SENIOR DEBT/NOTE Definition

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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.

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COO is an acronym for Chief Operating Officer. The COO is responsible for the day-to-day management of a company. The COO usually reports to the CEO.

FLOATING-RATE CMO is a collateralized mortgage obligation with a variable interest rate, usually reset quarterly, and set at a basis point spread over LIBOR. Also known as: Continuously Offered Long-Term Securities (COLTS), Floating Interest Rate Short-Term Securities (FIRSTS), Home Owner Mortgage Eurosecurities (HOMES), Option to Purchase or Sell Specific Mortgage-Backed Securities (OPOSSMS).

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