pari passu

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Pari passu

Refers to the equal ranking of securities.

Pari Passu

Describing securities or debts with equal claim on some right. 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. However, all common shares are junior to any preferred share, which is likewise pari passu with respect to other preferred shares.

pari passu

In equal portions. Used to describe distributions to creditors if they will each take a pro rata share of a debtor's assets.

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As of July 2005, the whole loan was $117 million, of which one of the two pari-passu notes totaling $58.
9 million, of which one of the three pari-passu notes totaling $36.
As of July 2005, the whole loan balance was $150 million, of which one of the three pari-passu notes totaling $25 million serves as collateral.
As of December 2004 the whole loan was $117 million, of which one of the four pari-passu notes totaling $58.
9 billion of debt including TELUS' C$800 million four-year bank facility and the C$800 million 364-day revolver (both are pari-passu with the public debt), the C$1.