233.1 If long-term debt is being registered, the issuer shall state the title of the issue and outline any of the following provisions that are relevant:

1. (a) Provisions with respect to interest, maturity, conversion, redemption, amortization, sinking fund, or retirement;
2. (b) Provisions with respect to the kind and priority of any lien, restricting the declaration of dividends or requiring the maintenance of any ratio of assets, the creation or maintenance of reserves, or the maintenance of properties; and
3. (c) Provisions permitting or restricting the issuance of additional securities, the incurring of additional debt, the release or substitution of assets securing the issue, the modification of the terms of the security, and similar provisions.

233.2 The issuer need not describe the provisions permitting the release of assets upon the deposit of equivalent funds, property no longer required in the business, obsolete property, or property taken by eminent domain.

233.3 The issuer shall provide the name of the trustee and the nature of any material relationship with the issuer or any of its affiliates, the percentage of securities of the class necessary to require the trustee to take action, and what indemnification the trustee may require before proceeding to enforce the lien.

233.4 The issuer shall provide a brief summary of the pertinent provisions from an investment standpoint is required. A complete legal description of the provisions referred to is not required and should not be given. The issuer need not set forth the provisions of the governing instruments verbatim. Only a succinct resume is required.

SOURCE: Amended by Emergency Rulemaking published at 47 DCR 9910 (December 15, 2000) [EXPIRED]; as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 48 DCR 3952 (May 4, 2001) [EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 48 DCR 9177 (October 5, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 10879 (November 30, 2001).