aber die Rangfolge / Gleichrangigkeit dieses Bondes mit den später aufgelegten, also auch den neuen Microbonds ist nicht unwichtig für die späetere Zwangsvollstreckung
3. STATUS OF THE BONDS AND NEGATIVE PLEDGE
The Bonds constitute, senior, unsubordinated and, subject to this Condition,
unsecured obligations of the Republic. The Bonds rank pari passu with all other
unsecured and unsubordinated obligations of the Republic outstanding on
25 June 2008 or issued thereafter without any preference granted by the Republic
to one above the other by reason of priority of date of issue, currency of payment,
or otherwise. The due and punctual payment of the Bonds and the performance of
the obligations of the Republic with respect thereto is backed by the full faith and
credit of the Republic.
8. EVENTS OF DEFAULT
If any of the following events (each an “Event of Default”) occurs:
(a) the Republic defaults in any payment of interest in respect of any of the Bonds
and such default is not cured by payment thereof within 30 days from the due
date for such payment; or
(b) the Republic is in default in the performance of any other covenant, condition
or provision set out in the Bonds and continues to be in default for 30 days
after written notice thereof shall have been given to the Republic by the holder
of any Bond; or
(c) any government order, decree or enactment shall be made whereby the
Republic is prevented from observing and performing in full its obligations
contained in the Bonds,
15. GOVERNING LAW AND SUBMISSION TO JURISDICTION
(A) The Agency Agreement and the Bonds are governed by, and shall be
construed in accordance with, English law.
(B) The Republic irrevocably agrees, for the exclusive benefit of the Paying and
Transfer Agents, the Bondholders, that the courts of England are to have jurisdiction
to settle any disputes which may arise out of or in connection with the Agency
Agreement, the Bonds and that accordingly any suit, action or proceedings arising out
of or in connection with the Agency Agreement, the Bonds (together referred to as
“Proceedings”) may be brought in such courts.
(C) The Republic hereby irrevocably waives any objection which it may have now
or hereafter to the laying of the venue of any such Proceedings in any such court and
any claim that any such Proceedings have been brought in an inconvenient forum and
hereby further irrevocably agrees that a judgment in any such Proceedings brought in
the English courts shall be conclusive and binding upon it and may be enforced in the
courts of any other jurisdiction.
(D) Nothing contained in this Condition shall limit any right to take Proceedings
against the Republic in any other court of competent jurisdiction, and the taking of
Proceedings in one or more jurisdictions shall not preclude the taking of Proceedings
in any other jurisdiction, whether concurrently or not. The Republic appoints the
Economic and Commercial Counsellor for the time being of the Greek Embassy, 1a
Holland Park, London W11 3TP, Fax +44 20 7727 9934 as its agent for service of
process in England, and undertakes that, in the event of such agent ceasing so to act or
no longer having an address in England, it will appoint another person as its agent for
service of process in England in respect of any Proceedings. Nothing herein shall
affect the right to serve Proceedings in any other manner permitted by law.
(E) The Republic hereby irrevocably and unconditionally waives with respect to
the Agency Agreement, the Bonds and any right to claim immunity from jurisdiction
or execution and any similar defence and irrevocably and unconditionally consents to
the giving of any relief or the issue of any process, including, without limitation, the
making, enforcement or execution against any property whatsoever (irrespective of its
use or intended use) of any order or judgment validly made or given in connection
with any Proceedings. Notwithstanding the foregoing, the property of the Republic is
subject to execution and attachment to the extent permitted by the international
conventions and Greek law.
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