Creation of security requires disclosure, undertaking on encumbrances, and escrow of proceeds until security documents are executed.

Issuers must disclose proposals to create any charge or security in the offer document, give an undertaking that charged assets are free from encumbrances or that prior creditor consent has been obtained for second or pari pasu charges, and keep issue proceeds in an escrow account until the security creation documents described in the offer document are executed.

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