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(h) "Senior Indebtedness" means the "Indebtedness" as defined in the Senior
<br /> Mortgage.
<br /> (i) "Senior Loan Documents" means the "Loan Documents" as defined in
<br /> the Senior Mortgage.
<br /> (I) "Senior Mortgage Default" means any act, failure to act, event,
<br /> condition, or occurrence which constitutes, or which with the giving of notice or the
<br /> passage of time, or both would constitute, an "Event of Default" as defined in the Senior
<br /> Mortgage.
<br /> (k) "Senior Mortgagee" means the entity named as such in the first
<br /> paragraph of this Agreement and any other person or entity who subsequently becomes
<br /> the obligor under the Credit Enhancement Agreement.
<br /> (1) "Restrictive Covenants Default" means any act, failure to act, event,
<br /> condition, or occurrence which allows (but for any contrary provision of this Agreement),
<br /> or which with the giving of notice or the passage of time, or both. would allow (but for
<br /> any contrary provision of this Agreement), the Agency to take an Enforcement Action.
<br /> 2. SUBORDINATION OF RESTRICTIVE COVENANTS.
<br /> (a) The Restrictive Covenants are, and shall at all times remain, subject and
<br /> subordinate in all respects to the liens, terms, covenants, conditions, operations, and
<br /> effects of the Senior Mortgage and each of the other Senior Loan Documents.
<br /> (b) The subordination of the Restrictive Covenants shall apply and continue
<br /> notwithstanding (i) the actual date and time of execution, delivery, recording, filing or
<br /> perfection of the Senior Mortgage and other Senior Loan Documents and of the •
<br /> Restrictive Covenants, and (ii) the availability of any collateral to the Senior Mortgagee,
<br /> including the availability of any collateral other than the Mortgaged Property.
<br /> (c) By reason of, and without in any way limiting, the full subordination of
<br /> the Restrictive Covenants provided for in this Agreement, all rights and claims of the
<br /> Agency under the Restrictive Covenants in or to the Mortgaged Property or any portion
<br /> thereof, the proceeds thereof. the Leases thereof, the Rents, issues and profits therefrom,
<br /> and the Loss Proceeds payable with respect thereto, are expressly subject and subordinate
<br /> in all respects to the rights and claims of the Senior Mortgagee under the Senior Loan
<br /> Documents in and to the Mortgaged Property or any portion thereof, the proceeds thereof,
<br /> the Leases thereof, the Rents, issues and profits therefrom, and the Loss Proceeds payable
<br /> with respect thereto.
<br /> (d) If the Agency, by indemnification, subrogation or otherwise, shall acquire
<br /> any lien, estate, right or other interest in any of the Mortgaged Property, that lien, estate,
<br /> right or other interest shall be fully subject and subordinate to the receipt by the Senior
<br /> Mortgagee of payment in full of the Senior Indebtedness, and to the Senior Loan
<br /> Documents, to the same extent as the Restrictive Covenants are subordinate pursuant to
<br /> this Agreement.
<br /> 3. ADDITIONAL REPRESENTATIONS AND COVENANTS.
<br /> (a) The Agency represents and warrants that (i) except for the lien of the
<br /> Restrictive Covenants; there is no lien or encumbrance on or affecting the Land or
<br /> Improvements in favor of the Agency and (ii) none of the rights of the Agency under any
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