NULL,
  `period` varchar(20) NOT NULL,
  `base_gross` decimal(12,2) NOT NULL,
  `tax_rate` decimal(5,2) NOT NULL,
  `tax_amount` decimal(12,2) NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `employee_id` (`employee_id`,`period`),
  UNIQUE KEY `payslip_id` (`payslip_id`,`period`),
  CONSTRAINT `payslip_taxes_ibfk_1` FOREIGN KEY (`employee_id`) REFERENCES `employees` (`id`) ON DELETE CASCADE,
  CONSTRAINT `payslip_taxes_ibfk_2` FOREIGN KEY (`payslip_id`) REFERENCES `payslips` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB AUTO_INCREMENT=99 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `payslip_taxes` VALUES ('88','6','181','Juin 2025','2145.47','4.95','106.20','2026-02-27 16:34:19','2026-02-27 16:34:19');
INSERT INTO `payslip_taxes` VALUES ('89','6','182','Juillet 2025','2145.47','4.95','106.20','2026-02-27 16:35:53','2026-02-27 16:35:53');
INSERT INTO `payslip_taxes` VALUES ('90','6','183','Août 2025','2145.47','4.95','106.20','2026-02-27 16:37:08','2026-02-27 16:37:08');
INSERT INTO `payslip_taxes` VALUES ('91','6','184','Septembre 2025','2145.47','4.95','106.20','2026-02-27 16:39:22','2026-02-27 16:39:22');
INSERT INTO `payslip_taxes` VALUES ('92','6','185','Octobre 2025','2145.47','4.95','106.20','2026-02-27 16:40:35','2026-02-27 16:40:35');
INSERT INTO `payslip_taxes` VALUES ('93','6','186','Novembre 2025','2145.47','4.95','106.20','2026-02-27 16:41:34','2026-02-27 16:41:34');
INSERT INTO `payslip_taxes` VALUES ('94','6','187','Décembre 2025','2145.47','4.95','106.20','2026-02-27 16:42:15','2026-02-27 16:42:15');
INSERT INTO `payslip_taxes` VALUES ('95','6','188','Janvier 2026','2131.81','4.95','105.52','2026-02-27 16:43:31','2026-02-27 16:43:31');
INSERT INTO `payslip_taxes` VALUES ('96','6','189','Février 2026','2131.81','4.95','105.52','2026-02-28 13:27:37','2026-02-28 13:27:37');
INSERT INTO `payslip_taxes` VALUES ('97','6','190','Mars 2026','2131.81','4.95','105.52','2026-03-31 11:30:02','2026-03-31 11:30:02');
INSERT INTO `payslip_taxes` VALUES ('98','6','191','Avril 2026','2131.81','4.95','105.52','2026-04-28 14:33:24','2026-04-28 14:33:24');

-- TABLE: payslips
CREATE TABLE `payslips` (
  `id` int NOT NULL AUTO_INCREMENT,
  `employee_id` int NOT NULL,
  `period` varchar(20) NOT NULL,
  `gross_salary` decimal(12,2) NOT NULL,
  `benefits` decimal(12,2) NOT NULL,
  `total_gross` decimal(12,2) NOT NULL,
  `net_salary` decimal(12,2) NOT NULL,
  `social_charges` decimal(12,2) NOT NULL,
  `abattements` decimal(12,2) NOT NULL,
  `imposable` decimal(12,2) NOT NULL,
  `taux_impot` decimal(5,2) NOT NULL,
  `cis` decimal(6,2) NOT NULL,
  `co2` decimal(6,2) NOT NULL,
  `net_apres_impot` decimal(12,2) NOT NULL,
  `impots` decimal(12,2) NOT NULL,
  `other_plus` decimal(12,2) DEFAULT '0.00',
  `other_minus` decimal(12,2) DEFAULT '0.00',
  `net_final` decimal(12,2) NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  `year` int DEFAULT NULL,
  `validated` tinyint(1) NOT NULL DEFAULT '0' COMMENT '0 = non validé, 1 = validé',
  PRIMARY KEY (`id`),
  UNIQUE KEY `employee_id` (`employee_id`,`period`),
  CONSTRAINT `payslips_ibfk_1` FOREIGN KEY (`employee_id`) REFERENCES `employees` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB AUTO_INCREMENT=192 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `payslips` VALUES ('181','6','Juin 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:34:19','2026-02-27 16:35:34','2025','1');
INSERT INTO `payslips` VALUES ('182','6','Juillet 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:35:53','2026-02-27 16:36:55','2025','1');
INSERT INTO `payslips` VALUES ('183','6','Août 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:37:08','2026-02-27 16:38:40','2025','1');
INSERT INTO `payslips` VALUES ('184','6','Septembre 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:39:22','2026-02-27 16:40:18','2025','1');
INSERT INTO `payslips` VALUES ('185','6','Octobre 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:40:35','2026-02-27 16:41:12','2025','1');
INSERT INTO `payslips` VALUES ('186','6','Novembre 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:41:34','2026-02-27 16:42:03','2025','1');
INSERT INTO `payslips` VALUES ('187','6','Décembre 2025','2731.00','0.00','2731.00','2400.22','330.78','254.75','2145.47','4.95','50.00','18.00','2362.02','106.20','0.00','0.00','2362.02','2026-02-27 16:42:15','2026-02-27 16:42:50','2025','1');
INSERT INTO `payslips` VALUES ('188','6','Janvier 2026','2731.00','0.00','2731.00','2386.56','344.44','254.75','2131.81','4.95','50.00','18.00','2349.04','105.52','0.00','0.00','2349.04','2026-02-27 16:43:31','2026-02-27 16:44:27','2026','1');
INSERT INTO `payslips` VALUES ('189','6','Février 2026','2731.00','0.00','2731.00','2386.56','344.44','254.75','2131.81','4.95','50.00','18.00','2349.04','105.52','0.00','0.00','2349.04','2026-02-28 13:27:37','2026-02-28 13:31:06','2026','1');
INSERT INTO `payslips` VALUES ('190','6','Mars 2026','2731.00','0.00','2731.00','2386.56','344.44','254.75','2131.81','4.95','50.00','18.00','2349.04','105.52','0.00','0.00','2349.04','2026-03-31 11:30:02','2026-03-31 11:36:08','2026','1');
INSERT INTO `payslips` VALUES ('191','6','Avril 2026','2731.00','0.00','2731.00','2386.56','344.44','254.75','2131.81','4.95','50.00','18.00','2349.04','105.52','0.00','0.00','2349.04','2026-04-28 14:33:24','2026-04-28 14:33:24','2026','0');

-- TABLE: puntavista_faq_categories
CREATE TABLE `puntavista_faq_categories` (
  `id` int NOT NULL AUTO_INCREMENT,
  `title` varchar(200) NOT NULL,
  `description` text,
  `display_order` int DEFAULT '0',
  `is_active` int NOT NULL DEFAULT '1',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=15 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `puntavista_faq_categories` VALUES ('1','Project Overview','General Information on the Punta Vista Park Project','1','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('2','Land Ownership and Legal Status','Legal Aspects and Documentation','2','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('3','Guarantees and Collateral','Security and Guarantees for Investors','3','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('4','Cross-Border Enforceability','International Legal Aspects','4','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('5','Independent Valuation','Valuation and Analysis','5','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('6','Construction Guarantees and Risk Management','Construction Risk Management','6','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('7','Use of Funds and Escrow Account','Financial Management and Control','7','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('8','Positioning in the Capital Structure','Financial Structure','8','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('9','Revenue, Returns, and Exit Options','Financial Aspects and Liquidity','9','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('10','Governance, Reporting, and Transparency','Transparency and Communication','10','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('11','Default and Recovery Process','Default Risk Management','11','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('12','Advanced Follow-Up Questions','Additional Questions','12','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('13','Taxation and Currency','Tax and Monetary Aspects','13','1','2025-12-23 06:21:21','2025-12-23 06:21:21');
INSERT INTO `puntavista_faq_categories` VALUES ('14','Transferability and Listing','Liquidity and Secondary Market','14','1','2025-12-23 06:21:21','2025-12-23 06:21:21');

-- TABLE: puntavista_faq_items
CREATE TABLE `puntavista_faq_items` (
  `id` int NOT NULL AUTO_INCREMENT,
  `category_id` int NOT NULL,
  `question_code` varchar(50) DEFAULT NULL,
  `question` text NOT NULL,
  `answer` text NOT NULL,
  `display_order` int DEFAULT '0',
  `is_active` tinyint(1) DEFAULT '1',
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INSERT INTO `puntavista_faq_items` VALUES ('1','1','Q1.1','What is Punta Vista Park?','Punta Vista Park is a multi-phase real estate development project in Costa Rica, combining residential lots, villas, eco-living units, senior living, and commercial areas within a master condominium of approximately 129 hectares.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('2','1','Q1.2','What is the purpose of the Luxembourg bond issue?','The Luxembourg bond issue is intended primarily to finance the infrastructure of the first phase of the project (roads, utilities, water treatment, etc.), which are essential to enhance the value of the land and support progressive sales.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('3','2','Q2.1','Can you provide full legal and regulatory documentation for the project?','Yes, comprehensive documentation is available, including the Environmental Feasibility Resolution, municipal land-use zoning approval, water availability confirmation, sanitary sewer discharge permit, stormwater discharge permit, wastewater treatment plant location permit, soil mechanics study, construction drawings and permits, condominium status documentation, and municipal permits.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('4','2','Q2.2','Is land title clear and free of liens?','Yes, documentation confirming clear land title and absence of liens will be provided for all parcels used as collateral and for any parcels within the project that have not yet been sold.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('5','2','Q2.3','How is ownership structured across the various parcels?','Parcels are either owned by the project developer or by buyers who have already taken possession, depending on the commercial progress of each area.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('6','2','Q2.4','What is the total land area?','The project covers approximately 129 hectares, including areas designated for residential, commercial, eco-living, senior living and other uses within the master plan.','4','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('7','3','Q3.1','Which Costa Rican real estate assets will be pledged as collateral for the Luxembourg bonds?','Parcels within the project will be pledged as collateral, starting with those located along the public road earmarked for the future commercial zone, followed by additional parcels according to a predefined collateral schedule.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('8','3','Q3.2','How will these parcels be valued for collateral purposes?','Parcels will be valued at 66% of their official fiscal value as recorded in the National Registry, which is publicly accessible online.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('9','3','Q3.3','Is a first-ranking mortgage on the land feasible and legally enforceable?','Yes, the security package will be structured as a first-ranking mortgage, which is both feasible and legally enforceable under Costa Rican law.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('10','3','Q3.4','Are there any other debts or encumbrances that could dilute investor protection?','No, there are no existing liabilities or obligations that could dilute investor protection; all collateral parcels will be free of liens or competing security interests.','4','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('11','4','Q4.1','How can investors be confident that their rights over Costa Rican assets are enforceable?','Costa Rica has established legal frameworks for granting and enforcing security interests over real estate, so no special or extraordinary structure is currently anticipated to ensure enforcement of bondholder rights over local assets.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('12','4','Q4.2','Is a dual-jurisdiction (Luxembourg / Costa Rica) security package envisaged?','At this stage, the structure is based mainly on security interests over Costa Rican assets; any additional dual-jurisdiction structure can be considered with investors\' legal advisors during final negotiations.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('13','5','Q5.1','Is there an independent (RICS, IVSC or equivalent) valuation of the land and its appreciation potential?','Current valuation is based on the official recorded value from the National Registry, which is publicly accessible and used as a conservative basis for structuring the collateral.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('14','5','Q5.2','Are market valuations or future appreciation studies planned?','Additional external expert valuations may be considered as project phases progress, in order to better track the economic value of both the project and the collateral.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('15','6','Q6.1','What construction risk-mitigation measures are envisaged?','The developer is open to implementing mechanisms such as fixed-price construction contracts, performance bonds, specific insurance coverage, and phased capital releases, in line with investor expectations.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('16','6','Q6.2','Who is responsible for construction and project engineering?','The project is directed by Saxum, a professional development company that oversees planning and construction, while a dedicated construction company carries out the on-site works.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('17','6','Q6.3','Is there a detailed infrastructure cost and timeline plan?','Yes, Advanced holds a detailed infrastructure cost and timeline plan, which is used to define the specific milestones governing the release of funds.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('18','7','Q7.1','Will investor funds be placed in an escrow account?','Yes, investor funds will remain under Advanced\'s custody and will be released only upon achievement of predefined, externally verified milestones linked to project progress.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('19','7','Q7.2','How is the use of bond proceeds controlled?','Use of proceeds is strictly governed by the validated infrastructure plan, the project governance framework, and Advanced\'s control mechanisms, which condition each disbursement on the achievement of agreed milestones.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('20','8','Q8.1','What is the ranking of the Luxembourg bonds?','The bonds are structured as senior secured debt, benefiting from real-estate collateral over Punta Vista Park parcels.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('21','8','Q8.2','Are additional debt or capital instruments planned alongside this issuance?','At this stage, the bond is envisaged as the main senior debt instrument; any additional indebtedness would need to respect the senior ranking and protective covenants of existing bondholders.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('22','9','Q9.1','What are the project\'s future revenue sources?','Revenues are expected from pre-sales and sales of residential and commercial lots and, in later phases, from rental income generated by villas, eco-living units, apartments, senior living facilities and other operated components.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('23','9','Q9.2','Do you have projections for the revenue timeline?','Detailed revenue projections, including the expected timing of pre-sales and sales per phase, are available in the project\'s financial report.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('24','9','Q9.3','What exit options are available to bondholders?','In addition to standard redemption at maturity, bondholders have the option to convert their holdings into lots within the project, at a conversion rate fixed at the time of investment, subject to the final terms and conditions of the issuance.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('25','9','Q9.4','Is a secondary market for the bonds envisaged?','The possibility of arranging a secondary market or some degree of liquidity will be discussed with arrangers and may be addressed in the final bond documentation.','4','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('26','10','Q10.1','What is the project\'s governance framework?','Governance is based on a detailed infrastructure plan submitted to Advanced, which controls disbursements, while Saxum manages development and technical oversight, and a third-party firm (506) manages and certifies accounting.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('27','10','Q10.2','Will independent periodic reports be provided to investors?','Yes, Saxum will provide independent quarterly reports to investors, covering financial, legal, and construction progress aspects of the project.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('28','10','Q10.3','Who are the main stakeholders and what are their roles?','Saxum acts as the development and project-management company, the construction company executes the works, Advanced safeguards and releases funds based on milestones, and 506 is responsible for third-party accounting and certification.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('29','11','Q11.1','What happens in the event of non-payment of interest or principal?','In the event of non-payment, bondholders are expected to assume ownership of the pledged parcels and may proceed with their sale in order to recover their claims.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('30','11','Q11.2','What are the practical steps and timelines for collateral enforcement?','The legal and operational details of enforcement (procedures, stakeholders, estimated timelines) are being further refined so that investors receive a clear, practical description of the default and recovery pathway before the bond issuance is finalized.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('32','12','Q12.2','How are ESG (environmental, social and governance) aspects managed?','The project complies with local environmental feasibility requirements, prioritizes appropriate infrastructure solutions, and adopts a structured governance and reporting framework, which together support its environmental and governance dimensions.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('33','12','Q12.3','What is the target investor profile for the bonds?','The bonds target qualified and professional investors seeking secured exposure to real assets, with a multi-year investment horizon and appetite for a phased real-estate development project.','3','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('34','12','Q12.4','What additional information will be available in the final documentation?','The prospectus and final bond documentation will provide full details on the legal structure, timetable, covenants, default scenarios, reporting policy, financial statements, and relevant market studies.','4','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('35','13','Q13.1','What is the tax treatment of interest income for investors?','The bond does not apply any withholding tax at the level of the issuer. Investors are responsible for declaring and paying any taxes applicable in their jurisdiction.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('36','13','Q13.2','Is the investment exposed to FX risk?','The bond is denominated in dollars (USD). Investors in other currencies may be exposed to exchange rate fluctuations.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('37','14','Q14.1','Can the bonds be transferred or traded?','Bonds may be transferred subject to the terms set in the final documentation. A restricted OTC resale process may be arranged with the assistance of the arranger.','1','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('38','14','Q14.2','Will the bonds be listed on a regulated market?','No listing is planned at this stage. The placement is reserved for qualified investors on a private basis.','2','1','2025-12-23 06:26:26','2025-12-23 06:26:26');
INSERT INTO `puntavista_faq_items` VALUES ('39','1','Q1.3','Is the issuer a single-purpose, insolvency-remote vehicle, or does it carry other activities or risks beyond this project?','The Issuer will be structured as a single-purpose vehicle. Its articles of association and transaction documents will restrict its activities to the issuance of the bonds and related transactions, with no other indebtedness except as expressly permitted under the bond documentation. Standard structural features (limitations on additional debt, no guarantee of third‑party obligations, non‑petition and limited recourse language where appropriate) will be implemented to strengthen its insolvency‑remoteness, subject to Luxembourg counsel input.','3','1','2025-12-23 16:35:40','2025-12-23 16:35:40');
INSERT INTO `puntavista_faq_items` VALUES ('40','3','Q3.5','What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land?','Bond proceeds will be on‑lent or otherwise channelled from the Issuer to the Costa Rican project entities under back‑to‑back funding arrangements. The Costa Rican landholding entities will grant first‑ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.','5','1','2025-12-31 10:01:35','2025-12-31 10:01:35');
INSERT INTO `puntavista_faq_items` VALUES ('41','3','Q3.6','What is the rationale for using 66% of the official fiscal value, rather than an independent market valuation, as the reference for collateral coverage?','The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third‑party appraisals may be commissioned to provide an additional market‑based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.','6','1','2025-12-31 10:01:47','2025-12-31 10:01:47');
INSERT INTO `puntavista_faq_items` VALUES ('42','3','Q3.7','Who will be the legal holder of the first-ranking mortgage in Costa Rica (bondholders directly, a security agent, or a trustee)?','The first‑ranking mortgages over Costa Rican land will be granted in favour of a security agent or trustee appointed under the bond documentation. This entity will act on behalf of all bondholders, allowing for coordinated enforcement and avoiding fragmented actions by individual investors.','7','1','2025-12-31 10:01:56','2025-12-31 10:01:56');
INSERT INTO `puntavista_faq_items` VALUES ('43','3','Q3.8','What are the estimated enforcement and recovery costs, and how would they be funded?','Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer/project level and/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.','8','1','2025-12-31 10:02:05','2025-12-31 10:02:05');
INSERT INTO `puntavista_faq_items` VALUES ('44','3','Q3.9','Upon enforcement, would bondholders become direct owners of the land, or would ownership pass through a local SPV or fiduciary structure?','Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro‑rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.','9','1','2025-12-31 10:02:14','2025-12-31 10:02:14');
INSERT INTO `puntavista_faq_items` VALUES ('45','7','Q7.3','How many months of interest payments are secured in cash at closing, if any?','Our working assumption is to secure at least [6–12] months of interest in the DSRA at or shortly after closing, either through cash prefunding or staged funding linked to drawdowns. The exact level will be finalised with arrangers and investors, taking into account pricing, total issuance size and overall risk profile.','3','1','2025-12-31 10:02:23','2025-12-31 10:02:23');
INSERT INTO `puntavista_faq_items` VALUES ('46','10','Q10.4','Does Advanced act as a pure escrow agent, or does it have discretionary power to block or delay disbursements?','Advanced will act as escrow and monitoring agent, holding investor funds and releasing them only upon satisfaction of predefined conditions. It will have the contractual authority to block or postpone disbursements if milestones, documentation or compliance checks are not met, in accordance with the funding agreement and the monitoring framework. It will not act as a discretionary investment manager but as a control layer protecting the agreed use of proceeds.','4','1','2025-12-31 10:02:30','2025-12-31 10:02:30');
INSERT INTO `puntavista_faq_items` VALUES ('47','10','Q10.5','Will quarterly reports include: 
- remaining collateral value, 
- lots sold vs. unsold, 
- available cash, 
- outstanding senior debt, 
- updated downside scenarios','Quarterly reporting is intended to include: (i) updated overview of pledged collateral (including any changes to the collateral pool), (ii) lots sold vs. unsold inventory and pipeline, (iii) available cash at project and Issuer level, (iv) outstanding senior debt and other liabilities, and (v) updated downside and stress‑test scenarios compared to the base case. The aim is to provide an investor‑grade dashboard enabling ongoing risk assessment.','5','1','2025-12-31 10:03:17','2026-01-20 16:28:07');
INSERT INTO `puntavista_faq_items` VALUES ('48','10','Q10.6','Who independently certifies the achievement of milestones, and how is independence ensured in practice?','Milestones will be defined in measurable terms (e.g. specific infrastructure segments completed, permits obtained, pre‑sales achieved). Their achievement will be certified by independent third parties where appropriate (for example, engineering / technical inspectors for construction milestones, notaries or lawyers for legal milestones, auditors for financial covenants). The names and appointment process for these independent certifiers will be set out in the documentation to ensure that neither the sponsor nor the developer can unilaterally validate their own performance.','6','1','2025-12-31 10:20:19','2026-01-20 16:28:20');
INSERT INTO `puntavista_faq_items` VALUES ('49','9','Q9.5','How exactly is the conversion price into lots determined (fixed price, discount to market, future valuation)?','Our current thinking is that the conversion into lots would be based on a predefined price grid per type of lot, agreed at the time of investment and reflected in the bond terms. This grid may embed a structured discount to an independent market valuation at the time of issuance, so that investors receive an economically attractive entry point in case of conversion. Detailed examples (number of bonds vs. m² or specific lot types) will be provided in a term sheet.','5','1','2025-12-31 10:57:12','2025-12-31 11:02:49');
INSERT INTO `puntavista_faq_items` VALUES ('50','9','Q9.6','Are converted lots immediately buildable and transferable?','Lots delivered upon conversion will be individually registrable and transferable, and either (i) immediately buildable or (ii) subject only to standard permitting processes applicable to all buyers in the project. The intention is that bondholders who convert can step into the same position as regular buyers in terms of ownership and development rights.','6','1','2025-12-31 10:57:25','2025-12-31 11:02:53');
INSERT INTO `puntavista_faq_items` VALUES ('51','9','Q9.7','Who bears notary fees, taxes, and infrastructure costs in the event of conversion?','Transaction‑related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project‑level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex‑ante.','7','1','2026-01-04 09:21:38','2026-01-04 09:21:38');
INSERT INTO `puntavista_faq_items` VALUES ('52','3','Q3.10','Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?','Yes. A detailed list of the parcels pledged as collateral will be provided in real time at closing.
This schedule will include, for each pledged parcel:
Official cadastral reference (Registro Nacional),
Surface area,
Zoning classification,
Official fiscal value as recorded with the Costa Rican tax authorities,
Confirmation of ownership and absence of liens at the time of pledge.

The final collateral package will reflect the exact parcels legally available and free of encumbrances at closing, ensuring accuracy and enforceability. All supporting registry certificates and notarial documentation will be made available as part of the closing documentation set.','10','1','2026-01-20 15:53:50','2026-01-20 15:53:50');
INSERT INTO `puntavista_faq_items` VALUES ('56','7','Q7.4','Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?','Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.

As funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project\'s commercial cash flow.

This structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.

Full details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.','4','1','2026-01-20 15:55:45','2026-01-20 15:55:45');
INSERT INTO `puntavista_faq_items` VALUES ('57','7','Q7.5','What is the commercial break-even point (number of lots / minimum pricing) required to service interest and infrastructure costs?','Based on conservative assumptions, the commercial break-even thresholds are as follows:

To cover interest payments alone (fully funded via the DSRA):
The sale of less than one standard lot per month is sufficient.

To cover full principal repayment, interest, and operating expenses (over the full maturity):
The project would need to sell approximately:
• 9 premium lots (average price: €282,000), and
• 27 standard lots (average price: €125,000).

These figures are calculated using only 85% of the listed lot values, to allow for pricing flexibility and potential negotiation. They also include a reserve margin for corporate running costs.

A detailed financial model is available upon request and can be shared under confidentiality.','5','1','2026-01-20 15:55:53','2026-01-20 15:55:53');
INSERT INTO `puntavista_faq_items` VALUES ('58','11','Q11.3','How is the structure designed to perform if sales are delayed by 12–24 months?','The financial model has been built with downside scenarios in mind, including cases where land sales are delayed by 12 to 24 months. In such events, the structure remains resilient through a combination of:

A Debt Service Reserve Account (DSRA) pre-funded to ensure continuity of interest payments;

Phased infrastructure deployment, minimizing upfront capital expenditure;

Controlled discretionary spending during low-revenue periods.

In parallel, our actual commercial track record provides additional reassurance:

Over the past two years, the developer has consistently sold between 1 and 2 lots per month, without formal marketing or completed infrastructure.
With road and utility works being deployed in the coming months, we expect this absorption rate to accelerate significantly.

