Common use of Contribution Among Borrowers Clause in Contracts

Contribution Among Borrowers. (a) To the extent that any payment is made on the Obligations by or on behalf of any Borrower under or pursuant to this Article XII (a "BORROWER PAYMENT") which, taking into account all other Borrower Payments then previously or concurrently made by any other Borrower, exceeds the amount which otherwise would have been paid by or attributable to such Borrower if each Borrower had paid the aggregate Obligations satisfied by such Borrower Payment in the same proportion as such Borrower's "Allocable Amount" (as defined below) (as determined immediately prior to such Borrower Payment) bore to the aggregate Allocable Amounts of each of the Borrower as determined immediately prior to the making of such Borrower Payment, then, following payment in full in cash of the Obligations and the termination or expiration of all Commitments, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, the other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Borrower Payment.

Appears in 3 contracts

Samples: Credit Agreement (CMS Energy Corp), Credit Agreement (CMS Energy Corp), Credit Agreement (CMS Energy Corp)

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Contribution Among Borrowers. (a) To the extent that any payment is made on the Obligations by or on behalf of any Borrower under or pursuant to this Article XII 11 (a "BORROWER PAYMENTBorrower Payment") which, taking into account all other Borrower Payments then previously or concurrently made by any other Borrower, exceeds the amount which otherwise would have been paid by or attributable to such Borrower if each Borrower had paid the aggregate Obligations satisfied by such Borrower Payment in the same proportion as such Borrower's "Allocable Amount" (as defined below) (as determined immediately prior to such Borrower Payment) bore to the aggregate Allocable Amounts of each of the Borrower as determined immediately prior to the making of such Borrower Payment, then, following payment in full in cash of the Obligations and the termination or expiration of all Commitments, such Borrower shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, the other Borrower for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Borrower Payment.

Appears in 1 contract

Samples: Credit Agreement (CMS Energy Corp)

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