Common use of Encumbrances on Personal Property and Subleases Clause in Contracts

Encumbrances on Personal Property and Subleases. Lessor hereby consents to Lessee's grant, if any, to any Lessee Lender of a security interest in the personal property owned by Lessee and located at the Sites and a collateral assignment of subleases of the interest of Lessee in all or any portion of the Sites and the rents, issues and profits therefrom, if any and a pledge of any equity interests in Lessee. Lessor agrees that any interest that Lessor may have in such personal property, whether granted pursuant to this Agreement or by statute, shall be subordinate to the interest of any Lessee Lender.