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Expert Analysis

The Importance Of Unambiguous Intercreditor Agreements

Law360, New York (November 7, 2014, 10:23 AM EST) -- Bankruptcy court holds that junior secured creditors, under loosely drafted reservation in intercreditor agreement permitting the "exercise [of] rights and remedies as an unsecured creditor," and in the absence of express restrictive language, may act in opposition to senior secured creditors and further holds that stock received by junior secured creditors under plan of reorganization is not shared collateral or the proceeds thereof and therefore not subject to the distributive provisions of the intercreditor agreement....

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