SWC Security definition
SWC Security means, collectively, (i) the security interests granted by STB to SWC in the SW/STB Secured Assets as security for the obligations of STB under the SLW Silver Purchase Agreement, (ii) the security interests granted by the Borrower to SWC in the SW/Borrower Secured Assets as security for the obligations of the Borrower under the Borrower Silver Purchase Guarantee, (iii) the security interests granted by PEM to SWC in the SW/PEM Secured Assets as security for the obligations of PEM under the PEM Silver Purchase Guarantee, (iv) the security interests granted by the minority shareholders of PEM to SWC in the shares of PEM as security for the obligations of such minority shareholders under or with respect to the SLW Silver Purchase Agreement and (v) the security interests to be granted by the Future Owners (as defined in the SLW Silver Purchase Agreement) in the present and future personal property of such Future Owners other than the Excluded Collateral (as defined in the SLW Silver Purchase Agreement) as security for the obligations of such Future Owners under or in respect of the SLW Silver Purchase Agreement.