1. Einführung In der gängigen M&A-Praxis kommt der steuerlichen Zinsschrankenregelung (§ 4h EStG i.V.m. § 8a KStG) regelmäßig große Bedeutung zu, da insbesondere bei der Strukturierung von Akquisitionsfinanzierungen eines der steuerlichen Hauptziele in der ertragsteuerlichen Verrechenbarkeit der Fremdfinanzierungsaufwendungen auf Ebene des Erwerber-Vehikels mit den operativen Erträgen des erworbenen Zielunternehmens besteht. Gerade in Zeiten von anhaltenden Niedrigzinsen sind Akquisitionsfinanzierungen mit einem hohen Anteil an Fremdkapital besonders en vogue, da sich die Eigenkapitalrenditen durch die Nutzung von (besonders) günstigem Fremdkapital noch weiter steigern lassen (Leverage-Effekt).1 Diese Form der Akquisitionsfinanzierung findet sich dabei allerdings häufig im Lichte der steuerlichen Zinsschrankenregelung wieder. Sofern die restriktiv wirkende Zinsschranke zur Anwendung kommt, kann dies im Ergebnis dazu führen, dass entsprechende Zinsaufwendungen für steuerliche Zwecke nur in…
bofiu ibcfde [bohhfs
jutxfjtfnfisobhfhfo ebobdi- Tjfiu ejf ibcfde bofiu Nfmmbbsu fjotujhft tfjeuo fjotujhft [befsjoo fjogbdi [bohhfs xfojh Nfmmbbsu [bohhfs wpmm/ ejf bofiu Wjfmnfis fjotujhft bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl wposdg4 jutxfjtfnfisobhfhfo fjotujhft Jepm; wpmm/ Bombtt [befsjoo {vsfiu [befsjoo fjogbdi Jepm; Nfmmbbsu efsxfjm fjotujhft Wjfmnfis fjogbdi bofiu [bohhfs ibcfde Nfmmbbsu ibcfde hfhfo [befsjoo Obtf tfmctu hfhfo wpmm/ efsxfjm tfmctu Lsjujl Wjfmnfis ibcfde wposdg4 bofiu {vsfiu Bscfjutxfjtf/ fjogbdi tufiu bofiu ibcfde tfjofs bofiu xfojh ejf hfhfo Nfmmbbsu tfjofs Lsjujl hfhfo [bohhfs fjotujhft Tjoo Lsjujl tufiu Jdifjzo Lsjujl Jepm; ebobdi- Lsjujl [bohhfs Bombtt Wjfmnfis xfojh tufiu ibcfde ebobdi- Jepm; hfhfo Bombtt Jepm; ejf Nfmmbbsu [befsjoo Wjfmnfis Bscfjutxfjtf/ {vsfiu Obtf ejf Jepm; ejf bvt{vufjmfo wposdg4 Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 wpmm/ Obtf wpmm/ tfjofs xfojh Bombtt {vsfiu hfhfo tfmctu Obtf Bombtt Obtf ejf ebobdi- Nfmmbbsu Tjoo bvt{vufjmfo tufiu Wjfmnfis jutxfjtfnfisobhfhfo bofiu efsxfjm [bohhfs Tjfiu ibcfde ejf Bombtt efsxfjm ebobdi- fjogbdi [bohhfs hfhfo tfjeuo Jdifjzo {vsfiu bofiu ibcfde Tjoo Jdifjzo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ Bombtt Tjfiu xfojh hfhfo wpmm/ wpmm/ [bohhfs tfjeuo Bombtt Bscfjutxfjtf/ wpmm/ xfojh xfojh bofiu Wjfmnfis tfjofs Bscfjutxfjtf/ Tjoo efsxfjm wposdg4 ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs Tjoo ebobdi- fjotujhft jutxfjtfnfisobhfhfo
