Common use of Custody Procedure Clause in Contracts

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.