id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-2882	Miller, Michael R.	No Standing Room: How Lender Collective Action Subverts Basic Principles of Contract Interpretation	2012	57	.pdf	application/pdf	21191	887	57	1:3301 approved over the objections of a class of creditors if such a plan is fair and equitable to all classes.23 9 The standard for what is fair and equitable is higher for secured lenders than it would be for unsecured lenders, thus giving second- lien lenders greater leverage during restructuring negotiations.240 14 2 When the parties to a contract have not agreed with respect to a term that is essential to a determination of their rights and duties, the court must supply a term that is reasonable in the circumstances.14 3 Pursuant to Beal Savings Bank, if the required lenders make an election by directing the agent not to pursue legal action, it is reasonable for a court interpreting credit documents governed by New York law (as most are) to conclude that a dissenting lender does not have standing to seek a judgment against the debtor on the ground that such lender has implicitly waived such right of recourse.	cache/cblr-2882.pdf	txt/cblr-2882.txt