pari passu
1
9.9
- idiom
- /ˌpɑːri ˈpæs.uː/
- Formal
- Legal claims are resolved pari passu, meaning that all parties have an equal right to receive compensation.
Examples
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On the meaning of pari passu, there was a huge amount of going around in circles.
Blog text (16) -
The U.S. government was no help, arguing that selective nonpayment did not breach pari passu, but then demurring on the Lock Law.
Blog text (16) -
His other problem is what happens as recovery pushes up bond yields across the board, lifting rates on Ireland's loan package pari passu.
Blog text (4) -
Argentina argued that the sole contractual remedy for breaching pari passu was acceleration.
Blog text (16) -
Continued inflation will, of course, help in this process, but inflation can be controlled by unilaterally raising bank capital requirements pari passu with QE and extending UK stamp duty to all financial transactions, which in turn should limit any risk of GDP ever reaching the old.
Blog text (22) -
All creditors must be treated pari passu to ensure fairness in the distribution of assets.
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In the event of bankruptcy, the company must settle its debts pari passu without prioritizing any single creditor.
Surface Forms
Morphology
pari + passu
The phrase is a Latin legal/financial term rather than a compositional English expression: the listed constituents are not English words and carry no transparent meaning for an average B1 learner. Its conventionalized technical sense ('on equal footing') is idiomatic and tied to legal usage, so the overall meaning cannot be reliably derived from the parts without prior exposure or knowledge of Latin.
Etymology
Pari passu comes from Latin words pari and passu. pari means 'equal' and passu means 'step', so picture people walking side by side with the same step, which is why the phrase means 'at the same rate' or 'on an equal footing'.