Subordination Provision Clause Samples

Subordination Provision. The Tenant shall have the right to mortgage this Lease, provided that at no time shall there be more than one such mortgage. The holder of any mortgage of the Tenant's interest hereunder, shall not acquire any greater rights hereunder than the Tenant has (except the same right to cure or remedy the Tenant's default as Tenant), and shall not become entitled to a new lease in the event of the termination of this Lease. No mortgage of the Tenant's interest hereunder by the Tenant or by the Tenant's successors or assigns shall be valid unless: (i) At the time of the creation of such mortgage this Lease shall be in full force and effect; (ii) Such mortgage shall be subject to all the agreements, terms, covenants, and conditions of this Lease; (iii) The Landlord shall receive written notice of the creation of such mortgage within ten (10) days after the execution and delivery thereof and such mortgage shall be recorded within twenty (20) days after the execution and delivery thereof. (iv) A duplicate original or certified copy of the recording date of such mortgage shall be served upon the Landlord within ten (10) days after the return thereof from the office of the recorder.

Subordination Provision. This Agreement and all of Licensee's interest hereunder shall be subject, subordinated and inferior to any security interest or lien in or on the intellectual property or technology the subject of this Agreement securing any indebtedness or other obligations under any revolving credit facility, term loan facility, committed facility, letter of credit facility, loan facility, note facility, debt issuance or other financing arrangement provided to Licensor, in every case, as may be modified from time to time, and any refinancing or replacement thereof in whole or in part. Upon any sale, license, assignment, transfer or other disposition of any intellectual property or technology, which is the subject of this Agreement, under such financing arrangement or in connection with the exercise of rights and remedies by, or with the consent of, the lenders thereunder, such disposition of such intellectual property or technology shall be free and clear of this Agreement and all rights of Licensee hereunder and this Agreement shall terminate and be of no further force and effect. The agent, trustee and lenders in connection with any such financing arrangement shall be third party beneficiaries of this paragraph, which shall not be amended without their express written consent.

Subordination Provision. This lease shall be subordinate to the provisions of any existing or future agreement between Lessor and the United States or the (State), relative to the operation or maintenance of the airport, the execution of which has been or may be required as a condition precedent to the expenditure of federal or state funds for the development of the airport. Furthermore, this lease may be amended to include provisions required by those agreements with the United States or the (State).

Subordination Provision. This lease shall be subordinate to the provisions of any existing or future agreement between Lessor and the United States or the State of Wisconsin, relative to the operation or maintenance of the airport, the execution of which has been or may be required as a condition precedent to the expenditure of federal or state funds for the development of the airport. Furthermore, this lease may be amended to include provisions required by those agreements with the United States or the State of Wisconsin.