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Allez😃Sea · 2020年07月07日

问一道题:NO.PZ2016031002000003

问题如下:

Which of the following statements is least described as a negative covenant?

选项:

A.

The bond issuer must not violate laws or regulations.

B.

The bond issuer must not issue more debt.

C.

The bond issuer must not sell assets pledged as collateral.

解释:

A is correct.

Affirmative covenants are administrative actions the issuer must perform, such as complying with all regulations and laws. Negative covenants are restrictions on a bond issuer's operating decisions, such as prohibiting the issuer from issuing additional debt or selling the assets pledged as collateral.

老师,这题问题和解释都看得懂,但是为什么A不属于negative范畴呢?不是禁止的条款吗?禁止违法

1 个答案

WallE_品职答疑助手 · 2020年07月08日

同学你好,

参考基础班讲义的第29页,违法不属于禁止条款里面的。

你在想想,国家的法律都不能禁止一个人违法(而是对违法的人进行处罚),这一个禁止条款肯定不能限制债券发行人违法。

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