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Bankruptcy Court Decisions: Musicland offers cautionary note for intercreditor agreements in second lien financings

19 October 2007
Mayer Brown Article
16 October 2007 - In the second lien financing market, one of the most hotly-contested issues in negotiations between first lien and second lien lenders is typically the "hard cap" - that is, to what extent, and under what circumstances, additional first lien debt may be incurred without second lien lender consent.
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