Common use of Preference Issues Clause in Contracts

Preference Issues. (a) If any ABL Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount (an “ABL Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery and, if theretofore terminated, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the ABL Secured Parties and the Term Loan/Notes Secured Parties provided for herein. (b) If any Term Loan/Notes Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount (a “Term Loan/Notes Recovery”), then the Term Loan/Notes Obligations shall be reinstated to the extent of such Term Loan/Notes Recovery and, if theretofore terminated, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the Term Loan/Notes Secured Parties and the ABL Secured Parties provided for herein.

Preference Issues. (a) If any ABL Secured Party is required If, in any Insolvency or Liquidation Proceeding or otherwise to turn over otherwise, all or otherwise pay part of any payment with respect to the estate of First Priority Debt previously made shall be rescinded for any Grantor any amount (an “ABL Recovery”)reason whatsoever, then the ABL Obligations First Priority Debt shall be reinstated to the extent of such ABL Recovery the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect, effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the ABL Secured Parties and the Term Loan/Notes Noteholder Secured Parties provided for herein. (b) If any Term Loan/Notes Secured Party is required If, in any Insolvency or Liquidation Proceeding or otherwise to turn over otherwise, all or otherwise pay part of any payment with respect to the estate Noteholder Debt previously made shall be rescinded for any reason whatsoever and the Discharge of any Grantor any amount Priority Debt shall, subject to (a “Term Loan/Notes Recovery”for the avoidance of doubt) the immediately preceding clause (a), have occurred, then the Term Loan/Notes Obligations Noteholder Debt shall be reinstated to the extent of such Term Loan/Notes Recovery the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect, effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the Term Loan/Notes Noteholder Secured Parties and the any Person that holds ABL Secured Parties Excess Debt provided for hereinherein solely with respect to any ABL Excess Claims and for the avoidance of doubt, not with respect to any First Priority Debt.

Preference Issues. (a) If any ABL Secured Party or IESA is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor the Borrower any amount (an a “ABL Recovery”), then the ABL BlueBay Obligations (if any Secured Party is required to pay a Recovery) or the IESA Obligations (if IESA is required to pay a Recovery), or both, shall be reinstated to the extent of such ABL Recovery andand the Secured Parties and/or IESA, if theretofore terminatedas the case may be, shall be entitled to a reinstatement of the BlueBay Obligations and/or the IESA Obligations, respectively, 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 Lien priorities and the relative rights and obligations of the ABL Secured Parties parties hereto from such date of reinstatement. Any amounts received by IESA on account of the IESA Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.5, be held in trust for and the Term Loan/Notes Secured Parties provided for herein. (b) If any Term Loan/Notes Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn paid over or otherwise pay to the estate Agent for the benefit of any Grantor any amount (a “Term Loan/Notes Recovery”)the Secured Parties, then the Term Loan/Notes Obligations shall be reinstated for application to the extent reinstated BlueBay Obligations. Any amounts received by the Agent on account of such Term Loan/Notes Recovery and, if theretofore terminated, the BlueBay Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 6.5, be held in trust for and paid over to the IESA for application to the reinstated IESA Obligations. This Section 6.5 shall be reinstated in full force and effect, and such prior survive termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the Term Loan/Notes Secured Parties and the ABL Secured Parties provided for hereinthis Agreement.