Bankr. Ct. Dec. 216
The Subordinated Notes holders argue that the FourthProviso carves out the Second-Lien
Notes from the Baseline Definition, i.e., that the Second-Lien Notes ... argument, and concluded that the Second-Lien Notes
unambiguously constitute Senior Indebtedness despite the FourthProviso. They did so in
reliance on a distinction between "lien subordination" and "payment ... debt)
subordination," concluding that the FourthProviso unambiguously carves out from the
Baseline Definition only the latter and not the former.° Because the Second-Lien Notes are
not subordinate