die GRI-Umschuldungsbonds haben eine klassische negative pledge clause und pari passu covenant (lest mal das Urteil des Court of Appeals vs Argy vom 26.10.12 dazu durch

STATUS OF THE BONDS AND NEGATHT PLEDGE

In these Terms and Conditions:
Exchange Date means [date o f settlement o f the exchange].

Relevant Indebtedness means any borrowed money in the form of bonds or similar debt instalments issued or guaranteed
by the Republic on 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 tank, 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
o f the Holders, in each case in accordance with Condition 10.

S30/31 Invitation Memorandum