absolute priority rule
C2CEFR level
92/100Rarity: very rare
TechnicalRegister
The principle that no junior class may receive value under a plan until senior dissenting classes are paid in full.
Equity can't keep its shares while bondholders take a haircut; that flatly violates the absolute priority rule.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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