Custodial Assets Clause Samples

The 'Custodial Assets' clause defines how assets held by one party (the custodian) on behalf of another are to be managed, safeguarded, and reported. Typically, this clause outlines the types of assets covered, the standards of care required, and the responsibilities of the custodian, such as maintaining separate accounts and providing regular statements. Its core function is to ensure the security and proper handling of assets, thereby protecting the interests of the asset owner and reducing the risk of mismanagement or loss.
Custodial Assets. Global Prime may request the Custodian at any time to pay or deliver to Global Prime any of the Custodial Assets, provided that Global Prime may only request the Custodian to deliver to Global Prime Custodial Assets which are ASX – traded securities if such delivery would not cause Global Prime to have a 'relevant interest' for the purposes of the Corporations ▇▇▇ ▇▇▇▇ (Commonwealth) of greater than 18% in the voting securities in any ASX listed entity. Subject to clauses 11.3, 11.4, 11.5 and 11.6 Client agrees that any Custodial Assets which Global Prime requests the Custodian to pay or deliver to Global Prime, or any Collateral, may be used by Global Prime for Global Prime’s own account (including to borrow, to lend, to charge, to re-hypothecate, to dispose of or otherwise to use for its own purposes) and in respect of Global Prime’s obligations (or those of other customers of Global Prime) and, as a consequence, those Assets are not held by Global Prime for Client or the Custodian. Global Prime must return equivalent Custodial Assets to the Custodian in accordance with clause 10.6. Client and the Custodian will in relation to the obligation to return equivalent Custodial Assets rank as one of Global Prime’s general creditors in the event of Global Prime becoming Insolvent. Subject to clause the provisions of the MSLA dealing with franking credits and dividend rebates, Global Prime may retain all fees, profits and other benefits received in connection with such activities.
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Custodial Assets. UBS may request the Custodian at any time to pay or deliver to UBS any of the Custodial Assets, provided that UBS may only request the Custodian to deliver to UBS Custodial Assets which are ASX listed securities if such delivery would not cause UBS to have a ‘relevant interest’ for the purposes of the Corporations Act 2001 (C’th) of greater than 18% in any ASX listed entity. Subject to clauses 10.3, 10.4, 10.5 and 10.6 the Customer agrees that any Custodial Assets which UBS requests the Custodian to pay or deliver to UBS, or any Collateral, may be used by UBS for UBS’s own account (including to borrow, lend, charge, re-hypothecate, dispose of or otherwise use for its own purposes) and in respect of UBS’s obligations (or those of other customers of UBS) and, as a consequence, those Assets are not held by UBS for the Customer or the Custodian. UBS will have a contractual obligation to return equivalent Custodial Assets to the Custodian in accordance with clause 10.6. The Customer and the Custodian will in relation to the obligation to return equivalent Custodial Assets rank as one of UBS’s general creditors in the event of UBS becoming Insolvent. Subject to clause 4.2 of the ASLA, UBS may retain all fees, profits and other benefits received in connection with such activities.
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Custodial Assets. (a) Concurrently with the execution hereof, Sussex shall deposit $313 million (such amount, including the interest accrued thereon, the "Custodial Assets") with Deutsche Bank Trust Company Americas (the "Custodian"), pursuant to a custody and security agreement dated as of the date hereof and attached hereto as Exhibit A (the "Custody and Security Agreement") executed and delivered by each of Sussex, Columbia, Merger Sub, Aztar and the Custodian. At the Closing, the Custodial Assets then being held by the Custodian shall be credited against the Payment Fund (as defined below) and such Custodial Assets shall be promptly released and paid by the Custodian to the Paying Agent (as defined below) pursuant to this Section 2.02(a) and the terms of the Custody and Security Agreement. Upon the termination of this Agreement, the Custodial Assets shall be payable pursuant to Section 5.07(d) hereof, and thereafter shall be promptly released by the Custodian to Aztar or Sussex, as the case may be, pursuant to Section 5.07(d) hereof and the terms of the Custody and Security Agreement.
