Common use of Contribution and Subrogation Clause in Contracts

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Document relating to the Notes to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14, the date of the Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 2 contracts

Samples: Security Agreement (Freescale Semiconductor Holdings I, Ltd.), Security Agreement (Freescale Semiconductor Inc)

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Contribution and Subrogation. Each Grantor other than the U.S. Borrower (a “Contributing Party”) agrees (subject to Section 5.034.03) that, in the event assets of any other Grantor other than the U.S. Borrower shall be sold pursuant to any Collateral Document relating to the Notes to satisfy any Obligation owed to any Secured Party, Party and such other Grantor Grantors (the “Claiming Party”) shall not have been fully indemnified by the Issuer relevant Borrower as provided in Section 5.014.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.145.14, the date of the Intellectual Property Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 4.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 2 contracts

Samples: Intellectual Property Security Agreement (Nielsen Holdings B.V.), Intellectual Property Security Agreement (Global Media USA, LLC)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Second Lien Document relating to the Notes to satisfy any Second Lien Obligation owed to any Second Lien Secured Party, Party and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Issuers as provided in Section 5.01, subject to the terms of the Intercreditor Agreement, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14, the date of the Second Lien Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 2 contracts

Samples: Second Lien Security Agreement, Second Lien Security Agreement (DJO Finance LLC)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event any assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Secured Obligation owed to any Secured Party, Party and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case assets multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof November 7, 2008, and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof November 7, 2008 (or, in the case of any Grantor becoming a party hereto after November 7, 2008, pursuant to Section 6.147.14, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment.

Appears in 2 contracts

Samples: Collateral Agreement (American Axle & Manufacturing Holdings Inc), Collateral Agreement (American Axle & Manufacturing Holdings Inc)

Contribution and Subrogation. Each Grantor (each, a “Contributing Party”) agrees (subject to Section 5.03) that, in the event a payment shall be made by any other Grantor hereunder in respect of any Obligation, or assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrowers and the Issuers as provided in Section 5.012.10, the Contributing Party shall indemnify the Claiming Party in an amount equal to (i) the amount of such payment or (ii) the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14hereto, the date of the Security Agreement Supplement hereto executed and delivered by such GrantorGrantor became a party hereto). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 2.11 shall be subrogated to the rights of such Claiming Party under Section 2.11 to the extent of such payment.

Appears in 1 contract

Samples: First Lien Intercreditor Agreement (RenPac Holdings Inc.)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.034.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Document relating to the Notes to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.014.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.145.14, the date of the Restricted Subsidiary Intellectual Property Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 4.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 1 contract

Samples: Intellectual Property Security Agreement (Catalent USA Woodstock, Inc.)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Obligation owed to any Secured Party, Party and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment.

Appears in 1 contract

Samples: Credit Agreement (Blockbuster Inc)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Notes Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.13, the date of the supplement hereto executed and delivered by such Grantor) and the denominator shall be the aggregate net worth of all the Contributing Parties together with Grantors (other than the net worth of the Claiming Party Company) on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.146.13, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment.

Appears in 1 contract

Samples: Collateral Agreement (Symmetry Holdings Inc)

Contribution and Subrogation. Each Grantor (a "Contributing Party") agrees (subject to Section 5.03) that, in the event any assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Secured Obligation owed to any Secured Party, the Lender and such other Grantor (the "Claiming Party") shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case assets multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.147.14, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment.

Appears in 1 contract

Samples: Credit Agreement (American Axle & Manufacturing Holdings Inc)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor shall be sold pursuant to any Collateral Document relating to the Notes to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.14, the date of the Parent Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 1 contract

Samples: Parent Security Agreement (Pinnacle Foods Inc.)

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Contribution and Subrogation. Each Grantor Subsidiary Party (a “Contributing Party”) agrees (subject to Section 5.035.03 hereof) that, in the event assets of any other Grantor Subsidiary Party shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Secured Obligation owed to any Secured Party, Party and such other Grantor Subsidiary Party (the “Claiming Party”) shall not have been fully indemnified by the Issuer Company as provided in Section 5.015.01 hereof, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.146.14 hereof, the date of the Security Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 1 contract

Samples: Security Agreement (West Corp)

Contribution and Subrogation. Each Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event any assets of any other Grantor shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Secured Obligation owed to any Secured Party, Party and such other Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case assets multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.147.14, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party under Section 5.01 to the extent of such payment.

Appears in 1 contract

Samples: Collateral Agreement (American Axle & Manufacturing Holdings Inc)

Contribution and Subrogation. Each Grantor (other than the Borrower) (a “Contributing PartyGrantor”) agrees (subject to Section 5.03) that, in the event assets of any other Grantor (other than the Borrower) shall be sold pursuant to any Collateral Security Document relating to the Notes to satisfy any Obligation owed to any Secured Party, and such other Grantor (the “Claiming PartyGrantor”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party Grantor shall indemnify the Claiming Party Grantor in an amount equal to the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party Grantor on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with Grantors (other than the net worth of the Claiming Party Borrower) on the date hereof (or, in the case of any Subsidiary Grantor becoming a party hereto pursuant to Section 6.146.16, the date of the Security Agreement Supplement supplement hereto executed and delivered by such Subsidiary Grantor). Any Contributing Party Grantor making any payment to a Claiming Party Grantor pursuant to this Section 5.02 shall (subject to Section 5.03) be subrogated to the rights of such Claiming Party Grantor under Section 5.01 to the extent of such payment.

Appears in 1 contract

Samples: Security Agreement (Diamond Resorts International, Inc.)

Contribution and Subrogation. Each Grantor Guarantor (a “Contributing Party”) agrees (subject to Section 5.033.03) that, in the event a payment shall be made by any other Guarantor hereunder in respect of any Secured Obligation or assets of any other Grantor Guarantor shall be sold pursuant to any Collateral Document relating to the Notes Agreement to satisfy any Secured Obligation owed to any Secured Party, and such other Grantor Guarantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrowers as provided in Section 5.013.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party Guarantors on the date hereof (or, in the case of any Grantor Guarantor becoming a party hereto pursuant to Section 6.144.12, the date of the Security Agreement Supplement supplement hereto executed and delivered by such GrantorGuarantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 3.02 shall (subject to Section 3.03) be subrogated to the rights of such Claiming Party under Section 3.01 to the extent of such payment.

Appears in 1 contract

Samples: Credit Agreement (Seadrill Partners LLC)

Contribution and Subrogation. Each Subsidiary Grantor (a “Contributing Party”) agrees (subject to Section 5.03) that, in the event assets of any other Subsidiary Grantor shall be sold pursuant to any Collateral Document relating to the Notes this Agreement to satisfy any Secured Obligation owed to any Secured Party, Party and such other Subsidiary Grantor (the “Claiming Party”) shall not have been fully indemnified by the Issuer Borrower as provided in Section 5.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the Contributing Parties together with the net worth of the Claiming Party on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 6.146.13, the date of the Security Pledge Agreement Supplement hereto executed and delivered by such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this Section 5.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment.

Appears in 1 contract

Samples: Credit Agreement (First American Financial Corp)

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