Common use of Present Assignment Clause in Contracts

Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment, provided that the Assignor shall have the right to collect, but not prior to accrual (except as permitted by Section 15 above), all of the Rents, and to retain, use and enjoy the same unless and until an Event of Default shall occur under the Loan Agreement, this Subordinate Mortgage or the Indenture or the Assignor shall have breached any warranty or covenant in this Assignment. Any Rents which accrue prior to an Event of Default under the Loan Agreement or this Subordinate Mortgage or the Indenture but are paid thereafter shall be paid to the Assignee.

Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment, provided that the Assignor shall have the right to collect, but not prior to accrual (except as permitted by Section 15 paragraph 2 above), all of the Rents, and to retain, use and enjoy the same unless and until an Event of Default shall occur under the Loan Agreement, this Subordinate Mortgage or the Indenture or the Assignor shall have breached any warranty or covenant in this Assignment. Any Rents which that accrue prior to an Event of Default under the Loan Agreement or this Subordinate Mortgage or the Indenture but are paid thereafter shall be paid to the Assignee.

Present Assignment. This Assignment shall constitute a perfected, absolute and present assignment, provided that the Assignor shall have the right to collect, but not prior to accrual (except as permitted by Section paragraph 15 above), all of the Rents, and to retain, use and enjoy the same unless and until an Event of Default shall occur under the Loan Agreement, this Subordinate Mortgage Agreement or the Indenture Mortgage or the Assignor shall have breached any warranty or covenant in this Assignment. Any Rents which accrue prior to an Event of Default under the Loan Agreement or this Subordinate Mortgage or the Indenture but are paid thereafter shall be paid to the Assignee.