bei den foreign law bonds gehts noch einigermassen....
trotzdem, denkt euch mal rein: (auch für Defaults anderer Südstaaten)
die pari passu clause in den alten, defaulten DM-Argy-Anleihen und die weite Interpretation der pari passu clause
Also bei den alten, defaulten Argy-DM-Bonds stellt sich die Frage einer
narrow (pro rata) oder wide (rateble payment) Interpretation nicht. Die
Klausel ist glasklar weit gemein...das wording payment obligations bzw Zahlungsverpflichtungen ist glasklar....
in respect of the default deutschmark bonds emitted by argentina there is no room in interpretation narrow or wide pari passu / pro rata payment. the wording is very clear !!
However, not all pari passu clauses are drafted in the same format.
They vary according to its drafter, denoting diversity in the language of
the same clause which might derive in a different interpretation. Gulati
and Scott refer to five different variants of the pari passu clause.47
Simplifying the discussion, there are mainly two possible interpretations:
(1) the narrow or “ranking” interpretation, where obligations of the
debtor rank and will rank pari passu with all other unsecured debt; and
(2) the broad or “payment” interpretation, that when the debtor is unable
to pay all its obligations, they will be paid on a pro rata basis (as in the
Elliott case). Wood is of the opinion that the key word is “rank” and that
“rank” means “rank,” not “will pay” or “will give equal treatment.”48
According to Buchheit and Jeremiah S. Pam, the broad or
“payment” interpretation has four practical implications:
(1) It may provide a legal basis for a creditor to seek specific
performance of the covenant; that is, a court order directing
the debtor not to pay other debts of equal rank without making
a ratable payment under the debt benefiting from the clause.
(2) It may provide a legal basis for a judicial order directed to a
third-party creditor instructing that creditor not to accept a
payment from the debtor unless the pari passu-protected
lender receives a ratable payment.
(3) It may provide a legal basis for a court order directing a thirdparty
financial intermediary such as a fiscal agent or a bond
clearing system to freeze any non-ratable payment received
from the debtor and to turn over to the pari passu-protected
creditor its ratable share of the funds.
(4) It may make a third-party creditor that has knowingly
received and accepted a nonratable payment answerable to the
pari passu-protected creditor for a ratable share of the funds.49
Zitiert nach (S 46/7):
THE PARI PASSU INTERPRETATION IN THE
ELLIOTT CASE: A BRILLIANT STRATEGY BUT AN
AWFUL (MID-LONG TERM) OUTCOME?
Dr. Rodrigo Olivares-Caminal*
aus den ALB der 130 020 (Argy-DM-Anleihe bis 2002)
The Republic of Argentina
DM 500,000,000 10 ½ % Deutsche Mark Bearer Bonds 1995/2002
The issue price of the Bonds is 101% of their principal amount. The Bonds will be issued in bearer form in the
denominations of DM 1,000, DM 10,000 and DM 100,000.
§ 7 Status and Negative Pledge
(1) The Bonds and Coupons constitute (subject to subparagraphs (2) and (3)) direct, unconditional,
unsecured and unsubordinated obligations of the Borrower and shall at all times rank pari passu without any
preference among themselves.The payment obligations of the Borrower under the Bonds and the Coupons
shall (subject to subparagraphs (2) and (3)) at all times rank at least equally with all its other present and future
unsecured and unsubordinated External Indebtedness (as defined below).
§ 7 Rang und Negativerklärung
(1) Die Teilschuldverschreibungen und Zinsscheine stellen vorbehaltlich der Absätze (2) und (3)
unmittelbare, unbedingte, unbesicherte und nicht nachrangige Verpflichtungen der Anleiheschuldnerin dar, die
untereinander stets in gleichem Rang stehen. Die Zahlungsverpflichtungen der Anleiheschuldnerin aus den
Teilschuldverschreibungen und Zinsscheinen werden vorbehaltlich der Absätze (2) und (3) stets mindestens im
gleichen Rang stehen mit allen ihren sonstigen gegenwärtigen und zukünftigen unbesicherten und nicht
nachrangigen Auslandsverbindlichkeiten (wie nachstehend definiert).
in respect of the default deutschmark bonds emitted by argentina there is no room in interpretation narrow or wide pari passu / pro rata payment. the wording is very clear !!
also frei Bahn für einen Klageansatz in Ffm unter pari passu / pro rata payment Gesichtspunkten.
