Common use of Retention of Property by Seller in Trust Clause in Contracts

Retention of Property by Seller in Trust. From and after the Sale Date, the sole and exclusive ownership of the Servicing Rights shall vest in the Purchaser. Any possession or control of the Mortgage Files or other related books, records, accounts, funds or other property representing or relating to the Servicing Rights by the Seller following the Sale Date shall be possessed or held by the Seller solely in trust on behalf of, and in a fiduciary capacity for and at the will of, the Purchaser, except that the Seller may retain and maintain copies of documents and records from the Mortgage Files or its prior origination or servicing activities to the extent such documents and records are necessary or appropriate to comply with licensing or other laws applicable to its prior or ongoing business activities.

Retention of Property by Seller in Trust. From and after the applicable Sale Date, the sole and exclusive ownership of the Servicing Rights sold on such Sale Date shall vest in the Purchaser. Any possession or control of the Mortgage Files or other related books, records, accounts, funds or other property representing or relating to the Servicing Rights by the Seller following the applicable Sale Date shall be possessed or held by the Seller solely in trust on behalf of, and in a fiduciary capacity for and at the will of, the Purchaser, except that the Seller may retain and maintain copies of documents and records from the Mortgage Files or its prior origination or servicing activities to the extent such documents and records are necessary or appropriate to comply with licensing or other laws applicable to its prior or ongoing business activitiesApplicable Requirements and Seller’s records retention policy.

Retention of Property by Seller in Trust. From and after the Sale Date, the sole and exclusive ownership of the Servicing Rights shall vest in the Purchaser. Any possession or control of the Mortgage Files or other related books, records, accounts, funds or other property representing or relating to the Servicing Rights by the Seller following the Sale Date shall be possessed or held by the Seller solely in trust on behalf of, and in a fiduciary capacity for and at the will of, the Purchaser, except that the Seller may retain and maintain copies of documents and records from the Mortgage Files or its prior origination or servicing activities to the extent such documents and records are necessary or appropriate to comply with licensing or other laws applicable to its prior or ongoing business activitiesApplicable Requirements.