NEWSLETTER-2020-metin

94 NEWSLETTER 2020 discussed are rejected by a two-thirds majority, the Tenor BDIH deci- sion does not come into force. In the event that the General BDIH does not convene within this period despite the duly invitation made by the board of directors, Tenor BDIH decisions become final. Within the scope of Article 6 of the Communiqué ( Principles Regarding Meeting ), it is stipulated that the BDIH meetings will be held physically. However, it is further ensured that decisions can be made by circulating and signing the decision by circulation and / or electronically without holding a physical meeting. BDIH can also hold meetings electronically. The list of those who can attend the BDIH meeting is prepared by the board of directors according to the list given by the CRA. Debt instruments owned by the issuer and / or related parties do not provide its holder with voting rights in the BDIH meetings and are not taken into account in quorums. Issuer’s Default The legislator also regulated the case that the investors and the issuer reach an agreement on restructuring in the event of default in the payment of debt instruments. In this context, in order to ensure the applicability of the restructuring, it is aimed to stop the previously initiated legal proceedings, halt the statute of limitations and loss of rights, and the legal procedures will be terminated upon execution of the debt instruments 4 . Parallel regulations with the Capital Markets Law are also included in the Communiqué. According to Article 9 ( Issuer’s Obligation to Pay, Violation of This Obligation and Structuring of Debt Instrument ) of the Communi- qué, in the prospectus or issue document, among others , the nature and scope of the debts arising from the debt instrument, and the situations that would deemed as default in the repayment of these debts, and the definition and scope of defaults that may occur in repayments, are included in solidified terms. 4 https://www2.tbmm.gov.tr/d27/2/2-2596.pdf (Access date: 21.09.2020).