The second appealing feature of these loans is the…

The second appealing feature of these loans is the protections that the lender can build in. When private credit firms issue loans to companies, the transactions are typically structured as "senior secured loans." This simply means that the lender is first in line to get paid back in the event the company has trouble.

— from The Flight Plan (Purpose/Wisdom/Risk) · Holy Grail of Investing: The World's Greatest Investors Reveal Their Ultimate Strategies f

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