pari passu

American  

[pah-ree pahs-soo, pair-ahy pas-oo, pair-ee] / ˈpɑ ri ˈpɑs su, ˈpɛər aɪ ˈpæs u, ˈpɛər i /

adverb

Latin.

1. with equal pace or progress; side by side.

2. without partiality; equably; fairly.

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pari passu British  

/ ˈpɑːrɪ, ˌpærɪ ˈpæsuː /

adverb

1. law with equal speed or progress; equably: often used to refer to the right of creditors to receive assets from the same source without one taking precedence

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Example Sentences

“Effectively, saying that subordinated Tier 2 and AT1 are pari passu would have been very problematic for the AT1 market.”

From Reuters • May 17, 2023

The investor said the AT1 bonds were pari passu, in other words ranking at the same level, with the reference bond underlying the CDS contracts, which included a subordinated bond that matured in 2020.

From Reuters • May 17, 2023

It bought up defaulted Peruvian commercial bank loans starting in the mid-1990s and used the pari passu argument to collect on the debt.

From Reuters • Jul. 29, 2014

“Under Irish law, senior bondholders rank pari passu with depositors,” Mr. Cowen said, meaning they each had equal rights.

From New York Times • Nov. 20, 2010

Subject to these exceptions all debts proved in the bankruptcy must be paid pari passu.

From Encyclopaedia Britannica, 11th Edition, Volume 3, Part 1, Slice 2 "Baconthorpe" to "Bankruptcy" by Various