Common use of Subsidiaries' Security Clause in Contracts

Subsidiaries' Security. Each Subsidiary with property located in any state of the United States gives, assigns, and conveys to each Lender, as collateral, a security interest pursuant to the Security Agreement in the form set forth in Exhibit C attached hereto in all accounts receivable, inventory, equipment, furniture, fixtures, notes receivable, and all other tangible and intangible assets and after-acquired property (all assets) of such Subsidiary subject only to a prior security interest of the Senior Lender. Each Subsidiary with property located outside the United States shall execute such documentation as may be necessary to grant to Lenders an interest equivalent to a security interest or chattel mortgage as may be possible under the laws of each jurisdiction in which any property of such Subsidiary may be located.