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Definitions of subordination

an agreement to move a priority debt or claim to a lower position behind another debt, often a new loan

Such subordination shall mean that in any event of liquidation, bankruptcy or other proceedings to avoid bankruptcy any payment which might become due under the Loan shall be made only after all claims against Infineon Technologies AG which are senior and not subordinated have been satisfied.

the process by which a person, class, group or entity's position, rights or claims are ranked below those of others

The concept of claim or debt subordination is well recognized under federal bankruptcy law.