Common use of Prohibition Against Encumbrance Clause in Contracts

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Servicer from pledging or transferring its rights under and in accordance with the provisions of the Servicing Contract or from transferring a portion of the Excess Spread with respect to a Mortgage Loan as provided in paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Servicer from pledging or transferring its rights under and in accordance with the provisions of the Servicing Contract or from transferring a portion of the Excess Spread or Designated Excess Spread with respect to a Mortgage Loan as provided in clause (viii) of paragraph (a) of Subsection 5.1(4), paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Primary Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property Property, Defeasance Securities or Supplemental Collateral that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Primary Servicer from pledging or transferring its rights under and in accordance with the provisions of the Servicing Contract or from transferring a portion of the Excess Spread or Designated Excess Spread with respect to a Mortgage Loan as provided in clause (vii) of paragraph (a) of Subsection 5.1(4), paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).5.1(7).‌

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Primary Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property Property, Defeasance Securities or Supplemental Collateral that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Primary Servicer from pledging or transferring its rights under and in accordance with the provisions of the Servicing Contract or from transferring a portion of the Excess Spread with respect to a Mortgage Loan as provided in clause (vii) of paragraph (a) of Subsection 5.1(4), paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Primary Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property Property, Defeasance Securities or Supplemental Collateral that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Primary Servicer from pledging or transferring its rights under and in accordance with the the‌ provisions of the Servicing Contract or from transferring a portion of the Excess Spread with respect to a Mortgage Loan as provided in clause (vii) of paragraph (a) of Subsection 5.1(4), paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).

Prohibition Against Encumbrance. Except as may otherwise be provided expressly in the Trust Documents, neither Xxxxxx Xxx (in any of its corporate capacities) nor the Trustee will, directly or indirectly (by causing or permitting a Direct Primary Servicer, a Custodian or other agent or independent contractor to do so), assign, sell, dispose of or transfer all or any portion of or interest in the Trust Fund, or permit all or any portion of the Trust Fund to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance of any other Person. Nothing in this Subsection 2.1(5) prevents the Borrower from causing the Mortgaged Property Property, Defeasance Securities or Supplemental Collateral that secures a Mortgage Loan included in such Trust Fund to become subject to another lien, nor a Direct Primary Servicer from pledging or transferring its rights under and in accordance with the provisions of the Servicing Contract or from transferring a portion of the Excess Spread with respect to a Mortgage Loan as provided in clause (vii) of paragraph (a) of Subsection 5.1(4), paragraph (b) of Subsection 5.1(6) or Subsection 5.1(7).5.1(7).‌