Common use of Guaranty and Security Requirements Clause in Contracts

Guaranty and Security Requirements. Each Additional Borrower shall have (i) become jointly and severally obligated as a primary obligor of the Obligations to the Collateral Agent and each of the holders of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) by executing a Non-Tenant Joinder Agreement or a Tenant Joinder Agreement, as applicable, and (ii) taken all actions necessary to create and perfect a security interest in its assets (other than any Excluded Property) for the benefit of the Secured Parties in accordance with Section 7.12, unless a security interest in the assets (other than Excluded Property) of such Additional Borrower has already been created and perfected.

Guaranty and Security Requirements. Each Additional Borrower shall have (i) become jointly and severally obligated as a primary obligor of the Obligations to the Collateral Agent and each of the holders of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise) by executing a Non-Tenant Joinder Agreement or a Tenant Joinder Agreement, as applicable, and and (iii) taken all actions necessary to create and perfect a security interest in its assets (other than any Excluded Property) for the benefit of the Secured Parties in accordance with Section 7.12, unless a security interest in the assets (other than Excluded Property) of such Additional Borrower has already been created and perfected.