Common use of Acknowledgement of Subordination Clause in Contracts

Acknowledgement of Subordination. Notwithstanding anything contained herein to the contrary, Secured Party acknowledges and agrees that its security interest in the Collateral is subordinate in all respects to the security interest of the Banks in the Collateral to the extent provided in the Intercreditor Agreement, dated as of the date hereof (the "Intercreditor Agreement"), between Secured Party and the Banks and that all rights, remedies and powers of Secured Party hereunder with respect to the Collateral (including without limitation those set forth in Sections 5, 6 and 7 hereof) shall be subject to and limited by the superior rights of the Banks to the extent provided in the Intercreditor Agreement. In furtherance of the foregoing, Secured Party agrees to execute and deliver to the Banks a subordination agreement containing such terms as the Banks may reasonably request with respect to the foregoing and any other matter to be covered thereby.