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

Documents, Records and Funds in Possession of Master Servicer to be Held for the Indenture Trustee. Notwithstanding any other provisions of this Agreement, the Master Servicer shall transmit to the Indenture Trustee as required by this Agreement all documents and instruments in respect of a Mortgage Loan coming into the possession of the Master Servicer from time to time and shall account fully to the Indenture Trustee for any funds received by the Master Servicer or that otherwise are collected by the Master Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer in respect of any 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 Collection Account, shall be held by the Master Servicer for and on behalf of the Trust Estate and shall be and remain the sole and exclusive property of the Trust Estate, subject to the applicable provisions of this Agreement. The Master Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Collection Account, the Payment Account or in any Escrow Account (as defined in Section 3.06), or any funds that otherwise are or may become due or payable to the Indenture Trustee for the benefit of the Noteholders, 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, a Mortgage Loan, except, however, that the Master Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the Master Servicer under this Agreement.

Documents, Records and Funds in Possession of Master Servicer to be Held for the Indenture Trustee. Notwithstanding any other provisions of this Agreement, the Master Servicer shall transmit and cause the Servicer (to the extent provided by the ECC Capital Servicing Agreement) to transmit to the Indenture Trustee as required by this Agreement Agreement, or in the case of the Servicer, the ECC Capital Servicing Agreement, all documents and instruments in respect of a Mortgage Loan coming into the possession of the Master Servicer or the Servicer from time to time and shall account fully to the Indenture Trustee for any funds received by the Master Servicer or the Servicer or that otherwise are collected by the Master Servicer or the Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer in respect of any 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 Collection Account, shall be held by the Master Servicer for and on behalf of the Trust Estate and shall be and remain the sole and exclusive property of the Trust Estate, subject to the applicable provisions of this Agreement. The Master Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Collection Account, the Payment Account Account, the Carryover Reserve Fund or in any Escrow Account (as defined in Section 3.06), or any funds that otherwise are or may become due or payable to the Indenture Trustee for the benefit of the Noteholders, 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, a Mortgage Loan, except, however, that the Master Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the Master Servicer under this Agreement.

Documents, Records and Funds in Possession of Master Servicer to be Held for the Indenture Trustee. Notwithstanding any other provisions of this Agreement, the Master Servicer shall transmit and cause the Servicer (to the extent provided by the ECC Capital Servicing Agreement) to transmit to the Indenture Trustee as required by this Agreement Agreement, or in the case of the Servicer, the ECC Capital Servicing Agreement, all documents and instruments in respect of a Mortgage Loan coming into the possession of the Master Servicer or the Servicer from time to time and shall account fully to the Indenture Trustee and Securities Administrator for any funds received by the Master Servicer or the Servicer or that otherwise are collected by the Master Servicer or the Servicer as Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All Mortgage Files and funds collected or held by, or under the control of, the Master Servicer in respect of any 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 Collection Account, shall be held by the Master Servicer for and on behalf of the Trust Estate and shall be and remain the sole and exclusive property of the Trust Estate, subject to the applicable provisions of this Agreement. The Master Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in the Collection Account, the Payment Account or in any Escrow Account (as defined in Section 3.06), or any funds that otherwise are or may become due or payable to the Indenture Trustee Securities Administrator for the benefit of the Noteholders, 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, a Mortgage Loan, except, however, that the Master Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to the Master Servicer under this Agreement.