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<br /> �;`��'`�`�' �°`�� ° ���4 S u b o r d i n a t e L e n d e r o r N ationsBank and that is to be included � � 7,-:.,F,`,,.� ,,�:•
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<br /> ` (cj Upon the happ�ninq of an Event of Default under - �"�:�,< <�'�
<br />���'• the NationsBank Note, NationsBank Deed dr the Na�io�s8ank , -:�,�, :
<br /> " -- Security Agreement then, unless such Event of Default shall °,!K - _
<br /> � �` have been remedied or waived or shall have ceased to exist, < < ,
<br /> _=-_ -�-,1�..-`°?�`'. no direct or indirect payment (in casb, propertY. �r �� _ '.4,�-.'';;
<br /> Y ``` � `� : securities or by set-off cr otherwise shall be made or {•�� : t'
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<br /> �T�..�. agreed to be �ade on account of the Subordinate Note. ..,, ._,�_._ _,�
<br /> �-S`� '> rti � � "�• �L ' �.
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<br /> �s .� ' < (d) If any payment or distribution, wheLher in cash. ,
<br />��� ' ' �,�. security or other property, shall be received by Subordinate -`. , ��- ,_
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<br /> � r � �`: Lender on account of the �ubardinate Hote in contravention �� :� �' .
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<br /> �< _ , r. of any o�f the terms hereof and befor� the Subord inate Nate _ l . _,
<br /> �y_�: :.4;� " � �, . � shall have been paid in full, such paymen� or distril�ution , . `
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<br /> ' j� �-��•�� :� ���`�� shall be received in trust for �he bene f i t o f, a n d s h a l l b e -'. ;.,;^-�,.
<br /> �..�' = • � �`�u paid over or delivered and transferred to NatiansHank to be , ,_,r,,
<br /> �.' � � "' �� applied to the outstanding principal of the NationsHank Note � `�,
<br /> �x `' ` . . � until paid in full. In the event of the failure of , � ": �'`-
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<br /> =�x�� � '` �'«� �`�:� Subordinate Lender to endorse or assign any such payment,
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<br /> ���� ; distribution or security, NationsBank is hereby irrevocably ; :
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<br /> authorizecl to endorse or assign the same- �" �
<br />�� 5' e herein _ �:
<br /> ' � _ �e) The subordination provisions contain d �Y
<br /> �"° ���~ �'�' � shall remain in full force and effect without regard to, and �- ._
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<br /> `'���% � � � shall not be impaired or affected by: f ���
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<br /> ` • i) any act or fa�lure to act on the part of the '" � :�a
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<br /> .,h., . . . : Borrower; or --. . :�,; �.:-
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<br /> � � ii) any extension or indulgence in respect of any '��., ,
<br /> _ � � - �r payment or prepayment of the NationsBank Note ,. `�'.;
<br /> ;:��;;- ••;. ,. - art thereof or in respect of any -:'='�:;:
<br /> '� or any p r
<br /> � . ` . . . other amount payable to NationsHank; or Y;r -
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<br /> ���� r-� • � '•' ` iii) any amendment, moaification or waiver of, or -
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<br /> -.���, • � - addition or supplement to, or deletion from, ; F:;�;:
<br /> =:;`� . .. ' � : : or compromise, release, consent or other � : ��.,�Y�.
<br /> ;�,:`; : � `.� action in respect of, any of the terms oP the �
<br /> ''��`� � � � NationsHank Note, the NationsBanls Deed or the ,` � _
<br /> �€'_:;. : � . ., -� ��
<br /> �.;-; .,:-� '. � Nations8ank Securfty Agreement or any other , __
<br /> ��:.�°: � loan documents securing the NationsHanlc Note _
<br /> �'�':;` � (collectively the ° Loan Documents"} • � �_ �
<br /> �`+�. :,. .'� : �. . including, without limitation, any amend�ent, ,
<br /> ,b7 ••�� ��, � •� waiver or modification (a) increasfng the .
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<br /> _�.<<; � . interest rate gayable with respect to the -
<br /> � NationsHank Note, (b) making more restrictive
<br /> "�'�� .''. �� . any covenant, Event of Default applicable to : �
<br /> '� :..;� ,. ..�.�• the Borrower uncier the NationsBank Deed, the ���`..,' ��'
<br /> _�`'" '� � � ' • � NatfansBank Security Agr�ement or any other _ �%
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