Common use of Delivery and Possession of Servicing Files Clause in Contracts

Delivery and Possession of Servicing Files. The parties acknowledge that KRECM did previously have possession of or control over, the Subservicing Files. KRECM shall on the Effective Date, transfer to the Subservicer electronically each of the servicing files relating to the Mortgage Loans in accordance with the Transfer Instructions. Upon receipt, the Subservicer shall acknowledge possession of the Subservicing Files. The contents of each Subservicing File are and shall be held in trust by the Subservicer for the benefit of the Trust as the owner thereof; the Subservicer’s possession of the contents of each Subservicing File is for the sole purpose of servicing the related Mortgage Loan; and such possession by the Subservicer shall be in a custodial capacity only. The Subservicer shall release its custody of the contents of any Subservicing File only in accordance with written instructions from KRECM, and upon request of KRECM, the Subservicer shall deliver to KRECM the requested Subservicing File or an electronic copy (in a format reasonably acceptable to KRECM) of any document contained therein. In addition, KRECM shall also complete the Subservicer’s standard electronic data transfer template for each Mortgage Loan and provide such electronic data transfer template to Subservicer on the Effective Date to enable the Subservicer to board the Mortgage Loans to its servicing system.

Delivery and Possession of Servicing Files. The parties acknowledge that KRECM did previously have possession of or control over, the Subservicing Files. KRECM shall on the Effective Date, transfer to the Subservicer electronically each of the servicing files relating to the Mortgage Loans in accordance with the Transfer Instructions. Upon receipt, the Subservicer shall acknowledge possession of the Subservicing Files. The contents of each Subservicing File are and shall be held in trust by the Subservicer for the benefit of the Trust as the owner thereof; the Subservicer’s 's possession of the contents of each Subservicing File is for the sole purpose of servicing the related Mortgage Loan; and such possession by the Subservicer shall be in a custodial capacity only. The Subservicer shall release its custody of the contents of any Subservicing File only in accordance with written instructions from KRECM, and upon request of KRECM, the Subservicer shall deliver to KRECM the requested Subservicing File or an electronic copy (in a format reasonably acceptable to KRECM) of any document contained therein. In addition, KRECM shall also complete the Subservicer’s 's standard electronic data transfer template for each Mortgage Loan and provide such electronic data transfer template to Subservicer on the Effective Date to enable the Subservicer to board the Mortgage Loans to its servicing system.