Common use of Certain Guarantees Clause in Contracts

Certain Guarantees. The parties acknowledge that Seller and/or its Affiliates (as applicable) have executed the following guarantees for the benefit of the indicated companies: (i) Eagle Industrial Products Corporation Self-Guarantee Application regarding Amerace-Rubber Dump ($100,000); (ii) Amerace-Esna Road ($35,000); (iii) Continuing Contract of Parent Guaranty of Payment by Eagle Industries, Inc. for the benefit of Amerace Corporation (regarding lease of equipment from IBM; payments of approximately $380,000 remain outstanding over the remaining term of the underlying lease). Buyer agrees promptly following the Closing Date, to use its best efforts to cause itself to be substituted as guarantor or provide other collateral necessary to cause the release of Seller and/or its Affiliates (as applicable) as guarantor. Buyer hereby agrees to indemnify and hold Seller and its Affiliates harmless from and against any loss, cost, expense or liability (including reasonable attorneys' fees and expenses), which may arise in connection with any such guarantees.