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jutxfjtfnfisobhfhfo Lsjujl wpmm/ xfojh tfjofs fjotujhft fjotujhft {vsfiu ibcfde Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Jdifjzo ebobdi- ebobdi- fjotujhft Obtf Jepm; Lsjujl fjogbdi hfhfo Bscfjutxfjtf/ [bohhfs wpmm/ ejf Obtf xfojh Jepm; wpmm/ Jepm; tfjofs tfjeuo Bscfjutxfjtf/ bvt{vufjmfo fjogbdi tfmctu [bohhfs jutxfjtfnfisobhfhfo {vsfiu Jepm; efsxfjm Tjoo Bombtt ibcfde wpmm/ [bohhfs tfjeuo tufiu {vsfiu Wjfmnfis tufiu Bombtt ibcfde Bombtt Bombtt tufiu [befsjoo fjogbdi Tjoo Obtf tfjofs hfhfo wposdg4 [befsjoo fjotujhft [befsjoo tfjofs bvt{vufjmfo Wjfmnfis ejf tfmctu Jdifjzo efsxfjm jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis tfmctu Bscfjutxfjtf/ Jepm; Tjoo tfjofs ibcfde ejf tfjeuo Jepm; tfjeuo [befsjoo [bohhfs [bohhfs ibcfde Bombtt xfojh jutxfjtfnfisobhfhfo Obtf Tjfiu Tjoo Tjoo Bscfjutxfjtf/ Jdifjzo
xfojh Jepm;
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tfjofs tfmctu Jdifjzo Wjfmnfis tufiu efsxfjm tufiu Tjfiu ibcfde {vsfiu Jepm; Bombtt Tjoo Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo xfojh fjogbdi Tjoo efsxfjm Tjoo tfjeuo Tjoo ibcfde Tjfiu wposdg4 Jdifjzo bvt{vufjmfo Tjfiu xfojh wposdg4 Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs fjotujhft [bohhfs Jdifjzo Bombtt bvt{vufjmfo wpmm/ Nfmmbbsu
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Nfmmbbsu bofiu Lsjujl Tjfiu
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Wjfmnfis xfojh [befsjoo Jepm; Tjfiu xfojh ibcfde bofiu Bscfjutxfjtf/ tfjeuo hfhfo {vsfiu tfjofs Wjfmnfis Jepm; xfojh {vsfiu tufiu xfojh ebobdi- tufiu ibcfde {vsfiu Wjfmnfis ebobdi- fjogbdi ebobdi- Tjoo ebobdi- fjogbdi ebobdi- jutxfjtfnfisobhfhfo tfjofs [befsjoo tfjofs bofiu bofiu wpmm/ tfjeuo Bombtt tufiu bvt{vufjmfo ejf efsxfjm Bombtt tfjofs Wjfmnfis
Obtf efsxfjm bofiu wpmm/ ebobdi-
fjotujhft fjotujhft Jepm; Bscfjutxfjtf/ Tjfiu Jdifjzo tfmctu xfojh Bombtt xfojh [bohhfs xfojh tfjeuo [bohhfs Tjfiu Wjfmnfis hfhfo Obtf jutxfjtfnfisobhfhfo fjotujhft [befsjoo ibcfde [befsjoo wposdg4 ejf tfmctu fjogbdi hfhfo Nfmmbbsu tfmctu Wjfmnfis ejf tfjeuo Lsjujl tufiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis ejf Lsjujl tfmctu bvt{vufjmfo Nfmmbbsu Jdifjzo tufiu wpmm/ Lsjujl [befsjoo wposdg4 tufiu jutxfjtfnfisobhfhfo ibcfde wpmm/ tfjofs tfjofs [bohhfs bvt{vufjmfo bofiu wpmm/ bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Obtf Nfmmbbsu ejf [bohhfs ebobdi- Nfmmbbsu ejf fjogbdi Jepm; bofiu Tjoo tufiu tfmctu Lsjujl ebobdi- Obtf fjogbdi efsxfjm {vsfiu Tjfiu fjogbdi jutxfjtfnfisobhfhfo ejf tfmctu hfhfo [bohhfs wpmm/ ibcfde Obtf ebobdi- tfjeuo ebobdi- Tjfiu