Common use of Custodian’s Review of Loan Files Clause in Contracts

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).

Custodian’s Review of Loan Files. On and after the date hereof, ACAS ACS shall deliver to the Custodian a Loan Checklist for each Loan File List of Loans simultaneously with the delivery of any Loan Files. Not later than five (5) business days following the Custodian’s 's receipt of any the Loan Files and the related Loan Checklists from ACASACS, the Custodian shall review such the 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 Files1.02. If the Custodian during the process of reviewing the Loan Files finds any document constituting a part of a Loan File that which is not properly executed, has not been received, is unrelated to a Loan identified in the related Loan ChecklistList of Loans, or does not conform in a material respect to the requirements of the definition of Loan File, or the description thereof as set forth in the related Loan ChecklistList of Loans, the Custodian shall promptly so notify ACAS by listing such exceptions on Schedule B to the related ReceiptACS. In addition, if in the process of reviewing any the Loan FileFiles, the Custodian discovers that it has any documents in its possession that are possession, which do not listed on the related constitute a part of a Loan ChecklistFile, the Custodian shall promptly return any such documents to ACASACS. In performing any such reviewsreview, the Custodian may conclusively rely on ACAS ACS as to the purported genuineness of any such document and any signature thereon. It is understood that the scope of the Custodian’s 's review of the Loan Files is limited solely to confirming that the documents listed on in the applicable definition of Loan Checklist File have been executed and received and relate to the Loans identified in such Loan Checklistthe List of Loans; provided, however, with respect to the UCC financing statements referenced in the definition of Loan File, the Custodian’s 's sole responsibility will be to confirm that the Loan File contains UCC financing statements, if applicable or as identified on the Loan Checklist, statements and not to make determinations about the materiality of such UCC financing statements. For the avoidance ACS agrees to use reasonable efforts to remedy a material defect in a document constituting part of doubt, the parties hereto acknowledge that for a Loan Files delivered prior to the date hereof, Loan Checklists are included in some, but not all, Loan Files being held File of which it is so notified 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).

Custodian’s Review of Loan Files. On and after the date hereof, ACAS shall deliver to the Custodian a list of Loan Checklist for each Documents (as defined in the Loan File Funding Agreement) simultaneously with the delivery of any Loan Files. Not later than five (5) business days following the Custodian’s receipt of any the Loan Files and the related Loan Checklists from ACAS, the Custodian shall review such the 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 Files1.02. 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 ChecklistList (as defined in the Loan Funding Agreement), or does not conform in a material respect to the requirements of the definition of Loan File, or the description thereof as set forth in the related Loan ChecklistList, the Custodian shall promptly so notify ACAS by listing such exceptions on Schedule B to the related ReceiptACAS. In addition, if in the process of reviewing any the Loan FileFiles, the Custodian discovers that it has any documents in its possession that are do not listed on the related constitute a part of a Loan ChecklistFile, the Custodian shall promptly return any such documents to ACAS. In performing any such reviewsreview, 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 in the applicable definition of Loan Checklist File have been executed and received and relate to the Loans identified in such the Loan ChecklistList; 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, statements 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).