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

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

“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

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

The baronial “castle” assumes pari passu the form of a mansion, retaining indeed for long some capacity for defence, but in the end losing all military characteristics save a few which survived as ornaments.

From Encyclopaedia Britannica, 11th Edition, Volume 5, Slice 4 "Carnegie Andrew" to "Casus Belli" by Various