 Lenders of a secured debt instrument (regardless of ranking) receive the benefit of the security for that instrument until they are repaid in full, without having to share the benefit of that security with any other lenders.If the value of the security is insufficient to repay the secured debt, the residual unpaid claim will rank according to its documentation (whether senior or otherwise), and will receive "pro rata" treatment with other unsecured debts of such rank.Senior lenders are theoretically (and usually) in the best position because they have first claim to unsecured assets.