Common use of Trustee Bound by Priority Agreements Clause in Contracts

Trustee Bound by Priority Agreements. Where a Relevant Seller has entered into a priority agreement with a subsequent mortgagee of Land the subject of a Mortgage or Collateral Security assigned to the Trustee under clause 4.11 the Trustee agrees for the benefit of any such subsequent mortgagee to be bound by the provisions of any such priority agreement.

Trustee Bound by Priority Agreements. Where a Relevant Seller has entered into a priority agreement Priority Agreement with a subsequent mortgagee of Land the subject of a Mortgage or Collateral Security assigned to the Trustee under clause 4.11 the Trustee agrees for the benefit of any such subsequent mortgagee to be bound by the provisions of any such priority agreement.Priority Agreement. --------------------------------------------------------------------------------