Debenture trustee monitoring obligations strengthened and 'security cover' replaces 'asset cover' clarifying security reporting duties. Amendment requires debenture trustees to monitor compliance with the trust deed as specified by the Board and revises regulation 15 terminology: replacing 'asset cover' with 'security cover', altering receivables/book debts references, and substituting valuation language with a requirement for information regarding security cover, thereby focusing trustee obligations on assessing and reporting the adequacy of security cover.
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Amendment requires debenture trustees to monitor compliance with the trust deed as specified by the Board and revises regulation 15 terminology: replacing "asset cover" with "security cover", altering receivables/book debts references, and substituting valuation language with a requirement for information regarding security cover, thereby focusing trustee obligations on assessing and reporting the adequacy of security cover.
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