Should an extreme delay scenario materialize, the collateral structure and lot conversion mechanism are designed to preserve investor value and enable alternative exit options beyond cash repayment.','3','1','2026-01-20 15:56:02','2026-01-20 15:56:02');
INSERT INTO `puntavista_faq_items` VALUES ('65','12','Q12.5','What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?','As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre‑development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first‑loss risk ahead of bondholders.','5','1','2026-01-20 16:14:06','2026-01-27 14:11:44');
INSERT INTO `puntavista_faq_items` VALUES ('66','12','Q12.6','Are any developer or management fees paid before full repayment of the bonds?','No. No developer or management fees will be paid prior to full repayment of the bonds.

This principle is not just a contractual commitment—it reflects the developer’s longstanding practice:
Since the inception of the project, no management, promotion, or developer fees have ever been taken.

All available resources have been—and will continue to be—allocated to land acquisition, infrastructure development, and value creation for future stakeholders, including bondholders.

This alignment of interests is central to our approach and to the credibility of the project.','6','1','2026-01-20 16:14:25','2026-01-20 16:14:25');
INSERT INTO `puntavista_faq_items` VALUES ('68','12','Q12.7','Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?','No, the bond structure does not include formal step-in rights or contractual provisions allowing investors to directly replace the developer.

However, in the event of a severe underperformance scenario or default, investors benefit from a comprehensive security package—including first-ranking mortgages over valuable land parcels.

This means that bondholders (or their appointed representative) would have the legal ability to take possession and control of the pledged real estate assets, enabling them to recover value through direct sale, third-party development, or other strategic options.

This outcome-oriented protection mechanism has been intentionally prioritized over a complex governance structure, to ensure clarity, enforceability, and asset-backed recovery for investors.','7','1','2026-01-20 16:15:32','2026-01-20 16:15:32');
INSERT INTO `puntavista_faq_items` VALUES ('71','10','Q10.7','Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?','No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.

This is intentional:
The master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.
Any material change would require multiple government approvals, significant engineering rework, and extended delays—making such adjustments impractical and highly unlikely.

Furthermore, the financing structure protects bondholders through:
Over-collateralization;
A ring-fenced use of proceeds;

And a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.','7','1','2026-01-20 16:28:45','2026-01-20 16:28:45');
INSERT INTO `puntavista_faq_items` VALUES ('72','10','Q10.8','Will investors benefit from a right to an independent annual audit or review?','Yes. Investors will benefit from an independent annual audit or financial review, conducted by a qualified third-party firm.

This has been part of the governance structure from the outset and will be implemented regardless of any specific investor request.
The audit or review will cover the use of proceeds, financial position of the issuer/SPV, and key project metrics. Results will be shared with bondholders as part of the standard reporting package.

This measure reflects our commitment to transparency, accountability, and professional investor communication.','8','1','2026-01-20 16:33:24','2026-01-20 16:33:24');
INSERT INTO `puntavista_faq_items` VALUES ('73','1','Q1.4','Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?','The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.

More specifically, the bonds are issued by RE 4 ALL S.A. – Compartment “ADVANCED”, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.

Opportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n° 06/18) and operates under the supervision of the CSSF as a professional securitization platform provider.

Each compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:

other compartments, and the general estate of the platform itself.

The compartment “ADVANCED” is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.

As such, the investors’ exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.

Details regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.','4','1','2026-01-27 15:46:21','2026-01-27 15:46:21');
INSERT INTO `puntavista_faq_items` VALUES ('74','1','Q1.5','1. Legal robustness of the Luxembourg structure : Could you confirm whether a formal Luxembourg legal opinion will be delivered at closing, covering in particular:
- the enforceability of limited recourse and non-petition clauses,
- the effective insolvency remoteness of the ADVANCED compartment,
- and the validity of the ring-fencing vis-à-vis both the platform and other compartments?','Yes, a formal Luxembourg legal opinion can be delivered at closing.

The opinion will cover, in particular:

Enforceability of the limited recourse and non-petition clauses, confirming that such provisions are valid and enforceable under Luxembourg law and binding upon investors and counterparties;

Effective insolvency remoteness of the Punta Vista Park Series A compartment, confirming that creditors of other compartments or of the securitisation vehicle generally have no recourse to the assets allocated to the relevant compartment;

Validity and effectiveness of the ring-fencing mechanism, pursuant to the Luxembourg Securitisation Law of 22 March 2004 (as amended), ensuring proper segregation of assets and liabilities between compartments and vis-à-vis the platform.

The legal opinion will be issued by Luxembourg counsel experienced in securitisation matters and will confirm that the structure complies with applicable Luxembourg law and established market practice.','5','1','2026-03-17 10:26:12','2026-03-17 10:26:12');
INSERT INTO `puntavista_faq_items` VALUES ('75','1','Q1.6','2. Back-to-back funding mechanics  : Could you provide more detail on the exact nature of the funding from the issuer to the Costa Rican entities (loan, shareholder loan, secured intercompany facility), and how repayment priority is contractually ensured vis-à-vis any other liabilities at project level?','The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.

More specifically:
- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;
- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;
- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.

Security & Priority
Repayment priority is contractually ensured through the following mechanisms:
- The intercompany facility will be documented as senior secured debt at project level;
- The Costa Rican SPV will benefit from:
- - First-ranking mortgages over designated land parcels;
- - Assignment of receivables and sale proceeds;
- - Control over designated collection accounts;
- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;
- The project entity may incur additional financial indebtedness, including bank financing, provided that such indebtedness remains within predefined leverage limits and does not materially prejudice the repayment capacity of the bond structure or the position of bondholders.

As a result, the bondholders’ position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.','6','1','2026-03-17 10:26:39','2026-03-17 10:26:39');
INSERT INTO `puntavista_faq_items` VALUES ('79','1','Q1.7','6. Security agent / trustee role : Could you clarify:
- who is expected to act as security agent or trustee,
- under which governing law the security agency agreement will be structured,
- and whether the agent has discretion or is strictly bound by bondholder instructions upon default?','The structure will include the appointment of a dedicated security agent (or bondholders’ representative) acting for the benefit of the bondholders.

1. Appointment
A professional third-party entity, independent from the issuer and the project sponsors, is expected to act as security agent. The final appointment will be confirmed prior to closing.

2. Governing Law
- The security agency agreement at Luxembourg level will be governed by Luxembourg law.
- The Costa Rican security documents (including first-ranking mortgages and assignments of receivables) will be governed by Costa Rican law, with the security agent duly recognized as secured creditor or beneficiary under local law.

This dual-layer structure ensures proper recognition and enforceability in both jurisdictions.

3. Role and Discretion
Upon default, the security agent will act primarily in accordance with:
- The terms of the bond documentation;
- Formal bondholder resolutions (where required).

The agent’s role is not discretionary in a commercial sense but fiduciary in nature. It will execute enforcement actions based on bondholder instructions, subject to standard protections allowing it to act in good faith and in the collective interest of investors.

This framework ensures clarity of authority, legal robustness, and alignment with international secured note practices.','7','1','2026-03-17 10:28:14','2026-03-17 10:28:14');
INSERT INTO `puntavista_faq_items` VALUES ('80','12','Q12.8','7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance.  

That said, has any alternative \"light\" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default','While the structure does not include formal step-in rights, several protective mechanisms are either embedded in the documentation or may be incorporated to address material underperformance prior to a formal default event.

In particular:

1. Acceleration Triggers
The bond documentation may include clearly defined events of default and cross-default provisions allowing bondholders (via the security agent) to accelerate the notes if predefined financial or operational thresholds are breached.

2. Cash Flow Controls / Cash Sweep
In case of underperformance, enhanced cash control mechanisms may be activated, including:
- Mandatory allocation of sales proceeds to debt servicing;
- Temporary suspension of discretionary expenditures;
- Priority allocation to interest and principal repayment.

3. Enhanced Reporting
If performance deviates materially from projections, investors may receive:
- Increased reporting frequency;
- Detailed breakdown of sales pipeline and liquidity position;
- Updated financial projections and sensitivity analysis.

4. Cure Periods
Before acceleration, defined cure periods may apply, allowing the issuer or project entity to remedy breaches (e.g., missed reporting, covenant breaches, liquidity shortfall) within a specified timeframe.

These mechanisms are designed to provide bondholders with graduated protections and early-warning responses, while preserving operational flexibility and avoiding unnecessary disruption to the project.','8','1','2026-03-17 10:29:07','2026-03-17 10:29:07');
INSERT INTO `puntavista_faq_items` VALUES ('82','7','Q7.6','8. DSRA sizing and control  : Will the final DSRA mechanics be fully hard-coded in the bond documentation (minimum months, permitted uses, replenishment rules), and will the DSRA be held at issuer level under Luxembourg law with restricted access?','Yes, the final DSRA mechanics will be clearly defined and hard-coded in the bond documentation.

The documentation will specify in detail:
- The minimum reserve coverage (expressed in number of months of forward interest payments);
- The permitted uses of the DSRA, strictly limited to servicing interest (and, if applicable, principal at maturity);
- The conditions and rules for replenishment, including mandatory top-up provisions if the reserve is drawn;
- The circumstances under which the DSRA may be released.

The DSRA will be held at issuer (Luxembourg compartment) level, under Luxembourg law, and maintained in a segregated account.

Access to the DSRA will be contractually restricted and ring-fenced. Funds will not be available for operational or discretionary use and will be applied strictly in accordance with the bond terms and, where applicable, under the oversight of the security agent or bondholders’ representative.

This structure ensures that the reserve remains outside the operational perimeter of the Costa Rican project entities and fully aligned with Luxembourg securitisation principles.','6','1','2026-03-17 10:50:30','2026-03-17 10:50:30');
INSERT INTO `puntavista_faq_items` VALUES ('83','9','Q9.8','9. Conversion into lots – legal and tax aspects  : Have the legal and tax implications for non-Costa Rican investors converting bonds into lots been fully analysed (transfer taxes, stamp duties, local registration, potential withholding or indirect tax exposure)?','Yes, the legal and tax implications of bond conversion into land lots for non-Costa Rican investors have been considered and will be fully documented prior to implementation.

From a legal standpoint:
- Upon conversion, the transaction would be structured as a formal transfer of real estate under Costa Rican law, duly recorded with the National Registry;
- Title transfer would require execution before a Costa Rican notary and registration in the Real Estate Section of the Registro Nacional;
- Foreign investors are legally permitted to own Costa Rican real estate directly, without residency requirements.

From a tax perspective:
- A real estate transfer tax (currently 1.5% of the higher of the registered value or declared transaction value) applies;
- Standard registration and notarial fees would also be payable;
- No Costa Rican withholding tax applies merely due to the buyer’s foreign status;
- Indirect tax exposure (e.g., VAT) depends on the legal nature of the lot (raw land vs. developed property), but undeveloped land transfers are generally outside VAT scope.

If required, the conversion can also be structured through a local SPV owned by the investor, depending on individual tax planning considerations in the investor’s home jurisdiction.

Prior to launch of any conversion mechanism, a formal Costa Rican legal and tax memorandum can be provided outlining:
- Step-by-step transfer mechanics,
- Applicable taxes and costs,
- Registration timelines,
- Compliance requirements for non-resident investors.

This ensures that the conversion feature is legally executable, transparent, and predictable from both a regulatory and tax standpoint.','8','1','2026-03-17 10:50:58','2026-03-17 10:50:58');
INSERT INTO `puntavista_faq_items` VALUES ('84','10','Q10.9','10. Reporting and audit scope  : Could you confirm whether the annual independent audit/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis?','Yes, the annual independent audit or review will not be limited solely to the Luxembourg issuer.

While the statutory audit requirement applies at the issuer (Luxembourg compartment) level, the scope of reporting will extend to the key Costa Rican project entities through one of the following mechanisms:
- Consolidated reporting at structure level; and/or
- An agreed-upon procedures (AUP) engagement covering:
-- Use of proceeds,
-- Outstanding intercompany balances,
-- Status of pledged assets,
-- Sales progress and cash flow allocation,
-- Compliance with key structural covenants.

The objective is to ensure that investors receive meaningful transparency not only on the financial position of the issuer, but also on the operational and financial status of the underlying project entities.

The precise audit and reporting framework will be defined prior to closing and may be adapted to reflect investor expectations and proportionality considerations.','9','1','2026-03-17 10:51:18','2026-03-17 10:51:18');

-- TABLE: puntavista_faq_sections
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INSERT INTO `puntavista_faq_sections` VALUES ('1','Émetteur – identité juridique','ISS-LEGAL','1','Questions sur la structure juridique et l\'identité','Structure de l\'émetteur','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('2','Émetteur – isolation','ISS-RING','1','Questions sur l\'isolation de la SPV','Structure de l\'émetteur','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('3','Garanties / Exécution','COL-ENF','3','Questions sur les sûretés et garanties','Garanties','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('4','Flux de trésorerie et DSRA','CF-DSRA','7','Questions sur les mécanismes de flux de trésorerie','Flux de trésorerie','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('5','Scénarios défavorables','RISK-DOWN','11','Tests de résistance et scénarios de risque','Analyse des risques','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('6','Gouvernance / Utilisation des fonds','GOV-USE','10','Questions sur la gouvernance et l\'utilisation des fonds','Gouvernance','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('7','Option de conversion','CONV-OPT','9','Questions sur le mécanisme de conversion en lots','Conversion','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('8','Reporting / Audit','REP-AUDIT','10','Questions sur la transparence et le reporting','Reporting','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');
INSERT INTO `puntavista_faq_sections` VALUES ('9','Alignement du promoteur / Droits de substitution','SPON-STEP','12','Questions sur l\'alignement du promoteur et les droits de substitution','Promoteur','0','1','2025-12-22 13:14:30','2026-03-13 20:20:46');

-- TABLE: puntavista_faq_settings
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-- TABLE: puntavista_internal_owners
CREATE TABLE `puntavista_internal_owners` (
  `id` int NOT NULL AUTO_INCREMENT,
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  `email` varchar(150) DEFAULT NULL,
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INSERT INTO `puntavista_internal_owners` VALUES ('1','Legal Department','legal@puntavista.com','Legal',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('2','Finance Department','finance@puntavista.com','Finance',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('3','Asset Management','asset.mgmt@puntavista.com','Asset Management',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('4','Structuring Team','structuring@puntavista.com','Structuring',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('5','Governance','governance@puntavista.com','Governance & Compliance',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('6','Reporting & Audit','reporting@puntavista.com','Reporting',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('7','Technical Team','technical@puntavista.com','Technical & Engineering',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_internal_owners` VALUES ('8','Project Management','pm@puntavista.com','Project Management',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');

-- TABLE: puntavista_investor_groups
CREATE TABLE `puntavista_investor_groups` (
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INSERT INTO `puntavista_investor_groups` VALUES ('1','Mehdad / Next Bitcoin','Cryptocurrency investment group','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_investor_groups` VALUES ('2','Pension Fund A','Traditional institutional investor','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_investor_groups` VALUES ('3','Hedge Fund B','Alternative investment manager','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_investor_groups` VALUES ('4','Family Office C','Private family investment office','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `puntavista_investor_groups` VALUES ('5','Sovereign Wealth Fund','Government investment fund','2025-12-22 13:14:30','2025-12-22 13:14:30');

-- TABLE: puntavista_investor_questions
CREATE TABLE `puntavista_investor_questions` (
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  CONSTRAINT `puntavista_investor_questions_ibfk_3` FOREIGN KEY (`section_id`) REFERENCES `puntavista_faq_sections` (`id`) ON DELETE SET NULL,
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INSERT INTO `puntavista_investor_questions` VALUES ('1','Q-ISS-001','1','2025-12-20','1','1','Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?','1','The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.

More specifically, the bonds are issued by RE 4 ALL S.A. – Compartment “ADVANCED”, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.

Opportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n° 06/18) and operates under the supervision of the CSSF as a professional securitization platform provider.

Each compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:

other compartments, and the general estate of the platform itself.

The compartment “ADVANCED” is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.

As such, the investors’ exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.

Details regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.','The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.

More specifically, the bonds are issued by RE 4 ALL S.A. – Compartment “ADVANCED”, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.

Opportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n° 06/18) and operates under the supervision of the CSSF as a professional securitization platform provider.

Each compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:

other compartments, and the general estate of the platform itself.

The compartment “ADVANCED” is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.

As such, the investors’ exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.

Details regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-22','1','V: ok pour moi, a remplir avec les infos definitives des qu on les a.',NULL,NULL,'2025-12-22 17:15:48','2026-01-27 15:46:21');
INSERT INTO `puntavista_investor_questions` VALUES ('2','Q-ISS-002','1','2025-12-20','1','2','Is the issuer a single-purpose, insolvency-remote vehicle, or does it carry other activities or risks beyond this project?','1','The Issuer will be structured as a single-purpose vehicle. Its articles of association and transaction documents will restrict its activities to the issuance of the bonds and related transactions, with no other indebtedness except as expressly permitted under the bond documentation. Standard structural features (limitations on additional debt, no guarantee of third‑party obligations, non‑petition and limited recourse language where appropriate) will be implemented to strengthen its insolvency‑remoteness, subject to Luxembourg counsel input.','The Issuer will be structured as a single-purpose vehicle. Its articles of association and transaction documents will restrict its activities to the issuance of the bonds and related transactions, with no other indebtedness except as expressly permitted under the bond documentation. Standard structural features (limitations on additional debt, no guarantee of third‑party obligations, non‑petition and limited recourse language where appropriate) will be implemented to strengthen its insolvency‑remoteness, subject to Luxembourg counsel input.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','1','V: ok pour moi.',NULL,NULL,'2025-12-22 17:15:48','2025-12-23 16:35:40');
INSERT INTO `puntavista_investor_questions` VALUES ('3','Q-ISS-003','1','2025-12-20','1','3','What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land?','1','Bond proceeds will be on‑lent or otherwise channelled from the Issuer to the Costa Rican project entities under back‑to‑back funding arrangements. The Costa Rican landholding entities will grant first‑ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.','Bond proceeds will be on‑lent or otherwise channelled from the Issuer to the Costa Rican project entities under back‑to‑back funding arrangements. The Costa Rican landholding entities will grant first‑ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','V: ok pour moi',NULL,NULL,'2025-12-22 17:15:48','2025-12-31 10:01:35');
INSERT INTO `puntavista_investor_questions` VALUES ('4','Q-COL-001','1','2025-12-20','2','4','Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?','3','At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning / permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.','Yes. A detailed list of the parcels pledged as collateral will be provided in real time at closing.
This schedule will include, for each pledged parcel:
Official cadastral reference (Registro Nacional),
Surface area,
Zoning classification,
Official fiscal value as recorded with the Costa Rican tax authorities,
Confirmation of ownership and absence of liens at the time of pledge.

The final collateral package will reflect the exact parcels legally available and free of encumbrances at closing, ensuring accuracy and enforceability. All supporting registry certificates and notarial documentation will be made available as part of the closing documentation set.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix',NULL,NULL,'2025-12-22 17:15:48','2026-01-20 15:53:50');
INSERT INTO `puntavista_investor_questions` VALUES ('5','Q-COL-002','1','2025-12-20','2','5','What is the rationale for using 66% of the official fiscal value, rather than an independent market valuation, as the reference for collateral coverage?','4','The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third‑party appraisals may be commissioned to provide an additional market‑based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.','The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third‑party appraisals may be commissioned to provide an additional market‑based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','I hope they will be satisfied with this, otherwise we will have to dwelve deeper and explain there is a huge difference between third party assessors like Iicicor and market reality. Market reality being we have sold 42 lots until now at much muvch higher valuation than both what a third party like icicor would give and what is in the registry.',NULL,NULL,'2025-12-22 17:17:03','2025-12-31 10:01:47');
INSERT INTO `puntavista_investor_questions` VALUES ('6','Q-COL-003','1','2025-12-20','2','6','What is the effective LTV at closing, based on total bond issuance versus total pledged land value?','4','Based on the current structure, we target a loan‑to‑value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.','At closing, the pledged collateral will represent a total value that is approximately 150% of the bond principal, resulting in an effective loan-to-value (LTV) ratio of approximately 66%.

This means that the secured land assets will provide a 50% buffer above the total bond issuance, offering substantial over-collateralization to protect investors in the event of default or forced asset realization.

The final valuation basis will reflect a conservative and verifiable approach, relying either on official fiscal values, certified appraisals, or a combination of both—depending on investor preferences and legal enforceability requirements.

Full supporting documentation will be provided at closing.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','Je ne comprends pas ce que cest. A expliquer en reunion',NULL,NULL,'2025-12-22 17:17:03','2026-01-20 15:54:08');
INSERT INTO `puntavista_investor_questions` VALUES ('7','Q-COL-004','1','2025-12-20','2','7','Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?','4','The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re‑valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.','The project is structured with a conservative level of over-collateralization at inception, and no dynamic collateral adjustment mechanism is currently foreseen.

That said, if any additional debt were to be introduced at the project level, it would only occur in the unlikely scenario where the full target amount of the Luxembourg bond is not raised. In such a case, external debt would be structured solely to complement the shortfall, not to increase leverage or risk.

This complementary financing would be calibrated to ensure it does not impair the project’s repayment capacity, nor alter the legal or economic rights of bondholders. Any such arrangement would be fully disclosed and structured to maintain investor protection.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party',NULL,NULL,'2025-12-22 17:17:03','2026-01-20 15:54:21');
INSERT INTO `puntavista_investor_questions` VALUES ('8','Q-SEC-001','1','2025-12-20','3','8','Who will be the legal holder of the first-ranking mortgage in Costa Rica (bondholders directly, a security agent, or a trustee)?','1','The first‑ranking mortgages over Costa Rican land will be granted in favour of a security agent or trustee appointed under the bond documentation. This entity will act on behalf of all bondholders, allowing for coordinated enforcement and avoiding fragmented actions by individual investors.','The first‑ranking mortgages over Costa Rican land will be granted in favour of a security agent or trustee appointed under the bond documentation. This entity will act on behalf of all bondholders, allowing for coordinated enforcement and avoiding fragmented actions by individual investors.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','V:ok',NULL,NULL,'2025-12-22 17:17:32','2025-12-31 10:01:56');
INSERT INTO `puntavista_investor_questions` VALUES ('9','Q-SEC-002','1','2025-12-20','3','9','In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months/years)?','1','Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real‑estate security could typically range from approximately 10 to 14 months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best‑ and worst‑case estimates), which we will share once the legal memo is finalised.','Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real‑estate security could typically range from approximately 10 to 14 months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best‑ and worst‑case estimates), which we will share once the legal memo is finalised.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','10 to 14 months in standard non contested scenarios with a clear identified debtor. Of course, things take longer if the debtor can not be found or if the debts is contested but it isnt the case.',NULL,NULL,'2025-12-22 17:17:32','2026-01-20 15:55:36');
INSERT INTO `puntavista_investor_questions` VALUES ('10','Q-SEC-003','1','2025-12-20','3','10','What are the estimated enforcement and recovery costs, and how would they be funded?','2','Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer/project level and/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.','Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer/project level and/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','ok',NULL,NULL,'2025-12-22 17:17:32','2025-12-31 10:02:05');
INSERT INTO `puntavista_investor_questions` VALUES ('11','Q-SEC-004','1','2025-12-20','3','11','Upon enforcement, would bondholders become direct owners of the land, or would ownership pass through a local SPV or fiduciary structure?','1','Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro‑rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.','Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro‑rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','3','ok',NULL,NULL,'2025-12-22 17:17:32','2025-12-31 10:02:14');
INSERT INTO `puntavista_investor_questions` VALUES ('12','Q-CF-001','1','2025-12-20','4','12','Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?','2','Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [●] months of interest, providing a buffer against temporary delays in sales or cash inflows.','Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.

As funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project\'s commercial cash flow.

This structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.

Full details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','7','ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?',NULL,NULL,'2025-12-22 17:18:22','2026-01-20 15:55:45');
INSERT INTO `puntavista_investor_questions` VALUES ('13','Q-CF-002','1','2025-12-20','4','13','How many months of interest payments are secured in cash at closing, if any?','2','Our working assumption is to secure at least [6–12] months of interest in the DSRA at or shortly after closing, either through cash prefunding or staged funding linked to drawdowns. The exact level will be finalised with arrangers and investors, taking into account pricing, total issuance size and overall risk profile.','Our working assumption is to secure at least [6–12] months of interest in the DSRA at or shortly after closing, either through cash prefunding or staged funding linked to drawdowns. The exact level will be finalised with arrangers and investors, taking into account pricing, total issuance size and overall risk profile.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','7','ok',NULL,NULL,'2025-12-22 17:18:22','2025-12-31 10:02:23');
INSERT INTO `puntavista_investor_questions` VALUES ('14','Q-CF-003','1','2025-12-20','4','14','What is the commercial break-even point (number of lots / minimum pricing) required to service interest and infrastructure costs?','2','We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break‑even is reached at approximately [●] lots sold at an average net price of [●] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.','Based on conservative assumptions, the commercial break-even thresholds are as follows:

To cover interest payments alone (fully funded via the DSRA):
The sale of less than one standard lot per month is sufficient.

