A tokenized bond is a "digital share" that you buy to lend money to a company. In this case, you lend money to the issuer. The issuer agrees to pay the investors (in other words you) interest for a certain period of time and to repay the borrowed money at the end of the term. The bond is issued as a digital token on a blockchain, making it easier to trade than traditional bonds.
Subordinated means that you, as an investor, will only get your money back after all other creditors have been paid.
In addition, there is a "pre-insolvency enforcement ban", which ensures that investors cannot assert their claims against the issuer if the issuer could become insolvent or over-indebted because of the payment or already is. Therefore, if you can claim your payments depends on the economic situation of the issuer and in particular on its liquidity. This is to ensure that the issuer has enough time to invest the money in the project