ɔːlðˈoʊ ðə sˈɛkənd lˈiːən lˈoʊnz sᵻkjˈʊɹɹᵻɾi ˈɪntɹɛst ɪz sʌbˈoːɹdᵻnˌeɪɾᵻd tə ðə fˈɜːst lˈiːən lˈoʊnz ˈɪntɹɛst ɪnðə plˈɛdʒd ˈæsɛts ʌvðə kˈʌmpəni, ðə ɹˈæŋkɪŋ ʌv fˈɜːst lˈiːən ænd sˈɛkənd lˈiːən lˈoʊnz ɑːɹ ðə sˈeɪm ɪnðɪ ᵻvˈɛnt ðə plˈɛdʒd ˈæsɛts ɑːɹ nˌɑːt səfˈɪʃənt tə sˈæɾɪsfˌaɪ ðɪ aʊtstˈændɪŋ bˈɑːɹoʊɪŋz.
Although the second lien loan's security interest is subordinated to the first lien loan's interest in the pledged assets of the company, the ranking of first lien and second lien loans are the same in the event the pledged assets are not sufficient to satisfy the outstanding borrowings.