Seniority

Business / Finance / Seniority: The order of repayment. In the event of bankruptcy, senior debt must be repaid before subordinated debt is repaid.

General Recourse

Business / Loan / General Recourse: Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets. MORE

Bumping

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

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