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Pari-passu; Two securities or obligations having equal rights to payment. ... The term is Latin and translates to "without partiality." For example, a secondary issue of shares that carry equal rights with existing shares are said to "rank pari passu."
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dictionary.reference.com/browse/pari-passu
dictionary.reference.com/browse/pari-passu
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Two securities or obligations having equal rights to payment.
http://www.investopedia.com/terms/p/pari-passu.asp
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If the practical significance of maintaining a debt’s pari passu ranking is most apparent in the event of a bankruptcy of the borrower, why is the clause also routinely included in debt instruments for sovereign borrowers -- entities that are not subject to domestic bankruptcy laws, their own or anyone else’s?
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www.law.georgetown.edu/international/documents/Pam.pdf
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adv.; At an equal pace; side by side: inflation and interest rates increasing pari passu.; ... Wordsmith Words: pari passu ... What is ranking charge pari passu charge 1st charge and 2nd charge? Read answer...
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www.answers.com/topic/pari-passu
www.answers.com/topic/pari-passu
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The phrase is used to indicate simultaneous and equal change or to describe similar ranking of securities or lenders; for example, when a new issue of shares is made, they could be said to rank pari passu, ie, equally with existing shares for the purposes of dividend payments.
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www.anz.com/edna/dictionary.asp?action=content&content=...
www.anz.com/edna/dictionary.asp?action=content&content=pari_passu
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The following sentence, called a pari passu clause, appears in every bond contract under which countries today issue debt: "The obligations of the Guarantor hereunder do rank and will rank at least pari ... This shift from priority of ranking to pro rata payment has sent shock waves throughout the sovereign debt world.
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www.allacademic.com/meta/p17431_index.html
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ISSUE 79 – PARI PASSU CLAUSES; Analysis of the role, use and meaning of pari passu clauses in sovereign debt obligations as a matter of English law; Financial Markets Law Committee c/o ... A court would therefore view the representation as a promise that the particular ranking exists as at the date of the contract and,
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www.fmlc.org/papers/fmlc79mar_2005.pdf
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Refers to the equal ranking of securities. ... A new issue of a security may be issued pari passu, which indicates that it carries the same rights as shares already issued. For example, common shares are all pari passu with respect to each other; this means that no one share has a prior claim to a dividend over any other.
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financial-dictionary.thefreedictionary.com/pari+passu
financial-dictionary.thefreedictionary.com/pari+passu
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Top Page > Media Relations > 2001 > June 6, 2001 NTT DATA Corporation's 17th Issue of Unsecured Bonds -Ranking Pari Passu Solely with Other Series of Debentures or Bonds...
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www.nttdata.co.jp/en/media/2001/060600.html
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