Common use of Preference Issues Clause in Contracts

Preference Issues. If any Specified Senior 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 Specified Senior Obligations shall be reinstated to the extent of such Recovery and the Specified Senior Creditors shall be entitled to a reinstatement of such Specified Senior 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 the Senior Agent or any Specified Senior Creditor Lender 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 GenTek Obligor any amount (a "Recovery"), then the Specified Senior Obligations Lender Claims shall be reinstated to the extent of such Recovery and the Specified Senior Creditors Agent and/or the relevant Senior Lenders shall be entitled to a reinstatement the Discharge of such Specified Senior Obligations Lender Claims 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 Specified Senior Creditor 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 Specified Senior First Priority Lien Obligations shall be reinstated to the extent of such Recovery and the Specified Senior Creditors Lenders shall be entitled to a reinstatement Discharge of such Specified Senior 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.

Preference Issues. If any Specified Senior Creditor Agent or any Senior Lender 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 Guarantor any amount (a "Recovery"), then the Specified relevant Senior Obligations Lender Claims shall be reinstated to the extent of such Recovery and the Specified relevant Senior Creditors Agent and/or Senior Lenders shall be entitled to a reinstatement Discharge of such Specified Senior Obligations Lender Claims 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 Specified Senior Creditor Lender 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 Specified Senior Obligations Lender Claims shall be reinstated to the extent of such Recovery and the Specified Senior Creditors Lenders shall be entitled to a reinstatement Discharge of such Specified Senior Obligations Lender Claims 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 the Senior Collateral Agent or any Specified Senior Creditor Lender 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 Guarantor any amount (a "Recovery"), then the Specified relevant Senior Obligations Lender Claims shall be reinstated to the extent of such Recovery and the Specified Senior Creditors Collateral Agent and/or Senior Lenders shall be entitled to a reinstatement Discharge of such Specified Senior Obligations Lender Claims 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.