Common use of Beneficiary’s Right To Sever Indebtedness Clause in Contracts

Beneficiary’s Right To Sever Indebtedness. 5.24.1 Grantor acknowledges that (a) the Mortgaged Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by property of Grantor in other jurisdictions (all such property, collectively, the "Collateral"), (b) the number of such jurisdictions and the nature of the transaction of which this instrument is a part are such that it would have been impracticable for the parties to allocate to each item of Collateral a specific loan amount and to execute in respect of such item a separate credit agreement or interest rate agreement and (c) Grantor intends that Beneficiary have the same rights with respect to the Mortgaged Property, in foreclosure or otherwise, that Beneficiary would have had if each item of Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate agreement, mortgage or security document. In furtherance of such intent, Grantor agrees that Beneficiary may at any time by notice (an "Allocation Notice") to Grantor allocate a portion (the "Allocated Indebtedness") of the Secured Obligations to the Mortgaged Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of Grantor unrelated to the other transactions contemplated by the Credit Agreement, any Interest Rate Agreement, any other Credit Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Property shall exceed the Allocated Indebtedness, such proceeds shall belong to Grantor and shall not be available hereunder to satisfy any Secured Obligations of Grantor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of this Deed to Secure Debt or in connection with any power of sale foreclosure or other remedy exercised under this Deed to Secure Debt commenced after the giving by Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and Grantor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.24, the proceeds received by Beneficiary pursuant to this Deed to Secure Debt shall be applied by Beneficiary in accordance with the provisions of subsection 3.3.3 hereof.

Beneficiary’s Right To Sever Indebtedness. 5.24.1 Grantor (i) The Trustor acknowledges that (aA) the Mortgaged Trust Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by property of Grantor the Trustor and its Affiliates in other jurisdictions (all such property, collectively, the "“Collateral"”), (bB) the number of such jurisdictions and the nature of the transaction of which this instrument is a part are such that it would have been impracticable for the parties to allocate to each item of Collateral a specific loan amount and to execute in respect of such item a separate credit agreement or interest rate agreement and (cC) Grantor the Trustor intends that the Beneficiary have the same rights with respect to the Mortgaged Trust Property, in foreclosure or otherwise, that the Beneficiary would have had if each item of Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate agreement, mortgage or security documentinstrument. In furtherance of such intent, Grantor the Trustor agrees that the Beneficiary may at any time by notice (an "“Allocation Notice"”) to Grantor the Trustor allocate a portion (the "“Allocated Indebtedness"”) of the Secured Obligations to the Mortgaged Trust Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Trust Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of Grantor the Trustor unrelated to the other transactions contemplated by the Credit Agreement, any Interest Rate Agreement, any other Credit Loan Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Trust Property shall exceed the Allocated Indebtedness, such proceeds shall belong to Grantor the Trustor and shall not be available hereunder to satisfy any Secured Obligations of Grantor the Trustor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of this Deed to Secure Debt hereof or in connection with any power of sale sale, foreclosure or other remedy exercised under this Deed to Secure Debt of Trust commenced after the giving by the Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and Grantor the Trustor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.2411.14, the proceeds received by the Beneficiary pursuant to this Deed to Secure Debt of Trust shall be applied by the Beneficiary in accordance with the provisions of subsection 3.3.3 Section 8.2(ii) hereof.

Beneficiary’s Right To Sever Indebtedness. 5.24.1 Grantor acknowledges that (a) the Mortgaged Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by property of Grantor in other jurisdictions (all such property, collectively, the "Collateral"), (b) the number of such jurisdictions and the nature of the transaction of which this instrument is a part are such that it would have been impracticable for the parties to allocate to each item of Collateral a specific loan amount and to execute in respect of such item a separate credit agreement or interest rate agreement and (c) Grantor intends that Beneficiary have the same rights with respect to the Mortgaged Property, in foreclosure or otherwise, that Beneficiary would have had if each item of Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate agreement, mortgage or security document. In furtherance of such intent, Grantor agrees that Beneficiary may at any time by notice (an "Allocation Notice") to Grantor allocate a portion (the "Allocated Indebtedness") of the Secured Obligations to the Mortgaged Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of Grantor unrelated to the other transactions contemplated by the Credit Agreement, any Interest Rate Agreement, any other Credit Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Property shall exceed the Allocated Indebtedness, such proceeds shall belong to Grantor and shall not be available hereunder to satisfy any Secured Obligations of Grantor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of DRAFT: March 21, 1997 H:\WPCDOCS\1186\141461 this Deed to Secure Debt or in connection with any power of sale foreclosure or other remedy exercised under this Deed to Secure Debt commenced after the giving by Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and Grantor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.24, the proceeds received by Beneficiary pursuant to this Deed to Secure Debt shall be applied by Beneficiary in accordance with the provisions of subsection 3.3.3 hereof.

