The way it works is this. I'll give you an example. They register the loan with us. If the loan goes into default, they have to realize on all the assets to minimize the loss and maximize the recoveries. Then they have to realize on the personal guarantees. Let's just say, for example, it was a $500,000 initial loan, and it goes into default right away. The bank would realize on the assets and bring that loss down to perhaps $200,000 or $300,000. Then they'd realize on the personal guarantees and bring it down again to $200,000 or $100,000. Then that $100,000 loss, net of assets and personal guarantees, would be submitted to the government, and we would pay 85% of that.
On May 17th, 2021. See this statement in context.