Liens Subordinate. Each Guarantor agrees that any Liens, security interests, judgment liens, charges or other encumbrances upon the Borrower’s or any Subsidiary of the Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any Liens, security interests, judgment liens, charges or other encumbrances upon the Borrower’s or any Subsidiary of the Borrower’s assets securing payment of the Obligations, regardless of whether such encumbrances in favor of any Guarantor, the Administrative Agent or the Secured Parties presently exist or are hereafter created or attach.

Subordinate Debt. All principal of and interest on all indebtedness, liabilities, and obligations of [[Organization B:Organization]] to Guarantor (the “Subordinated Debt”) now or hereafter existing, due or to become due to Guarantor, or held or to be held by Guarantor, whether created directly or acquired by assignment or otherwise, and whether evidenced by written instrument or not, shall be expressly subordinated to the Guaranteed Obligations. Until the Guaranty Termination Date, Guarantor agrees not to receive or accept any payment from [[Organization B:Organization]] with respect to the Subordinated Debt at any time an Event of Default or default under any Warehouse Document has occurred and is continuing; and, in the event Guarantor receives any payment on the Subordinated Debt in violation of the foregoing, Guarantor will hold any such payment in trust for [[Organization C:Organization]] and forthwith turn it over to [[Organization C:Organization]] in the form received, to be applied to the Guaranteed Obligations. If Guarantor has executed a separate subordination agreement approved by [[Organization C:Organization]] (“Subordination Agreement”) applicable to the Subordinated Debt, the Subordination Agreement shall control over any inconsistent provision in this Section.

Subordinate to Master Lease. This Sublease and all of Subtenant’s rights hereunder are and shall remain in all respects subject and subordinate to all of the terms and provisions of the Master Lease. References in the Master Lease to “Tenant” shall be construed as “Subtenant” for purposes of this Sublease as appropriate. This Sublease is contingent upon Master Landlord signing a Master Landlord Consent a form of which is attached hereto and the Master Landlord not exercising any right to recapture that it may have.

any legislation or subordinate legislation includes any corresponding later legislation or subordinate legislation;

Each Trust Subordinate Companion Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), which means that the gross proceeds of such Trust Subordinate Companion Loan at origination did not exceed the non-contingent principal amount of such Trust Subordinate Companion Loan and such Trust Subordinate Companion Loan is secured by an interest in real property (including land and buildings, but excluding personal property and going concern value, if any) having a fair market value # at the date such Trust Subordinate Companion Loan was originated at least equal to 80% of the original principal balance of such Trust Subordinate Companion Loan or # at the Closing Date at least equal to 80% of the original principal balance of such Trust Subordinate Companion Loan on such date; provided that for purposes hereof, the fair market value of the real property interest must first be reduced by # the amount of any lien on the real property interest that is senior to such Trust Subordinate Companion Loan and # a proportionate amount of any lien that is in parity with such Trust Subordinate Companion Loan. If such Trust Subordinate Companion Loan was “significantly modified” prior

Subordinate/Related Party Debt Balances

Subordinate Mortgage Loans: Not permitted.

subordinate the payment priority of the Obligations or subordinate the Liens granted to the Administrative Agent (for the benefit of the Secured Parties) in the Collateral, without the written consent of each Lender

release or subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by [Section 7.01] (i), (p), (y) and (dd);

Subordination of Liens. During the period beginning from the Effective Date until the date on which all 2024 Debt has been Paid in Full (the “Subordination Period”), all liens and security interests with respect to the Collateral – Barrels held by Aegis, LDI, ​ and/or ​, whether now existing or hereafter acquired ARE HEREBY UNCONDITIONALLY SUBORDINATED AND MADE UNCONDITIONALLY SUBORDINATE AND JUNIOR IN RIGHT OF PRIORITY AND RANK TO AND SUBORDINATE TO the liens and security interests now held or hereafter acquired by the 2024 Note Creditors, and each of them, in the Collateral – Barrels pursuant to the 2024 Security Agreement. The priorities provided for in this Section 34 shall apply:

within sixty (60) days after the Closing Date, the Seller shall deliver or cause to be delivered an electronic copy of the Diligence File for each Mortgage Loan (other than the Trust Subordinate Companion Loan) to the Depositor by uploading such Diligence File (including, if applicable, any additional documents that the Seller believes should be included to enable the Asset Representations Reviewer to perform an Asset Review on such Mortgage Loan (other than the Trust Subordinate Companion Loan); provided that such documents are clearly labeled and identified) to the Intralinks Site, each such Diligence File being organized and categorized in accordance with the electronic file structure reasonably requested by the Depositor;

amend or change the definition of “Advance Rate”, “Borrowing Base”, “Borrowing Base Deficiency”, “Annualized Charge-off Ratio”, “Concentration Limits”, “Level I Trigger Event”, “Level II Trigger Event”, “Level III Trigger Event”, “Monthly Principal Amount”, “Reserve Account Required Amount”, “Senior Interest” or “Subordinate Interest”.

Upon request by Administrative Agent at any time, Required Lenders will confirm in writing Administrative Agent’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this Section 11.9.

if the foregoing paragraphs are not applicable, but there is a rating by S&P on a secured obligation of the Reference Entity that is not a Second Lien Obligation and is not Subordinate (the “other obligation”), the rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table below that describes such Reference Obligation:

Further, any other term or provision of this Agreement or any Loan Document to the contrary notwithstanding (including any Acceptable Intercreditor Agreement or other intercreditor agreement to which the Administrative Agent or the Collateral Agent may be a party), the Administrative Agent and the Collateral Agent may decline any Lien on any Real Property if # at the time the Collateral Agent’s Lien would attach to such Real Property, the Collateral Agent’s Lien on such Real Property would be subordinate to any Lien on such Real Property securing Additional Permitted Debt and # the Administrative Agent determines, in the exercise of its reasonable discretion, that the cost or difficulty of accepting or obtaining a subordinate Lien on such Real Property would, in terms of costs, regulatory oversight, or regulatory or internal policy compliance, be excessive in view of the benefits to be obtained by the ​ therefrom.

General. Subject to the provisions of [Section 21.2] below, this Lease is and shall be subject and subordinate to the lien, provisions, operation and effect of all Mortgages, to all funds and indebtedness intended to be secured thereby, and to all renewals, extensions, modifications, recastings or refinancings thereof. Said subordination and the provisions of this Section shall be self-operative and no further instrument of subordination shall be required to effect such subordination. The holder of any Mortgage to which this Lease is subordinate shall have the right (subject to any required approval of the holders of any superior Mortgage) at any time to declare this Lease to be superior to the lien, provisions, operation and effect of such Mortgage, such right to be exercised by # written notice to Tenant, and # recordation of an instrument of subordination of such Mortgage to this Lease with the applicable public land records.

Commercializing Party acknowledges and agrees that, notwithstanding anything to the contrary in this Agreement, all rights and licenses granted to Commercializing Party hereunder with respect to any portion of the Licensed Protocol that is licensed to Licensor pursuant to an In-License Agreement are subject and subordinate to the terms and conditions of the applicable In-License Agreement, including any rights retained by the In-Licensors.

subordinate # the liens under the Collateral Documents securing the Obligations as of the date hereof to the liens securing the obligations under any other Indebtedness or other obligations, or # the payment priority as of the date hereof of any Loan hereunder or the Guarantees under the Guaranty to the obligations under any other Indebtedness or other obligations, without the written consent of each Lender;