Collateral
First Lien Position
The priority status of a lender whose claim on collateral is paid before all other creditors in the event of default or liquidation. First-lien lenders accept lower rates in exchange for superior recovery position.
Collateral
The priority status of a lender whose claim on collateral is paid before all other creditors in the event of default or liquidation. First-lien lenders accept lower rates in exchange for superior recovery position.