Custodian’s Review of Loan Files Sample Clauses

Custodian’s Review of Loan Files. On and after the date hereof, ACAS shall deliver to the Custodian a Loan Checklist for each Loan File simultaneously with the delivery of any Loan Files. Not later than five (5) business days following the Custodian’s receipt of any Loan Files and the related Loan Checklists from ACAS, the Custodian shall review such Loan Files in accordance with the procedures set forth in this Section 1.02 and promptly deliver to ACAS a receipt in the form attached hereto as Exhibit B (a “Receipt”) with respect to such Loan Files. If the Custodian during the process of reviewing the Loan Files finds any document constituting a part of a Loan File that is not properly executed, has not been received, is unrelated to a Loan identified in the related Loan Checklist, or does not conform to the description as set forth in the related Loan Checklist, the Custodian shall promptly so notify ACAS by listing such exceptions on Schedule B to the related Receipt. In addition, if in the process of reviewing any Loan File, the Custodian discovers that it has any documents in its possession that are not listed on the related Loan Checklist, the Custodian shall promptly return any such documents to ACAS. In performing any such reviews, the Custodian may conclusively rely on ACAS as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the Custodian’s review of the Loan Files is limited solely to confirming that the documents listed on the applicable Loan Checklist have been executed and received and relate to the Loans identified in such Loan Checklist; provided, however, with respect to the UCC financing statements referenced in the definition of Loan File, the Custodian’s sole responsibility will be to confirm that the Loan File contains UCC financing statements, if applicable or as identified on the Loan Checklist, and not to make determinations about the materiality of such UCC financing statements. For the avoidance of doubt, the parties hereto acknowledge that for Loan Files delivered prior to the date hereof, Loan Checklists are included in some, but not all, Loan Files being held by the Custodian (i.e., Loan Checklists may be included in Loan Files transferred from ACS Funding Trust I and ACS Funding Trust II, but not in other Loan Files delivered to the Custodian).
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Custodian’s Review of Loan Files. MCG shall deliver to the Custodian a Loan File Checklist for each Loan File and a List of Loans simultaneously with the delivery of any Loan Files. Not later than five (5) business days following the Custodian’s receipt of Loan Files from MCG, the Custodian shall review the Loan Files in accordance with the procedures set forth in this Section 1.02. If the Custodian, during the process of reviewing the Loan Files, finds that any document listed on the Loan File Checklist for a related Loan File has not been received, is not executed (if applicable) or is not an original (if required by the related Loan File Checklist), the Custodian shall so notify MCG. In addition, if the Custodian, during the process of reviewing the Loan Files, discovers that it has any documents in its possession that are not listed on a Loan File Checklist with respect to a Loan File, the Custodian shall promptly notify MCG and return any such documents to MCG. In performing any such review, the Custodian may conclusively rely on MCG as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the Custodian’s review of the Loan Files is limited solely to confirming that the documents listed on the related Loan File Checklist have been received, executed (if applicable), are originals (if required by the Loan File Checklist), and relate to the Loans identified in the List of Loans.
Sample 1

Related to Custodian’s Review of Loan Files

  • Review of Custodial Files The Custodian agrees, for the benefit of Certificateholders, to review, in accordance with the provisions of Section 2.02 of the Pooling and Servicing Agreement, each Custodial File and to provide the initial and final certifications in the forms of Exhibits N and O to the Pooling and Servicing Agreement in accordance with the provisions thereof. If in performing the review required by this Section 2.3 the Custodian finds any document or documents constituting a part of a Custodial File to be missing or defective, the Custodian shall follow the procedures specified in the Pooling and Servicing Agreement.

  • Mortgage Loan Files Section 9.1 Owner Mortgage Loan Files and Retained Mortgage Loan Files

  • Review of Mortgage Files (a) On or prior to the Closing Date, in accordance with Section 2.02 of the Pooling and Servicing Agreement, the Custodian shall deliver to the Trustee an Initial Certification in the form annexed hereto as Exhibit One evidencing receipt (subject to any exceptions noted therein) of a Mortgage File for each of the Mortgage Loans listed on the Schedule attached hereto (the "Mortgage Loan Schedule").

  • Complete Servicing File All documents comprising the Servicing File will be or have been delivered to the Master Servicer with respect to each Mortgage Loan by the deadlines set forth in the Pooling and Servicing Agreement and/or this Agreement.

  • Receivable Files Complete There exists a Receivable File pertaining to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian.

  • Review of Mortgage File The parties hereto acknowledge that the Custodian will be required to review the Mortgage Files pursuant to Section 2.02 of the Pooling and Servicing Agreement and if it finds any document or documents not to have been properly executed, or to be missing or to be defective on its face in any material respect, to notify the Purchaser, which shall promptly notify the Seller.

  • Custody of Trust Student Loan Files To assure uniform quality in servicing the Trust Student Loans and to reduce administrative costs, the Issuer hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuer and the Indenture Trustee as custodian of the following documents or instruments (collectively the “Trust Student Loan Files”) which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer with respect to each Trust Student Loan:

  • Custody of Receivable Files To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuer hereby revocably appoints the Servicer, and the Servicer accepts such appointment, to act for the benefit of the Issuer and the Indenture Trustee as custodian of the following documents or instruments which are hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer, as of the Closing Date with respect to each Receivable:

  • Asset Representations Review Representative The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of an Asset Representations Review.

  • Review of Mortgage Loans From the related Closing Date until the date 30 days after the related Closing Date, the Purchaser shall have the right to review the Mortgage Files and obtain BPOs on the Mortgaged Properties relating to the Mortgage Loans purchased on the related Closing Date, with the results of such BPO reviews to be communicated to the Company for a period up to 30 days after the related Closing Date. In addition, the Purchaser shall have the right to reject any Mortgage Loan which in the Purchaser's sole determination (i) fails to conform to Underwriting Guidelines, (ii) is underwritten without verification of the Mortgagor's income and assets and there is no credit report or FICO Score, (iii) the Purchaser deems the Mortgage Loan to not be an acceptable credit risk, or (iv) the value of the Mortgaged Property pursuant to any BPO varies by more than plus or minus 15% from the lesser of (A) the original appraised value of the Mortgaged Property or (B) the purchase price of the Mortgaged Property as of the date of origination. In the event that the Purchaser so rejects any Mortgage Loan, the Company shall repurchase the rejected Mortgage Loan at the Repurchase Price in the manner prescribed in Section 8(a) upon receipt of notice from the Purchaser of the rejection of such Mortgage Loan. Any rejected Mortgage Loan shall be removed from the terms of this Agreement. The Company shall make available all files required by Purchaser in order to complete its review, including all CRA/HMDA required data fields. To the extent that during the course of the Purchaser's initial review, the Purchaser discovers that the Mortgage Loans do not otherwise meet the Seller's Underwriting Guidelines or the terms of the Purchase Transaction, the Purchase shall have the right to carry out additional due diligence reviews, which additional due diligence shall be at the expense of the Company. Purchaser's decision to increase its due diligence review or obtain additional BPO's or other property evaluations is at its sole discretion. The additional review may be for any reason including but not limited to credit quality, property valuations, and data integrity. Any review performed by the Purchaser prior to the Closing Date does not limit the Purchaser's rights or the Company's obligations under this section.

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