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

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Collateral Agent, the ABL Secured Parties and the Term Loan Collateral Agent and the Term Loan Secured Parties may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Obligor in reliance hereon. Each such Person hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All references to the Company or any other Obligor shall include the Company or such Obligor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Obligor (as the case may be) in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:

Appears in 1 contract

Samples: Intercreditor Agreement (New Enterprise Stone & Lime Co., Inc.)

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Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties heretohereto on the date hereof. This is a continuing agreement of lien subordination and the ABL Collateral Agent, the ABL Secured Parties Claimholders and the Term Loan Collateral Agent Trustee, the Priority Lien Representatives and the Term Loan Secured Parties Priority Lien Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Obligor Grantor in reliance hereon. Each such Person hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this AgreementAgreement (including, without limitation, any such right arising under Section 1129(b) of the Bankruptcy Code). The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All references to the Company or any other Obligor Grantor shall include the Company or such Obligor Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Obligor Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effecteffect until the earlier to occur of:

Appears in 1 contract

Samples: Abl Notes Intercreditor Agreement (Unisys Corp)

Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties hereto. This is a continuing agreement of lien Lien subordination and the ABL Collateral Agent, the ABL Secured Parties and the Term Loan Collateral Agent and the Term Loan Secured Parties First Lien Claimholders may continue, at any time and without notice to any of the othersSecond Lien Collateral Agent or any other Second Lien Claimholder, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Obligor constituting First Lien Obligations in reliance hereon. Each such Person Second Lien Collateral Agent, on behalf of itself and the related Second Lien Claimholders, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any Any provision of this Agreement that is invalid, illegal prohibited or unenforceable in any respect jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction, the validity, legality and enforceability of jurisdiction shall not invalidate or render unenforceable such provision in all any other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired therebyjurisdiction. All references to the Company or any other Obligor shall include the Company or such Obligor as debtor and debtor-in-possession and any receiver receiver, trustee or trustee similar Person for the Company or any other Obligor (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: Security Agreement (Isos Acquisition Corp.)

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Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective, as of the date of this Agreement, effective when executed and delivered by the parties heretohereto on the date hereof. This is a continuing agreement of lien subordination and the ABL Collateral Agent, the ABL Secured Parties Claimholders and the Term Loan Collateral Agent Trustee, the Secured Debt Representatives and the Term Loan Secured Parties Debt Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Obligor Grantor in reliance hereon. Each such Person hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All references to the Company or any other Obligor Grantor shall include the Company or such Obligor Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Obligor Grantor (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: Collateral Trust Agreement (Unisys Corp)

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