This excerpt taken from the NTRS 10-Q filed May 2, 2005.
3. Status of the Notes
The Notes will be direct, unconditional and unsecured general obligations of the Issuer. The Notes do not evidence deposits of the Issuer and are not insured by the U.S. Federal Deposit Insurance Corporation (the "FDIC") or any other U.S. government agency.
The obligations evidenced by the Notes rank pari passu with all other unsecured and unsubordinated obligations of the Issuer and rank pari passu without preference among themselves, except obligations that are subject to any priorities or preferences, including deposit obligations of the Issuer. In an insolvency or other resolution of the Issuer, the Notes could be treated differently from, and holders of the Notes could receive, if anything, significantly less than holders of deposit obligations of the Issuer.
The payment obligations of the Issuer under the Notes relating to them shall at all times rank at least equally with all its other present and future unsecured and unsubordinated obligations, except liabilities in respect of deposits and certain other creditors which will rank senior to payment obligations of the Issuer under the Notes relating to them.
The Notes are obligations of the Issuer only. The Notes are not guaranteed by nor are they obligations of the Holding Company.