Common use of Status of Bonds Clause in Contracts

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. The Bonds will constitute direct, secured and unconditional obligations of the Issuer and will at all times rank pari passu among themselves and rateably without preference or priority amongst themselveswill constitute direct, unsubordinated, unconditional and unsecured obligations of the Issuer which will at all times rank at least pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer save for such obligations as may be preferred by provisions of law that are both mandatory and of general application.