TMI BlogObligations of trusteesX X X X Extracts X X X X X X X X Extracts X X X X ..... ulations, the trust deed or other document, with due care and diligence. (2) The trustees shall ensure that the covenants in the trust deed and any other transaction document are complied with by the concerned parties. 1 [(3) A trustee shall,- (a) supervise the implementation of the covenants regarding creation of security for the securitised debt instruments; (b) do such acts as ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omplied with the guidelines prescribed for securitisation by Reserve Bank of India; (f) take appropriate measures for protecting the interest of the investors including informing the board about any action, legal proceeding, etc., initiated against it in respect of any material breach or noncompliance by it, of any law, rules, regulations, directions of the Board or of any other regulatory body ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit rating agency which is rating the securitised debt instrument; (l) call a meeting of all the investors on a requisition, in writing signed by at least one-tenth of investors in value for the time being outstanding or at the occurrence of an event, which constitutes a servicer default or which in the opinion of the trustees affects the interest of the investors; (m) maintain the net worth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erating cash flow reports, payment reports and meet all reporting requirements required under the Board's or Reserve Bank of India's guidelines/circulars; (iii) recording investor information; (iv) entering and maintaining data for the special purpose distinct entity, including cash flows, audited financials, taxation aspects etc.; (v) issuing cheques/demand drafts or generating RTGS ..... X X X X Extracts X X X X X X X X Extracts X X X X
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