Custodian's Exception Report

Custodian's Exception Report. A report issued by the Custodian listing Purchased Loans whose Basic Papers have been reviewed by the Custodian and appear not to satisfy the review standards and requirements stated in this Custody Agreement and indicating (either by coding, a summary statement or both) the defect or deficiency disclosed by such review for each Purchased Loan (or grouping of Purchased Loans) listed therein.