Common use of Limited Pledge of Servicing Clause in Contracts

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the Agency shall only secure Borrower’s debt to the Administrative Agent incurred for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing Agreement, the Acknowledgment Agreement, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx Xxx”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx Xxxxxx/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; (b) to all claims of Freddie Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the a Designated Agency shall only secure Borrower’s debt to the Administrative Agent Lender incurred under a facility used in whole or in part for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the such Designated Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing AgreementAgreements, the Acknowledgment AgreementAgreements, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Agency Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx XxxMac”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx XxxxxxMac Seller/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; and (b) to all claims of Freddie Xxxxxxx Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Xxxxxxx Mac; .” (f) Section 6.18 of the Loan Agreement is hereby amended and (c) the first-priority security interest of Freddie Mac restated in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.its entirety to read as follows:

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the a Designated Agency shall only secure Borrower’s debt to the Administrative Agent Lender incurred under a facility used in whole or in part for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the such Designated Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing AgreementAgreements, the Acknowledgment AgreementAgreements, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Agency Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx Xxx”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx Xxxxxx/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; and (b) to all claims of Freddie Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the Agency shall only secure Borrower’s debt to the Administrative Agent incurred for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing Agreement, the Acknowledgment Agreement, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx XxxFreddie Mac”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Freddie Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Freddie Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx XxxxxxFreddie Mac Seller/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; (b) to all claims of Freddie Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements servicing agreements with the a Designated Agency shall only secure Borrower’s debt to the Administrative Agent Lender incurred under a facility used in whole or in part for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the such Designated Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing AgreementAgreements, the Acknowledgment AgreementAgreements, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the The security interest publicized or perfected created by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of one or more of the Federal Home Loan Mortgage Corporation (“following: Xxxxxxx Xxx”) under Mac, under, and in connection with with, the Mortgage Selling and Servicing Contract and all applicable Pool Purchase DocumentsContracts between Xxxxxxx Mac and the Selling Guide, Servicing Guide, and other Guides, as that term each of such Guides is defined in amended from time to time (collectively, the Xxxxxxx Mac Single-Family Seller/Servicer Guide“Agency Contract”) which rights, which rights includepowers, and prerogatives includes, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) terminate the debtor named herein as an approved Xxxxxxx Xxx Xxxxxx/Servicer, Agency Contract with or without cause, cause and the right to terminate (in whole sell, or in part) have transferred, the unitary, indivisible master servicing contract Agency Servicing Rights as therein provided. 25 Credit and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; (b) to all claims of Freddie Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.Security Agreement

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the a Designated Agency shall only secure Borrower’s debt to the Administrative Agent Lender incurred under a facility used in whole or in part for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the such Designated Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing AgreementAgreements, the Acknowledgment AgreementAgreements, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Agency Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx XxxMac”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx XxxxxxMac Seller/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; and (b) to all claims of Freddie Xxxxxxx Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Xxxxxxx Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.

Limited Pledge of Servicing. Notwithstanding anything to the contrary in this Agreement or any of the other Loan Documents, the pledge of Borrower’s right, title and interest in mortgage servicing contract rights under Approved Servicing Agreements with the Agency shall only secure Borrower’s debt to the Administrative Agent incurred for the purposes of, or to refinance a facility used in whole or in part for the purposes of, purchasing Mortgage Loan servicing rights; provided, that the foregoing provisions of this paragraph shall be deemed automatically supplemented or amended if and to the extent the Agency supplements or amends the corresponding requirement, whether in its rules, regulations, guides, the Servicing Agreement, the Acknowledgment Agreement, or published announcements or otherwise waives or grants exceptions from such requirement, and in each instance, with the same substantive force and effect; and provided further that the security 28 Credit and Security Agreement / interest created hereby with respect to the Servicing Rights is subject to the following provision to be included in each financing statement filed in respect hereof: Notwithstanding anything to the contrary herein, the security interest publicized or perfected by this financing statement is subject and subordinate in each and every respect (a) to all rights, powers and prerogatives of the Federal Home Loan Mortgage Corporation (“Xxxxxxx Xxx”) under and in connection with the Purchase Documents, as that term is defined in the Xxxxxxx Mac Single-Family Seller/Servicer Guide, which rights include, without limitation, the right of Xxxxxxx Mac to disqualify (in whole or in part) the debtor named herein as an approved Xxxxxxx Xxx Xxxxxx/Servicer, with or without cause, and the right to terminate (in whole or in part) the unitary, indivisible master servicing contract and to transfer and sell all or any portion of said servicing contract rights, as provided in the Purchase Documents; (b) to all claims of Freddie Mac arising out of or relating to any and all breaches, defaults and outstanding obligations of the debtor to Freddie Mac; and (c) the first-priority security interest of Freddie Mac in the debtor’s right, title and interest in, to, and under such master servicing contract and certain other collateral identified in the Purchase Documents.