a level of Ranking. This is not a specific type of debt, but rather a general reference to a slug of debt that is “higher” in the Capital Structure than other debt. For example, if a company has both Senior Subordinated Notes and Senior Notes, the Senior Notes are “senior.” If that company also has Secured Debt, the Secured Debt is effectively “senior” to the Senior Notes to the extent of the value of the Collateral granted in favor of the Secured Debt. Compare Junior Debt. It is better to be Senior Debt than Junior Debt.
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