Hi tpf,
The banking term "pari passu" is a Latin term used to mean "without
partiality" or "on par". The term is applied to financial instruments
that are ranked equally.
Here are some definitions that can be found on the web.
"pari passu: With equal step, equally, without preference,
proportionately"
ACU Subfaculty of Business and Informatics
http://sfbi.acu.edu.au/nsw/students/lawsubjects/Glossary.htm
"Generally used in the context of lenders ranking pari passu, i.e.,
equally in right of payment with each other."
Prebon Group - Glossary
http://www.prebon.com/glossary_p.html
"PARI PASSU: Equal in every respect. Used to describe a new issues of
shares as equal to those shares already in issue."
Irish Stock Exchange - Glossary of Stock Market Terms
http://www.ise.ie/search/gloss.htm
"Pari Passu: This means 'in equal proportion.' It usually refers to
equally ranking issues of a company's preferred shares."
McKay Wealth Management - Investor Learning Center Glossary
http://www.mckayfinancial.ca/glossary.htm
"The Latin term 'Pari passu' means, in a UK legal context: 'on an
equal footing.' "
Clickdocs UK Legal Documents & Information
http://www.clickdocs.co.uk/glossary/pari-passu.htm
"Pari passu - a legal term referring to the equal treatment of two or
more parties in an agreement. For example, a venture capitalists may
agree to have registration rights that are pari passu with the other
investors in a financing round."
Tuck School of Business at Dartmouth
http://mba.tuck.dartmouth.edu/pecenter/resources/glossary_p_r.html
Google search strategy:
"pari passu" finance
://www.google.com/search?q=%22pari+passu%22+finance
"pari passu" glossary
://www.google.com/search?q=%22pari%20passu%22%20glossary
Regards,
eiffel-ga |
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