Review of Contract Files Sample Clauses

The 'Review of Contract Files' clause establishes the right or obligation for designated parties to examine and assess the documentation and records related to a contract. Typically, this clause outlines who may conduct the review, the scope of files subject to inspection, and the timing or frequency of such reviews—for example, allowing an auditor to access invoices, correspondence, and change orders during or after the contract term. Its core practical function is to promote transparency and accountability by ensuring that all contractual activities and transactions can be verified and scrutinized as needed.
Review of Contract Files. Prior to the Closing Date, the Servicer's operations department will complete a review of all of the Contract Files (including the certificates of title to, or other evidence of a perfected security interest in, the related Manufactured Homes), confirming the accuracy of the Contract Schedule delivered to the Trustee. On or before the Closing Date, the Servicer shall deliver to the Trustee a Servicer Custodial Certification signed by one of its Officers confirming that it is in possession of the Contract File for each Contract identified on Schedule I to the Pooling and Servicing Agreement, subject to any exceptions noted in a schedule to such certificate. Such certification shall be substantially in the form of Exhibit 1 hereto. In giving its Servicer's Custodial Certification with respect to a Series, the Servicer shall be under no duty or obligation (A) to inspect, review or examine any such documents, instruments, securities or other papers to determine that they or the signatures thereon are genuine, enforceable, or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face or (B) to determine whether any Contract File should include any assumption agreement, modification agreement or waiver agreement. If the Servicer discovers any discrepancy between any Contract and the Contract Schedule, or that any required Contract Document is defective or missing from the related Contract File, in either case in a manner that is materially adverse to the interests of the Certificateholders, it shall immediately provide written notice to the Seller (unless the Seller is the Servicer) and the Trustee of such discrepancy, incompleteness or defect. If the Seller does not cure such discrepancy or such incomplete or defective Contract File within 90 days after discovery or its receipt of written notice of such discrepancy, incompleteness or defect, the Servicer shall take all steps within its power to enforce the Trustee's right to require the Seller to repurchase the affected Contract (or in the alternative to substitute for such Contract, if the substitution will take place within two years after the Closing Date) pursuant to the applicable Sales Agreement or, in the alternative (if the discrepancy consists of an overstatement in the Contract Schedule of the Cut-off Date Principal Balance of a Contract), to deposit cash into the related Certificate Account in the amount of such o...
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Review of Contract Files. (a) Not later than the fifth (5th) Business Day after each Acquisition Date, the Issuer shall cause to be delivered to the Custodian the documents comprising the Contract Files for the Contracts to be acquired on such Acquisition Date. Each Contract and the folder containing other Contract Files documents for such Contract shall be clearly marked with a LEAF Contract Number, which LEAF Contract Number shall be used by the Issuer, the Trustee and the Custodian to identify such Contract on the Contract Schedule. (b) Not later than the eighth (8th) Business Day after each Acquisition Date, for each Purchased Contract and Substitute Contract, the Custodian will review the Contract Files related to each proposed Purchased Contract and Substitute Contract and shall perform such reviews as are sufficient to enable it to confirm the items required to be certified by it in the Custodian Certificate in the form attached hereto as Exhibit H. By execution and delivery of any such Custodian Certificates, the Custodian shall evidence completion of such review and confirmation. Other than the exceptions permitted in Section 4.04(a), the Custodian shall include in any Exception Report any failure of a document to correspond to the information on the Amendment to Contract Schedule or the absence of any one or more of the documents comprising the Contract Files for such Contract and shall deliver such Exception Report to the Servicer, the Trustee and the Issuer. (c) If any Contracts or Contract Assets to be pledged to the Trustee are Contracts or Contract Assets that at any time were subject to a Lien in favor of a Person that has held a Lien thereon, concurrently with the delivery of an Officer’s Certificate, the Issuer shall have delivered to (x) the Custodian (with a copy to the Trustee) a facsimile copy or an original executed Release Agreement from each Person that has held a Lien on the applicable Contract or Contract Assets, together with the certification in the Officer’s Certificate that each such Release Agreement constitutes a release of such Person’s security interest in each such Contract or Contract Asset (and the other Collateral related thereto), and (y) the Custodian (with a copy to the Trustee) the original UCC partial or full release relating to the Release Agreement described in clause (x) above. (d) The Custodian shall use reasonable care in the performance of its duties under the Transaction Documents, shall identify and segregate all items constitutin...
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Review of Contract Files. Prior to the Closing Date, the Servicer's operations department will complete a review of all of the Contract Files (including the certificates of title to, or other evidence of a perfected security interest in, the related Manufactured Homes), confirming the accuracy of the Contract Schedule delivered to the Trustee. On or before the Closing Date, the Servicer shall deliver to the Trustee a Servicer Custodial Certification signed by one of its Officers confirming that it is in possession of the Contract File for each Contract identified on Schedule I to the Pooling and Servicing Agreement, subject to any exceptions noted in a schedule to such certificate. Such certification shall be substantially in the form of Exhibit 1 hereto. In giving its Servicer's Custodial Certification with respect to a Series, the Servicer shall be under no duty or obligation (A) to inspect, review or examine any such documents, instruments, securities or other papers to determine that they or the signatures thereon are genuine, enforceable, or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face or (B) to determine whether any Contract File should include any assumption agreement, modification agreement or waiver agreement.
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Related to Review of Contract Files