Beneficiary’s Right To Sever Indebtedness. 5.24.1 Grantor (i) The Trustor acknowledges that (aA) the Mortgaged Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by other property of Grantor Trustor, and property of the Trustor’s Affiliates in other jurisdictions (all such property, collectively, the "“Other Collateral"”), (bB) the number of such jurisdictions and the nature of the transaction of which this instrument Deed of Trust is a part are such that it would have been impracticable for the parties to allocate to each item of Other Collateral a specific loan amount and to execute in respect of such item a separate credit agreement or interest rate agreement and (cC) Grantor the Trustor intends that the Beneficiary have the same rights with respect to the Mortgaged Property, in foreclosure or otherwise, that the Beneficiary would have had if each item of Other Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate agreement, mortgage or security documentinstrument. In furtherance of such intent, Grantor the Trustor agrees that the Beneficiary may at any time by notice (an "“Allocation Notice"”) to Grantor the Trustor allocate a portion (the "“Allocated Indebtedness"”) of the Secured Obligations to the Mortgaged Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of Grantor the Trustor unrelated to the other transactions contemplated by either the Credit Agreement, any Interest Rate AgreementIndenture, any other Credit Notes Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Property shall exceed the Allocated Indebtedness, such proceeds shall belong to Grantor the Trustor and shall not be available hereunder to satisfy any Secured Obligations of Grantor the Trustor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of this Deed to Secure Debt lien hereof or in connection with any power of sale sale, foreclosure or other remedy exercised under this Deed to Secure Debt of Trust commenced after the giving by the Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and Grantor the Trustor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.2413.22, the proceeds received by the Beneficiary pursuant to this Deed to Secure Debt of Trust shall be applied by the Beneficiary in accordance with the provisions of subsection 3.3.3 Section 9.3(iv) hereof.

Beneficiary’s Right To Sever Indebtedness. 5.24.1 (i) The Grantor acknowledges that (aA) the Mortgaged Trust Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by property of the Grantor and its Affiliates in other jurisdictions (all such property, collectively, the "“Collateral"”), (bB) the number of such jurisdictions and the nature of the transaction of which this instrument is a part are such that it would have been impracticable for the parties to allocate to each item of Collateral a specific loan principal amount of indebtedness evidenced by Purchased Securities and to execute in respect of such item thereof a separate credit agreement or interest rate purchase agreement and (cC) the Grantor intends that the Beneficiary have the same rights with respect to the Mortgaged Trust Property, in foreclosure or otherwise, that the Beneficiary would have had if each item of Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate purchase agreement, deed of trust, mortgage or security documentinstrument. In furtherance of such intent, the Grantor agrees that the Beneficiary may at any time by notice (an "“Allocation Notice"”) to the Grantor allocate a portion (the "“Allocated Indebtedness"”) of the Secured Obligations to the Mortgaged Trust Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Trust Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of the Grantor unrelated to the other transactions contemplated by the Credit Agreement, any Interest Rate Purchase Agreement, any other Credit Basic Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Trust Property shall exceed the Allocated Indebtedness, such proceeds shall belong to the Grantor and shall not be available hereunder to satisfy any Secured Obligations of the Grantor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of this Deed to Secure Debt hereof or in connection with any power of sale sale, foreclosure or other remedy exercised under this Deed to Secure Debt of Trust commenced after the giving by the Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and the Grantor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.2411.13, the proceeds received by the Beneficiary pursuant to this Deed to Secure Debt of Trust shall be applied by the Beneficiary in accordance with the provisions of subsection 3.3.3 Section 8.2(ii) hereof.

Beneficiary’s Right To Sever Indebtedness. 5.24.1 Grantor acknowledges that (a) the Mortgaged Property does not constitute the sole source of security for the payment and performance of the Secured Obligations and that the Secured Obligations are also secured by property of Grantor and its Affiliates in other jurisdictions (all such property, collectively, the "“Collateral"”), (b) the number of such jurisdictions and the nature of the transaction of which this instrument is a part are such that it would have been impracticable for the parties to allocate to each item of Collateral a specific loan amount and to execute in respect of such item a separate credit agreement or interest rate agreement swap contract and (c) Grantor intends that Beneficiary have the same rights with respect to the Mortgaged Property, in foreclosure or otherwise, that Beneficiary would have had if each item of Collateral had been secured, mortgaged or pledged pursuant to a separate credit agreement or interest rate agreement, mortgage deed of trust or security documentinstrument. In furtherance of such intent, Grantor agrees that Beneficiary may at any time by notice (an "“Allocation Notice"”) to Grantor allocate a portion (the "“Allocated Indebtedness"”) of the Secured Obligations to the Mortgaged Property and sever from the remaining Secured Obligations the Allocated Indebtedness. From and after the giving of an Allocation Notice with respect to the Mortgaged Property, the Secured Obligations hereunder shall be limited to the extent set forth in the Allocation Notice and (as so limited) shall, for all purposes, be construed as a separate loan obligation of Grantor unrelated to the other transactions contemplated by the Credit Agreement, any Interest Rate Agreement, Swap Contract any other Credit Document or any document related to any thereof. To the extent that the proceeds on any foreclosure of the Mortgaged Property shall exceed the Allocated Indebtedness, such proceeds shall belong to Grantor and shall not be available hereunder to satisfy any Secured Obligations of Grantor other than the Allocated Indebtedness. In any action or proceeding to foreclose the Lien of this Deed to Secure Debt of Trust or in connection with any power of sale foreclosure or other remedy exercised under this Deed to Secure Debt of Trust commenced after the giving by Beneficiary of an Allocation Notice, the Allocation Notice shall be conclusive proof of the limits of the Secured Obligations hereby secured, and Grantor may introduce, by way of defense or counterclaim, evidence thereof in any such action or proceeding. Notwithstanding any provision of this Section 5.245.23, the proceeds received by Beneficiary pursuant to this Deed to Secure Debt of Trust shall be applied by Beneficiary in accordance with the provisions of subsection 3.3.3 hereof.