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Possibly in Japanese do not exist therm like this. Even in English it could be rare. Anyway, how could I translate it in Japanese? The meaning of sub-debtor should be "debtor of debtor".

Let me give the example sentence (please sorry in case if you will find it confusing):

"The pledge of receivables arising from the Respective Receivables created under the Pledge Agreement shall be considered as validly existing until the moment the Sub-debtor receives a notice from the Pledge on termination of such pledge."

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    Could you add an example sentence? I'm not sure there's an exact translation, but I think you could translate it using the terms 又貸し・又借り (which apply not only to subleasing/subletting of flats). – Earthliŋ Jun 22 '16 at 17:20
  • Thank you very much for your reply. I have also added the example sentence, but I am afraid, it won’t help too much... – Fara Jun 22 '16 at 17:42
  • Oh, that's nasty. Are you doing this for fun or are you a professional translator (or both)? – Earthliŋ Jun 22 '16 at 18:01
  • I have lot's of things to learn... ) – Fara Jun 22 '16 at 18:47
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    I hope I could start carrier of translator someday...But I have so much things to learn. Anyway, looks like your translation is very very close. Let me tell you one more great thanks. – Fara Jun 22 '16 at 19:10
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Debtor is 債務者. Principal debtor is 主たる債務者、 主債務者.

If Sub-debtor is a "non-principal debtor" (a debtor other than the principal debtor), it could be 副債務者, 副次債務者, etc.

Otherwise, perhaps something like a sub-contractor is meant, and you may have to make up a plausible term. (Subcontractor is 下請(事)業者、再委託先、再委託業者)

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