Common use of Status of the Notes and the Guarantee Clause in Contracts

Status of the Notes and the Guarantee. (a) Status of the Notes The Notes and the relative Coupons (if any) constitute unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Notes and the relative Coupons (if any) shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations.

Status of the Notes and the Guarantee. (a) Status of the Notes The Notes and the relative Coupons (if any) constitute (subject to Condition 3) unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Notes and the relative Coupons (if any) shall, save for such exceptions as may be provided by applicable legislationlegislation and subject to Condition 3, at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations.