Common use of Incidents of Ownership Clause in Contracts

Incidents of Ownership. The assignment made hereby is executed as collateral security and the execution and delivery hereof shall not impair or diminish the Pledgor's right to exercise all incidents of ownership with respect to the Collateral and to receive all income therefrom; provided, that in the event that there is a default with respect to the Note (an "Event of Default"), the Pledgee shall have the right to receive income from the Collateral, which shall be applied by the Pledgee to installments of principal and interest under the Note in inverse order of maturity.