Common use of Demand by Agent Clause in Contracts

Demand by Agent. In addition to the terms of the Guaranty set forth in SECTION 2.1 hereof, and in no manner imposing any limitation on such terms, it is expressly understood and agreed that, if the then outstanding principal amount of the Secured Obligations under the Purchase Agreements (together with all accrued interest thereon) is declared to be immediately due and payable, then, Guarantors shall, upon demand in writing therefor by Agent to Guarantors, pay to the holder or holders of the Secured Obligations the entire outstanding Secured Obligations due and owing to such holder or holders. Payment by Guarantors shall be made to Agent for the ratable benefit of Holders, to be credited and applied upon the Secured Obligations, in immediately available Federal funds to an account designated by Agent for the ratable benefit of Holders or at the address set forth herein for the giving of notice to Agent or at any other address that may be specified in writing from time to time by Holders.