[J.Celifarco]

I agree from the merchant's point of view. The first stack could just be them in desperation mode like you said, or getting talked into it by a salesperson and not knowing any better. But from the funding side or sales side, I still don't think there is a difference. A breach is a breach whether you're selling it or facilitating it for the 2nd time or the 12th time.

fair, OK I concede on that. From the banks side there is no difference when it comes to breaching of the 1st positions contract