zum Vergleich die pari passu clause im FAA von Argentinien aus 1994

ON APPEAL FROM THE UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
JOINT RESPONSE BRIEF OF PLAINTIFFS-APPELLEES NML
CAPITAL, LTD., OLIFANT FUND, LTD., AND VARELA, ET AL.

Argentina Induces Investors To Purchase Its Bonds With A
Promise Of Equal Treatment
Beginning in 1994, Argentina issued bonds pursuant to a fiscal agency
agreement (“FAA Bonds”). One protection that Argentina placed in the FAA
Bonds to induce investors to loan it money is set forth in Paragraph 1(c) of the
FAA:

The Securities will constitute . . . direct, unconditional, unsecured and
unsubordinated obligations of the Republic and shall at all times rank
pari passu and without any preference among themselves. The payment
obligations of the Republic under the Securities shall at all
times rank at least equally with all its other present and future unsecured
and unsubordinated External Indebtedness . . . .