Subordinated debt,  Senior debt

This refers to debt, secured by collateral such as the organisation’s assets, on which the lender would expect to be repaid before other creditors. It has priority for repayment if an organisation becomes bankrupt and is put into liquidation. Subordinated debt, sometimes called junior debt, refers to a loan secured by collateral on which the lender has a second position behind the senior debt lender. Often, repayment can be arranged as interest only for some portion of the term of the debt. Because of the higher risk to the subordinated debt lender, some type of additional compensation is usually necessary. Small and medium-sized enterprise (SME)

Source: The Social Investment Bank, The Commission on Unclaimed Assests, UK: March 2007