seniority

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Seniority

The order of repayment. In the event of bankruptcy, senior debt must be repaid before subordinated debt is repaid.

Absolute Priority

A rule stating that, in liquidation, certain creditors must be satisfied in full before any other creditors receive any payments. That is, in the liquidation of a company, the absolute priority rule states that holders of secured debt must be paid before holders of unsecured debt. Holders of unsecured debt have precedence over preferred shareholders, and, finally, preferred shareholders must be satisfied before common shareholders.

seniority

The condition or status of a security that has priority over other securities by the same issuer with respect to the payment of income (that is, interest or dividends) and repayment of principal. As an example, for the same issuer, bonds have seniority over preferred stock and preferred stock has priority over common stock. See also junior security.
References in periodicals archive ?
Senior Brass: Jessica Lordi, Pennsylvania; Kevin Eisensmith, Teacher
Southwest Valley: ONEgeneration Senior Center, 18255 Victory Blvd.
Moreover, if the Japanese equity market has in fact bottomed out and is entering a long-term recovery phase as some claim, the biggest immediate beneficiaries of a recovery in capital market values will be Japan's seniors.
Now, more than ever, senior living must be positioned as a prudent financial-planning and investment strategy that offers an affordable lifestyle and health options while preserving an estate legacy.
For example, our Senior Wellness Program has expanded to the Senior Center.
The senior citizens police advocate spends most of the workday in the community, conducting crime prevention programs and speaking to residents.
From my close association with the law, the only position that was evident was that seniors had been taken advantage of and deplored the hypocrisy in Congress (i.
Surprisingly, there were 30 companies for which the CEO responded but not the senior tax person.
Irwin, who has a senior-tour-record 42 career wins, including a tour co-leading two victories this year, will face a field this week that includes fellow two-time 2005 winners Jim Thorpe and Des Smyth, plus former USC standout Craig Stadler, the 2004 senior Player of the Year.
There are practical spend-down "safety nets" where the senior can continue to live on your campus because you agree to debit your refund obligation to cover his modest payment shortfalls.
Goodstein's Senior Lifestyles Division also include assisting with real estate attorneys, furniture dealers and art appraisers, needs and inventory assessments, home decorators, transportation to closing, new social arrangements, and other important services.
In 1992, volunteers formed a board of directors to formalize the Senior Mentor Program, drawing from local businesses, municipal departments and the school district.