The National Depository Center (NDC) provides a trustee service to issuers of secured bonds in accordance to respective agreement. NDC acts as a collateral manager for secured bonds in this regard. The collateral manager for secured bonds can be an investment company or a central depository acting as a holder of a pledge in favor of the bondholders in order to control the compliance of this provision with legal requirements and prospectus.
If the obligations regarding secured bonds fail to be executed or are improperly executed, NDC may exercise its respective right to satisfy bondholders’ demands. Consequently, the interest rates can be paid at the expense of funds from the disposal of the subject of pledge.