Acknowledgment of the Lease. The Owner Trustee and the Mortgagee acknowledge and agree for the benefit of each Permitted Lessee that notwithstanding any other provisions hereof to the contrary, the Lien of this Mortgage shall, so long as no Lease Event of Default has occurred and is continuing, be expressly subject to all of the rights of such Permitted Lessee under the applicable lease.
Appears in 2 contracts
Sources: Credit Agreement (Willis Lease Finance Corp), Credit Agreement (Willis Lease Finance Corp)