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Custodial Assets. Upon receipt of the Custodial Assets, the Custodian shall send a notice to each Aztar Agent and each Columbia Sussex Agent acknowledging receipt of the Custodial Assets. The Custodian shall immediately invest the entire balance of the Custodial Assets in the money market fund set forth in Annex C and credit the investment to the Custody Account. If the Custodial Assets are received by 4:00 PM (Eastern Standard Time) the Custodian shall invest them on that day received. Custodial Assets received after 4:00 PM (Eastern Standard Time) shall be invested on the next succeeding business day. Investment decisions may be changed through written instructions from an Aztar Agent provided to a Columbia Sussex Agent and to the Custodian. Such change in the designation will become effective upon receipt by the Custodian, subject to the following limitations: (a) the funds received by the Custodian in connection with the Custodial Assets shall be invested and reinvested solely (i) at the risk of the Columbia Sussex Parties and Aztar; (ii) in the name of the Custodian or its nominee; (iii) in a manner which would not result in any portion of the Custodial Assets not being immediately available for release to Aztar, the Columbia Sussex Parties or the Paying Agent, as applicable, at Closing or earlier release pursuant to Section 5.07(f) of the Merger Agreement; and (iv) in either of the following: (1) a money market mutual fund that invests in U.S. Treasuries, U.S. government agencies or repurchase agreements backed by those agencies; or (2) such other instruments as may be specifically approved in writing by an Aztar Agent and a Columbia Sussex Agent. (b) For investments made in accordance with Section 5(a)(iv) hereof, the Custodian may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Section 5. Such investment, if registerable, shall be registered in the name of the Custodian for the benefit of Aztar and the Columbia Sussex Parties and held by the Custodian. The Custodian may act as purchaser or agent in the making or disposing of any investments. The Custodian shall not be liable for any diminution of any authorized investments hereunder, other than as a result of the Custodian's gross negligence or willful misconduct. It is agreed and understood that the Custodian or its affiliates are permitted to receive additional compensation that could be deemed in the Custodian's economic self-interest for (1) serving as an invest...
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Custodial Assets. The Assets will include all of Sellers’ rights in funds, investments, collateral assets or other property of any kind held or required to be held as custodial assets pursuant to or in connection with the terms of any instrument or agreement governing a customer relationship. All such custodial assets are maintained on a fully reconciled basis.
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Custodial Assets. 4 Section 2.03 Exchange of Certificates........................................5
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Custodial Assets. MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd may request the Custodian at any time to pay or deliver to MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd any of the Custodial Assets, provided that MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd may only request the Custodian to deliver to MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd Custodial Assets which are ASX – traded securities if such delivery would not cause MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd to have a 'relevant interest' for the purposes of the Corporations ▇▇▇ ▇▇▇▇ (Commonwealth) of greater than 18% in the voting securities in any ASX listed entity. Subject to clauses 11.3, 11.4, 11.5 and 11.6 Client agrees that any Custodial Assets which MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd requests the Custodian to pay or deliver to MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd, or any Collateral, may be used by Global Prime for MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd’s own account (including to borrow, to lend, to charge, to re-hypothecate, to dispose of or otherwise to use for its own purposes) and in respect of MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd’s obligations (or those of other customers of MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd) and, as a consequence, those Assets are not held by MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd for Client or the Custodian. MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd must return equivalent Custodial Assets to the Custodian in accordance with clause 10.6. Client and the Custodian will in relation to the obligation to return equivalent Custodial Assets rank as one of MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd’s general creditors in the event of MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd becoming Insolvent. Subject to clause the provisions of the MSLA dealing with franking credits and dividend rebates, MILLENNIUM ALPHA GLOBAL HOLDING GROUP Ltd may retain all fees, profits and other benefits received in connection with such activities.
