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In this episode of Wall Street Words, Todd Alt explains the concept of a subordination agreement, which is a crucial document between creditors. It primarily addresses the hierarchy of debt repayment in situations like liquidation or bankruptcy. If a senior creditor allows a company to borrow more money, a subordination agreement ensures that new loans acknowledge the existing debt. This agreement outlines the order of claims on assets, emphasizing the importance of understanding a company’s capital structure when lending. Subordination agreements are complex financial instruments that clarify who gets paid first.
