The vast majority of all second lien loans are senior secured obligations of the borrower. Second lien loans differ from both unsecured debt and subordinated debt.
Second lien debt refers to loans that are reimbursed only after loan balances on senior debts are repaid in full following a default. For example, in a real estate loan where a borrower in default also has a second mortgage , creditors can foreclose and sell the home, followed by full payment on the balance of the first mortgage and the distribution of any remaining proceeds to the lender on the second mortgage.
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the folks of God). Glucose and shakti, anyway.
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