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.

Examples of Custodial Funds in a sentence

Custodial Funds Custodial funds report only those resources held in a trust or custodial capacity for individuals, private organizations, or other governments.
Financial transactions of these organizations are included in the County’s financial statements only to the extent of the County’s fiduciary relationship with the organization and, as such, are reported in the Custodial Funds of the County.
The Statement of Fiduciary Net Position and the Statement of Changes in Fiduciary Net Position provide information on the Corporation’s fiduciary activities in (1) Custodial Funds and (2) the Other Post- Employment Benefits Trust (“OPEB”) Fund.
Custodial Funds are used to report fiduciary activities that are not required to be reported in a trust fund.
The Custodial Funds report assets held by the Corporation on behalf of mortgagors and the City.

More Definitions of Custodial Funds

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.

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. 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 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.

Custodial Funds means those funds derived from student activities on behalf of and for use by any student organization which is recognized by the District and supervised by a Board-approved faculty member, and to the extent that District funds are not a part thereof.