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

Contribution with Respect to Guaranty Obligations. (A) To the extent that any Borrower shall make a payment under this Section 10 of all or any of the Obligations for which such Borrower is not primarily liable (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by the other Borrowers, exceeds the amount which such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Borrower's "Allocable Amount" (as defined below) (in effect immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all Borrowers in effect immediately prior to the making of such Guarantor Payment, then such Borrower shall be entitled to received contribution and indemnification payments from, and be reimbursed by, each of the other Borrowers for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

Appears in 1 contract

Samples: Loan and Security Agreement (Guardian International Inc)

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Contribution with Respect to Guaranty Obligations. (A) To the extent that any Borrower shall make a payment under this Section 10 of all or any of the Obligations for which such Borrower is not primarily liable (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by the other Borrowers, exceeds the amount which such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Borrower's "Allocable Amount" (as defined below) (in effect immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all Borrowers in effect immediately prior to the making of such Guarantor Payment, then THEN such Borrower shall be entitled to received contribution and indemnification payments from, and be reimbursed by, each of the other Borrowers for the amount of such excess, pro rata PRO RATA based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

Appears in 1 contract

Samples: Loan and Security Agreement (Guardian International Inc)

Contribution with Respect to Guaranty Obligations. (Ai) To the extent that any Borrower Issuer shall make a payment under this Section 10 16 of all or any of the Obligations for which such Borrower is not primarily liable obligations hereunder (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by the any other BorrowersIssuer, exceeds the amount which such Borrower Issuer would otherwise have paid if each Borrower Issuer had paid the aggregate Obligations obligations hereunder satisfied by such Guarantor Payment in the same proportion that such Borrower's Issuer’s "Allocable Amount" (as defined below) (in effect as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all Borrowers in effect each of the Issuers as determined immediately prior to the making of such Guarantor Payment, then then, following the occurrence of the Maturity Date and the payment in full of the obligations hereunder, such Borrower Issuer shall be entitled to received receive contribution and indemnification payments from, and be reimbursed by, each of the other Borrowers Issuer for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

Appears in 1 contract

Samples: Convertible Promissory Note (GRANDPARENTS.COM, Inc.)

Contribution with Respect to Guaranty Obligations. (Aa) To the extent that any Borrower shall make a payment under this Section 10 11 of all or any of the Obligations (other than Loans made to that Borrower for which such Borrower it is not primarily liable liable) (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by the other Borrowers, exceeds the amount which such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Borrower's "’s “Allocable Amount" (as defined below) (in effect as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all each of the Borrowers in effect as determined immediately prior to the making of such Guarantor Payment, then such Borrower shall be entitled to received receive contribution and indemnification payments from, and be reimbursed by, each of the other Borrowers for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

Appears in 1 contract

Samples: Loan and Security Agreement (Transcat Inc)

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Contribution with Respect to Guaranty Obligations. (Aa) To the extent that any Borrower shall make a payment under this Section 10 15 of all or any of the Obligations for which such Borrower is not primarily liable (a "Guarantor Payment") which, taking into account all other Guarantor Payments then previously or concurrently made by the other BorrowersBorrower, exceeds the amount which such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations satisfied by such Guarantor Payment in the same proportion that such Borrower's "Allocable Amount" (as defined below) (in effect immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts of all of the Borrowers in effect immediately prior to the making of such Guarantor Payment, then THEN such Borrower shall be entitled to received receive contribution and indemnification payments from, and be reimbursed by, each of the other Borrowers Borrower for the amount of such excess, pro rata PRO RATA based upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

Appears in 1 contract

Samples: Loan and Security Agreement (Lois/Usa Inc)

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