To cover full principal repayment, interest, and operating expenses (over the full maturity):
The project would need to sell approximately:
• 9 premium lots (average price: €282,000), and
• 27 standard lots (average price: €125,000).

These figures are calculated using only 85% of the listed lot values, to allow for pricing flexibility and potential negotiation. They also include a reserve margin for corporate running costs.

A detailed financial model is available upon request and can be shared under confidentiality.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','7','interest if fully funded= less than half a lot sale per month
full reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000
This is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached
',NULL,NULL,'2025-12-22 17:18:22','2026-01-20 15:55:53');
INSERT INTO `puntavista_investor_questions` VALUES ('15','Q-CF-004','1','2025-12-20','4','15','How is the structure designed to perform if sales are delayed by 12–24 months?','4','The financial model includes downside cases where sales are delayed by 12 and 24 months. In these scenarios, the combination of (i) the DSRA, (ii) phased infrastructure works and (iii) reduced discretionary spending allows the structure to continue servicing interest for [●] months. If a prolonged adverse scenario persists, the security package and conversion option into lots are designed to preserve value and offer alternative outcomes for bondholders beyond simple cash repayment.','The financial model has been built with downside scenarios in mind, including cases where land sales are delayed by 12 to 24 months. In such events, the structure remains resilient through a combination of:

A Debt Service Reserve Account (DSRA) pre-funded to ensure continuity of interest payments;

Phased infrastructure deployment, minimizing upfront capital expenditure;

Controlled discretionary spending during low-revenue periods.

In parallel, our actual commercial track record provides additional reassurance:

Over the past two years, the developer has consistently sold between 1 and 2 lots per month, without formal marketing or completed infrastructure.
With road and utility works being deployed in the coming months, we expect this absorption rate to accelerate significantly.

Should an extreme delay scenario materialize, the collateral structure and lot conversion mechanism are designed to preserve investor value and enable alternative exit options beyond cash repayment.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','5','we re dead if this happen, but there s not reason it should unless global catastrophe of sone sort, let s talk about it',NULL,NULL,'2025-12-22 17:18:22','2026-01-20 16:08:16');
INSERT INTO `puntavista_investor_questions` VALUES ('16','Q-GOV-001','1','2025-12-20','5','16','Does Advanced act as a pure escrow agent, or does it have discretionary power to block or delay disbursements?','5','Advanced will act as escrow and monitoring agent, holding investor funds and releasing them only upon satisfaction of predefined conditions. It will have the contractual authority to block or postpone disbursements if milestones, documentation or compliance checks are not met, in accordance with the funding agreement and the monitoring framework. It will not act as a discretionary investment manager but as a control layer protecting the agreed use of proceeds.','Advanced will act as escrow and monitoring agent, holding investor funds and releasing them only upon satisfaction of predefined conditions. It will have the contractual authority to block or postpone disbursements if milestones, documentation or compliance checks are not met, in accordance with the funding agreement and the monitoring framework. It will not act as a discretionary investment manager but as a control layer protecting the agreed use of proceeds.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','6','ok',NULL,NULL,'2025-12-22 17:19:16','2025-12-31 10:10:31');
INSERT INTO `puntavista_investor_questions` VALUES ('17','Q-GOV-002','1','2025-12-20','5','17','Who independently certifies the achievement of milestones, and how is independence ensured in practice?','7','Milestones will be defined in measurable terms (e.g. specific infrastructure segments completed, permits obtained, pre‑sales achieved). Their achievement will be certified by independent third parties where appropriate (for example, engineering / technical inspectors for construction milestones, notaries or lawyers for legal milestones, auditors for financial covenants). The names and appointment process for these independent certifiers will be set out in the documentation to ensure that neither the sponsor nor the developer can unilaterally validate their own performance.','Milestones will be defined in measurable terms (e.g. specific infrastructure segments completed, permits obtained, pre‑sales achieved). Their achievement will be certified by independent third parties where appropriate (for example, engineering / technical inspectors for construction milestones, notaries or lawyers for legal milestones, auditors for financial covenants). The names and appointment process for these independent certifiers will be set out in the documentation to ensure that neither the sponsor nor the developer can unilaterally validate their own performance.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','6','perfect',NULL,NULL,'2025-12-22 17:19:16','2025-12-31 10:22:10');
INSERT INTO `puntavista_investor_questions` VALUES ('18','Q-GOV-003','1','2025-12-20','5','18','Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?','5','We are working on a consent framework under which key decisions (such as incurring additional secured debt, material changes to the master plan affecting pledged land, or disposal of core collateral) would require the prior approval of a defined majority of bondholders. Less material matters would remain within the discretion of the sponsor and project governance bodies. The exact thresholds and mechanics (bondholder meetings, written resolutions) will be specified in the terms and conditions.','No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.

This is intentional:
The master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.
Any material change would require multiple government approvals, significant engineering rework, and extended delays—making such adjustments impractical and highly unlikely.

Furthermore, the financing structure protects bondholders through:
Over-collateralization;
A ring-fenced use of proceeds;

And a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.','Finalized','Medium','1','V1 2025‑12‑22','2026-01-05','6','',NULL,NULL,'2025-12-22 17:19:16','2026-01-20 16:29:24');
INSERT INTO `puntavista_investor_questions` VALUES ('19','Q-SPN-001','1','2025-12-20','6','19','What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?','2','As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre‑development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first‑loss risk ahead of bondholders.','As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre‑development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first‑loss risk ahead of bondholders.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','Aportes de socios: 2242000
Aportes extraordinarios: 20465000
Total 22707000',NULL,NULL,'2025-12-22 17:19:16','2026-01-27 14:11:17');
INSERT INTO `puntavista_investor_questions` VALUES ('20','Q-SPN-002','1','2025-12-20','6','20','Are any developer or management fees paid before full repayment of the bonds?','2','Developer and management fees will be structured so that (i) they remain at market‑reasonable levels, and (ii) a significant portion is subordinated to debt service and/or linked to project performance. No excessive front‑loaded fees will be paid before the bonds are fully repaid or adequately de‑risked, so that the sponsor’s incentives remain aligned with investors over the life of the project.','No. No developer or management fees will be paid prior to full repayment of the bonds.

This principle is not just a contractual commitment—it reflects the developer’s longstanding practice:
Since the inception of the project, no management, promotion, or developer fees have ever been taken.

All available resources have been—and will continue to be—allocated to land acquisition, infrastructure development, and value creation for future stakeholders, including bondholders.

This alignment of interests is central to our approach and to the credibility of the project.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','the only fee is my 5k per month, we do not take anything *cry*',NULL,NULL,'2025-12-22 17:19:16','2026-01-20 16:32:45');
INSERT INTO `puntavista_investor_questions` VALUES ('21','Q-SPN-003','1','2025-12-20','6','21','Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?','5','The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.','No, the bond structure does not include formal step-in rights or contractual provisions allowing investors to directly replace the developer.

However, in the event of a severe underperformance scenario or default, investors benefit from a comprehensive security package—including first-ranking mortgages over valuable land parcels.

This means that bondholders (or their appointed representative) would have the legal ability to take possession and control of the pledged real estate assets, enabling them to recover value through direct sale, third-party development, or other strategic options.

This outcome-oriented protection mechanism has been intentionally prioritized over a complex governance structure, to ensure clarity, enforceability, and asset-backed recovery for investors.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','no',NULL,NULL,'2025-12-22 17:19:16','2026-01-20 16:17:27');
INSERT INTO `puntavista_investor_questions` VALUES ('22','Q-CONV-001','1','2025-12-20','7','22','How exactly is the conversion price into lots determined (fixed price, discount to market, future valuation)?','4','Our current thinking is that the conversion into lots would be based on a predefined price grid per type of lot, agreed at the time of investment and reflected in the bond terms. This grid may embed a structured discount to an independent market valuation at the time of issuance, so that investors receive an economically attractive entry point in case of conversion. Detailed examples (number of bonds vs. m² or specific lot types) will be provided in a term sheet.','Our current thinking is that the conversion into lots would be based on a predefined price grid per type of lot, agreed at the time of investment and reflected in the bond terms. This grid may embed a structured discount to an independent market valuation at the time of issuance, so that investors receive an economically attractive entry point in case of conversion. Detailed examples (number of bonds vs. m² or specific lot types) will be provided in a term sheet.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','ok',NULL,NULL,'2025-12-22 17:19:16','2025-12-31 10:57:12');
INSERT INTO `puntavista_investor_questions` VALUES ('23','Q-CONV-002','1','2025-12-20','7','23','Are converted lots immediately buildable and transferable?','1','Lots delivered upon conversion will be individually registrable and transferable, and either (i) immediately buildable or (ii) subject only to standard permitting processes applicable to all buyers in the project. The intention is that bondholders who convert can step into the same position as regular buyers in terms of ownership and development rights.','Lots delivered upon conversion will be individually registrable and transferable, and either (i) immediately buildable or (ii) subject only to standard permitting processes applicable to all buyers in the project. The intention is that bondholders who convert can step into the same position as regular buyers in terms of ownership and development rights.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','yes they are',NULL,NULL,'2025-12-22 17:19:16','2025-12-31 10:57:25');
INSERT INTO `puntavista_investor_questions` VALUES ('24','Q-CONV-003','1','2025-12-20','7','24','Who bears notary fees, taxes, and infrastructure costs in the event of conversion?','4','Transaction‑related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project‑level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex‑ante.','Transaction‑related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project‑level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex‑ante.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','9','yes, it s the buyer',NULL,NULL,'2025-12-22 17:20:14','2026-01-04 09:21:38');
INSERT INTO `puntavista_investor_questions` VALUES ('25','Q-REP-001','1','2025-12-20','8','25','Will quarterly reports include: 
- remaining collateral value, 
- lots sold vs. unsold, 
- available cash, 
- outstanding senior debt, 
- updated downside scenarios','6','Quarterly reporting is intended to include: (i) updated overview of pledged collateral (including any changes to the collateral pool), (ii) lots sold vs. unsold inventory and pipeline, (iii) available cash at project and Issuer level, (iv) outstanding senior debt and other liabilities, and (v) updated downside and stress‑test scenarios compared to the base case. The aim is to provide an investor‑grade dashboard enabling ongoing risk assessment.','Quarterly reporting is intended to include: (i) updated overview of pledged collateral (including any changes to the collateral pool), (ii) lots sold vs. unsold inventory and pipeline, (iii) available cash at project and Issuer level, (iv) outstanding senior debt and other liabilities, and (v) updated downside and stress‑test scenarios compared to the base case. The aim is to provide an investor‑grade dashboard enabling ongoing risk assessment.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','8','ok',NULL,NULL,'2025-12-22 17:20:14','2025-12-31 10:58:44');
INSERT INTO `puntavista_investor_questions` VALUES ('26','Q-REP-002','1','2025-12-20','8','26','Will investors benefit from a right to an independent annual audit or review?','6','We plan to have the project and/or the Issuer’s financial statements reviewed or audited annually by an independent auditor. In addition, bondholders (or a defined majority acting through the security agent) may be granted the right to request additional independent reviews (technical, financial or legal) under predefined conditions, particularly if certain covenants are breached or if material adverse developments occur.','Yes. Investors will benefit from an independent annual audit or financial review, conducted by a qualified third-party firm.

This has been part of the governance structure from the outset and will be implemented regardless of any specific investor request.
The audit or review will cover the use of proceeds, financial position of the issuer/SPV, and key project metrics. Results will be shared with bondholders as part of the standard reporting package.

This measure reflects our commitment to transparency, accountability, and professional investor communication.','Finalized','Medium','1','V1 2025‑12‑22','2025-12-23','8','ok let s discuss',NULL,NULL,'2025-12-22 17:20:14','2026-01-20 16:33:59');
INSERT INTO `puntavista_investor_questions` VALUES ('28','Q-ISS-004','1','2026-02-27','1','27','1. Legal robustness of the Luxembourg structure : Could you confirm whether a formal Luxembourg legal opinion will be delivered at closing, covering in particular:
- the enforceability of limited recourse and non-petition clauses,
- the effective insolvency remoteness of the ADVANCED compartment,
- and the validity of the ring-fencing vis-à-vis both the platform and other compartments?','1','Yes, a formal Luxembourg legal opinion can be delivered at closing.

The opinion will cover, in particular:

Enforceability of the limited recourse and non-petition clauses, confirming that such provisions are valid and enforceable under Luxembourg law and binding upon investors and counterparties;

Effective insolvency remoteness of the Punta Vista Park Series A compartment, confirming that creditors of other compartments or of the securitisation vehicle generally have no recourse to the assets allocated to the relevant compartment;

Validity and effectiveness of the ring-fencing mechanism, pursuant to the Luxembourg Securitisation Law of 22 March 2004 (as amended), ensuring proper segregation of assets and liabilities between compartments and vis-à-vis the platform.

The legal opinion will be issued by Luxembourg counsel experienced in securitisation matters and will confirm that the structure complies with applicable Luxembourg law and established market practice.','Yes, a formal Luxembourg legal opinion can be delivered at closing.

The opinion will cover, in particular:

Enforceability of the limited recourse and non-petition clauses, confirming that such provisions are valid and enforceable under Luxembourg law and binding upon investors and counterparties;

Effective insolvency remoteness of the Punta Vista Park Series A compartment, confirming that creditors of other compartments or of the securitisation vehicle generally have no recourse to the assets allocated to the relevant compartment;

Validity and effectiveness of the ring-fencing mechanism, pursuant to the Luxembourg Securitisation Law of 22 March 2004 (as amended), ensuring proper segregation of assets and liabilities between compartments and vis-à-vis the platform.

The legal opinion will be issued by Luxembourg counsel experienced in securitisation matters and will confirm that the structure complies with applicable Luxembourg law and established market practice.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','1','','admin',NULL,'2026-02-27 10:13:27','2026-03-17 10:26:12');
INSERT INTO `puntavista_investor_questions` VALUES ('29','Q-ISS-005','1','2026-02-27','1','28','2. Back-to-back funding mechanics  : Could you provide more detail on the exact nature of the funding from the issuer to the Costa Rican entities (loan, shareholder loan, secured intercompany facility), and how repayment priority is contractually ensured vis-à-vis any other liabilities at project level?','1','The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.

More specifically:
- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;
- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;
- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.

Security & Priority
Repayment priority is contractually ensured through the following mechanisms:
- The intercompany facility will be documented as senior secured debt at project level;
- The Costa Rican SPV will benefit from:
- - First-ranking mortgages over designated land parcels;
- - Assignment of receivables and sale proceeds;
- - Control over designated collection accounts;
- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;
- The project entity may incur additional financial indebtedness, including bank financing, provided that such indebtedness remains within predefined leverage limits and does not materially prejudice the repayment capacity of the bond structure or the position of bondholders.

As a result, the bondholders’ position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.','The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.

More specifically:
- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;
- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;
- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.

Security & Priority
Repayment priority is contractually ensured through the following mechanisms:
- The intercompany facility will be documented as senior secured debt at project level;
- The Costa Rican SPV will benefit from:
- - First-ranking mortgages over designated land parcels;
- - Assignment of receivables and sale proceeds;
- - Control over designated collection accounts;
- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;
- The project entity may incur additional financial indebtedness, including bank financing, provided that such indebtedness remains within predefined leverage limits and does not materially prejudice the repayment capacity of the bond structure or the position of bondholders.

As a result, the bondholders’ position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','1','Excellente question — ici l’investisseur teste la subordination réelle du flux et le risque de « structural subordination ».
V: quand tu ecris: \"- The project entity will not be permitted to incur additional senior debt that would dilute the repayment priority of the bond structure.\" Je crois qu il faut que l on laisse la possibilité ouverte mais que le total soit limité. Il est necessaire que nous puissions recevoir un pret de la banque.','admin',NULL,'2026-02-27 10:16:10','2026-03-17 10:26:39');
INSERT INTO `puntavista_investor_questions` VALUES ('30','Q-COL-005','1','2026-02-27','1','29','3. Additional debt at project level  : While additional debt is described as unlikely and complementary only, would it be contractually prohibited without prior disclosure and/or investor notification?  

Is there any hard cap or covenant preventing leverage from increasing beyond the initial risk assumptions?','2','The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.

That said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.

In particular:
- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;
- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;
- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.

Furthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:
- A hard cap on total external indebtedness, and/or
- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.

These mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders’ security position.','The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.

That said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.

In particular:
- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;
- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;
- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.

Furthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:
- A hard cap on total external indebtedness, and/or
- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.

These mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders’ security position.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','3','Ici l’investisseur cherche à tester la discipline financière structurelle et l’existence de véritables covenants contraignants, au-delà d’une simple déclaration d’intention.
V: pareil, nous sommes d accord, mais devons definir la dette maximale authorisée.','admin',NULL,'2026-02-27 10:24:13','2026-03-17 10:27:20');
INSERT INTO `puntavista_investor_questions` VALUES ('31','Q-COL-006','1','2026-02-27','1','30','4. Collateral valuation and monitoring : Beyond the initial conservative valuation (66% of fiscal value), is there any form of periodic reassessment or monitoring of collateral coverage for reporting purposes, even if no automatic top-up mechanism is foreseen?','3','Yes. Even though no automatic top-up or dynamic over-collateralization mechanism is currently foreseen, collateral coverage will be subject to periodic monitoring and reporting.

At closing, the pledged assets will reflect a conservative valuation approach (approximately 150% collateral coverage, i.e., ~66% LTV based on fiscal values). Beyond that initial position:
- The status of pledged parcels (ownership, encumbrances, zoning) will be periodically verified through updated registry extracts;
- Sales progress and remaining secured inventory will be reported to investors on a quarterly basis;
- The estimated market positioning of remaining lots will be reviewed internally and may be benchmarked against comparable transactions in the area.

Should a material and sustained decline in collateral coverage occur due to extraordinary circumstances, appropriate structural adjustments (e.g., substitution of parcels, additional pledges, or reallocation of unsold inventory) may be implemented to preserve overall security integrity.

This approach ensures ongoing transparency and prudent asset monitoring, even in the absence of an automatic top-up trigger.','Yes. Even though no automatic top-up or dynamic over-collateralization mechanism is currently foreseen, collateral coverage will be subject to periodic monitoring and reporting.

At closing, the pledged assets will reflect a conservative valuation approach (approximately 150% collateral coverage, i.e., ~66% LTV based on fiscal values). Beyond that initial position:
- The status of pledged parcels (ownership, encumbrances, zoning) will be periodically verified through updated registry extracts;
- Sales progress and remaining secured inventory will be reported to investors on a quarterly basis;
- The estimated market positioning of remaining lots will be reviewed internally and may be benchmarked against comparable transactions in the area.

Should a material and sustained decline in collateral coverage occur due to extraordinary circumstances, appropriate structural adjustments (e.g., substitution of parcels, additional pledges, or reallocation of unsold inventory) may be implemented to preserve overall security integrity.

This approach ensures ongoing transparency and prudent asset monitoring, even in the absence of an automatic top-up trigger.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','3','Ici l’investisseur teste si nous avons une logique de surveillance active du collateral, même sans mécanisme automatique de top-up.','admin',NULL,'2026-02-27 10:26:14','2026-03-17 10:27:36');
INSERT INTO `puntavista_investor_questions` VALUES ('32','Q-COL-007','1','2026-02-27','1','31','5. Enforcement practicalities in Costa Rica : Will a formal Costa Rican legal memorandum be provided covering:
- enforceability of first-ranking mortgages,
- priority vis-à-vis local creditors and tax authorities,
- realistic timelines and procedural steps in both uncontested and contested scenarios?','2','Yes, a formal Costa Rican legal memorandum can be provided at closing.

The memorandum will be prepared by qualified local counsel and will address, in particular:
- The validity and enforceability of first-ranking mortgages (hipoteca de primer grado) duly registered with the Costa Rican National Registry;
- The priority of the secured creditor vis-à-vis other local creditors, including treatment in insolvency scenarios;
- The position of secured creditors in relation to statutory claims (including tax authorities and labor claims, if applicable);
- The procedural framework and realistic timelines for enforcement in both uncontested and contested foreclosure scenarios.

Under Costa Rican law, a properly registered first-ranking mortgage provides strong creditor protection. In the event of default, enforcement may proceed through judicial foreclosure, leading to public auction or asset realization. While timelines depend on court workload and whether the debtor contests the claim, typical enforcement periods range between approximately 12 and 18 months in standard cases.

The purpose of the memorandum will be to provide investors with a clear, jurisdiction-specific assessment of enforceability, procedural steps, and associated risks, ensuring transparency and legal robustness of the security package.','Yes, a formal Costa Rican legal memorandum can be provided at closing.

The memorandum will be prepared by qualified local counsel and will address, in particular:
- The validity and enforceability of first-ranking mortgages (hipoteca de primer grado) duly registered with the Costa Rican National Registry;
- The priority of the secured creditor vis-à-vis other local creditors, including treatment in insolvency scenarios;
- The position of secured creditors in relation to statutory claims (including tax authorities and labor claims, if applicable);
- The procedural framework and realistic timelines for enforcement in both uncontested and contested foreclosure scenarios.

Under Costa Rican law, a properly registered first-ranking mortgage provides strong creditor protection. In the event of default, enforcement may proceed through judicial foreclosure, leading to public auction or asset realization. While timelines depend on court workload and whether the debtor contests the claim, typical enforcement periods range between approximately 12 and 18 months in standard cases.

The purpose of the memorandum will be to provide investors with a clear, jurisdiction-specific assessment of enforceability, procedural steps, and associated risks, ensuring transparency and legal robustness of the security package.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','3','Ici l’investisseur veut s’assurer que l’enforcement n’est pas théorique mais réellement exécutable dans la juridiction locale.','admin',NULL,'2026-02-27 10:27:41','2026-03-17 10:27:53');
INSERT INTO `puntavista_investor_questions` VALUES ('33','Q-ISS-006','1','2026-02-27','1','32','6. Security agent / trustee role : Could you clarify:
- who is expected to act as security agent or trustee,
- under which governing law the security agency agreement will be structured,
- and whether the agent has discretion or is strictly bound by bondholder instructions upon default?','1','The structure will include the appointment of a dedicated security agent (or bondholders’ representative) acting for the benefit of the bondholders.

1. Appointment
A professional third-party entity, independent from the issuer and the project sponsors, is expected to act as security agent. The final appointment will be confirmed prior to closing.

2. Governing Law
- The security agency agreement at Luxembourg level will be governed by Luxembourg law.
- The Costa Rican security documents (including first-ranking mortgages and assignments of receivables) will be governed by Costa Rican law, with the security agent duly recognized as secured creditor or beneficiary under local law.

This dual-layer structure ensures proper recognition and enforceability in both jurisdictions.

3. Role and Discretion
Upon default, the security agent will act primarily in accordance with:
- The terms of the bond documentation;
- Formal bondholder resolutions (where required).

The agent’s role is not discretionary in a commercial sense but fiduciary in nature. It will execute enforcement actions based on bondholder instructions, subject to standard protections allowing it to act in good faith and in the collective interest of investors.

This framework ensures clarity of authority, legal robustness, and alignment with international secured note practices.','The structure will include the appointment of a dedicated security agent (or bondholders’ representative) acting for the benefit of the bondholders.

1. Appointment
A professional third-party entity, independent from the issuer and the project sponsors, is expected to act as security agent. The final appointment will be confirmed prior to closing.

2. Governing Law
- The security agency agreement at Luxembourg level will be governed by Luxembourg law.
- The Costa Rican security documents (including first-ranking mortgages and assignments of receivables) will be governed by Costa Rican law, with the security agent duly recognized as secured creditor or beneficiary under local law.

This dual-layer structure ensures proper recognition and enforceability in both jurisdictions.

3. Role and Discretion
Upon default, the security agent will act primarily in accordance with:
- The terms of the bond documentation;
- Formal bondholder resolutions (where required).

The agent’s role is not discretionary in a commercial sense but fiduciary in nature. It will execute enforcement actions based on bondholder instructions, subject to standard protections allowing it to act in good faith and in the collective interest of investors.

This framework ensures clarity of authority, legal robustness, and alignment with international secured note practices.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','1','Ici l’investisseur vérifie si la chaîne de sûretés est structurée selon les standards internationaux, avec un véritable représentant des porteurs.','admin',NULL,'2026-02-27 10:30:36','2026-03-17 10:28:14');
INSERT INTO `puntavista_investor_questions` VALUES ('34','Q-SPN-005','1','2026-02-27','1','33','7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance.  

That said, has any alternative \"light\" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default','4','While the structure does not include formal step-in rights, several protective mechanisms are either embedded in the documentation or may be incorporated to address material underperformance prior to a formal default event.

