See Also: Seniority(money)
Seniority(finance)
seniority(dictionary)
seniority(dictionary)

steerage (iou) and Seniority (finance)


steerage (iou)



steerage noun. LME.
[from STEER verb1 + -AGE.]
The action, practice, or method of steering a boat, ship, etc. LME.
J. Smeaton The carriages..[having] a draught-tree for steerage. Quarterly Review The problems of..the steerage of such a body [sc. a balloon].
b. The effect of the helm on a ship, steerability. M17.
Steering apparatus, esp. of a boat. LME.
The direction or government of affairs, the State, one's life, etc. L16.
Shakespeare Romeo & Juliet He that hath the steerage of my course Direct my sail! W. L. Bowles Under the firm steerage of Walpole..the vessel of state held its way.
b. A course (esp. of conduct) held or steered. E17.
Nautical.
a. The area in the rear of a ship immediately in front of the chief cabin (from which the ship was originally steered). Also, quarters assigned to midshipmen or passengers in this area. obsolete exc. Hist. E17.
b. The part of a ship allotted to passengers travelling at the cheapest rate. arch. E19.
Comb.: steerage-way Nautical the amount of headway required for a vessel to be controlled by the helm.

Seniority (finance)


The order of repayment. In the event of bankruptcy, senior Debt must be repaid before subordinated Debt is repaid.