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

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person 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 Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Intercreditor Agreement (New Enterprise Stone & Lime Co., Inc.)

AutoNDA by SimpleDocs

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This Agreement is a continuing agreement of lien subordination pursuant to its terms and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note Claimholders may continue, at any time and without notice to any in accordance with Section 510(a) of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person 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, Bankruptcy Code and shall survive and continue in full force and effect, effect in any Insolvency Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All references to the Company or any other Grantor an Obligor shall include the Company or such Grantor Obligor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) such Obligor in any Insolvency or Liquidation Proceeding. 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. All references to any Obligor shall include such Obligor as debtor and debtor in possession and any receiver or trustee for such Obligor in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:effect upon the Discharge of Working Capital Loan Obligations and the termination of any commitments to lend under the Working Capital Loan Agreement.

Appears in 1 contract

Samples: Intercreditor Agreement (WESTMORELAND COAL Co)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement Each IPCO Notes Trustee, on behalf of lien subordination itself and the ABL Agentapplicable IPCO Notes Claimholders, the ABL Secured Parties and the Collateral Agent and the Note Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person 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 Proceedingor Liquidation Proceeding with respect to any Obligor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor Obligor shall include the Company or such Grantor Obligor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor such Obligor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:effect upon the earlier of (i) the date the Term Loan Obligations shall have been paid in full in cash and (ii) the date the call right has been consummated in accordance with Section 2.

Appears in 1 contract

Samples: Call Right Agreement (J Crew Group Inc)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination The Second Lien Collateral Agents and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note Second Lien Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person hereby waives waive any right it they 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 Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement which is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company Issuers or any other Grantor shall include the Company Issuers or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company Issuers or any other Grantor (as the case may be) in any Insolvency Proceeding. This Subject to Section 8.18, this Agreement shall terminate and be of no further force and effect:effect upon the Discharge of Senior Lien Obligations.

Appears in 1 contract

Samples: Intercreditor and Subordination Agreement (FriendFinder Networks Inc.)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note First Lien Claimholders may continue, at any time and without notice to the Second Lien Collateral Agent or any of Second Lien Claimholder subject to the othersSecond Lien Loan Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting First Lien Obligations in reliance hereon. Each such Person The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, 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, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Bz Intermediate Holdings LLC)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person 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 Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior proceeding pursuant to the date Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, restructuring or similar law (each of the commencement foregoing, an “Insolvency or Liquidation Proceeding”), whether involving any Borrower, any Lender, or any of any such casetheir respective affiliates. Without limiting the generality of the foregoing, as provided in this AgreementAgreement is intended to be and shall be interpreted to be enforceable to the maximum extent permitted pursuant to applicable nonbankruptcy law. If any Any provision of this Agreement which is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor Borrowers shall include the Company or such Grantor Borrowers as debtor and debtor-in-possession and any receiver or trustee for the Company Borrower or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:.

Appears in 1 contract

Samples: Credit Agreement (Bway Parent Company, Inc.)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note Senior Claimholders may continuecontinue (subject to the terms hereof), at any time and without notice to Subordinated Creditor or any of the othersother Subordinated Claimholder, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor Obligor constituting Senior Obligations in reliance hereonhereof. Each such Person Senior Creditor, other Senior Claimholders, Subordinated Creditor and each other Subordinated Claimholder 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 Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any respect jurisdiction shall not invalidate or in any jurisdiction, the validity, legality and enforceability of render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor Obligor shall include the Company or such Grantor Obligor as debtor and debtor-in-debtor in possession and any receiver or trustee for the Company or any other Grantor (as the case may be) such Obligor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:.

Appears in 1 contract

Samples: Intercreditor and Subordination Agreement (Layne Christensen Co)

AutoNDA by SimpleDocs

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note First Priority Claimholders may continue, at any time and without notice to the Second Priority Collateral Agent or any of Second Priority Claimholder subject to the othersSecond Priority Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting First Priority Obligations in reliance hereonhereof. Each such Person The Second Priority Collateral Agent, on behalf of itself and the Second Priority Claimholders, 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, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver receiver, trustee or trustee similar Person for the Company or any other such Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Subject to the immediately succeeding sentence, this Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Indenture (Stonemor Inc.)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties Working Capital Claimholders and the Collateral Agent and the Note Term Loan Claimholders may each continue, at any time and without notice to any of the othersother Claimholders, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting Working Capital Obligations or Term Loan Obligations, as applicable, in reliance hereon. Each such Person hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreementhereof. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement which is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:effect upon the Discharge of Working Capital Obligations or the Discharge of Term Loan Obligations (in accordance with the provisions hereof), except for Sections 5.7 and 7.5 and the provisions of this Section 8 as they relate to Sections 5.7 and 7.5, and subject to reinstatement in accordance with Section 6.7.

Appears in 1 contract

Samples: Intercreditor Agreement

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Secured Parties and the Collateral Agent and the Note First Lien Claimholders may continue, at any time and without notice to the Second Lien Collateral Agent or any of Second Lien Claimholder subject to the othersSecond Lien Loan Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting First Lien Obligations in reliance hereonhereof. Each such Person The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, 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, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Second Lien Credit and Guaranty Agreement (X Rite Inc)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination Each Junior Secured Party hereby represents and the ABL Agent, the ABL Secured Parties warrants that it has all requisite legal capacity to execute this Agreement and the Collateral Agent and the Note Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in reliance hereon. Each such Person 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 Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement which is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other 40 Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other such Grantor (as the case may be) in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:effect on the date of the Payment in Full of all Senior Claims (without giving effect to the first proviso of the definitions of “ABL Claims” and “Term Loan Claims”), subject to the rights of Senior Secured Parties under Section 6.7.

Appears in 1 contract

Samples: Intercreditor Agreement (Blyth Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!