Template:M intro repack application of proceeds: Difference between revisions

Template:M intro repack application of proceeds (view source)

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 There are a lot of secured parties, but most of them (the trustee and the agents) aren’t likely to be owed very much, and in the time-honoured tradition of all agency arrangements, these guys get paid first. The real action is generally between the hedge counterparty and the noteholders, especially where there is a counterparty “[[flip clause]]”. In any case there is a whole lot more at the [[payments waterfall]] page.
 ===Pre-enforcement and post-enforcement===
-As well as the “[[flip clause]]” it is time-honoured to set out ''two'' [[payments waterfall]]s: pre-enforcement and post-enforcement. These will both usually be set out in full, in the grandiloquent prose of the capital markets, even though the practical difference between them is — well, ''nil''.
+As well as the “[[flip clause]]” it is time-honoured to set out ''two'' [[payments waterfall]]s: pre-enforcement and post-enforcement. These will both usually be set out in full, in the grandiloquent prose of the capital markets, even though the practical difference between them is — well, ''nil'', as you are invited to see for yourself with this {{diff|78860|78859}} of the terms in the inimitable [https://www.spiresa.com/media/1051/01-spire-2023_base-prospectus_final.pdf SPIRE programme] (don’t click on that link, honestly, it doesn’t matter how bored you are you are not that bored).