Common use of Maintenance of Servicing Files Clause in Contracts

Maintenance of Servicing Files. The Servicer shall maintain a Servicing File consisting of all documents necessary to service the Mortgage Loans. The possession of each Servicing File by the Servicer is for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer is in a custodial capacity only. The Servicer acknowledges that the ownership of each Mortgage Loan is vested in the Owner. All rights arising out of the Mortgage Loans including all funds received on or in connection with the Mortgage Loans and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Servicer shall be received and held by the Servicer for the sole purpose of servicing the Mortgage Loans and such retention and possession by the Servicer is in a custodial capacity only in trust for the exclusive benefit of the Owner as the owner of the related Mortgage Loans. Any portion of the related Servicing Files retained by the Servicer shall be appropriately identified in the Servicer's computer system to reflect clearly the ownership of the related Mortgage Loans by the Owner. The Servicer shall release its custody of the contents of the related Servicing Files only in accordance with written instructions of the Owner, except when such release is required as incidental to the Servicer's servicing of the Mortgage Loans, such written instructions shall not be required. At least 15 days prior to the related transfer date, the Servicer shall provide the prior servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use commercially reasonable efforts to ensure that (i) the prior servicer delivers the contents of the Servicing Files to the Servicer for receipt no more than five (5) Business Days after the related transfer date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the prior servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (ii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and prior servicer's loan number.

Maintenance of Servicing Files. The Servicer shall maintain a Servicing File consisting of all documents necessary to service the Mortgage Loans. The possession of each Servicing File by the Servicer is at the will of the Owner, for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer is in a custodial capacity only. The Servicer acknowledges that the ownership of each Mortgage Loan is Loan, including the Mortgage Note, the Mortgage, the contents of the related Mortgage File and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, has been vested in the Owner. All rights arising out of the Mortgage Loans including including, but not limited to, all funds received on or in connection with the Mortgage Loans and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Servicer shall be received and held by the Servicer for the sole purpose of servicing the Mortgage Loans and such retention and possession by the Servicer is in a custodial capacity only in trust for the exclusive benefit of the Owner as the owner of the related Mortgage Loans. Any portion of the related Servicing Mortgage Files retained by the Servicer shall be appropriately identified in the Servicer's computer system to clearly reflect clearly the ownership of the related Mortgage Loans by the Owner. The Servicer shall release its custody of the contents of the related Servicing Mortgage Files only in accordance with written instructions of the Owner, except when such release is required as incidental to the Servicer's servicing of the Mortgage LoansLoans or is in connection with a repurchase of any Mortgage Loan or Loans with respect thereto pursuant to this Agreement, such written instructions shall not be required. At least 15 days prior to the related transfer date, the Servicer shall provide the prior servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use commercially reasonable efforts to ensure that (i) the prior servicer delivers the contents of the Servicing Files to the Servicer for receipt no more than five (5) Business Days after the related transfer date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the prior servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (ii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and prior servicer's loan number.

Maintenance of Servicing Files. The Servicer shall maintain a Servicing File consisting of all documents necessary to service the each Mortgage LoansLoan. The possession of each Servicing File by the Servicer is for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer is in a custodial capacity only. The Servicer acknowledges that the ownership of each Mortgage Loan, including the Mortgage Note, the Mortgage, all other Mortgage Loan is Documents and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith, has been vested in the OwnerOwner and that the Owner has pledged to the Lender each Mortgage Loan, including the Mortgage Note, the Mortgage, all other Mortgage Loan Documents and all rights, benefits, proceeds and obligations arising therefrom or in connection therewith. All rights arising out of the Mortgage Loans including including, but not limited to, all funds received on or in connection with the Mortgage Loans and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Servicer shall be received and held by the Servicer for the sole purpose of servicing the Mortgage Loans and such retention and possession by the Servicer is in a custodial capacity only in trust for the exclusive benefit of the Owner Lender as the owner pledgee of the related Mortgage LoansLoans pursuant to the Custodial Agreement. Any portion of the related Servicing Files retained by the Servicer shall be appropriately identified in the Servicer's computer system to clearly reflect clearly the ownership of the related Mortgage Loans by the OwnerOwner and the perfected first priority security interest therein of the Lender. The Servicer shall release its custody of the contents of the related Servicing Files only in accordance with written instructions of the OwnerOwner (with the written consent of the Lender), except when such release is required as incidental to the Servicer's servicing of the Mortgage Loans, such written instructions shall not be required. At least 15 days prior to the related transfer date, the Servicer shall provide the prior servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use commercially reasonable efforts to ensure that (i) the prior servicer delivers the contents of the Servicing Files to the Servicer for receipt no more than five (5) Business Days after the related transfer date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the prior servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (ii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and prior servicer's loan number.