In particular:

1. Acceleration Triggers
The bond documentation may include clearly defined events of default and cross-default provisions allowing bondholders (via the security agent) to accelerate the notes if predefined financial or operational thresholds are breached.

2. Cash Flow Controls / Cash Sweep
In case of underperformance, enhanced cash control mechanisms may be activated, including:
- Mandatory allocation of sales proceeds to debt servicing;
- Temporary suspension of discretionary expenditures;
- Priority allocation to interest and principal repayment.

3. Enhanced Reporting
If performance deviates materially from projections, investors may receive:
- Increased reporting frequency;
- Detailed breakdown of sales pipeline and liquidity position;
- Updated financial projections and sensitivity analysis.

4. Cure Periods
Before acceleration, defined cure periods may apply, allowing the issuer or project entity to remedy breaches (e.g., missed reporting, covenant breaches, liquidity shortfall) within a specified timeframe.

These mechanisms are designed to provide bondholders with graduated protections and early-warning responses, while preserving operational flexibility and avoiding unnecessary disruption to the project.','While the structure does not include formal step-in rights, several protective mechanisms are either embedded in the documentation or may be incorporated to address material underperformance prior to a formal default event.

In particular:

1. Acceleration Triggers
The bond documentation may include clearly defined events of default and cross-default provisions allowing bondholders (via the security agent) to accelerate the notes if predefined financial or operational thresholds are breached.

2. Cash Flow Controls / Cash Sweep
In case of underperformance, enhanced cash control mechanisms may be activated, including:
- Mandatory allocation of sales proceeds to debt servicing;
- Temporary suspension of discretionary expenditures;
- Priority allocation to interest and principal repayment.

3. Enhanced Reporting
If performance deviates materially from projections, investors may receive:
- Increased reporting frequency;
- Detailed breakdown of sales pipeline and liquidity position;
- Updated financial projections and sensitivity analysis.

4. Cure Periods
Before acceleration, defined cure periods may apply, allowing the issuer or project entity to remedy breaches (e.g., missed reporting, covenant breaches, liquidity shortfall) within a specified timeframe.

These mechanisms are designed to provide bondholders with graduated protections and early-warning responses, while preserving operational flexibility and avoiding unnecessary disruption to the project.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','9','L’investisseur ne conteste pas l’absence de step-in rights, mais cherche à savoir s’il existe des mécanismes intermédiaires de protection avant défaut formel. C’est une demande très institutionnelle.','admin',NULL,'2026-02-27 10:34:48','2026-03-17 10:49:58');
INSERT INTO `puntavista_investor_questions` VALUES ('35','Q-SPN-007','1','2026-02-27','1','34','8. DSRA sizing and control  : Will the final DSRA mechanics be fully hard-coded in the bond documentation (minimum months, permitted uses, replenishment rules), and will the DSRA be held at issuer level under Luxembourg law with restricted access?','4','Yes, the final DSRA mechanics will be clearly defined and hard-coded in the bond documentation.

The documentation will specify in detail:
- The minimum reserve coverage (expressed in number of months of forward interest payments);
- The permitted uses of the DSRA, strictly limited to servicing interest (and, if applicable, principal at maturity);
- The conditions and rules for replenishment, including mandatory top-up provisions if the reserve is drawn;
- The circumstances under which the DSRA may be released.

The DSRA will be held at issuer (Luxembourg compartment) level, under Luxembourg law, and maintained in a segregated account.

Access to the DSRA will be contractually restricted and ring-fenced. Funds will not be available for operational or discretionary use and will be applied strictly in accordance with the bond terms and, where applicable, under the oversight of the security agent or bondholders’ representative.

This structure ensures that the reserve remains outside the operational perimeter of the Costa Rican project entities and fully aligned with Luxembourg securitisation principles.','Yes, the final DSRA mechanics will be clearly defined and hard-coded in the bond documentation.

The documentation will specify in detail:
- The minimum reserve coverage (expressed in number of months of forward interest payments);
- The permitted uses of the DSRA, strictly limited to servicing interest (and, if applicable, principal at maturity);
- The conditions and rules for replenishment, including mandatory top-up provisions if the reserve is drawn;
- The circumstances under which the DSRA may be released.

The DSRA will be held at issuer (Luxembourg compartment) level, under Luxembourg law, and maintained in a segregated account.

Access to the DSRA will be contractually restricted and ring-fenced. Funds will not be available for operational or discretionary use and will be applied strictly in accordance with the bond terms and, where applicable, under the oversight of the security agent or bondholders’ representative.

This structure ensures that the reserve remains outside the operational perimeter of the Costa Rican project entities and fully aligned with Luxembourg securitisation principles.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','7','Ici l’investisseur cherche à savoir si la DSRA est réellement verrouillée juridiquement, et non simplement indicative.','admin',NULL,'2026-02-27 10:41:08','2026-03-17 10:50:30');
INSERT INTO `puntavista_investor_questions` VALUES ('36','Q-CONV-004','1','2026-02-27','1','35','9. Conversion into lots – legal and tax aspects  : Have the legal and tax implications for non-Costa Rican investors converting bonds into lots been fully analysed (transfer taxes, stamp duties, local registration, potential withholding or indirect tax exposure)?','1','Yes, the legal and tax implications of bond conversion into land lots for non-Costa Rican investors have been considered and will be fully documented prior to implementation.

From a legal standpoint:
- Upon conversion, the transaction would be structured as a formal transfer of real estate under Costa Rican law, duly recorded with the National Registry;
- Title transfer would require execution before a Costa Rican notary and registration in the Real Estate Section of the Registro Nacional;
- Foreign investors are legally permitted to own Costa Rican real estate directly, without residency requirements.

From a tax perspective:
- A real estate transfer tax (currently 1.5% of the higher of the registered value or declared transaction value) applies;
- Standard registration and notarial fees would also be payable;
- No Costa Rican withholding tax applies merely due to the buyer’s foreign status;
- Indirect tax exposure (e.g., VAT) depends on the legal nature of the lot (raw land vs. developed property), but undeveloped land transfers are generally outside VAT scope.

If required, the conversion can also be structured through a local SPV owned by the investor, depending on individual tax planning considerations in the investor’s home jurisdiction.

Prior to launch of any conversion mechanism, a formal Costa Rican legal and tax memorandum can be provided outlining:
- Step-by-step transfer mechanics,
- Applicable taxes and costs,
- Registration timelines,
- Compliance requirements for non-resident investors.

This ensures that the conversion feature is legally executable, transparent, and predictable from both a regulatory and tax standpoint.','Yes, the legal and tax implications of bond conversion into land lots for non-Costa Rican investors have been considered and will be fully documented prior to implementation.

From a legal standpoint:
- Upon conversion, the transaction would be structured as a formal transfer of real estate under Costa Rican law, duly recorded with the National Registry;
- Title transfer would require execution before a Costa Rican notary and registration in the Real Estate Section of the Registro Nacional;
- Foreign investors are legally permitted to own Costa Rican real estate directly, without residency requirements.

From a tax perspective:
- A real estate transfer tax (currently 1.5% of the higher of the registered value or declared transaction value) applies;
- Standard registration and notarial fees would also be payable;
- No Costa Rican withholding tax applies merely due to the buyer’s foreign status;
- Indirect tax exposure (e.g., VAT) depends on the legal nature of the lot (raw land vs. developed property), but undeveloped land transfers are generally outside VAT scope.

If required, the conversion can also be structured through a local SPV owned by the investor, depending on individual tax planning considerations in the investor’s home jurisdiction.

Prior to launch of any conversion mechanism, a formal Costa Rican legal and tax memorandum can be provided outlining:
- Step-by-step transfer mechanics,
- Applicable taxes and costs,
- Registration timelines,
- Compliance requirements for non-resident investors.

This ensures that the conversion feature is legally executable, transparent, and predictable from both a regulatory and tax standpoint.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','9','Ici l’investisseur teste si l’option de conversion en lots est réellement exécutable juridiquement et fiscalement pour un investisseur étranger, et pas seulement théorique.','admin',NULL,'2026-02-27 10:45:21','2026-03-17 10:50:58');
INSERT INTO `puntavista_investor_questions` VALUES ('37','Q-REP-003','1','2026-02-27','1','36','10. Reporting and audit scope  : Could you confirm whether the annual independent audit/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis?','6','Yes, the annual independent audit or review will not be limited solely to the Luxembourg issuer.

While the statutory audit requirement applies at the issuer (Luxembourg compartment) level, the scope of reporting will extend to the key Costa Rican project entities through one of the following mechanisms:
- Consolidated reporting at structure level; and/or
- An agreed-upon procedures (AUP) engagement covering:
-- Use of proceeds,
-- Outstanding intercompany balances,
-- Status of pledged assets,
-- Sales progress and cash flow allocation,
-- Compliance with key structural covenants.

The objective is to ensure that investors receive meaningful transparency not only on the financial position of the issuer, but also on the operational and financial status of the underlying project entities.

The precise audit and reporting framework will be defined prior to closing and may be adapted to reflect investor expectations and proportionality considerations.','Yes, the annual independent audit or review will not be limited solely to the Luxembourg issuer.

While the statutory audit requirement applies at the issuer (Luxembourg compartment) level, the scope of reporting will extend to the key Costa Rican project entities through one of the following mechanisms:
- Consolidated reporting at structure level; and/or
- An agreed-upon procedures (AUP) engagement covering:
-- Use of proceeds,
-- Outstanding intercompany balances,
-- Status of pledged assets,
-- Sales progress and cash flow allocation,
-- Compliance with key structural covenants.

The objective is to ensure that investors receive meaningful transparency not only on the financial position of the issuer, but also on the operational and financial status of the underlying project entities.

The precise audit and reporting framework will be defined prior to closing and may be adapted to reflect investor expectations and proportionality considerations.','Finalized','Medium','1','V1 2026-02-27','2026-02-27','8','Ici l’investisseur cherche à éviter un audit “vide” limité au véhicule luxembourgeois, et veut s’assurer que la substance économique (Costa Rica) est également couverte.','admin',NULL,'2026-02-27 10:53:48','2026-03-17 10:52:13');

