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

After the days of Ptolemy the knowledge of the eclipses advanced pari passu with the advance of astronomy generally.

From Astronomical Myths Based on Flammarions's History of the Heavens by Blake, John F.