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Related to pari passu: mutatis mutandis
Refers to the equal ranking of securities.
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.
In equal portions. Used to describe distributions to creditors if they will each take a pro rata share of a debtor's assets.