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What is Pari-passu?
The literal meaning of pari-passu is "equal footing". It is a Latin phrase depicting situations in which the management of two or more creditors, assets, obligations, or securities is done without preferring anyone over the other.
Pari-passu is a financial term referring to bonds, credits or classes of shares having equal payment rights or seniority.
Trusts and wills can assign a distribution in pari-passu, in which all of the named entities equally share the assets.
Pari-passu may govern particular clauses within a number of financial vehicles, for example, bonds and debts.
Back To: COMMERCIAL LAW: CONTRACTS, PAYMENTS, SECURITY INTERESTS, & BANKRUPTCY
Related Topics
- Bankruptcy Law (Intro)
- What is Bankruptcy?
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- What are the types of business bankruptcy?
- Chapter 9 Bankruptcy
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- Key concepts behind the bankruptcy process?
- Absolute Priority Rule
- Pari Passu
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- Bankruptcy Abuse Prevention and Consumer Protection Act
- American Bankruptcy Institute Definition
- What the authority of the bankruptcy court?
- What is the authority of the trustee (debtor in possession) in bankruptcy?
- Debtor in Possession
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- Bulk Sales Law
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- What is the Chapter 7 bankruptcy process?
- What is the Chapter 11 bankruptcy process?
- How to File Bankruptcy for a Business
- Accept or reject contracts?
- Avoiding powers?
- Stay of Proceeding?
- Use of Business Assets?
- Post-Petition Financing?
- Bankruptcy Financing - Definition
- What is the appointment of a Trustee or Examiner in business bankruptcies?
- What is a Plan of Reorganization?
- Reorganization - Definition
- Subordinated Debt
- Preferred Debt
- What is Cramdown of a reorganization plan?
- To what extent does the bankruptcy process relieve a debtor's debts?
