Effect of Subordination. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section 4 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of this Note, nothing contained in this Section 4 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of this Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. This Lease, upon Landlord’s written election, shall be subject and subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation or security interest (any of the foregoing, a “Mortgage”) hereafter made of or with respect to or placed on all or any part of the Property, and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. If any Holder shall elect to have this Lease prior to the lien of its Mortgage and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such Mortgage, whether this Lease is dated prior or subsequent to the date of said Mortgage or the date of recording thereof. Landlord represents to Tenant that as of the date hereof, the Premises are not encumbered by any Mortgage. Upon request by Tenant (and at the sole cost and expense of Tenant), Landlord shall request and use commercially reasonable efforts (which shall not include the obligation to pay any fee or charge or to agree to any less favorable terms or conditions in the secured indebtedness) to obtain an agreement (a “SNDA”) for the benefit of Tenant an agreement from any future mortgagee on its standard form then in use that, for so long as there exists no default beyond applicable grace periods under this Lease by Tenant, and subject to such mortgagee’s customary exceptions and qualifications, the mortgagee will not, in foreclosing against or taking possession of the Premises or otherwise exercising its rights under such mortgage, terminate this Lease or disturb Tenant’s possession of the Premises hereunder, or words of similar import. In the event of the foreclosure of a Mortgage, or a deed in lieu of foreclosure of a Mortgage, or exercise of any similar remedy by a Holder, the new owner of the Property as a result of such exercise shall not (a) be liable for any act or omission of any prior landlord or with respect to events occurring prior to its acquisition of title, (b) be liable for the breach of this Lease by any prior landlord, (c) be subject to any offsets or defenses which Tenant may have against the prior landlord or (d) be liable to Tenant for the return of its security deposit. At the request of any such new owner, Tenant shall attorn to such new owner.
Effect of Subordination. Subject to the rights, if any, of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 8 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions of this Agreement, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section 10 to receive cash, securities or other properties otherwise payable or deliverable to the Holder of the Note, nothing contained in this Section 10 shall impair, as between the Company and the Holder, the obligation of the Company, subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Holder of the Note, upon default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law.
Effect of Subordination. This Lease, at Landlord's option, shall be subordinate to any ground lease, mortgage, deed of trust, or any other hypothecation for security now or hereafter placed upon the Premises and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof. Notwithstanding such subordination, Tenant's right to possession of the Premises shall not be disturbed if Tenant is not in default and so long as Tenant shall pay the rent and observe and perform all of the provisions of this Lease, unless this Lease is otherwise terminated pursuant to its terms. If any mortgagee, trustee or ground lessor shall elect to have this Lease prior to the lien of its mortgage, deed of trust, or ground lease, and shall give written notice thereof to Tenant, this Lease shall be deemed prior to such mortgage, deed of trust or ground lease, whether this Lease is dated prior or subsequent to the date of said mortgage, deed of trust or ground lease or the date or recording thereof.
Effect of Subordination. The effect of this Subordination shall be the same as if the Junior Mortgage, together with any and all modifications, amendments, supplements or restatements thereof at any time made or entered into were dated, executed, delivered and recorded after the dating execution, delivery and recording of the Senior Mortgage, together with any and all modifications, amendments, supplements, restatements or assignments thereof at any time made or entered into, including Other Advances thereunder. It is intended by the parties that this Subordination shall serve to subordinate the Junior Mortgage to the Senior Mortgage and any and all modifications, amendments, supplements, restatements or assignments thereof for all purposes; however, the Junior Mortgagee(s) hereby agree to execute any further documents, including, but not limited to, acknowledgments and/or subordinations, as may be requested by Senior Mortgagee, its successors and/or assigns.
Effect of Subordination. Notwithstanding any other provision set forth in this Note, except as provided in Section 3.4 hereof, all Subordinated Debt (including, without limitation, all interest) is and shall be subordinate and junior in right of payment to the prior Payment in Full of the Obligations. Notwithstanding the foregoing, subject to the rights, if any, of the Senior Lenders under this Section 3.2 to receive cash or other property otherwise payable or deliverable to the Noteholder, nothing contained in this Section 3.2 shall impair, as between the Borrower and the Noteholder, the obligation of the Borrower, subject to the terms and conditions hereof, to pay to the Noteholder the principal hereof and interest hereon as and when the same become due and payable.
Effect of Subordination. Nothing contained in this Section 4 shall impair, as between the Company and the Noteholder, the obligation of the Company, which is absolute and unconditional, to pay the Noteholder the principal hereof and interest hereon as and when the same become due and payable, or shall prevent the Noteholder, upon default under this Note, from exercising all rights, power and remedies otherwise provided herein or by applicable law, all subject to the rights, if any, of the holders of Senior Indebtedness under this Section 4.
Effect of Subordination. 27 25.2. Execution of Documents..................................... 27 26. Options............................................................ 27 26.1. Definition................................................. 27 26.2.
Effect of Subordination. Subject to the prior rights of the holders ----------------------- of Senior Indebtedness under this Section 8 to receive payments of cash, securities and/or other properties otherwise payable or deliverable to the Holder of this Note, nothing contained in this Section 8 will impair, as between the Company and the Holder of this Note, the obligation of the Company, which is absolute and unconditional, to pay to the Holder hereof the principal amount of this Note and interest accrued hereon as and when the same become due and payable, or will prevent the Holder of this Note, upon the occurrence of an Event of Default hereunder, from exercising all rights, powers and remedies otherwise provided herein or by applicable law, except as otherwise expressly provided in this Section 8.
