Common use of PLEDGE OF RIGHTS TO CERTAIN FUNDS AND INVESTMENTS Clause in Contracts

PLEDGE OF RIGHTS TO CERTAIN FUNDS AND INVESTMENTS. To secure Owner's obligations under this Agreement, to the extent, if any, that Owner retains an interest in and to all funds and accounts and investments of funds and accounts now or hereafter held by: (a) the Related Trustees under the Related Indentures as security for the payment of the Bonds, including the Principal Reserve Funds, and any and all loan funds, escrow funds, revenue funds, debt service funds, reserve funds, redemption funds and other funds and securities and other instruments comprising investments of any of the foregoing and interest and other income derived from any of the foregoing held as security for the payment of the Bonds, Owner hereby pledges and assigns to Xxxxxx Mae and grants to Xxxxxx Xxx a security interest in such funds, accounts, and investments which pledge, assignment and grant shall be subject only to the rights of each Related Trustee under the Related Indenture) and (b) by Servicer with respect to payments payable under any of the Transaction Documents including the Replacement Reserve Funds and any and all escrow funds, completion repair funds and other funds, and any securities and other instruments comprising investments of any of the foregoing and interest income and other proceeds derived from any of the foregoing. Owner covenants and agrees that it will defend Xxxxxx Mae's rights and security interests created by this section 4.11 against the claims and demands of all Persons except the Related Trustee. In addition to its other rights and remedies under this Agreement and the other Transaction Documents, Xxxxxx Mae shall have all the rights and remedies of a secured party under the Uniform Commercial Code or other applicable law with respect to the security interests created by this section 4.11, subject only to the rights of the Related Trustees under the Related Indentures. Xxxxxx Mae's rights under this section 4.11 are in addition to, and not in lieu of, its rights and remedies described elsewhere in this Agreement.

PLEDGE OF RIGHTS TO CERTAIN FUNDS AND INVESTMENTS. To secure Owner's Borrowers' obligations under this Agreement, to the extent, if any, that Owner retains the Borrowers retain an interest in and to all funds and accounts and investments of funds and accounts now or hereafter held byheld: by (a) the Related Trustees under the Related Indentures as security for the payment of the Bonds, including the Principal Reserve Funds, and any and all loan funds, escrow funds, revenue funds, debt service funds, reserve funds, redemption funds and other funds and securities and other instruments comprising investments of any of the foregoing and interest and other income derived from any of the foregoing held as security for the payment of the Bonds, Owner the Borrowers hereby pledges pledge and assigns assign to Xxxxxx Fannie Mae and grants grant to Xxxxxx Xxx Fannie Mae a security interest in such funds, accounts, and investments which pledge, assignment and grant shall be subject only to the rights of each Related Trustee under the Related Indenture) and (b) by Servicer with respect to payments payable under any of the Transaction Documents including the Replacement Reserve Funds Accounts and any and all escrow funds, completion repair funds and other funds, and any securities and other instruments comprising investments of any of the foregoing and interest income and other proceeds derived from any of the foregoing. Owner covenants The Borrowers covenant and agrees agree that it will defend Xxxxxx Fannie Mae's rights and security interests created by this section 4.11 against the claims and demands of all Persons except the Related TrusteePersons. In addition to its other rights and remedies under this Agreement and the other Transaction Documents, Xxxxxx Fannie Mae shall have all the rights and remedies of a secured party under the Uniform Commercial Code or other applicable law with respect to the security interests created by this section 4.11, subject only to the rights of the Related Trustees under the Related Indentures. Xxxxxx Fannie Mae's rights under this section 4.11 are in addition to, and not in lieu of, its rights and remedies described elsewhere in this Agreement.

PLEDGE OF RIGHTS TO CERTAIN FUNDS AND INVESTMENTS. To secure Owner's obligations under this Agreement, to the extent, if any, that Owner retains an interest in and to all funds and accounts and investments of funds and accounts now or hereafter held by: (a) the Related Trustees under the Related Indentures as security for the payment of the Bonds, including the Principal Reserve Funds, and any and all loan funds, escrow funds, revenue funds, debt service funds, reserve funds, redemption funds and other funds and securities and other instruments comprising investments of any of the foregoing and interest and other income derived from any of the foregoing held as security for the payment of the Bonds, Owner hereby pledges and assigns to Xxxxxx Mae and grants to Xxxxxx Xxx a security interest in such funds, accounts, and investments (which pledge, assignment and grant shall be subject only to the rights of each Related Trustee under the Related Indenture) ); and (b) by Servicer with respect to payments payable under any of the Transaction Documents including the Replacement Reserve Funds Accounts and any and all escrow funds, completion repair funds and other funds, and any my securities and other instruments comprising investments of any of the foregoing and interest income and other proceeds derived from any of the foregoing, Owner hereby pledges and assigns to Xxxxxx Xxx and grants to Xxxxxx Mae a security interest in such funds, accounts and instruments. Owner covenants and agrees that it will defend Xxxxxx Mae's rights and security interests created by this section 4.11 3.9 against the claims and demands of all Persons except the Related TrusteePersons. In addition to its other rights and remedies under this Agreement and the other Transaction Documents, Xxxxxx Mae shall have all the rights and remedies of a secured party under the Uniform Commercial Code or other applicable law with respect to the security interests created by this section 4.113.9, subject only to the rights of the Related Trustees under the Related Indentures. Xxxxxx Mae's rights under this section 4.11 3.9 are in addition to, and not in lieu of, its rights and remedies described elsewhere in this Agreement. Notwithstanding the foregoing, Owner and Xxxxxx Mae acknowledge and agree that any cash collateral held as of the Xxxxxx Xxx Facility Closing Date by or on behalf of Sumitomo Trust and Banking Company Limited in connection with the Existing Bond Issues shall be excluded from the grants, pledges and assignments provided in this section 3.9.

PLEDGE OF RIGHTS TO CERTAIN FUNDS AND INVESTMENTS. To secure Owner's obligations under this Agreement, to the extent, if any, that Owner retains an interest in and to all funds and accounts and investments of funds and accounts now or hereafter held by: (a) the Related Trustees under the Related Indentures as security for the payment of the Bonds, including the Principal Reserve Funds, and any and all loan funds, escrow funds, revenue funds, debt service funds, reserve funds, redemption funds and other funds and securities and other instruments comprising investments of any of the foregoing and interest and other income derived from any of the foregoing held as security for the payment of the Bonds, Owner hereby pledges and assigns to Xxxxxx Fannie Mae and grants to Xxxxxx Xxx Fannie Mae a security interest in such funds, accounts, and investments which pledge, assignment and grant shall be subject only to the rights of each Related Trustee under the Related Indenture) and (b) by Servicer with respect to payments payable under any of the Transaction Documents including the Replacement Reserve Funds and any and all escrow funds, completion repair funds and other funds, and any securities and other instruments comprising investments of any of the foregoing and interest income and other proceeds derived from any of the foregoing. Owner covenants and agrees that it will defend Xxxxxx Fannie Mae's rights and security interests created by this section 4.11 against the claims and demands of all Persons except the Related TrusteePersons. In addition to its other rights and remedies under this Agreement and the other Transaction Documents, Xxxxxx Fannie Mae shall have all the rights and remedies of a secured party under the Uniform Commercial Code or other applicable law with respect to the security interests created by this section 4.11, subject only to the rights of the Related Trustees under the Related Indentures. Xxxxxx Fannie Mae's rights under this section 4.11 are in addition to, and not in lieu of, its rights and remedies described elsewhere in this Agreement.