Security of Borrower. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets of the Borrower and, subject to §8.17, each Guarantor, whether now owned or hereafter acquired, including, without limitation, all leases, lease receivables and other accounts receivable of the Borrower and, subject to §8.17, each Guarantor, and a pledge of 100% of the Capital Stock of each of the Borrower’s Subsidiaries (or, in the case of a non-Guarantor Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, 66% of the Capital Stock of each such first-tier foreign non-Guarantor Subsidiary), in each case pursuant to the terms of, and as provided in, the Security Documents to which the Borrower or such Guarantor is a party.
Appears in 4 contracts
Samples: Revolving Credit and Term Loan Agreement (CAI International, Inc.), Revolving Credit and Term Loan Agreement (CAI International, Inc.), Revolving Credit and Term Loan Agreement (CAI International, Inc.)
