Custody Procedure Clause Samples

The Custody Procedure clause outlines the specific steps and responsibilities for handling, storing, and safeguarding property or assets under the control of a party during the term of an agreement. It typically details who is responsible for the custody, the standards or protocols to be followed (such as security measures or record-keeping), and the process for transferring or returning the items at the end of the arrangement. This clause ensures that valuable or sensitive items are properly protected and accounted for, reducing the risk of loss, damage, or disputes over possession.
Custody Procedure. The Servicer shall hold all promissory notes and related documents Serviced hereunder on behalf of FMC and the secured party, if any, under the applicable Securitization Transaction. The Servicer shall maintain all original promissory notes in a fire resistant vault equipped with a security locking system. Microfilm of all promissory notes and related documents shall be maintained on-site at the Servicer's Servicing center located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ and at an off-site facility in a fire resistant vault with a security locking system. FMC or designated agent shall have the right to inspect all security procedures during Servicer’s regular business hours. The Servicer will provide FMC with sixty (60) days advance notice of any change in the physical location, external to the Servicer's Servicing center, including a relocation of the Servicer's Servicing center, of the promissory notes and related documents. All promissory notes at all times shall be stored in a state other than the State of Louisiana.
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Custody Procedure. The Servicer shall hold all Original Credit Agreements and related documents Serviced hereunder on behalf of the Owner and shall retain each such Credit Agreement and related documents until five (5) years after the earlier of (a) the date upon which the Student Loan evidenced by such Credit Agreement and related documents is paid in full or (b) the date upon which the Student Loan is deconverted from Servicer’s Servicing System. The Servicer shall maintain all Original Credit Agreements that have an original, wet signature in a fire resistant vault equipped with a fire suppression system which is connected to an alarm and a security locking system. Servicer shall create microfilm or electronic records of all Original Credit Agreements and related documents at no additional cost to FMC and shall maintain such microfilm or electronic records on-site at the Servicer’s Servicing center at Harrisburg, PA and at an off-site facility in a fire resistant vault equipped with (a) a fire suppression system which is connected to an alarm and (b) with a security locking system at least 100 miles away from the on site facility used to house the Original Credit Agreements and related documents. The Servicer shall supply FMC, upon request, microfilm or electronic copies of Original Credit Agreements and related documents. FMC or its designated agent shall have the right to inspect all security procedures during Servicer’s regular business hours. The Servicer shall provide FMC with sixty (60) days advance notice of any change in the physical location, of the Original Credit Agreements and related documents or any relocation of the Servicer’s Servicing center. All Original Credit Agreements at all times shall be stored in a state other than the State of Louisiana.
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Custody Procedure. If an applicable document has been forwarded to the Servicer, the Servicer shall hold all Original Credit Agreements and related documents Serviced hereunder on behalf of the Lender and shall retain each such Credit Agreement and Loan File until seven (7) years after the earlier of (a) the date upon which the Loan evidenced by such Credit Agreement and related documents is paid in full or (b) the date upon which the Loan is removed from Servicer’s Loan Servicing System. The Servicer shall maintain all Original Credit Agreements that have an original, wet signature in a fire resistant vault equipped with a fire suppression system which is connected to an alarm and a security locking system. Servicer shall create electronic records of all Original Credit Agreements and related documents at no additional cost to Lender and shall maintain such electronic records on-site at the Servicer’s Servicing center at Harrisburg, PA and at an off-site facility, including but not limited to copies of electronic records of Credit Agreements, and related documents. Upon request by the Lender, the Servicer shall supply Lender electronic copies of Original Credit Agreements and all related documents. Lender or its designated agent shall have the right to inspect all security procedures during Servicer’s regular business hours. The Servicer shall provide Lender with sixty (60) days advance notice of any change in the physical location of the Original Credit Agreements and related documents or any relocation of the Servicer’s Servicing center. All Original Credit Agreements at all times shall be stored in a state other than the State of Louisiana.
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Custody Procedure. The Servicer shall hold copies of all promissory notes, loan applications and truth-in-lending statements Serviced hereunder in trust for the benefit of the Owner and as bailee for the Indenture Trustee during the time in which they relate to Pledged Student Loans. Microfilm of all notes and related documents shall be maintained on-site and at an off-site facility in a fire resistant vault with a security locking system. The Owner shall have the right to inspect all security procedures during regular business hours.
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Custody Procedure. Servicer shall hold all Loan Files and related documents serviced hereunder on behalf of Lender in its possession for a period of seven (7) years after the earlier of (a) the date upon which the Loan evidenced by such Loan File and related documents is paid in full or (b) the date upon which the Loan is removed from Servicer’s Loan servicing system. To the extent that Servicer has received any Loan Files that have an original, wet signature, Servicer shall (a) maintain such Loan Files in a fire resistant vault equipped with a fire suppression system that is connected to an alarm and a security locking system, (b) provide Lender with the location of such physical Loan Files and (c) provide Lender with sixty (60) calendar days’ advance notice of any change in the location of such physical Loan Files. Servicer shall create electronic records of all Loan Files and related documents at no additional cost to Lender and shall maintain such electronic records within its data system and in a back-up system. Upon request by Lender, Servicer shall as promptly as practicable supply Lender electronic copies of Loan Files and all related documents.
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Custody Procedure. The Servicer shall hold all promissory notes and related documents Serviced hereunder in trust for the benefit of the Owner. The Servicer shall maintain all original promissory notes in a fire resistant vault equipped with a security locking system. Microfilm, or other imaging technology, of all promissory notes and related documents shall be maintained on-site and at an off-site facility in a fire resistant vault with a security locking system. The Owner shall have the right to inspect all security procedures during Servicer’s regular business hours.
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Related to Custody Procedure

  • Disbursement Procedure Subject to compliance by the Contracting Party with all the terms, provisions and conditions of this Agreement, including, but not limited to, the conditions precedent set forth within Sections 3, 4 and 5 hereof, the Board will cause its Depository to disburse sums to the Contracting Party, or to the appropriate payee, for the purpose of paying Costs of Construction items specified in the Approved Budget, in accordance with the following procedures:

  • Collection Procedure Escrow Agent is hereby authorized to deposit the proceeds of each wire in the Escrow Account.

  • Disbursement Procedures The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

  • Administrative Procedure iTrip staff will administer and determine whether a damage qualifies as Covered Damage. Such staff will have the sole authority to determine the nature and extent of damages, necessary repairs and eligibility for the waiver of liability described herein. The Covered Guest must report any theft or damage to the unit or its contents to iTrip staff by the time of check-out or any otherwise applicable damage waiver for such Covered Guest will be void. The iTrip Franchisee has ultimate claim administration authority. Arbitration is required prior to litigation.

  • Move-Out Procedure Prior to either (i) the expiry of the Term, or (ii) the date on which the Resident is to vacate the Residence (detailed in Table 1 & 3), the Manager, or designate, can be requested in advance by the Resident to complete a visual inspection of the Suite to view the state of cleanliness and repair. If no request to inspect the suite is made by the Resident, the inspection will take place once the Resident has vacated the suite. In the event the Resident chooses to have the inspection completed prior to vacating the suite, the Manager, or designate, will inspect the suite and inform the Resident of potential damage and/or cleaning charges and outline what steps the student may take to mitigate charges. On vacating, all garbage and belongings of the Resident must be removed, and the suite must be cleaned to the point of restoring the suite to its original condition. Once the Resident has vacated, the Manager, or designate, will complete a documented visual inspection of the Suite. In the event deficiencies are found, the cost of cleaning the suite and restoring it to its original state may be deducted from the Resident’s original Deposit. There is a minimum cleaning charge of