Common use of Guarantors and Security Clause in Contracts

Guarantors and Security. 2.1 Subject to the due execution of all relevant Secured Documents, completion of relevant perfection formalities within statutorily prescribed time limits, payment of all registration fees and documentary taxes, any other rights arising by operation of law, obtaining any foreign legal opinions and subject to any qualifications which may be set out in the Secured Documents and any relevant legal opinion obtained and subject to the requirements of the Agreed Security Principles, it is agreed that each guarantee and security will be an upstream, cross—stream and downstream guarantee and each guarantee and, without prejudice to the principles set forth in paragraph 1.2 above, security will be for all liabilities of the Credit Parties under the Secured Documents in accordance with, and subject to, the requirements of the Agreed Security Principles and/or any applicable law in each relevant jurisdiction. 2.2 To the extent possible under the relevant applicable law, all security shall consist of a single set of security interests and shall be given in favor of the applicable Collateral Agent and not the Secured Parties individually.