Are debt contracts modified following some watershed event in the relevant debt markets? Do creditors or debtors or both push for new, perhaps revolutionary, versions of contractual terms? We try to tackle this pertinent issue through the prisms of the evolution of the pari passu clause in...

As countries all over the world increase and plan to increase their dependence on renewable sources of energy, it becomes essential to gain an informed understanding of how productive those can be. Here we utilize multiple official datasets to empirically gauge the actual productivity of wind...

The famous Bankers Annuities granted to creditors of Charles II in 1677 contained a covenant that seems to make a clear promise of pro-rata payments to similarly-situated lenders. While the two Latin words are not actually to be found in the evidence I was able to unearth, modern-day observers...

The conventional interpretation of the pari passu clause found in sovereign debt contracts depends on whether the claim is secured or unsecured. We are told that ratable payments pari passus would be reserved for secured debts only (the idea being that each creditor should get an equally...