Common use of Guaranties and Security of Domestic Subsidiaries Clause in Contracts

Guaranties and Security of Domestic Subsidiaries. If the Borrower shall have in the future any Subsidiaries which operate in the United States, the Obligations shall also be guaranteed by such domestic Subsidiary pursuant to the terms of a guaranty in a form satisfactory to the Agent. The obligations of the Borrower's domestic Subsidiaries under the Guaranty shall be in turn secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of each such Subsidiary, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which such Subsidiary is a party.

Guaranties and Security of Domestic Subsidiaries. If the Borrower ------------------------------------------------ shall have in the future any Subsidiaries which operate in the United States, the Obligations shall also be guaranteed by such domestic Subsidiary pursuant to the terms of a guaranty in a form satisfactory to the Agent. The obligations of the Borrower's domestic Subsidiaries under the Guaranty shall be in turn secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of each such Subsidiary, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which such Subsidiary is a party.