Common use of New Security Clause in Contracts

New Security. (a) To the extent any Senior Secured Notes Creditor Refinancing Liabilities cannot be secured pari passu with the then existing Senior Secured Liabilities under the existing Security Documents (the “Initial Security Documents”) without the Security under such Initial Security Documents first being released, the Parties agree that such Senior Secured Notes Creditor Refinancing Liabilities will (to the extent permitted by applicable law) be secured pursuant to the execution of additional security documents (the “Additional Security Documents”) on a second or lesser ranking basis. (b) Notwithstanding paragraph ‎(a) above, to the extent permitted by applicable law, any Senior Secured Notes Creditor Refinancing Liabilities which do not benefit from the Initial Security Documents on a pari passu basis will nonetheless be deemed and treated for the purpose of this Agreement and Clause ‎13 (Application of Proceeds) as secured by the Initial Security Documents and the Additional Security Documents pari passu with other Liabilities which would otherwise have the same ranking as contemplated by Clause ‎15.1 (Senior Secured Notes Creditor Refinancing Liabilities), subject to Clause ‎3.6 (Security and guarantees).