In the Fiscal Agency Agreement, Argentina's attorneys included a boilerplate "pari passu" clause, but neglected to include a collective action clause. "Pari passu" is a term generally used to signify equal priority or treatment, and a collective action clause would have obligated any holdouts to accept the generally offered terms if enough other bondholders agreed to accept them. As a result, the holdouts realized that while Argentina could not force the holdouts to accept the terms in the 2005 or 2010 restructurings, NML could use the "pari passu" clause to force Argentina to choose between paying all its bondholders (including NML) or none of them.