Common use of Guaranties and Security of Subsidiaries Clause in Contracts

Guaranties and Security of Subsidiaries. The Obligations shall also be --------------------------------------- guaranteed pursuant to the terms of the Guaranty. The obligations of the Borrower's 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 Subsidiaries. The Obligations shall also be --------------------------------------- guaranteed pursuant to the terms of the Guaranty. The obligations of the Borrower's Subsidiaries under the Guaranty shall be in turn equally and ratably secured by a perfected first priority security interest in or lien on the Collateral (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 Subsidiaries. The Obligations shall also be --------------------------------------- guaranteed by each Subsidiary of the Borrower pursuant to the terms of the Guaranty. The obligations of the Borrower's 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 Subsidiaries. The Obligations shall --------------------------------------- also be --------------------------------------- guaranteed pursuant to the terms of the Guaranty. 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 prioity hereunder or 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 Subsidiaries. The Obligations shall also be --------------------------------------- guaranteed pursuant to the terms of the Guaranty. The obligations of the Borrower's Subsidiaries under the Guaranty shall be in turn secured by a perfected first priority security interest (subject only to Permitted Liens the Intercreditor Agreement, liens on collateral securing reimbursement obligations in respect of the Real Estate Letter of Credit, and 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.