Common use of Preference Issues Clause in Contracts

Preference Issues. (a) If any Credit Facility Claim Holder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount (a "Credit Facility Claim Recovery") received in respect of any Credit Facility Priority Collateral, then the Credit Facility Claims shall be reinstated to the extent of such Credit Facility Claim Recovery and the Credit Facility Claim Holders shall be entitled to receive payment in full in cash with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit Facility Claim 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. The Indenture Agent and each Indenture Holder agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

Preference Issues. (a) If any Credit Facility Claim Holder Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount (a "“Credit Facility Claim Recovery"”) received in respect of any Credit Facility Priority Collateral, then the Credit Facility Claims shall be reinstated to the extent of such Credit Facility Claim Recovery and the Credit Facility Claim Holders Lenders shall be entitled to receive payment in full in cash (including, in the case of any letter of credit, cash collateral therefor) with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit Facility Claim 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. The Indenture Agent Each Priority Lien Secured Party and each Indenture Holder agree Subordinated Lien Secured Party agrees that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

Preference Issues. (a) If any Credit Facility Claim Holder First Priority Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount (a "Credit Facility Claim Recovery") received in respect of any Credit Facility Priority Common Collateral, then the Credit Facility First Priority Claims shall be reinstated to the extent of such Credit Facility Claim Recovery and the Credit Facility Claim Holders First Priority Lenders shall be entitled to receive payment in full in cash (including, in the case of any letter of credit, cash collateral therefor) with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit Facility Claim 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. The Indenture Second Lien Agent and each Indenture Holder Second Priority Lender agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; , it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

Preference Issues. (a) If any Credit INMETCO Facility Claim Holder Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount (a "Credit “INMETCO Facility Claim Recovery") received in respect of any Credit Facility Priority Collateral”), then the Credit INMETCO Facility Claims shall be reinstated to the extent of such Credit INMETCO Facility Claim Recovery and the Credit INMETCO Facility Claim Holders Lenders shall be entitled to receive payment in full in cash (including, in the case of any letter of credit, cash collateral therefor) with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit INMETCO Facility Claim 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. The Indenture Agent Collateral Agent, the Trustee and each other Indenture Holder agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

Preference Issues. (a) If any Credit Facility Claim Holder First Priority Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount (a "Credit Facility “First Priority Claim Recovery"”) received in respect of any Credit Facility First Priority Collateral, then the Credit Facility First Priority Claims shall be reinstated to the extent of such Credit Facility First Priority Claim Recovery and the Credit Facility Claim Holders First Priority Lenders shall be entitled to receive payment in full in cash (including, in the case of any letter of credit, cash collateral therefor) with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit Facility First Priority Claim 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. The Indenture Second Priority Agent and each Indenture Holder Second Priority Lender agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; , it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.

Preference Issues. (a) If any Credit Facility Claim Holder First Priority Lender is required to or does, in any Insolvency or Liquidation Proceeding or otherwise to otherwise, turn over or otherwise pay to the estate of the Company Company, any other Grantor or any other Grantor Person, any amount (a "Credit Facility “First Priority Claim Recovery"”) received in respect of any Credit Facility First Priority Collateral, then the Credit Facility First Priority Claims shall be reinstated to the extent of such Credit Facility First Priority Claim Recovery and the Credit Facility Claim Holders First Priority Lenders shall be entitled to receive payment in full in cash (including, in the ease of any outstanding letter of credit or unreimbursed draws with respect to letters of credit, cash collateral therefor) with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such Credit Facility First Priority Claim 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. The Indenture Second Priority Agent and each Indenture Holder Second Priority Lender agree that none of them shall be entitled to benefit from any avoidance action (including any First Priority Claim Recovery) affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise; , it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement.