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The circular modifies Chapter IV of the Master Circular for Debenture Trustees to clarify the creation and use of the Recovery Expense Fund (REF) for enforcement and legal proceedings upon default in listed debt securities. It specifies that debenture trustees, including a defined Lead Debenture Trustee, may be reimbursed from REF for activities such as obtaining consents, conducting voting and meetings, filing court applications, legal fees, and asset recovery services. Prior debenture holder approval is not required for uses expressly listed; other uses need prior consent. The designated stock exchange must verify expenses, release funds within five working days, and remaining Chapter IV provisions remain unchanged, effective immediately.
The circular modifies Chapter IV of the Master Circular for Debenture Trustees to clarify the creation and use of the Recovery Expense Fund (REF) for enforcement and legal proceedings upon default in listed debt securities. It specifies that debenture trustees, including a defined Lead Debenture Trustee, may be reimbursed from REF for activities such as obtaining consents, conducting voting and meetings, filing court applications, legal fees, and asset recovery services. Prior debenture holder approval is not required for uses expressly listed; other uses need prior consent. The designated stock exchange must verify expenses, release funds within five working days, and remaining Chapter IV provisions remain unchanged, effective immediately.
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