LICENSE TO COLLECT. Lender grants to Assignor a revocable license to hold and administer the Security Deposits and to collect the Rents as they respectively become due and to enforce the Leases and to exercise the rights of lessor thereunder, so long as there is no Event of Default by Assignor hereunder. Assignor hereby irrevocably authorizes and directs that upon the occurrence of any Event of Default, each of the Tenants under the Leases, upon receipt of a written notice from Lender so demanding, are to pay all Rent and Security Deposits due or which becomes due under its Lease to Lender.
LICENSE TO COLLECT. Subject to Mortgagee's rights under Section 11, Mortgagee hereby confers upon Mortgagor a non-exclusive license to collect and retain the Rents as they become due and payable.
LICENSE TO COLLECT. Subject to Beneficiary's rights under ------------------ Article XI, Trustee and Beneficiary hereby confer upon Trustor a revocable, non- exclusive license to collect and retain the Rents as they become due and payable.
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. Beneficiary hereby grants to Trustor an exclusive license, revocable upon occurrence of an Event of Default, to possess, use, and enjoy the Mortgaged Properties and to collect and retain the proceeds of and from the Mortgaged Properties, unless and until an Event of Default occurs.
LICENSE TO COLLECT. The assignment granted in Section 4.1 is, however, subject to a right, prior to the occurrence of an Event of Default, hereby granted by Mortgagee to Mortgagor, but limited as hereinafter provided, to collect and receive all of the Rents, Losses or Rebates, Damages, and Abatements.
LICENSE TO COLLECT. Subject to Mortgagee's rights under Article ------------------ XI, Mortgagee hereby confers upon Mortgagor a non-exclusive license to collect and retain the Rents as they become due and payable.
LICENSE TO COLLECT. Notwithstanding anything to the contrary contained herein, but subject in all events to the terms of Section 15 of the Note and Section 40 of the Mortgage which are incorporated by reference herein, Lender grants to Borrower a revocable license (a "Revocable License") to collect, hold, administer and distribute the Rents, Revenues and Security Deposits as they respectively become due, to enforce the Leases, and to exercise the rights of the landlord or licensor thereunder so long as no Event of Default has occurred and is continuing, subject to Management Company's rights and responsibilities under the Hotel Management Agreement, as modified or affected by the terms of that certain Agreement Concerning Hotel Management Agreement dated of even date herewith by and between Borrower, Lender and Marriott Hotel Services, Inc.(the "ACHMA"). Subject to Management Company's rights and responsibilities under the Hotel Management Agreement as modified or affected by the terms of the ACHMA, Borrower hereby irrevocably authorizes and directs each of the Lessees under the Leases, upon receipt of a written notice from Lender so demanding, to pay all Rents, Revenues and Security Deposits due or which become due to Lender. Borrower hereby irrevocably authorizes and directs Management Company to hold, apply and disburse all Rents, Revenues and Security Deposits to which Borrower has a right, title or interest under the Hotel Management Agreement, as bailee for Lender, subject to the terms of the Hotel Management Agreement as modified or affected by the terms of the ACHMA, and upon Lender's request to promptly pay all such Rents, Revenues and Security Deposits to Lender. The Revocable License shall be revocable by written notice sent by Lender to Borrower, and shall be revocable only if an Event of Default exists under one of the Loan Documents, and Lender agrees not send any such notice or otherwise make such demand on the Lessees or Management Company unless an Event of Default exists hereunder. If all outstanding Events of Default are cured or waived prior to Acceleration of Maturity (as defined in the Note), Lender agrees that Borrower shall be entitled to and shall automatically receive a new Revocable License under the exact same terms and conditions.
LICENSE TO COLLECT. The parties intend that this Assignment shall be a present, absolute and unconditional assignment and shall, immediately upon execution, give Assignee the right to collect the Rents and Profits and to apply them in payment of all sums payable by Assignor under each of the Secured Obligations as provided above. However, Assignee hereby grants to Assignor a license to collect, use and enjoy, subject to the provisions set forth below and in the Deed of Trust, the Rents and Profits as they respectively become due and to enforce the Leases, so long as no Event of Default has occurred and is continuing. In addition, Assignor shall have those rights and obligations with respect to the Leases as are set forth in the Deed of Trust and the Credit Agreement. Nothing contained herein, nor any collection of Rents and Profits by Assignee or by a receiver, shall be construed to make Assignee a "mortgagee-in-possession" of the Property so long as Assignee has not itself entered into actual possession of the Property.
LICENSE TO COLLECT. This Assignment constitutes a present, absolute assignment of the Leases and the Rents. Nevertheless, subject to the terms of this Section 3, Assignee grants to Assignor a revocable license to collect (but not prior to accrual) the Rents. Assignor shall hold the Rents, or a portion thereof sufficient to discharge all sums due currently from time to time under the Term Loan Documents, in trust for Assignee for the payment of such sums. Upon or at any time after an Event of Default, the license granted to Assignor herein shall, at the election of Assignee, be automatically revoked.
