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Perfect Stranger Posted 13 years ago
Legal Studies

Legal vocab: notwithstanding, pari-passu

Dear All,

I don't know how to understand the highlighted part of the following sentence:

Agreement formed [...] in supersession of and notwithstanding anything to the contrary contained in the above mentioned agreement hereby agree to create (including necessary modifications from time to time) a first ranking pari-passu.

Can you explain to me the meaning of: notwithstanding and pari-passu in this sentence?

Thanks,
  

Top answer

, that have equal rights of payment, or equal seniority'. I don't know how this applies to your text.

— Mister Micawber

  • , that have equal rights of payment, or equal seniority'.
  • I don't know how this applies to your text.
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3 Answers
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notwithstanding = in spite of, irrespective of
pari-passu = 'the term pari-passu refers to loans, bonds, classes of shares, etc., that have equal rights of payment, or equal seniority'. I don't know how this applies to your text.
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Thanks MM.

How do you think we could understand this part here? in supersession
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in supersession of = supersedes (replaces) [an earlier agreement or portion thereof]
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