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Covenant to pay: Difference between revisions
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{{a|repack|{{subtable|{{repackprov|Covenant to pay}} in a {{nutshell}} | {{a|repack|{{subtable|{{repackprov|Covenant to pay}} in a {{nutshell}} | ||
On or following any date on which any Principal, Interest or deliveries become due under the Notes, the Issuer will pay or deliver them unconditionally upon demand, to the Trustee’s order. | |||
The Issuer can satisfy that obligation by payment to the Issuing and Paying Agent, provided the Issuing and Paying Agent then pays Noteholders. | |||
''[The Issuer can satisfy that obligation by payment to the Issuing and Paying Agent, provided the Issuing and Paying Agent then pays Noteholders.]''<ref>We bracket this bit because it is common, but we think, a bit stupid.</ref> | |||
The Trustee holds this covenant on trust for the Noteholders.}}}}You might wonder what on ''Earth'' this is all about, especially if you encounter it cast with the wrought iron prose that the school matron beats into Linklaters trainees with her rolling pin during their Debt Capital Markets seat. | The Trustee holds this covenant on trust for the Noteholders.}}}}You might wonder what on ''Earth'' this is all about, especially if you encounter it cast with the wrought iron prose that the school matron beats into Linklaters trainees with her rolling pin during their Debt Capital Markets seat. | ||
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*[[Specialty]] | *[[Specialty]] | ||
*[[Limitation Act 1980]] | *[[Limitation Act 1980]] | ||
{{ref}} | |||