Common use of Guaranties Unsecured; Environmental Indemnity Secured Clause in Contracts

Guaranties Unsecured; Environmental Indemnity Secured. Anything to the contrary herein or elsewhere notwithstanding, the Parent Guaranty and the Blackstone Guaranty and all obligations arising under any of them are not and shall not be secured in any manner whatsoever, including by any Mortgage or by any lien encumbering any Financed Property; provided however that any environmental indemnity provisions set forth in this Agreement or the Environmental Indemnity shall be so secured, except as to the obligations of Blackstone and the Parent and subject to the rights of Secured Parties to proceed on an unsecured basis thereunder pursuant to applicable law.