Common use of Collateral Security and Guaranties Clause in Contracts

Collateral Security and Guaranties. Each of the Parent and the Borrower covenants and agrees that: (a) Pursuant to the terms of the Security Documents, the Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens, including, without limitation, the Lien of the Term Loan Agent on Fixed Asset Collateral) in the Collateral; (b) If at any time the Parent or any of its Subsidiaries grants any security interest to the Term Loan Agent or any lender party to Term Loan Agreement, or any of their respective successors, assigns or transferees, on any property of the Parent or such Subsidiary or any other party, then the Parent, such Subsidiary or such other party, as the case may be, shall simultaneously grant to the Administrative Agent a security interest in such property, and such security interest shall be subject to the Intercreditor Agreement. (c) The Obligations shall also be guaranteed pursuant to the terms of the Guaranties.

Collateral Security and Guaranties. Each of the Parent and the Borrower covenants and agrees that: (a) Pursuant to the terms of the Security Documents, the Obligations shall be secured by a perfected first priority security interest (subject only to Permitted Liens, including, without limitation, ) in the Lien of the Term Loan Agent on Fixed Asset Collateral, and a perfected second priority security interest (subject only to Permitted Liens) in the all other Collateral;. (b) If at any time the Parent or any of its Subsidiaries grants any security interest to the Term Loan Revolving Credit Agent or any lender party to Term Loan the Revolving Credit Agreement, or any of their respective successors, assigns or transferees, on any property of the Parent or such Subsidiary Subsidiary, or any other party, then the Parent, such Subsidiary or such other party, as the case may be, shall simultaneously grant to the Administrative Agent a security interest in such property, and such security interest shall be subject to the Intercreditor Agreement. (c) The Obligations shall also be guaranteed pursuant to the terms of the Guaranties.