The concept of "interest rate tax shield" arises due to the concept of seniority. -------------- are paid first, and then the ,------------------ and------------- last. However, CFOs mut keep in mind that leverage is a double-edged sword due to the--------------------- risk. Fill in the blanks with the most appropriate words from the following list. Answers are NOT case sensitive.

shareholders

debt

investors

government

litigation

bankruptcy

business

idiosyncratic

systemic