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Subordination refers to the process in which one creditor's claim to a real estate asset is made subordinate, or junior, to another creditor's claim. This is commonly observed during debt refinancing. In a given timeline, senior debt is placed on a property first, establishing priority based on when claims are recorded on the title. If junior debt is added later, it is subordinate to the senior debt. However, if the senior debt is refinanced and a new loan is placed after the junior debt, the new senior debt now takes precedence over the junior debt. This illustrates how the prioritization of claims can change depending on refinancing activities.