Maintenance of Servicing Files. The Servicer shall, or shall cause the Subservicer to, maintain a Servicing File consisting of all documents necessary to service the Mortgage Loans. The possession of each Servicing File by the Servicer or the Subservicer is for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer or the Subservicer is in a custodial capacity only. The Each of the Servicer and the Subservicer acknowledges that the ownership of each Mortgage Loan is vested in the OwnerIssuing Entity. All rights arising out of the Mortgage Loans including all funds received on or in connection with the Mortgage Loans and all records or documents with respect to the Mortgage Loans prepared by or which come into the possession of the Servicer or the Subservicer shall be received and held by the Servicer or the Subservicer for the sole purpose of servicing the Mortgage Loans and such retention and possession by the Servicer or the Subservicer is in a custodial capacity only in trust for the exclusive benefit of the Owner Issuing Entity as the owner of the related Mortgage Loans and the Indenture Trustee on behalf of the Noteholders as the secured party with respect to the Mortgage Loans. Any portion of the related Servicing Files retained by the Servicer or the Subservicer shall be appropriately identified in the Servicer's ’s or the Subservicer’s computer system to reflect clearly the ownership of the related Mortgage Loans by the OwnerIssuing Entity and the security interest therein of the Indenture Trustee. The Servicer or the Subservicer shall release its custody of the contents of the related Servicing Files only in accordance with written instructions of the OwnerMaster Servicer, except when such release is required as incidental to the Servicer's ’s or the Subservicer’s servicing of the Mortgage Loans, such written instructions shall not be required. At least 15 days prior to the related transfer date, the Servicer shall provide the prior servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use commercially reasonable efforts to ensure that (i) the prior servicer delivers the contents of the Servicing Files to the Servicer for receipt no more than five (5) Business Days after the related transfer date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the prior servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (ii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and prior servicer's loan number.

Maintenance of Servicing Files. The Servicer Company agrees to sell and Purchaser agrees to purchase, from time to time, those certain Mortgage Loans identified on the Mortgage Loan Schedule annexed to the related Assignment and Conveyance as Exhibit A. The Company, simultaneously with the payment of the Purchase Price shall execute and deliver to the Purchaser an Assignment and Conveyance with respect to the related Mortgage Loan Package(s) to be acquired hereunder, in the form attached hereto as Exhibit L. Pursuant to Section 2.03, the Company, on or prior to the date set forth in the related Trade Confirmation, shall have delivered the Mortgage Loan Documents for each Mortgage Loan in the Mortgage Loan Package to the Custodian. The Purchaser, on any Closing Date, shall be obligated to purchase only the Mortgage Loans set forth in the related Mortgage Loan Schedule, subject to the terms and conditions of this Agreement and the related Trade Confirmation. The contents of each Mortgage File not delivered to the Custodian are and shall be held in trust by the Company for the benefit of the Purchaser as the owner thereof. The Company shall maintain a Servicing File consisting of all a copy of the contents of each Mortgage File and the originals of the documents necessary in each Mortgage File not delivered to service the Mortgage LoansCustodian. The possession of each Servicing File by the Servicer Company is at the will of the Purchaser for the sole purpose of servicing the related Mortgage Loan, and such retention and possession by the Servicer Company is in a custodial capacity only. The Servicer acknowledges that Upon the sale of the Mortgage Loans the ownership of each Mortgage Loan is vested Note, the related Mortgage and the related Mortgage File and Servicing File shall vest immediately in the Owner. All rights arising out Purchaser, and the ownership of the Mortgage Loans including all funds received on or in connection with the Mortgage Loans and all records or and documents with respect to the related Mortgage Loans Loan prepared by or which come into the possession of the Servicer Company shall vest immediately in the Purchaser and shall be received retained and held maintained by the Servicer for Company, in trust, at the sole purpose will of servicing the Mortgage Loans Purchaser and such retention and possession by the Servicer is in a custodial capacity only in trust for such custodial capacity. Each Servicing File shall be segregated from the exclusive benefit other books and records of the Owner as Company and shall be marked appropriately to reflect clearly the owner sale of the related Mortgage Loans. Any portion of Loan to the related Servicing Files retained by the Servicer shall be appropriately identified in the Servicer's computer system to reflect clearly the ownership of the related Mortgage Loans by the OwnerPurchaser. The Servicer Company shall release its custody of the contents of the related any Servicing Files File only in accordance with written instructions of from the OwnerPurchaser, except when unless such release is required as incidental to the Servicer's Company’s servicing of the Mortgage Loans, such written instructions shall not be required. At least 15 days prior Loans or is in connection with a repurchase of any Mortgage Loan pursuant to the related transfer date, the Servicer shall provide the prior servicer with transfer procedures outlining the delivery requirements for the Servicing Files. The Owner shall use commercially reasonable efforts to ensure that (i) the prior servicer delivers the contents of the Servicing Files to the Servicer for receipt no more than five (5) Business Days after the related transfer date; (ii) the delivery of each Servicing File is accompanied by an electronic transmittal to include, at a minimum, the prior servicer's loan number, the Mortgagor's last name, the original loan amount and the box number for each Servicing File; (ii) each box of Servicing Files contains a hard copy of the electronic transmittal for the Servicing Files contained in such box; and (iv) the Servicing Files are in a consistent stacking order, secured and clearly labeled with the Mortgagor's name and prior servicer's loan numberSection 3.03 or 6.02.