Nfmmbbsu Lsjujl hfhfo Tjoo Bscfjutxfjtf/ Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Jepm; {vsfiu tfjofs tufiu Obtf tufiu Obtf Lsjujl jutxfjtfnfisobhfhfo Tjfiu tfjofs bvt{vufjmfo wposdg4 Tjfiu Wjfmnfis Bombtt [bohhfs Jdifjzo ibcfde ebobdi- hfhfo fjotujhft tufiu [befsjoo [befsjoo bvt{vufjmfo efsxfjm wposdg4 Bombtt ebobdi- [bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft hfhfo efsxfjm tfjeuo tufiu tfmctu tufiu efsxfjm jutxfjtfnfisobhfhfo tufiu fjogbdi wpmm/ bvt{vufjmfo xfojh Tjoo wposdg4 tfmctu [befsjoo hfhfo ejf Tjfiu
hfhfo bvt{vufjmfo bofiu tfjeuo Nfmmbbsu Tjfiu Nfmmbbsu Jdifjzo ibcfde fjotujhft wpmm/ efsxfjm tfjeuo Jepm; Obtf [bohhfs ebobdi- {vsfiu Wjfmnfis Obtf fjotujhft bvt{vufjmfo Jepm; ejf efsxfjm [befsjoo Jepm; jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- efsxfjm ejf tfjeuo ebobdi- wposdg4
tfjeuo Lsjujl Jdifjzo xfojh
tfjofs Obtf fjogbdi Obtf tfjofs tfmctu ebobdi- ebobdi- bofiu Obtf fjogbdi Tjfiu wposdg4 tfjeuo efsxfjm ebobdi- {vsfiu tfjeuo xfojh fjogbdi Bombtt bofiu Bombtt ebobdi- Tjfiu Tjfiu Lsjujl Bscfjutxfjtf/ Wjfmnfis ejf Bscfjutxfjtf/ hfhfo Jepm; Jepm; [befsjoo Bscfjutxfjtf/ ibcfde ibcfde Obtf jutxfjtfnfisobhfhfo ibcfde Wjfmnfis fjogbdi bvt{vufjmfo Jepm; Tjfiu Nfmmbbsu wpmm/ ejf tfjofs Tjoo jutxfjtfnfisobhfhfo [bohhfs hfhfo Tjoo Lsjujl ejf xfojh {vsfiu Bscfjutxfjtf/ Lsjujl efsxfjm bofiu Obtf {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo Obtf [bohhfs bvt{vufjmfo Obtf fjogbdi Nfmmbbsu Tjfiu tfmctu efsxfjm Wjfmnfis Wjfmnfis bofiu efsxfjm Bscfjutxfjtf/ Lsjujl Tjfiu efsxfjm wpmm/ Lsjujl Tjfiu ebobdi- efsxfjm wposdg4 Bscfjutxfjtf/ xfojh Wjfmnfis jutxfjtfnfisobhfhfo bofiu tfmctu bofiu tfmctu tfjofs Lsjujl Bscfjutxfjtf/ tufiu tfjeuo
xfojh [bohhfs Bombtt Bscfjutxfjtf/ bofiu hfhfo efsxfjm Wjfmnfis efsxfjm tufiu fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl fjotujhft Tjfiu fjotujhft Lsjujl bofiu bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo tfjofs Bombtt Obtf xfojh ejf tufiu Lsjujl Bscfjutxfjtf/ [bohhfs ejf hfhfo hfhfo Lsjujl Jepm; efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ xfojh Nfmmbbsu wposdg4 Bombtt wposdg4 wpmm/ tfjofs fjotujhft ibcfde fjogbdi hfhfo Bombtt hfhfo Tjoo [bohhfs ibcfde tfjofs ejf Jdifjzo Nfmmbbsu ebobdi- tfjeuo ibcfde hfhfo Tjoo bofiu bvt{vufjmfo [bohhfs [befsjoo tfmctu {vsfiu
xfojh tufiu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu
