Common use of Preference Issues Clause in Contracts

Preference Issues. If any First-Lien Creditor is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower or any other Grantor any amount (a “Recovery”), then the First-Lien Obligations shall be reinstated to the extent of such Recovery and the First-Lien Creditors shall be entitled to a reinstatement of First-Lien Obligations with respect to all such recovered amounts. 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.

Preference Issues. If any First-First Lien Creditor Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower Parent or any other Grantor any amount (a “Recovery”"RECOVERY"), then the First-First Lien Obligations shall be reinstated to the extent of such Recovery and the First-First Lien Creditors Claimholders shall be entitled to a reinstatement of First-First Lien Obligations with respect to all such recovered amounts. 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.

Preference Issues. If any First-Lien Creditor Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower or any other Grantor any amount received in connection with the Common Collateral (a “Recovery”), then the First-First Lien Obligations or Second Lien Obligations, as the case may be, of such Claimholder shall be reinstated to the extent of such Recovery and the First-Lien Creditors such Claimholder shall be entitled to a reinstatement receive payment in full of First-Lien Obligations with respect to all such recovered amounts. 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 reinstatementhereto.

Preference Issues. If any First-Lien Creditor Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the a Borrower or any other Grantor Subsidiary of a Borrower any amount (a “"Recovery”"), then the First-First Priority Lien Obligations shall be reinstated to the extent of such Recovery and the First-Lien Creditors Senior Lenders shall be entitled to a reinstatement Discharge of First-First Priority Lien Obligations with respect to all such recovered amounts. 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.