Business, Legal & Accounting Glossary
Loan to a company or an individual that provides the lender a senior claim to the borrower’s assets. When a senior bank loan is issued, the borrower usually has no other debt obligations. Thus, if the borrower goes bankrupt, the lender will have a claim on the borrower’s assets that supersedes the claims of other creditors.
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This glossary post was last updated: 16th November, 2021 | 0 Views.