Common use of Contribution with Respect to Guaranteed Obligations Clause in Contracts

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following the Termination Date, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 3 contracts

Samples: Guaranty (Xperi Holding Corp), Security Agreement (Schulman a Inc), Guaranty (Tessera Holding Corp)

AutoNDA by SimpleDocs

Contribution with Respect to Guaranteed Obligations. (aA) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations (other than contingent indemnity obligations and Guaranteed Obligations in respect of Swap Agreements and Banking Services Agreements) satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following payment in full in cash of the Termination DateGuaranteed Obligations (other than contingent indemnity obligations and Guaranteed Obligations in respect of Swap Agreements and Banking Services Agreements) and the Commitments and all Letters of Credit (other than Extended Letters of Credit) issued under the Credit Agreement shall have terminated or expired (in each case without any pending draw), or otherwise become subject to cash collateralization or other arrangements reasonably satisfactory to the Administrative Agent, and all LC Disbursements shall have been reimbursed, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 2 contracts

Samples: Credit Agreement (NetApp, Inc.), Credit Agreement (NetApp, Inc.)

Contribution with Respect to Guaranteed Obligations. (aA) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 2 contracts

Samples: Credit Agreement (Chicos Fas Inc), Credit Agreement (Chicos Fas Inc)

Contribution with Respect to Guaranteed Obligations. (aA) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, the Designated Financial Contracts, the Banking Services Agreements, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 2 contracts

Samples: Credit Agreement (Heidrick & Struggles International Inc), Credit Agreement (Heidrick & Struggles International Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following payment in full in cash of the Termination DateGuarantor Payment and the Guaranteed Obligations (other than contingent indemnification obligations that have not yet arisen), and all Commitments have terminated or expired, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 1 contract

Samples: Credit Agreement (Florida Gaming Corp)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary payment made by a Guarantor shall make a payment or from its property under this Guaranty or any Loan Document of all or any of the Guaranteed Obligations (a “Subsidiary Guarantor Payment”) which"GUARANTOR PAYMENT"), taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any the other Subsidiary GuarantorGuarantors or from their properties, exceeds the amount which such Guarantor would otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as that such Subsidiary Guarantor’s “'s "Allocable Amount" (as defined below) (as determined in effect immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each all of the Subsidiary Guarantors as determined in effect immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateObligations and termination of the Commitments, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each of the other Subsidiary Guarantor Guarantors for the amount of such excess, pro rata ratably based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding If and whenever any right of reimbursement or contribution becomes enforceable by any Guarantor against any other provision of Guarantor under this GuarantySection 16, the amount guaranteed by each Subsidiary such Guarantor hereunder shall be limited entitled, subject to and upon payment in full of the Obligations, to be subrogated (equally and ratably with all other Guarantors entitled to reimbursement or contribution from any other Guarantor as set forth in this Section 17) to any security interest that may then be held by the Lender upon any Collateral granted to it under the Security Documents. If subrogation is demanded by any Guarantor, then (after payment in full of all the Obligations and termination of all Commitments) at such Guarantor's sole cost and expense, Lender shall deliver to the extentGuarantors making such demand, if anyor to a representative of such Guarantors or the Guarantors generally, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant an instrument reasonably satisfactory to the preceding sentence, it is Lender transferring whatever security interest the intention Lender then may hold in whatever Collateral may then exist that was not previously released or disposed of by the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into accountLender.

Appears in 1 contract

Samples: Joint and Several Continuing Guaranty Agreement (Ss&c Technologies Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s 's “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Loan Agreement, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding As of any other provision date of this Guarantydetermination, the amount guaranteed by each Subsidiary “Allocable Amount” of any Guarantor hereunder shall be limited equal to the extent, if any, required so that its obligations hereunder shall not maximum amount of the claim which could then be subject to avoidance recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining This Section 8 is intended only to define the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention relative rights of the Guarantors, and nothing set forth in this Section 8 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. The parties hereto acknowledge that any the rights of subrogation contribution and indemnification hereunder shall constitute assets of the Guarantor or contribution Guarantors to which such Subsidiary Guarantor may have contribution and indemnification is owing. The rights of the indemnifying Guarantors against other Guarantors under this Guaranty, any other agreement or applicable law Section 8 shall be taken into accountexercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination of the Loan Agreement and the Swap Agreements.

Appears in 1 contract

Samples: Loan Agreement (Global Payments Inc)

Contribution with Respect to Guaranteed Obligations. (aA) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) whichthat, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which that otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, the Swap Agreements and the Banking Services Agreements, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding (B) As of any other provision date of this Guarantydetermination, the amount guaranteed by each Subsidiary “Allocable Amount” of any Guarantor hereunder shall be limited equal to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 excess of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention fair saleable value of the parties hereto property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that any rights of subrogation or contribution which is also liable for such Subsidiary Guarantor may have under this Guarantycontingent liability pays its ratable share thereof), any other agreement or applicable law shall be taken into account.giving effect to all 7

Appears in 1 contract

Samples: Execution Copy Credit Agreement (Universal Corp /Va/)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following the prior and complete satisfaction of the Termination DateConditions, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding (b) As of any other provision date of this Guarantydetermination, the amount guaranteed by each Subsidiary “Allocable Amount” of any Guarantor hereunder shall be limited equal to the extent, if any, required so that its obligations hereunder shall not maximum amount of the claim which could then be subject to avoidance recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining (c) This Section 7 is intended only to define the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention relative rights of the Guarantors, and nothing set forth in this Section 7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. (d) The parties hereto acknowledge that any the rights of subrogation contribution and indemnification hereunder shall constitute assets of the Guarantor or contribution Guarantors to which such Subsidiary Guarantor may have contribution and indemnification is owing. (e) The rights of the indemnifying Guarantors against other Guarantors under this Guaranty, any other agreement or applicable law Section 7 shall be taken into accountexercisable upon the prior and complete satisfaction of the Termination Conditions. Section 8.

Appears in 1 contract

Samples: Arvinmeritor Inc

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following the satisfaction of one of the Termination DateConditions, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding (b) As of any other provision date of this Guarantydetermination, the amount guaranteed by each “Allocable Amount” of any Subsidiary Guarantor hereunder shall be limited equal to the extent, if any, required so that its obligations hereunder shall not maximum amount of the claim which could then be subject to avoidance recovered from such Subsidiary Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining (c) This Section 7 is intended only to define the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention relative rights of the Subsidiary Guarantors, and nothing set forth in this Section 7 is intended to or shall impair the obligations of the Subsidiary Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. (d) The parties hereto acknowledge that any the rights of subrogation contribution and indemnification hereunder shall constitute assets of the Subsidiary Guarantor or contribution Subsidiary Guarantors to which such contribution and indemnification is owing. (e) The rights of the indemnifying Subsidiary Guarantor may have Guarantors against other Subsidiary Guarantors under this Guaranty, any other agreement or applicable law Section 7 shall be taken into accountexercisable upon the satisfaction of one of the Termination Conditions. Section 8.

Appears in 1 contract

Samples: Supplemental Indenture                  first Supplemental (Arvinmeritor Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following payment in full in cash of the Termination DateGuarantor Payment and the Guaranteed Obligations, and all Commitments and Facility LCs have terminated or expired or, in the case of all Facility LCs, are fully collateralized on terms reasonably acceptable to the Administrative Agent, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding (b) As of any other provision date of this Guarantydetermination, the amount guaranteed by each Subsidiary “Allocable Amount” of any Guarantor hereunder shall be limited equal to the extent, if any, required so that its obligations hereunder shall not maximum amount of the claim which could then be subject to avoidance recovered from such Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining (c) This Section 7 is intended only to define the limitationsrelative rights of the Guarantors, if anyand nothing set forth in this Section 7 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. (d) The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing. (e) The rights of the indemnifying Guarantors against other Guarantors under this Section 7 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination or expiry (or in the case of all Facility LCs full collateralization) on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant terms reasonably acceptable to the preceding sentence, it is the intention Administrative Agent of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have Commitments and all Facility LCs issued under this Guaranty, any other agreement or applicable law shall be taken into accountthe Credit Agreement. Section 8.

