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.