SENIOR DEBT/NOTE are loans or debt securities that have a claim prior to junior obligations and equity on a corporation's assets in the event of a liquidation.
EXPENDABLE NET ASSETS are those assets not required to be retained in perpetuity, i.e. those assets available for use for operations.
SYSTEMATIC RISK is the risk that is common to all risky securities and cannot be eliminated through diversification. When using the capital asset pricing model, systematic risk is measured by beta.
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