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EN
The article addresses the issue of obtaining capital for enterprises’ growth by issuing corporate bonds. Special attention is given to covenants, i.e. the issue conditions protecting investors’ rights and their capital employed. The study attempts to answer the questions whether covenants fully protect the interests of investors, limit or increase the agency conflict between managers, owners, and creditors, to what extent these events depend on the type and number of covenants, and how they can be monitored by issuers. The consequences of covenants application and the after-effects of their violation were preceded by a brief description of the role of debt securities in financing business entities. The authors claim that adequate covenants together with the close monitoring of financial situation of the issuer can enhance the protection of investors’ rights and lessen the number of violations of issue conditions.
EN
The conducted exegesis of some particular verses from the Septuagint indicates that two initial covenants made between a representative of the chosen nation with a Gentile party (Abraham and Solomon) did not breach the obligations resulting from the Law of Moses. The theological portrait of Abraham in the Book of Genesis captures an unambiguous evaluation of his conduct in accordance with the Law although the Law itself appeared considerably later when Moses lived. The pact between Solomon and Hiram deserves a similar evaluation. However, the later covenants between the kings of Israel and Judah with Gentile rulers deserve an extremely negative evaluation. Although they did not formally violate the Mosaic prohibitions, they were evaluated as a violation of trust in the Lord as He was the only Partner of the covenant between Himself and the Israelites. Such an interpretation is possible especially in light of Deut 7:6 which accentuates the uniqueness of Israel as a nation chosen by God from among other nations. And because this selection of Israel was done on the foundation of the covenant made on the Mount Sinai, it should be a one-of-a-kind covenant that should not be replaced with another pact signed with a human being, and let alone a Gentile. In all of the cases above, starting from King Asa and ending with Archpriest Jonathan, there was a true violation of the rule whereby the Lord was the only Partner of the covenant with His people. Thus, each of the analyzed treatises met with valid criticism both from a prophet and the inspired author. It is difficult to treat these violations as a major breach of the faith of Israel because of the established diplomatic relations. However, it was the rule of God’s uniqueness as a foundation for any sphere in the life of the chosen people that was violated. It included the political sphere which should not be excluded from the chosen people’s faith.  
EN
The conducted exegesis of some particular verses from the Septuagint indicates that two initial covenants made between a representative of the chosen nation with a Gentile party (Abraham and Solomon) did not breach the obligations resulting from the Law of Moses. The theological portrait of Abraham in the Book of Genesis captures an unambiguous evaluation of his conduct in accordance with the Law although the Law itself appeared considerably later when Moses lived. The pact between Solomon and Hiram deserves a similar evaluation. However, the later covenants between the kings of Israel and Judah with Gentile rulers deserve an extremely negative evaluation. Although they did not formally violate the Mosaic prohibitions, they were evaluated as a violation of trust in the Lord as He was the only Partner of the covenant between Himself and the Israelites. Such an interpretation is possible especially in light of Deut 7:6 which accentuates the uniqueness of Israel as a nation chosen by God from among other nations. And because this selection of Israel was done on the foundation of the covenant made on the Mount Sinai, it should be a one-of-a-kind covenant that should not be replaced with another pact signed with a human being, and let alone a Gentile. In all of the cases above, starting from King Asa and ending with Archpriest Jonathan, there was a true violation of the rule whereby the Lord was the only Partner of the covenant with His people. Thus, each of the analyzed treatises met with valid criticism both from a prophet and the inspired author. It is difficult to treat these violations as a major breach of the faith of Israel because of the established diplomatic relations. However, it was the rule of God’s uniqueness as a foundation for any sphere in the life of the chosen people that was violated. It included the political sphere which should not be excluded from the chosen people’s faith.
EN
The increasing importance of the long term corporate bonds as a  source of financing of Polish enterprises contributes to the growing importance of the issue terms in determining the risk of investing in bonds. The aim of this study was to assess the quality of covenants used in the bond contracts by identifying the factors that determine the number of covenants contained in the issue terms, the determination of the grounds of the conflict between shareholders and bondholders, which are usually covered by covenants and to conduct analysis of the characteristics of financial ratios, which are used as financial covenants.
PL
Artykuł nie zawiera abstraktu w języku polskim
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