Common use of Canadian Guarantors Clause in Contracts

Canadian Guarantors. Each Canadian Guarantor (for purposes of this Section 3(b), a “Canadian Contributing Party”) agrees (subject to Section 4 hereof) that, in the event a payment shall be made by any other Canadian Guarantor under the Guaranty of or in respect of a Canadian Guaranteed Obligation and such Canadian Guarantor (for purposes of this Section 3(b), the “Canadian Claiming Party”) shall not have been fully indemnified by the Canadian Borrower as provided in Section 2(b), the Canadian Contributing Party shall indemnify the Canadian Claiming Party in an amount equal to the amount of such payment multiplied by a fraction of which the numerator shall be the net worth of the Canadian Contributing Party on the date of the Guaranty (or, in the case of any Guarantor becoming a party hereto pursuant to Section 15 hereof, the date of the Supplement hereto executed and delivered by such Guarantor) and the denominator shall be the aggregate net worth of all the Canadian Guarantors on the date of the Guaranty (or, in the case of any Guarantor becoming a party hereto pursuant to Section 15 hereof, the date of the Supplement hereto executed and delivered by such Guarantor). Any Canadian Contributing Party making any payment to a Canadian Claiming Party pursuant to this Section 3(b) shall be subrogated to the rights of such Canadian Claiming Party under Section 2(b) hereof to the extent of such payment.

Canadian Guarantors. Each Canadian Guarantor (for purposes of this Section 3(b), a “Canadian Contributing Party”) agrees (subject to Section 4 hereof) that, in the event a payment shall be made by any other Canadian Guarantor under the Guaranty any Canadian Guarantee of or in respect of a Canadian Guaranteed Obligation (as defined in the applicable Canadian Guarantee) and such Canadian Guarantor (for purposes of this Section 3(b), the “Canadian Claiming Party”) shall not have been fully indemnified by the Canadian Borrower Borrowers as provided in Section 2(b), the Canadian Contributing Party shall indemnify the Canadian Claiming Party in an amount equal to the amount of such payment multiplied by a fraction of which the numerator shall be the net worth of the Canadian Contributing Party on the date of the Guaranty applicable Canadian Guarantee (or, in the case of any Guarantor becoming a party hereto pursuant to Section 15 hereof, the date of the Supplement hereto executed and delivered by such Guarantor) and the denominator shall be the aggregate net worth of all the Canadian Guarantors on the date of the Guaranty applicable Canadian Guarantee (or, in the case of any Guarantor becoming a party hereto pursuant to Section 15 hereof, the date of the Supplement hereto executed and delivered by such Guarantor). Any Canadian Contributing Party making any payment to a Canadian Claiming Party pursuant to this Section 3(b) shall be subrogated to the rights of such Canadian Claiming Party under Section 2(b) hereof to the extent of such payment.