Despite Part 12, an issuer is not required to include in the short form prospectus the credit supporter disclosure for one or more credit supporters required by section 12.1, if
(a) one or more credit supporters have each provided full and unconditional credit support for the securities being distributed,
(b) if there is more than one credit supporter, the guarantee or alternative credit supports are joint and several,
(c) the securities being distributed are non-convertible debt securities or non-convertible preferred shares, or convertible debt securities or convertible preferred shares that are convertible, in each case, into non-convertible securities of the issuer,
(d) the issuer controls each credit supporter and the issuer has consolidated the financial statements of each credit supporter into the issuer’s financial statements that are included in the short form prospectus, and
(e) the issuer includes in the short form prospectus either
(i) a statement that the financial results of the credit supporter(s) are included in the consolidated financial results of the issuer, if
(A) the issuer has limited independent operations, and
(B) the impact of any subsidiaries of the issuer on a combined basis, excluding the credit supporter(s) but including any subsidiaries of the credit supporter(s) that are not themselves credit supporters, on the consolidated financial results of the issuer is minor, or
(ii) for the periods covered by the issuer’s financial statements included in the short form prospectus under Item 11, consolidating summary financial information for the issuer, presented with a separate column for each of the following:
(A) the issuer;
(B) the credit supporters on a combined basis;
(C) any other subsidiaries of the issuer on a combined basis;
(D) consolidating adjustments;
(E) the total consolidated amounts.