Business / Finance / Seniority: The order of repayment. In the event of bankruptcy, senior debt must be repaid before subordinated debt is repaid.
Business / Loan / General Recourse: Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets. MORE
Business / Human Resources (HR) / Bumping: The practice of allowing more senior level employees whose positions have been slotted for elimination or downsizing the option of accepting an alternative position within the organization, for which MORE