Common use of Security for Guaranteed Obligations Clause in Contracts

Security for Guaranteed Obligations. The security interest created hereby in the Collateral constitutes continuing collateral security for all of the following obligations, whether now existing or hereafter incurred (the "Guaranteed Obligations"): (a) the prompt payment by the Grantor, as and when due and payable (by scheduled maturity, required prepayment, acceleration, demand or otherwise), of all amounts from time to time owing by it in respect of its guaranty made pursuant to Article XI of the Financing Agreement dated the date hereof, in favor of the Agents and the Lenders, whether for principal, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to bankruptcy, insolvency or reorganization of the Grantor, whether or not a claim for post-filing interest is allowed in such proceeding), Letter of Credit Obligations, fees, indemnification payments, expense reimbursements or otherwise; and (b) the due performance and observance by the Grantor of all of its other obligations from time to time existing in respect of its guaranty made pursuant to Article XI of the Financing Agreement and all other Loan Documents to which it is a party.

Security for Guaranteed Obligations. The security interest created hereby in the Pledged Collateral constitutes continuing collateral security for all of the following obligations, obligations whether now existing or hereafter incurred (the "Guaranteed Obligations"): (a) the prompt payment by the GrantorPledgor, as and when due and payable (by scheduled maturity, required prepayment, acceleration, demand or otherwise), of all amounts from time to time owing by it in respect of its guaranty made pursuant to Article XI of the Financing Agreement Agreement, dated the date hereof, in favor of the Agents and the Lenders, whether for principal, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to bankruptcy, insolvency or reorganization of the GrantorPledgor, whether or not a claim for post-filing interest is allowed in such proceeding), Letter of Credit Obligations, fees, indemnification payments, expense reimbursements or otherwise; and (b) the due performance and observance by the Grantor Pledgor of all of its other obligations from time to time existing in respect of its guaranty made pursuant to Article XI of the Financing Agreement and all other Loan Documents to which it is a party.