Subordinated debt, ranking behind the Senior Debt in terms of repayment priority in an insolvency or enforcement scenario.
Examples of Junior Debt: 2nd Lien facilities, Unsecured or Subordinated Debt, HoldCo Debt, etc

See also: Senior Debt

If you would like to learn more about the financing process, please see our Termgrid Primers – Series 1: The Debt Financing Process.