Common use of Security of Borrower Clause in Contracts

Security of Borrower. The Obligations shall be secured by (a) a -------------------- perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrower, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrower is a party, and (b) a pledge of the Borrower of (i) one hundred percent (100%) of the capital stock owned by the Borrower of each of its Domestic Subsidiaries, (ii) sixty-five percent (65%) of the capital stock owned by the Borrower of each of its Foreign Subsidiaries, and (iii) any intercompany notes owed the Borrower by any Domestic Subsidiary pursuant to the terms of the Security Documents to which the Borrower is a party.