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

Continuing Nature of this Agreement; Severability. Subject to 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 Junior Representatives or any 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)

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Continuing Nature of this Agreement; Severability. Subject to 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 Junior Secured Creditor Representatives or any Junior Priority Debt Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of MVWC, 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 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 Junior Representatives or any Junior Priority Debt Party, to extend credit and other financial accommodations and lend monies to or for the benefit of MVWCHoldings, 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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Continuing Nature of this Agreement; Severability. Subject to 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 Junior Representatives or any Junior Priority Debt PartySenior Claimholder of any other Series, to extend credit and other financial accommodations and lend monies to or for the benefit of MVWC, 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)

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