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Pari Passu

Ranking equally. Claims that are pari passu share any recovery pro rata to their size, so value is divided in proportion rather than in order.

Where Pari Passu comes up

Liquidation Preferences and Preferred Stock, ExplainedOwnership is a fraction. A preference is a choice. Every instrument a venture investor holds is a different rule for making it, and the exit value decides which way it goes.Read the guide — 13 min

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Credit and restructuring models

Related Credit terms

Second LienLoss Given Default (LGD)Cash SweepMaturity WallEBITDA CushionFixed Charge Coverage Ratio (FCCR)

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Browse the full glossary — 329 finance recruiting and technical terms, in plain English.