Common use of Pledge and Security Clause in Contracts

Pledge and Security. Each Pledgor hereby pledges all of its respective right, title, and interest in and to, and grants a first lien on, and security interest in, the Collateral to the Secured Party to secure the obligation of the Pledgors to make payments of Residual Excess Servicing to the Secured Party in accordance with Section 9(c) of the Securitization Access Agreement, which obligation is evidenced by the Synthetic Residual Certificate in the form of Exhibit I to the Securitization Access Agreement.

Pledge and Security. Each Pledgor hereby pledges all of its respective right, title, and interest in and to, and grants a first lien on, and security interest in, the Collateral to the Secured Party to secure the obligation of the Pledgors to make payments of Residual Excess Servicing Deferred Premium Payments to the Secured Party in accordance with Section 9(c9(d) of the Securitization Access Agreement, which obligation is evidenced by the Synthetic Residual Certificate in the form of Exhibit I to the Securitization Access Agreement.