Amendment to Section 1(a). The third sentence of Section 1(a) is hereby deleted in its entirety and replaced, to read as follows: “The Securities will rank without any preference among themselves and equally with all other present and future unsecured and unsubordinated External Indebtedness (as defined below) of the Issuer. It is understood that this provision shall not be construed so as to require the Issuer to make payments under the Securities ratably with payments being made under any other External Indebtedness.”
Appears in 4 contracts
Samples: Fiscal Agency Agreement (Republic of the Philippines), Fiscal Agency Agreement (Republic of the Philippines), Fiscal Agency Agreement