On August 23, 2013, the Second Circuit (in another opinion also signed by Judge Parker) affirmed the lower court's latest ruling clarifying the scope of the permanent injunctions. The court implied at the start of its opinion that since Argentina had taken a calculated risk to enjoy the benefit of New York law (i.e., a lower interest rate), it now had to bear the burden of New York law as well: "In order to enhance the marketability of the bonds, Argentina made a series of promises to the purchasers." Among those promises in the 1994 Fiscal Agency Agreement were the "pari passu" clause, the aforementioned forum selection and choice-of-law clauses expressly referencing New York, as well as a promise of the free transferability of the bonds to any transferee, regardless of whether that transferee was a "university endowment, a so-called 'vulture fund,' or a widow or an orphan." In other words, as the drafter of the Fiscal Agency Agreement, Argentina could have easily avoided the situation it found itself in by writing a different "pari passu" clause, omitting the transferability clause, including anti-assignment clauses (e.g., a clause providing that assignees could only recover the amount actually paid rather than face value of the debt), or writing the contract under the law of a different jurisdiction altogether, with the understanding that rational investors would have demanded higher interest rates in exchange for any of these things.