Custodial Funds definition

Custodial Funds. All funds held by or on behalf of the Seller with respect to the Mortgage Loans, including, but not limited to, all principal and interest funds and any other funds due to any Investor, 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 Seller relating to the Mortgage Loans.

Custodial Funds means the following funds collected by Borrower on a third party’s behalf that must be paid or remitted to a third party and so are not properly considered “revenue” of Borrower: (i) tips, gratuities or service charges with respect to food, beverage, banquet or other guest services paid or received via credit card and owed to employees working at the Properties; (ii) payments or fees received from or on behalf of hotel guests and patrons and paid or reimbursed to tenants or other vendors or service providers of the hotels and (iii) amounts paid out to hotel guests or patrons for checks cashed per diem expense allowances paid.

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 maintained by or on behalf of the Subservicer relating to the Mortgage Loans, exclusive of Escrow Payments.

Examples of Custodial Funds in a sentence

• Without limiting Subservicer’s other rights as the owner of the Servicing Rights for each Defended Loan prior to the related Agency Delivery Date, Subservicer be entitled to all interest accrued on Custodial Funds (except to the extent required to be paid to the related Mortgagor under Applicable Requirements) through the applicable Agency Delivery Date, exclusive.

• You and your Affiliates and MBI hereby agree that each item of property (whether investment property, financial asset, security, instrument, general intangible, Custodial Funds or cash) credited to an Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the Uniform Commercial Code as in effect in the State of New York from time to time (the ”UCC”).

• Custodial Accounts: The accounts in which Custodial Funds are deposited and held by or for any servicer.

• Subject to, and upon the terms and conditions of this Agreement, each Seller shall, as hereinafter provided, sell, transfer, and deliver to Purchaser all of such Seller’s right, title and interest in and to the Mortgage Servicing Rights, including any right, title and interest of Seller in the Custodial Funds, Collateral Files and Credit and Servicing Files (collectively, “Purchased Assets”), and Purchaser agrees to purchase such right, title and interest in and to the Purchased Assets.

• Account Holder acknowledges that it is Account Xxxxxx’s sole responsibility to direct the investment of their Custodial Funds and that NDTCO, acting as custodian of your Account, will have no responsibility or involvement in evaluating or selecting any assets for acquisition or disposition, and shall have no liability for any loss or damage that may result from or be associated with any requested investment transaction.

More Definitions of Custodial Funds

Custodial Funds means all funds held by Servicer with respect to the related Mortgage Loans, including all principal and interest funds, and any other funds due the Investor, maintained by Servicer relating to the Mortgage Loans.

Custodial Funds. All funds held by or on behalf of the Seller with respect to the Mortgage Loans, including, but not limited to, all principal and interest funds and any other funds due Investors, buydown funds maintained by or on behalf of the Seller relating to the Mortgage Loans, exclusive of Escrow Payments.

Custodial Funds. All funds held in trust for and for the benefit of Purchaser or the Mortgagors by or on behalf of Seller with respect to the Mortgage Loans, including, but not limited to, all principal and interest funds, buydown funds, Escrow Payments, 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 Seller relating to the Mortgage Loans.

Custodial Funds means all funds held by Sellers in the Custodial Accounts with respect to the Serviced Mortgage Loans including all principal and interest funds and any other funds maintained by Sellers in respect of the Serviced Mortgage Loans. For the avoidance of doubt, Custodial Funds shall not include Escrow Funds.

Custodial Funds has the meaning set forth in the Reinsurance Agreement.

Custodial Funds has the meaning set forth in Section 4.9(b).

Custodial Funds means all funds held by or on behalf of Subservicer with respect to the Mortgage Loans, including all principal and interest funds and any other funds due to the applicable Agency, 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 Applicable Requirements) maintained by or in the control of Subservicer relating to the Mortgage Loans.