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Loan participations can either be made on a pari passu basis with equal risk sharing for all loan participants, or on a senior/subordinated basis, where the senior lender is paid first and the subordinate loan participation paid only if there are sufficient funds left over to make the payments.
pari is the ablative singular masculine (since it must grammatically agree with passu) of the adjective par, "equal". If it were nominative, "an equal step" it would be par passus. passu is the ablative of the Latin noun passus, "step". This term is commonly used in law.
In discussing applicable principles, Lord Mance observed that the pari passu rule addresses what happens in bankruptcy, and the anti-deprivation rule addresses what happens on bankruptcy. While conceptually distinct, they are quite closely allied. [9] He also provided a three-part test in order to determine what might constitute deprivation:
Subordination is the process by which a creditor is placed in a lower priority for the collection of its debt from its debtor's assets than the priority the creditor previously had, [1] In common parlance, the debt is said to be subordinated but in reality, it is the right of the creditor to collect the debt that has been reduced in priority.
But what the respondents are saying here is that the parties to the “clearing house” arrangements by agreeing that simple contract debts are to be satisfied in a particular way have succeeded in “contracting out” of the provisions contained in section 302 for the payment of unsecured debts “pari passu.” In such a context it is to my ...
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. [1]In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured ...