In other words, policies designed to enhance professionalism should be implemented pari passu with those aimed at redressing gender disparities.

Their litigation strategy took advantage of a standard contractual clause (called pari passu) intended to ensure that all claimants are treated equally.

Countries would be well advised not to include pari passu clauses in future debt contracts, at least without specifying more fully what is intended.

First, they could clarify the pari passu clause, specifying that it guaranteed comparable treatment for existing bondholders, not for existing bondholders and earlier bondholders whose claims were already extinguished.

Indeed, reopening the exchange, an option already being assessed, remains a natural alternative to Griesa s maximalist interpretation of pari passu though it may be too late to pursue this route.

(a) Half of such equity participation shall be obtained without payment, directly or indirectly, to the applicant and shall be treated pari passu for all purposes with the equity participation of the applicant

It is also possible that language will be found in future bond issues that replaces the pari passu clause but provides sufficient assurance to bondholders to let the market function much as it did until the current ruling.

Joint venture notwithstanding paragraph (2) above, the applicant shall nevertheless offer the Enterprise the opportunity to obtain up to 50 per cent participation in a joint venture on the basis of pari passu treatment with the applicant for all purposes

(a) In the event the Enterprise elects not to accept 50 per cent of such equity participation, the Enterprise may obtain a lesser per cent on the basis of pari passu treatment with the applicant for all purposes for such lesser participation

Other insolvency laws provide for a super administrative priority if credit or finance is not available where it is ranked as an administrative claim that is pari passu with other administrative claims such as fees of the insolvency representative or professional employed in the case.

A further approach provides that the priority will be recognized in a subsequent liquidation, but will not necessarily be accorded the same level of and may rank, for example, after administrative claims relating to the costs of the liquidation or pari passu with administrative expenses.

(b) The remainder of such equity participation shall be treated pari passu for all purposes with the equity participation of the applicant except that the Enterprise shall not receive any profit distribution with respect to such participation until the applicant has recovered its total equity participation in the venture.

In his ruling, which was based on the pari passu ( equal footing ) clause included in the bonds, Griesa included the Bank of New York Mellon (the bondholders trustee) among entities that act in active concert and participation with Argentina, and cautioned it against transferring funds if Argentina ignores the order.