|
Pari Passu
''Pari passu'' is a Latin phrase that literally means "with an equal step" or "on equal footing". It is sometimes translated as "ranking equally", "hand-in-hand", "with equal force", or "moving together", and by extension, "fairly", "without partiality". Etymology *'' 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". In legal terms, pari passu means "on equal footing." It refers to creditors, claimants, or shareholders receiving equal treatment without preference. Common in bankruptcy and finance, it ensures proportional distribution of assets, rights, or obligations among parties. This term is commonly used in law. '' Black's Law Dictionary'' (8th ed., 2004) defines ''pari passu'' as "proportionally; at an equal pace; without preference". Usage In inheritance In inh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin
Latin ( or ) is a classical language belonging to the Italic languages, Italic branch of the Indo-European languages. Latin was originally spoken by the Latins (Italic tribe), Latins in Latium (now known as Lazio), the lower Tiber area around Rome, Italy. Through the expansion of the Roman Republic, it became the dominant language in the Italian Peninsula and subsequently throughout the Roman Empire. It has greatly influenced many languages, Latin influence in English, including English, having contributed List of Latin words with English derivatives, many words to the English lexicon, particularly after the Christianity in Anglo-Saxon England, Christianization of the Anglo-Saxons and the Norman Conquest. Latin Root (linguistics), roots appear frequently in the technical vocabulary used by fields such as theology, List of Latin and Greek words commonly used in systematic names, the sciences, List of medical roots, suffixes and prefixes, medicine, and List of Latin legal terms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vulture Fund
A vulture fund is a hedge fund or private-equity fund that invests in debt considered to be very weak or in default, known as distressed debt. Investors in the fund profit by buying debt at a discounted price on a secondary market and then using numerous methods to sell the debt for more than the purchasing price. Debtors include companies, countries, and individuals. Vulture funds have had success in bringing attachment and recovery actions against sovereign debtor governments, usually settling with them before realizing the attachments in forced sales. Settlements typically are made at a discount in hard or local currency or in the form of new debt issuance. In some instances, such as those involving Peru and Argentina, such a seizure blocked payments to other creditors of the sovereign obligor. History Sovereign debt collection was rare until the 1950s when sovereign immunity of government issuers started to become restricted by contract terms. This trend developed from th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, meaning the term ''bankruptcy'' is not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian language, Italian , literally meaning . The term is often described as having originated in Renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment. However, the existence of such a ritual is doubted. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their Manual labour, physical labour. Many city-states in ancient Greece lim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Income
Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year and repay the principal amount on maturity. Fixed-income securities (more commonly known as bonds) can be contrasted with equity securities (often referred to as stocks and shares) that create no obligation to pay dividends or any other form of income. Bonds carry a level of legal protections for investors that equity securities do not: in the event of a bankruptcy, bond holders would be repaid after liquidation of assets, whereas shareholders with stock often receive nothing. For a company to grow its business, it often must raise money – for example, to finance an acquisition; buy equipment or land, or invest in new product development. The terms on which investors will finance the company will depend on the risk profile of the company. The company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rights Upon Future Offers
A rights upon future offers (RUFO) clause is a clause used in certain contracts, in which a party who has agreed to contractual terms, gains certain rights if other parties in future obtain better or different terms. Such clauses may be used to induce a party to be more willing to accept contractual terms, in the knowledge that if better terms are offered to someone else in future, the same improved terms will also be applied retrospectively to all existing parties as well. An example of the potential dangers of such clauses, if not considered carefully, arose during the Argentine debt restructuring of 2005–2014. In this case 93% of bondholders accepted a reduced settlement while 7% refused and went on to win a lawsuit entitling them to full settlement. Argentina declared itself unable to pay either, despite having the money to do so, since the settlement of a better offer with the small number of holdout creditors would, it feared, trigger a RUFO clause and cause the remaining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action Clause
A collective action clause (CAC) allows a supermajority of bondholders to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. Bondholders generally opposed such clauses in the 1980s and 1990s, fearing that it gave debtors too much power. However, following Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...'s December 2001 default on its debts in which its bonds lost 70% of their value, CACs have become much more common, as they are now seen as potentially warding off more drastic action, but enabling easier coordination of bondholders. During the Greek government-debt crisis, the Greek government imposed, with the support of the IMF and ECB, a retroactive CAC with a threshold of 75%. That ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Latin Phrases (P-R)