  • Review of Custodial Files The Custodian agrees, for the benefit of Certificateholders, to review, in accordance with the provisions of Section 2.01 of the Pooling and Servicing Agreement, each Custodial File. If in performing the review required by this Section 2.3 the Custodian finds any document or documents constituting a part of a Custodial File to be missing or defective in any material respect, the Custodian shall promptly so notify the Seller, the Master Servicer and the Trustee.

  • Review of Mortgage Files (a) On or prior to the Closing Date, in accordance with Section 2.02 of the Pooling and Servicing Agreement, the Custodian shall deliver to the Trustee an Initial Certification in the form annexed hereto as Exhibit One evidencing receipt (subject to any exceptions noted therein) of a Mortgage File for each of the Mortgage Loans listed on the Schedule attached hereto (the "Mortgage Loan Schedule"). (b) Within 90 days of the Closing Date, the Custodian agrees, for the benefit of Certificateholders, to review, in accordance with the provisions of Section 2.02 of the Pooling and Servicing Agreement, each such document, and shall deliver to the Depositor and the Trustee an Interim Certification in the form annexed hereto as Exhibit Two to the effect that all such documents have been executed and received and that such documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule, except for any exceptions listed on Schedule A attached to such Interim Certification. The Custodian shall be under no duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to determine that the same are genuine, enforceable, or appropriate for the represented purpose or that they have actually been recorded or that they are other than what they purport to be on their face. (c) Not later than 180 days after the Closing Date, the Custodian shall review the Mortgage Files as provided in Section 2.02 of the Pooling and Servicing Agreement and deliver to the Depositor and the Trustee a Final Certification in the form annexed hereto as Exhibit Three evidencing the completeness of the Mortgage Files. (d) In reviewing the Mortgage Files as provided herein and in the Pooling and Servicing Agreement, the Custodian shall make no representation as to and shall not be responsible to verify (i) the validity, legality, enforceability, due authorization, recordability, sufficiency or genuineness of any of the documents included in any Mortgage File or (ii) the collectibility, insurability, effectiveness or suitability of any of the documents in any Mortgage File. Upon receipt of written request from the Trustee, the Custodian shall as soon as practicable supply the Trustee with a list of all of the documents relating to the Mortgage Loans missing from the Mortgage Files.

  • Receivable Files Complete There exists a Receivable File pertaining to each Receivable. Related documentation concerning the Receivable, including any documentation regarding modifications of the Contract, will be maintained electronically by the Servicer in accordance with customary policies and procedures. With respect to any Receivables that are tangible chattel paper, the complete Receivable File for each Receivable currently is in the possession of the Custodian.

  • Complete Servicing File All documents comprising the Servicing File will be or have been delivered to the Master Servicer with respect to each Mortgage Loan by the deadlines set forth in the Pooling and Servicing Agreement and/or this Agreement.

  • Contract for Servicing; Possession of Servicing Files The Seller, by execution and delivery of this Agreement, does hereby contract with the Servicer, subject to the terms of this Agreement, for the servicing of the Mortgage Loans. On or before the Closing Date or Servicing Transfer Date, as applicable, the Seller shall cause to be delivered the Servicing Files with respect to the Mortgage Loans listed on the Mortgage Loan Schedule to the Servicer. Each Servicing File delivered to a Servicer shall be held in trust by such Servicer for the benefit of the Trustee; provided, however, that the Servicer shall have no liability for any Servicing Files (or portions thereof) not delivered by the Seller. The Servicer’s possession of any portion of the Mortgage Loan documents shall be at the will of the Trustee for the sole purpose of facilitating servicing of the related Mortgage Loan pursuant to this Agreement, and such retention and possession by the Servicer shall be in a custodial capacity only. The ownership of each Mortgage Note, Mortgage, and the contents of the Servicing File shall be vested in the Trustee and the ownership of all records and documents with respect to the related Mortgage Loan prepared by or which come into the possession of the Servicer shall immediately vest in the Trustee and shall be retained and maintained, in trust, by the Servicer at the will of the Trustee in such custodial capacity only. The portion of each Servicing File retained by the Servicer pursuant to this Agreement shall be segregated from the other books and records of the Servicer and shall be appropriately marked to clearly reflect the ownership of the related Mortgage Loan by the Trustee. The Servicer shall release from its custody the contents of any Servicing File retained by it only in accordance with this Agreement.