Inhaltsangabe des amicus curiae des newyorker Clearinghauses

TABLE OF CONTENTS
Page
INTRODUCTION .....................................................................................................1
STATEMENT OF INTEREST OF AMICUS CURIAE.............................................6
ARGUMENT.............................................................................................................9
I. INTERPRETING THE PARI PASSU CLAUSE TO
REQUIRE RATABLE PAYMENTS TO UNSECURED
CREDITORS IS INCONSISTENT WITH THE
LANGUAGE OF THE CLAUSE, OTHER PROVISIONS
OF THE CONTRACT, AND MARKET PRACTICE AND
UNDERSTANDING.............................................................................9
A. Interpreting and Understanding Pari Passu Clauses. .................9
B. Reading the Pari Passu Clause in the Context of the
Entire FAA Confirms That the Lower Court’s
Interpretation is Erroneous........................................................11
II. INTERPRETING THE PARI PASSU CLAUSE TO
REQUIRE RATABLE PAYMENT TO UNSECURED
CREDITORS, AND THE INJUNCTION BASED UPON
THAT INTERPRETATION, THREATENS THE
ORDERLY FUNCTIONING OF THE PAYMENT
SYSTEMS AND CREDIT MARKETS..............................................17
A. The Injunction Would Place Undue Burdens on the
Payment Systems That Are Inconsistent with New York
Law and This Court’s Precedents. ............................................17
B. The Orders Threaten the Proper Functioning of Credit
Markets and the Certainty of Necessary Negotiated
Workouts and Debt Restructurings...........................................24
CONCLUSION........................................................................................................27