Common use of Issue of ETP Securities and Covenant to Pay Clause in Contracts

Issue of ETP Securities and Covenant to Pay. 2.1 The ETP Securities of each Series shall be constituted by the relevant Trust Deed and secured by the relevant Security Documents. Upon the issue by the Issuer of any ETP Securities expressed to be constituted by the relevant Trust Deed, such ETP Securities shall forthwith be constituted by the relevant Trust Deed without any further formality and irrespective of whether or not the issue of such securities contravenes any covenant or other restriction in the relevant Conditions and/or the relevant Trust Deed or the Programme Maximum Number of ETP Securities.