The Second Circuit interpreted this clause under New York law and concluded "that in pairing the two sentences of its Pari Passu Clause, the FAA manifested an intention to protect bondholders from more than just formal subordination ... the two sentences ... protect against different forms of discrimination: the issuance of other superior debt (first sentence) and the giving of priority to other payment obligations (second sentence)." Argentina had argued the entire clause was intended to protect only against the "first" type of discrimination; the Second Circuit held that Argentina's approach was invalid because it ignored the critical differences in wording between the two sentences, treated the second sentence as redundant, and in turn violated New York's rule that "a contract should not be interpreted in such a way as would leave one of its provisions substantially without force or effect." Thus, the Second Circuit affirmed the trial court's decision that Argentina could either pay "all" its bondholders or "none", but could not pay only those who cooperated with the 2005 and 2010 restructurings and ignore the rest.