Common use of Sharing of Guarantees and Liens Clause in Contracts

Sharing of Guarantees and Liens. Each of the Lender, the Administrative Agent, the Collateral Agent and each Permitted Secured Hedge Counterparty by acceptance of the benefits of this Agreement and the other Security Documents agrees that (i) such Secured Party will not accept from any Subsidiary of the Borrower a guarantee of the Guaranteed Obligations unless such guarantor simultaneously guarantees the payment of the Guaranteed Obligations owing to all Secured Parties and (ii) such Secured Party will not hold, take, accept or obtain any Lien upon any Property of any Loan Party to secure the payment and performance of the Secured Obligations except and to the extent that such Lien is in favor of the Collateral Agent pursuant to this Agreement or another Security Document to which the Collateral Agent is a party for the benefit of all of the Secured Parties as provided herein.