Common use of Continuing Nature of this Agreement; Severability Clause in Contracts

Continuing Nature of this Agreement; Severability. This Agreement shall continue to be effective until the Discharge of First-Lien Obligations shall have occurred. This is a continuing agreement of lien subordination and the Senior Creditors may continue, at any time and without notice to the Collateral Agent or any Junior Creditor, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor constituting Senior Creditor Claims on reliance hereof. The Collateral Agent, for itself and on behalf of the Junior Creditors, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights of Senior Creditors and Junior Creditor to repayment of the Senior Creditor Claims and the Junior Creditor Claims, respectively, and in or to any distributions from or in respect of any Grantor or any Collateral or proceeds of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, such Grantor as debtor in possession. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Continuing Nature of this Agreement; Severability. This Subject to Section 6.4, this Agreement shall continue to be effective until the Discharge of First-Lien Obligations First Priority Claims shall have occurredoccurred or such later time as all the Obligations in respect of the Subordinated Lien Claims shall have been paid in full. This is a continuing agreement of lien subordination and the Senior Creditors First Priority Lien Holders may continue, at any time and without notice to the Collateral Agent each Subordinated Lien Debt Representative or any Junior CreditorSubordinated Lien Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting Senior Creditor First Priority Claims on in reliance hereof. The Collateral Agent, for itself and on behalf of the Junior Creditors, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreementhereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation ProceedingProceeding and all converted or succeeding cases in respect thereof. The parties’ relative rights of Senior Creditors and Junior Creditor to repayment of the Senior Creditor Claims and the Junior Creditor Claims, respectively, and in or to any distributions Distributions from or in respect of any Grantor or any Common Collateral or proceeds of Common Collateral, shall continue after the filing thereof on commencement of any Insolvency or Liquidation Proceeding. Accordingly, the same basis provisions of this Agreement are intended to be and shall be enforceable as prior to a “subordination agreement” within the date meaning of Section 510(a) of the petition, subject to any court order approving the financing of, or use of cash collateral by, such Grantor as debtor in possessionBankruptcy Code. Any provision of this Agreement which that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Continuing Nature of this Agreement; Severability. This Agreement shall continue to be effective until the Discharge of First-Lien INMETCO Facility Claims or the Discharge of Indenture Obligations shall have occurred. This is a continuing agreement of lien subordination and (a) the Senior Creditors INMETCO Facility Lenders may continue, at any time and without notice to the Collateral Agent Agent, the Trustee or any Junior Creditorother Indenture Holder, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting Senior Creditor INMETCO Facility Claims on reliance hereof and (b) the Indenture Holders may continue, at any time and without notice to the INMETCO Agent or any INMETCO Facility Lender, to extend credit and other financial accommodations to or for the benefit of the Issuer or any other Grantor constituting Indenture Obligations (including by means of purchasing any Notes issued by the Issuer) on reliance hereof. The Each of the Collateral Agent, for itself and on behalf of itself, the Junior CreditorsTrustee and the other Indenture Holders, and the INMETCO Agent, on behalf of itself and the INMETCO Facility Lenders, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights of Senior Creditors and Junior Creditor to repayment of the Senior Creditor Claims and the Junior Creditor Claims, respectively, and in or to any distributions from or in respect of any Grantor or any Collateral or proceeds of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, such Grantor as debtor in possession. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Continuing Nature of this Agreement; Severability. This Agreement shall continue to be effective until the Discharge of FirstSenior-Lien Obligations Priority Debt shall have occurredoccurred or the final payment in full in cash of the Pari Passu Lien Debt and the termination and release by each Pari Passu Lien Claimholder of any Liens to secure the Pari Passu Lien Debt. This is a continuing agreement of lien subordination and the Senior Creditors First Lien Debt Claimholders may continue, at any time and without notice to the any Collateral Agent Trustee or any Junior Creditorother Pari Passu Lien Claimholder, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor constituting Senior Creditor Claims on First Lien Debt in reliance hereofhereon. The Each Collateral AgentTrustee, for itself and on behalf of the Junior CreditorsPari Passu Lien Representatives and the Pari Passu Lien Claimholders with respect to which such Collateral Trustee is acting as Agent, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights of Senior Creditors and Junior Creditor to repayment of the Senior Creditor Claims and the Junior Creditor Claims, respectively, and in or to any distributions from or in respect of any Grantor or any Collateral or proceeds of Collateral, shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, such Grantor as debtor in possession. Any provision of this Agreement which that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.