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- noun finance A type of
loanor loan condition in which the borrower agrees with the lender not to allow any other lender or creditor to rank ahead for payment in the event of a liquidation. Such a loan is unsecured(ie. not backed by a charge over specific assets). Hailed as a great innovation when developed in the 1970s, but by the end of the 1980s had become a dirty word.
from Wiktionary, Creative Commons Attribution/Share-Alike License
The idea (and hence presumably the name) developed in the United States, and then went global. (Reference: Trevor Sykes, The Bold Riders, second edition, 1996, ISBN 1-86448-184-6, page 8.)
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