An unsecured debt instrument that is payable only after more senior debt has been satisfied. Because of the increased risk associated with a subordinate debenture, it typically earns a higher interest rate than either a senior note or a secured debt. See Debenture.
Browse by Subjects
See All Related Terms »
letter of licence
profit before tax
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):