Common use of Guaranties and Security of Subsidiaries Clause in Contracts

Guaranties and Security of Subsidiaries. The Obligations shall also --------------------------------------- be guaranteed by each Subsidiary Guarantor, pursuant to the terms of the Guaranty. The obligations of each Subsidiary Guarantor under the Guaranty shall be in turn secured by (a) a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of each Subsidiary Guarantor, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which such Subsidiary Guarantor is a party, and (b) a pledge by each Subsidiary Guarantor of one hundred percent (100%) of the capital stock of each of its Subsidiaries pursuant to the Stock Pledge Agreement to which such Subsidiary Guarantor is a party.

Guaranties and Security of Subsidiaries. The Obligations shall also --------------------------------------- be guaranteed by each the Subsidiary Guarantor, Guarantors pursuant to the terms of the Subsidiary Guaranty. The obligations of each the Subsidiary Guarantor Guarantors under the Subsidiary Guaranty shall be in turn secured by (a) a perfected first priority security interest (subject only to Permitted Liens entitled to priority under applicable law) in all of the assets of each such Subsidiary Guarantor, whether now owned or hereafter acquired, pursuant to the terms of the Security Documents to which such Subsidiary Guarantor is a party, and (b) a pledge by each such Subsidiary Guarantor of one hundred percent (100%) all of the capital stock Capital Stock of each of its Subsidiaries owned by the Subsidiary Guarantor pursuant to the terms of its Stock Pledge Agreement to which such Subsidiary Guarantor is a partyAgreement.