pari passu


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Related to pari passu: mutatis mutandis

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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The pari passu saga that we describe below illustrates the substantial social costs caused by aberrant interpretations of contractual black holes.
to remove pari passu clauses from the bond contracts governing the
The pari passu clause serves to contract around the
Transactions include a $6.12 million first mortgage loan for a residential development in Brooklyn, N.Y., a $12.6 million joint venture equity investment in a mixed-use commercial property in Avon, Colo., a $5.46 million, 49% pari passu interest in an 18-month mezzanine loan in conjunction with a condominium conversion in Odessa, Fla.
The recommended pari passu clause has been developed in response to the US litigation in relation to Argentina and aims not to change but to clarify the scope of the sort of clause used in many English law sovereign bonds.
Also, the obligations under the credit facility are secured on a pari passu basis by the same collateral securing the company's 12% senior secured notes due 2018.
be paid in full, based on the pari passu clause included in bond
The securities will be senior unsecured obligation of the company and will rank pari passu with its existing senior unsecured instruments.
The new ordinary shares are to rank pari passu with present ordinary shares.
Tokyo, Japan, Aug 23, 2006 - (JCN Newswire) - Sanix Incorporated (Ticker: 4651, TSE/OSE/FSE, President & CEO: Shin-ichi Munemasa) has notified an update below on the stock conversion, as of August 23, 2006, of First Series of Unsecured Convertible Bonds with Stock Acquisition Rights (Limited Inter-Bond Pari Passu Clause) that we issued (total issue value of 3 billion yen) on January 30, 2006.
* HRC recently purchased a $5.46 million, 49 percent pari passu interest in a mezzanine loan made by GMAC Commercial Mortgage in conjunction with the condo conversion of a 344-unit apartment complex in Odessa, Pasco County, Fla.