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 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.