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Pari-passu is a Latin term that means ranking equally and without preference. Applied in a legal context, pari-passu means that multiple parties to a contract, claim, or obligation are treated the same, ranking equally and without preference.
What is pari passu charge with example?
Pari passu charge, derived from Latin, translates to equal footing. It implies that multiple creditors hold equal rights over the same asset or pool of assets. This principle serves as a mechanism to distribute risk and enforce fairness among lenders in case of default or insolvency of the borrower.
What is rank pari passu example?
Pari passu is a Latin term commonly used in legal documents meaning equal in all respects or in the same degree or proportion. For example, if issue of new shares is said to rank pari passu with the existing shares, then the rights associated with both the existing as well as the new shares are exactly the same.
What does it mean if shares rank in pari passu?
(Latin: with equal step) Ranking equally. When a new issue of shares is said to rank pari passu with existing shares, the new shares carry the same dividend rights and winding-up rights as the existing shares. A pari passu bank loan is a new loan that ranks on level par with older loans.
What is an example of pari passu?
Pari-passu is a Latin phrase that means equal footing and describes situations in which two or more assets, securities, creditors, or obligations are treated equally, without preference or priority. A common example of pari-passu occurs during bankruptcy proceedings.
first pari passu charge and second pari passu charge
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Pari-passu means equal footing in Latin. In finance, equal footing means that two or more parties to a financial contract or claim are all treated the same. Pari-passu is commonly used in bankruptcy, parity bonds, and trusts to distribute claims or assets equally.
What is the pari passu ranking clause?
A pari passu clause included in sovereign bond issuances usually reads that the bonds rank pari passu with each other and with other unsecured (payment) obligations of the issuer. 3 This can be read as equal among equals and that bondholders are in the same ranking as other unsecured creditors.
letter ceding pari passu charge
Vistra Corp.
The Vistra Operations Credit Facilities also permit certain hedging agreements to be secured on a pari-passu basis with the Vistra Operations Credit Facilities.
This document presents a Pari Passu Security Sharing Agreement (Intercreditor Deed) among Artisan Apartments Limited as the borrower and various lenders
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