Plain English - Organise: Difference between revisions

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::Compared with:
::Compared with:


{{quote|Following an enforcement of the Security, the Noteholders rights to be paid amounts due under the Notes will be subordinated to:
Following an enforcement of the Security, the Noteholders rights to be paid amounts due under the Notes will be subordinated to:
# The Issuer’s share of all taxes owing by the Issuer;
# The Issuer’s share of all taxes owing by the Issuer;
# The Trustee’s fees, costs, charges, expenses and liabilities;  
# The Trustee’s fees, costs, charges, expenses and liabilities;  
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# Any amounts owing to the Vendor under the Collateral Sale Agreement and  
# Any amounts owing to the Vendor under the Collateral Sale Agreement and  
# Any other claims as specified in the Conditions as may be amended by the Issue Deed relating to the relevant Series of Notes, that rank in priority to the Notes.  
# Any other claims as specified in the Conditions as may be amended by the Issue Deed relating to the relevant Series of Notes, that rank in priority to the Notes.  
# Such subordination could significantly reduce the amount of available proceeds receivable by the Noteholders following the liquidation of the Collateral or on an enforcement of the Security.}}
# Such subordination could significantly reduce the amount of available proceeds receivable by the Noteholders following the liquidation of the Collateral or on an enforcement of the Security.
::Now I don't claim this as elegant drafting by any stretch: it is terrible — though you should have seen how it started. Notice that as you break it up you notice that the punctuation is inconsistent and they forgot to peg out ''Hedge Counterparty amounts'' and ''Vendor amounts'' in the original drafting. And notice also how, as a [[legal eagle]], you are drawn into it, parsing the elements, and at the back of your mind wondering “''how can I fiddle with this to somehow make it better?''”
::Now I don't claim this as elegant drafting by any stretch: it is terrible — though you should have seen how it started. Notice that as you break it up you notice that the punctuation is inconsistent and they forgot to peg out ''Hedge Counterparty amounts'' and ''Vendor amounts'' in the original drafting. And notice also how, as a [[legal eagle]], you are drawn into it, parsing the elements, and at the back of your mind wondering “''how can I fiddle with this to somehow make it better?''”
:: Now consider this:
:: Now consider this:
{{quote|Before you are paid your Redemption Amount under the Notes the Issuer must first settle its liabilities to the Trustee and all of the services providers relating to the Notes, any tax liabilities and any other amounts that rank ahead of payment obligations under the Notes. This may reduce how much you ultimately receive under the Notes.}}
Before you are paid your Redemption Amount under the Notes the Issuer must first settle any liabilities it owes that rank ahead of payment obligations under the Notes, including amounts it owes the Trustee and Note services providers and its tax liabilities. This may reduce how much you ultimately receive under the Notes.


* '''Consider columns''': Yes, that requires being a ninja at MS Word, but shorter lines of text are easier to read. Especially for “standard terms” documents. It also forces you to keep paragraphs shorter.
* '''Consider columns''': Yes, that requires being a ninja at MS Word, but shorter lines of text are easier to read. Especially for “standard terms” documents. It also forces you to keep paragraphs shorter.
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