Common use of SUBORDINATE LIEN Clause in Contracts

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor shall be permitted to grant a subordinate lien on the Trust Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor under that certain Indenture between Grantor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary and the Subordinated Creditor with respect to the Trust Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor Mortgagor shall be permitted to grant a subordinate lien on the Trust Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor Mortgagor under that certain Indenture between Grantor Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary Mortgagee and the Subordinated Creditor with respect to the Trust Mortgaged Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.]

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor Mortgagor shall be permitted to grant a subordinate lien on the Trust Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor Mortgagor under that certain Indenture between Grantor Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary Mortgagee and the Subordinated Creditor with respect to the Trust Mortgaged Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor Mortgagor has executed this instrument as of the day and year first above written.

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor Mortgagor shall be permitted to grant a subordinate lien on the Trust Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITOR") as security for the obligations of Grantor Mortgagor under that certain Indenture between Grantor Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTURE"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary Mortgagee and the Subordinated Creditor with respect to the Trust Mortgaged Property (the "SUBORDINATION AGREEMENT"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE XXXX INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.]

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor Mortgagor shall be permitted to grant a subordinate lien on the Trust Mortgaged Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITORSubordinated Creditor") as security for the obligations of Grantor Mortgagor under that certain Indenture between Grantor Mortgagor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTUREIndenture"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust Mortgage in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary Mortgagee and the Subordinated Creditor with respect to the Trust Mortgaged Property (the "SUBORDINATION AGREEMENTSubordination Agreement"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANKRemainder of page intentionally left blank; SIGNATURE AND NOTARY PAGES FOLLOWsignature and notary pages follow.] Grantor has executed this instrument as of the day and year first above written.]

SUBORDINATE LIEN. Notwithstanding anything to the contrary contained herein, Grantor shall be permitted to grant a subordinate lien on the Trust Property in favor of State Street Bank and Trust Company, solely in its capacity as trustee and collateral agent under and pursuant to the Indenture (as hereinafter defined) (the "SUBORDINATED CREDITORSubordinated Creditor") as security for the obligations of Grantor under that certain Indenture between Grantor and the Subordinated Creditor dated as of July 22, 1997 (the "INDENTUREIndenture"), provided that such lien in favor of the Subordinated Creditor is junior, subject and subordinate to the lien of this Deed of Trust in accordance with and pursuant to the terms and conditions set forth in that certain Subordination Agreement dated as of the date hereof between Beneficiary and the Subordinated Creditor with respect to the Trust Property (the "SUBORDINATION AGREEMENTSubordinated Agreement"), and provided, further, that any event which gives the Subordinated Creditor the right to accelerate the obligations secured by such subordinate lien shall automatically constitute an Event of Default hereunder. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE AND NOTARY PAGES FOLLOW.] Grantor has executed this instrument as of the day and year first above written.