Common use of Trust Receipts Clause in Contracts

Trust Receipts. Within two Business Days after the receipt of the Investment Files pursuant to Section 2 hereof or such other time period mutually agreed to by the Borrower, the Agent and the Custodian, the Custodian shall ascertain that (i) all documents required to be delivered to it are in its possession, and (ii) that each note, certificate or other original collateral document, if any, listed in Schedule A to each Comfort Letter is an original, executed counterpart of such document, except as set forth on the exception schedule and (iii) shall deliver to the Agent a Trust Receipt substantially in the form of Exhibit 2 attached hereto. Each Trust Receipt issued hereunder shall be numbered sequentially, and the Custodian shall maintain a record of such numbers and the name of the party to which such Trust Receipt was issued. The Custodian makes no representation as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each Investment File or (ii) the collectability, insurability, effectiveness or suitability of any Portfolio Investment. The Custodian shall have no obligation to verify the receipt of any documents, the existence of which was not delivered or not made known to the Custodian as part of the Investment File, and the Custodian shall have no obligation to determine whether the recordation of any document is necessary, nor shall the Custodian be responsible for the value, form, substance, validity, perfection, priority, effectiveness or enforceability of any of such documents. The Custodian shall provide the Agent and the Borrower with an exception report which shall be attached to such Trust Receipt and shall specifically identify any missing endorsements or documents required to be delivered to the Custodian pursuant to Section 2 and the party or parties whose signatures may be required for any such endorsement. The Custodian shall have no duty to obtain any missing endorsement or document. The Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, executed by an authorized officer, or appropriate for the represented purpose or that they are other than what they purport to be on their face.

Trust Receipts. Within two five (5) Business Days after the receipt of the Investment Files pursuant to Section 2 hereof or such other time period mutually agreed to by the Borrower, the Agent and the Custodian, the Custodian shall ascertain that (i) all documents required to be delivered to it are in its possession, and (ii) that each note, certificate or other original collateral document, if any, listed in Schedule A to each Comfort Letter is an original, executed counterpart of such document, except as set forth on the exception schedule and (iii) shall deliver to the Agent and to the Borrower a Trust Receipt substantially in the form of Exhibit 2 attached hereto. Each Trust Receipt issued hereunder shall be numbered sequentially, and the Custodian shall maintain a record of such numbers and the name of the party to which such Trust Receipt was issued. The Custodian makes no representation as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each Investment File or (ii) the collectability, insurability, effectiveness or suitability of any Portfolio Investment. The Custodian shall have no obligation to verify the receipt of any documents, the existence of which was not delivered or not made known to the Custodian as part of the Investment File, and the Custodian shall have no obligation to determine whether the recordation of any document is necessary, nor shall the Custodian be responsible for the value, form, substance, validity, perfection, priority, effectiveness or enforceability of any of such documents. The Custodian shall provide the Agent and the Borrower with an exception report which shall be attached to such Trust Receipt and shall specifically identify any missing endorsements or documents required to be delivered to the Custodian pursuant to Section 2 and the party or parties whose signatures may be required for any such endorsement. The Custodian shall have no duty to obtain any missing endorsement or document. The Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, executed by an authorized officer, or appropriate for the represented purpose or that they are other than what they purport to be on their face.

Trust Receipts. Within two five (5) Business Days after the receipt of the Investment Files pursuant to Section 2 hereof or such other time period mutually agreed to by the Borrower, the Agent and the Custodian, the Custodian shall ascertain that (i) all documents required to be delivered to it are in its possession, and (ii) that each note, certificate or other original collateral document, if any, listed in Schedule A to each Comfort Letter is an original, executed counterpart of such document, based upon Custodian’s reasonable plain view review of such document and with the presumption each such document identified as an original in such Comfort Letter is an original, except as set forth on the exception schedule and (iii) shall deliver to the Agent and to the Borrower a Trust Receipt substantially in the form of Exhibit 2 attached hereto. Each Trust Receipt issued hereunder shall be numbered sequentially, and the Custodian shall maintain a record of such numbers and the name of the party to which such Trust Receipt was issued. The Custodian makes no representation as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any of the documents contained in each Investment File or (ii) the collectability, insurability, effectiveness or suitability of any Portfolio Investment. The Custodian shall have no obligation to verify the receipt of any documents, the existence of which was not delivered or not made known to the Custodian as part of the Investment File, and the Custodian shall have no obligation to determine whether the recordation of any document is necessary, nor shall the Custodian be responsible for the value, form, substance, validity, perfection, priority, effectiveness or enforceability of any of such documents. The Custodian shall provide the Agent and the Borrower with an exception report which shall be attached to such Trust Receipt and shall specifically identify identify, as reasonably determined by the Custodian, any missing endorsements or documents required to be delivered to the Custodian pursuant to Section 2 and the party or parties whose signatures may be required for any such endorsement. The Custodian shall have no duty to obtain any missing endorsement or document. The Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers to determine that they are genuine, enforceable, executed by an authorized officer, or appropriate for the represented purpose or that they are other than what they purport to be on their face. The Custodian shall be under no duty or obligation to inspect, review or examine any such documents, instruments, certificates or other papers identified as originals in any Comfort Letter beyond a reasonable plain view review of such document, instrument certificate or other paper.