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Article 2
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The term "material information of a trustee institution or SPC" as used in these Directions refers to the following matters:
- where there is a likelihood that the conduct of a trustee institution is damaging trust assets and a trust supervisor has requested that it cease the conduct.
- the status of repayment, overdue accounts, bad debt, and other material information relating to debtors in connection with the trust assets, as provided on a regular basis by a servicer.
- amendment or termination of a special purpose trust contract.
- resignation or dismissal of a trustee institution, or selection of a new trustee institution.
- notice by an SPC supervisor to a director to cease certain conduct.
- where the supervisory institution of an SPC duly convenes a meeting of holders of asset-backed securities because of a likelihood that the value of the transferred assets is insufficient to pay off debt or prejudices the holders.
- the status of repayment, overdue accounts, bad debt, and other material information relating to debtors in connection with the transferred assets, as provided on a regular basis by a servicer.
- any change to the articles of incorporation of an SPC.
- dissolution of an SPC.
- where a trustee institution or SPC has been subject to a disposition imposed by the competent authority in charge of the relevant industry for violating the Financial Asset Securitization Act.
- important resolutions of meetings of beneficiaries or security holders.
- where a trustee institution uses trust assets to borrow funds or an SPC pledges, assigns, exchanges, provides as security, or otherwise disposes of transferred assets.
- suspension of the powers of any of the directors of an SPC.
- any other matter that has a significant effect on the rights and interests of beneficiaries and securities holders or the price of securities, or any significant decision-making.
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