I think you might either be reading what you want to see or maybe not reading this enough like an engineer.
I take offense at that, Sir. Pistols at 40 paces?
I did a
little legal research to figure out what "contractual" means in that context. If you google "contractual subordination" you get a lot of stuff. Apparently very common term. According to various legal web sites, there are two kinds of subordination, "contractual subordination" and "structural subordination". (Hey, I know these aren't authoritative legal books, but I don't own those books.) Here's my legal tenderfoot summary: Structural is via debt at different subsidiaries, and contractual is everything else.
Read about it here...
http://convertarb.net/?page_id=781So my understanding is that we're protected against everything except that they could form a subsidiary, and put debt there, and have that debt get first grab on
assets in the subsidiary. In fact, that's exactly how a BRV works, so excluding structural subordination was necessary to allow BRVs.