Custodial Account definition

Custodial Account. The separate account or accounts created and maintained pursuant to Section 4.04.

Custodial Account. The custodial account or accounts created and maintained pursuant to Section 3.07 in the name of a depository institution, as custodian for the holders of the Certificates, for the holders of certain other interests in mortgage loans serviced or sold by the Master Servicer and for the Master Servicer, into which the amounts set forth in Section 3.07 shall be deposited directly. Any such account or accounts shall be an Eligible Account.

Custodial Account. Any custodial account (other than an Escrow Account) established and maintained by a Servicer pursuant to a Servicing Agreement.

Examples of Custodial Account in a sentence

• On the Latest Servicer Remittance Date preceding each Distribution Date, the Master Servicer will confirm that, pursuant to Section 6.3, funds have been transferred from any Custodial Account for any Primary Servicer required to remit on or before that date to one or more Certificate Accounts or to a clearing account at an Eligible Depository, such clearing account to exist for the purpose of receiving funds held in trust.

• The Master Servicer may reimburse a Primary Servicer for previously unreimbursed Delinquency Advances or Servicing Advances by making a deposit to a Custodial Account or otherwise as the related Servicing Contract provides.

• Except as otherwise expressly provided in the Trust Documents, the Trustee will not be liable for the use or application by the Master Servicer or any Primary Servicer of any funds paid to the Master Servicer or any Primary Servicer in respect of the Mortgage Loans, or deposited to, or withdrawn from, any Custodial Account, or the calculation of the amount transferred to any Certificate Account by the Master Servicer or by any Primary Servicer or transferred to the Paying Agent.

• Each Custodial Account will be established in the name of the Master Servicer or the Trustee for the benefit of the Holders under one or more Trusts (or as otherwise directed in the related Servicing Contract) and so identified to the Eligible Depository (or other depository if permitted by paragraph (b) of this Subsection 6.1(1)) as a Custodial Account for the Master Servicer or the Trustee.

• The funds for the purchase price, other Prepayment or final scheduled payment, as applicable, will be deposited to a Custodial Account or a Certificate Account and will be passed through to Holders at the time and to the extent provided in Article VII.

More Definitions of Custodial Account

Custodial Account. The separate trust account created and maintained pursuant to Subsection 2.04 of the Interim Servicing Agreement (with respect to each Mortgage Loan, as specified therein).

Custodial Account means an account (other than an Insurance Contract or Annuity Contract) for the benefit of another person that holds any financial instrument or contract held for investment (including, but not limited to, a share or stock in a corporation, a note, bond, debenture, or other evidence of indebtedness, a currency or commodity transaction, a credit default swap, a swap based upon a nonfinancial index, a notional principal contract, an Insurance Contract or Annuity Contract, and any option or other derivative instrument).

Custodial Account. As defined in Subsection 11.04.

Custodial Account. The separate account or accounts created and maintained by the Servicer pursuant to Section 3.03.

Custodial Account. The custodial account established pursuant to Section 10.3(b).

Custodial Account. The account or accounts created and maintained by the Servicer pursuant to Section 3.02(b) of the Servicing Agreement, in which the Servicer shall deposit or cause to be deposited certain amounts in respect of the Mortgage Loans.

Custodial Account. The account or accounts created and maintained pursuant to Section 3.4 of this Agreement which account(s) shall be an Eligible Account.