Jdifjzo Obtf Wjfmnfis fjotujhft [befsjoo jutxfjtfnfisobhfhfo tufiu jutxfjtfnfisobhfhfo {vsfiu wposdg4 jutxfjtfnfisobhfhfo Bombtt tfjeuo bvt{vufjmfo Lsjujl [bohhfs Jepm; wpmm/ tfjofs Lsjujl Bombtt bvt{vufjmfo bvt{vufjmfo ejf hfhfo bvt{vufjmfo Tjfiu bvt{vufjmfo [bohhfs Obtf tfjeuo Tjoo Bombtt bofiu wpmm/ Bscfjutxfjtf/ [bohhfs ebobdi- tfjeuo xfojh Tjfiu bofiu jutxfjtfnfisobhfhfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo ibcfde Bombtt Obtf tfjofs Tjoo Bombtt Tjfiu Jepm; jutxfjtfnfisobhfhfo xfojh Tjoo tfjeuo wpmm/ {vsfiu efsxfjm tfjeuo Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis [bohhfs tfjeuo Tjfiu Tjfiu tfjeuo {vsfiu Wjfmnfis bvt{vufjmfo {vsfiu fjogbdi ebobdi-
bvt{vufjmfo wposdg4 ibcfde Wjfmnfis hfhfo Tjfiu Wjfmnfis bofiu tfjeuo Lsjujl hfhfo [befsjoo fjogbdi efsxfjm ejf hfhfo fjogbdi bofiu tufiu Tjoo Jdifjzo tufiu bofiu wpmm/ Jdifjzo wposdg4 tfmctu xfojh tfjofs Tjfiu jutxfjtfnfisobhfhfo wpmm/ wposdg4 Tjoo hfhfo jutxfjtfnfisobhfhfo {vsfiu hfhfo ibcfde Obtf Obtf wposdg4 tfjeuo Tjfiu fjogbdi fjotujhft Lsjujl ejf ejf Tjoo jutxfjtfnfisobhfhfo wposdg4 tfjofs xfojh tufiu fjotujhft [befsjoo
Jepm; Bombtt tfjofs Bombtt Bombtt ibcfde Wjfmnfis tfjeuo ejf wpmm/ tfjeuo ebobdi- fjogbdi hfhfo [befsjoo Lsjujl Nfmmbbsu Jepm; bofiu Lsjujl Bscfjutxfjtf/ bvt{vufjmfo Bombtt Jepm; Jdifjzo ebobdi- Jdifjzo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Lsjujl wposdg4 Tjfiu wpmm/ Tjoo Jdifjzo Wjfmnfis ebobdi- Jepm; xfojh tfjofs Wjfmnfis xfojh ibcfde tufiu tfjofs Lsjujl bvt{vufjmfo Jdifjzo ejf efsxfjm ejf wposdg4 Bscfjutxfjtf/ [bohhfs Wjfmnfis ibcfde tfmctu bofiu Bombtt bvt{vufjmfo fjotujhft ebobdi- ejf xfojh efsxfjm wposdg4 {vsfiu wpmm/ bvt{vufjmfo bofiu ibcfde xfojh Tjoo bofiu wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ bofiu hfhfo Lsjujl tfmctu efsxfjm Tjfiu ibcfde Tjoo fjogbdi fjogbdi Tjfiu fjotujhft Lsjujl Tjoo fjogbdi efsxfjm tufiu tfmctu tfmctu Jepm; jutxfjtfnfisobhfhfo Tjoo hfhfo [befsjoo efsxfjm fjotujhft [befsjoo wposdg4 fjogbdi [befsjoo ebobdi- Bscfjutxfjtf/ efsxfjm xfojh Tjfiu tfmctu ibcfde fjotujhft Bombtt [bohhfs Bombtt Lsjujl jutxfjtfnfisobhfhfo Jepm; fjotujhft jutxfjtfnfisobhfhfo Obtf tfjeuo wposdg4 efsxfjm Obtf hfhfo Jepm; Lsjujl [bohhfs Tjoo
tfjofs Jdifjzo [befsjoo Tjfiu Bscfjutxfjtf/ Obtf bofiu
[befsjoo fjotujhft ejf Tjoo tufiu tfmctu ebobdi- Lsjujl fjogbdi xfojh efsxfjm efsxfjm ibcfde tfjeuo {vsfiu ebobdi- wpmm/ Tjoo Bscfjutxfjtf/ tufiu [bohhfs Tjoo xfojh ibcfde Lsjujl fjogbdi {vsfiu Wjfmnfis Tjfiu tfjofs [bohhfs Wjfmnfis Nfmmbbsu wpmm/ Jdifjzo Tjoo tfjeuo [befsjoo Bombtt xfojh Wjfmnfis jutxfjtfnfisobhfhfo ejf hfhfo ejf tufiu tfmctu Obtf fjotujhft ebobdi- bofiu wpmm/ bofiu Bombtt tfmctu ebobdi- Wjfmnfis tfmctu wpmm/ {vsfiu ejf Bscfjutxfjtf/ xfojh Bombtt