Once again, the subordination will determine what is wiped out and what is not. Different conditions apply for different items. IRS liens and property tax liens…not wiped out. Open permit issues, not wiped out. Other stuff possibly, not wiped out. Many items do get wiped out, some do not.

This falls into the category of the homework that sdr referred to.

In this particular transaction, the second loan as I said, and will say again, was wiped out.