-- TABLE: puntavista_question_history
CREATE TABLE `puntavista_question_history` (
  `id` int NOT NULL AUTO_INCREMENT,
  `question_id` int NOT NULL,
  `version` varchar(50) DEFAULT NULL,
  `content_type` enum('draft_answer','final_answer','status','priority','owner','notes','metadata') DEFAULT NULL,
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  CONSTRAINT `puntavista_question_history_ibfk_1` FOREIGN KEY (`question_id`) REFERENCES `puntavista_investor_questions` (`id`) ON DELETE CASCADE
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INSERT INTO `puntavista_question_history` VALUES ('1','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"question_original\":\"What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land? \",\"internal_owner_id\":\"4\",\"draft_answer\":\"Bond proceeds will be on\\u2011lent or otherwise channelled from the Issuer to the Costa Rican project entities under back\\u2011to\\u2011back funding arrangements. The Costa Rican landholding entities will grant first\\u2011ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.\",\"final_answer\":\"Ici\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025-12-22\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"3\",\"notes\":\"FAQ 2 & 3 \\u2013 Collateral \\/ Enforcement\",\"updated_at\":\"2025-12-22 15:59:11\",\"id\":\"4\"}','system','2025-12-22 15:59:11');
INSERT INTO `puntavista_question_history` VALUES ('2','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"question_original\":\"What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land? \",\"internal_owner_id\":\"4\",\"draft_answer\":\"Bond proceeds will be on\\u2011lent or otherwise channelled from the Issuer to the Costa Rican project entities under back\\u2011to\\u2011back funding arrangements. The Costa Rican landholding entities will grant first\\u2011ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025-12-22\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"3\",\"notes\":\"FAQ 2 & 3 \\u2013 Collateral \\/ Enforcement\",\"updated_at\":\"2025-12-22 15:59:32\",\"id\":\"4\"}','system','2025-12-22 15:59:32');
INSERT INTO `puntavista_question_history` VALUES ('3','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"question_original\":\"What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land? \",\"internal_owner_id\":\"4\",\"draft_answer\":\"Bond proceeds will be on\\u2011lent or otherwise channelled from the Issuer to the Costa Rican project entities under back\\u2011to\\u2011back funding arrangements. The Costa Rican landholding entities will grant first\\u2011ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"High\",\"version\":\"V1 2025-12-22\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"3\",\"notes\":\"FAQ 2 & 3 \\u2013 Collateral \\/ Enforcement\",\"updated_at\":\"2025-12-22 16:03:26\",\"id\":\"4\"}','system','2025-12-22 16:03:26');
INSERT INTO `puntavista_question_history` VALUES ('4','3',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule...\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"High\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"3\",\"notes\":\"\",\"updated_at\":\"2025-12-22 16:03:41\",\"id\":\"3\"}','system','2025-12-22 16:03:41');
INSERT INTO `puntavista_question_history` VALUES ('5','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:21:07\"}','system','2025-12-22 17:21:07');
INSERT INTO `puntavista_question_history` VALUES ('6','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:30:22\"}','system','2025-12-22 17:30:22');
INSERT INTO `puntavista_question_history` VALUES ('7','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:30:41\"}','system','2025-12-22 17:30:41');
INSERT INTO `puntavista_question_history` VALUES ('8','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:32:13\"}','system','2025-12-22 17:32:13');
INSERT INTO `puntavista_question_history` VALUES ('9','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:32:25\"}','system','2025-12-22 17:32:25');
INSERT INTO `puntavista_question_history` VALUES ('10','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:33:59\"}','system','2025-12-22 17:33:59');
INSERT INTO `puntavista_question_history` VALUES ('11','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"OK\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:34:09\"}','system','2025-12-22 17:34:09');
INSERT INTO `puntavista_question_history` VALUES ('12','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:34:31\"}','system','2025-12-22 17:34:31');
INSERT INTO `puntavista_question_history` VALUES ('13','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:34:39\"}','system','2025-12-22 17:34:39');
INSERT INTO `puntavista_question_history` VALUES ('14','1',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-22 17:43:17');
INSERT INTO `puntavista_question_history` VALUES ('15','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"En cours\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:43:46\"}','system','2025-12-22 17:43:46');
INSERT INTO `puntavista_question_history` VALUES ('16','1',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-22 17:43:54');
INSERT INTO `puntavista_question_history` VALUES ('17','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:44:05\"}','system','2025-12-22 17:44:05');
INSERT INTO `puntavista_question_history` VALUES ('18','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:44:15\"}','system','2025-12-22 17:44:15');
INSERT INTO `puntavista_question_history` VALUES ('19','1',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-22 17:44:27');
INSERT INTO `puntavista_question_history` VALUES ('20','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-22 17:44:49\"}','system','2025-12-22 17:44:49');
INSERT INTO `puntavista_question_history` VALUES ('21','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"Note ici\",\"updated_at\":\"2025-12-23 05:33:22\"}','system','2025-12-23 05:33:22');
INSERT INTO `puntavista_question_history` VALUES ('22','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2025-12-23 05:33:39\"}','system','2025-12-23 05:33:39');
INSERT INTO `puntavista_question_history` VALUES ('23','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2025-12-23 12:15:16\"}','system','2025-12-23 12:15:16');
INSERT INTO `puntavista_question_history` VALUES ('24','2',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is the issuer a single-purpose, insolvency-remote vehicle, or does it carry other activities or risks beyond this project?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Issuer will be structured as a single-purpose vehicle. Its articles of association and transaction documents will restrict its activities to the issuance of the bonds and related transactions, with no other indebtedness except as expressly permitted under the bond documentation. Standard structural features (limitations on additional debt, no guarantee of third\\u2011party obligations, non\\u2011petition and limited recourse language where appropriate) will be implemented to strengthen its insolvency\\u2011remoteness, subject to Luxembourg counsel input.\",\"final_answer\":\"V: ok pour moi.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"2\",\"notes\":\"\",\"updated_at\":\"2025-12-23 12:15:58\"}','system','2025-12-23 12:15:58');
INSERT INTO `puntavista_question_history` VALUES ('25','3',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Bond proceeds will be on\\u2011lent or otherwise channelled from the Issuer to the Costa Rican project entities under back\\u2011to\\u2011back funding arrangements. The Costa Rican landholding entities will grant first\\u2011ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.\",\"final_answer\":\"V: ok pour moi\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"\",\"updated_at\":\"2025-12-23 12:16:20\"}','system','2025-12-23 12:16:20');
INSERT INTO `puntavista_question_history` VALUES ('26','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning \\/ permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix\",\"updated_at\":\"2025-12-23 12:21:10\"}','system','2025-12-23 12:21:10');
INSERT INTO `puntavista_question_history` VALUES ('27','5',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the rationale for using 66% of the official fiscal value, rather than an independent market valuation, as the reference for collateral coverage?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third\\u2011party appraisals may be commissioned to provide an additional market\\u2011based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"I hope they will be satisfied with this, otherwise we will have to dwelve deeper and explain there is a huge difference between third party assessors like Iicicor and market reality. Market reality being we have sold 42 lots until now at much muvch higher valuation than both what a third party like icicor would give and what is in the registry.\",\"updated_at\":\"2025-12-23 12:23:36\"}','system','2025-12-23 12:23:36');
INSERT INTO `puntavista_question_history` VALUES ('28','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2025-12-23 12:23:52\"}','system','2025-12-23 12:23:52');
INSERT INTO `puntavista_question_history` VALUES ('29','6',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the effective LTV at closing, based on total bond issuance versus total pledged land value?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Based on the current structure, we target a loan\\u2011to\\u2011value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"Je ne comprends pas ce que cest. A expliquer en reunion\",\"updated_at\":\"2025-12-23 12:24:34\"}','system','2025-12-23 12:24:34');
INSERT INTO `puntavista_question_history` VALUES ('30','7',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re\\u2011valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party\",\"updated_at\":\"2025-12-23 12:26:08\"}','system','2025-12-23 12:26:08');
INSERT INTO `puntavista_question_history` VALUES ('31','8',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who will be the legal holder of the first-ranking mortgage in Costa Rica (bondholders directly, a security agent, or a trustee)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The first\\u2011ranking mortgages over Costa Rican land will be granted in favour of a security agent or trustee appointed under the bond documentation. This entity will act on behalf of all bondholders, allowing for coordinated enforcement and avoiding fragmented actions by individual investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"V:ok\",\"updated_at\":\"2025-12-23 12:26:34\"}','system','2025-12-23 12:26:34');
INSERT INTO `puntavista_question_history` VALUES ('32','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2025-12-23 12:26:54\"}','system','2025-12-23 12:26:54');
INSERT INTO `puntavista_question_history` VALUES ('33','10',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What are the estimated enforcement and recovery costs, and how would they be funded?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer\\/project level and\\/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 12:27:18\"}','system','2025-12-23 12:27:18');
INSERT INTO `puntavista_question_history` VALUES ('34','11',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Upon enforcement, would bondholders become direct owners of the land, or would ownership pass through a local SPV or fiduciary structure?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro\\u2011rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 12:27:30\"}','system','2025-12-23 12:27:30');
INSERT INTO `puntavista_question_history` VALUES ('35','11',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Upon enforcement, would bondholders become direct owners of the land, or would ownership pass through a local SPV or fiduciary structure?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro\\u2011rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 12:30:11\"}','system','2025-12-23 12:30:11');
INSERT INTO `puntavista_question_history` VALUES ('36','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2025-12-23 12:32:34\"}','system','2025-12-23 12:32:34');
INSERT INTO `puntavista_question_history` VALUES ('37','13',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How many months of interest payments are secured in cash at closing, if any?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Our working assumption is to secure at least [6\\u201312] months of interest in the DSRA at or shortly after closing, either through cash prefunding or staged funding linked to drawdowns. The exact level will be finalised with arrangers and investors, taking into account pricing, total issuance size and overall risk profile.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 12:33:02\"}','system','2025-12-23 12:33:02');
INSERT INTO `puntavista_question_history` VALUES ('38','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break\\u2011even is reached at approximately [\\u25cf] lots sold at an average net price of [\\u25cf] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2025-12-23 12:39:59\"}','system','2025-12-23 12:39:59');
INSERT INTO `puntavista_question_history` VALUES ('39','15',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How is the structure designed to perform if sales are delayed by 12\\u201324 months?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The financial model includes downside cases where sales are delayed by 12 and 24 months. In these scenarios, the combination of (i) the DSRA, (ii) phased infrastructure works and (iii) reduced discretionary spending allows the structure to continue servicing interest for [\\u25cf] months. If a prolonged adverse scenario persists, the security package and conversion option into lots are designed to preserve value and offer alternative outcomes for bondholders beyond simple cash repayment.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"5\",\"notes\":\"we re dead if this happen, but there s not reason it should unless global catastrophe of sone sort, let s talk about it\",\"updated_at\":\"2025-12-23 12:47:37\"}','system','2025-12-23 12:47:37');
INSERT INTO `puntavista_question_history` VALUES ('40','16',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Does Advanced act as a pure escrow agent, or does it have discretionary power to block or delay disbursements?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"Advanced will act as escrow and monitoring agent, holding investor funds and releasing them only upon satisfaction of predefined conditions. It will have the contractual authority to block or postpone disbursements if milestones, documentation or compliance checks are not met, in accordance with the funding agreement and the monitoring framework. It will not act as a discretionary investment manager but as a control layer protecting the agreed use of proceeds.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"6\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 12:48:21\"}','system','2025-12-23 12:48:21');
INSERT INTO `puntavista_question_history` VALUES ('41','17',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who independently certifies the achievement of milestones, and how is independence ensured in practice?\",\"internal_owner_id\":\"7\",\"draft_answer\":\"Milestones will be defined in measurable terms (e.g. specific infrastructure segments completed, permits obtained, pre\\u2011sales achieved). Their achievement will be certified by independent third parties where appropriate (for example, engineering \\/ technical inspectors for construction milestones, notaries or lawyers for legal milestones, auditors for financial covenants). The names and appointment process for these independent certifiers will be set out in the documentation to ensure that neither the sponsor nor the developer can unilaterally validate their own performance.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"6\",\"notes\":\"perfect\",\"updated_at\":\"2025-12-23 12:48:49\"}','system','2025-12-23 12:48:49');
INSERT INTO `puntavista_question_history` VALUES ('42','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately [\\u25cf] USD\\/EUR of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"aksed accountant\",\"updated_at\":\"2025-12-23 12:50:11\"}','system','2025-12-23 12:50:11');
INSERT INTO `puntavista_question_history` VALUES ('43','20',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are any developer or management fees paid before full repayment of the bonds?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Developer and management fees will be structured so that (i) they remain at market\\u2011reasonable levels, and (ii) a significant portion is subordinated to debt service and\\/or linked to project performance. No excessive front\\u2011loaded fees will be paid before the bonds are fully repaid or adequately de\\u2011risked, so that the sponsor\\u2019s incentives remain aligned with investors over the life of the project.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"the only fee is my 5k per month, we do not take anything *cry*\",\"updated_at\":\"2025-12-23 12:50:52\"}','system','2025-12-23 12:50:52');
INSERT INTO `puntavista_question_history` VALUES ('44','21',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"no\",\"updated_at\":\"2025-12-23 12:51:15\"}','system','2025-12-23 12:51:15');
INSERT INTO `puntavista_question_history` VALUES ('45','22',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How exactly is the conversion price into lots determined (fixed price, discount to market, future valuation)?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Our current thinking is that the conversion into lots would be based on a predefined price grid per type of lot, agreed at the time of investment and reflected in the bond terms. This grid may embed a structured discount to an independent market valuation at the time of issuance, so that investors receive an economically attractive entry point in case of conversion. Detailed examples (number of bonds vs. m\\u00b2 or specific lot types) will be provided in a term sheet.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 13:44:31\"}','system','2025-12-23 13:44:31');
INSERT INTO `puntavista_question_history` VALUES ('46','3',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact contractual and ownership relationship between the Luxembourg issuer and the Costa Rican entities holding the land?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Bond proceeds will be on\\u2011lent or otherwise channelled from the Issuer to the Costa Rican project entities under back\\u2011to\\u2011back funding arrangements. The Costa Rican landholding entities will grant first\\u2011ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"V: ok pour moi\",\"updated_at\":\"2025-12-23 13:44:46\"}','system','2025-12-23 13:44:46');
INSERT INTO `puntavista_question_history` VALUES ('47','23',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are converted lots immediately buildable and transferable?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Lots delivered upon conversion will be individually registrable and transferable, and either (i) immediately buildable or (ii) subject only to standard permitting processes applicable to all buyers in the project. The intention is that bondholders who convert can step into the same position as regular buyers in terms of ownership and development rights.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"yes they are\",\"updated_at\":\"2025-12-23 13:45:09\"}','system','2025-12-23 13:45:09');
INSERT INTO `puntavista_question_history` VALUES ('48','24',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who bears notary fees, taxes, and infrastructure costs in the event of conversion?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Transaction\\u2011related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project\\u2011level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex\\u2011ante.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"yes, it s the buyer\",\"updated_at\":\"2025-12-23 13:45:58\"}','system','2025-12-23 13:45:58');
INSERT INTO `puntavista_question_history` VALUES ('49','25',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Will quarterly reports include: \\r\\n- remaining collateral value, \\r\\n- lots sold vs. unsold, \\r\\n- available cash, \\r\\n- outstanding senior debt, \\r\\n- updated downside scenarios\",\"internal_owner_id\":\"6\",\"draft_answer\":\"Quarterly reporting is intended to include: (i) updated overview of pledged collateral (including any changes to the collateral pool), (ii) lots sold vs. unsold inventory and pipeline, (iii) available cash at project and Issuer level, (iv) outstanding senior debt and other liabilities, and (v) updated downside and stress\\u2011test scenarios compared to the base case. The aim is to provide an investor\\u2011grade dashboard enabling ongoing risk assessment.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"8\",\"notes\":\"ok\",\"updated_at\":\"2025-12-23 13:46:21\"}','system','2025-12-23 13:46:21');
INSERT INTO `puntavista_question_history` VALUES ('50','26',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Will investors benefit from a right to an independent annual audit or review?\",\"internal_owner_id\":\"6\",\"draft_answer\":\"We plan to have the project and\\/or the Issuer\\u2019s financial statements reviewed or audited annually by an independent auditor. In addition, bondholders (or a defined majority acting through the security agent) may be granted the right to request additional independent reviews (technical, financial or legal) under predefined conditions, particularly if certain covenants are breached or if material adverse developments occur.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"8\",\"notes\":\"ok let s discuss\",\"updated_at\":\"2025-12-23 13:46:57\"}','system','2025-12-23 13:46:57');
INSERT INTO `puntavista_question_history` VALUES ('51','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2025-12-23 14:31:57\"}','system','2025-12-23 14:31:57');
INSERT INTO `puntavista_question_history` VALUES ('52','2',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:33:00');
INSERT INTO `puntavista_question_history` VALUES ('53','2',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is the issuer a single-purpose, insolvency-remote vehicle, or does it carry other activities or risks beyond this project?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Issuer will be structured as a single-purpose vehicle. Its articles of association and transaction documents will restrict its activities to the issuance of the bonds and related transactions, with no other indebtedness except as expressly permitted under the bond documentation. Standard structural features (limitations on additional debt, no guarantee of third\\u2011party obligations, non\\u2011petition and limited recourse language where appropriate) will be implemented to strengthen its insolvency\\u2011remoteness, subject to Luxembourg counsel input.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"2\",\"notes\":\"V: ok pour moi.\",\"updated_at\":\"2025-12-23 14:33:26\"}','system','2025-12-23 14:33:26');
INSERT INTO `puntavista_question_history` VALUES ('54','2',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:33:34');
INSERT INTO `puntavista_question_history` VALUES ('55','3',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:34:00');
INSERT INTO `puntavista_question_history` VALUES ('56','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning \\/ permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix\",\"updated_at\":\"2025-12-23 14:34:46\"}','system','2025-12-23 14:34:46');
INSERT INTO `puntavista_question_history` VALUES ('57','5',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:35:40');
INSERT INTO `puntavista_question_history` VALUES ('58','6',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the effective LTV at closing, based on total bond issuance versus total pledged land value?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Based on the current structure, we target a loan\\u2011to\\u2011value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"Je ne comprends pas ce que cest. A expliquer en reunion\",\"updated_at\":\"2025-12-23 14:37:33\"}','system','2025-12-23 14:37:33');
INSERT INTO `puntavista_question_history` VALUES ('59','7',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re\\u2011valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party\",\"updated_at\":\"2025-12-23 14:38:03\"}','system','2025-12-23 14:38:03');
INSERT INTO `puntavista_question_history` VALUES ('60','8',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:38:25');
INSERT INTO `puntavista_question_history` VALUES ('61','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2025-12-23 14:38:52\"}','system','2025-12-23 14:38:52');
INSERT INTO `puntavista_question_history` VALUES ('62','10',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:39:09');
INSERT INTO `puntavista_question_history` VALUES ('63','11',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:39:29');
INSERT INTO `puntavista_question_history` VALUES ('64','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2025-12-23 14:40:28\"}','system','2025-12-23 14:40:28');
INSERT INTO `puntavista_question_history` VALUES ('65','13',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:40:39');
INSERT INTO `puntavista_question_history` VALUES ('66','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break\\u2011even is reached at approximately [\\u25cf] lots sold at an average net price of [\\u25cf] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.\",\"final_answer\":\"\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2025-12-23 14:41:20\"}','system','2025-12-23 14:41:20');
INSERT INTO `puntavista_question_history` VALUES ('67','15',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How is the structure designed to perform if sales are delayed by 12\\u201324 months?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The financial model includes downside cases where sales are delayed by 12 and 24 months. In these scenarios, the combination of (i) the DSRA, (ii) phased infrastructure works and (iii) reduced discretionary spending allows the structure to continue servicing interest for [\\u25cf] months. If a prolonged adverse scenario persists, the security package and conversion option into lots are designed to preserve value and offer alternative outcomes for bondholders beyond simple cash repayment.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"5\",\"notes\":\"we re dead if this happen, but there s not reason it should unless global catastrophe of sone sort, let s talk about it\",\"updated_at\":\"2025-12-23 14:41:52\"}','system','2025-12-23 14:41:52');
INSERT INTO `puntavista_question_history` VALUES ('68','16',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:42:03');
INSERT INTO `puntavista_question_history` VALUES ('69','17',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:42:31');
INSERT INTO `puntavista_question_history` VALUES ('70','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately [\\u25cf] USD\\/EUR of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"aksed accountant\",\"updated_at\":\"2025-12-23 14:43:09\"}','system','2025-12-23 14:43:09');
INSERT INTO `puntavista_question_history` VALUES ('71','20',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are any developer or management fees paid before full repayment of the bonds?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Developer and management fees will be structured so that (i) they remain at market\\u2011reasonable levels, and (ii) a significant portion is subordinated to debt service and\\/or linked to project performance. No excessive front\\u2011loaded fees will be paid before the bonds are fully repaid or adequately de\\u2011risked, so that the sponsor\\u2019s incentives remain aligned with investors over the life of the project.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"the only fee is my 5k per month, we do not take anything *cry*\",\"updated_at\":\"2025-12-23 14:43:33\"}','system','2025-12-23 14:43:33');
INSERT INTO `puntavista_question_history` VALUES ('72','21',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"no\",\"updated_at\":\"2025-12-23 14:44:20\"}','system','2025-12-23 14:44:20');
INSERT INTO `puntavista_question_history` VALUES ('73','22',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:44:32');
INSERT INTO `puntavista_question_history` VALUES ('74','23',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:45:05');
INSERT INTO `puntavista_question_history` VALUES ('75','24',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who bears notary fees, taxes, and infrastructure costs in the event of conversion?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Transaction\\u2011related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project\\u2011level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex\\u2011ante.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"yes, it s the buyer\",\"updated_at\":\"2025-12-23 14:46:09\"}','system','2025-12-23 14:46:09');
INSERT INTO `puntavista_question_history` VALUES ('76','25',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2025-12-23 14:46:30');
INSERT INTO `puntavista_question_history` VALUES ('77','26',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Will investors benefit from a right to an independent annual audit or review?\",\"internal_owner_id\":\"6\",\"draft_answer\":\"We plan to have the project and\\/or the Issuer\\u2019s financial statements reviewed or audited annually by an independent auditor. In addition, bondholders (or a defined majority acting through the security agent) may be granted the right to request additional independent reviews (technical, financial or legal) under predefined conditions, particularly if certain covenants are breached or if material adverse developments occur.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"8\",\"notes\":\"ok let s discuss\",\"updated_at\":\"2025-12-23 14:46:52\"}','system','2025-12-23 14:46:52');
INSERT INTO `puntavista_question_history` VALUES ('78','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2026-01-04 09:14:06\"}','system','2026-01-04 09:14:06');
INSERT INTO `puntavista_question_history` VALUES ('79','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2026-01-04 09:15:04\"}','system','2026-01-04 09:15:04');
INSERT INTO `puntavista_question_history` VALUES ('80','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2026-01-04 09:16:00\"}','system','2026-01-04 09:16:00');
INSERT INTO `puntavista_question_history` VALUES ('81','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2026-01-04 09:16:27\"}','system','2026-01-04 09:16:27');
INSERT INTO `puntavista_question_history` VALUES ('82','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break\\u2011even is reached at approximately [\\u25cf] lots sold at an average net price of [\\u25cf] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2026-01-04 09:16:56\"}','system','2026-01-04 09:16:56');
INSERT INTO `puntavista_question_history` VALUES ('83','24',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who bears notary fees, taxes, and infrastructure costs in the event of conversion?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Transaction\\u2011related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project\\u2011level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex\\u2011ante.\",\"final_answer\":\"\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"yes, it s the buyer\",\"updated_at\":\"2026-01-04 09:19:11\"}','system','2026-01-04 09:19:11');
INSERT INTO `puntavista_question_history` VALUES ('84','24',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Who bears notary fees, taxes, and infrastructure costs in the event of conversion?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Transaction\\u2011related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project\\u2011level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex\\u2011ante.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"7\",\"notes\":\"yes, it s the buyer\",\"updated_at\":\"2026-01-04 09:20:28\"}','system','2026-01-04 09:20:28');
INSERT INTO `puntavista_question_history` VALUES ('85','24',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-04 09:20:59');
INSERT INTO `puntavista_question_history` VALUES ('86','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg issuer will be a dedicated special purpose vehicle (the \\u201cIssuer\\u201d) incorporated under Luxembourg law as a [S.A. \\/ S.\\u00e0 r.l., to be confirmed], with a share capital of [\\u25cf] EUR fully paid in. The Issuer will be wholly owned by [\\u25cf Holding \\/ the sponsor group], and its exclusive purpose will be to issue the Punta Vista Park bonds and perform any ancillary activities strictly necessary for that issuance (such as granting security and entering into intercompany funding arrangements). The Issuer will not conduct any operating business unrelated to this transaction.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2026-01-05 15:03:01\"}','system','2026-01-05 15:03:01');
INSERT INTO `puntavista_question_history` VALUES ('87','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning \\/ permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.\",\"final_answer\":\"Proposer une liste incr\\u00e9mentale\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix\",\"updated_at\":\"2026-01-05 15:05:43\"}','system','2026-01-05 15:05:43');
INSERT INTO `puntavista_question_history` VALUES ('88','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning \\/ permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.\",\"final_answer\":\"Proposer une liste incr\\u00e9mentale\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix\",\"updated_at\":\"2026-01-05 15:05:59\"}','system','2026-01-05 15:05:59');
INSERT INTO `puntavista_question_history` VALUES ('89','6',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the effective LTV at closing, based on total bond issuance versus total pledged land value?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Based on the current structure, we target a loan\\u2011to\\u2011value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.\",\"final_answer\":\"Oui les garanties sont largement au dessus\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"Je ne comprends pas ce que cest. A expliquer en reunion\",\"updated_at\":\"2026-01-05 15:15:02\"}','system','2026-01-05 15:15:02');
INSERT INTO `puntavista_question_history` VALUES ('90','7',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re\\u2011valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.\",\"final_answer\":\"No. \",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party\",\"updated_at\":\"2026-01-05 15:22:16\"}','system','2026-01-05 15:22:16');
INSERT INTO `puntavista_question_history` VALUES ('91','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"Attente d\'infos de Vincent\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2026-01-05 15:23:31\"}','system','2026-01-05 15:23:31');
INSERT INTO `puntavista_question_history` VALUES ('92','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"On a une r\\u00e9serve et les terres qui se vendront au fure et \\u00e0 mesure\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2026-01-05 15:26:57\"}','system','2026-01-05 15:26:57');
INSERT INTO `puntavista_question_history` VALUES ('93','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break\\u2011even is reached at approximately [\\u25cf] lots sold at an average net price of [\\u25cf] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.\",\"final_answer\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2026-01-05 15:29:08\"}','system','2026-01-05 15:29:08');
INSERT INTO `puntavista_question_history` VALUES ('94','15',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How is the structure designed to perform if sales are delayed by 12\\u201324 months?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The financial model includes downside cases where sales are delayed by 12 and 24 months. In these scenarios, the combination of (i) the DSRA, (ii) phased infrastructure works and (iii) reduced discretionary spending allows the structure to continue servicing interest for [\\u25cf] months. If a prolonged adverse scenario persists, the security package and conversion option into lots are designed to preserve value and offer alternative outcomes for bondholders beyond simple cash repayment.\",\"final_answer\":\"\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"5\",\"notes\":\"we re dead if this happen, but there s not reason it should unless global catastrophe of sone sort, let s talk about it\",\"updated_at\":\"2026-01-05 15:33:03\"}','system','2026-01-05 15:33:03');
INSERT INTO `puntavista_question_history` VALUES ('95','18',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"We are working on a consent framework under which key decisions (such as incurring additional secured debt, material changes to the master plan affecting pledged land, or disposal of core collateral) would require the prior approval of a defined majority of bondholders. Less material matters would remain within the discretion of the sponsor and project governance bodies. The exact thresholds and mechanics (bondholder meetings, written resolutions) will be specified in the terms and conditions.\",\"final_answer\":\"No but expliquer master plan tr\\u00e8s couteux pour \\u00eatre chang\\u00e9\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2026-01-05\",\"linked_faq_id\":\"6\",\"notes\":\"\",\"updated_at\":\"2026-01-05 15:35:36\"}','system','2026-01-05 15:35:36');
INSERT INTO `puntavista_question_history` VALUES ('96','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately [\\u25cf] USD\\/EUR of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"Vincent va revenir\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"aksed accountant\",\"updated_at\":\"2026-01-05 15:36:10\"}','system','2026-01-05 15:36:10');
INSERT INTO `puntavista_question_history` VALUES ('97','20',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are any developer or management fees paid before full repayment of the bonds?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Developer and management fees will be structured so that (i) they remain at market\\u2011reasonable levels, and (ii) a significant portion is subordinated to debt service and\\/or linked to project performance. No excessive front\\u2011loaded fees will be paid before the bonds are fully repaid or adequately de\\u2011risked, so that the sponsor\\u2019s incentives remain aligned with investors over the life of the project.\",\"final_answer\":\"No fees paid\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"the only fee is my 5k per month, we do not take anything *cry*\",\"updated_at\":\"2026-01-05 15:37:45\"}','system','2026-01-05 15:37:45');
INSERT INTO `puntavista_question_history` VALUES ('98','21',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.\",\"final_answer\":\"No\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"no\",\"updated_at\":\"2026-01-05 15:38:21\"}','system','2026-01-05 15:38:21');
INSERT INTO `puntavista_question_history` VALUES ('99','26',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Will investors benefit from a right to an independent annual audit or review?\",\"internal_owner_id\":\"6\",\"draft_answer\":\"We plan to have the project and\\/or the Issuer\\u2019s financial statements reviewed or audited annually by an independent auditor. In addition, bondholders (or a defined majority acting through the security agent) may be granted the right to request additional independent reviews (technical, financial or legal) under predefined conditions, particularly if certain covenants are breached or if material adverse developments occur.\",\"final_answer\":\"Oui, nous pouvons le faire. Pr\\u00e9vu depuis le d\\u00e9part.\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"8\",\"notes\":\"ok let s discuss\",\"updated_at\":\"2026-01-05 15:39:47\"}','system','2026-01-05 15:39:47');
INSERT INTO `puntavista_question_history` VALUES ('100','21',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.\",\"final_answer\":\"No. Leur rappeler qu\'en cas de prob ils deviennent proprio des terrains\",\"status\":\"Draft ready\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"no\",\"updated_at\":\"2026-01-05 15:40:40\"}','system','2026-01-05 15:40:40');
INSERT INTO `puntavista_question_history` VALUES ('101','4',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you provide a detailed list of the parcels pledged as collateral at closing, including cadastral references, surface, zoning, and individual fiscal values?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"At or before closing, we will provide an exhaustive collateral schedule listing each pledged parcel, including: (i) cadastral reference and registry information, (ii) surface and boundaries, (iii) zoning \\/ permitted use within the master plan, and (iv) official fiscal value as recorded in the National Registry. This schedule will be attached to the security documents and will be updated in case of any substitution or release of collateral under the agreed covenants.\",\"final_answer\":\"Yes. A detailed list of the parcels pledged as collateral will be provided in real time at closing.\\r\\nThis schedule will include, for each pledged parcel:\\r\\nOfficial cadastral reference (Registro Nacional),\\r\\nSurface area,\\r\\nZoning classification,\\r\\nOfficial fiscal value as recorded with the Costa Rican tax authorities,\\r\\nConfirmation of ownership and absence of liens at the time of pledge.\\r\\n\\r\\nThe final collateral package will reflect the exact parcels legally available and free of encumbrances at closing, ensuring accuracy and enforceability. All supporting registry certificates and notarial documentation will be made available as part of the closing documentation set.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"nous avions originalement parle de bloquer les lots au fur et a mesure de l avancee de la subscription des obligations. A ajourd hui je peux declarer les fincas de la rue, pour celles de l interieur cela risque de prendre plus de temps, parlons en de vive voix\",\"updated_at\":\"2026-01-15 11:27:16\"}','system','2026-01-15 11:27:16');
INSERT INTO `puntavista_question_history` VALUES ('102','6',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the effective LTV at closing, based on total bond issuance versus total pledged land value?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Based on the current structure, we target a loan\\u2011to\\u2011value (LTV) at closing materially below 50% when measured against 66% of the official fiscal value of the pledged land. The exact LTV will be disclosed once the final collateral pool and total issuance size are fixed, but the aim is to provide a meaningful equity and value cushion for bondholders.\",\"final_answer\":\"At closing, the pledged collateral will represent a total value that is approximately 150% of the bond principal, resulting in an effective loan-to-value (LTV) ratio of approximately 66%.\\r\\n\\r\\nThis means that the secured land assets will provide a 50% buffer above the total bond issuance, offering substantial over-collateralization to protect investors in the event of default or forced asset realization.\\r\\n\\r\\nThe final valuation basis will reflect a conservative and verifiable approach, relying either on official fiscal values, certified appraisals, or a combination of both\\u2014depending on investor preferences and legal enforceability requirements.\\r\\n\\r\\nFull supporting documentation will be provided at closing.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"Je ne comprends pas ce que cest. A expliquer en reunion\",\"updated_at\":\"2026-01-15 11:43:29\"}','system','2026-01-15 11:43:29');
INSERT INTO `puntavista_question_history` VALUES ('103','7',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Is there any dynamic over-collateralization mechanism if land values decline or if additional debt is introduced at project level?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The bond documentation is intended to include covenants preventing additional secured debt at project level that would dilute bondholder security. We are also considering tests whereby, in case of material erosion of collateral coverage (for instance due to disposals or adverse re\\u2011valuations), additional parcels would need to be added as collateral or distributions upstream from the project would be restricted. The final mechanism (if any) will be calibrated together with legal and structuring advisors to remain practical under Costa Rican law.\",\"final_answer\":\"The project is structured with a conservative level of over-collateralization at inception, and no dynamic collateral adjustment mechanism is currently foreseen.\\r\\n\\r\\nThat said, if any additional debt were to be introduced at the project level, it would only occur in the unlikely scenario where the full target amount of the Luxembourg bond is not raised. In such a case, external debt would be structured solely to complement the shortfall, not to increase leverage or risk.\\r\\n\\r\\nThis complementary financing would be calibrated to ensure it does not impair the project\\u2019s repayment capacity, nor alter the legal or economic rights of bondholders. Any such arrangement would be fully disclosed and structured to maintain investor protection.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"We can not prevent additional debt. We can limit it to 7M if taking into account both bonds and other third party\",\"updated_at\":\"2026-01-15 11:55:30\"}','system','2026-01-15 11:55:30');
INSERT INTO `puntavista_question_history` VALUES ('104','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"Attente d\'infos de Vincent\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"ok, a completer avec info valide\",\"updated_at\":\"2026-01-15 12:06:21\"}','system','2026-01-15 12:06:21');
INSERT INTO `puntavista_question_history` VALUES ('105','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"On a une r\\u00e9serve et les terres qui se vendront au fure et \\u00e0 mesure\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2026-01-15 12:14:48\"}','system','2026-01-15 12:14:48');
INSERT INTO `puntavista_question_history` VALUES ('106','12',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are interest payments fully dependent on land sales, or is there a debt service reserve account (DSRA) in place?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Interest will be primarily serviced from project cash flows (notably land sales), but the structure also contemplates a dedicated debt service reserve account (DSRA) funded at or shortly after closing. The DSRA is expected to cover approximately [\\u25cf] months of interest, providing a buffer against temporary delays in sales or cash inflows.\",\"final_answer\":\"Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.\\r\\n\\r\\nAs funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project\'s commercial cash flow.\\r\\n\\r\\nThis structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.\\r\\n\\r\\nFull details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"ok. When reading the questions I wonder If these potential investors are well aware of the project, do they know for example that our clients owe us at today more than 3M usd? And thus that we do not relyu only on future sales but alreay have half of what we ll have to reimburse ?\",\"updated_at\":\"2026-01-15 12:15:12\"}','system','2026-01-15 12:15:12');
INSERT INTO `puntavista_question_history` VALUES ('107','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Based on conservative assumptions, the commercial break-even thresholds are as follows:\\r\\nTo cover interest payments alone (fully funded via the DSRA):\\r\\nThe sale of less than one standard lot per month is sufficient.\\r\\n\\r\\nTo cover full principal repayment, interest, and operating expenses (over the full maturity):\\r\\nThe project would need to sell approximately:\\r\\n\\u2022 9 premium lots (average price: \\u20ac282,000), and\\r\\n\\u2022 27 standard lots (average price: \\u20ac125,000).\\r\\n\\r\\nThese figures are calculated using only 85% of the listed lot values, to allow for pricing flexibility and potential negotiation. They also include a reserve margin for corporate running costs.\\r\\n\\r\\nA detailed financial model is available upon request and can be shared under confidentiality.\",\"final_answer\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2026-01-15 12:24:28\"}','system','2026-01-15 12:24:28');
INSERT INTO `puntavista_question_history` VALUES ('108','14',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the commercial break-even point (number of lots \\/ minimum pricing) required to service interest and infrastructure costs?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"We are preparing a sensitivity analysis showing the minimum number of lots that need to be sold, at conservative pricing assumptions, to cover (i) interest on the bonds and (ii) remaining infrastructure capex. Preliminary modelling suggests that break\\u2011even is reached at approximately [\\u25cf] lots sold at an average net price of [\\u25cf] USD per lot, but we will provide detailed tables and stress scenarios in an annex to the financial model.\",\"final_answer\":\"Based on conservative assumptions, the commercial break-even thresholds are as follows:\\r\\n\\r\\nTo cover interest payments alone (fully funded via the DSRA):\\r\\nThe sale of less than one standard lot per month is sufficient.\\r\\n\\r\\nTo cover full principal repayment, interest, and operating expenses (over the full maturity):\\r\\nThe project would need to sell approximately:\\r\\n\\u2022 9 premium lots (average price: \\u20ac282,000), and\\r\\n\\u2022 27 standard lots (average price: \\u20ac125,000).\\r\\n\\r\\nThese figures are calculated using only 85% of the listed lot values, to allow for pricing flexibility and potential negotiation. They also include a reserve margin for corporate running costs.\\r\\n\\r\\nA detailed financial model is available upon request and can be shared under confidentiality.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"4\",\"notes\":\"interest if fully funded= less than half a lot sale per month\\r\\nfull reimburse=  9 premium lots at 282 000 average price and 27 standard lot at 125 000\\r\\nThis is with taking only 85% of the value of the lots to make room for negotiations etc and also covering interests and running cost of the company. See model attached\\r\\n\",\"updated_at\":\"2026-01-15 12:25:19\"}','system','2026-01-15 12:25:19');
