Pari passu

Pari passu is a Latin phrase that literally means "with equal step" [cite web
last = Belinsky
first = Natalya
authorlink =
coauthors =
title = Glossary of Colloquialisms (Starting with "P")
work =
publisher = TranslationDirectory.com
date =
url = http://www.translationdirectory.com/glossaries/glossary014_p.htm
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accessdate = 2008-02-13
] . It is sometimes translated as "hand-in-hand," "with equal force," or "moving together"Fact|date=February 2008, 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. [ [http://www.investopedia.com/terms/p/pari-passu.asp Investopedia.com] ] 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'.

ee also

*Seniority (finance)
*List of Latin Phrases

References

External links

* [http://www.fmlc.org/papers/fmlc79mar_2005.pdf FINANCIAL MARKETS LAW COMMITTEE ISSUE 79 — PARI PASSU CLAUSES]
* [http://www.law.georgetown.edu/international/documents/Pam.pdf THE "PARI PASSU" CLAUSE IN SOVEREIGN DEBT INSTRUMENTS]
* [http://home.pacific.net.sg/~chanpal/article12.htm SECTION 334 AND THE PARI PASSU PRINCIPLE]


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