(2)Where exposures of other investors rank pari passu with the institution’s exposure, the exposure value of the institution’s exposure to an underlying asset should reflect the pro-rata distribution of losses amongst the exposures that rank pari passu . This results from the fact that if a default event has occurred for an underlying asset, losses are always distributed amongst the exposures that rank pari passu according to the pro-rata ratio of each of these exposures and the maximum loss to be suffered by the institution in case of a total loss on an underlying asset is limited to the portion according to the ratio of the institution’s exposure to the total of all the exposures that rank pari passu .