Custodial Funds Sample Clauses

Custodial Funds. All principal and interest collected on account of the Mortgages and/or the property securing the Mortgages and any other funds due to the Security Holder; any tax, insurance or other non-principal and interest funds collected for the benefit of the Mortgages or the property; and any unscheduled recoveries of principal.

Custodial Funds. All funds held by or on behalf of the Subservicer with respect to the Mortgage Loans, including, but not limited to, all principal and interest funds and any other funds due Investors, buydown funds, funds for the payment of taxes, assessments, insurance premiums, ground rents and similar charges, funds from hazard insurance loss drafts and other mortgage escrow and impound amounts (including interest accrued thereon for the benefit of the Mortgagors under the Mortgage Loans, if required by law or contract) maintained by or on behalf of the Subservicer relating to the Mortgage Loans.

Custodial Funds. Obligors, and their counsel, Cole, Schotz, Meisel, For▇▇▇ & Leo▇▇▇▇, ▇.A. (“Col▇ ▇▇▇▇▇▇”), hereby acknowledge and agree that Lender’s agreement set forth in that certain (i) Thirteenth Amendment to Forbearance Agreement (the “13th Amendment”) and (ii) email correspondence from Dav▇▇ ▇. ▇▇▇▇, ▇sq., to the Obligors and Lender dated March 11, 2010 (the “March 11th Email”), to apply the Custodial Funds (as defined in the 13th Amendment) in accordance with the term of the 13th Amendment and the March 11th Email are hereby modified as follows: (a) The amount to be restored to the Custodial Account (as defined in the 13th Amendment) by Lender shall be in an amount equal to the lesser of (i) $2,527,556.71, and (ii) that portion of the proceeds of sale of RAI’s assets (the “RAI Sale”) in excess of the amount of the then outstanding Indebtedness due and owing by Obligors immediately prior to the closing of the RAI Sale and attributable to RAI (such amount being referred to as the “Restored Custodial Funds”); (b) Immediately prior to the closing of the RAI Sale, Lender shall make an Advance to RCPC (the “RCPC Advance”) directly into the Custodial Account in an amount equal to the amount of the Restored Custodial Funds; (c) The payoff amount to be received by Lender upon the closing of the RAI Sale shall be the total amount of the then outstanding Indebtedness due and owing by Obligors on such date (which for purposes of clarity shall include the amount of the RCPC Advance, plus all other amounts due and owing to Lender by Obligors upon the closing of the RAI Sale) (the “Payoff Amount”); (d) Upon receipt by Lender of the Payoff Amount, Lender shall apply the Payoff Amount to the repayment in full of all Indebtedness due and owing to Lender by the Obligors (including the amount of the RCPC Advance); and (e) The Restored Custodial Funds shall be returned to Parent and RCPC immediately after the receipt by Lender of the Payoff Amount, subject to payment of any ordinary and customary fees and expenses associated with maintaining the Custodial Account, upon request and in accordance with instructions provided to Lender by Obligors consistent with this Amendment. Col▇ ▇▇▇▇▇▇ ▇▇knowledges and agrees that it has received payment in full of the fees and expenses that were the subject of the March 11th email from the funds previously earmarked for that purpose. Obligors and Col▇ ▇▇▇▇▇▇ ▇▇reby (i) release Lender from its obligation to apply the Custodial Funds on the terms and c...