Canada Business Corporations Act
event of default
cas de défaut
event of default means an event specified in a trust indenture on the occurrence of which
(a) a security interest constituted by the trust indenture becomes enforceable, or
(b) the principal, interest and other moneys payable thereunder become or may be declared to be payable before maturity,
but the event is not an event of default until all conditions prescribed by the trust indenture in connection with such event for the giving of notice or the lapse of time or otherwise have been satisfied; (cas de défaut)
trustee means any person appointed as trustee under the terms of a trust indenture to which a corporation is a party and includes any successor trustee; (fiduciaire)
acte de fiducie
trust indenture means any deed, indenture or other instrument, including any supplement or amendment thereto, made by a corporation after its incorporation or continuance under this Act, under which the corporation issues debt obligations and in which a person is appointed as trustee for the holders of the debt obligations issued thereunder. (acte de fiducie)
(2) This Part applies to a trust indenture if the debt obligations issued or to be issued under the trust indenture are part of a distribution to the public.
(3) The Director may exempt a trust indenture from this Part if the trust indenture, the debt obligations issued thereunder and the security interest effected thereby are subject to a law of a province or a country other than Canada that is substantially equivalent to this Part.
- R.S., 1985, c. C-44, s. 82;
- 2001, c. 14, s. 34(F).
- Date modified: