Common use of Assignment Absolute Clause in Contracts

Assignment Absolute. This Assignment shall be a present, irrevocable, absolute and unconditional assignment, and shall, immediately upon execution, give Lender the right to ▇▇▇ for, collect and receive all Rents and Security Deposits and to deal with the Leases as the lessor thereunder. Lender shall have the right to notify the Tenants of the existence of this Assignment, but Lender will not exercise its right to collect Rents or any other rights under this Article I unless an Event of Default (as hereinafter defined) occurs hereunder or under any of the other Loan Documents. So long as there is no Event of Default, the assignment in this Article I shall be subject to the limited license set forth in Article II.

Assignment Absolute. This Assignment shall be a present, irrevocable, absolute and unconditional assignment, and shall, immediately upon execution, give Lender the right to ▇▇▇ for, collect and receive all Rents and Security Deposits and to deal with the Leases as the lessor thereunder. Lender shall have the right to notify the Tenants of the existence of this Assignment, but Lender will not exercise its right to collect Rents or any other rights under this Article I unless an Event of Default (as hereinafter defined) occurs hereunder or hereunder, under any of the other Loan DocumentsDocuments or under any STAG IV Loan Document. So long as there is no Event of Default, the assignment in this Article I shall be subject to the limited license set forth in Article II.