pursuant to which the Commitment Parties committed to provide $5.5B in senior secured superpriority
debtor-in-possession credit facilities.
debts without creditor consent; the ability to get new, superpriority
The bankruptcy court authorized the debtors to obtain up to $80 million in secured financing from the DIP Lenders and, effective as of the Petition Date, granted the DIP Lenders a priming first priority lien in virtually all of the debtors' assets, including all existing and after-acquired inventory and proceeds, and a superpriority
administrative expense claim.
(4) Part III then describes the role of associations and analyzes cases interpreting superpriority
liens, the Federal Foreclosure Bar, and the FDIC Exemption.
POLICY FAILURE 4: NOT MAKING INSURED DEPOSITS SUPERPRIORITY
CLAIMS The fourth and final policy failure is a bit technical.
While there are doubts as to the extent to which debtors consciously pursue this strategy, (16) one solution to this undesirable distributional effect is to give tort claimants a superpriority
over the assets of the debtor, ahead of secured creditors.
(5) See Annabella Barboza, Code Liens Are Not "Superpriority
" Liens: Is It the End of the Debate?, 87 Fla.
Unlike 20 other states, Arkansas does not have a superpriority
lien law for unpaid assessments, but the Arkansas Supreme Court affirmed a circuit court ruling that a foreclosure purchaser is jointly and severally liable with the seller for assessments owed by the seller up to the time of conveyance.
Part I describes the law governing traditional state borrowing practices and explains why states have difficulty creating risk-free or otherwise superpriority
These seniority payments receive a similar superpriority
. Seniority payments and wages receive a super-priority for those amounts that have accrued in the two years of employment prior to the insolvency.