pari passu definition

pari passu as applied to the ranking of any Indebtedness of a Person in relation to other Indebtedness of such Person, means that each such Indebtedness either (a) is not subordinate in right of payment to any Indebtedness or (b) is subordinate in right of payment to the same Indebtedness as is the other, and is so subordinate to the same extent, and is not subordinate in right of payment to each other or to any Indebtedness as to which the other is not so subordinate.

pari passu when used with respect to the ranking of any Debt of any Person in relation to other Debt of such Person, means that each such Debt (a) either (i) is not subordinated in right of payment to any other Debt of such Person or (ii) is subordinate in right of payment to the same Debt of such Person as is the other and is so subordinate to the same extent and (b) is not subordinate in right of payment to the other or to any Debt of such Person as to which the other is not so subordinate.

pari passu when used with respect to the ranking of any Financial Indebtedness of any person in relation to other Financial Indebtedness of such person, means that each such Financial Indebtedness:

Examples of pari passu in a sentence

• First Pari Passu Charge on all the present and future immovable land admeasuring - 6806.69 acres and movable fixed assets of the borrower (on pari passu basis with the existing lenders in the consortium) including structures thereon as described in Schedule– II;Prime Security (Movable Assets):I.

• First Pari Passu Charge on all current assets of the Borrower including all receivables and investments.II.

• First Pari Passu Charge over allbank accounts of the Borrower including without limitation, to be TRA and the other accounts required to be opened and maintained by Lavasa Corporation Limited (“Lavasa”).

• This Endorsement, subject to certain exceptions, exclusions and conditions outlined therein, insures against loss or damage sustained by the Insured by reason of the invalidity or unenforeceability of the lien of the Insured Mortgage resulting solely from the provisions of a Pari Passu Mortgage or Intercreditor Agreement establishing lien priority, or the lack of equal lien priority of the Insured Mortgage to the other Pari Passu Mortgages.

• The Manager may redeem Membership Units Pari Passu at any time at the then current Unit Price in its sole discretion without penalty to the Manager or the Fund.

More Definitions of pari passu

pari passu means proportionally, at an equal pace with, and without preference over other Investors of the same status.

pari passu when used with respect to the ranking of any Debt of any Person in relation to other Debt of such Person means that each such Debt (a) either (i) is not subordinated in right of payment to any other Debt of such Person or (ii) is subordinate in right of payment to the same Debt of such Person as is the other Debt and is so subordinate to the same extent and (b) is not subordinate in right of payment to the other Debt or to any Debt of such Person as to which the other Debt is not so subordinate.

pari passu means an equal claim on some right;

pari passu when used with respect to the ranking of any Indebtedness of any Person in relation to other Indebtedness of such Person, means that each such Indebtedness (a) either (i) is not subordinated in right of payment to any other Indebtedness of such Person or (ii) is subordinate in right of payment to the same Indebtedness of such person as is the other and is so subordinate to the same extent and (b) is not subordinate in right of payment to the other or to any Indebtedness of such Person as to which the other is not so subordinated.

pari passu means, when used with reference to the ranking of any Debt of any person in relation to any other Debt of such person, that each such Debt (a) either (i) is not subordinate in right of payment to any other Debt of such person or (ii) is subordinate in right of payment to the same Debt of such person as is the other and is so subordinate to the same extent and (b) is not subordinate in right of payment to the other or to any Debt of such person as to which the other is not so subordinate.

pari passu means only the right to include Common Units in an Underwritten Offering subject to customary cutback provisions, such as contained Section 2.02(b), and shall not refer to any other term of this Agreement or any other agreement or instrument pursuant to which registration rights are granted.

pari passu means proportionally, at an equal pace with, and without preference over