Relevant Indebtedness / direct, general, unconditional, unsubordinated / rank, and will rank, pari passu among themselves and with all unsecured / shall not create or permit to subsist any mortgage, pledge, lien or charge upon

Exchange Date means [date of settlement of the exchange].

Relevant Indebtedness means any borrowed money in the form of bonds or similar debt instruments issued or guaranteed by the Republic 011 or after the Exchange Date which are. or are capable of being and intended to be. quoted, listed or ordinarily purchased and sold on any stock exchange, automated trading system or over-the-counter or other securities market.

The Bonds constitute direct, general, unconditional, unsubordinated and. subject to this Condition, unsecured obligations of the Republic.

The Bonds rank, and will rank, pari passu among themselves and with all unsecured and unsubordinated borrowed money of the Republic. The due and punctual payment of the Bonds and the performance of the obligations of the Republic with respect thereto are backed by the full faith and credit of the Republic.

So long as any Bond remains Outstanding, the Republic shall not create or permit to subsist any mortgage, pledge, lien or charge upon any of its present or future revenues, properties or assets to secure any Relevant Indebtedness, unless the Bonds shall also be secured by such mortgage, pledge, lien or charge equally and rateably with such Relevant Indebtedness or by such other security (A) as the Trustee shall in its absolute discretion deem to be not materially less beneficial to the interests of the Holders or (B) as may be approved by a resolution of the requisite majority of Holders or written resolution of the Holders, in each case in accordance with Condition

S 41 Invitation Memorandum (gleichlautend in der Trust Deed)