POSSESSION OF LOAN FILES. (a) Upon the issuance of the Series 1997-I Notes and Certificates, the ownership of each Note, the Mortgage, if applicable, and the contents of the related Loan File relating to the Initial Loans is, and upon each Subsequent Transfer Date the ownership of each Note, the Mortgage, if applicable, and the contents of the related Loan File relating to the applicable Subsequent Loans will be, vested in the Issuer for the benefit of the Noteholders and the Certificateholders, as the case may be.
POSSESSION OF LOAN FILES. (a) Upon the issuance of the Series 1998-C Notes, the ownership of each Mortgage Note, the Mortgage and the contents of the related Loan File relating to the Loans is vested in the Issuer for the benefit of the Noteholders, the Certificateholders and the Note Insurer, as the case may be.
POSSESSION OF LOAN FILES. The contents of each Loan File related to a Loan shall be delivered to the Custodian and a copy shall be retained by the Servicer to service the Loans pursuant to this Agreement. The Servicer’s possession of any portion of each such Loan File is at the sole discretion of the Lender for the sole purpose of facilitating servicing of the Loans pursuant to this Agreement. The ownership of each Note, Mortgage and the contents of each Loan File is vested in the Lender and the ownership of all records and documents with respect to the related Loan prepared by or which come into the possession of the Servicer shall immediately vest in the Lender and shall be delivered promptly by the Servicer to the Custodian. The copy of the Loan File retained or otherwise held by the Servicer with respect to each Loan pursuant to this Agreement shall be appropriately identified in the Servicer’s computer system to reflect clearly the ownership of such related Loan by the Lender. The Servicer shall deliver to the Lender copies of any documents in a Loan File reasonably requested by the Lender within three (3) Business Days of the date of such request.
POSSESSION OF LOAN FILES. The Seller does hereby sell to the Purchaser, without recourse but subject to the terms of this Agreement, all of its right, title and interest in, to and under (i) each HELOC identified in the Closing Schedule, including its principal balance (including Additional Balances related thereto) and all collections in respect thereof received after the Cut-Off Date, (ii) property that secured a HELOC that is acquired by foreclosure or deed in lieu of foreclosure and (iii) the Originator’s rights under the Insurance Policies. The contents of each Loan File not delivered to the Purchaser or to any assignee, transferee or designee of the Purchaser on or prior to the Closing Date are and shall be held in trust by the Seller for the benefit of the Purchaser or any assignee, transferee or designee of the Purchaser. Upon the sale of the HELOCs, the ownership of each Mortgage and the related Credit Line Agreement and the other contents of the related Loan File is vested in the Purchaser and the ownership of all records and documents with respect to the related HELOC prepared by or that come into the possession of the Seller on or after the Closing Date shall immediately vest in the Purchaser and shall be delivered immediately to the Purchaser or as otherwise directed by the Purchaser.
POSSESSION OF LOAN FILES. In connection with Imperial's appointment of Servicer to service the RALs as described in Section 6.02 herein, Servicer or EROs on behalf of Servicer (such Person, the "Custodian"), shall hold each RAL Note executed by an Obligor and any other related documentation with respect to the servicing of each Loan, including but not limited to, any application, terms of application, loan agreement and disclosure statement or canceled check (together, the "Loan File"), and shall flag its electronic records of each Loan to indicate that such Loan has been transferred hereunder. Imperial acknowledges that each Custodian maintaining possession of any Loan File will be holding such Loan File as agent and bailee for HTMAC or HTMAC's Assignee to the extent of the Participation Interest. At all times during the Initial Term and any Renewal Term, Imperial shall have full, free and immediate access to all Loan Files and related documentation and information in whatever media it may be maintained (a) upon reasonable advance notice to Servicer, if Servicer is serving as Custodian, and (b) upon notice to the applicable third party, as permitted by contract with that third party, and in conjunction with Servicer's Compliance Officer, if that third party is serving as Custodian. Imperial acknowledges that HTMAC's Assignee will also have access rights to all Loan Files, and that if an event of default or servicer default occurs under the Purchase Agreement, HTMAC's Assignee will have the right, with the prior consent of Imperial, which shall not be unreasonably withheld, to replace the Servicer with another Person, and to appoint a new Custodian to hold all Loan Files.
POSSESSION OF LOAN FILES. On the related Purchase Date, the ownership of each Note, Security Instrument and all Loan Documents is vested in MaxCap and the ownership of all records and Loan Documents prepared by, or which come into the possession of Client will immediately vest in MaxCap and will be delivered to MaxCap (or its designee) in accordance with the terms of the Seller Guide. Originals of Loan Documents not delivered to MaxCap or its designee on or prior to the Purchase Date are and shall be held in trust by Client for the benefit of MaxCap as the owner thereof and shall be available for review by MaxCap upon request. Copies of any Loan Documents retained by Client with respect to each Loan pursuant to this Agreement or the Seller Guide shall be appropriately identified in Client's computer system to reflect clearly the ownership of such related Loan by MaxCap. .
