Subordinated

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Subordinated
səˈbɔːdɪneɪtɪd (adj.)
Further back in the queue, in a scenario where it is first-come, first served. Of a pair of creditors who are not pari passu, the more subordinated suffers losses first. The more senior creditors suffer after the subordinated ones. The super-senior creditor suffers last of all.

See also

• Subordinated under the 2014 ISDA Credit Derivatives Definitions
• Pari passu
• Capital structure