Common use of Preference Issues Clause in Contracts

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Proceeding or otherwise, all or part of any payment with respect to the First Priority Debt previously made shall be rescinded for any reason whatsoever, then the First Priority Debt shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect and such prior termination shall not diminish,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Proceeding or otherwise, all or part of any payment with respect to the Noteholder Debt previously made shall be rescinded for any reason whatsoever and the Discharge of Priority Debt shall, subject to (for the avoidance of doubt) the immediately preceding clause (a), have occurred, then the Noteholder Debt shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect and such prior termination shall not diminish,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or part otherwise pay to the estate of any payment with respect to the First Priority Debt previously made shall be rescinded for Grantor any reason whatsoeveramount (an “ABL Recovery”), then the First Priority Debt ABL Obligations shall be reinstated to the extent of the amount so rescinded such ABL Recovery and, if theretofore terminated, this Intercreditor Agreement shall be reinstated in full force and effect effect, and such prior termination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over or part otherwise pay to the estate of any payment with respect to the Noteholder Debt previously made shall be rescinded for Grantor any reason whatsoever and the Discharge of Priority Debt shall, subject to amount (for the avoidance of doubt) the immediately preceding clause (aa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