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ONE WILLIAM STREET CAPITAL MANAGEMENT L.P. v. U.S. EDUCATION LOAN TRUST IV, LLC

12177, 652274/12-983

116 A.D.3d 512 (2014)

986 N.Y.S.2d 21

2014 NY Slip Op 2519

ONE WILLIAM STREET CAPITAL MANAGEMENT L.P., Appellant-Respondent, et al., Nominal Petitioners, v. U.S. EDUCATION LOAN TRUST IV, LLC, et al., Respondents-Appellants, and EDUCATION LOAN TRUST IV et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided April 10, 2014.

The amended petition adequately states a claim under the subject indenture and Fourth Supplemental Indenture (SI) for payment of principal and interest. We find that it is not clear on the face of the indenture and SI whether the key term "successful," contained in SI § 2.01 (a), includes an "All Hold" auction such as that held in this matter in June 2011. Accordingly, we find that issues of fact exist as to whether that auction was "successful" and, correspondingly...

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