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Custodial Assets. CapitalFX may request the Custodian at any time to pay or deliver to CapitalFX any of the Custodial Assets, provided that CapitalFX may only request the Custodian to deliver to CapitalFX Custodial Assets which are ASX – traded securities if such delivery would not cause CapitalFX to have a 'relevant interest' for the purposes of the Corporations ▇▇▇ ▇▇▇▇ (Commonwealth) of greater than 18% in the voting securities in any ASX listed entity. Subject to clauses 11.3, 11.4,
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Related to Custodial Assets

  • Custodial Accounts The Master Servicer shall cause to be established and maintained by each Servicer under the Master Servicer's supervision the Custodial Account for P&I, Buydown Fund Accounts (if any) and special Custodial Account for Reserves and shall deposit or cause to be deposited therein daily the amounts related to the Mortgage Loans required by the Selling and Servicing Contracts to be so deposited. Proceeds received with respect to individual Mortgage Loans from any title, hazard, or FHA insurance policy, VA guaranty, Primary Insurance Policy or other insurance policy (other than any Special Primary Insurance Policy) covering such Mortgage Loans shall be deposited first in the Custodial Account for Reserves if required for the restoration or repair of the related Mortgaged Property. Otherwise, Insurance Proceeds (other than proceeds from any Special Primary Insurance Policy) shall be deposited in the Custodial Account for P&I, and shall be applied to the balances of the related Mortgage Loans as payments of interest and principal. The Master Servicer is hereby authorized to make withdrawals from and to issue drafts against the Custodial Accounts for P&I and the Custodial Accounts for Reserves for the purposes required or permitted by this Agreement. Each Custodial Account for P&I and each Custodial Account for Reserves shall bear a designation clearly showing the respective interests of the applicable Servicer, as trustee, and of the Master Servicer, in substantially one of the following forms: (a) With respect to the Custodial Account for P&I: (i) [Servicer's Name], as agent, trustee and/or bailee of principal and interest custodial account for PNC Mortgage Securities Corp., its successors and assigns, for various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp.; (b) With respect to the Custodial Account for Reserves: (i) [Servicer's Name], as agent, trustee and/or bailee of taxes and insurance custodial account for PNC Mortgage Securities Corp., its successors and assigns for various mortgagors and/or various owners of interests in PNC Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer's Name] in trust for PNC Mortgage Securities Corp. and various Mortgagors. The Master Servicer hereby undertakes to assure remittance to the Certificate Account of all amounts relating to the Mortgage Loans that have been collected by any Servicer and are due to the Certificate Account pursuant to Section 4.01 of this Agreement.

  • Custodial Account Funds in any custodial accounts established by the Servicer and maintained in respect of the REMIC may be invested and, if invested, shall be invested in Eligible Investments selected by the Servicer which shall mature not later than the Business Day immediately preceding the next Remittance Date, and any such Eligible Investment shall not be sold or disposed of prior to its maturity. All such Eligible Investments shall be made in the name of the REMIC or its nominee. All income and gain realized from any such investment shall be, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, for the benefit of the Servicer as additional compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments shall be deposited in the relevant account by the Servicer out of its own funds immediately as realized. The foregoing requirements for deposit in such account are exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments of interest on funds in such account and, as long as the Servicer is servicing the Mortgage Loans held by the REMIC, payments in the nature of prepayment fees, late payment charges, assumption fees or any similar fees customarily associated with the servicing mortgage loans paid by any mortgagor need not be deposited by the Servicer in such account and may be retained by the Servicer as additional servicing compensation. If the Servicer deposits in such account any amount not required to be deposited therein, it may at any time withdraw such amount, any provision herein to the contrary notwithstanding.

  • Collection Account (a) On behalf of the Trustee, the Servicer shall establish and maintain, or cause to be established and maintained, one or more segregated Eligible Accounts (such account or accounts, the “Collection Account”), held in trust for the benefit of the Trustee. On behalf of the Trustee, the Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit into the Collection Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, the following payments and collections received or made by it subsequent to the Cut-off Date (other than in respect of principal or interest on the related Mortgage Loans due on or before the Cut-off Date), or payments (other than Principal Prepayments) received by it on or prior to the Cut-off Date but allocable to a Due Period subsequent thereto: (i) all payments on account of principal, including Principal Prepayments, on the Mortgage Loans; (ii) all payments on account of interest (net of the related Servicing Fee) on each Mortgage Loan; (iii) all Insurance Proceeds and Condemnation Proceeds to the extent such Insurance Proceeds and Condemnation Proceeds are not to be applied to the restoration of the related Mortgaged Property or released to the related Mortgagor in accordance with the express requirements of law or in accordance with Accepted Servicing Practices, Liquidation Proceeds and Subsequent Recoveries; (iv) any amounts required to be deposited pursuant to Section 3.12 in connection with any losses realized on Permitted Investments with respect to funds held in the Collection Account; (v) any amounts required to be deposited by the Servicer pursuant to the second paragraph of Section 3.13(a) in respect of any blanket policy deductibles; (vi) all proceeds of any Mortgage Loan repurchased or purchased in accordance with this Agreement; and (vii) all Prepayment Charges collected by the Servicer. The foregoing requirements for deposit in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges, NSF fees, reconveyance fees, assumption fees and other similar fees and charges need not be deposited by the Servicer in the Collection Account and shall, upon collection, belong to the Servicer as additional compensation for its servicing activities. In the event the Servicer shall deposit in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding. (b) Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions set forth in Section 3.12. The Servicer shall give notice to the Securities Administrator, the Master Servicer, the Trustee and the Depositor of the location of the Collection Account maintained by it when established and prior to any change thereof.

