Sharing of Transaction Security and Guarantees with New Debt. (a) A Group Company or the Parent may grant Security and Guarantees for New Debt to a New Debt Creditor provided that:
(i) such New Debt shares in the Transaction Security and the Guarantees on the same;
(ii) such Security and Guarantees which are not Transaction Security or Guarantees are granted also to all the Secured Parties (including the New Debt Creditor), in each case to be shared between the Secured Parties as set forth in this Agreement; and/or
(iii) the Security Agent shall hold the Transaction Security and the Guarantees on behalf of the New Debt Creditor on the same terms, mutatis mutandis, as the Transaction Security and the Guarantees are held by the Security Agent on behalf of the Secured Parties, in each case further provided that the New Debt Creditor shall accede to this Agreement as a Senior Creditor and the New Debt shall rank as Senior Debt pursuant to the terms of this Agreement.
(b) Any Security and guarantee granted pursuant to paragraph (a) above shall constitute Transaction Security and any documents regarding such Security or guarantee shall constitute a Security Document or a Guarantee Agreement, as the case may be.
(c) In the event that New Debt is used to finance any acquisition of entities or assets by any Group Company, Transaction Security over ownership interests in such entities or assets shall be created and shared between the Secured Parties as set forth in this Agreement, subject to the Agreed Security Principles (to the extent required to be granted according to the terms set out in the Secured Finance Documents or as a condition set by the relevant New Debt Creditor).
Sharing of Transaction Security and Guarantees with New Debt. A Group Company may grant Security and guarantees for New Debt to a New Debt Creditor provided that:
Sharing of Transaction Security and Guarantees with New Debt. (a) A Group Company may grant Security and guarantees for New Debt to a New Debt Creditor provided that:
(i) such New Debt shares in the Transaction Security and the Guarantees; and/or
(ii) such Security and guarantees which are not Transaction Security or Guarantees are granted also to all the Secured Parties (including the New Debt Creditor), in each case to be shared between the Senior Creditors and the Super Senior Creditors as set forth in this Agreement, in each case further provided that the New Debt Creditor shall accede to this Agreement as a Senior Creditor and the New Debt shall rank as Senior Debt pursuant to the terms of this Agreement.
(b) Any Security and guarantee granted pursuant to paragraph (a) above shall constitute Transaction Security and any documents regarding such Security or guarantee shall constitute a Security Document or a Guarantee and Adherence Agreement, as the case may be.
Sharing of Transaction Security and Guarantees with New Debt. (a) A Group Company may grant Security and guarantees for New Debt to a New Creditor provided that:
(i) the existing Transaction Security and the Guarantees shall secure the New Debt on the same terms, including ranking, (without limiting the application of Clause 16 (Release of Security)), mutatis mutandis, as it secures the existing Senior Debt;
(ii) any Security and guarantees which are not Transaction Security or Guarantees are granted also to the Secured Parties (including the New Creditor), in each case on a pro rata basis and on the same terms, including ranking, (without limiting the application of Clause 16 (Release of Security)), mutatis mutandis, as set out in the other Transaction Security Documents and the Guarantee Agreement (as applicable) and any such new Security and/or guarantees shall constitute Transaction Security and Guarantees;
(iii) the New Creditor(s) shall directly or through an agent or a trustee be a party to the Transaction Security Documents and the Guarantee Agreement;
(iv) the Security Agent shall hold the Transaction Security and the Guarantees on behalf of the New Creditor on the same terms, mutatis mutandis, as the Transaction Security and the Guarantees are held by the Security Agent on behalf of the Secured Parties;
(v) the New Creditor shall directly or through an agent or a trustee accede to this Agreement as a Senior Creditor; and
(vi) the New Creditor shall have the same right to the Transaction Security and the Guarantees and the proceeds pertaining thereto as the existing Senior Creditor.
(b) Subject to the fulfilment of the conditions set out in paragraph (a) above, the Security Agent may from time to time, at the request of the Holdco, amend vary and/or restate the Transaction Security or the Guarantees on behalf of itself and the Secured Parties in order to create Security and guarantees in favour of a New Creditor.
