Common use of One Obligation Clause in Contracts

One Obligation. Without in any way limiting the Obligations of any U.S. Facility Loan Party with respect to its Guarantee of the Obligations of the Canadian Facility Loan Parties and the European Borrower, the Loan Party Group Obligations owing by each Loan Party Group shall constitute one (1) general obligation of the Loan Parties within such Loan Party Group and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral of each member of such Loan Party Group; provided, however, that each Secured Party shall be deemed to be a creditor of, and the holder of a separate claim against, each Loan Party to the extent of any Obligations owed by such Loan Party to such Secured Party.

One Obligation. Without in any way limiting the Obligations of any U.S. Facility Loan Party with respect to its Guarantee of the Obligations of the Canadian Facility Loan Parties and the European BorrowerParties, the Loan Party Group Obligations owing by each Loan Party Group shall constitute one (1) general obligation of the Loan Parties within such Loan Party Group and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral of each member of such Loan Party Group; provided, however, that each Secured Party shall be deemed to be a creditor of, and the holder of a separate claim against, each Loan Party to the extent of any Obligations owed by such Loan Party to such Secured Party.