Security: Second Lien Note Creditors Clause Samples

Security: Second Lien Note Creditors. The Second Lien Note Creditors may take, accept or receive the benefit of: (a) any Security in respect of the Second Lien Note Liabilities from any member of the Group in addition to the Common Transaction Security which to the extent legally possible is, at the same time, also offered either: (i) to the Security Agent as trustee for the other Secured Parties in respect of their Liabilities; or (ii) in the case of any jurisdiction in which effective Security cannot be granted in favour of the Security Agent as trustee for the Secured Parties: (A) to the other Secured Parties in respect of their Liabilities; or (B) to the Security Agent under a parallel debt structure for the benefit of the other Secured Parties, and (subject to the terms of this Agreement) ranks in the same order of priority as that contemplated in Clause 2.2 (Transaction Security); and (b) any guarantee, indemnity or other assurance against loss from any member of the Group in respect of the Second Lien Note Liabilities in addition to those in: (i) a Second Lien Note Document; or (ii) this Agreement; or (iii) any Common Assurance, if and to the extent legally possible at the same time it is also offered to the other Secured Parties in respect of their respective Liabilities and (subject to the terms of this Agreement) ranks in the same order of priority as that contemplated in Clause 2 (Ranking and Priority).