49 (1) An issuer or a guarantor of debt obligations issued or to be issued under a trust indenture, before doing any act referred to in clause (a), (b), (c) or (d), shall furnish the trustee with evidence of compliance with the conditions in the trust indenture relating to, (a)  the issue, certification and delivery of debt obligations under the trust indenture; (b)  the release or release and substitution of property subject to a security interest constituted by the trust indenture; (c)  the satisfaction and discharge of the trust indenture; or (d)  the taking of any other action to be taken by the trustee at the request of or on the application of the issuer or guarantor.  R.S.O. 1990, c. B.16, s. 49 (1). Idem (2) Evidence of compliance as required by subsection (1) shall consist in each case of, (a)  a statutory declaration or certificate made by a director or an officer of the issuer or guarantor stating that the conditions referred to in that section have been complied with in accordance with the terms of the trust indenture; and (b)  where the trust indenture requires compliance with conditions that are subject to review, (i)  by legal counsel, an opinion, and (ii)  by an auditor or accountant, an opinion or report of the auditor of the issuer or guarantor, or any accountant licensed under the Public Accounting Act, 2004 or comparable legislation of the jurisdiction in which the accountant practises, based on the examinations or enquiries required to be made under the trust indenture, in each case approved by the trustee, that the conditions have been complied with in accordance with the terms of the trust indenture.  R.S.O. 1990, c. B.16, s. 49 (2); 2004, c. 8, s. 46. Idem (3) The evidence of compliance referred to in subsection (2) shall include a statement by the person giving the evidence, (a)  declaring that the person has read and understands the conditions of the trust indenture described in subsection (1); (b)  describing the nature and scope of the examination or investigation upon which the person based the statutory declaration, certificate, opinion or report; and (c)  declaring that the person has made such examination or investigation as the person believes necessary to enable the person to make the statements or give the opinions contained or expressed therein.  R.S.O. 1990, c. B.16, s. 49 (3). Certificate of issuer or guarantor (4) At least once in each twelve-month period beginning on the date debt obligations are first issued under the trust indenture and at any other reasonable time upon the demand of a trustee, the issuer or guarantor of debt obligations issued under a trust indenture shall furnish the trustee with a certificate that the issuer or guarantor has complied with all requirements contained in the trust indenture that, if not complied with, would, with the giving of notice, lapse of time or otherwise, constitute an event of default, or, if there has been failure to so comply, giving particulars thereof.  R.S.O. 1990, c. B.16, s. 49 (4). Evidence of compliance (5) Upon the demand of a trustee, the issuer or guarantor of debt obligations issued under a trust indenture shall furnish the trustee with evidence in such form as the trustee may require as to compliance with any condition therein relating to any action required or permitted to be taken by the issuer or guarantor under the trust indenture or as a result of any obligation imposed by the trust indenture.  R.S.O. 1990, c. B.16, s. 49 (5). Reliance on opinions (6) A trustee is not in contravention of subsection 47 (1) if the trustee relies in good faith upon statements contained in a statutory declaration, certificate, opinion or report that complies with this Act or the trust indenture.  R.S.O. 1990, c. B.16, s. 49 (6). Section Amendments with date in force (d/m/y) 2004, c. 8, s. 46 - 01/11/2005