Common use of Possession of Mortgage Files Clause in Contracts

Possession of Mortgage Files. (a) Upon the issuance of the Certificates, the ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage File relating to the Initial Home Improvement Loans is, and upon each Subsequent Transfer Date the ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage File relating to the applicable Subsequent Home Improvement Loans will be, vested in the Co-Trustee for the benefit of the Certificateholders of the related Pool. (b) Pursuant to Section 2.04, the Originators have delivered or caused to be delivered each Trustee's Mortgage File relating to the Initial Home Improvement Loans to the Custodian and on each Subsequent Transfer Date the Originators will deliver or cause to be delivered each Trustee's Mortgage File relating to the related Subsequent Home Improvement Loans to the Custodian.

Possession of Mortgage Files. (a) Upon the issuance of the Certificates, the ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage File relating to the Initial Home Improvement Mortgage Loans is, and upon each Subsequent Transfer Date the ownership of each Mortgage Note, the Mortgage and the contents of the related Mortgage File relating to the applicable Subsequent Home Improvement Mortgage Loans will be, vested in the Co-Trustee for the benefit of the Certificateholders of the related Pool. (b) Pursuant to Section 2.04, the Originators have delivered or caused to be delivered each Trustee's Mortgage File relating to the Initial Home Improvement Mortgage Loans to the Custodian Trustee and on each Subsequent Transfer Date the Originators will deliver or cause to be delivered each Trustee's Mortgage File relating to the related Subsequent Home Improvement Mortgage Loans to the CustodianTrustee.