Possession of Files. All Purchased Loan Files at any time delivered to the Custodian hereunder shall be held by the Custodian in a fire resistant vault, drawer or other suitable depository maintained and controlled solely by the Custodian, in a manner customarily used by institutional mortgage documents custodians and not commingled with any other assets or property of, or held by, the Custodian for others. The Custodian shall also make appropriate notations in the Custodian’s books and records to reflect that the File has been purchased by the Buyers, and the Buyers own such File.
Possession of Files. Upon the occurrence of one or more Events of Default, Buyer shall have the right to obtain physical possession of all files of Seller relating to the Purchased Loans and the Repurchase Assets and all documents relating to the Purchased Loans which are then or may thereafter come in to the possession of Seller or any third party acting for Seller and Seller shall deliver to Buyer such assignments as Buyer shall request. Buyer shall be entitled to specific performance of all agreements of Seller contained in the Repurchase Documents.
Possession of Files. Without any limitation of Sections 2(a) or (b) hereof, following the Custodian's receipt of each File the Custodian shall retain possession and custody thereof, subject to the terms of this Agreement, for the exclusive benefit of, in trust for, and as bailee and agent of, the related Secured Party and for purposes (i) of perfecting the related Secured Party's ownership or security interest therein, to the extent available under applicable law, and (ii) of restricting the possession thereof by any Person except as permitted in accordance with the terms of this Agreement, until and unless such security interest in any Contract or Mortgage Loan is released pursuant to the terms of Section 4 hereof. Upon such receipt the Custodian shall also make appropriate notations in the Custodian's books and records reflecting that the File is owned or has been pledged to the related Secured Party and that the related Secured Party has acquired and holds an ownership or a security interest therein. Notwithstanding any other provisions of this Agreement, the Custodian shall not at any time exercise or seek to enforce any claim, right or remedy, including any statutory or common law rights of set-off, that it might otherwise have against all or any Documents or the proceeds thereof.
Possession of Files. Upon the sale of the Mortgage Loans, the ownership of each related Mortgage Loan and the contents of the related Loan File shall immediately vest in the Trust. The contents of any Loan File in the possession of the Originator or the Depsoitor at any time after such sale, and any scheduled payments of principal and interest on the Mortgage Loans due after the Cut-Off Date and received by the Originator or the Depositor, shall be held in trust by the Originator or the Depositor, as the case may be, for the benefit of the Trust as the owner thereof, and shall be promptly delivered by the Originator or the Depositor, as applicable, to or upon the order of the Sponsor on behalf of the Trust.
Possession of Files. Such Home Equity Loan has been delivered to the ------------------- Trustee or a Custodian as of the Closing Date.
Possession of Files. Following the Seasoned Warehouse Agent's receipt of each File or any papers subsequently added to it, the Seasoned Warehouse Agent shall retain possession and custody of them, for and on behalf of the Seasoned Warehouse Lenders, Pro Rata, and as the agent and bailee for the Seasoned Warehouse Lenders for the purpose of maintaining continuous perfection of the Lien of the Seasoned Warehouse Agent, as Representative of the Seasoned Warehouse Lenders. Upon such receipt the Seasoned Warehouse Agent shall also make appropriate notations in the Seasoned Warehouse Agent's books and records to reflect that the File has been pledged to the Seasoned Warehouse Agent for and on behalf of the Seasoned Warehouse Lenders, Pro Rata, which has acquired and holds a Lien and security interest on and in such File, for and on behalf of the Seasoned Warehouse Lenders, Pro Rata.
Possession of Files. The Seller does hereby sell, transfer, assign, set over and convey to the Purchaser, without recourse but subject to the terms of this Agreement, all of its right, title and interest in, to and under the Initial Home Equity Loans. On each Subsequent Transfer Date the Seller will sell, transfer, assign, set over and convey to the Purchaser, without recourse but subject to the terms of this Agreement, all of its right, title and interest in, to and under the Subsequent Home Equity Loans, the contents of each File relating to Home Equity Loans not delivered to the Purchaser or to any assignee, transferee or designee of the Purchaser on or prior to the Closing Date or Subsequent Transfer Date, as applicable, which shall be held in trust by the Seller for the benefit of the Purchaser or any assignee, transferee or designee of the Purchaser and immediately transferred to the Trustee. Upon the sale of the Home Equity Loans the ownership of each Note, the related Mortgage and the other contents of the related File is vested in the Purchaser and the ownership of all records and documents with respect to the related Home Equity Loan prepared by or that come into the possession of the Seller on or after the Closing Date shall immediately vest in the Purchaser and shall be delivered immediately to the Purchaser or as otherwise directed by the Purchaser.
Possession of Files. Upon the occurrence of one or more Events of Default, the Administrative Agent shall have the right to obtain physical possession of all files of the Seller relating to the Purchased Mortgage Loans and the Repurchase Assets and all documents relating to the Purchased Mortgage Loans which are then or may thereafter come in to the possession of the Seller or any third party acting for the Seller and the Seller shall deliver to the Administrative Agent such assignments as the Administrative Agent shall request. The Administrative Agent shall be entitled to specific performance of all agreements of the Seller contained in the Repurchase Documents.
