License to the Mortgagor. The Mortgagee hereby grants to the Mortgagor a license to collect and apply the Rents to use and exercise all benefits and rights with respect to the Leases, and to enforce the obligations of Tenants and perform the obligations of Landlord under the Leases. At the election of Mortgagee upon the occurrence and during the continuance of any Event of Default, the license granted in the immediately preceding sentence shall cease and terminate, upon notice to Mortgagor but without any other action or proceeding or the intervention of a receiver appointed by a court.
Appears in 4 contracts
Samples: Credit Agreement (Cpi International, Inc.), Credit Agreement (Cpi International, Inc.), Credit Agreement (Cpi International, Inc.)