Common use of Avoidance Issues Clause in Contracts

Avoidance Issues. If any Senior Creditor is required in any Insolvency Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor any amount paid (a “Recovery”) in respect of Senior Indebtedness, then such Senior Creditors shall be entitled to a reinstatement of the Senior Indebtedness with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.

Avoidance Issues. If any Senior Creditor Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor Obligor any amount paid in respect of the Senior Obligations (a “Senior Recovery”) in respect of Senior Indebtedness), then such Senior Creditors Claimholder shall be entitled to a reinstatement of the Senior Indebtedness Obligations with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Senior Recovery. If this Agreement shall have been terminated prior to such Senior Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.

Avoidance Issues. If any Senior Creditor Lender is required in any Insolvency Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor the Borrower any amount paid in respect of Senior Obligations (or if any Senior Lender elects to do so upon the advice of counsel) (a “Recovery”) in respect of Senior Indebtedness), then such Senior Creditors Lender shall be entitled to a reinstatement of the Senior Indebtedness Obligations with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.

Avoidance Issues. If any Senior Creditor is required in any Insolvency Proceeding Reorganization or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor the Company any amount paid in respect of the Senior Debt (a “Senior Creditor Recovery”) in respect of Senior Indebtedness), then such Senior Creditors Creditor shall be entitled to a reinstatement of the Senior Indebtedness Debt with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement agreement shall apply with respect to any such Senior Creditor Recovery. If this Agreement shall have been terminated prior to such Senior Creditor Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.

Avoidance Issues. If any Senior Creditor is required in any Insolvency Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor Obligor any amount paid in respect of the Senior Creditor Indebtedness (a “Senior Creditor Recovery”) in respect of Senior Indebtedness), then such Senior Creditors shall be entitled to a reinstatement of the Senior Creditor Indebtedness with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized in this Agreement shall apply with respect to any such Senior Creditor Recovery. If Except after a Merger Termination Action, if this Agreement shall have been terminated prior to such Senior Creditor Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement.