Common use of LICENSE TO COLLECT Clause in Contracts

LICENSE TO COLLECT. The Assignee hereby grants to the Assignor a license to collect the Rents as such Rents respectively become due and to enforce the Subleases and the Guaranties, so long as no Lease Default exists (the "License"). The Assignor shall hold the Rents, or such portion of the Rents as is sufficient to discharge all sums currently due under the Lease Documents, in trust for use in satisfaction of the Obligations. The Assignor hereby irrevocably authorizes and directs each of the Sublessees under the Subleases and the guarantors under the Guaranties, upon receipt of a written notice from the Assignee so demanding, to pay all Rents due or which become due under the Subleases or the Guaranties to the Assignee and to continue to do so until otherwise notified by the Assignee. Neither the Sublessees, nor any of the guarantors under the Guaranties shall have any obligation to determine whether or not a Lease Default does in fact exist. Notwithstanding anything contained herein to the contrary, the Assignor agrees that the Assignee, and not the Assignor, shall be and is deemed to be the creditor of each Sublessee under each Sublease and each guarantor under each Guaranty with respect to any and all of the Rents which may be payable by any Sublessee under any Sublease and by any guarantor under any of the Guaranties on account of a default by the Sublessee under such Sublease, including, without limitation, any damages or further rentals payable by such Sublessee or such guarantor on account of or after such default, and in respect of all assignments for the benefit of creditors and bankruptcy, reorganization, insolvency, dissolution or receivership proceedings affecting any Sublessee under any Sublease or any guarantor under any of the Guaranties (without any obligation on the part of the Assignee, however, to file or make timely filings of claims in such proceedings or otherwise to pursue creditor's rights thereon), and the Assignee shall have the option to apply any money received or receivable by the Assignee as such creditor in reduction of the Obligations, whether or not a Lease Default shall then exist.

LICENSE TO COLLECT. The Assignee hereby grants to the Assignor a license to collect the Rents as such Rents respectively become due and to enforce the Subleases and the Guaranties, so long as no Lease Default exists (the "License")exists. The Assignor shall hold the Rents, or such portion of the Rents as is sufficient to discharge all sums currently due under the Lease Documents, in trust for use in satisfaction of the Obligations. The Assignor hereby irrevocably authorizes and directs each of the Sublessees under the Subleases and the guarantors under the Guaranties, upon receipt of a written notice from the Assignee so demanding, to pay all Rents due or which become due under the Subleases or the Guaranties to the Assignee and to continue to do so until otherwise notified by the Assignee. Neither the Sublessees, nor any of the guarantors under the Guaranties shall have any obligation to determine whether or not a Lease Default does in fact exist. Notwithstanding anything contained herein to the contrary, the Assignor agrees that the Assignee, and not the Assignor, shall be and is deemed to be the creditor of each Sublessee under each Sublease and each guarantor under each Guaranty with respect to any and all of the Rents which may be payable by any Sublessee under any Sublease and by any guarantor under any of the Guaranties on account of a default by the Sublessee under such Sublease, including, without limitation, any damages or further rentals payable by such Sublessee or such guarantor on account of or after such default, and in respect of all assignments for the benefit of creditors and bankruptcy, reorganization, insolvency, dissolution or receivership proceedings affecting any Sublessee under any Sublease or any guarantor under any of the Guaranties (without any obligation on the part of the Assignee, however, to file or make timely filings of claims in such proceedings or otherwise to pursue creditor's rights thereon), and the Assignee shall have the option to apply any money received or receivable by the Assignee as such creditor in reduction of the Obligations, whether or not a Lease Default shall then exist.