Affirmative covenants are typically administrative in nature. For example, frequently used affirmative covenants include what the issuer will do with the proceeds from the bond issue and the promise of making the contractual payments. The issuer may also promise to comply with all laws and regulations, maintain its current lines of business, insure and maintain its assets, and pay taxes as they come due. These types of covenants typically do not impose additional costs to the issuer and do not materially constrain the issuer’s discretion regarding how to operate its business.
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