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absolute priority
ab·so·lute pri·or·i·ty


noun 
Definition:
 
finance senior creditors' right to full payment: if a corporation goes bankrupt, the right of the most senior creditors to be paid in full before junior creditors, even if the junior creditors get nothing
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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