Common use of Personal Property of Borrower Clause in Contracts

Personal Property of Borrower. The payment and performance of the Notes and all of the other Obligations hereunder and under the other Loan Documents shall also be secured by a first priority Lien, subject to Permitted Liens, against substantially all personal property of Borrower other than Equity Interests owned by Borrower pursuant to the terms of an agreement (the “Security Agreement”) in favor of Agent for the ratable benefit of the Secured Parties which shall be in form and substance satisfactory to Agent. Equity Interests owned by Borrower shall not be covered by the Security Agreement. Instead, such Equity Interests shall be pledged pursuant to the Pledge Agreement described in Section 2.13(d).

Personal Property of Borrower. The payment and performance of the Notes and all of the other Obligations hereunder and under the other Loan Documents shall also be secured by a first priority Lien, subject to Permitted Liens, against substantially all personal property of Borrower other than Equity Interests owned by Borrower pursuant to the terms of an agreement (the “Security Agreement”) in favor of Agent for the ratable benefit of the Secured Parties Lenders which shall be in form and substance satisfactory to Agent. Equity Interests owned by Borrower shall not be covered by the Security Agreement. Instead, such Equity Interests shall be pledged pursuant to the Pledge Agreement described in Section 2.13(d).