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Of the following lending relationships,which gives the borrower the most senior claim to the cash flows associated with a property?
Foreign Subsidiary
A local operation completely owned by a foreign firm.
Local Firm
A business establishment that operates in a specific geographical area and typically serves the needs of a local community.
APEC
The Asia-Pacific Economic Cooperation, a forum for 21 Pacific Rim member economies that promotes free trade throughout the Asia-Pacific region.
European Countries
Nations located on the European continent, each with its distinct culture, history, and political system.
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