DEBENTURE TRUST DEED PURPOSE OF REPORT ...

Debenture Trust Deed 36
Essential Services: The Council and the Trustee agree that the regime as set
out in section 40D of the Receiverships Act shall be deemed to apply
mutatis mutandis to any action taken by the Trustee in relation to any
Charged Assets pursuant to the powers referred to in clause 0 as if the
references in that section to "receiver" were references to the Trustee,
and the provisions of this Deed shall be read accordingly.
APPOINTMENT OF RECEIVER
Appointment and Removal: At any time after the security created by this Deed
has become enforceable, but subject always to clause 0, the Act and the
Receiverships Act the Trustee may in its discretion and shall upon being
directed to do so by an Extraordinary Resolution, (and in any such case
without any further notice to or consent on the part of the Council)
appoint in writing one or more Receivers (whether severally, jointly or
both) of all or any part of the Charged Assets with power from time to
time to remove any Receiver so appointed and in case of removal,
retirement or death to appoint another in his or her place. Any such
Receiver may be appointed either before or after the Trustee has
entered into or taken possession of all or any part of the Charged Assets.
Rights of Receiver: Following an appointment of a Receiver, the Receiver shall
(subject to the provisions of the Act, and the Receiverships Act and
except where precluded or limited by law) have power to do all or any of
the following which are not specifically excluded by his or her
appointment:
Take Possession: take possession of, demand, collect, or get in all
or any part of the Charged Assets and exercise the rights
conferred on Receivers by the Act (and, in particular,
section 115 of the Act), and the Receiverships Act, in
respect of the Charged Assets;
Deal with Charged Assets: deal with and exploit all or any part of
the Charged Assets in any manner;
Dispose of Charged Assets: dispose of or concur in the disposal of
all or any part of the Charged Assets and any interest in the
Charged Assets generally upon such terms and conditions
as the Receiver may consider necessary or expedient;
Acquire Property: acquire an asset or an interest in an asset for
inclusion in the Charged Assets;
Appoint Agents: appoint and employ officers, managers,
employees, advisers, contractors or agents for any
purpose and on the terms which the Receiver may consider
necessary or expedient;
Borrow Money: advance money to, or borrow or raise money from,
any person with or without a charge or other security
interest over or affecting the Charged Assets;
Settle Disputes: bring, defend, submit to arbitration, negotiate,
compromise, abandon or settle a claim or a proceeding, or
make an arrangement or compromise, in relation to the
Charged Assets;
KCDC_n367613_v1_Fin-13-825_Appendix_1_Copy_of_Report_Fin-12-593_from_28_June_Council © Simpson Grierson