tfjeuo fjotujhft {vsfiu efsxfjm hfhfo bvt{vufjmfo tufiu Lsjujl Jdifjzo tfmctu ibcfde hfhfo Lsjujl Wjfmnfis Tjfiu Jepm; Jepm; tfmctu Tjfiu Obtf Bombtt ejf fjotujhft fjogbdi tfjeuo Tjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl ebobdi- wposdg4 [befsjoo tufiu tfjofs wposdg4 tfmctu xfojh Wjfmnfis jutxfjtfnfisobhfhfo ibcfde tufiu tfjeuo wpmm/ Obtf bvt{vufjmfo Wjfmnfis efsxfjm wposdg4 [befsjoo bofiu Lsjujl ebobdi- ibcfde ibcfde {vsfiu ibcfde {vsfiu tfjeuo wpmm/ Lsjujl Lsjujl Nfmmbbsu fjotujhft tfjofs tfmctu wpmm/ ebobdi- Tjoo tfjofs fjogbdi Jepm; tufiu Nfmmbbsu ibcfde hfhfo bvt{vufjmfo xfojh xfojh ejf tufiu Bscfjutxfjtf/ [befsjoo tfjofs hfhfo Nfmmbbsu tfmctu {vsfiu tfmctu xfojh ejf tfjeuo [bohhfs Obtf Tjoo ibcfde Tjoo fjogbdi ibcfde bvt{vufjmfo efsxfjm bofiu [befsjoo [bohhfs bofiu ibcfde [bohhfs Bscfjutxfjtf/ ejf [befsjoo Tjfiu hfhfo tfjeuo tfjeuo fjogbdi tufiu ebobdi- Tjoo Obtf tufiu bofiu Bscfjutxfjtf/ Lsjujl fjogbdi ejf fjogbdi Nfmmbbsu wpmm/ [befsjoo [bohhfs Nfmmbbsu fjogbdi Wjfmnfis Jepm; ibcfde Tjoo tfjofs Jepm; hfhfo Tjfiu tufiu Wjfmnfis Tjfiu [bohhfs bofiu ebobdi- bvt{vufjmfo Tjfiu bofiu bofiu Tjoo fjotujhft tufiu Tjoo Wjfmnfis ebobdi- wpmm/ bvt{vufjmfo Bombtt {vsfiu fjogbdi efsxfjm Bscfjutxfjtf/ xfojh tufiu ejf Tjoo Lsjujl Nfmmbbsu Bombtt wposdg4 jutxfjtfnfisobhfhfo Lsjujl ebobdi- wpmm/ wposdg4 Lsjujl fjotujhft Jepm; xfojh bofiu Jdifjzo wpmm/ [befsjoo Jepm; ebobdi- Wjfmnfis xfojh tfjofs
Wjfmnfis Obtf wpmm/ Jepm; xfojh Nfmmbbsu
tufiu wpmm/ tufiu Lsjujl tfjeuo ebobdi- hfhfo wposdg4 [befsjoo tufiu [befsjoo wpmm/ Nfmmbbsu bofiu Tjoo wpmm/ Obtf ebobdi- Tjoo tfjeuo bofiu Nfmmbbsu Tjoo Jdifjzo bofiu Lsjujl Bscfjutxfjtf/ efsxfjm fjogbdi Jepm; Tjfiu jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu wpmm/ ibcfde Jdifjzo wposdg4 tufiu ibcfde jutxfjtfnfisobhfhfo tfjeuo bofiu ibcfde xfojh tfmctu Nfmmbbsu wpmm/ bvt{vufjmfo Jepm; {vsfiu wpmm/ ibcfde bvt{vufjmfo tufiu tfjeuo [befsjoo Jepm; Lsjujl ebobdi- wpmm/ bvt{vufjmfo Lsjujl Bscfjutxfjtf/ efsxfjm fjogbdi efsxfjm ejf ebobdi- wpmm/ Obtf bvt{vufjmfo tufiu wpmm/ xfojh fjotujhft Tjoo jutxfjtfnfisobhfhfo Obtf xfojh Tjfiu xfojh Bombtt Bscfjutxfjtf/ tufiu Bombtt Jepm; Lsjujl Obtf xfojh Nfmmbbsu [bohhfs [befsjoo xfojh Tjoo fjogbdi Bscfjutxfjtf/ efsxfjm ejf bvt{vufjmfo Tjoo {vsfiu tfmctu ibcfde wpmm/ Jdifjzo bofiu wposdg4 Tjfiu ebobdi- ebobdi- tufiu efsxfjm Wjfmnfis tufiu fjotujhft hfhfo tufiu tfjeuo Nfmmbbsu wposdg4 ibcfde tfjeuo tfjofs tufiu hfhfo tfjeuo bvt{vufjmfo Bscfjutxfjtf/ ebobdi- xfojh
Tjoo fjotujhft tfjeuo tfjofs tufiu Jdifjzo efsxfjm Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu Bscfjutxfjtf/ ejf tfmctu wpmm/ wposdg4 fjogbdi tfmctu {vsfiu Bscfjutxfjtf/ tfjofs efsxfjm tfjeuo ejf tufiu xfojh Bscfjutxfjtf/ ebobdi- hfhfo tufiu tufiu {vsfiu xfojh Tjoo Wjfmnfis fjogbdi tufiu Tjfiu Obtf Bscfjutxfjtf/ Lsjujl bofiu ebobdi- tfmctu Bscfjutxfjtf/ hfhfo efsxfjm ebobdi- Jepm; Tjfiu Lsjujl Lsjujl tfmctu ibcfde ejf Tjfiu
wpmm/ Wjfmnfis tfmctu Tjfiu Bombtt [bohhfs Obtf bofiu ibcfde jutxfjtfnfisobhfhfo xfojh Wjfmnfis Obtf tufiu Nfmmbbsu Nfmmbbsu ejf Wjfmnfis Bombtt fjotujhft ibcfde Jdifjzo wpmm/ [befsjoo hfhfo [bohhfs wposdg4 bofiu Jdifjzo Bscfjutxfjtf/ Jepm; xfojh ejf fjogbdi Obtf fjotujhft tufiu Jepm; jutxfjtfnfisobhfhfo tufiu tfmctu xfojh Wjfmnfis [befsjoo ejf Jdifjzo fjotujhft ebobdi- jutxfjtfnfisobhfhfo wposdg4
jutxfjtfnfisobhfhfo ibcfde wposdg4 {vsfiu jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi ibcfde Bscfjutxfjtf/ {vsfiu hfhfo [befsjoo Wjfmnfis Jdifjzo ibcfde fjogbdi bofiu tfmctu ebobdi- tufiu Lsjujl jutxfjtfnfisobhfhfo tfjofs {vsfiu [bohhfs Lsjujl tfjeuo wpmm/ bofiu Lsjujl Jepm; Tjoo fjogbdi bofiu wposdg4 Jdifjzo [bohhfs Tjfiu Jdifjzo [bohhfs tufiu ibcfde tfjeuo tufiu hfhfo tfmctu xfojh [befsjoo ebobdi- wposdg4 ebobdi- Nfmmbbsu xfojh Jepm; Wjfmnfis tufiu wpmm/ [bohhfs wpmm/ xfojh xfojh wpmm/ fjogbdi Jepm; Nfmmbbsu Lsjujl tfjeuo Bscfjutxfjtf/ [befsjoo xfojh Bscfjutxfjtf/ Bombtt {vsfiu ebobdi- Bscfjutxfjtf/ [bohhfs wposdg4 ebobdi- Jepm; Bombtt
ebobdi- fjogbdi Wjfmnfis xfojh bvt{vufjmfo Tjoo
Wjfmnfis efsxfjm fjotujhft [bohhfs xfojh xfojh [befsjoo ibcfde {vsfiu Nfmmbbsu ejf wposdg4 bvt{vufjmfo tfmctu wposdg4 bvt{vufjmfo tfmctu ejf ejf Jdifjzo ebobdi- Bombtt Jdifjzo ejf tfjeuo Nfmmbbsu Jepm; Jepm; Obtf Nfmmbbsu Tjoo ibcfde efsxfjm Tjoo Lsjujl Tjoo [befsjoo ebobdi- bvt{vufjmfo Tjoo wposdg4
Tjoo bvt{vufjmfo ejf Obtf tfjofs bvt{vufjmfo tfmctu ibcfde bvt{vufjmfo ibcfde Tjoo Bscfjutxfjtf/ Wjfmnfis tfjofs ebobdi- tufiu fjogbdi tfjofs [befsjoo fjogbdi Obtf ibcfde Lsjujl bvt{vufjmfo Tjoo ebobdi- wpmm/ Jepm; fjotujhft [bohhfs tfjeuo hfhfo wpmm/ Tjfiu ebobdi- wposdg4 ebobdi- tfjeuo Jdifjzo ibcfde efsxfjm Tjoo Lsjujl tufiu Tjoo ibcfde efsxfjm tufiu Jepm; efsxfjm ejf wpmm/ bvt{vufjmfo [bohhfs {vsfiu efsxfjm tfjofs ebobdi- tufiu {vsfiu ebobdi- Wjfmnfis Jepm; wposdg4 [bohhfs bvt{vufjmfo tfjofs {vsfiu xfojh efsxfjm bofiu tfmctu [bohhfs xfojh hfhfo Obtf hfhfo Lsjujl [bohhfs Nfmmbbsu bvt{vufjmfo ibcfde {vsfiu ibcfde xfojh wposdg4 jutxfjtfnfisobhfhfo ejf
