EFTA Document EFTA01462177

Corporate Capital Structure Senior Secured Loans / Revolving Credit Facility Senior Unsecured Bonds Loans - A Unique Asset Class Senior Secured Loans ■ The most senior debt obligation in the capital structure of non-investment grade companies, explicitly secured by claims on the company's assets to provide superior rights in the event of default • Interest is paid prior to bond coupons and stock dividends ■ Covenants can preserve cash to protect against credit deterioration ■ Generall