However, not all pari passu clauses are drafted in the same format.
They vary according to its drafter, denoting diversity in the language of
the same clause which might derive in a different interpretation. Gulati
and Scott refer to five different variants of the pari passu clause.47
Simplifying the discussion, there are mainly two possible interpretations:
(1) the narrow or “ranking” interpretation, where obligations of the
debtor rank and will rank pari passu with all other unsecured debt; and
(2) the broad or “payment” interpretation, that when the debtor is unable
to pay all its obligations, they will be paid on a pro rata basis (as in the
Elliott case). Wood is of the opinion that the key word is “rank” and that
“rank” means “rank,” not “will pay” or “will give equal treatment.”48
According to Buchheit and Jeremiah S. Pam, the broad or
“payment” interpretation has four practical implications:
(1) It may provide a legal basis for a creditor to seek specific
performance of the covenant; that is, a court order directing
the debtor not to pay other debts of equal rank without making
a ratable payment under the debt benefiting from the clause.
(2) It may provide a legal basis for a judicial order directed to a
third-party creditor instructing that creditor not to accept a
payment from the debtor unless the pari passu-protected
lender receives a ratable payment.
(3) It may provide a legal basis for a court order directing a thirdparty
financial intermediary such as a fiscal agent or a bond
clearing system to freeze any non-ratable payment received
from the debtor and to turn over to the pari passu-protected
creditor its ratable share of the funds.
(4) It may make a third-party creditor that has knowingly
received and accepted a nonratable payment answerable to the
pari passu-protected creditor for a ratable share of the funds.49
Zitiert nach (S 46/7):
THE PARI PASSU INTERPRETATION IN THE
ELLIOTT CASE: A BRILLIANT STRATEGY BUT AN
AWFUL (MID-LONG TERM) OUTCOME?
Dr. Rodrigo Olivares-Caminal*
aus den ALB der 130 020 (Argy-DM-Anleihe bis 2002)
ISIN
DE0001300200
The Republic of Argentina
DM 500,000,000 10 ½ % Deutsche Mark Bearer Bonds 1995/2002
The issue price of the Bonds is 101% of their principal amount. The Bonds will be issued in bearer form in the
denominations of DM 1,000, DM 10,000 and DM 100,000.
§ 7 Status and Negative Pledge
(1) The Bonds and Coupons constitute (subject to subparagraphs (2) and (3)) direct, unconditional,
unsecured and unsubordinated obligations of the Borrower and shall at all times rank pari passu without any
preference among themselves.The payment obligations of the Borrower under the Bonds and the Coupons
shall (subject to subparagraphs (2) and (3)) at all times rank at least equally with all its other present and future
unsecured and unsubordinated External Indebtedness (as defined below).
§ 7 Rang und Negativerklärung
(1) Die Teilschuldverschreibungen und Zinsscheine stellen vorbehaltlich der Absätze (2) und (3)
unmittelbare, unbedingte, unbesicherte und nicht nachrangige Verpflichtungen der Anleiheschuldnerin dar, die
untereinander stets in gleichem Rang stehen. Die Zahlungsverpflichtungen der Anleiheschuldnerin aus den
Teilschuldverschreibungen und Zinsscheinen werden vorbehaltlich der Absätze (2) und (3) stets mindestens im
gleichen Rang stehen mit allen ihren sonstigen gegenwärtigen und zukünftigen unbesicherten und nicht
nachrangigen Auslandsverbindlichkeiten (wie nachstehend definiert).
Wie sieht es da mit dem Gleichbehandlungsgrundsatz nach BIT aus?
AntwortenLöschenGr-rechts Anleihen dürfen auch in der Vollstreckung nicht schlechter gestellt werden als Anleihen nach englischem Recht! Siehe BIT Shopping Meistbegünstigungsklausel!
Wenn Griechenland seine Anleihen nach angelsächsischem Recht bezahlt, stehen Gr-Anleihen mit denen gleichrangig.