How are cash-collateral orders and adequate-protection packages being fashioned in E&P bankruptcies, and what intercreditor issues can arise as a result? This panel discusses questions relating to lender collateral that may surface in E&P cases, such as (1) the absence of blanket liens, liens on reserves and cash as security; (2) the impact of state law defining property rights in such assets as royalty streams and leasehold interests; and (3) contract interpretation issues involving prepayment agreements and other arrangements. The panel also discusses E&P valuation issues and their relationship to the commodity pricing cycle, as well as environmental obligations and pension/OPEB issues (e.g., Peabody).