Status of the Notes. The Notes and the Coupons constitute direct, unconditional and (subject to the provisions of Condition 4.1 (Negative Pledge)) unsecured obligations of the Issuer and (subject as provided above) rank and will rank pari passu, without any preference among themselves, with all other outstanding unsecured and unsubordinated obligations of the Issuer, present and future, but, in the event of insolvency, only to the extent permitted by applicable laws relating to creditors’ rights.
Status of the Notes. 37. Status of the Notes Unsubordinated