CR8 indicates the current priority of the CPU. When an interrupt is pending, bits 7:4 of the interrupt vector number is compared to CR8. If the vector is greater, it is serviced, otherwise it is held pending until CR8 is set to a lower value.
Assuming the APIC is in use, it has an IRR (Interrupt Request Register) with one bit per interrupt vector number. When that bit is set, the interrupt is pending. It can stay that way forever.
When an interrupt arrives, it is ORed into the IRR. If the interrupt is already pending (that is, the IRR bit for that vector is already set), the new interrupt is merged with the prior one. (You could say it is dropped, but I don't think of it that way; instead, I say the two are combined into one.) Because of this merging, interrupt service routines must be designed to process all the work that is ready, rather than expecting a distinct interrupt for each unit of work.
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