No, the bond structure does not include formal step-in rights or contractual provisions allowing investors to directly replace the developer.

However, in the event of a severe underperformance scenario or default, investors benefit from a comprehensive security package—including first-ranking mortgages over valuable land parcels.

This means that bondholders (or their appointed representative) would have the legal ability to take possession and control of the pledged real estate assets, enabling them to recover value through direct sale, third-party development, or other strategic options.

This outcome-oriented protection mechanism has been intentionally prioritized over a complex governance structure, to ensure clarity, enforceability, and asset-backed recovery for investors.