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

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. 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) ss. 362(a)), each Guarantor will promptly following written 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 3 2.4D of the Intercreditor Credit Agreement.

Payment by Guarantor; Application of Payments. Each 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 that any Beneficiary may have at law or in equity against Guarantor by virtue hereof, that upon the failure of Company 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. (S) § 362(a)), each Guarantor will will, upon demand, 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, including interest whichthat, but for the filing of a petition in bankruptcy with respect to CompanyBorrower, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Company 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 as provided in subsection 3 2.4C of the Intercreditor Credit Agreement.

Payment by Guarantor; Application of Payments. Each The Guarantor hereby ---------------------------------------------- agrees, in furtherance of the foregoing and not in limitation of any other right which any Beneficiary the Bank may have at law or in equity against the Guarantor by virtue hereof, that upon the failure of Company the Borrower to pay any of the Guarantied Obligations Obligations, after giving effect to any applicable grace periods, when due and as the same shall become duepayable, 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 the Guarantor will promptly following written demand pay, or cause to be paid, in cash, within two (2) business days after its receipt of written demand from the Bank to Guarantied Party for the ratable benefit of BeneficiariesGuarantor, to the Bank 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 which, but for the filing of a petition in bankruptcy with respect to Companythe Borrower, would have accrued on such Guarantied Obligations, whether or not a claim is allowed against Company the Borrower for such interest in the related bankruptcy proceeding) and all other Guarantied Obligations then owed due and payable to Beneficiaries the Bank as aforesaid. The written demand of the Bank shall set forth the amounts of the Guarantied Obligates due and payable under this section 3.3. All such payments shall be applied promptly from time upon receipt by the Bank to time the Guarantied Obligations in the manner determined by Guarantied Party as provided the Bank in subsection 3 of the Intercreditor Agreementits sole discretion.

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) ss. 362(a)), each Guarantor will promptly following written 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 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 2.4D of the Intercreditor Credit Agreement.