Common use of Security and Guaranties Clause in Contracts

Security and Guaranties. The Credit Facilities, the Letters of Credit, and the Obligations (as modified and increased pursuant to this Agreement) shall all be (a) secured by the Collateral pursuant to the Liens created by the Security Documents, and all proceeds thereof, until the particular item of Collateral is released or until the Letters of Credit have expired and the Credit Facilities and all the Obligations are paid and performed in full (and any obligation of Lenders to make Advances has been terminated) and (b) guaranteed by each Subsidiary (other than an Excluded Subsidiary or Foreign Subsidiary) pursuant to the terms of a Guaranty Agreement. Upon the occurrence of a Default which has not been waived by the Required Lenders, Borrower and Guarantors shall cause the Foreign Subsidiaries to grant to Administrative Agent (on behalf of Lenders) a Lien on all of their assets except to the extent they are prohibited from so doing pursuant to an agreement permitted by Section 8.12; and to execute, deliver to Administrative Agent and file all documents, instruments and agreements (all at Borrower's and Guarantors' expense) which Administrative Agent shall require to create and perfect such Liens. On or before thirty (30) days after Borrower or any Guarantor makes an Investment in any Foreign Subsidiary, Borrower or such applicable Guarantor shall deliver to Administrative Agent the related, original Foreign Subsidiary Inter-Company Note, together with a collateral assignment and endorsement thereof in form satisfactory to Administrative Agent.