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Covenant to pay: Difference between revisions
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Amwelladmin (talk | contribs) (Replaced content with "{{essay|repack|covenant to pay|{{subtable|{{repackprov|Covenant to pay}} in a {{nutshell}} {{small|80}}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.]''<ref>We bracket this bit b...") Tag: Replaced |
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{{small|80}}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. | {{small|80}}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.]''<ref>We bracket this bit because it is common, but we think, a bit stupid.</ref> | ''[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. Discussed in more detail in the {{premium}}.</ref> | ||
The Trustee holds this covenant on trust for the Noteholders.</div>}}}} | The Trustee holds this covenant on trust for the Noteholders.</div>}}}} | ||