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

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 2 contracts

Samples: Lien Intercreditor Agreement (Sotera Health Co), Lien Intercreditor Agreement (Sotera Health Topco, Inc.)

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Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Junior Representatives or any Second Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Holdings or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 2 contracts

Samples: Junior Intercreditor Agreement (Houghton Mifflin Harcourt Co), Credit Agreement (Nabors Industries LTD)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior First Lien Secured Parties may continue, at any time and without notice to the Second Priority Representatives Lien Collateral Agent or any other Second Priority Debt Lien Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Subsidiary Credit Party constituting Senior First Lien Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.. The terms of this Agreement shall govern even if part or all of the Secured Obligations or the Liens securing payment and performance thereof are not perfected or are avoided, disallowed, set aside or otherwise invalidated in any judicial proceeding or otherwise. All references to any Credit Party shall include such Credit Party as debtor and debtor in possession and any receiver, trustee or similar person for any Credit Parties (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: Intercreditor Agreement (Stone Energy Corp)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Junior Representatives or any Second Priority Debt Junior Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Borrowers or any Subsidiary other Grantor constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Intercreditor Agreement (SMART Global Holdings, Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordinationsubordination with respect to the Liens on the Specified Collateral insofar as such Liens secure Junior Priority Debt Obligations, and the Senior Secured Parties may continue, at any time and without notice to the Second Junior Priority Representatives or any Second Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Borrower or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Under the Credit Agreement (L Brands, Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordinationthe matters addressed herein, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Secured Creditor Representatives or any Second Priority Debt Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Parent or any Subsidiary of its Subsidiaries constituting Senior Secured Debt Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalidheld to be illegal, illegal invalid or unenforceable in any jurisdiction shallshall not invalidate, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality affect or unenforceability without affecting the validity, legality and enforceability of impair the remaining provisions hereof; , and the any such illegality, invalidity of a particular provision or unenforceability in a any particular jurisdiction shall not invalidate invalidate, impair or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.. Subject to the obligations and undertakings under Section 3.02 (which shall survive the termination of this Agreement, to the extent such obligations or undertakings remain unsatisfied) this Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Intercreditor Agreement

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until (x) the Discharge of Senior Priority Obligations, (y) the Discharge of Second Priority Debt Obligations and (z) the Discharge of Senior Subordinated Priority Debt Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Priority Secured Parties may continue, at any time and without notice to the Second any Non-Senior Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Holdings, a Borrower or any Subsidiary constituting Senior Priority Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Intercreditor Agreement (Garrett Motion Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this This Agreement shall continue to be become effective until when executed and delivered by the Discharge of Senior Obligations shall have occurredparties hereto. This is a continuing agreement of Lien subordination, and the Senior Secured Parties Claimholders of any Series may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt PartySenior Claimholder of any other Series, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Borrowers or any Subsidiary other Grantor constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive survive, and continue in full force and effect effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Passu Intercreditor Agreement (Geo Group Inc)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the earlier of (a) the date on which the Discharge of Senior Priority Obligations shall have occurs, if no Excess Senior Obligations are outstanding on such date, (b) the date on which the Discharge of Second Priority Debt Obligations occurs, and (c) the date on which no Excess Senior Obligations are outstanding after the Discharge of Senior Priority Obligations has occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives Representative or any other Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor in good-good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Credit Agreement (Miller Energy Resources, Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Junior Representatives or any Second Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Junior Intercreditor Agreement (Chart Industries Inc)

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Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Borrower or any Subsidiary Grantor constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any If any provision of this Agreement that is invalidheld to be illegal, illegal invalid or unenforceable in any jurisdiction shallunenforceable, as to such jurisdiction(a) the legality, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality validity and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction this Agreement shall not invalidate such provision in any other jurisdiction. The be affected or impaired thereby and (b) the parties shall endeavor in good-good faith negotiations to replace the invalidillegal, illegal invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalidillegal, illegal invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Appears in 1 contract

Samples: Security Agreement (M/a-Com Technology Solutions Holdings, Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Junior Representatives or any Second Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of MVWC, the Company or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Junior Intercreditor Agreement (MARRIOTT VACATIONS WORLDWIDE Corp)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.046.04 hereof, this Agreement shall continue to be effective until the earlier of the Discharge of Senior ABL Obligations shall have or the Discharge of Term Obligations has occurred. This is a continuing agreement of Lien subordination, and the Senior Priority Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of Holdings, the Company Borrower or any Subsidiary other Grantor constituting Senior Priority Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of shall not invalidate the remaining provisions hereof; , and the invalidity of a particular provision any such prohibition or unenforceability in a particular any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Term Intercreditor Agreement (GMS Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Representatives or any Second Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company Parent Borrower or any Subsidiary Grantor constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any If any provision of this Agreement that is invalidheld to be illegal, illegal invalid or unenforceable in any jurisdiction shallunenforceable, as to such jurisdiction(a) the legality, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality validity and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction this Agreement shall not invalidate such provision in any other jurisdiction. The be affected or impaired thereby and (b) the parties shall endeavor in good-good faith negotiations to replace the invalidillegal, illegal invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalidillegal, illegal invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Appears in 1 contract

Samples: Assignment and Assumption (Quintiles IMS Holdings, Inc.)

Continuing Nature of this Agreement; Severability. Subject to Section 5.07 and Section 6.04, this Agreement shall continue to be effective until the Discharge of Senior Obligations shall have occurred. This is a continuing agreement of Lien subordination, and the Senior Secured Parties may continue, at any time and without notice to the Second Priority Junior Representatives or any Second Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of Holdings, the Company Borrowers or any Subsidiary constituting Senior Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

Appears in 1 contract

Samples: Credit Agreement (W R Grace & Co)

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