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MATTER OF U.S. BANK N.A. v. SBMC HOLDINGS LLC

10251. 150183/18.

177 A.D.3d 443 (2019)

112 N.Y.S.3d 53

2019 NY Slip Op 08150

In the Matter of U.S. Bank National Association, Respondent, v. SBMC Holdings LLC et al., Appellants, and DW Partners, LP, et al., Respondents. Elliott Management Corporation et al., Objectants-Respondents.

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

Decided November 12, 2019.

The court erred in denying the petition on the ground that the trust's governing PSA is ambiguous as to the proper allocation of lost interest (see Greenfield v Philles Records, 98 N.Y.2d 562, 569-570 [2002]).

The issue is governed by Section 6.6(f) of the PSA which unambiguously provides that Realized Losses must first be applied to reduce the principal balance of the most junior...

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