In the world I live in "unsecured" means totally "unsecured." In other words the creditor finds the borrower to be credit worthy and requires no collateral for the loan. If the lender defaults the creditor has no recourse other than possibly forcing the borrower in to BK action.
I have never seen this clause regarding this note included in a previous filings nor on any previous unsecured debt. I don't know if there is something special about the agreement with this lender, if the new auditor suggested expanded language or if they are talking about possibly being forced into BK by this lender.
In any case, this is a new disclosure from EDIG regarding thid supposedly "unsecured" debt.
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