ɪnðɪ ᵻvˈɛnt əvə lˌɪkwɪdˈeɪʃən əvə kˈʌmpəni, bˈoʊθ ðə fˈɜːst lˈiːən ænd sˈɛkənd lˈiːən lˈoʊnz wʊd lˈaɪkli biː ɹᵻpˈeɪd ɪn fˈʊl ɐlˈɔŋ wɪð tɹˈeɪd ænd ˈʌðɚ dʒˈɛnɚɹəl kɹˈɛdɪɾɚz bᵻfˌoːɹ ðə sʌbˈoːɹdᵻnˌeɪɾᵻd lˈɛndɚz ɹᵻsˈiːv ˌɛni ɹᵻpˈeɪmənt ʌv ðɛɹ ˌɑːblɪɡˈeɪʃənz.
In the event of a liquidation of a company, both the first lien and second lien loans would likely be repaid in full (along with trade and other general creditors) before the subordinated lenders receive any repayment of their obligations.