LAI Worldwide Sample Clauses

LAI Worldwide. (a) Borrower agrees to cause LAI Worldwide to provide an unconditional guaranty of Borrowers' Obligations under the Credit Agreement, the Note and the other Loan Documents, together with a first priority security interest in its accounts. To document such security interest, LAI Worldwide hereby joins in and becomes a party to the Security Agreement effective as of the date hereof, and agrees to execute and deliver a UCC-1 financing statement, in form and content reasonably acceptable to Lender. Hereafter, all reference to "Debtors" throughout the Security Agreement shall mean the Borrower, LAI Xxxx Xxxxxx, Xxc., LAI International Limited and LAI Worldwide, Inc. and all references to "Guarantors" throughout the Credit Agreement shall mean LAI Xxxx Xxxxxx, Xxc., LAI International Limited and LAI Worldwide, Inc. (b) In consideration of the agreements set forth in clause (a), Lender consents to the Reorganization. Lender acknowledges that it has been advised by Borrower that LAI Worldwide presently intends to serve as a passive holding company which will not own any accounts.
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