wɪð ˈɔːlmoʊst nˈoʊ ɛksˈɛpʃənz, ɐ bˈɑːɹoʊɚ wɪl tˈeɪk ɐ sˈɛkənd lˈiːən lˈoʊn ˈiːðɚɹ æt ðə sˈeɪm tˈaɪm ɔːɹ ˈæftɚ tˈeɪkɪŋ ɐ tɹɐdˈɪʃənəl fˈɜːst lˈiːən sᵻkjˈʊɹd lˈoʊn ænd ðə sᵻkjˈʊɹd lˈɛndɚz wɪl plˈeɪs lˌɪmɪtˈeɪʃənz ɔnðə bˈɑːɹoʊɚz ɐbˈɪləɾi tə plˈɛdʒ ɪts ˈæsɛts ɔːɹ bˈɑːɹoʊ ɐdˈɪʃənəl sᵻkjˈʊɹd dˈɛt.
With almost no exceptions, a borrower will take a second lien loan either at the same time or after taking a traditional first lien secured loan and the secured lenders will place limitations on the borrower's ability to pledge its assets or borrow additional secured debt.