INSERT INTO `puntavista_question_history` VALUES ('109','15',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"How is the structure designed to perform if sales are delayed by 12\\u201324 months?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"The financial model includes downside cases where sales are delayed by 12 and 24 months. In these scenarios, the combination of (i) the DSRA, (ii) phased infrastructure works and (iii) reduced discretionary spending allows the structure to continue servicing interest for [\\u25cf] months. If a prolonged adverse scenario persists, the security package and conversion option into lots are designed to preserve value and offer alternative outcomes for bondholders beyond simple cash repayment.\",\"final_answer\":\"The financial model has been built with downside scenarios in mind, including cases where land sales are delayed by 12 to 24 months. In such events, the structure remains resilient through a combination of:\\r\\n\\r\\nA Debt Service Reserve Account (DSRA) pre-funded to ensure continuity of interest payments;\\r\\n\\r\\nPhased infrastructure deployment, minimizing upfront capital expenditure;\\r\\n\\r\\nControlled discretionary spending during low-revenue periods.\\r\\n\\r\\nIn parallel, our actual commercial track record provides additional reassurance:\\r\\n\\r\\nOver the past two years, the developer has consistently sold between 1 and 2 lots per month, without formal marketing or completed infrastructure.\\r\\nWith road and utility works being deployed in the coming months, we expect this absorption rate to accelerate significantly.\\r\\n\\r\\nShould an extreme delay scenario materialize, the collateral structure and lot conversion mechanism are designed to preserve investor value and enable alternative exit options beyond cash repayment.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"5\",\"notes\":\"we re dead if this happen, but there s not reason it should unless global catastrophe of sone sort, let s talk about it\",\"updated_at\":\"2026-01-15 12:35:48\"}','system','2026-01-15 12:35:48');
INSERT INTO `puntavista_question_history` VALUES ('110','18',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"We are working on a consent framework under which key decisions (such as incurring additional secured debt, material changes to the master plan affecting pledged land, or disposal of core collateral) would require the prior approval of a defined majority of bondholders. Less material matters would remain within the discretion of the sponsor and project governance bodies. The exact thresholds and mechanics (bondholder meetings, written resolutions) will be specified in the terms and conditions.\",\"final_answer\":\"No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.\\r\\n\\r\\nThis is intentional:\\r\\nThe master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.\\r\\nAny material change would require multiple government approvals, significant engineering rework, and extended delays\\u2014making such adjustments impractical and highly unlikely.\\r\\n\\r\\nFurthermore, the financing structure protects bondholders through:\\r\\nOver-collateralization;\\r\\nA ring-fenced use of proceeds;\\r\\n\\r\\nAnd a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2026-01-05\",\"linked_faq_id\":\"6\",\"notes\":\"\",\"updated_at\":\"2026-01-15 12:40:32\"}','system','2026-01-15 12:40:32');
INSERT INTO `puntavista_question_history` VALUES ('111','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately [\\u25cf] USD\\/EUR of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"Vincent doit obtenir les infos du cabinet comptable\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"aksed accountant\",\"updated_at\":\"2026-01-15 12:44:36\"}','system','2026-01-15 12:44:36');
INSERT INTO `puntavista_question_history` VALUES ('112','20',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are any developer or management fees paid before full repayment of the bonds?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Developer and management fees will be structured so that (i) they remain at market\\u2011reasonable levels, and (ii) a significant portion is subordinated to debt service and\\/or linked to project performance. No excessive front\\u2011loaded fees will be paid before the bonds are fully repaid or adequately de\\u2011risked, so that the sponsor\\u2019s incentives remain aligned with investors over the life of the project.\",\"final_answer\":\"No. No developer or management fees will be paid prior to full repayment of the bonds.\\r\\n\\r\\nThis principle is not just a contractual commitment\\u2014it reflects the developer\\u2019s longstanding practice:\\r\\nSince the inception of the project, no management, promotion, or developer fees have ever been taken.\\r\\n\\r\\nAll available resources have been\\u2014and will continue to be\\u2014allocated to land acquisition, infrastructure development, and value creation for future stakeholders, including bondholders.\\r\\n\\r\\nThis alignment of interests is central to our approach and to the credibility of the project.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"the only fee is my 5k per month, we do not take anything *cry*\",\"updated_at\":\"2026-01-15 13:29:57\"}','system','2026-01-15 13:29:57');
INSERT INTO `puntavista_question_history` VALUES ('113','21',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Are there step-in rights or protective clauses allowing investors to replace the developer in a severe underperformance scenario?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"The documentation is intended to include protective clauses allowing bondholders (acting through the security agent and majority decisions) to trigger enhanced controls, appointment of an independent project manager or, in extreme underperformance scenarios, replacement of the current developer. These mechanisms will be designed with legal counsel to ensure they are enforceable in practice while still allowing the developer to operate efficiently in normal conditions.\",\"final_answer\":\"No, the bond structure does not include formal step-in rights or contractual provisions allowing investors to directly replace the developer.\\r\\n\\r\\nHowever, in the event of a severe underperformance scenario or default, investors benefit from a comprehensive security package\\u2014including first-ranking mortgages over valuable land parcels.\\r\\n\\r\\nThis means that bondholders (or their appointed representative) would have the legal ability to take possession and control of the pledged real estate assets, enabling them to recover value through direct sale, third-party development, or other strategic options.\\r\\n\\r\\nThis outcome-oriented protection mechanism has been intentionally prioritized over a complex governance structure, to ensure clarity, enforceability, and asset-backed recovery for investors.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"no\",\"updated_at\":\"2026-01-15 13:36:40\"}','system','2026-01-15 13:36:40');
INSERT INTO `puntavista_question_history` VALUES ('114','26',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Will investors benefit from a right to an independent annual audit or review?\",\"internal_owner_id\":\"6\",\"draft_answer\":\"We plan to have the project and\\/or the Issuer\\u2019s financial statements reviewed or audited annually by an independent auditor. In addition, bondholders (or a defined majority acting through the security agent) may be granted the right to request additional independent reviews (technical, financial or legal) under predefined conditions, particularly if certain covenants are breached or if material adverse developments occur.\",\"final_answer\":\"Yes. Investors will benefit from an independent annual audit or financial review, conducted by a qualified third-party firm.\\r\\n\\r\\nThis has been part of the governance structure from the outset and will be implemented regardless of any specific investor request.\\r\\nThe audit or review will cover the use of proceeds, financial position of the issuer\\/SPV, and key project metrics. Results will be shared with bondholders as part of the standard reporting package.\\r\\n\\r\\nThis measure reflects our commitment to transparency, accountability, and professional investor communication.\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"8\",\"notes\":\"ok let s discuss\",\"updated_at\":\"2026-01-15 13:42:03\"}','system','2026-01-15 13:42:03');
INSERT INTO `puntavista_question_history` VALUES ('115','7',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:09:40');
INSERT INTO `puntavista_question_history` VALUES ('116','26',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:09:56');
INSERT INTO `puntavista_question_history` VALUES ('117','4',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:10:19');
INSERT INTO `puntavista_question_history` VALUES ('118','6',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:11:15');
INSERT INTO `puntavista_question_history` VALUES ('119','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately [\\u25cf] to [\\u25cf] months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"10 to 14 months in standard non contested scenarios with a clear identified debtor. Of course, things take longer if the debtor can not be found or if the debts is contested but it isnt the case.\",\"updated_at\":\"2026-01-15 15:23:36\"}','system','2026-01-15 15:23:36');
INSERT INTO `puntavista_question_history` VALUES ('120','12',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:23:55');
INSERT INTO `puntavista_question_history` VALUES ('121','14',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:24:13');
INSERT INTO `puntavista_question_history` VALUES ('122','15',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:24:34');
INSERT INTO `puntavista_question_history` VALUES ('123','18',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:24:48');
INSERT INTO `puntavista_question_history` VALUES ('124','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately [\\u25cf] USD\\/EUR of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"Vincent doit obtenir les infos du cabinet comptable\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"Aportes de socios: 2242000\\r\\nAportes extraordinarios: 20465000\\r\\nTotal 22707000\",\"updated_at\":\"2026-01-15 15:26:44\"}','system','2026-01-15 15:26:44');
INSERT INTO `puntavista_question_history` VALUES ('125','20',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:26:59');
INSERT INTO `puntavista_question_history` VALUES ('126','21',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-15 15:27:13');
INSERT INTO `puntavista_question_history` VALUES ('127','9',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"In a default scenario, what would be the realistic enforcement timeline under Costa Rican law (in months\\/years)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Preliminary discussions with Costa Rican counsel indicate that, depending on the specific circumstances and court workload, enforcement of real\\u2011estate security could typically range from approximately 10 to 14 months from initiation of formal proceedings, potentially longer in complex or contested scenarios. We are currently obtaining more granular guidance (including best\\u2011 and worst\\u2011case estimates), which we will share once the legal memo is finalised.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"3\",\"notes\":\"10 to 14 months in standard non contested scenarios with a clear identified debtor. Of course, things take longer if the debtor can not be found or if the debts is contested but it isnt the case.\",\"updated_at\":\"2026-01-20 15:50:53\"}','system','2026-01-20 15:50:53');
INSERT INTO `puntavista_question_history` VALUES ('128','9',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-20 15:51:22');
INSERT INTO `puntavista_question_history` VALUES ('129','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately 22 707 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"Vincent doit obtenir les infos du cabinet comptable\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"Aportes de socios: 2242000\\r\\nAportes extraordinarios: 20465000\\r\\nTotal 22707000\",\"updated_at\":\"2026-01-20 15:52:48\"}','system','2026-01-20 15:52:48');
INSERT INTO `puntavista_question_history` VALUES ('130','19',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-20 15:52:59');
INSERT INTO `puntavista_question_history` VALUES ('131','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately 22 707 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"As of closing, the sponsor will have contributed approximately 22 707 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"Aportes de socios: 2242000\\r\\nAportes extraordinarios: 20465000\\r\\nTotal 22707000\",\"updated_at\":\"2026-01-20 15:53:27\"}','system','2026-01-20 15:53:27');
INSERT INTO `puntavista_question_history` VALUES ('132','18',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Do bondholders benefit from any collective consent or veto rights on key matters (additional debt, changes to the master plan, asset disposals)?\",\"internal_owner_id\":\"5\",\"draft_answer\":\"We are working on a consent framework under which key decisions (such as incurring additional secured debt, material changes to the master plan affecting pledged land, or disposal of core collateral) would require the prior approval of a defined majority of bondholders. Less material matters would remain within the discretion of the sponsor and project governance bodies. The exact thresholds and mechanics (bondholder meetings, written resolutions) will be specified in the terms and conditions.\",\"final_answer\":\"No, bondholders do not have collective consent or veto rights over matters such as new debt, changes to the master plan, or asset disposals.\\r\\n\\r\\nThis is intentional:\\r\\nThe master plan is a long-term, highly regulated development framework that has already undergone a complex and costly approval process.\\r\\nAny material change would require multiple government approvals, significant engineering rework, and extended delays\\u2014making such adjustments impractical and highly unlikely.\\r\\n\\r\\nFurthermore, the financing structure protects bondholders through:\\r\\nOver-collateralization;\\r\\nA ring-fenced use of proceeds;\\r\\n\\r\\nAnd a debt structure that ranks senior and secured, limiting operational risk exposure without requiring active bondholder governance.\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2026-01-05\",\"linked_faq_id\":\"6\",\"notes\":\"\",\"updated_at\":\"2026-01-20 16:24:33\"}','system','2026-01-20 16:24:33');
INSERT INTO `puntavista_question_history` VALUES ('133','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"Aportes de socios: 2242000\\r\\nAportes extraordinarios: 20465000\\r\\nTotal 22707000\",\"updated_at\":\"2026-01-27 14:04:30\"}','system','2026-01-27 14:04:30');
INSERT INTO `puntavista_question_history` VALUES ('134','19',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"What is the exact amount of cash equity invested by the sponsor to date (excluding land valuation)?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"final_answer\":\"As of closing, the sponsor will have contributed approximately 5 860 000 USD of cash equity into the project, in addition to the land contribution. This includes funding of pre\\u2011development costs, permits, early infrastructure works and project management expenses. The intention is to demonstrate meaningful financial alignment, with the sponsor bearing first\\u2011loss risk ahead of bondholders.\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-23\",\"linked_faq_id\":\"9\",\"notes\":\"Aportes de socios: 2242000\\r\\nAportes extraordinarios: 20465000\\r\\nTotal 22707000\",\"updated_at\":\"2026-01-27 14:11:17\"}','system','2026-01-27 14:11:17');
INSERT INTO `puntavista_question_history` VALUES ('135','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.\\r\\n\\r\\nMore specifically, the bonds are issued by RE 4 ALL S.A. \\u2013 Compartment \\u201cADVANCED\\u201d, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.\\r\\n\\r\\nOpportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n\\u00b0 06\\/18) and operates under the supervision of the CSSF as a professional securitization platform provider.\\r\\n\\r\\nEach compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:\\r\\n\\r\\nother compartments, and the general estate of the platform itself.\\r\\n\\r\\nThe compartment \\u201cADVANCED\\u201d is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.\\r\\n\\r\\nAs such, the investors\\u2019 exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.\\r\\n\\r\\nDetails regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.\",\"final_answer\":\"\",\"status\":\"Reviewed\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2026-01-27 15:01:30\"}','system','2026-01-27 15:01:30');
INSERT INTO `puntavista_question_history` VALUES ('136','1',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-01-27 15:01:45');
INSERT INTO `puntavista_question_history` VALUES ('137','1',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2025-12-20\",\"question_original\":\"Could you please confirm the exact legal identity of the Luxembourg bond issuer (name, legal form, share capital, shareholders)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.\\r\\n\\r\\nMore specifically, the bonds are issued by RE 4 ALL S.A. \\u2013 Compartment \\u201cADVANCED\\u201d, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.\\r\\n\\r\\nOpportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n\\u00b0 06\\/18) and operates under the supervision of the CSSF as a professional securitization platform provider.\\r\\n\\r\\nEach compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:\\r\\n\\r\\nother compartments, and the general estate of the platform itself.\\r\\n\\r\\nThe compartment \\u201cADVANCED\\u201d is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.\\r\\n\\r\\nAs such, the investors\\u2019 exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.\\r\\n\\r\\nDetails regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.\",\"final_answer\":\"The Luxembourg bond issuer is not a standalone company but a dedicated compartment within an existing Luxembourg securitization platform.\\r\\n\\r\\nMore specifically, the bonds are issued by RE 4 ALL S.A. \\u2013 Compartment \\u201cADVANCED\\u201d, which is a legally segregated compartment within a securitization vehicle operated by Opportunity Financial Services S.A.\\r\\n\\r\\nOpportunity Financial Services S.A. is a Luxembourg company holding a valid business license (n\\u00b0 06\\/18) and operates under the supervision of the CSSF as a professional securitization platform provider.\\r\\n\\r\\nEach compartment within the platform constitutes a ring-fenced patrimony under Luxembourg securitization law, with assets and liabilities legally segregated from:\\r\\n\\r\\nother compartments, and the general estate of the platform itself.\\r\\n\\r\\nThe compartment \\u201cADVANCED\\u201d is exclusively dedicated to this transaction and is the sole issuer of the bonds related to the project.\\r\\n\\r\\nAs such, the investors\\u2019 exposure is strictly limited to the assets and cash flows of the ADVANCED compartment, and not to any other activity of the platform.\\r\\n\\r\\nDetails regarding the share capital and shareholders relate to Opportunity Financial Services S.A., the platform owner, rather than to the compartment itself, as compartments do not have separate legal personality under Luxembourg law but benefit from full statutory segregation.\",\"status\":\"Finalized\",\"priority\":\"Medium\",\"version\":\"V1 2025\\u201112\\u201122\",\"update_date\":\"2025-12-22\",\"linked_faq_id\":\"1\",\"notes\":\"V: ok pour moi, a remplir avec les infos definitives des qu on les a.\",\"updated_at\":\"2026-01-27 15:45:54\"}','system','2026-01-27 15:45:54');
INSERT INTO `puntavista_question_history` VALUES ('138','30',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"\\\"3. Additional debt at project level  : While additional debt is described as unlikely and complementary only, would it be contractually prohibited without prior disclosure and\\/or investor notification?  \\r\\n\\r\\nIs there any hard cap or covenant preventing leverage from increasing beyond the initial risk assumptions?\\\"\",\"internal_owner_id\":\"2\",\"draft_answer\":\"\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"3\",\"notes\":\"\",\"updated_at\":\"2026-02-27 10:24:42\"}','system','2026-02-27 10:24:42');
INSERT INTO `puntavista_question_history` VALUES ('139','34',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance.  \\r\\n\\r\\nThat said, has any alternative \\\"light\\\" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default\",\"internal_owner_id\":\"4\",\"draft_answer\":\"\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"9\",\"notes\":\"\",\"updated_at\":\"2026-02-27 10:35:21\"}','system','2026-02-27 10:35:21');
INSERT INTO `puntavista_question_history` VALUES ('140','34',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance.  \\r\\n\\r\\nThat said, has any alternative \\\"light\\\" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default\",\"internal_owner_id\":\"4\",\"draft_answer\":\"\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"9\",\"notes\":\"\",\"updated_at\":\"2026-02-27 10:35:49\"}','system','2026-02-27 10:35:49');
INSERT INTO `puntavista_question_history` VALUES ('141','35',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"8. DSRA sizing and control  : Will the final DSRA mechanics be fully hard-coded in the bond documentation (minimum months, permitted uses, replenishment rules), and will the DSRA be held at issuer level under Luxembourg law with restricted access?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"4\",\"notes\":\"\",\"updated_at\":\"2026-02-27 10:46:59\"}','system','2026-02-27 10:46:59');
INSERT INTO `puntavista_question_history` VALUES ('142','28',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"1. Legal robustness of the Luxembourg structure : Could you confirm whether a formal Luxembourg legal opinion will be delivered at closing, covering in particular:\\r\\n- the enforceability of limited recourse and non-petition clauses,\\r\\n- the effective insolvency remoteness of the ADVANCED compartment,\\r\\n- and the validity of the ring-fencing vis-\\u00e0-vis both the platform and other compartments?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Yes, a formal Luxembourg legal opinion can be delivered at closing.\\r\\n\\r\\nThe opinion will cover, in particular:\\r\\n\\r\\nEnforceability of the limited recourse and non-petition clauses, confirming that such provisions are valid and enforceable under Luxembourg law and binding upon investors and counterparties;\\r\\n\\r\\nEffective insolvency remoteness of the Punta Vista Park Series A compartment, confirming that creditors of other compartments or of the securitisation vehicle generally have no recourse to the assets allocated to the relevant compartment;\\r\\n\\r\\nValidity and effectiveness of the ring-fencing mechanism, pursuant to the Luxembourg Securitisation Law of 22 March 2004 (as amended), ensuring proper segregation of assets and liabilities between compartments and vis-\\u00e0-vis the platform.\\r\\n\\r\\nThe legal opinion will be issued by Luxembourg counsel experienced in securitisation matters and will confirm that the structure complies with applicable Luxembourg law and established market practice.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2026-02-27 11:22:34\"}','system','2026-02-27 11:22:34');
INSERT INTO `puntavista_question_history` VALUES ('143','29',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"2. Back-to-back funding mechanics  : Could you provide more detail on the exact nature of the funding from the issuer to the Costa Rican entities (loan, shareholder loan, secured intercompany facility), and how repayment priority is contractually ensured vis-\\u00e0-vis any other liabilities at project level?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.\\r\\n\\r\\nMore specifically:\\r\\n- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;\\r\\n- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;\\r\\n- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.\\r\\n\\r\\nSecurity & Priority\\r\\nRepayment priority is contractually ensured through the following mechanisms:\\r\\n- The intercompany facility will be documented as senior secured debt at project level;\\r\\n- The Costa Rican SPV will benefit from:\\r\\n- - First-ranking mortgages over designated land parcels;\\r\\n- - Assignment of receivables and sale proceeds;\\r\\n- - Control over designated collection accounts;\\r\\n- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;\\r\\n- The project entity will not be permitted to incur additional senior debt that would dilute the repayment priority of the bond structure.\\r\\n\\r\\nAs a result, the bondholders\\u2019 position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"1\",\"notes\":\"Excellente question \\u2014 ici l\\u2019investisseur teste la subordination r\\u00e9elle du flux et le risque de \\u00ab structural subordination \\u00bb.\",\"updated_at\":\"2026-02-27 11:26:48\"}','system','2026-02-27 11:26:48');
INSERT INTO `puntavista_question_history` VALUES ('144','30',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"3. Additional debt at project level  : While additional debt is described as unlikely and complementary only, would it be contractually prohibited without prior disclosure and\\/or investor notification?  \\r\\n\\r\\nIs there any hard cap or covenant preventing leverage from increasing beyond the initial risk assumptions?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.\\r\\n\\r\\nThat said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.\\r\\n\\r\\nIn particular:\\r\\n- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;\\r\\n- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;\\r\\n- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.\\r\\n\\r\\nFurthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:\\r\\n- A hard cap on total external indebtedness, and\\/or\\r\\n- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.\\r\\n\\r\\nThese mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders\\u2019 security position.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"3\",\"notes\":\"Ici l\\u2019investisseur cherche \\u00e0 tester la discipline financi\\u00e8re structurelle et l\\u2019existence de v\\u00e9ritables covenants contraignants, au-del\\u00e0 d\\u2019une simple d\\u00e9claration d\\u2019intention.\",\"updated_at\":\"2026-02-27 11:29:37\"}','system','2026-02-27 11:29:37');
INSERT INTO `puntavista_question_history` VALUES ('145','31',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"4. Collateral valuation and monitoring : Beyond the initial conservative valuation (66% of fiscal value), is there any form of periodic reassessment or monitoring of collateral coverage for reporting purposes, even if no automatic top-up mechanism is foreseen?\",\"internal_owner_id\":\"3\",\"draft_answer\":\"Yes. Even though no automatic top-up or dynamic over-collateralization mechanism is currently foreseen, collateral coverage will be subject to periodic monitoring and reporting.\\r\\n\\r\\nAt closing, the pledged assets will reflect a conservative valuation approach (approximately 150% collateral coverage, i.e., ~66% LTV based on fiscal values). Beyond that initial position:\\r\\n- The status of pledged parcels (ownership, encumbrances, zoning) will be periodically verified through updated registry extracts;\\r\\n- Sales progress and remaining secured inventory will be reported to investors on a quarterly basis;\\r\\n- The estimated market positioning of remaining lots will be reviewed internally and may be benchmarked against comparable transactions in the area.\\r\\n\\r\\nShould a material and sustained decline in collateral coverage occur due to extraordinary circumstances, appropriate structural adjustments (e.g., substitution of parcels, additional pledges, or reallocation of unsold inventory) may be implemented to preserve overall security integrity.\\r\\n\\r\\nThis approach ensures ongoing transparency and prudent asset monitoring, even in the absence of an automatic top-up trigger.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"3\",\"notes\":\"Ici l\\u2019investisseur teste si nous avons une logique de surveillance active du collateral, m\\u00eame sans m\\u00e9canisme automatique de top-up.\",\"updated_at\":\"2026-02-27 11:32:08\"}','system','2026-02-27 11:32:08');
INSERT INTO `puntavista_question_history` VALUES ('146','32',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"5. Enforcement practicalities in Costa Rica : Will a formal Costa Rican legal memorandum be provided covering:\\r\\n- enforceability of first-ranking mortgages,\\r\\n- priority vis-\\u00e0-vis local creditors and tax authorities,\\r\\n- realistic timelines and procedural steps in both uncontested and contested scenarios?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"Yes, a formal Costa Rican legal memorandum can be provided at closing.\\r\\n\\r\\nThe memorandum will be prepared by qualified local counsel and will address, in particular:\\r\\n- The validity and enforceability of first-ranking mortgages (hipoteca de primer grado) duly registered with the Costa Rican National Registry;\\r\\n- The priority of the secured creditor vis-\\u00e0-vis other local creditors, including treatment in insolvency scenarios;\\r\\n- The position of secured creditors in relation to statutory claims (including tax authorities and labor claims, if applicable);\\r\\n- The procedural framework and realistic timelines for enforcement in both uncontested and contested foreclosure scenarios.\\r\\n\\r\\nUnder Costa Rican law, a properly registered first-ranking mortgage provides strong creditor protection. In the event of default, enforcement may proceed through judicial foreclosure, leading to public auction or asset realization. While timelines depend on court workload and whether the debtor contests the claim, typical enforcement periods range between approximately 12 and 18 months in standard cases.\\r\\n\\r\\nThe purpose of the memorandum will be to provide investors with a clear, jurisdiction-specific assessment of enforceability, procedural steps, and associated risks, ensuring transparency and legal robustness of the security package.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"3\",\"notes\":\"Ici l\\u2019investisseur veut s\\u2019assurer que l\\u2019enforcement n\\u2019est pas th\\u00e9orique mais r\\u00e9ellement ex\\u00e9cutable dans la juridiction locale.\",\"updated_at\":\"2026-02-27 11:38:27\"}','system','2026-02-27 11:38:27');
INSERT INTO `puntavista_question_history` VALUES ('147','33',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"6. Security agent \\/ trustee role : Could you clarify:\\r\\n- who is expected to act as security agent or trustee,\\r\\n- under which governing law the security agency agreement will be structured,\\r\\n- and whether the agent has discretion or is strictly bound by bondholder instructions upon default?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The structure will include the appointment of a dedicated security agent (or bondholders\\u2019 representative) acting for the benefit of the bondholders.\\r\\n\\r\\n1. Appointment\\r\\nA professional third-party entity, independent from the issuer and the project sponsors, is expected to act as security agent. The final appointment will be confirmed prior to closing.\\r\\n\\r\\n2. Governing Law\\r\\n- The security agency agreement at Luxembourg level will be governed by Luxembourg law.\\r\\n- The Costa Rican security documents (including first-ranking mortgages and assignments of receivables) will be governed by Costa Rican law, with the security agent duly recognized as secured creditor or beneficiary under local law.\\r\\n\\r\\nThis dual-layer structure ensures proper recognition and enforceability in both jurisdictions.\\r\\n\\r\\n3. Role and Discretion\\r\\nUpon default, the security agent will act primarily in accordance with:\\r\\n- The terms of the bond documentation;\\r\\n- Formal bondholder resolutions (where required).\\r\\n\\r\\nThe agent\\u2019s role is not discretionary in a commercial sense but fiduciary in nature. It will execute enforcement actions based on bondholder instructions, subject to standard protections allowing it to act in good faith and in the collective interest of investors.\\r\\n\\r\\nThis framework ensures clarity of authority, legal robustness, and alignment with international secured note practices.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"2\",\"notes\":\"Ici l\\u2019investisseur v\\u00e9rifie si la cha\\u00eene de s\\u00fbret\\u00e9s est structur\\u00e9e selon les standards internationaux, avec un v\\u00e9ritable repr\\u00e9sentant des porteurs.\",\"updated_at\":\"2026-02-27 11:41:12\"}','system','2026-02-27 11:41:12');
INSERT INTO `puntavista_question_history` VALUES ('148','34',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"7. Absence of step-in rights : We understand and respect the philosophy of favoring asset-backed protection over complex governance.  \\r\\n\\r\\nThat said, has any alternative \\\"light\\\" protection been considered (e.g. acceleration triggers, cash sweep, enhanced reporting or cure periods) in the event of material underperformance prior to default\",\"internal_owner_id\":\"4\",\"draft_answer\":\"While the structure does not include formal step-in rights, several protective mechanisms are either embedded in the documentation or may be incorporated to address material underperformance prior to a formal default event.\\r\\n\\r\\nIn particular:\\r\\n\\r\\n1. Acceleration Triggers\\r\\nThe bond documentation may include clearly defined events of default and cross-default provisions allowing bondholders (via the security agent) to accelerate the notes if predefined financial or operational thresholds are breached.\\r\\n\\r\\n2. Cash Flow Controls \\/ Cash Sweep\\r\\nIn case of underperformance, enhanced cash control mechanisms may be activated, including:\\r\\n- Mandatory allocation of sales proceeds to debt servicing;\\r\\n- Temporary suspension of discretionary expenditures;\\r\\n- Priority allocation to interest and principal repayment.\\r\\n\\r\\n3. Enhanced Reporting\\r\\nIf performance deviates materially from projections, investors may receive:\\r\\n- Increased reporting frequency;\\r\\n- Detailed breakdown of sales pipeline and liquidity position;\\r\\n- Updated financial projections and sensitivity analysis.\\r\\n\\r\\n4. Cure Periods\\r\\nBefore acceleration, defined cure periods may apply, allowing the issuer or project entity to remedy breaches (e.g., missed reporting, covenant breaches, liquidity shortfall) within a specified timeframe.\\r\\n\\r\\nThese mechanisms are designed to provide bondholders with graduated protections and early-warning responses, while preserving operational flexibility and avoiding unnecessary disruption to the project.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"9\",\"notes\":\"L\\u2019investisseur ne conteste pas l\\u2019absence de step-in rights, mais cherche \\u00e0 savoir s\\u2019il existe des m\\u00e9canismes interm\\u00e9diaires de protection avant d\\u00e9faut formel. C\\u2019est une demande tr\\u00e8s institutionnelle.\",\"updated_at\":\"2026-02-27 11:44:01\"}','system','2026-02-27 11:44:01');
INSERT INTO `puntavista_question_history` VALUES ('149','35',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"8. DSRA sizing and control  : Will the final DSRA mechanics be fully hard-coded in the bond documentation (minimum months, permitted uses, replenishment rules), and will the DSRA be held at issuer level under Luxembourg law with restricted access?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Yes, the final DSRA mechanics will be clearly defined and hard-coded in the bond documentation.\\r\\n\\r\\nThe documentation will specify in detail:\\r\\n- The minimum reserve coverage (expressed in number of months of forward interest payments);\\r\\n- The permitted uses of the DSRA, strictly limited to servicing interest (and, if applicable, principal at maturity);\\r\\n- The conditions and rules for replenishment, including mandatory top-up provisions if the reserve is drawn;\\r\\n- The circumstances under which the DSRA may be released.\\r\\n\\r\\nThe DSRA will be held at issuer (Luxembourg compartment) level, under Luxembourg law, and maintained in a segregated account.\\r\\n\\r\\nAccess to the DSRA will be contractually restricted and ring-fenced. Funds will not be available for operational or discretionary use and will be applied strictly in accordance with the bond terms and, where applicable, under the oversight of the security agent or bondholders\\u2019 representative.\\r\\n\\r\\nThis structure ensures that the reserve remains outside the operational perimeter of the Costa Rican project entities and fully aligned with Luxembourg securitisation principles.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"4\",\"notes\":\"Ici l\\u2019investisseur cherche \\u00e0 savoir si la DSRA est r\\u00e9ellement verrouill\\u00e9e juridiquement, et non simplement indicative.\",\"updated_at\":\"2026-02-27 11:45:58\"}','system','2026-02-27 11:45:58');
INSERT INTO `puntavista_question_history` VALUES ('150','36',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"9. Conversion into lots \\u2013 legal and tax aspects  : Have the legal and tax implications for non-Costa Rican investors converting bonds into lots been fully analysed (transfer taxes, stamp duties, local registration, potential withholding or indirect tax exposure)?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Yes, the legal and tax implications of bond conversion into land lots for non-Costa Rican investors have been considered and will be fully documented prior to implementation.\\r\\n\\r\\nFrom a legal standpoint:\\r\\n- Upon conversion, the transaction would be structured as a formal transfer of real estate under Costa Rican law, duly recorded with the National Registry;\\r\\n- Title transfer would require execution before a Costa Rican notary and registration in the Real Estate Section of the Registro Nacional;\\r\\n- Foreign investors are legally permitted to own Costa Rican real estate directly, without residency requirements.\\r\\n\\r\\nFrom a tax perspective:\\r\\n- A real estate transfer tax (currently 1.5% of the higher of the registered value or declared transaction value) applies;\\r\\n- Standard registration and notarial fees would also be payable;\\r\\n- No Costa Rican withholding tax applies merely due to the buyer\\u2019s foreign status;\\r\\n- Indirect tax exposure (e.g., VAT) depends on the legal nature of the lot (raw land vs. developed property), but undeveloped land transfers are generally outside VAT scope.\\r\\n\\r\\nIf required, the conversion can also be structured through a local SPV owned by the investor, depending on individual tax planning considerations in the investor\\u2019s home jurisdiction.\\r\\n\\r\\nPrior to launch of any conversion mechanism, a formal Costa Rican legal and tax memorandum can be provided outlining:\\r\\n- Step-by-step transfer mechanics,\\r\\n- Applicable taxes and costs,\\r\\n- Registration timelines,\\r\\n- Compliance requirements for non-resident investors.\\r\\n\\r\\nThis ensures that the conversion feature is legally executable, transparent, and predictable from both a regulatory and tax standpoint.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"7\",\"notes\":\"Ici l\\u2019investisseur teste si l\\u2019option de conversion en lots est r\\u00e9ellement ex\\u00e9cutable juridiquement et fiscalement pour un investisseur \\u00e9tranger, et pas seulement th\\u00e9orique.\",\"updated_at\":\"2026-02-27 11:50:28\"}','system','2026-02-27 11:50:28');
INSERT INTO `puntavista_question_history` VALUES ('151','37',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"10. Reporting and audit scope  : Could you confirm whether the annual independent audit\\/review will cover not only the issuer but also the key Costa Rican project entities, at least on a consolidated or agreed-upon procedures basis?\",\"internal_owner_id\":\"6\",\"draft_answer\":\"Yes, the annual independent audit or review will not be limited solely to the Luxembourg issuer.\\r\\n\\r\\nWhile the statutory audit requirement applies at the issuer (Luxembourg compartment) level, the scope of reporting will extend to the key Costa Rican project entities through one of the following mechanisms:\\r\\n- Consolidated reporting at structure level; and\\/or\\r\\n- An agreed-upon procedures (AUP) engagement covering:\\r\\n-- Use of proceeds,\\r\\n-- Outstanding intercompany balances,\\r\\n-- Status of pledged assets,\\r\\n-- Sales progress and cash flow allocation,\\r\\n-- Compliance with key structural covenants.\\r\\n\\r\\nThe objective is to ensure that investors receive meaningful transparency not only on the financial position of the issuer, but also on the operational and financial status of the underlying project entities.\\r\\n\\r\\nThe precise audit and reporting framework will be defined prior to closing and may be adapted to reflect investor expectations and proportionality considerations.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"8\",\"notes\":\"Ici l\\u2019investisseur cherche \\u00e0 \\u00e9viter un audit \\u201cvide\\u201d limit\\u00e9 au v\\u00e9hicule luxembourgeois, et veut s\\u2019assurer que la substance \\u00e9conomique (Costa Rica) est \\u00e9galement couverte.\",\"updated_at\":\"2026-02-27 11:52:35\"}','system','2026-02-27 11:52:35');
INSERT INTO `puntavista_question_history` VALUES ('152','29',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"2. Back-to-back funding mechanics  : Could you provide more detail on the exact nature of the funding from the issuer to the Costa Rican entities (loan, shareholder loan, secured intercompany facility), and how repayment priority is contractually ensured vis-\\u00e0-vis any other liabilities at project level?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.\\r\\n\\r\\nMore specifically:\\r\\n- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;\\r\\n- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;\\r\\n- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.\\r\\n\\r\\nSecurity & Priority\\r\\nRepayment priority is contractually ensured through the following mechanisms:\\r\\n- The intercompany facility will be documented as senior secured debt at project level;\\r\\n- The Costa Rican SPV will benefit from:\\r\\n- - First-ranking mortgages over designated land parcels;\\r\\n- - Assignment of receivables and sale proceeds;\\r\\n- - Control over designated collection accounts;\\r\\n- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;\\r\\n- The project entity will not be permitted to incur additional senior debt that would dilute the repayment priority of the bond structure.\\r\\n\\r\\nAs a result, the bondholders\\u2019 position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"1\",\"notes\":\"Excellente question \\u2014 ici l\\u2019investisseur teste la subordination r\\u00e9elle du flux et le risque de \\u00ab structural subordination \\u00bb.\\r\\nV: quand tu ecris: \\\"- The project entity will not be permitted to incur additional senior debt that would dilute the repayment priority of the bond structure.\\\" Je crois qu il faut que l on laisse la possibilit\\u00e9 ouverte mais que le total soit limit\\u00e9. Il est necessaire que nous puissions recevoir un pret de la banque.\",\"updated_at\":\"2026-03-03 17:01:45\"}','system','2026-03-03 17:01:45');
INSERT INTO `puntavista_question_history` VALUES ('153','30',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"3. Additional debt at project level  : While additional debt is described as unlikely and complementary only, would it be contractually prohibited without prior disclosure and\\/or investor notification?  \\r\\n\\r\\nIs there any hard cap or covenant preventing leverage from increasing beyond the initial risk assumptions?\",\"internal_owner_id\":\"2\",\"draft_answer\":\"The introduction of additional debt at project level is not part of the base case financial structure and is considered unlikely.\\r\\n\\r\\nThat said, the structure will include protective covenants to ensure transparency and preservation of bondholder interests.\\r\\n\\r\\nIn particular:\\r\\n- Any additional financial indebtedness at project level would be subject to prior disclosure to the issuer and reflected in reporting to bondholders;\\r\\n- No additional debt may be incurred that would rank senior to, or structurally prime, the secured intercompany facility without structural alignment;\\r\\n- The project entity will be subject to a negative pledge undertaking, preventing the granting of security interests in favor of third parties that would prejudice the existing security package.\\r\\n\\r\\nFurthermore, the financial model underlying the transaction assumes a defined leverage profile. The documentation may include:\\r\\n- A hard cap on total external indebtedness, and\\/or\\r\\n- A covenant ensuring that the loan-to-value ratio does not exceed the initial underwriting threshold.\\r\\n\\r\\nThese mechanisms are designed to prevent leverage from increasing beyond the original risk assumptions and to preserve the integrity of the bondholders\\u2019 security position.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"3\",\"notes\":\"Ici l\\u2019investisseur cherche \\u00e0 tester la discipline financi\\u00e8re structurelle et l\\u2019existence de v\\u00e9ritables covenants contraignants, au-del\\u00e0 d\\u2019une simple d\\u00e9claration d\\u2019intention.\\r\\nV: pareil, nous sommes d accord, mais devons definir la dette maximale authoris\\u00e9e.\",\"updated_at\":\"2026-03-03 17:04:45\"}','system','2026-03-03 17:04:45');
INSERT INTO `puntavista_question_history` VALUES ('154','28',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:15:17');
INSERT INTO `puntavista_question_history` VALUES ('155','29',NULL,'metadata','Update','{\"investor_group_id\":\"1\",\"date_received\":\"2026-02-27\",\"question_original\":\"2. Back-to-back funding mechanics  : Could you provide more detail on the exact nature of the funding from the issuer to the Costa Rican entities (loan, shareholder loan, secured intercompany facility), and how repayment priority is contractually ensured vis-\\u00e0-vis any other liabilities at project level?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"The funding from the Luxembourg issuer to the Costa Rican structure will be implemented through a secured intercompany facility, structured on a back-to-back basis with the bond issuance.\\r\\n\\r\\nMore specifically:\\r\\n- The issuer (through the relevant compartment) will advance funds to the Costa Rican SPV under a formal loan agreement;\\r\\n- The Costa Rican SPV will on-lend the proceeds to the operating project entity (PBZ Finca Uno Limitada) under a mirroring facility;\\r\\n- The intercompany loan terms (principal, interest, maturity profile) will be aligned with the bond terms to ensure cash flow consistency.\\r\\n\\r\\nSecurity & Priority\\r\\nRepayment priority is contractually ensured through the following mechanisms:\\r\\n- The intercompany facility will be documented as senior secured debt at project level;\\r\\n- The Costa Rican SPV will benefit from:\\r\\n- - First-ranking mortgages over designated land parcels;\\r\\n- - Assignment of receivables and sale proceeds;\\r\\n- - Control over designated collection accounts;\\r\\n- No other financial indebtedness will rank senior to, or pari passu with, the intercompany facility without prior structural alignment;\\r\\n- The project entity may incur additional financial indebtedness, including bank financing, provided that such indebtedness remains within predefined leverage limits and does not materially prejudice the repayment capacity of the bond structure or the position of bondholders.\\r\\n\\r\\nAs a result, the bondholders\\u2019 position at Luxembourg level mirrors the secured position at project level, ensuring contractual and economic alignment of repayment flows.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-02-27\",\"update_date\":\"2026-02-27\",\"linked_faq_id\":\"1\",\"notes\":\"Excellente question \\u2014 ici l\\u2019investisseur teste la subordination r\\u00e9elle du flux et le risque de \\u00ab structural subordination \\u00bb.\\r\\nV: quand tu ecris: \\\"- The project entity will not be permitted to incur additional senior debt that would dilute the repayment priority of the bond structure.\\\" Je crois qu il faut que l on laisse la possibilit\\u00e9 ouverte mais que le total soit limit\\u00e9. Il est necessaire que nous puissions recevoir un pret de la banque.\",\"updated_at\":\"2026-03-17 10:22:24\"}','system','2026-03-17 10:22:24');
INSERT INTO `puntavista_question_history` VALUES ('156','29',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:22:37');
INSERT INTO `puntavista_question_history` VALUES ('157','30',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:23:01');
INSERT INTO `puntavista_question_history` VALUES ('158','31',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:23:25');
INSERT INTO `puntavista_question_history` VALUES ('159','32',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:23:47');
INSERT INTO `puntavista_question_history` VALUES ('160','33',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:24:08');
INSERT INTO `puntavista_question_history` VALUES ('161','34',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:24:33');
INSERT INTO `puntavista_question_history` VALUES ('162','35',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:24:51');
INSERT INTO `puntavista_question_history` VALUES ('163','36',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:25:09');
INSERT INTO `puntavista_question_history` VALUES ('164','37',NULL,'metadata','Finalized','Question marquée comme finalisée','system','2026-03-17 10:25:36');

