Common use of New Affiliates Clause in Contracts

New Affiliates. Cause any Affiliate of the Borrower formed after the date of this Agreement to become a Guarantor of all obligations of the Borrower to the Bank, whether incurred under this Agreement or otherwise and to secure its obligations as a Guarantor by granting to the Bank a first priority security interest in all personal property of such Affiliate.

New Affiliates. Cause any Affiliate of the Borrower or any Guarantor which is (i) formed after the date of this Agreement and (ii) engaged or is to be engaged in the same, a similar or related line of business as the Borrower or any Guarantor, to (x) become a Guarantor guarantor of all obligations of the Borrower to the Bank, whether incurred under this Agreement or otherwise and the other Loan Documents and (y) become a party to secure its obligations as a Guarantor by granting to the Bank a first priority security interest in all personal property of such Affiliatethis Agreement.

New Affiliates. Cause any Affiliate of the Borrower formed after the date of this Agreement to become a Guarantor of all obligations of the Borrower to the Bank, whether incurred under this Agreement or otherwise and to secure its obligations as a Guarantor by granting to the Bank a first priority security interest in all personal property of such Affiliateotherwise.

New Affiliates. Cause any Affiliate of the Borrower or any Guarantor which is (i) formed after the date of this Agreement and (ii) engaged or is to be engaged in the same, a similar or related line of business as the Borrower or any Guarantor, to (x) become a Guarantor guarantor of all obligations of the Borrower to and the Bank, whether incurred Guarantors under this Agreement or otherwise and the other Loan Documents and (y) become a party to secure its obligations as a Guarantor by granting to the Bank a first priority security interest in all personal property of such Affiliatethis Agreement.