Obligations of an issuer for which repayment has contractually been given a priority that is higher than the repayment priority of other debts of the same obligor. This arrangement may arise from either a specific subordination agreement or a public issuance of subordinated debt instruments. American Banker Glossary
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debt whose terms in the event of bankruptcy, require it to be repaid before subordinated debt receives any payment. Bloomberg Financial Dictionary
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senior debt UK US noun [U] FINANCE
► debt that will be paid back by a company that goes bankrupt before other debt is paid back
Financial and business terms. 2012.