Common use of No Pledge Clause in Contracts

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder to the Junior NoteholderNoteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder Noteholders shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Noteholders shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder to the Junior NoteholderNoteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder Noteholders to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its their share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior any Noteholder to the Junior another Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder Noteholders shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Noteholders shall be entitled to receive its their share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder Noteholders to the Junior NoteholderNoteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder Noteholders shall not have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Noteholders shall be entitled to receive its their share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder Noteholders to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder to the Junior NoteholderNoteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the each Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Noteholders shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder Noteholders to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder Noteholders to the Junior NoteholderNoteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the each Junior Noteholder shall not have any interest in any property taken as security for the Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Noteholders shall be entitled to receive its their share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by (i) the Senior Noteholder Participant to the Junior NoteholderParticipant or (ii) the Junior Participant to the Senior Participant. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder Participant shall not have any interest in any property taken as security for any Mortgage Loan (other than to be the Mortgage Loan, named party of record thereon); provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder Participant shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the Mortgage Loan by the Senior Noteholder Participant to the Junior NoteholderParticipant. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder Participant shall not have any interest in any property taken as security for the Mortgage Loan, ; provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be receivedapplied in reduction of the principal balance of the Loan, then the Junior Noteholder Participant shall be entitled to receive its pro rata share of such application thereof (determined in accordance with the terms of this Agreement and/or Senior Participation Principal Balance and the Servicing AgreementJunior Participation Principal Balance).

No Pledge. This Agreement shall not be deemed to represent a pledge of any Note or other interest in the Mortgage Loan by the Senior Noteholder any one or more Noteholders to the Junior Noteholderany one or more other Noteholders. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.

No Pledge. This Agreement shall not be deemed to represent a pledge of any interest in the any Mortgage Loan by the Senior Noteholder to the Junior Noteholder. Except as otherwise provided in this Agreement and the Servicing Agreement, the Junior Noteholder shall not have any interest in any property taken as security for the any Mortgage Loan, provided, however, that if any such property or the proceeds of any sale, lease or other disposition thereof shall be received, then the Junior Noteholder shall be entitled to receive its share of such application in accordance with the terms of this Agreement and/or the Servicing Agreement.