Appears in 1 contract

Samples: Encore Capital Group Inc

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary payment made by a Guarantor shall make a payment or from its property under this Guaranty or any Security Document of all or any of the Guaranteed Obligations (a “Subsidiary Guarantor Payment”) which), taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any the other Subsidiary GuarantorGuarantors or from their properties, exceeds the amount which such Guarantor would otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as that such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined in effect immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each all of the Subsidiary Guarantors as determined in effect immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateObligations and termination of the Commitments, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each of the other Subsidiary Guarantor Guarantors for the amount of such excess, pro rata ratably based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding If and whenever any right of reimbursement or contribution becomes enforceable by any Guarantor against any other provision Guarantor under this Section 16, such Guarantor shall be entitled, subject to and upon payment in full of the Obligations, to be subrogated (equally and ratably with all other Guarantors entitled to reimbursement or contribution from any other Guarantor as set forth in this GuarantySection 16) to any security interest that may then be held by the Agent upon any Collateral granted to it under the Security Documents. If subrogation is demanded by any Guarantor, then (after payment in full of all the Obligations and termination of all Commitments) at such Guarantor’s sole cost and expense, the amount guaranteed by each Subsidiary Guarantor hereunder Agent shall be limited deliver to the extentGuarantors making such demand, if anyor to a representative of such Guarantors or the Guarantors generally, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant an instrument reasonably satisfactory to the preceding sentence, it is Agent transferring whatever security interest the intention Agent then may hold in whatever Collateral may then exist that was not previously released or disposed of by the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into accountAgent.

Appears in 1 contract

Samples: Continuing Guaranty Agreement (Lionbridge Technologies Inc /De/)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuarantor Payment and the Guaranteed Obligations (other than contingent indemnity obligations) and satisfaction of all other conditions to the termination of this Guaranty in accordance with the terms of Section 7 hereof, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account. As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess of the fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in a manner to maximize the amount of such contributions. This Section 10 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section 10 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor or Guarantors to which such contribution and indemnification is owing.

Appears in 1 contract

Samples: Credit Agreement (Aar Corp)

AutoNDA by SimpleDocs

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary payment made by a Guarantor shall make a payment or from its property under this Guaranty or any Loan Document of all or any of the Guaranteed Obligations (a “Subsidiary Guarantor Payment”) which"GUARANTOR PAYMENT"), taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any the other Subsidiary GuarantorGuarantors or from their properties, exceeds the amount which such Guarantor would otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as that such Subsidiary Guarantor’s “'s "Allocable Amount" (as defined below) (as determined in effect immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each all of the Subsidiary Guarantors as determined in effect immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateObligations and termination of the Commitments, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each of the other Subsidiary Guarantor Guarantors for the E-7 Form of Guaranty amount of such excess, pro rata ratably based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding If and whenever any right of reimbursement or contribution becomes enforceable by any Guarantor against any other provision of Guarantor under this GuarantySection 16, the amount guaranteed by each Subsidiary such Guarantor hereunder shall be limited entitled, subject to and upon payment in full of the Obligations, to be subrogated (equally and ratably with all other Guarantors entitled to reimbursement or contribution from any other Guarantor as set forth in this Section 17) to any security interest that may then be held by the Lender upon any Collateral granted to it under the Security Documents. If subrogation is demanded by any Guarantor, then (after payment in full of all the Obligations and termination of all Commitments) at such Guarantor's sole cost and expense, Lender shall deliver to the extentGuarantors making such demand, if anyor to a representative of such Guarantors or the Guarantors generally, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant an instrument reasonably satisfactory to the preceding sentence, it is Lender transferring whatever security interest the intention Lender then may hold in whatever Collateral may then exist that was not previously released or disposed of by the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into accountLender.

Appears in 1 contract

Samples: Credit Agreement (Ss&c Technologies Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following the prior and complete satisfaction of the Termination DateConditions, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding (b) As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the maximum amount of the claim which could then be recovered from such Guarantor under this Agreement without rendering such claim voidable or avoidable under any state or federal bankruptcy, insolvency or similar law or other provision applicable Law. (c) This Section 13.10 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section 13.10 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty, Agreement. (d) The parties hereto acknowledge that the amount guaranteed by each Subsidiary Guarantor rights of contribution and indemnification hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 constitute assets of the Bankruptcy Code Guarantor or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant Guarantors to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into accountcontribution and indemnification is owing.

Appears in 1 contract

Samples: Credit Agreement and Guaranty (Verona Pharma PLC)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary payment is made by or on behalf of any Guarantor shall make a payment under or pursuant to this Guaranty Guarantee or the Security Agreement (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s 's “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following payment in full in cash of the Termination DateGuarantor Payment and the Guaranteed Obligations, and all Commitments have terminated or expired, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this GuarantyGuarantee, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s 's obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this GuarantyGuarantee, any other agreement or applicable law shall be taken into account.

