Common use of Republic’s Obligations Clause in Contracts

Republic’s Obligations. When duly issued and authenticated, the Securities will be the direct, general, unconditional and unsubordinated Foreign Debt (as defined in the Terms and Conditions of the Securities) of the Republic for which the full faith and credit of the Republic will have been pledged; when issued, the Securities will rank without any preference among themselves and equally with all other unsubordinated Foreign Debt of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Securities ratably with payments being made under any other external indebtedness.

Republic’s Obligations. When duly issued and authenticated, the Securities Bonds will be the direct, general, unconditional and unsubordinated Foreign Debt (as defined in the Terms and Conditions of the SecuritiesBonds) of the Republic for which the full faith and credit of the Republic will have been pledged; when issued, the Securities Bonds will rank without any preference among themselves and equally with all other unsubordinated Foreign Debt of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Securities Bonds ratably with payments being made under any other external indebtedness.

Republic’s Obligations. When duly issued and authenticated, the Securities will be are the direct, general, unconditional and unsubordinated Foreign Debt (as defined in the Terms and Conditions of the Securities) of the Republic for which the full faith and credit of the Republic will have been pledged; when issued, the Securities will rank without any preference among themselves and equally with all other unsubordinated Foreign Debt of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Securities ratably with payments being made under any other external indebtedness.