Payment by Guarantor; Application of Payments. Subject to the --------------------------------------------- provisions of subsection 2.2, Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Company to pay any of the Guarantied Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. (S) 362(a)), Guarantor will upon demand pay, or cause to be paid, in cash, to Representative for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guarantied Obligations then due as aforesaid, accrued and unpaid interest on such Guarantied Obligations (including, without limitation, interest which, but for the filing of a petition in bankruptcy with respect to Company, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding) and all other Guarantied Obligations then owed to Beneficiaries as aforesaid. All such payments shall be applied promptly from time to time by Representative: First, to the payment of the costs and expenses of any collection or ----- other realization under this Guaranty, including reasonable compensation to Representative and its agents and counsel, and all expenses, liabilities and advances made or incurred by Representative in connection therewith; Second, to the payment of all other Guarantied Obligations in such ------ order as Representative shall elect pursuant to Section 2.5 of the Note Purchase Agreement; and Third, after payment in full of all Guarantied Obligations, to the ----- payment to Guarantor, or its successors or assigns, or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct, of any surplus then remaining from such payments.
Payment by Guarantor; Application of Payments. Each Guarantor hereby ---------------------------------------------- agrees, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Company to pay any of the Guarantied Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. (S) 362(a)), each Guarantor will promptly following written demand pay, or cause to be paid, in cash, to Guarantied Party for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guarantied Obligations then due as aforesaid, accrued and unpaid interest on such Guarantied Obligations (including, without limitation, interest which, but for the filing of a petition in bankruptcy with respect to Company, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding) and all other Guarantied Obligations then owed to Beneficiaries as aforesaid. All such payments shall be applied promptly from time to time by Guarantied Party as provided in subsection 3 of the Intercreditor Agreement.
Payment by Guarantor; Application of Payments. Subject to the provisions of Section 2.2, the Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which the Lender or any other Person may have at law or in equity against the Guarantor by virtue hereof, that upon the failure of the Borrower to pay any of the Obligations when and as the same shall become due, whether at stated maturity, by required prepayment, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C.
Payment by Guarantor; Application of Payments. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any Lender has at law or in equity against Guarantor by virtue hereof, upon the failure of the Qualified Borrowers to pay any Guaranteed Obligation when and as the same shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or the Lenders as designated thereby, in cash such Guaranteed Obligation. Except as otherwise expressly provided herein, all payments by Guarantor hereunder shall be made to the Administrative Agent, for the account of the Lenders at Form of Qualified Borrower Guaranty the Administrative Agent’s Office in Dollars. Payments received from Guarantor shall, unless otherwise expressly provided herein, be applied: First, to payment of any fees, costs or out-of-pocket expenses (including fees, charges and disbursements of counsel to Administrative Agent, including fees and time charges for attorneys who may be employees of Administrative Agent) incurred by the Administrative Agent in connection with the exercise, enforcement or protection of any of the rights of the Administrative Agent and the Lenders under this Guaranty; and Second, to payment in full of the Guaranteed Obligations (to the extent not included in clause First above) in accordance with Section 8.03 of the Credit Agreement. The Administrative Agent shall have absolute discretion as to the time of application of any payments received from Guarantor.
Payment by Guarantor; Application of Payments. Subject to the provisions of subsection 2.2(a), Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Company to pay any of the Guarantied Obligations when and as the same, taking into account all grace, notice and cure periods applicable thereto shall become due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. ss. 362(a) or any similar provision of foreign law), Guarantor will upon demand pay, or cause to be paid, in cash, to Guarantied Party for the ratable benefit of Beneficiaries, an amount equal to the sum of the unpaid principal amount of all Guarantied Obligations then due as aforesaid, accrued and unpaid interest on such Guarantied Obligations (including, without limitation, interest which, but for the filing of a petition in bankruptcy with respect to Company, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding) and all other Guarantied Obligations then owed to Beneficiaries as aforesaid. All such payments shall be applied promptly from time to time by Guarantied Party as provided in subsection 2.4D of the Credit Agreement.