Appears in 1 contract

Samples: Security Agreement (Tesoro Corp /New/)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, the Swap Agreements and the Banking Services Agreements, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess of the fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other provision Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made by other Guarantors as of such date in a manner to maximize the amount of such contributions. This Section 8 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section 8 is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty. The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor to which such contribution and indemnification is owing. The rights of the indemnifying Guarantors against other Guarantors under this Section 8 shall be exercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination of the Credit Agreement, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to Swap Agreements and the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into accountBanking Services Agreements.

Appears in 1 contract

Samples: Credit Agreement (Acuity Brands Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor hereunder or any other guarantor of any of the Secured Obligations (a "Supporting Company") shall make a payment under this Guaranty or any other guaranty of the Secured Obligations to which a Supporting Company is a party (a “Subsidiary "Guarantor Payment") which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary GuarantorSupporting Company, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor Supporting Company if each Subsidiary Guarantor Supporting Company had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Supporting Company's "Allocable Amount" (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors Supporting Companies as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, such Subsidiary Guarantor Supporting Company shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor Supporting Company for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding As of any other provision date of this Guarantydetermination, the amount guaranteed by each Subsidiary Guarantor hereunder "Allocable Amount" of any Supporting Company shall be limited equal to the extent, if any, required so that maximum amount of the claim which could then be recovered from such Supporting Company under this Guaranty or its obligations hereunder shall not be subject to avoidance respective guarantee of the Secured Obligations without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law, including under The Bankruptcy Act of The Commonwealth of The Bahamas. In determining This Section 8 is intended only to define the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention relative rights of the Supporting Companies, and nothing set forth in this Section 8 is intended to or shall impair the obligations of the Supporting Companies, jointly and severally, to pay any amounts as and when the same shall become due and payable in accordance with the terms of this Guaranty or any other guaranty of the Secured Obligations. The parties hereto acknowledge that any the rights of subrogation contribution and indemnification hereunder or contribution under any other guaranty of the Secured Obligations shall constitute assets of the Supporting Company to which such Subsidiary Guarantor may have contribution and indemnification is owing. The rights of the indemnifying Supporting Companies against other Supporting Companies under this Guaranty, Section 8 or any comparable section under any other agreement or applicable law guaranty of the Secured Obligations shall be taken into accountexercisable upon the full and indefeasible payment of the Guaranteed Obligations in cash and the termination of the Credit Agreement.

Appears in 1 contract

Samples: Credit Agreement (Steiner Leisure LTD)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary payment is made by or on behalf of any Guarantor shall make a payment under or pursuant to this Guaranty or the Security Agreement (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following the Termination Release Date, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 1 contract

Samples: Credit Agreement (Tesoro Corp /New/)

Contribution with Respect to Guaranteed Obligations. (aA) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following indefeasible payment in full in cash of the Termination DateGuaranteed Obligations and termination of the Credit Agreement, the Designated Financial Contracts and the Banking Services Agreements (other than in the case of any Designated Financial Contract or any Banking Services Agreement, to the extent that such Designated Financial Contract or Banking Services Agreement has been cash collateralized or otherwise addressed in a manner satisfactory to the Person providing such Designated Financial Contract or Banking Services Agreement), such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 1 contract

Samples: Credit Agreement (Heidrick & Struggles International Inc)

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Subsidiary Guarantor shall make a payment under this Guaranty (a “Subsidiary Guarantor Payment”) which, taking into account all other Subsidiary Guarantor Payments then previously or concurrently made by any other Subsidiary Guarantor, exceeds the amount which otherwise would have been paid by or attributable to such Subsidiary Guarantor if each Subsidiary Guarantor had paid the aggregate Guaranteed Obligations satisfied by such Subsidiary Guarantor Payment in the same proportion as such Subsidiary Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior to such Subsidiary Guarantor Payment) bore to the aggregate Allocable Amounts of each of the Subsidiary Guarantors as determined immediately prior to the making of such Subsidiary Guarantor Payment, then, following payment in full in cash of the Termination DateGuarantor Payment and the Guaranteed Obligations, and the termination or expiration of all Revolving Loan Commitments and Letters of Credit issued under the Credit Agreement, such Subsidiary Guarantor shall be entitled to receive contribution and indemnification payments from, and be reimbursed by, each other Subsidiary Guarantor for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Subsidiary Guarantor Payment. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each Subsidiary Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Subsidiary Guarantorguarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation subrogation, indemnification or contribution which such Subsidiary Guarantor may have under this Guaranty, any other agreement or applicable law shall be taken into account.

Appears in 1 contract

Samples: Credit Agreement (Woodward, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.