Documents, Records and Funds in Possession of the Primary Servicer or Custodian to Be Held for the Trustee on Behalf of the Trusts.
(a) The Primary Servicer will transmit to the related Custodian, or hold in the Primary Servicer’s possession, in a file that is clearly identified by electronic or other means as being held for the benefit of the Trustee, all Mortgage Documents coming into its possession from time to time, as provided in Subsection 3.4(1). All Mortgage Documents and funds collected or held by, or under the control of, the Primary Servicer with respect to any Mortgage Loan will be held by the Primary Servicer for and on behalf of the Trust and will be and remain the sole and exclusive property of the Trust, until any release in accordance with Section 5.4(1).
(b) The Primary Servicer will be required to keep, or cause to be kept, accurate records of its servicing activities with respect to each Mortgage Loan that it services so as to evidence compliance with the requirements of the applicable provisions of this Article V. Each Servicing Contract will require the Primary Servicer to make these records available to the Issuer, the Master Servicer, the Guarantor and the Trustee at all times. The Issuer, Master Servicer, Guarantor and Trustee will have the right to receive, retain and use all information contained in such records.
Documents, Records and Funds in Possession of the Primary Servicer or Custodian to Be Held for the Trustee on Behalf of the Trusts.
(a) The Primary Servicer will transmit to the related Custodian, or hold in the Primary Servicer’s possession, in a file that is clearly identified by electronic or other means as being held for the benefit of the Trustee, all Mortgage Documents coming into its possession from time to time, as provided in Subsection 3.4(1). All Mortgage Documents and funds collected or held by, or under the control of, the Primary Servicer with respect to any Mortgage Loan will be held by the Primary Servicer for and on behalf of the Trust and will be and remain the sole and exclusive property of the Trust, until any release in accordance with Section 5.5.
(b) The Primary Servicer will be required to keep, or cause to be kept, accurate records of (i) collections of principal, interest and other payments received, and of expenses associated with servicing each Mortgage Loan, as the payments are received and expenses (other than the Primary Servicer’s general administrative expenses) incurred, (ii) the payment of taxes, assessments, ground rents and other charges that, if unpaid, could result in a lien on the Mortgaged Property, Defeasance Securities or Supplemental Collateral,
Documents, Records and Funds in Possession of the Primary Servicer or Custodian to Be Held for the Trustee on Behalf of the Trusts.
(a) The Primary Servicer will transmit to the related Custodian, or hold in the Primary Servicer’s possession, in a file that is clearly identified by electronic or other means as being held for the benefit of the Trustee, all Mortgage Documents coming into its possession from time to time, as provided in Subsection 3.4(1). All Mortgage Documents and funds collected or held by, or under the control of, the Primary Servicer with respect to any Mortgage Loan will be held by the Primary Servicer for and on behalf of the Trust and will be and remain the sole and exclusive property of the Trust, until any release in accordance with Section 5.5.
(b) The Primary Servicer will be required to keep, or cause to be kept, accurate records of (i) collections of principal, interest and other payments received, and of expenses associated with servicing each Mortgage Loan, as the payments are received and expenses (other than the Primary Servicer’s general administrative expenses) incurred, (ii) the payment of taxes, assessments, ground rents and other charges that, if unpaid, could result in a lien on the Mortgaged Property, Defeasance Securities or Supplemental Collateral, (iii) collection and loss mitigation and foreclosure efforts with respect to Mortgage Loans that become delinquent, in each case contemporaneously with such occurrences and (iv) substitutions, releases and additions to collateral, so as to evidence compliance with the requirements of the applicable provisions of this Article V. Each Servicing Contract will require the Primary Servicer to make these records available to the Issuer, the Master Servicer, the Guarantor and the Trustee at all times. The Issuer, Master Servicer, Guarantor and Trustee will have the right to receive, retain and use all information contained in such records.
