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Intercreditor Agreements

By Sean Gillen
October 02, 2014

Editor's Note: This is the fifth article in a series covering various aspects of intercreditor agreements.

Sometimes, you just cannot win. You can do everything correctly. You can plan, prepare and execute flawlessly. You can have the stars and planets in alignment. And, yet, none of that may matter in the end. Life is not fair. Of course, as one of my former law school professors said, “fair” is a four-letter word, especially in the practice of law.

The case of Southern Fidelity Managing Agency, LLC v. Citizens Bank & Trust Co., 2014 WL 129336 (D. Kan. 2014), illustrates how an intercreditor agreement may not cure all ills facing a secured creditor. In addition, Southern Fidelity allows us the opportunity to view the intersection of intercreditor-related concepts such as syndications, subordinations and participations.

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