Except as permitted by the Facility Documents, Seller shall not cause any of the Repurchase Assets  (including Transaction Mortgage Loans) and the Participation Certificates to be sold, pledged, assigned or transferred to the extent such sale, pledge, assignment or transfer would cause a default under the Facility Documents; nor shall Seller create, incur, assume or suffer to exist any mortgage, pledge, Lien, charge or other encumbrance of any nature whatsoever on any of the Repurchase Assets whether real, personal or mixed, now or hereafter owned, other than Liens in favor of Buyer or as permitted by the Facility Documents.