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Priority and Subordination Agreement 7 Teanaway Court <br /> “Restoration” means the restoration and repair of the Property following a Casualty or <br />Condemnation as nearly as practicable to the equivalent of its condition immediately prior to <br />the Casualty or Condemnation event or, with the consent of all Lenders and grantees of <br />Restrictive Covenants, to a different use. <br />“Restrictive Covenants” means the Commission Bond Regulatory Agreement, the <br />Commission Extended Use Agreement, County Covenant and the Commerce Regulatory <br />Agreement. <br />“Senior Deed of Trust” means the Tax Exempt Bond Deed of Trust and the Taxable <br />Deed of Trust. <br /> “Senior Indebtedness” means the principal of, interest on, all other amounts due under, <br />and any reimbursement obligations owing at any time under or in respect of, any Senior Loan <br />Document, including prepayment/substitution premiums, late charges, default interest, and <br />advances to protect the security of Senior Loan Documents. <br />“Senior Lender” means the beneficiary of the Senior Deed of Trust as of the date hereof <br />and any other person or entity who subsequently becomes the beneficiary of such Senior Deed <br />of Trust, in each case in its capacity as such beneficiary. <br /> “Senior Loan Documents” means the promissory note, reimbursement agreement or <br />other evidence of the Senior Indebtedness referred to in the Senior Deed of Trust and any <br />replacement thereof and all other documents at any time evidencing, securing, guaranteeing, or <br />otherwise delivered in connection with any Senior Indebtedness, as the same may be amended <br />from time to time. <br /> “Senior Loan Default” means any act, failure to act, event, condition, or occurrence <br />that constitutes, or that with the giving of notice or the passage of time, or both, would <br />constitute, an “Event of Default” as defined in the Senior Loan Documents. <br />“Subordinate Deed of Trust” means the Commerce Deed of Trust, the CPF Sponsor <br />Deed of Trust and the County Funds Sponsor Deed of Trust. <br /> “Subordinate Indebtedness” means all sums evidenced or secured or guaranteed by, <br />or otherwise due and payable to a Subordinate Lender pursuant to, the Subordinate Loan <br />Documents. <br />“Subordinate Lender” means the beneficiary of a Subordinate Deed of Trust as of the <br />date hereof and any other person or entity who subsequently becomes the beneficiary of such <br />Subordinate Deed of Trust, in each case in its capacity as such beneficiary. <br />“Subordinate Loan Default” means any act, failure to act, event, condition, or <br />occurrence that allows, or would allow (but for any contrary provision of this Agreement), a <br />Subordinate Lender to take an Enforcement Action.