In the course of a true sale securitization, the second-degree claimants. The holders of the senior tranche are served first, followed by the holders of the first-loss tranche (equity tranche, junior tranche). – See equity kicker, originate-to-distribute strategy, tranche, tranche thickness, securitization, waterfall principle. – Cf. 2004 Annual Report of BaFin, p. 30 f., Monthly Report of Deutsche Bundesbank of April 2007, p. 16 f. (position of mezzanine creditors in a leveraged buy-out).
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