Common use of Documents, Records and Funds in Possession Clause in Contracts

Documents, Records and Funds in Possession. of the Servicers to Be Held for the Trustee. Each Servicer shall account fully to the Trustee for any funds received by such Servicer or which otherwise are collected by such Servicer as Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds in respect of any Mortgage Loan serviced by such Servicer. All Mortgage Files and funds collected or held by, or under the control of, a 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 its Collection Account, shall be held by such 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 this Agreement. Each Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in any Collection Account, the Distribution Account or 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 setoff against any Mortgage File or any funds collected on, or in connection with, a Mortgage Loan, except, however, that such Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to such Servicer under this Agreement.

Documents, Records and Funds in Possession. of the Servicers Subservicer to Be be Held for the Trustee. Each Servicer shall account fully to the Trustee for any funds received by such Servicer or which otherwise are collected by such Servicer as Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds in respect of any Mortgage Loan serviced by such Servicer. All Mortgage Files and funds collected or held by, or under the control of, a Servicer the Subservicer in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including, including but not limited to, any funds on deposit in its the Collection Account, shall be held by such Servicer the Subservicer 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 this Agreement. Each Servicer The Subservicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in any the Collection Account, the Certificate Account or Distribution Account or in any Escrow AccountAccount (as defined in Section 3.06), 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 setoff set off against any Mortgage File or any funds collected on, or in connection with, a Mortgage Loan, except, however, that such Servicer the Subservicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to such Servicer the Subservicer under this Agreement.

Documents, Records and Funds in Possession. of the Servicers Servicer to Be be Held for the Trustee. Each Servicer shall account fully to the Trustee for any funds received by such Servicer or which otherwise are collected by such Servicer as Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds in respect of any Mortgage Loan serviced by such Servicer. All Mortgage Files and funds collected or held by, or under the control of, a the Servicer in respect of any Mortgage Loans, whether from the collection of principal and interest payments or from Liquidation Proceeds, including, including but not limited to, any funds on deposit in its the Collection Account, shall be held by such the Servicer for and on behalf of the Trustee and shall be and remain the sole and exclusive property of the TrusteeIssuing Entity, subject to the applicable provisions of this Agreement. Each The Servicer also agrees that it shall not create, incur or subject any Mortgage File or any funds that are deposited in any the Collection Account, the Master Servicer Collection Account, the Distribution Account (as defined in the Pooling and Servicing Agreement) or in any Escrow Account, or any funds that otherwise are or may become due or payable to the Trustee Master Servicer or the Securities Administrator 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 setoff set off against any Mortgage File or any funds collected on, or in connection with, a Mortgage Loan, except, however, that such the Servicer shall be entitled to set off against and deduct from any such funds any amounts that are properly due and payable to such the Servicer under this Agreement.