ɪnðɪ ᵻvˈɛnt əvə bˈæŋkɹʌptsi ɔːɹ lˌɪkwɪdˈeɪʃən, ðɪ ˈæsɛts jˈuːzd baɪ ðə kˈʌmpəni æz sᵻkjˈʊɹɹᵻɾi wʊd fˈɜːst biː pɹəvˈaɪdᵻd tə ðə fˈɜːst lˈiːən sᵻkjˈʊɹd lˈɛndɚz æz ɹᵻpˈeɪmənt ʌv ðɛɹ bˈɑːɹoʊɪŋz.
In the event of a bankruptcy or liquidation, the assets used by the company as security would first be provided to the first lien secured lenders as repayment of their borrowings.