The trustee also conducts due diligence and ensures the worth/sufficiency of the securities deposited as collateral for the loan. The trustees coordinate and also monitor the transaction. Trustees are experienced in tracking the management of the loan facility arrangement and, without them, the mechanics and management of the arrangement are bound to fail as they ensure the securities deposited as collateral is not compromised during the pendency of the transaction.
The trustee as the facility agent and security custodian prepares the Trust Deed which binds the arrangement between the parties and ensures neither of the parties default on their obligations and, where there is a default, sanctions and liabilities are effected on the defaulting party. The trustees thus facilitate communication between the parties and negotiate a rearrangement on the next steps necessary. The lenders in this situation cannot hold the security documents of the borrower as “blackmail” because it was never in their possession in the first instance.
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