Debenture trustee due diligence: confirm security, permissions, disclosures and issuer ability to service debentures. The prescribed form requires the debenture trustee to examine documents, verify independently and confirm that adequate security provisions exist, necessary permissions for creating security have been obtained, disclosures about the security and ongoing obligations are made, and that disclosures in the draft prospectus/letter of offer regarding the security are true, fair and adequate; the trustee must also satisfy themselves about the issuer's ability to service the debentures and sign the certificate with seal, place and date before the issue opens.
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.
Debenture trustee due diligence: confirm security, permissions, disclosures and issuer ability to service debentures.
The prescribed form requires the debenture trustee to examine documents, verify independently and confirm that adequate security provisions exist, necessary permissions for creating security have been obtained, disclosures about the security and ongoing obligations are made, and that disclosures in the draft prospectus/letter of offer regarding the security are true, fair and adequate; the trustee must also satisfy themselves about the issuer's ability to service the debentures and sign the certificate with seal, place and date before the issue opens.
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