Common use of Subordinated Beneficiary Clause in Contracts

Subordinated Beneficiary. Subject to the subordination provisions in Section 4 below, [_____________] is hereby designated as the Subordinated Beneficiary with respect to the Financing Source Master Collateral. The Subordinated Beneficiary hereby acknowledges receipt of an executed copy of the Master Collateral Agency Agreement. The Subordinated Beneficiary hereby becomes (and is hereby designated by the Master Servicer) a Beneficiary under the Master Collateral Agency Agreement, subordinated to the interests of the Senior Beneficiary as specified in Section 4 below. The Subordinated Beneficiary agrees to be bound by the terms of this Supplement[, the Collateral Sharing Agreement referenced in Section 4 below] [or other subordination or intercreditor agreement] and the Master Collateral Agency Agreement and hereby authorizes the Master Collateral Agent to act on its behalf hereunder and thereunder with respect to Financing Source Master Collateral.]

Subordinated Beneficiary. Subject to the subordination provisions in Section 4 below, [____________________] is hereby designated as the Subordinated Beneficiary with respect to the Financing Source Master Collateral. The Subordinated Beneficiary hereby acknowledges receipt of an executed copy of the Master Collateral Agency Agreement. The Subordinated Beneficiary hereby becomes (and is hereby designated by the Master Servicer) a Beneficiary under the Master Collateral Agency Agreement, subordinated to the interests of the Senior Beneficiary as specified in Section 4 below. The Subordinated Beneficiary agrees to be bound by the terms of this Supplement[, the Collateral Sharing Agreement referenced in Section 4 below] [or other subordination or intercreditor agreement] and the Master Collateral Agency Agreement and hereby authorizes the Master Collateral Agent to act on its behalf hereunder and thereunder with respect to Financing Source Master Collateral.]

Subordinated Beneficiary. Subject to the subordination provisions in Section 4 below, [_____________[ ] is hereby designated as the Subordinated Beneficiary with respect to the Financing Source Master Collateral. The Subordinated Beneficiary hereby acknowledges receipt of an executed copy of the Master Collateral Agency Agreement. The Subordinated Beneficiary hereby becomes (and is hereby designated by the Master Servicer) a Beneficiary under the Master Collateral Agency Agreement, subordinated to the interests of the Senior Beneficiary as specified in Section 4 below. The Subordinated Beneficiary agrees to be bound by the terms of this Supplement[, the Collateral Sharing Agreement referenced in Section 4 below] [or other subordination or intercreditor agreement] and the Master Collateral Agency Agreement and hereby authorizes the Master Collateral Agent to act on its behalf hereunder and thereunder with respect to Financing Source Master Collateral.]

Subordinated Beneficiary. Subject to the subordination provisions in Section 4 below, [_____________[ ] is hereby designated as the Subordinated Beneficiary with respect to the Financing Source Master Collateral. The Subordinated Beneficiary hereby acknowledges receipt of an executed copy of the Master Collateral Agency Agreement. The Subordinated Beneficiary hereby becomes (and is hereby designated by the Master Servicer) a Beneficiary under the Master Collateral Agency Agreement, subordinated to the interests of the Senior Beneficiary as specified in Section 4 below. The Subordinated Beneficiary agrees to be bound by the terms of this Supplement[, the Collateral Sharing Agreement referenced in Section 4 below] [or other subordination or intercreditor agreement] and the Master Collateral Agency Agreement and hereby authorizes the Master Collateral Agent to act on its behalf hereunder and thereunder with respect to Financing Source Master Collateral.]] [SECTION 4.