INTERNATIONAL CAPITAL MARKET ASSOCIATION STANDARD PARI PASSU
PROVISION FOR THE TERMS AND CONDITIONS OF SOVEREIGN NOTES
[•] Status The Notes are the direct, unconditional and unsecured obligations of the Issuer and rank and will rank pari passu, without preference among themselves, with all other unsecured External Indebtedness of the Issuer, from time to time outstanding, provided, however, that the Issuer shall have no obligation to effect equal or rateable payment(s) at any time with respect to any such other External Indebtedness and, in particular, shall have no obligation to pay other External Indebtedness at the same time or as a condition of paying sums due on the Notes and vice versa.
PDF]ICMA Standard Pari Passu Provision
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