Subordinate Lien Bonds
Bonds having a subordinate claim on one or more security interests relative to the claim against such security interests by the holders of other bonds, also known as “junior lien bonds.”
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Useful Life
An accounting estimate of the number of years it is likely for an asset to remain in service for the purpose of cost-effective revenue generation. The Internal Revenue Service (IRS) employs Useful Life for various purposes applicable to Tax-Exempt Bonds.
