Common use of Maintenance of Papers, Records and Files Clause in Contracts

Maintenance of Papers, Records and Files. (i) Each Borrower shall maintain or cause Asset Managers to maintain all Servicing Records with respect to the Contributed Properties not in the possession of Diligence Agent or Lender in good and complete condition in accordance with industry practices and preserve them against loss or destruction. (ii) Borrowers shall collect and maintain or cause to be collected and maintained, complete Servicing Records relating to the Contributed Properties, including those maintained pursuant to subsection (i), and all such Records shall be at all times available electronically to Diligence Agent unless Lender otherwise approves. Borrowers shall provide updates to Lender or its designee updates of such Servicing Records at least monthly, and more frequently as requested by Lender. (iii) For so long as Lender has an interest in or lien on any Pledged Equity or Contributed Property, Borrowers will hold or cause to be held all related Records in trust for Lender. Borrowers shall notify, or cause to be notified, every other party holding any such Records of the interests and liens granted hereby. (iv) Upon reasonable advance notice from Diligence Agent or Lender, Borrowers shall (x) make any and all such Records available to Diligence Agent or Lender to examine any such Records, either by its own officers or employees, or by agents or contractors, or both, and make copies of all or any portion thereof, (y) permit Lender or its authorized agents to discuss the affairs, finances and accounts of Borrowers with its respective chief operating officer and chief financial officer and to discuss the affairs, finances and accounts of Borrowers with its independent certified public accountants.