Custodial Capacity. Subject to Subsection 5.4(2), the Master Servicer or Trustee may permit a Direct Servicer or Custodian (without regard to whether such Person is also the Seller of a Mortgage Loan or its affiliate) to hold Mortgage Documents in a custodial capacity. The Master Servicer may adopt and modify its policies and procedures regarding the custody of Mortgage Documents from time to time, subject to the general standard of care in Subsection 5.1(1). Neither the Master Servicer nor the Trustee will have liability arising from the possession of Mortgage Documents by a Seller or its affiliate in accordance with this Subsection 3.4(2), provided the custody of Mortgage Documents is in accordance with the policies and procedures of the Master Servicer at that time.
Custodial Capacity. Any and all documents, agreements, directions and/or other forms executed by Millennium in the course of establishing or maintaining any MTC Client Account on the books and records of the FCM are executed, not individually, but solely in its capacity as custodian and Millennium make no representations or warranties concerning any information furnished by a Client. Millennium shall not be individually liable for any debt, fee, Shortfall or other obligation of either the Client, the Millennium Account or the MTC Client Account; and
