Common use of Acceptance of Mortgage Files Clause in Contracts

Acceptance of Mortgage Files. The parties hereto acknowledge that, on the Closing Date, Bank One Trust Company, N.A. ("Bank One") has possession of the Mortgage Files. On the Closing Date, Bank One will issue a trust receipt to the Trustee, with copies to each of the Seller and the Servicer, certifying that it possesses the Mortgage Note relating to each Mortgage Loan. The Custodian, as the duly appointed agent of the Trustee for these purposes, acknowledges that it will hold the Mortgage Notes, the Related Documents, the assignments and other documents required to be delivered by the Seller to the Custodian pursuant to Section 2.01(a) of the Agreement and relating to the Mortgage Loans identified on Schedule I hereto and declares that it will hold such Mortgage Notes, Related Documents, assignments and other documents and any similar documents received by the Trustee subsequent to the date hereof (the "Mortgage Files") as agent for the Trustee, in trust, for the benefit of all present and future Certificateholders. The Custodian agrees to execute the Initial Certification and the Final Certification described in Section 2.02 and set forth on Exhibits O and P of the Agreement. The Custodian, at the request of the Trustee, shall furnish to the Trustee an electronic file describing all outstanding exceptions to the items to be delivered to the Seller.