Common use of Avoidance Issues Clause in Contracts

Avoidance Issues. If any Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge, or otherwise pay to the estate of any Grantor any amount paid in respect of the Debt of such Claimholder (or if any Claimholder elects to do so upon the advice of counsel) (a “Recovery”), then such Claimholder shall be entitled to a reinstatement of the applicable Debt with respect to all such amounts, and all rights, interests, priorities, and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.

Avoidance Issues. If any Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of the Debt Obligations of such Claimholder (or if any Claimholder elects to do so upon the advice of counsel) (a “Recovery”), then such Claimholder Claimholders shall be entitled to a reinstatement of the applicable Debt Obligations with respect to all such recovered amounts, and all rights, interests, priorities, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.

Avoidance Issues. If any ABL Claimholder or Note Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over, disgorge, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of the Debt of such Claimholder (ABL Obligations or if any Claimholder elects to do so upon the advice of counsel) Note Obligations, respectively (a “Recovery”), then such Claimholder ABL Claimholders or Note Claimholders shall be entitled to a reinstatement of ABL Obligations or Note Obligations, as the applicable Debt case may be, with respect to all such recovered amounts, and all rights, interests, priorities, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.

Avoidance Issues. If any Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of Revolving Obligations or Notes Obligations, as the Debt of such Claimholder (or if any Claimholder elects to do so upon the advice of counsel) case may be (a “Recovery”), then such Claimholder Claimholders shall be entitled to a reinstatement of the applicable Debt Revolving Obligations or the Notes Obligations, as applicable, with respect to all such recovered amounts, and all rights, interests, priorities, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.

Avoidance Issues. If any Claimholder is required in any Insolvency Proceeding or otherwise to turn over, disgorge, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of Revolving Obligations or Term Loan Obligations, as the Debt of such Claimholder (or if any Claimholder elects to do so upon the advice of counsel) case may be (a “Recovery”), then such Claimholder Claimholders shall be entitled to a reinstatement of the applicable Debt Revolving Obligations or the Term Loan Obligations, as applicable, with respect to all such recovered amounts, and all rights, interests, priorities, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.

Avoidance Issues. If any Prior Lien Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over, disgorge, over or otherwise pay to the estate of any the applicable Grantor any amount paid in respect of ABL Obligations or the Debt of such Claimholder (or if any Claimholder elects to do so upon the advice of counsel) Senior Secured Notes Obligations, as applicable (a “Recovery”), then such Claimholder ABL Claimholders or Senior Secured Notes Claimholders shall be entitled to a reinstatement of ABL Obligations or the applicable Debt Senior Secured Notes Obligations, as applicable, with respect to all such recovered amounts, and all rights, interests, priorities, and privileges recognized in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated with respect to any Claimholder prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement.

Avoidance Issues. If any Claimholder is required in any Insolvency Proceeding or otherwise oth- erwise to turn over, disgorge, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of the Debt of such Claimholder (ABL Revolving Obligations or if any Claimholder elects to do so upon the advice of counsel) Term Obligations, as the case may be (a “Recovery”), then such Claimholder Claimholders shall be entitled to a reinstatement of the applicable Debt ABL Revolving Obligations or the Term Obliga- tions, as applicable, with respect to all such recovered amounts, and all rights, interests, priorities, priorities and privileges recognized in this Agreement shall apply with respect to any such Recovery. 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.