Common use of Possession of Credit Files Clause in Contracts

Possession of Credit Files. The contents of each Credit File required to be retained by Countrywide to service the Mortgage Loans pursuant to this Agreement and thus not delivered to the Purchaser or its designee are and shall be held in trust by Countrywide for the benefit of the Purchaser as the owner thereof. Countrywide’s possession of any portion of each such Credit File is at the will of the Purchaser for the sole purpose of facilitating servicing of the Mortgage Loans pursuant to this Agreement, and such retention and possession by Countrywide shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage and the contents of each Credit File is vested in the Purchaser and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of Countrywide shall immediately vest in the Purchaser and shall be retained and maintained, in trust, by Countrywide at the will of the Purchaser in such custodial capacity only. The Credit File retained by Countrywide with respect to each Mortgage Loan pursuant to this Agreement shall be appropriately identified in Countrywide’s computer system to reflect clearly the ownership of such related Mortgage Loan by the Purchaser. Countrywide shall release from its custody the contents of any Credit File retained by it only in accordance with this Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 3.03 of this Agreement or if required under applicable law or court order. Countrywide shall deliver to the Purchaser copies of any documents in a Mortgage File reasonably requested by the Purchaser within twenty (20) days of the date of receipt of such request, at the sole expense of the Purchaser.

Possession of Credit Files. The contents of each Credit File required to be retained by Countrywide to service the Mortgage Loans pursuant to this Agreement and thus not delivered to the Purchaser or its designee are and shall be held in trust by Countrywide for the benefit of the Purchaser as the owner thereof. Countrywide’s possession of any portion of each such Credit File is at the will of the Purchaser for the sole purpose of facilitating servicing of the Mortgage Loans pursuant to this Agreement, and such retention and possession by Countrywide shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage and the contents of each Credit File is vested in the Purchaser and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of Countrywide shall immediately vest in the Purchaser and shall be retained and maintained, in trust, by Countrywide at the will of the Purchaser in such custodial capacity only. The Credit File retained by Countrywide with respect to each Mortgage Loan pursuant to this Agreement shall be appropriately identified in Countrywide’s computer system to reflect clearly the ownership of such related Mortgage Loan by the Purchaser. Countrywide shall release from its custody the contents of any Credit File retained by it only in accordance with this Agreement, except when such release is required in connection with a repurchase of any such Mortgage Loan pursuant to Subsection 3.03 of this Agreement or if required under applicable law or court order. Countrywide shall deliver to the Purchaser copies of any documents in a Mortgage File reasonably requested by the Purchaser within twenty (20) days of the date of receipt of such request, at the sole expense of the Purchaser.