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.
There are often multiple loans on a single real estate deal, and each of these loans has a different lien priority or repayment priority. Senior loans (or âsenior mortgagesâ or âfirst mortgageâ or âfirst-lienâ debt holders) are in first position (i.e. they have a first lien priority). Junior loans (or âjunior mortgagesâ or âsecond-lienâ debt holders or mezzanine capital) have a lower priority than a first or prior (senior) lender.