STATUS, COLLATERAL, OBLIGATIONS AND NON-APPLICABILITY. (a) Status of Securities The Securities of any Series are secured, limited recourse obligations of the Issuer, at all times ranking pari passu and without any preference among themselves (unless otherwise specified in the applicable Offering Circular Supplement), secured in the manner described in Condition 4 (Transaction Security) and recourse in respect of which is limited in the manner described in Condition 4(e) (Shortfall after Application of Proceeds) and Condition 12 (Enforcement).
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