Custody of Lease Files. (a) The Issuer hereby appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments (with respect to each Lease), which will be, as of the Closing Date (or, in the case of a Substitute Lease, as of the date of substitution in accordance with Section 9.2), in the possession of the Servicer or its agents:
(i) the fully executed original of the Lease (together with any agreements modifying the Lease, including, without limitation, any extension agreements);
(ii) all documents related to the Leases;
(iii) documents evidencing or related to any Insurance Policy, or copies thereof; and
(iv) such documents, if any, that Vendor Services keeps on file in accordance with its customary procedures indicating that the Equipment is owned or leased by the Obligor and subject to the interest of the lessor or secured party.
(b) The Servicer agrees to maintain the Lease Files at the locations where they are currently maintained, or at such other locations as shall from time to time be identified to the Trustee by written notice. The Servicer may temporarily move individual Lease Files or any portion thereof without notice as necessary to conduct collection and other servicing activities in accordance with its customary practices and procedures.
(c) As custodian, the Servicer shall have and perform the following powers and duties:
(i) hold the Lease Files on behalf of the Contributor, the Issuer, the Noteholders and the Trustee, maintain accurate records pertaining to each Lease to enable it to comply with the terms and conditions of this Agreement and the Related Documents, maintain a current inventory thereof and certify to the Trustee annually that it continues to maintain possession of such Lease Files;
(ii) implement written policies and procedures with respect to persons authorized to have access to the Lease Files and the receipting for Lease Files taken from their storage area by an employee of the Servicer for purposes of servicing or any other purposes; and
(iii) attend to all details in connection with maintaining custody of the Lease Files on behalf of the Contributor, the Issuer, the Noteholders and the Trustee.
(d) In performing its duties under this Section, the Servicer agrees to service the Leases in accordance with customary and usual procedures of institutions which service equipment Leases, installment sale contracts, promissory notes, loan and security agr...
Custody of Lease Files. The Custodian will hold and maintain in custody the following documents for each Lease (the “Lease Files”) for the benefit of the applicable Titling Company and the Collateral Agent, using reasonable care and according to the Underwriting Procedures and the Servicing Procedures:
(i) the original Lease, if in tangible form, or an authoritative copy, if in electronic form, clearly marked to show the applicable Titling Company as the owner of the Lease;
(ii) the credit application signed by the Lessee;
(iii) the original Certificate of Title and all related documents retained by the Servicer evidencing the ownership of the related Leased Vehicle; and
(iv) all other documents, notices and correspondence relating to the Lease, the related Leased Vehicle or the Lessee that the Servicer generates in the course of servicing the Lease and the Leased Vehicle. Except as stated above, any document in a Lease File may be a photocopy or in electronic format or may be converted to electronic format at any time. The Custodian will hold and maintain the Lease Files, including any receivables systems on which the Lease Files are electronically stored, in a manner that will permit the Servicer to comply with this Agreement and the Servicing Supplements and each Titling Company and the Collateral Agent to comply with the Credit and Security Agreement and the Exchange Note Supplements.
Custody of Lease Files. In connection with the contribution and sale of the Assets, Trans Leasing, in its capacity as the Servicer pursuant to the Pooling and Servicing Agreement, will retain custody of the Lease Files and any related evidence of Insurance Policies, Insurance Proceeds and other payments.
Custody of Lease Files. AFG shall, at its own expense, on or prior to the related Addition Date in the case of the Additional Leases deliver to the Custodian the related Lease Files to be held by the Custodian in accordance with the Custodian Agreement.
Custody of Lease Files. Simultaneously with the execution and delivery of this Agreement, COLT shall enter into the COLT Custodian Agreement with the COLT Custodian pursuant to which COLT shall revocably appoint the COLT Custodian, and the COLT Custodian shall accept such appointment, to act as the agent of COLT as COLT Custodian of the following documents or instruments, which shall be constructively delivered to COLT with respect to each Series 200_-__ Lease Asset on behalf of the COLT 200_-__ Secured Noteholders:
(a) the fully executed original of such Series 200_-__ Lease;
(b) documents evidencing or related to any insurance policy covering the related Vehicle;
(c) the original application of each Lessee, fully executed by each Lessee on a form that meets GMAC's customary origination standards;
(d) where permitted by law, the original certificate of title (as soon as it is received) and otherwise such documents, if any, that GMAC keeps on file in accordance with its customary procedures indicating that title to the Vehicle is in the name of VAULT and an interest as first lienholder or secured party is in the name of GMAC; and
(e) any and all other documents that GMAC keeps on file in accordance with its customary procedures relating to any Series 200_-__ Lease, Lessee or related Vehicle, including any written modifications or extensions.
