Ranking equally with senior debt as to payment prior to acceleration.

Sharing the same security package as the senior debt, in terms of the assets over which security is granted.

Ranking behind senior debt (but ahead of junior debt and unsecured debt) with regard to the proceeds of enforcement of the security package.

Ranking equally with (or, in European but not US deals, often behind) senior debt in respect of unsecured claims against the borrower and guarantors if the security enforcement proceeds have been insufficient to pay the senior debt in full.