-- TABLE: puntavista_section_themes
CREATE TABLE `puntavista_section_themes` (
  `id` int NOT NULL AUTO_INCREMENT,
  `theme_number` varchar(10) DEFAULT NULL,
  `theme_name` varchar(200) NOT NULL,
  `description` text,
  `sort_order` int DEFAULT '0',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=9 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `puntavista_section_themes` VALUES ('1','1','Issuer structure & legal setup','Questions about legal entity structure','1','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('2','2','Collateral composition & valuation','Questions about collateral assets','2','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('3','3','Security enforcement & default mechanics','Questions about default scenarios','3','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('4','4','Cash flows & interest servicing','Questions about payment flows','4','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('5','5','Governance, escrow & investor protections','Questions about governance','5','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('6','6','Sponsor alignment & economics','Questions about sponsor involvement','6','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('7','7','Conversion into lots','Questions about conversion options','7','2025-12-22 13:14:30');
INSERT INTO `puntavista_section_themes` VALUES ('8','8','Reporting & transparency','Questions about reporting','8','2025-12-22 13:14:30');

-- TABLE: puntavista_users
CREATE TABLE `puntavista_users` (
  `id` int NOT NULL AUTO_INCREMENT,
  `username` varchar(50) NOT NULL,
  `email` varchar(100) NOT NULL,
  `password_hash` varchar(255) NOT NULL,
  `full_name` varchar(100) DEFAULT NULL,
  `role` enum('admin','editor','viewer') DEFAULT 'viewer',
  `last_login` timestamp NULL DEFAULT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  `is_active` tinyint(1) DEFAULT '1',
  `remember_token` varchar(255) DEFAULT NULL,
  PRIMARY KEY (`id`),
  UNIQUE KEY `username` (`username`),
  UNIQUE KEY `email` (`email`)
) ENGINE=InnoDB AUTO_INCREMENT=4 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `puntavista_users` VALUES ('1','admin','emmanuel.dossantos@advancedgroup.lu','$2y$12$onvWw3.JdLgGL4SR1KyWWOWFBgkWCf5itlVHh58r4AkQ5pHGOU8JS','Administrateur','admin','2026-03-17 11:01:13','2025-12-22 18:57:33','2026-03-17 11:01:13','1',NULL);
INSERT INTO `puntavista_users` VALUES ('2','Vincent','vincent@advancedgroup.lu','$2y$12$AILf6qUmF.FTsrr3ntY3qOCLwg6Zh4q1U9UnMEu4CC5kF8c8j1J7e','Editeur','editor','2026-03-03 16:34:14','2025-12-22 18:57:33','2026-03-03 16:34:14','1',NULL);
INSERT INTO `puntavista_users` VALUES ('3','Michel','michel.tamisier@advancedgroup.lu','$2y$12$/PRsxVGBHxdHc0s1d8YSpuO6GG1DrtqYM7FQi1Wy8JW5l6pc/h4QC','Editeur','editor','2026-01-16 18:13:15','2025-12-22 18:57:33','2026-01-16 18:13:15','1',NULL);

-- TABLE: settings
CREATE TABLE `settings` (
  `id` int NOT NULL AUTO_INCREMENT,
  `keyname` varchar(50) NOT NULL,
  `label` varchar(50) NOT NULL,
  `value` varchar(50) CHARACTER SET utf8mb4 COLLATE utf8mb4_0900_ai_ci NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `keyname` (`keyname`)
) ENGINE=InnoDB AUTO_INCREMENT=2 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `settings` VALUES ('1','franchise','Franchise dépendance','659,45','2025-06-30 14:35:43','2025-07-02 17:42:51');

-- TABLE: social_settings
CREATE TABLE `social_settings` (
  `id` int NOT NULL AUTO_INCREMENT,
  `keyname` varchar(10) NOT NULL,
  `label` varchar(100) CHARACTER SET utf8mb4 COLLATE utf8mb4_0900_ai_ci NOT NULL,
  `rate` decimal(5,2) NOT NULL,
  `gross_base` decimal(5,2) NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `keyname` (`keyname`)
) ENGINE=InnoDB AUTO_INCREMENT=6 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `social_settings` VALUES ('1','C.M','Caisse de maladie','2.80','100.00','2025-06-25 14:12:11','2025-07-06 13:19:11');
INSERT INTO `social_settings` VALUES ('2','C.ME','Caisse maladie esp.','0.25','100.00','2025-06-25 14:28:06','2025-07-06 13:10:55');
INSERT INTO `social_settings` VALUES ('3','C.P','Caisse de Pension','8.50','100.00','2025-06-25 14:28:48','2026-02-27 16:43:09');
INSERT INTO `social_settings` VALUES ('4','S.D','Assurance dépendance','1.40','100.00','2025-06-25 14:30:14','2025-07-06 13:11:04');

-- TABLE: users
CREATE TABLE `users` (
  `id` int NOT NULL AUTO_INCREMENT,
  `username` varchar(50) NOT NULL,
  `email` varchar(100) NOT NULL,
  `password` varchar(255) NOT NULL,
  `user_roles` enum('admin','chef_comptable','comptable') NOT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `username` (`username`),
  UNIQUE KEY `email` (`email`)
) ENGINE=InnoDB AUTO_INCREMENT=2 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `users` VALUES ('1','admin','emmanuel.dossantos@advancedgroup.lu','$2y$12$Myiw35nxX5WbB2b/9RfM0eI8GCrN90vqeXCXIOVcXd7c8LMuStCa2','admin','2025-06-21 08:29:26','2025-06-23 19:36:25');

-- TABLE: yachtspirit_faq_categories
CREATE TABLE `yachtspirit_faq_categories` (
  `id` int NOT NULL AUTO_INCREMENT,
  `title` varchar(200) NOT NULL,
  `description` text,
  `display_order` int DEFAULT '0',
  `is_active` int NOT NULL DEFAULT '1',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=15 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_faq_categories` VALUES ('1','Aperçu du projet','Informations générales sur le projet Punta Vista Park','1','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('2','Propriété foncière et statut juridique','Aspects juridiques et documentation','2','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('3','Garanties et sûretés','Sécurité et garanties pour les investisseurs','3','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('4','Applicabilité transfrontalière','Aspects juridiques internationaux','4','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('5','Évaluation indépendante','Évaluation et analyse','5','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('6','Garanties de construction et gestion des risques','Gestion des risques de construction','6','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('7','Utilisation des fonds et compte séquestre','Gestion et contrôle financiers','7','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('8','Positionnement dans la structure du capital','Structure financière','8','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('9','Revenus, rendements et options de sortie','Aspects financiers et liquidité','9','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('10','Gouvernance, reporting et transparence','Transparence et communication','10','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('11','Processus de défaut et de recouvrement','Gestion des risques de défaut','11','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('12','Questions complémentaires avancées','Questions additionnelles','12','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('13','Fiscalité et devise','Aspects fiscaux et monétaires','13','1','2025-12-23 06:21:21','2026-03-13 20:18:43');
INSERT INTO `yachtspirit_faq_categories` VALUES ('14','Transférabilité et cotation','Liquidité et marché secondaire','14','1','2025-12-23 06:21:21','2026-03-13 20:18:43');

-- TABLE: yachtspirit_faq_items
CREATE TABLE `yachtspirit_faq_items` (
  `id` int NOT NULL AUTO_INCREMENT,
  `category_id` int NOT NULL,
  `question_code` varchar(50) DEFAULT NULL,
  `question` text NOT NULL,
  `answer` text NOT NULL,
  `display_order` int DEFAULT '0',
  `is_active` tinyint(1) DEFAULT '1',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `question_code` (`question_code`),
  KEY `idx_category_order` (`category_id`,`display_order`),
  CONSTRAINT `yachtspirit_faq_items_ibfk_1` FOREIGN KEY (`category_id`) REFERENCES `yachtspirit_faq_categories` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;


