Common use of Payment by Guarantor; Application of Payments Clause in Contracts

Payment by Guarantor; Application of Payments. Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which Guarantied Party or any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi 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. Section 362(a)), 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 Valhi, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi 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:

Payment by Guarantor; Application of Payments. Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which Guarantied Party Agent or any Beneficiary other Person may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi 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. Section (S) 362(a)), Guarantor will upon demand by the Requisite Lenders or the Agent (acting on behalf of the Lenders) pay, or cause to be paid, in cash, to Guarantied Party Agent for the ratable benefit of BeneficiariesLenders, 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 ValhiCompany, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi such Borrower for such interest in the related any such bankruptcy proceeding) and all other Guarantied Obligations then owed to Beneficiaries Agent and/or Lenders as aforesaidaforesaid up to a maximum amount for all such payments of Thirty Million Dollars ($30,000,000). All such payments shall be applied promptly from time to time by Guarantied PartyAgent:

Payment by Guarantor; Application of Payments. Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which Guarantied Party or any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi 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. Section ss. 362(a)), 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, including without limitation, limitation interest which, but for the filing of a petition in bankruptcy with respect to ValhiCompany, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi 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:Party as provided in subsection 2.4D of the Credit Agreement.

Payment by Guarantor; Application of Payments. Guarantor hereby agrees, in furtherance of the foregoing and not in limitation of any other right which Guarantied Party or any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi 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. Section ss. 362(a)), 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 ValhiCompany, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi 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:Party as provided in subsection 2.4D of the Credit Agreement.

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 Guarantied Party or any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi Company to pay any of the Guarantied Obligations when and as the same 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. Section 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 ValhiCompany, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi 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:Party as provided in subsection 2.4D of the Credit Agreement.

Payment by Guarantor; Application of Payments. Each Guarantor hereby ---------------------------------------------- agrees, in furtherance of the foregoing and not in limitation of any other right which Guarantied Party or any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi 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. Section (S) 362(a)), each Guarantor will upon 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 ValhiCompany, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi 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:Party as provided in subsection 3 of the Intercreditor Agreement.

Payment by Guarantor; Application of Payments. Subject to the provisions of Section 4, Guarantor hereby agrees, agrees in furtherance of the foregoing and not in limitation of any other right which Guarantied Party or that any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Valhi Borrower 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. Section § 362(a)), Guarantor will will, upon demand demand, promptly 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, including interest whichthat, but for the filing of a petition in bankruptcy with respect to ValhiBorrower, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Valhi Borrower for such interest in the related bankruptcy proceeding) and all other Guarantied Obligations then owed due and owing to Beneficiaries as aforesaid. All such payments shall be applied promptly from time to time by Guarantied Party:Party as provided in subsection 2.4C of the Credit Agreement.