Kon,From what they've said, both the convertible notes and the...

Kon,

From what they've said, both the convertible notes and the hedge obligations are secured by fixed and floating charges over NGF's assets.

If NGF was to default, I assume there is a method in the documents for sorting out who (the hedge counter-party or the convertible noteholders) have priority over what assets.

However, where one of the other parties is the defaulting party (in this case, LBCC as the hedge counter-party), I'd assume that just means the convertible noteholders wouldn't have any competition in the fixed and floating charges, should NGF subsequently default.

Just guessing.