The court discusses the interpretation of the Fourth Proviso in relation to the Second-Lien Notes and whether they are considered Senior Indebtedness. The lower courts concluded that the Second-Lien Notes are Senior Indebtedness, distinguishing between lien subordination and payment subordination. However, the appellate court finds the definition ambiguous but resolves it in favor of the Debtors, considering the intent of the parties.
documents/vol00010-efta01358962-pdf.pdf
{"document_date":"2017","document_type":"legal","document_subtype":"court opinion","reference_numbers":["874 F.3d 787","2017 U.S. App. LEXIS 20596"]}