Common use of Continuing Subordination; Reinstatement Clause in Contracts

Continuing Subordination; Reinstatement. This Agreement shall create a continuing subordination and shall: a. remain in full force and effect until the earlier of: (i) the Discharge of Senior Indebtedness has occurred, or (ii) 366 days after the Discharge of Subordinated Indebtedness has occurred; provided, however, that if an Insolvency Proceeding is initiated on or before the date that is 366 days after the Discharge of Subordinated Indebtedness has occurred, this Agreement shall remain in full force and effect until the Discharge of Senior Indebtedness has occurred and, provided, further, that Section 9.1(b) shall remain in effect until 91 days after such time; b. be binding upon each Subordinated Debt Party and its successors and assigns; and c. inure, together with the rights and remedies of the Senior Lenders, to the benefit of and be enforceable by the Senior Lenders (through the Administrative Agent), and their successors and permitted assigns for their benefit and for the benefit of any other Person entitled to the benefit of any Loan Documents from time to time, including any permitted assignee of some or all of the Loan Documents. Each Subordinated Debt Party agrees that, following termination hereof, this Subordination Agreement shall be automatically reinstated if for any reason any payment or transfer made on account of the Senior Indebtedness or Subordinated Indebtedness, as the case may be, is rescinded, avoided or must be otherwise restored or returned by any Senior Lender or Subordinated Debt Party, as the case may be, whether as a result of any Insolvency Proceedings in bankruptcy or reorganization or otherwise, in each case retroactive to the date of such payment or transfer.

Continuing Subordination; Reinstatement. This Agreement shall create a continuing subordination and shall: a. remain in full force and effect until the earlier of: (i) the Discharge of Senior Indebtedness has occurred, or (ii) 366 days after the Discharge of Subordinated Indebtedness has occurred; provided, however, that if an Insolvency Proceeding is initiated on or before the date that is 366 days after the Discharge of Subordinated Indebtedness has occurred, this Agreement shall remain in full force and effect until the Discharge of Senior Indebtedness has occurred and, provided, further, that Section 9.1(b) shall remain in effect until 91 days after such time; b. be binding upon each Subordinated Debt Party and its successors and assigns; and c. inure, together with the rights and remedies of the Senior Lenders, to the benefit of and be enforceable by the Senior Lenders (through the Administrative Agent), and their successors and permitted assigns for their benefit and for the benefit of any other Person entitled to the benefit of any Loan Financing Documents from time to time, including any permitted assignee of some or all of the Loan Financing Documents. Each Subordinated Debt Party agrees that, following termination hereof, this Subordination Agreement shall be automatically reinstated if for any reason any payment or transfer made on account of the Senior Indebtedness or Subordinated Indebtedness, as the case may be, is rescinded, avoided or must be otherwise restored or returned by any Senior Lender or Subordinated Debt Party, as the case may be, whether as a result of any Insolvency Proceedings in bankruptcy or reorganization or otherwise, in each case retroactive to the date of such payment or transfer.