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 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 Mortgage Loans will be, vested in the Trustee (or, with respect to the Pool III Mortgage Loans, 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 Mortgage Loans to the Trustee (or, with respect to the Pool III Mortgage Loans, 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 Mortgage Loans to the Trustee (or, with respect to the Pool III Mortgage Loans, 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 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 Mortgage Loans will be, vested in the Trustee (or, with respect to the Pool III Mortgage Loans, the Co-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 Mortgage Loans to the Trustee (or, with respect to the Pool III Mortgage Loans, 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 Mortgage Loans to the Trustee (or, with respect to the Pool III Mortgage Loans, the Custodian).