I'm just guessing this MBR, but i don't believe the owners of the profitable acquisitions would be foolish enough for that to happen...Another guess is those "building licenses" have a value that the agents wouldn't want to give them up by pledging those for security...You will note they have dates to repay the loans...Again a guess, but I would think if the "sales force" performs they would be able to keep a portion of their loans...
(And Bar, if your reading this, sorry I won't be asking them for anymore clarification..I'm satisfied with their response.)