â¢ Teamwork at all levels is seen as key to improving processes and services. â¢ Quality management and improvement training are provided at all levels of the organization. â¢ Accountability for quality and productivity improvement is tied to managers' performance evaluations.
DEFINITION of 'Senior Debt'. Borrowed money that a company must repay first if it goes out of business. Companies have a number of options for obtaining financing, including bank loans and the issuance of bonds and stocks. Each type of financing has a different priority level in being repaid if the company decides to liquidate. If the company goes under, the holders of each type of financing have different levels of rights to the company's assets.
A debt generally refers to something owed by one party, the borrower or debtor, to a second party, the lender or creditor. Debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest.ommon types of debt owed by individuals and households include mortgage loans, car loans, and credit card debt. For individuals, debt is a means of using anticipated income and future purchasing power in the present before it has actually been earned.