Phrase guide
Definitions and examples are grouped by meaning. Pronunciation, history, word forms, translations, descendants, synonyms, antonyms, derived terms, and related words appear whenever the source provides them.
Sound
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No pronunciation record was provided for this word.
noun
A type of loan or loan condition in which the borrower agrees with the lender not to allow any other lender or creditor to rank ahead for payment in the event of a liquidation. Such a loan is unsecured (ie. not backed by a charge over specific assets).
Definition source: English Wiktionary via Wiktextract
Topics: business, finance
No example sentence was provided for this meaning.
Synonyms: none provided
Antonyms: none provided
History
The idea (and hence presumably the name) developed in the United States, and then went global. (Reference: Trevor Sykes, The Bold Riders, second edition, 1996, →ISBN, page 8.)