Custody of Lease Files. In connection with the sale, transfer and assignment of the Sold Assets to COLT pursuant to this Agreement and the COLT 2007-SN1 Lease Assets Assignment, COLT, simultaneously with the execution and delivery of this Agreement, shall enter into the COLT Custodian Agreement with the COLT Custodian, pursuant to which COLT shall revocably appoint the COLT Custodian, and the COLT Custodian shall accept such appointment, to act as the agent of COLT as COLT Custodian of the following documents or instruments which shall be constructively delivered to COLT with respect to each Series 2007-SN1 Lease Asset:
(a) the fully executed original of the Program Lease for such Series 2007-SN1 Lease Asset;
(b) documents evidencing or related to any insurance policy covering the related Vehicle;
(c) the original application of each Lessee, fully executed by each Lessee on a form that meets the Seller's customary origination standards;
(d) where permitted by law, the original certificate of title (as soon as it is received) and otherwise such documents, if any, that the Seller keeps on file in accordance with its customary procedures indicating that title to the Vehicle is in the name of VAULT and an interest as first lienholder or secured party is in the name of the Seller; and
(e) any and all other documents that the Seller keeps on file in accordance with its customary procedures relating to the Program Lease for such Series 2007-SN1 Lease Asset or the related Lessee, including any written modifications or extensions of the related Program Lease. The items described in clauses (a) through (e) above are referred to collectively as the "Series 2007-SN1 Lease Asset Files."
Custody of Lease Files. Simultaneously with the execution and delivery of this Agreement, COLT shall enter into the COLT Custodian Agreement with the COLT Custodian pursuant to which COLT shall revocably appoint the COLT Custodian, and the COLT Custodian shall accept such appointment, to act as the agent of COLT as COLT Custodian of the following documents or instruments, which shall be constructively delivered to COLT with respect to each Series 20 -SN Lease Asset on or prior to the Series 20 -SN Closing Date on behalf of the COLT 20 -SN Secured Noteholders:
(a) the fully executed original of such Series 20 -SN Lease;
(b) documents evidencing or related to any insurance policy covering the related Vehicle;
(c) the original application of each Lessee, fully executed by each Lessee on a form that meets Ally Financial’s customary origination standards;
(d) where permitted by law, the original certificate of title (as soon as it is received) and otherwise such documents, if any, that Ally Financial keeps on file in accordance with its customary procedures indicating that title to the Vehicle is in the name of VAULT and an interest as first lienholder or secured party is in the name of Ally Financial; and
(e) any and all other documents that Ally Financial keeps on file in accordance with its customary procedures relating to any Series 20 -SN Lease, Lessee or related Vehicle, including any written modifications or extensions.
Custody of Lease Files. In connection with the assignment and transfer of the Leases and Lease Files to the Phoenix Finance Subsidiary pursuant to this Agreement, to PSSFC pursuant to the Receivables Transfer Agreement and to the Trust pursuant to the Pooling and Servicing Agreement, the Servicer will retain the Lease Files and any related evidence of insurance and payments all of which shall be held on behalf of the Trustee and the Certificateholders.
Custody of Lease Files. In connection with the contribution, assignment, transfer and conveyance of the Leases to Company pursuant to this Agreement, First Sierra, as Servicer under the Pooling and Servicing Agreement and agent of the Trustee will retain the Credit Files and any related evidence of insurance and payments; provided, however, that First Sierra will physically convey Lease Files, including, without limitation, the original executed contracts evidencing the Leases, to the Trustee.
Custody of Lease Files. To assure uniform quality in servicing the Leases and to reduce administrative costs, Issuer hereby revocably appoints Servicer, and Servicer hereby accepts such appointment, to act for the benefit of Issuer and Indenture Trustee as custodian of the following documents or instruments (collectively, the "Lease Files"), which are hereby constructively delivered to Indenture Trustee, as pledgee of Issuer (or, in the case of the Subsequent Leases, will as of the applicable effective date of any substitution be constructively delivered to Indenture Trustee, as pledgee of Issuer) with respect to each Lease:
(a) the original fully executed copy of the Lease;
(b) a record or facsimile of the original credit application fully executed by the Lessee;
(c) the original certificate of title or file stamped copy of the UCC financing statement or such other documents that Servicer shall keep on file, in accordance with its customary procedures, evidencing the security interest of ILC in the Equipment; and
(d) any and all other documents that Servicer or Transferor shall keep on file, in accordance with its customary procedures, relating to a Lease, a Lessee or any of the Equipment.
