Signal versus noise: Difference between revisions

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| Covenant to Pay: The Issuer shall,{{strikethru|on any date}} when any payment of principal {{strikethru|in respect of the Notes}} becomes due {{strikethru|and payable, in whole or in part,}} unconditionally pay {{blue|it}} to {{strikethru|or to the order of}} the Trustee in the Contractual Currency{{strikethru|, in the case of any Contractual Currency other than euro, in the principal financial centre for the Contractual Currency, and, in the case of euro, in a city in which banks have access to the TARGET System, in same day or immediately available funds, the relevant Early Redemption Amount or Final Redemption Amount of the Notes, as applicable, on that date, together with any applicable premium}} and shall {{strikethru|(subject to the Conditions) until such payment (both before and after judgment) unconditionally}} pay {{strikethru|to or to the order of the Trustee}} interest {{strikethru|in respect of the nominal amount of the Notes outstanding}} as set out in the Conditions{{blue|.}}{{strikethru|(subject to Clause 2.6), provided that (i) subject to the provisions of Clause 2.5, }} Payment {{strikethru|of any sum due in respect of the Notes}} made to the Issuing and Paying Agent {{strikethru|as provided in the Agency Agreement }}shall{{strikethru|, to that extent,}} satisfy such obligation {{blue|unless it is not paid}}{{strikethru|except to the extent that there is failure in its subsequent payment}} to the {{strikethru|relevant Noteholders or Coupon}}holders{{strikethru| under the Conditions and (ii) a payment made after the due date or {{blue|where the}}{{strikethru|as a result of the}} Notes {{blue|are}} {{strikethru|becoming }}repayable {{blue|early will be satisfied}}{{strikethru|pursuant to Master Condition 8 (Redemption and Purchase) shall be deemed to have been made}} when{{strikethru| the full amount due has been}} received by the Issuing and Paying Agent {{strikethru|or the Trustee and notice to that effect has been given to the Noteholders (if required under Clause 7.1.14), except to the extent that there is a failure in its}} {{blue|unless not}} subsequent{{blue|ly paid}}{{strikethru| payment}} to the {{strikethru|relevant Noteholders or Coupon}}holders{{strikethru| under the Conditions}}. {{strikethru|This covenant shall only have effect each time Notes are issued and outstanding, when }}The Trustee{{strikethru| shall, upon execution of the relevant Issue Deed,}} hold{{blue|s}}{{strikethru| the benefit of}} this covenant on trust for itself and the {{strikethru|Noteholders and Coupon}}holders{{strikethru| of the relevant Series according to their respective interests}}.  
| '''Covenant to Pay''': The Issuer shall,{{strikethru|on any date}} when any payment of principal {{strikethru|in respect of the Notes}} becomes due {{strikethru|and payable, in whole or in part}}, unconditionally pay {{blue|it}} to {{strikethru|or to the order of}} the Trustee in the Contractual Currency{{strikethru|, in the case of any Contractual Currency other than euro, in the principal financial centre for the Contractual Currency, and, in the case of euro, in a city in which banks have access to the TARGET System, in same day or immediately available funds, the relevant Early Redemption Amount or Final Redemption Amount of the Notes, as applicable, on that date, together with any applicable premium}} and shall {{strikethru|(subject to the Conditions) until such payment (both before and after judgment) unconditionally}} pay {{strikethru|to or to the order of the Trustee}} interest {{strikethru|in respect of the nominal amount of the Notes outstanding}} as set out in the Conditions{{blue|.}}{{strikethru|(subject to Clause 3.1), provided that (i) subject to the provisions of Clause 4.2,}} Payment {{strikethru|of any sum due in respect of the Notes}} made to the Issuing and Paying Agent {{strikethru|as provided in the Agency Agreement }}shall{{strikethru|, to that extent,}} satisfy such obligation {{blue|unless it is not paid}}{{strikethru|except to the extent that there is failure in its subsequent payment}} to the {{strikethru|relevant Noteholders or Coupon}}holders{{blue|.}}{{strikethru| under the Conditions and (ii) a }}payment made after the due date or {{blue|where the}}{{strikethru|as a result of the}} Notes {{blue|are}} {{strikethru|becoming }}repayable {{blue|early will be satisfied}}{{strikethru|pursuant to Master Condition 8 (Redemption and Purchase) shall be deemed to have been made}} when{{strikethru| the full amount due has been}} received by the Issuing and Paying Agent {{strikethru|or the Trustee and notice to that effect has been given to the Noteholders (if required under Clause 15), except to the extent that there is a failure in its subsequent payment}} {{blue|unless it is not then paid}} to the {{strikethru|relevant Noteholders or Coupon}}holders{{strikethru| under the Conditions}}. {{strikethru|This covenant shall only have effect each time Notes are issued and outstanding, when }}The Trustee{{strikethru| shall, upon execution of the relevant Issue Deed,}} hold{{blue|s}}{{strikethru| the benefit of}} this covenant on trust for itself and the {{strikethru|Noteholders and Coupon}}holders{{strikethru| of the relevant Series according to their respective interests}}.  
|| Covenant to Pay: The Issuer shall, when any payment of principal becomes due unconditionally pay {{blue|it}} to the Trustee in the Contractual Currency and shall unconditionally pay interest as set out in the Conditions{{blue|.}}  Payment to the Issuing and Paying Agent shall satisfy such obligation {{blue|unless it is not paid}} to the holders{{blue||.}} Payment made after the due date or {{blue|where the}} Notes {{blue|are}} repayable {{blue|early will be satisfied}} when received by the Issuing and Paying Agent {{blue|unless not}} subsequent{{blue|ly paid}} to the holders. The Trustee hold{{blue|s}} this covenant on trust for itself and the holders.  
|| '''Covenant to Pay''': The Issuer shall, when any payment of principal becomes due, unconditionally pay {{blue|it}} to the Trustee in the Contractual Currency and shall unconditionally pay interest as set out in the Conditions{{blue|.}}  Payment to the Issuing and Paying Agent shall satisfy such obligation {{blue|unless it is not then paid}} to the holders{{blue|.}} Payment made after the due date or {{blue|where the}} Notes {{blue|are}} repayable {{blue|early will be satisfied}} when received by the Issuing and Paying Agent {{blue|unless it is not then paid}} to the holders.  
 
