Common use of Acknowledgement of Security Interest Clause in Contracts

Acknowledgement of Security Interest. The Landlord acknowledges that the Purchaser and/or Tenant has or will execute and deliver a security agreement (the "Security Agreement") in favor of its lenders on the Lease and (a) all property, including, without limitation, trade fixtures, equipment and inventory located on or used in connection with the Premises by the Tenant, and (b) operating licenses and permits now or at any time hereafter relating to the use of the Premises (all such property being collectively referred to as the "Collateral") and the Landlord agrees that the execution, delivery and performance of the Security Agreement by the Purchaser and its lenders do not constitute a breach of, or default under, or modify the terms of, the Lease.