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Pari passu |
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[Latin, By an equal progress; equably; ratably; without preference.] Used especially to describe creditors who, in marshalling assets, are entitled to receive out of the same fund without any precedence over each other. PARI PASSU. By the same gradation. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The whole loan comprises six pari-passu A-notes, of which only the A-4 note is included in this transaction. Two of the four pari-passu notes totaling $60 million serve as collateral for this transaction. With this, the majority of the company's debt will be allocated at the holding company level and rank pari-passu to subsidiaries' unsecured obligations, eliminating structural subordination. |
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