The Trustee hold{{blue|s}} this covenant on trust for itself and the holders.  
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Revision as of 15:11, 31 October 2022

Noise

Signal

Covenant to Pay: The Issuer shall,on any date when any payment of principal in respect of the Notes becomes due and payable, in whole or in part, unconditionally pay it to or to the order of the Trustee in the Contractual Currency, in the case of any Contractual Currency other than euro, in the principal financial centre for the Contractual Currency, and, in the case of euro, in a city in which banks have access to the TARGET System, in same day or immediately available funds, the relevant Early Redemption Amount or Final Redemption Amount of the Notes, as applicable, on that date, together with any applicable premium and shall (subject to the Conditions) until such payment (both before and after judgment) unconditionally pay to or to the order of the Trustee interest in respect of the nominal amount of the Notes outstanding as set out in the Conditions.(subject to Clause 3.1), provided that (i) subject to the provisions of Clause 4.2, Payment of any sum due in respect of the Notes made to the Issuing and Paying Agent as provided in the Agency Agreement shall, to that extent, satisfy such obligation unless it is not paidexcept to the extent that there is failure in its subsequent payment to the relevant Noteholders or Couponholders. under the Conditions and (ii) a payment made after the due date or where theas a result of the Notes are becoming repayable early will be satisfiedpursuant to Master Condition 8 (Redemption and Purchase) shall be deemed to have been made when the full amount due has been received by the Issuing and Paying Agent or the Trustee and notice to that effect has been given to the Noteholders (if required under Clause 15), except to the extent that there is a failure in its subsequent payment unless it is not then paid to the relevant Noteholders or Couponholders under the Conditions. This covenant shall only have effect each time Notes are issued and outstanding, when The Trustee shall, upon execution of the relevant Issue Deed, holds the benefit of this covenant on trust for itself and the Noteholders and Couponholders of the relevant Series according to their respective interests. Covenant to Pay: The Issuer shall, when any payment of principal becomes due, unconditionally pay it to the Trustee in the Contractual Currency and shall unconditionally pay interest as set out in the Conditions. Payment to the Issuing and Paying Agent shall satisfy such obligation unless it is not then paid to the holders. Payment made after the due date or where the Notes are repayable early will be satisfied when received by the Issuing and Paying Agent unless it is not then paid to the holders.

The Trustee holds this covenant on trust for itself and the holders.

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