pari passu

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Pari Passu

[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

‘share and share alike’, a term used in several contexts but especially in relation to the rights and ranking of creditors of an insolvent estate; it denotes an entitlement to payment of their debts in shares proportionate to their respective claims.

PARI PASSU. By the same gradation.

References in periodicals archive ?
The whole loan has an A-B note structure, both of which are further split into two pari-passu notes; the A-2 note was contributed to this transaction.
The whole loan consists of an A-note, of which there are seven pari-passu pieces, a B-note and a C-note.
In accordance with the production sharing agreement, Pari, LLC and Galateya will contribute equally to the required capital expenditures of Chukvinsk block and share in the resulting profits on a pari-passu basis.
These transactions involve leading edge elements such as pari-passu A-Notes, mezzanine financing and attendant intercreditor agreements, B-Note sales and participations, co-lending agreements, and compliance with securitized loan rating agency requirements.