Status of Bonds. The full faith and credit of the Central People’s Government of the People’s Republic of China (the “Central People’s Government”) is pledged for the due and punctual payment of the Bonds and for the due and timely performance of all obligations of the Central People’s Government with respect thereto. The Bonds are the direct, unconditional and unsecured obligations of the Central People’s Government and rank and will rank pari passu, without preference among themselves, with all other unsecured Public Indebtedness of the Central People’s Government, from time to time outstanding, provided further, that the Central People’s Government shall have no obligation to effect equal or rateable payment(s) at any time with respect to any such other Public Indebtedness and, in particular, shall have no obligation to pay other Public Indebtedness at the same time or as a condition of paying sums due on the Bonds and vice versa. In this Condition:
Status of Bonds. The Bonds will constitute direct, secured and unconditional obligations of the Issuer and will at all times rank pari passu and rateably without preference or priority amongst themselves.
Status of Bonds. Subject to Condition 5, the obligations of the Issuer under the Bonds in respect of principal, interest and other amounts, constitute direct, unsecured and, to the extent referred to in Condition 5, subordinated obligations of the Issuer. The Bonds shall rank subordinated and junior in right of payment to all other existing or future non-subordinated obligations of the Issuer. They shall at all times rank pari passu and without any preference among themselves and equally and ratably with any other existing or future direct, unsecured and subordinated obligations of the Issuer with the exception of any prêts participatifs granted to, and any titres participatifs issued by, the Issuer which shall rank subordinate and junior to the Bonds.
Status of Bonds. The Bonds shall constitute senior unsecured and direct obligations of the State which shall, at all times, rank pari-passu and without any preference among themselves. The Series 1 Bonds qualify as securities in which trustees and pension fund administrators may invest under the Trustees Act and the Pension Reform Act Cap P4 LFN 2004 respectively.
Status of Bonds. The Bonds are the direct, unconditional and unsecured obligations of the Issuer and rank and will rank pari passu, without preference among themselves, with all other unsecured Public Indebtedness of the Issuer, from time to time outstanding, provided further, that the Issuer shall have no obligation to effect equal or rateable payment(s) at any time with respect to any such other Public Indebtedness and, in particular, shall have no obligation to pay other Public Indebtedness at the same time or as a condition of paying sums due on the Bonds and vice versa. In this Condition:
Status of Bonds
