SUBORDINATED DEBENTURE, in securities, is a debt issue whose claim on assets is subordinated to that of general creditors in the event of a liquidation, as stated in the bond indenture.
BOOKKEEPING is the art, practice, or labor involved in the systematic recording of the transactions affecting a business.
SUBORDINATED DEBT is debt over which senior debt takes priority. In the event of bankruptcy, subordinated debt holders receive payment only after senior debt claims are paid in full. There is a pecking order determining the sequence in which a company will pay off its debt instruments, subordinate (or junior) issues will not be repaid until unsubordinated (or senior) debt has been repaid in full.
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