Agreements for Contribution. (a) To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the Lender an amount greater than the amount of value (as determined in accordance with Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on account of the Loan Agreement, this Guaranty or any other Loan Document, such Guarantor shall have an enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable for repayment of the full amount of such excess payment. Subject only to the subordination provided in Section 2.3(d), such Guarantor further shall be subrogated to any and all rights of the Lender against the Borrower and the remaining Guarantors to the extent of such excess payment.
Appears in 7 contracts
Samples: Guaranty Agreement (Afp Imaging Corp), Guaranty Agreement (Ucn Inc), Guaranty Agreement (Aftersoft Group)
Agreements for Contribution. (a) To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the any Lender Party an amount greater than the amount of value (as determined in accordance with Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on account of the Loan Credit Agreement, this Guaranty or any other Loan Document, such Guarantor shall have an enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable liable, for repayment of the full amount of such excess payment. Subject only to the subordination provided in Section subsection 2.3(d), such Guarantor further shall be subrogated to any and all rights of the Lender Parties against the Borrower and the remaining Guarantors to the extent of such excess payment.
Appears in 2 contracts
Samples: Senior Unsecured Credit Agreement (Choice Hotels International Inc /De), Credit Agreement (Choice Hotels International Inc /De)
Agreements for Contribution. (a) To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the Lender Collateral Agent an amount greater than the amount of value (as determined in accordance with Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on account of the Loan Purchase Agreement, this Guaranty or any other Loan Transaction Document, such Guarantor shall have an enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable for repayment of the full amount of such excess payment. Subject only to the subordination provided in Section Subsection 2.3(d), such Guarantor further shall be subrogated to any and all rights of the Lender Collateral Agent against the Borrower Issuer and the remaining Guarantors to the extent of such excess payment.
Appears in 1 contract
Agreements for Contribution. (a) To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the Lender an amount greater than the amount of value (as determined in accordance with Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on account of the Loan Agreement, this Guaranty or any other Loan Document, such Guarantor shall have an enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable for repayment of the full amount of such excess payment. Subject only to the subordination provided in Section 2.3(dSECTION 2.3(D), such Guarantor further shall be subrogated to any and all rights of the Lender against the Borrower and the remaining Guarantors to the extent of such excess payment.
Appears in 1 contract
Agreements for Contribution. (a) To the extent that any Guarantor is required, by reason of its obligations hereunder, to pay to the Lender any Secured Party an amount greater than the amount of value (as determined in accordance with Applicable Insolvency Laws) actually made available to or for the benefit of such Guarantor on account of the Loan Credit Agreement, this Guaranty or any other Loan Document, such Guarantor shall have an enforceable right of contribution against the remaining Guarantors, and the remaining Guarantors shall be jointly and severally liable liable, for repayment of the full amount of such excess payment. Subject only to the subordination provided in Section Subsection 2.3(d), such Guarantor further shall be subrogated to any and all rights of the Lender Secured Parties against the Borrower and the remaining Guarantors to the extent of such excess payment.
Appears in 1 contract
Samples: Credit Agreement (Choice Hotels International Inc /De)