Schedule - III - Format of due diligence certificate to be given by the debenture trustee before opening of the issue - Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015

1 [ SCHEDULE III [ See regulations 7 and 14 ] FORMAT OF DUE DILIGENCE CERTIFICATE TO BE GIVEN BY THE DEBENTURE TRUSTEE BEFORE OPENING OF THE ISSUE To, SECURITIES AND EXCHANGE BOARD OF INDIA Dear Sir / Madam, SUB.: ISSUE OF _________________ BY ________________(Issuer) We, the Debenture Trustee (s) to the above mentioned forthcoming issue state as follows: (1) We have examined documents pertaining to the said issue and other relevant documents. (2) On the basis of such examination and discussions with the issuer, its Mayor/Deputy Mayor /Directors and other officers, other agencies and independent verification of the various relevant documents,- (a) WE CONFIRM that the issuer has made adequate provisions regarding escrow payment mechanism for repayment of debt obligations, and (b) We have satisfied ourselves about the ability of the issuer to service the debt securities. PLACE: DATE: (SIGNATURE WITH OFFICIAL SEAL) DEBENTURE TRUSTEE TO THE ISSUE ] ************ NOTES:- 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/40 dated 27-09-2019 before it was read as, SCHEDULE III [See Regulation 7 (11)] FORMAT OF DUE DILIGENCE CERTIFICATE TO BE GIVEN BY THE DEBENTURE TRUSTEE BEFORE OPENING OF THE ISSUE To, SECURITIES AND EXCHANGE BOARD OF INDIA Dear Sir / Madam, SUB.: ISSUE OF ____________________ BY _______________________Ltd (Corporate Municipal Entity) We, the Debenture Trustee (s) to the above mentioned forthcoming issue state as follows: (1) We have examined documents pertaining to the said issue and other such relevant documents. (2) On the basis of such examination and of the discussions with the issuer, its Mayor/Deputy Mayor /Directors and other officers, other agencies and of independent verification of the various relevant documents, WE CONFIRM that: (a) The issuer has made adequate provisions for and/or has taken steps to provide for adequate security for the debt securities to be issued. (b) The issuer has obtained the permissions / consents necessary for creating security on the said property (ies) / receivables. (c) The issuer has made all the relevant disclosures about the security and also its continued obligations towards the holders of debt securities. We have satisfied ourselves about the ability of the issuer to service the debt securities. PLACE DATE: DEBENTURE TRUSTEE TO THE ISSUE WITH HIS SEAL