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

Contribution with Respect to Guaranteed Obligations. (a) To the extent that any Guarantor shall make a payment under this Guaranty of all or any of the Guaranteed Obligations (a “Guarantor Payment”) which exceeds the amount of such Guarantor’s proportionate share of any payment made hereunder, following payment in full of the Guaranteed Obligations, such Guarantor shall be entitled to seek and receive contribution and indemnification payments from and against, and be reimbursed by, each of the other Guarantors hereunder which has not paid its proportionate share of such payment for the amount of such excess. (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 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. (c) This Section 5.11 is intended only to define the relative rights of Guarantors and nothing set forth in this Section 5.11 is intended to or shall impair the obligations of 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.