Documents Not Delivered to Custodian Clause Samples
The "Documents Not Delivered to Custodian" clause defines the procedures and responsibilities when certain documents expected to be held by a custodian are not received. Typically, this clause outlines the steps the custodian must take to notify relevant parties of missing documents, and may specify timelines for delivery or remedies if the documents remain outstanding. Its core function is to ensure transparency and accountability in the document custody process, minimizing risks associated with incomplete or missing documentation.
Documents Not Delivered to Custodian. All original documents relating to the Mortgage Loans which are part of the Master Servicer Mortgage File are and shall be held by the Master Servicer, in trust for the benefit of the Trustee on behalf of the Certificateholders. The legal ownership of all records and documents with respect to each Mortgage Loan prepared by or which come into the possession of the Master Servicer shall immediately vest in the Trustee, in trust for the benefit of the Certificateholders.
Documents Not Delivered to Custodian. All original documents relating to the Mortgage Loans which are part of the Servicer Mortgage File are and shall be held by the Servicer, in trust for the benefit of the Trustee on behalf of the Certificateholders. The legal ownership of all records and documents with respect to each Mortgage Loan prepared by or which come into the possession of the Servicer shall immediately vest in the Trustee, in trust for the benefit of the Certificateholders.