A type of debt that places its holders into a class that in the event of bankruptcy or default those in the second lien category will not receive compensation until everyone in the first lien is reimbursed. These types of loans are much riskier.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser