But they're unsecured.

Central Europe, unsecured.

Warning this is an unsecured session

So we could call this senior unsecured.

Let's say there's 2 million of senior unsecured.

Because this 500,000 loan is not an unsecured loan.

And then some of the unsecured, the more junior

Then you might have here, you might have senior unsecured.

What debt?

We strike debt!

But this is debt. 80 million of debt right here.

These guys, right here, the senior unsecured, they'll get the next 2 million.

And even within the debt, you'll have different layers of debt.

'We are debt loaded

He ran into debt.

He guaranteed my debt.

Well, what about debt?

This is the debt.

We have the debt.

Now debt is interesting.

He had no debt.

I had some debt.

Our debt kept growing.

I've paid my debt.

And it's called debt.

You can issue debt.

It's the debt holders.

Thus the national debt.

You're in debt? Yes.

Mickey's more in debt.

And this unsecured guy down here, he's not going to get as much equity.

And then we have the debt, the debt of the company, or the

I must repay the debt.

I must repay the debt.

I just went into debt.

I just went into debt.

I owe him a debt.

I am free of debt.

This guy has no debt.

So it's essentially a debt.

But the debt guys, especially the senior debt guys, they want to be safe.

Let me just say that every unsecured transaction is a good example of a prisoner's dilemma.

And the company can only handle 2 million of debt, not 6 million of debt.

So anyway, just going back on the different tranches of debt, or buckets of debt.

You'd have to pay the debt holders, you'd have to pay off the debt first.