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If a bond is subordinated, it:
Select one:
a.
Ranks lower than common shares in the event of default.
b.
Has a higher priority status than specified creditors when a company goes into liquidation.
c.
Ranks lower than preference shares only in terms of claims on company assets.
d.
Must give preference to specified creditors in the event of default.
e.
Ranks lower than all equities in the event of default.
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