pari passu - 2 reference results
Pari passu is a Latin phrase that literally means "with equal step. It is sometimes translated as "hand-in-hand," "with equal force," or "moving together", and by extension, "fairly", "without partiality".
In law, this term is commonly used as legal jargon. Black's Law Dictionary (8th ed. 2004) defines pari passu as "proportionally; at an equal pace; without preference".
In finance, this term refers to two or more loans, bonds or series of preferred stock having equal rights of payment or level of seniority. For asset management firms, the term denotes an equal allotment of trades to strategically identical funds or managed accounts.
This term is also often used in bankruptcy proceedings where creditors are said to be paid pari passu, or each creditor is paid pro rata in accordance with the amount of his claim. Here its meaning is 'equally and without preference'.
See also
References
External links
- FINANCIAL MARKETS LAW COMMITTEE ISSUE 79 — PARI PASSU CLAUSES
- THE PARI PASSU CLAUSE IN SOVEREIGN DEBT INSTRUMENTS
- SECTION 334 AND THE PARI PASSU PRINCIPLE
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Last updated on Wednesday September 24, 2008 at 15:04:33 PDT (GMT -0700)
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This article is licensed under the GNU Free Documentation License.
Last updated on Wednesday September 24, 2008 at 15:04:33 PDT (GMT -0700)
View this article at Wikipedia.org - Edit this article at Wikipedia.org - Donate to the Wikimedia Foundation
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