-- TABLE: yachtspirit_faq_sections
CREATE TABLE `yachtspirit_faq_sections` (
  `id` int NOT NULL AUTO_INCREMENT,
  `section_name` varchar(200) NOT NULL,
  `section_code` varchar(50) DEFAULT NULL,
  `category_id` int DEFAULT NULL,
  `description` text,
  `theme` varchar(100) DEFAULT NULL,
  `sort_order` int DEFAULT '0',
  `is_active` tinyint(1) DEFAULT '1',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `section_code` (`section_code`)
) ENGINE=InnoDB AUTO_INCREMENT=10 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_faq_sections` VALUES ('1','Émetteur – identité juridique','ISS-LEGAL','1','Questions sur la structure juridique et l\'identité','Structure de l\'émetteur','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('2','Émetteur – isolation','ISS-RING','1','Questions sur l\'isolation de la SPV','Structure de l\'émetteur','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('3','Garanties / Exécution','COL-ENF','3','Questions sur les sûretés et garanties','Garanties','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('4','Flux de trésorerie et DSRA','CF-DSRA','7','Questions sur les mécanismes de flux de trésorerie','Flux de trésorerie','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('5','Scénarios défavorables','RISK-DOWN','11','Tests de résistance et scénarios de risque','Analyse des risques','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('6','Gouvernance / Utilisation des fonds','GOV-USE','10','Questions sur la gouvernance et l\'utilisation des fonds','Gouvernance','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('7','Option de conversion','CONV-OPT','9','Questions sur le mécanisme de conversion en lots','Conversion','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('8','Reporting / Audit','REP-AUDIT','10','Questions sur la transparence et le reporting','Reporting','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');
INSERT INTO `yachtspirit_faq_sections` VALUES ('9','Alignement du promoteur / Droits de substitution','SPON-STEP','12','Questions sur l\'alignement du promoteur et les droits de substitution','Promoteur','0','1','2025-12-22 13:14:30','2026-03-13 20:23:08');

-- TABLE: yachtspirit_faq_settings
CREATE TABLE `yachtspirit_faq_settings` (
  `id` int NOT NULL AUTO_INCREMENT,
  `setting_key` varchar(100) NOT NULL,
  `setting_value` text,
  `setting_type` enum('text','boolean','integer','json') DEFAULT 'text',
  `description` text,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `setting_key` (`setting_key`)
) ENGINE=InnoDB DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;


-- TABLE: yachtspirit_internal_owners
CREATE TABLE `yachtspirit_internal_owners` (
  `id` int NOT NULL AUTO_INCREMENT,
  `name` varchar(100) NOT NULL,
  `email` varchar(150) DEFAULT NULL,
  `department` varchar(100) DEFAULT NULL,
  `phone` varchar(20) DEFAULT NULL,
  `is_active` tinyint(1) DEFAULT '1',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=9 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_internal_owners` VALUES ('1','Legal Department','legal@yachtspirit.com','Legal',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('2','Finance Department','finance@yachtspirit.com','Finance',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('3','Asset Management','asset.mgmt@yachtspirit.com','Asset Management',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('4','Structuring Team','structuring@yachtspirit.com','Structuring',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('5','Governance','governance@yachtspirit.com','Governance & Compliance',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('6','Reporting & Audit','reporting@yachtspirit.com','Reporting',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('7','Technical Team','technical@yachtspirit.com','Technical & Engineering',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_internal_owners` VALUES ('8','Project Management','pm@yachtspirit.com','Project Management',NULL,'1','2025-12-22 13:14:30','2025-12-22 13:14:30');

-- TABLE: yachtspirit_investor_groups
CREATE TABLE `yachtspirit_investor_groups` (
  `id` int NOT NULL AUTO_INCREMENT,
  `name` varchar(100) NOT NULL,
  `description` text,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=6 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_investor_groups` VALUES ('1','Pension Fund A','Traditional institutional investor','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_investor_groups` VALUES ('2','Hedge Fund B','Alternative investment manager','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_investor_groups` VALUES ('3','Family Office C','Private family investment office','2025-12-22 13:14:30','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_investor_groups` VALUES ('4','Sovereign Wealth Fund','Government investment fund','2025-12-22 13:14:30','2025-12-22 13:14:30');

-- TABLE: yachtspirit_investor_questions
CREATE TABLE `yachtspirit_investor_questions` (
  `id` int NOT NULL AUTO_INCREMENT,
  `ref_id` varchar(50) NOT NULL,
  `investor_group_id` int DEFAULT NULL,
  `date_received` date NOT NULL,
  `section_id` int DEFAULT NULL,
  `question_no` int NOT NULL,
  `question_original` text NOT NULL,
  `internal_owner_id` int DEFAULT NULL,
  `draft_answer` text,
  `final_answer` text,
  `status` enum('In progress','Draft ready','Reviewed','Finalized','Archived') DEFAULT 'In progress',
  `priority` enum('Low','Medium','High','Critical') DEFAULT 'Medium',
  `in_faq` tinyint NOT NULL DEFAULT '0',
  `version` varchar(50) DEFAULT NULL,
  `update_date` date DEFAULT NULL,
  `linked_faq_id` int DEFAULT NULL,
  `notes` text,
  `created_by` varchar(100) DEFAULT NULL,
  `updated_by` varchar(100) DEFAULT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  UNIQUE KEY `ref_id` (`ref_id`),
  KEY `idx_ref_id` (`ref_id`),
  KEY `idx_status` (`status`),
  KEY `idx_date_received` (`date_received`),
  KEY `idx_investor_group` (`investor_group_id`),
  KEY `idx_section` (`section_id`),
  KEY `internal_owner_id` (`internal_owner_id`),
  KEY `linked_faq_id` (`linked_faq_id`),
  CONSTRAINT `yachtspirit_investor_questions_ibfk_1` FOREIGN KEY (`investor_group_id`) REFERENCES `yachtspirit_investor_groups` (`id`) ON DELETE SET NULL,
  CONSTRAINT `yachtspirit_investor_questions_ibfk_2` FOREIGN KEY (`internal_owner_id`) REFERENCES `yachtspirit_internal_owners` (`id`) ON DELETE SET NULL,
  CONSTRAINT `yachtspirit_investor_questions_ibfk_3` FOREIGN KEY (`section_id`) REFERENCES `yachtspirit_faq_sections` (`id`) ON DELETE SET NULL,
  CONSTRAINT `yachtspirit_investor_questions_ibfk_4` FOREIGN KEY (`linked_faq_id`) REFERENCES `yachtspirit_faq_sections` (`id`) ON DELETE SET NULL
) ENGINE=InnoDB AUTO_INCREMENT=63 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_investor_questions` VALUES ('38','Q-ISS-001','3','2026-03-16','1','1','Quelle est la structure juridique exacte de Yacht Spirit SCSp et qui en assure la gestion ?','4','Yacht Spirit est structuré sous la forme d’une Société en Commandite Spéciale luxembourgeoise (SCSp), une structure largement utilisée pour les fonds d’investissement alternatifs.

La structure comprend :
un General Partner (GP) responsable de la gestion et des décisions d’investissement
des Limited Partners (LP) représentant les investisseurs
des SPV dédiées pour chaque yacht détenu par le fonds

Le General Partner est responsable notamment :
de la stratégie d’investissement
de l’acquisition et de la cession des actifs
de la gouvernance
du reporting investisseurs

Les investisseurs participent en tant que Limited Partners et leur responsabilité est limitée à leur engagement dans le fonds.','','In progress','Medium','0','V1 2026-03-16','2026-03-16','1','','admin',NULL,'2026-03-16 19:42:35','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('39','Q-ISS-002','3','2026-03-16','1','2','Comment les différents yachts détenus par le fonds sont-ils juridiquement isolés les uns des autres ?','1','Chaque yacht acquis par le fonds est généralement détenu via une SPV dédiée (Special Purpose Vehicle).

Cette structure permet :
une isolation juridique des actifs
une séparation des responsabilités et des risques
une gestion administrative et opérationnelle plus efficace
une cession simplifiée lors de la revente du yacht

Ainsi, les éventuels risques opérationnels liés à un actif n’affectent pas les autres actifs du portefeuille.','','In progress','Medium','0','V1 2026-03-16','2026-03-16','2','','admin',NULL,'2026-03-16 19:44:49','2026-03-16 21:22:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('40','Q-ISS-003','3','2026-03-16','1','3','Quels types d’actifs sous-jacents soutiennent l’investissement dans le fonds ?','3','Le fonds investit exclusivement dans des yachts de collection présentant une valeur historique et patrimoniale reconnue.

Ces actifs sont sélectionnés sur la base de plusieurs critères :
pédigree historique et architecte naval reconnu
qualité de construction et rareté
potentiel de restauration et de valorisation
liquidité sur le marché international des yachts classiques

Il s’agit donc d’actifs tangibles rares, appartenant à un segment spécifique du marché maritime, caractérisé par une base d’acheteurs internationale et passionnée.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'3','','admin',NULL,'2026-03-16 19:47:03','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('41','Q-ISS-004','3','2026-03-16','1','4','Comment le fonds génère-t-il de la valeur pour les investisseurs ?','2','La stratégie de création de valeur repose sur plusieurs leviers :
acquisition de yachts présentant un potentiel de valorisation
programmes de restauration professionnelle
repositionnement stratégique sur le marché des yachts classiques
opportunités de charter sélectif lorsque cela est pertinent
revente optimisée après amélioration de la valeur de l’actif

L’objectif est de générer une appréciation du capital à long terme, complétée lorsque possible par des revenus opérationnels.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'4','','admin',NULL,'2026-03-16 19:49:56','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('42','Q-ISS-005','3','2026-03-16','1','5','Quels sont les principaux risques associés à ce type d’investissement ?','5','Comme tout investissement alternatif, ce type de stratégie comporte certains risques, notamment :
la liquidité du marché des yachts classiques
les coûts de restauration ou d’entretien
l’évolution des préférences du marché des collectionneurs
les cycles économiques affectant les biens de luxe

Ces risques sont atténués par :
une sélection rigoureuse des actifs
une diversification progressive du portefeuille
l’utilisation d’experts techniques spécialisés
une gestion active des actifs.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'5','','admin',NULL,'2026-03-16 19:52:08','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('43','Q-ISS-006','3','2026-03-16','1','6','Comment les fonds levés auprès des investisseurs seront-ils utilisés ?','5','Les capitaux levés seront utilisés principalement pour :
l’acquisition de yachts sélectionnés
les programmes de restauration et de préservation
les coûts opérationnels liés à la gestion des actifs
les assurances et frais de maintenance
les frais de gestion du fonds

L’objectif est d’allouer le capital principalement à des actifs tangibles générateurs de valeur à long terme.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'6','','admin',NULL,'2026-03-16 19:53:38','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('44','Q-ISS-007','3','2026-03-16','1','7','Quelle est la durée d’investissement et quelles sont les possibilités de liquidité ?','2','Le fonds prévoit une période de lock-up initiale de 60 mois afin de permettre une stratégie d’investissement et de valorisation cohérente des actifs.

La liquidité pour les investisseurs intervient principalement :
lors des cessions d’actifs du portefeuille
lors de la liquidation finale du fonds

Cette durée est alignée avec le cycle naturel de restauration, de valorisation et de revente des yachts de collection.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'7','','admin',NULL,'2026-03-16 19:55:30','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('45','Q-ISS-008','3','2026-03-16','1','8','Quel niveau de transparence et de reporting les investisseurs peuvent-ils attendre ?','6','Les investisseurs bénéficieront d’un reporting structuré comprenant :
un rapport trimestriel sur l’activité du fonds
un NAV annuel
des états financiers audités
des informations sur l’état des actifs et les travaux réalisés

Les actifs seront également valorisés périodiquement par des experts indépendants spécialisés dans l’évaluation de yachts classiques.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'8','','admin',NULL,'2026-03-16 19:56:38','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('46','Q-ISS-009','3','2026-03-16','1','9','Comment les intérêts du sponsor et ceux des investisseurs sont-ils alignés ?','4','L’alignement est assuré par plusieurs mécanismes :
un investissement direct du sponsor dans le fonds
une rémunération du gestionnaire dépendante de la performance
une gouvernance structurée avec comité d’investissement
une transparence régulière vis-à-vis des investisseurs

L’objectif est d’assurer que la création de valeur du fonds bénéficie directement aux investisseurs.',NULL,'In progress','Low','0','V1 2026-03-16',NULL,'9','','admin',NULL,'2026-03-16 19:57:54','2026-03-16 21:20:04');
INSERT INTO `yachtspirit_investor_questions` VALUES ('47','ISS-010',NULL,'2026-03-16','4','10','Le fonds génère-t-il des revenus en plus de la valorisation des actifs ?','3','Lorsque cela est approprié, certains yachts pourront être exploités en charter de manière sélective afin de générer des revenus complémentaires.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('48','ISS-011',NULL,'2026-03-16','5','11','Que se passe-t-il si le marché des yachts ralentit ?','2','La stratégie du fonds est basée sur des actifs rares dont la demande est principalement soutenue par des collectionneurs internationaux, ce qui limite la corrélation avec les cycles économiques traditionnels.',NULL,'In progress','High','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('49','ISS-012',NULL,'2026-03-16','5','12','Comment la liquidité des actifs est-elle assurée ?','3','Le marché des yachts classiques bénéficie d’un réseau international d’acheteurs spécialisés et de brokers dédiés, permettant des sorties stratégiques lorsque les conditions de marché sont favorables.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('50','ISS-013',NULL,'2026-03-16','6','13','Comment les décisions d’investissement sont-elles prises ?','5','Les décisions d’investissement sont prises par le General Partner sur la base de recommandations du comité d’investissement et d’analyses techniques indépendantes.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('51','ISS-014',NULL,'2026-03-16','6','14','Existe-t-il un comité d’investissement ?','5','Oui, un comité d’investissement transfrontalier supervise les acquisitions et les décisions stratégiques du fonds.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('52','ISS-015',NULL,'2026-03-16','7','15','Quelle est la durée d’investissement prévue ?','2','Le fonds prévoit une période de lock-up de 60 mois afin de permettre une stratégie cohérente de restauration et de valorisation des actifs.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('53','ISS-016',NULL,'2026-03-16','8','16','Comment les actifs sont-ils valorisés ?','6','Les yachts sont valorisés périodiquement par des experts maritimes indépendants spécialisés dans les yachts de collection.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('54','ISS-017',NULL,'2026-03-16','3','17','Comment sont gérés les travaux de restauration ?','7','Les travaux sont confiés à des chantiers navals spécialisés dans la restauration de yachts classiques afin de préserver leur valeur patrimoniale.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('55','ISS-018',NULL,'2026-03-16','6','18','Qui assure la gestion opérationnelle des yachts ?','8','La gestion technique et opérationnelle est confiée à des prestataires maritimes spécialisés reconnus internationalement.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('56','ISS-019',NULL,'2026-03-16','9','19','Le sponsor investit-il dans le fonds ?','2','Le sponsor prévoit d’investir aux côtés des investisseurs afin d’assurer un alignement d’intérêts.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('57','ISS-020',NULL,'2026-03-16','5','20','Quel est l’objectif de rendement du fonds ?','2','Le fonds vise un rendement cible indicatif compris entre 12 % et 15 % net annualisé.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('58','ISS-021',NULL,'2026-03-16','5','21','Comment le fonds gère-t-il les coûts de maintenance des yachts ?','7','Les coûts de maintenance sont intégrés dans les budgets opérationnels et optimisés via des partenariats avec des prestataires maritimes spécialisés.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('59','ISS-022',NULL,'2026-03-16','3','22','Les yachts peuvent-ils être vendus individuellement ?','3','Oui, chaque yacht peut être vendu indépendamment afin d’optimiser la stratégie de sortie du fonds.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('60','ISS-023',NULL,'2026-03-16','5','23','Comment le fonds protège-t-il la valeur patrimoniale des yachts ?','7','La stratégie inclut des programmes de restauration respectant les standards historiques et techniques des yachts classiques.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('61','ISS-024',NULL,'2026-03-16','5','24','Pourquoi investir dans des yachts classiques plutôt que dans d’autres actifs alternatifs ?','2','Les yachts classiques combinent rareté, valeur patrimoniale et demande internationale de collectionneurs, offrant une diversification attractive.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');
INSERT INTO `yachtspirit_investor_questions` VALUES ('62','ISS-025',NULL,'2026-03-16','8','25','Quel niveau de transparence les investisseurs peuvent-ils attendre ?','6','Le fonds prévoit un reporting régulier, une gouvernance structurée et des audits annuels afin d’assurer un haut niveau de transparence.',NULL,'In progress','Medium','0',NULL,NULL,NULL,NULL,'system',NULL,'2026-03-16 21:11:51','2026-03-17 11:03:28');

-- TABLE: yachtspirit_question_history
CREATE TABLE `yachtspirit_question_history` (
  `id` int NOT NULL AUTO_INCREMENT,
  `question_id` int NOT NULL,
  `version` varchar(50) DEFAULT NULL,
  `content_type` enum('draft_answer','final_answer','status','priority','owner','notes','metadata') DEFAULT NULL,
  `old_value` text,
  `new_value` text,
  `changed_by` varchar(100) DEFAULT NULL,
  `changed_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`),
  KEY `idx_question_id` (`question_id`),
  KEY `idx_changed_at` (`changed_at`),
  CONSTRAINT `yachtspirit_question_history_ibfk_1` FOREIGN KEY (`question_id`) REFERENCES `yachtspirit_investor_questions` (`id`) ON DELETE CASCADE
) ENGINE=InnoDB AUTO_INCREMENT=157 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_question_history` VALUES ('154','39',NULL,'metadata','Update','{\"investor_group_id\":\"3\",\"date_received\":\"2026-03-16\",\"question_original\":\"Comment les diff\\u00e9rents yachts d\\u00e9tenus par le fonds sont-ils juridiquement isol\\u00e9s les uns des autres ?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Chaque yacht acquis par le fonds est g\\u00e9n\\u00e9ralement d\\u00e9tenu via une SPV d\\u00e9di\\u00e9e (Special Purpose Vehicle).\\r\\n\\r\\nCette structure permet :\\r\\nune isolation juridique des actifs\\r\\nune s\\u00e9paration des responsabilit\\u00e9s et des risques\\r\\nune gestion administrative et op\\u00e9rationnelle plus efficace\\r\\nune cession simplifi\\u00e9e lors de la revente du yacht\\r\\n\\r\\nAinsi, les \\u00e9ventuels risques op\\u00e9rationnels li\\u00e9s \\u00e0 un actif n\\u2019affectent pas les autres actifs du portefeuille.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-03-16\",\"update_date\":\"2026-03-16\",\"linked_faq_id\":\"2\",\"notes\":\"\",\"updated_at\":\"2026-03-16 19:47:20\"}','system','2026-03-16 19:47:20');
INSERT INTO `yachtspirit_question_history` VALUES ('155','38',NULL,'metadata','Update','{\"investor_group_id\":\"3\",\"date_received\":\"2026-03-16\",\"question_original\":\"Quelle est la structure juridique exacte de Yacht Spirit SCSp et qui en assure la gestion ?\",\"internal_owner_id\":\"4\",\"draft_answer\":\"Yacht Spirit est structur\\u00e9 sous la forme d\\u2019une Soci\\u00e9t\\u00e9 en Commandite Sp\\u00e9ciale luxembourgeoise (SCSp), une structure largement utilis\\u00e9e pour les fonds d\\u2019investissement alternatifs.\\r\\n\\r\\nLa structure comprend :\\r\\nun General Partner (GP) responsable de la gestion et des d\\u00e9cisions d\\u2019investissement\\r\\ndes Limited Partners (LP) repr\\u00e9sentant les investisseurs\\r\\ndes SPV d\\u00e9di\\u00e9es pour chaque yacht d\\u00e9tenu par le fonds\\r\\n\\r\\nLe General Partner est responsable notamment :\\r\\nde la strat\\u00e9gie d\\u2019investissement\\r\\nde l\\u2019acquisition et de la cession des actifs\\r\\nde la gouvernance\\r\\ndu reporting investisseurs\\r\\n\\r\\nLes investisseurs participent en tant que Limited Partners et leur responsabilit\\u00e9 est limit\\u00e9e \\u00e0 leur engagement dans le fonds.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-03-16\",\"update_date\":\"2026-03-16\",\"linked_faq_id\":\"1\",\"notes\":\"\",\"updated_at\":\"2026-03-16 21:03:16\"}','system','2026-03-16 21:03:16');
INSERT INTO `yachtspirit_question_history` VALUES ('156','39',NULL,'metadata','Update','{\"investor_group_id\":\"3\",\"date_received\":\"2026-03-16\",\"question_original\":\"Comment les diff\\u00e9rents yachts d\\u00e9tenus par le fonds sont-ils juridiquement isol\\u00e9s les uns des autres ?\",\"internal_owner_id\":\"1\",\"draft_answer\":\"Chaque yacht acquis par le fonds est g\\u00e9n\\u00e9ralement d\\u00e9tenu via une SPV d\\u00e9di\\u00e9e (Special Purpose Vehicle).\\r\\n\\r\\nCette structure permet :\\r\\nune isolation juridique des actifs\\r\\nune s\\u00e9paration des responsabilit\\u00e9s et des risques\\r\\nune gestion administrative et op\\u00e9rationnelle plus efficace\\r\\nune cession simplifi\\u00e9e lors de la revente du yacht\\r\\n\\r\\nAinsi, les \\u00e9ventuels risques op\\u00e9rationnels li\\u00e9s \\u00e0 un actif n\\u2019affectent pas les autres actifs du portefeuille.\",\"final_answer\":\"\",\"status\":\"In progress\",\"priority\":\"Medium\",\"version\":\"V1 2026-03-16\",\"update_date\":\"2026-03-16\",\"linked_faq_id\":\"2\",\"notes\":\"\",\"updated_at\":\"2026-03-16 21:21:38\"}','system','2026-03-16 21:21:38');

-- TABLE: yachtspirit_section_themes
CREATE TABLE `yachtspirit_section_themes` (
  `id` int NOT NULL AUTO_INCREMENT,
  `theme_number` varchar(10) DEFAULT NULL,
  `theme_name` varchar(200) NOT NULL,
  `description` text,
  `sort_order` int DEFAULT '0',
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  PRIMARY KEY (`id`)
) ENGINE=InnoDB AUTO_INCREMENT=9 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_section_themes` VALUES ('1','1','Structure de l\'émetteur et cadre juridique','Questions sur la structure des entités juridiques','1','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('2','2','Composition des garanties et évaluation','Questions sur les actifs de garantie','2','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('3','3','Exécution des sûretés et mécanismes de défaut','Questions sur les scénarios de défaut','3','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('4','4','Flux de trésorerie et service des intérêts','Questions sur les flux de paiement','4','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('5','5','Gouvernance, compte séquestre et protections des investisseurs','Questions sur la gouvernance','5','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('6','6','Alignement du promoteur et aspects économiques','Questions sur l\'implication du promoteur','6','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('7','7','Conversion en lots','Questions sur les options de conversion','7','2025-12-22 13:14:30');
INSERT INTO `yachtspirit_section_themes` VALUES ('8','8','Reporting et transparence','Questions sur le reporting','8','2025-12-22 13:14:30');

-- TABLE: yachtspirit_users
CREATE TABLE `yachtspirit_users` (
  `id` int NOT NULL AUTO_INCREMENT,
  `username` varchar(50) NOT NULL,
  `email` varchar(100) NOT NULL,
  `password_hash` varchar(255) NOT NULL,
  `full_name` varchar(100) DEFAULT NULL,
  `role` enum('admin','editor','viewer') DEFAULT 'viewer',
  `last_login` timestamp NULL DEFAULT NULL,
  `created_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP,
  `updated_at` timestamp NULL DEFAULT CURRENT_TIMESTAMP ON UPDATE CURRENT_TIMESTAMP,
  `is_active` tinyint(1) DEFAULT '1',
  `remember_token` varchar(255) DEFAULT NULL,
  PRIMARY KEY (`id`),
  UNIQUE KEY `username` (`username`),
  UNIQUE KEY `email` (`email`)
) ENGINE=InnoDB AUTO_INCREMENT=4 DEFAULT CHARSET=utf8mb4 COLLATE=utf8mb4_0900_ai_ci;

INSERT INTO `yachtspirit_users` VALUES ('1','admin','emmanuel.dossantos@advancedgroup.lu','$2y$12$onvWw3.JdLgGL4SR1KyWWOWFBgkWCf5itlVHh58r4AkQ5pHGOU8JS','Administrateur','admin','2026-03-13 10:54:37','2025-12-22 18:57:33','2026-03-13 10:54:37','1',NULL);
INSERT INTO `yachtspirit_users` VALUES ('2','Vincent','vincent@advancedgroup.lu','$2y$12$AILf6qUmF.FTsrr3ntY3qOCLwg6Zh4q1U9UnMEu4CC5kF8c8j1J7e','Editeur','editor','2026-03-03 16:34:14','2025-12-22 18:57:33','2026-03-03 16:34:14','1',NULL);
INSERT INTO `yachtspirit_users` VALUES ('3','Michel','michel.tamisier@advancedgroup.lu','$2y$12$/PRsxVGBHxdHc0s1d8YSpuO6GG1DrtqYM7FQi1Wy8JW5l6pc/h4QC','Editeur','editor','2026-01-16 18:13:15','2025-12-22 18:57:33','2026-01-16 18:13:15','1',NULL);

