CITATION — REFERENCE ENTRY
single-vote-cac-and-pari-passu · imf-2014-cac-pari-passu-reforms
- Citation
- imf-2014-cac-pari-passu-reforms
- Claim ID
- single-vote-cac-and-pari-passu
- Assertion
- In 2014 the IMF endorsed collective action clauses with a single voting procedure across all bond issuances, and a clarified pari passu clause requiring only equal legal ranking rather than ratable payment, to reduce holdout leverage.
- Quote
pari passu requires only equal legal ranking, not ratable payment to all creditors
- Quote language
- en
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