SECURITY OF BORROWERS. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrowers and their Subsidiaries, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrowers are party.
SECURITY OF BORROWERS. Subject to the Security Documents, the Obligations are and shall continue to be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in the Collateral specified in the Security Documents, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrowers are a party.
SECURITY OF BORROWERS. The Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of the Borrowers, (with such exceptions as are acceptable to the Majority Lenders), including, without limitation, the stock of all Borrowers, Guarantors (other than CML) and Foreign Guarantors, and all intercompany obligations owing to the Borrowers, in each case wherever located and whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which any of such Borrower is a party.
SECURITY OF BORROWERS. (a) The Co-Borrower Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the accounts, accounts receivable, cash, cash equivalents, bank accounts (subject to the limitations described in Section 8.15) and inventory of the Co-Borrowers (other than BGP (UK)) and such other of the Co-Borrowers or Guarantors as may be approved by the Administrative Agent, together with all rights under contracts of sale, intellectual property rights and general intangibles relating to or affecting the creation or collection of any such accounts or the completion or sale of any such inventory, whether now owned or hereafter acquired, and all products and proceeds thereof, including, without limitation, any instruments evidencing any of the foregoing, pursuant to the terms of the Security Documents to which any Co-Borrower is a party and otherwise on terms and conditions and pursuant to documentation satisfactory to the Administrative Agent; and (b) the UK Obligations, the Irish Obligations and the Australian Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the accounts, accounts receivable, cash, cash equivalents, bank accounts (subject to the limitations described in Section 8.15) and inventory of the Co-Borrowers, the U.K. Borrower, the Irish Borrower (if any) and such other of the Borrowers or Guarantors as may be approved by the Administrative Agent, together with all rights under contracts of sale, intellectual property rights and general intangibles relating to or affecting the creation or collection of any such accounts or the completion or sale of any such inventory, whether now owned or hereafter acquired, and all products and proceeds thereof, including, without limitation, any instruments evidencing any of the foregoing, pursuant to the terms of the Security Documents to which any Co-Borrower is a party and U.K. Security Documents and the Irish Security Documents (if any) and otherwise on terms and conditions and pursuant to documentation satisfactory to the Administrative Agent.
SECURITY OF BORROWERS. The Borrower Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable Law) in all of the ABL Priority Collateral, pursuant to the terms of the Security Documents to which any Borrower or any Guarantor is a party and otherwise on terms and conditions and pursuant to documentation satisfactory to the Administrative Agent. The Borrower Obligations shall be secured by a perfected second priority security interest in the Second Lien Priority Collateral pursuant to the terms of the Security Documents to which any Borrower or any Guarantor is a party and otherwise on terms and conditions and pursuant to documentation satisfactory to the Administrative Agent.
SECURITY OF BORROWERS. 55 7.2. Guaranties and Security of Subsidiaries.............................................56 7.3. Pledges of Stock....................................................................56 7.4. Guarantees and Pledges of Assets of Foreign Subsidiaries............................56
SECURITY OF BORROWERS. Subject to Sections 7.3 and 7.4, all of the Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of TransTechnology, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which TransTechnology is a party. The Obligations of GmbH shall be secured by a security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of GmbH and SO OHG, whether now owned or hereafter acquired, pursuant to the terms of the German Security Documents. The Obligations of Limited shall be secured by a first priority fixed and floating charge over all of the assets of Limited, whether now owned or hereafter acquired, pursuant to the terms of the Debenture.
SECURITY OF BORROWERS. 51 6.2. Release of Security. ................................................................51 7.
SECURITY OF BORROWERS. (a) The Obligations shall be secured by a (i) perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law or under Section 7.2(h)) in all of the assets of the Borrowers (other than Excluded Assets, Scheduled Contracts and Excluded Contracts), whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which the Borrowers are a party, and (ii) a pledge of all of the stock of each Subsidiary pursuant to the terms of the Stock Pledge Agreements.
(b) The Borrowers hereby acknowledge that (i) any and all Uniform Commercial Code financing statements filed in connection with the Prior Credit Agreement naming BankBoston, N.A., as Agent, as secured party, and such Borrower, as 63 -57- debtor, shall be effective to perfect the Agent's security interest granted by such Borrower pursuant to this Credit Agreement to the extent that such security interest may be perfected by the filing of Uniform Commercial Code financing statements and (ii) such prior filings represent pre-filings of Uniform Commercial Code financing statements for purposes of so perfecting the security interest granted by the Borrowers hereunder. Until all of the Obligations have been finally paid and satisfied in full, the provisions of this Section 11.1(b) shall continue to apply, and such pre-filings shall continue to be effective and not subject to any right of termination in respect of the security interests granted herein, whether any obligations under the Prior Credit Agreement are to be discharged with the proceeds of any of the Loans or are to continue independently or otherwise.
SECURITY OF BORROWERS. 55 7.2. Guarantees and Security of Subsidiaries. ....................... 56 7.3. Guaranty by the Company of the Obligations....................... 56 7.3.1. Guaranty. ............................................... 56 7.3.2.
