Common use of Status of the Covered Bonds Clause in Contracts

Status of the Covered Bonds. The Covered Bonds will constitute deposit liabilities of the Issuer for purposes of the Bank Act and will rank pari passu with all deposit liabilities of the Issuer without any preference among themselves and (save for any obligations required to be preferred by Law) at least pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer from time to time outstanding (except as prescribed by Law). The Covered Bonds will not be deposits insured under the CDIC Act or under any other governmental insurance scheme of any country. The Covered Bonds will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer (except as prescribed by Law).