103 CAPITAL MARKETS LAW ter, examining and confirming the accuracy of the entries made to the cover register in order for assets to be added to and removed from it, determining the entries to be amended by reviewing the underlying loan documentation and other information and documents, and inspecting whether the cover assets meet the cover matching principles set and whether the stress test measurements are accurate. The cover pool monitor is authorized to request any information or document from the issuer regarding the cover assets and to review the related entries made to the cover register. The cover pool monitor is also authorized to obtain information from the employees. In addition, the cover pool monitor may request all kinds of information and documents from independent auditors, valuation and rating institutions, and trade registry directorates or relevant listing agencies. In case the cover pool monitor encounters any obstruction in its access to the information and documents that it has requested, it shall promptly notify the CMB. Measures If the issuer fails to fulfill its payment obligations arising from MCB either partially or fully, the cover pool monitor must be promptly notified. Consequently, the collections made from the cover assets which have been accumulated in a separate account opened in the name of the MCB holders becomes due and payable from the date of such nonpayment and used solely for the fulfillment of the obligations arising from the MCB. If the issuer partially or fully fails to fulfill its payment obligations and the cover pool does not meet the obligations, MCB investors can also have recourse to the other assets of the issuer without waiting for collections under the cover pool. The CMB has the authority to appoint an administrator in case one of the following events occurs: • transfer of the management or supervision of the Issuer to a public institution, • cancellation of the Issuer’s operation license, • bankruptcy of the Issuer.
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