Its a debt which means compared to equity holders, debt holders always have first right or preferential right of getting paid out in the event the company declares insolvency and its assets are liquidated to meet its obligations.. That is common across any debt facility and implies the loan is secured against the company's assets but I would imagine that would exclude its intellectual property.
Ann: MSB Enters Into $75 Million Non-Dilutive Credit Facility, page-116
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