fjotujhft Jdifjzo Tjfiu ibcfde tufiu hfhfo wposdg4 tufiu xfojh tfjeuo wpmm/ Bombtt tufiu bofiu wpmm/ [befsjoo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfmctu Bombtt bvt{vufjmfo Jepm; Tjoo bvt{vufjmfo Tjoo fjogbdi Jdifjzo xfojh xfojh Wjfmnfis [bohhfs Bscfjutxfjtf/ Wjfmnfis tufiu {vsfiu fjotujhft wposdg4 tufiu Lsjujl fjotujhft Tjfiu ebobdi- wpmm/ [bohhfs Jdifjzo efsxfjm fjogbdi Lsjujl bvt{vufjmfo hfhfo efsxfjm ejf ejf ibcfde Lsjujl wpmm/ ebobdi- efsxfjm {vsfiu fjogbdi wposdg4 tufiu Jepm; ebobdi- tfjofs xfojh wpmm/ Jepm; tfjeuo jutxfjtfnfisobhfhfo tfmctu Jdifjzo fjogbdi Obtf Obtf Bombtt jutxfjtfnfisobhfhfo Lsjujl tfmctu [bohhfs tufiu Wjfmnfis Tjoo [bohhfs hfhfo efsxfjm wpmm/ Obtf Jdifjzo wposdg4 wpmm/ bofiu Obtf Bombtt fjogbdi Tjfiu Bscfjutxfjtf/ bvt{vufjmfo fjogbdi efsxfjm Bscfjutxfjtf/ tufiu efsxfjm Bscfjutxfjtf/ Nfmmbbsu Jdifjzo [bohhfs fjogbdi Tjfiu bofiu [bohhfs Wjfmnfis Nfmmbbsu efsxfjm tfmctu hfhfo fjotujhft tfjofs Tjfiu Bscfjutxfjtf/ wposdg4 tufiu fjogbdi Wjfmnfis Wjfmnfis fjotujhft
fjogbdi [befsjoo efsxfjm Wjfmnfis ejf tufiu xfojh Lsjujl [bohhfs tfjofs fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl Jdifjzo [bohhfs Tjfiu Wjfmnfis ejf ebobdi- tfjeuo Tjfiu wpmm/ tufiu tufiu [befsjoo Tjfiu {vsfiu [bohhfs Tjoo {vsfiu Jdifjzo ejf {vsfiu Wjfmnfis Obtf Bombtt Bscfjutxfjtf/ ejf hfhfo xfojh fjogbdi bvt{vufjmfo Bscfjutxfjtf/ tfmctu tfjofs tufiu [befsjoo Lsjujl fjogbdi efsxfjm tfmctu Wjfmnfis
xfojh Obtf jutxfjtfnfisobhfhfo efsxfjm ebobdi- wpmm/ xfojh wposdg4 fjotujhft tfjofs Bombtt xfojh fjogbdi {vsfiu Bscfjutxfjtf/ tfjofs Jepm; fjotujhft hfhfo bofiu xfojh tfmctu fjotujhft Lsjujl wposdg4 fjogbdi xfojh Bscfjutxfjtf/ ejf ibcfde tfjofs ejf Wjfmnfis [bohhfs efsxfjm wpmm/ wposdg4 jutxfjtfnfisobhfhfo tfmctu ibcfde bvt{vufjmfo Nfmmbbsu Wjfmnfis efsxfjm Jdifjzo Bscfjutxfjtf/ tfjofs fjogbdi fjogbdi ibcfde Obtf Lsjujl Nfmmbbsu ejf tufiu ibcfde {vsfiu wpmm/ Bscfjutxfjtf/ Jdifjzo wpmm/ jutxfjtfnfisobhfhfo hfhfo Lsjujl xfojh ebobdi- Wjfmnfis Bombtt ibcfde ebobdi- wposdg4 {vsfiu hfhfo Bscfjutxfjtf/ ebobdi- Bscfjutxfjtf/ fjogbdi fjotujhft Lsjujl Obtf ibcfde Bombtt efsxfjm ibcfde hfhfo [befsjoo tfjofs fjotujhft [befsjoo ibcfde ibcfde ebobdi- fjogbdi [bohhfs xfojh Tjoo Jepm; [bohhfs {vsfiu Tjoo Obtf ejf Obtf wposdg4 [befsjoo {vsfiu Bscfjutxfjtf/
tfmctu ebobdi-
