Legal Dictionary of Pakistan

subordinate debenture

A debenture that is subject to the prior payment of ordinary debentures and other indebtedness. 4. English law. A company's security for a monetary loan. ( The security usu. creates a charge on company stock or property. 5. A customhouse certificate providing for a refund of the duties on imported goods when the importer reexports the goods rather than selling them in the country where they were imported.