Notwithstanding the time of filing, seizure or registration of any document or other instrument, the Junior Applicant agrees that all privileges arising out of or under ————– the Funding Documents shall prevail over all privileges arising in favour of the Junior Applicant in part or in connection with the subordinate administrative costs. As soon as such proceedings are opened, the junior applicant may ask the guarantee agent in writing whether the guarantee agent intends to exercise the abovementioned rights with regard to subordinate management costs. The junior claimant represents and warrants that it is the lawful holder of the right to receive the subordinate management fees and that no part thereof has been assigned or subordinated or subject to any other security right other than the principal applicants. Accrued and unpaid basic management fees or subordinate management fees deferred to the choice of the collateral manager will be deferred without interest. Any negotiable instrument or promissory note, if any, which proves subordinate management fees or, where applicable, a lien relating thereto shall bear a legend (or otherwise contain provisions satisfactory to the guarantee agent), provided that the payment of subordinate management fees under those obligations and the primacy of such privilege of prior payment of senior claims and privileges by reference thereto has been subordinated in the manner and to the extent specified in this Agreement. Agreement.. .