pari passu

(redirected from Pari-passu)
Also found in: Dictionary, Thesaurus, Medical, Financial.

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 result of these amendments is to effectively combine the two baskets, with the amount of permitted pari-passu obligations limited to USD500m, including the existing notes, but to permit all such indebtedness to have the same maturity as the notes, including through the issuance of additional notes, Harbinger said.
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.