This is a list of Wikipedia articles of Latin phrases and their translation into English. To view all phrases on a single, lengthy document, see: List of Latin phrases (full). Lists of pages * List of Latin phrases (A) * List of Latin phrases (B) * List of Latin phrases (C) * List of Latin phrases (D) * List of Latin phrases (E) * List of Latin phrases (F) * List of Latin phrases (G) * List of Latin phrases (H) * List of Latin phrases (I) * List of Latin phrases (L) * List of Latin phrases (M) * List of Latin phrases (N) * List of Latin phrases (O) * List of Latin phrases (P) * List of Latin phrases (Q) * List of Latin phrases (R) * List of Latin phrases (S) * List of Latin phrases (T) * List of Latin phrases (U) * List of Latin phrases (V) See also * Latin influence in English * Latinism Lists * List of abbreviations used in medical prescriptions * List of ecclesiastical abbreviations * List of Germanic and Latinate equivalents in English * List of Greek ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Seniority (finance)
In finance, seniority refers to the order of repayment in the event of a sale or bankruptcy of the issuer. Seniority can refer to either debt or preferred stock. Senior debt must be repaid before subordinated (or junior) debt is repaid.The American Heritage Dictionary of Businessurt Publishing Company, 2010 Each security, either debt or equity, that a company issues has a specific seniority or ranking. Bonds that have the same seniority in a company's capital structure are described as being pari passu. Preferred stock is senior to common stock in a sale when preferred shareholders must receive back their preference, typically their original investment amount, before the common shareholders receive anything. FpML The seniority of bonds recognised in FpML (Financial products Markup Language) are as follows: See also * Security interest * Secured creditor * Senior debt In finance, senior debt is debt that takes priority over other unsecured or otherwise more "junior" debt owe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Bankrupts Act 1542
The Statute of Bankrupts or Bankruptcy Act 1542 ( 34 & 35 Hen. 8. c. 4), was an act passed by the Parliament of England in 1542. It was the first statute under English law dealing with bankruptcy or insolvency. The act contained an extremely long preamble which denounced debtors acting in fraud of their creditors, directed that the bodies of the offenders and all of their assets be taken by the requisite authorities and the assets be sold to pay their creditors "a portion, rate and rate alike, according to the quantity of their debts". Thereby the first bankruptcy statute also imported into English law for the first time the '' pari passu'' principle of distribution on insolvency. These principles would later be heavily underscored by the House of Lords The House of Lords is the upper house of the Parliament of the United Kingdom. Like the lower house, the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks with a balance sheet total of around 7 trillion. The Governing Council of the European Central Bank, ECB Governing Council makes monetary policy for the Eurozone and the European Union, administers the foreign exchange reserves of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU. The Executive Board of the European Central Bank, ECB Executive Board enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so. The ECB has the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the volume must be approved by the EC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collective Action Clause
A collective action clause (CAC) allows a supermajority of bondholders to agree to a debt restructuring that is legally binding on all holders of the bond, including those who vote against the restructuring. Bondholders generally opposed such clauses in the 1980s and 1990s, fearing that it gave debtors too much power. However, following Argentina Argentina, officially the Argentine Republic, is a country in the southern half of South America. It covers an area of , making it the List of South American countries by area, second-largest country in South America after Brazil, the fourt ...'s December 2001 default on its debts in which its bonds lost 70% of their value, CACs have become much more common, as they are now seen as potentially warding off more drastic action, but enabling easier coordination of bondholders. During the Greek government-debt crisis, the Greek government imposed, with the support of the IMF and ECB, a retroactive CAC with a threshold of 75%. That ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greek Government-debt Crisis
Greek may refer to: Anything of, from, or related to Greece, a country in Southern Europe: *Greeks, an ethnic group *Greek language, a branch of the Indo-European language family ** Proto-Greek language, the assumed last common ancestor of all known varieties of Greek **Mycenaean Greek, most ancient attested form of the language (16th to 11th centuries BC) **Ancient Greek, forms of the language used c. 1000–330 BC **Koine Greek, common form of Greek spoken and written during Classical antiquity ** Medieval Greek or Byzantine Language, language used between the Middle Ages and the Ottoman conquest of Constantinople ** Modern Greek, varieties spoken in the modern era (from 1453 AD) *Greek alphabet, script used to write the Greek language *Greek Orthodox Church, several Churches of the Eastern Orthodox Church *Ancient Greece, the ancient civilization before the end of Antiquity * Old Greek, the language as spoken from Late Antiquity to around 1500 AD *Greek mythology, a body of myth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
