Signal versus noise: Difference between revisions

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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.  
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.  
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The Trustee holds this covenant on trust for itself and the holders.
|'''Covenant to Pay''': The Issuer must unconditionally pay principal when it becomes due in the Contractual Currency, with interest, as set out in the Conditions.  
|'''Covenant to Pay''': The Issuer must unconditionally pay principal when it becomes due in the Contractual Currency, with interest, as set out in the Conditions.  


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.  
The Trustee holds this covenant on trust for the Noteholders.
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