Pari-Passu的定义

Pari-passu is a Latin term that means “ranking equally and without preference.” Applied in a legal context, pari-passu means that multiple parties to a contract, claim, or obligation are treated the same, “ranking equally and without preference.”

“Pari-passu” 是拉丁语，意为“平等且无优先顺序”。在法律环境下应用时，pari-passu 表示合同、索赔或义务的多方享有相同的待遇，“同等比例、同等权益  ”。

Pari-Passu的用法

（1）Lending  贷款

The term pari-passu is popular in the lending and credit space. More specifically, it is a financing agreement that allows multiple creditors to obtain a secured loan with equal claims on an asset. 

“Pari-passu” 这一术语在贷款和信贷领域中很常见。更具体地说，它是指一种融资协议，允许多个债权人获得对某一资产平等的担保贷款要求。

(2) Bankruptcy 破产

Also, pari-passu is an important concept in bankruptcy proceedings. Upon reaching a verdict, under the principle, a court would regard all creditors as equals. Thus, a trustee of the insolvent company would pay the creditors based on the pari-passu principle, and creditors of the company would receive equal portions of the liquidation in accordance with the amount of each creditor’s claim and the covenants attached to their claims (also known as pro-rata). Additionally, the creditors would be paid at the same time. 

同样，"Pari-passu" 是破产程序中一个重要的概念。根据这个原则，在做出判决时，法院会把所有债权人视为平等的。因此，破产公司的托管人将按照“同等比例、同等权益”原则支付债权人，公司的债权人将根据其每个债权的金额和附加的契约（也称为按比例分配）在清算中获得相等的份额。此外，债权人将同时获得付款。

(3) Asset management 资产管理

Pari-passu can also apply to the management of assets or securities. The principle would apply to the management of assets or securities in the sense that the assets or securities would be managed with equal preference or a preference weighted on the value or amount invested in either the asset or securities. 

"Pari-passu"原则也可以应用于资产或证券的管理。该原则适用于资产或证券的管理，意味着这些资产或证券将以相等的偏好或根据投资于某种资产或证券的价值或金额进行管理。

(4) Debt covenants 债务契约

The principle of pari-passu can also be applied in clauses or covenants of debt instruments like bonds. Companies issue bonds as a part of debt financing to raise capital; pari-passu would be implemented in bonds to ensure that each bond is equal.

同等权益原则也可以适用于债券等债务工具的条款或约定。公司发行债券作为债务融资的一部分，以筹集资本；债券将实行同等权益，以确保每种债券都是平等的。

Pari-passu can be applied to all bonds issued by the company; however, they can also apply the pari-passu principle to specific tranches of debt to hold that within each tranche, the principle holds. It may be problematic if the pari-passu principle is held across multiple tranches.

公司发行的所有债券都可以使用同等权益；然而，他们也可以将同等权益原则应用于特定的债务部分，以在每一部分中持有该原则。如果在多个部分之间持有同等权益原则，这可能会产生问题。