File Folders Clause Samples
The 'File Folders' clause establishes requirements for the organization, maintenance, and accessibility of physical or electronic file folders related to the agreement. It typically specifies how documents should be stored, who is responsible for maintaining them, and the standards for labeling or categorizing files. This clause ensures that all relevant records are systematically managed, making it easier to retrieve information when needed and supporting compliance with record-keeping obligations.
File Folders. The Seller shall place all Basic Papers delivered to the Custodian in an appropriate file folder and in a logical order, properly secured, and clearly marked with the Customer’s last name and the Loan Number. The Seller shall not deliver to the Custodian, nor shall the Custodian be required to assume, or deemed to have assumed, custody of the File for any Purchased Loan that does not contain all of the Basic Papers. If such an incomplete File is delivered to the Custodian, within one (1) Business Day following examination of such File within the applicable time frame specified in Section 3.1, the Custodian shall notify the Seller that the Custodian is retaining the File pending the Custodian’s receipt of the missing Basic Papers (although the related Purchased Loan shall have zero Purchase Value from the Sixth Business Day after such Purchase Loan has been purchased until all Basic Papers are so received, except to the extent (if any) that the Agent exercises its discretionary authority under the Current Repurchase Agreement to count and treat such Purchased Loan as having Purchase Value.) The Basic Papers required to be included in each File shall consist of all documents listed on Exhibit C.
File Folders. The Seller shall place all Basic Papers delivered to the Buyer in an appropriate file folder and in a logical order, properly secured, and clearly marked with the Customer’s last name and the Loan Number. The Seller shall not deliver to the Buyer, nor shall the Buyer be required to assume, or deemed to have assumed, custody of the File for any Purchased Loan that does not contain all of the Basic Papers. If such an incomplete File is delivered to the Buyer, within one (1) Business Day following examination of such File, the Buyer shall notify the Seller that the Buyer is retaining the File pending the Buyer’s receipt of the missing Basic Papers (although the related Purchased Loan shall have zero Purchase Value until all Basic Papers are so received except to the extent (if any) that the Buyer exercises its discretionary authority under Section 4.2(e) to count and treat such Purchased Loan as having Purchase Value).
File Folders. Prior to the Closing, each of the Transferred Employees may create a file folder (the “File Folder”) on the Fidelity file server and transfer to the File Folder such data or information as reasonably needed to continue to perform such Transferred Employee’s duties after the Closing; provided that such folders shall not include (i) any information that does not directly relate to the Mortgage Division, (ii) confidential information of Fidelity, (iii) any attorney-client privileged communications, or (iv) any consumer information. Fidelity shall have the right to inspect each File Folder and to remove any information that is not permitted to be included in the File Folder. Prior to and upon the Closing, each Transferred Employee’s File Folder, as well as mortgage shared file folders (subject to removal of any prohibited items) will be transmitted to the Transferred Employee’s First Federal File Folder.