Common use of Borrowed Clause in Contracts

Borrowed. For purposes of this Agreement, a Guaranty shall not include (i) any bond obligations of, or any Guaranty of or letter of credit securing performance by, a Borrower or a Restricted Subsidiary undertaken or incurred in the ordinary course of its business (other than in connection with the borrowing of money or obtaining of credit) as presently conducted for or on behalf of a Borrower or a Restricted Subsidiary and (ii) a guaranty or other obligation consisting of a pledge of such Person's interest in the equity interest in any Unrestricted Subsidiary, provided that recourse under such guaranty or obligation secured by such pledge shall be limited solely to such Person's interest in the equity interest in such Unrestricted Subsidiary so pledged.