ICMA will die pari passu clause "kastrieren".....?

INTERNATIONAL CAPITAL MARKET ASSOCIATION
STANDARD PARI PASSU PROVISION FOR THE TERMS AND CONDITIONS
OF SOVEREIGN NOTES
[•] Status
The Notes are the direct, unconditional and unsecured obligations of the Issuer and rank and
will rank pari passu, without preference among themselves, with all other unsecured External
Indebtedness of the Issuer, from time to time outstanding, provided, however, that the Issuer
shall have no obligation to effect equal or rateable payment(s) at any time with respect to any
such other External Indebtedness and, in particular, shall have no obligation to pay other
External Indebtedness at the same time or as a condition of paying sums due on the Notes and
vice versa.

http://www.icmagroup.org/assets/docu...ugust-2014.pdf