Plaintiffs, holders of defendant issuer's senior notes and third-party beneficiaries of the issuer's subordinated note held by defendant junior note holders, claim that the issuer's partial liquidation of the subordinated indebtedness breached the following clause of the subordinated note: "If any payment . . . shall be received by any holders of the [Subordinated] Notes in contravention of any of the terms hereof or before all of the Senior Indebtedness obligations...
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