In particular, 203 North LaSalle argued that the important decision that refused to impose a contractual assignment of the junior lender`s voting rights through a plan, argued that the junior lender`s voting rights could not be transferred to the priority lender, given that (i) section 1126 of the Bankruptcy Act, only “the holder of a claim” can vote in favor of the adoption or rejection of a plan and (ii) in accordance with the subordination agreements, which are at stake in 203 N. LaSalle only assigned planned voting rights to the priority creditor, so that the subsedary creditor remained the owner of his own claim. When a contractor acquires all of a contractor`s rights under applicable state law, the contractor may become the “owner of the [contractor`s] right”. As a result, Avondale may be of interest to anyone who designs or negotiates an intercredivider or subredation agreement. Transfer of claims and enforcement clauses in the event of bankruptcy If the authors know, intercrediting agreements, usually used in the financing of the first right of pledge / second, rarely provide that the priority lender passes to the rights of the younger creditor. For example, the American Bar Associations` first Lien/Second Lien Task Force form of Intercreditor Agreement, published in May 2010, does not contain language similar to that of Avondale`s subrogation clause, or otherwise provides for a separation that goes beyond the mere situation in which the subordinate lender moves to the position of priority lender; to the extent that the subordinated lender has returned money or property to the priority lender. A debt transfer clause like Avondale`s is also probably not at stake in Mezzanine financing documents, which are commonplace in home loans. Receivables transfer clauses are more likely to appear in sponsorship or seller financing transactions. As a result, the Avondale decision probably does not indicate the applicability of the voting rights provisions under most existing uninitiated inter-credit agreements. The signed agreement must be confirmed by a notary and registered in the official county registers in order to be enforceable. As a priority creditor, in the negotiations of an intercreditor agreement, has the leverage to pressure a younger creditor to accept the transfer of its rights, the priority creditor may consider including the language of debauchery avondale in future intercreditor agreements. .