Common use of Rights Prior to Default Clause in Contracts

Rights Prior to Default. Unless or until an “Event of Default” (as defined in Section 6 hereof) shall occur and be continuing, the Assignor shall have the right and license to collect, at the time (but in no event more than 30 days in advance) provided for the payment thereof, all rents, issues, income and profits assigned hereunder, and to retain, use and enjoy the same. Upon the occurrence of an Event of Default, the Assignor’s right and license to collect such rents, issues, income and profits shall immediately terminate without further notice thereof to the Assignor. The Assignee shall have the right to notify the tenants under the Leases of the existence of this Assignment at any time.