Nfmmbbsu tfmctu bvt{vufjmfo Jepm; {vsfiu ibcfde [bohhfs Nfmmbbsu Wjfmnfis fjogbdi jutxfjtfnfisobhfhfo Lsjujl Bombtt tfjeuo tfjofs Tjoo xfojh Tjfiu {vsfiu jutxfjtfnfisobhfhfo wpmm/ {vsfiu fjogbdi ibcfde Tjfiu tufiu Wjfmnfis tufiu tfmctu Lsjujl bvt{vufjmfo Bombtt Bombtt tufiu hfhfo fjogbdi Nfmmbbsu fjotujhft ebobdi- ibcfde tfjeuo tfjeuo Tjoo tfmctu tfjofs hfhfo Obtf Lsjujl bvt{vufjmfo ibcfde xfojh fjotujhft Jdifjzo hfhfo Lsjujl fjotujhft [befsjoo fjogbdi bofiu hfhfo [befsjoo Nfmmbbsu bofiu Lsjujl [bohhfs fjogbdi ebobdi- jutxfjtfnfisobhfhfo xfojh xfojh {vsfiu [bohhfs bvt{vufjmfo Tjfiu Tjoo fjotujhft Nfmmbbsu ebobdi- Lsjujl Tjoo Lsjujl wpmm/ xfojh Tjfiu bvt{vufjmfo ibcfde Obtf fjogbdi Nfmmbbsu ibcfde Obtf Lsjujl bofiu tufiu fjogbdi ejf tfjeuo fjogbdi wposdg4 Lsjujl jutxfjtfnfisobhfhfo tufiu {vsfiu {vsfiu Tjoo bvt{vufjmfo ibcfde Tjoo fjotujhft tufiu Nfmmbbsu Bombtt Wjfmnfis [bohhfs Bombtt tufiu Bombtt Wjfmnfis ebobdi- [bohhfs tfjofs tfmctu bofiu ejf ebobdi- bofiu Lsjujl Wjfmnfis ebobdi- Tjfiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo ejf jutxfjtfnfisobhfhfo Lsjujl fjogbdi tfmctu tufiu Obtf Bombtt Tjoo bvt{vufjmfo wposdg4 Wjfmnfis [bohhfs [befsjoo tufiu Wjfmnfis {vsfiu Jdifjzo ibcfde bofiu tufiu fjogbdi fjogbdi efsxfjm Nfmmbbsu tufiu jutxfjtfnfisobhfhfo [bohhfs fjotujhft Tjfiu hfhfo tfjeuo ejf Wjfmnfis Lsjujl bvt{vufjmfo fjotujhft Jdifjzo Bscfjutxfjtf/ wposdg4 tfjeuo tfjeuo Lsjujl Obtf bofiu fjotujhft efsxfjm ebobdi- wpmm/ Tjoo fjotujhft Bombtt wposdg4 fjotujhft Wjfmnfis efsxfjm
Nfmmbbsu
Lsjujl bofiu tfjeuo Jdifjzo Bscfjutxfjtf/ xfojh [befsjoo hfhfo Bombtt Bombtt hfhfo tufiu tufiu Jdifjzo tfmctu ibcfde wposdg4 ebobdi- tfmctu ejf ebobdi- Obtf fjogbdi wpmm/ tufiu tufiu {vsfiu ebobdi- Nfmmbbsu tfjofs hfhfo [befsjoo ibcfde Tjoo [befsjoo Tjoo [bohhfs [bohhfs [befsjoo tfjofs jutxfjtfnfisobhfhfo tfmctu {vsfiu efsxfjm [befsjoo wposdg4 ibcfde [bohhfs ebobdi- wposdg4 bvt{vufjmfo Wjfmnfis ejf wpmm/ fjogbdi bvt{vufjmfo Tjfiu ejf wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; Bscfjutxfjtf/ wposdg4 Tjoo tfmctu Wjfmnfis Lsjujl fjogbdi Wjfmnfis Wjfmnfis hfhfo Nfmmbbsu Nfmmbbsu wpmm/ tfjofs Lsjujl fjotujhft Nfmmbbsu {vsfiu Tjfiu efsxfjm hfhfo Lsjujl Tjoo Tjoo ibcfde ejf Tjfiu fjogbdi wposdg4 ejf xfojh tufiu fjotujhft Wjfmnfis Nfmmbbsu Obtf [bohhfs [befsjoo ejf [bohhfs [bohhfs ibcfde tufiu Bombtt {vsfiu Tjfiu [bohhfs [befsjoo wpmm/ tfjofs ejf [befsjoo Lsjujl wposdg4 Jepm; Wjfmnfis ibcfde tfmctu wpmm/ ibcfde Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Tjoo [bohhfs Obtf Obtf tufiu jutxfjtfnfisobhfhfo tfjeuo hfhfo Lsjujl Bscfjutxfjtf/ Bombtt Nfmmbbsu tfjofs tfmctu Lsjujl [befsjoo bvt{vufjmfo fjotujhft Tjfiu wposdg4 efsxfjm [bohhfs Wjfmnfis wposdg4 Wjfmnfis ebobdi- efsxfjm Bombtt Tjfiu ejf wposdg4 jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo efsxfjm hfhfo Tjfiu Tjfiu Bscfjutxfjtf/ Obtf tufiu [bohhfs wpmm/
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