Common use of Separate Actions Clause in Contracts

Separate Actions. 31 Section 9.16 Full Recourse Obligations; Effect of Fraudulent Transfer Laws 31 Section 9.17 Governing Law; Venue; Waiver of Jury Trial 31 EXHIBITS Exhibit A Security Agreement Joinder Exhibit B Perfection Certificate - #PageNum# - THIS PLEDGE AND SECURITY AGREEMENT, dated as of August 31, 2012 (as the same may be amended, restated or otherwise modified from time to time, this “Agreement”), among: (i) PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”); (ii) each of the Subsidiaries (as defined in the Credit Agreement referred to below) of the Borrower that is a signatory hereto (each such Subsidiary, together with each Additional Grantor (defined below) that becomes a party hereto pursuant to Section 9.14 hereof and together with the Borrower, collectively, the “Grantors” and, individually, each a “Grantor”); and (iii) KEYBANK NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”), for the benefit of the Secured Creditors (as defined below):

Separate Actions. 31 Section 9.16 Full Recourse Obligations; Effect of Fraudulent Transfer Laws 31 Section 9.17 Governing Law; Venue; Waiver of Jury Trial 31 EXHIBITS Exhibit A Security Agreement Joinder Exhibit B Perfection Certificate - #PageNum# - THIS PLEDGE AND SECURITY AGREEMENT, dated as of August 31, 2012 (as the same may be amended, restated or otherwise modified from time to time, this “Agreement”), among: (i) PREFERRED APARTMENT COMMUNITIES OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “Borrower”); (ii) each of the Subsidiaries (as defined in the Credit Agreement referred to below) of the Borrower that is a signatory hereto (each such Subsidiary, together with each Additional Grantor (defined below) that becomes a party hereto pursuant to Section 9.14 hereof and together with the Borrower, collectively, the “Grantors” and, individually, each a “Grantor”); and (iii) KEYBANK NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”), for the benefit of the Secured Creditors (as defined below):