Common use of File Folders Clause in Contracts

File Folders. The Seller shall place all Basic Papers delivered to the Buyer in an appropriate file folder and in a logical order, properly secured, and clearly marked with the Customer’s last name and the Loan Number. The Seller shall not deliver to the Buyer, nor shall the Buyer be required to assume, or deemed to have assumed, custody of the File for any Purchased Loan that does not contain all of the Basic Papers. If such an incomplete File is delivered to the Buyer, within one (1) Business Day following examination of such File, the Buyer shall notify the Seller that the Buyer is retaining the File pending the Buyer’s receipt of the missing Basic Papers (although the related Purchased Loan shall have zero Purchase Value until all Basic Papers are so received except to the extent (if any) that the Buyer exercises its discretionary authority under Section 4.2(e) to count and treat such Purchased Loan as having Purchase Value).