Common use of Documents, Records and Funds in Possession of EMC Servicer to be Held for the Trustee Clause in Contracts

Documents, Records and Funds in Possession of EMC Servicer to be Held for the Trustee. Notwithstanding any other provisions of the Agreement, the EMC Servicer shall transmit to the Custodian on behalf of the Trustee as required by the Agreement all documents and instruments in respect of an EMC Mortgage Loan coming into the possession of the EMC Servicer from time to time and shall account fully to the Trustee for any funds received by the EMC Servicer or that otherwise are collected by the EMC Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any EMC Mortgage Loan. All Mortgage Files and funds collected or held by, or under the control of, the EMC Servicer in respect of any EMC Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including but not limited to, any funds on deposit in the Protected Account, shall be held by the EMC Servicer for and on behalf of the Trustee and shall be and remain the sole and exclusive property of the Trustee, subject to the applicable provisions of the Agreement. The EMC Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Protected Account or the Master Servicer Collection Account or in any Escrow Account, or any funds that otherwise are or may become due or payable to the Trustee for the benefit of the Certificateholders, to any claim, lien, security interest, judgment, levy, writ of attachment or other encumbrance, or assert by legal action or otherwise any claim or right of set off against any Mortgage File or any funds collected on, or in connection with, an EMC Mortgage Loan, except, however, that the EMC Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the EMC Servicer under the Agreement.