Throughout the literature (both academic and professional) it is almost impossible to find detailed references, if at all, to the "mandatory law exception" version of the pari passu clause found in sovereign debt contracts. And yet, this clause is extremely prevalent across a vast number of issuers, nationalities, and governing laws. What does the widespread adoption of this type of pari passu say about the meaning of the clause? It seems quite clear that at least a large number of market participants are quite happy giving public sector borrowers the legal power to treat creditors unequally, not equally. The traditional meaning of pari passu would thus be turned upside down, a positive development that would help avoid nasty situations like the recent Argentinian fiasco.