sʌbˈoːɹdᵻnˌeɪɾᵻd dˈɛt ɹᵻfˈɜːz tʊ ɐ klˈæs ʌv ˌɑːblɪɡˈeɪʃənz ðæt ɑːɹ kəntɹˈæktʃuːəli sʌbˈoːɹdᵻnˌeɪɾᵻd ɪn ɹˈæŋkɪŋ tʊ ˈɔːl ʌvðə sˈiːnjɚɹ ˌɑːblɪɡˈeɪʃənz ˈaɪ.ˈiː., dʒˈɛnɚɹəl nˈɑːnsʌbˈoːɹdᵻnˌeɪɾᵻd ˌɑːblɪɡˈeɪʃənz ʌvðə kˈʌmpəni, wˈɛðɚ ðeɪ ɑːɹ sᵻkjˈʊɹd ɔːɹ ʌnsᵻkjˈʊɹd.
Subordinated debt refers to a class of obligations that are contractually subordinated in ranking to all of the senior obligations (i.e., general non-subordinated obligations) of the company, whether they are secured or unsecured.