pari passu

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Related to pari passu: mutatis mutandis

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 ?
16) But preliminary evidence from other markets where standard form contracts are ubiquitous suggests that the pari passu saga is representative of a larger phenomenon, extending beyond sovereign bond contracts to other contexts where boilerplate is commonly used, including insurance and merger and acquisition agreements.
The 171st Unsecured Senior Debt Securities for retail investors with inter-bond pari passu clause
This is the second transaction with the sponsor, the first being a pari passu equity.
7 million and is divided into four pari passu notes.
The loan has two pari passu A notes, a junior note and a B note held outside the trust.
There are three pari passu notes A-1, A-2, and A-3 with the A-2 piece included in the trust.
The loan has two pari passu B notes held outside the trust.
The notes rank pari passu with NTL Cable's outstanding dollar, sterling and euro notes due 2014.
The senior portion has been divided into four pari passu notes: notes A-1 and A-2, totaling $70 million, have been contributed to the Morgan Stanley 2003-IQ4 trust.
The DDR Portfolio whole loan consists of three pari passu A notes, with the $46.
The bonds will rank at least pari passu with existing subordinated debt already issued by Amlin.