Common use of Republic’s Obligations Clause in Contracts

Republic’s Obligations. When duly issued and authenticated, the Securities will be the direct, unconditional and unsecured obligations of the Republic; the full faith and credit of the Republic has been pledged for the due and punctual payment of the principal of, interest on, and any additional amount required to be paid with respect to, the Securities and the performance of the covenants therein contained; when issued, the Securities will rank pari passu in priority of payment, in right of security and in all other respects with all other Foreign Debt (as defined in the Terms and Conditions of the Securities) with respect to the Republic now or hereafter outstanding (except to the extent any such other Foreign Debt ranks above such obligations solely by reason of Liens (as defined in the Terms and Conditions of the Securities)).

Republic’s Obligations. When duly issued and authenticated, the Securities will be the direct, unconditional and unsecured obligations of the Republic; the full faith and credit of the Republic has been pledged for the due and punctual payment of the principal of, interest on, and any additional amount required to be paid with respect to, the Securities and the performance of the covenants therein contained; when issued, the Securities will rank pari passu in priority of payment, in right of security and in all other respects with all other Foreign Debt (as defined in the Terms and Conditions of the Securities) with respect to the Republic now or hereafter outstanding (except to the extent any such other Foreign Debt ranks above such obligations solely by reason of Liens (as defined in the Terms and Conditions of the Securities)).