Common use of Negative Pledge Covenant of Republic Clause in Contracts

Negative Pledge Covenant of Republic. (a) For so long as any Debt Security remains Outstanding or any amount remains unpaid on any Debt Security, the Republic shall comply with the terms of the following covenants: the Republic may not allow any Security Interest (as defined below) on its assets or revenues as security for any of its Public External Indebtedness (as defined below), unless the Republic’s obligations under the Debt Securities shall be secured equally and ratably with such Public External Indebtedness. The Republic may, however, grant or agree to any Permitted Security Interest (as defined below) on its assets or revenues.