Due diligence certificate confirms issuer escrow arrangements and capacity to service municipal debt securities before issue opening. Debenture trustee must furnish a due diligence certificate before opening the issue, confirming after document examination, discussions with issuer officials and independent verification that the issuer has made adequate provisions for an escrow payment mechanism for repayment of debt obligations and that the trustee is satisfied about the issuer's ability to service the debt securities; certificate requires trustee signature, seal, place and date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Due diligence certificate confirms issuer escrow arrangements and capacity to service municipal debt securities before issue opening.
Debenture trustee must furnish a due diligence certificate before opening the issue, confirming after document examination, discussions with issuer officials and independent verification that the issuer has made adequate provisions for an escrow payment mechanism for repayment of debt obligations and that the trustee is satisfied about the issuer's ability to service the debt securities; certificate requires trustee signature, seal, place and date.
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