Chris Savage

No, we didn't change their structure.

Yeah, I think you want to know, so there's obviously the interest rates.

Um, in our case, you know, when we did the deal, the initial interest rate was high because we didn't have evidence of profitability.

And so we were not going to go get the deal from a, from a quote, normal bank.

I can't say specifics.

It was like over 10%.

Okay.

Um, and we had a five year term and, um, fortunately we had like a, the, it was interest only for a while and then eventually went into principal.

And in our case, um,

the things that we were looking at was like the interest, it was okay to spend that, the money on interest because we were thinking like, what would the value of the company be in the future?

And like, you're kind of taking a bet.

Will we be worth more than 11% a year?

Um, and then the, there's always going to be covenants.

And so you want to look at how the covenants are going to restrict how you run the business.

And so, um, things to look out for are like minimum revenue requirements, um, the amount of cash you have on hand to pay for the debt payments, um,

trailing EBITDA and leverage ratio.

So leverage ratio is the amount of debt you have to the amount of EBITDA you have.

EBITDA or top line ARR?

EBITDA.

EBITDA, okay.