So if we think about it, we have a senior unsecured bullet instrument in a bond that is expensive, but offers limited oversight in maximum cash management. A covenant-light term loan, or broadly syndicated loan has essentially evolved to be the same kind of instrument, but cheaper and less onerous in terms of issuance. Granted, the term is often a year or two or several less, but given the amount of refinancing and repricing of loans before maturity, and given the fact that most sponsor exits are more aligned with the broadly syndicated loan, that is not particularly relevant.