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二级抵押
第二抵押权
As well as issuing unsecured bonds, Meridian had borrowed around $485m in first- and second-lien loans.
通过发行无追索权债券,Meridian取得大约485百万美元的一级和二级抵押贷款。
Some of Meridian's biggest creditors were hedge funds which held a lot of first- and second-lien debt and in effect had a blocking vote in both classes.
Instead of a short chain-secured creditors, unsecured creditors and shareholders-now there are senior or first-lien creditors (who have first dibs on a company's assets), second-lien creditors (who also have claims over the assets of a company, but who get paid only after first-lien creditors), mezzanine creditors, senior subordinated debt holders and subordinated debt holders.
Talks among creditors of American Remanufacturers, a third car-parts firm, broke down when second-lien lenders claimed that first-lien lenders could not finance the company through bankruptcy without their permission.
American Remanufacturers(第三家汽车配件生产商)债权人的谈判也一度险入僵局,因为第二顺位债权人声称,没有他们的允许,第一顺位债权人不能以申请破产的形式为企业融资。
That is largely thanks to the explosion of second-lien lending.
这种情况的发生主要归因于"次级优先权"贷款。
The debt includes second-lien loans, which have a floating rate and give creditors lower levels of security, but potentially higher returns.
这种债券包括第二抵押权贷款,它具有浮动利率且风险级别也比较高,但是潜在的它的收益也会更高。
Banks that service mortgages, for instance, are reluctant to forgive principal, even if that would benefit borrowers and investors, because it would trigger write-downs of second-lien loans on the banks' own books.
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