  • Financial Assets It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture to the Collateral Account and treat each item of property as a “financial asset” (within the meaning of Section 8-102(a)(9) of the UCC); and

  • Collection of Certain Mortgage Loan Payments; Deposits to Custodial Account (a) The Master Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Primary Insurance Policy, follow such collection procedures as it would employ in its good faith business judgment and which are normal and usual in its general mortgage servicing activities. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charge or any prepayment charge or penalty interest in connection with the prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due on a Mortgage Loan in accordance with the Program Guide; provided, however, that the Master Servicer shall first determine that any such waiver or extension will not impair the coverage of any related Primary Insurance Policy or materially adversely affect the lien of the related Mortgage. Notwithstanding anything in this Section to the contrary, the Master Servicer shall not enforce any prepayment charge to the extent that such enforcement would violate any applicable law. In the event of any such arrangement, the Master Servicer shall make timely advances on the related Mortgage Loan during the scheduled period in accordance with the amortization schedule of such Mortgage Loan without modification thereof by reason of such arrangements unless otherwise agreed to by the Holders of the Classes of Certificates affected thereby; provided, however, that no such extension shall be made if any such advance would be a Nonrecoverable Advance. Consistent with the terms of this Agreement, the Master Servicer may also waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Master Servicer's determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Certificateholders (taking into account any estimated Realized Loss that might result absent such action); provided, however, that the Master Servicer may not modify materially or permit any Subservicer to modify any Mortgage Loan, including without limitation any modification that would change the Mortgage Rate, forgive the payment of any principal or interest (unless in connection with the liquidation of the related Mortgage Loan or except in connection with prepayments to the extent that such reamortization is not inconsistent with the terms of the Mortgage Loan), capitalize any amounts owing on the Mortgage Loan by adding such amount to the outstanding principal balance of the Mortgage Loan, or extend the final maturity date of such Mortgage Loan, unless such Mortgage Loan is in default or, in the judgment of the Master Servicer, such default is reasonably foreseeable; provided, further, that (1) no such modification shall reduce the interest rate on a Mortgage Loan below one-half of the Mortgage Rate as in effect on the Cut-off Date, but not less than the sum of the rates at which the Servicing Fee and the Subservicing Fee with respect to such Mortgage Loan accrues plus the rate at which the premium paid to the Certificate Insurer, if any, accrues, (2) the final maturity date for any Mortgage Loan shall not be extended beyond the Maturity Date, (3) the Stated Principal Balance of all Reportable Modified Mortgage Loans subject to Servicing Modifications (measured at the time of the Servicing Modification and after giving effect to any Servicing Modification) can be no more than five percent of the aggregate principal balance of the Mortgage Loans as of the Cut-off Date, unless such limit is increased from time to time with the consent of the Rating Agencies and the Certificate Insurer, if any. In addition, any amounts owing on a Mortgage Loan added to the outstanding principal balance of such Mortgage Loan must be fully amortized over the remaining term of such Mortgage Loan, and such amounts may be added to the outstanding principal balance of a Mortgage Loan only once during the life of such Mortgage Loan. Also, the addition of such amounts described in the preceding sentence shall be implemented in accordance with the Program Guide and may be implemented only by Subservicers that have been approved by the Master Servicer for such purpose. In connection with any Curtailment of a Mortgage Loan, the Master Servicer, to the extent not inconsistent with the terms of the Mortgage Note and local law and practice, may permit the Mortgage Loan to be reamortized such that the Monthly Payment is recalculated as an amount that will fully amortize the remaining Stated Principal Balance thereof by the original Maturity Date based on the original Mortgage Rate; provided, that such re-amortization shall not be permitted if it would constitute a reissuance of the Mortgage Loan for federal income tax purposes, except if such reissuance is described in Treasury Regulation Section 1.860G-2(b)(3). (b) The Master Servicer shall establish and maintain a Custodial Account in which the Master Servicer shall deposit or cause to be deposited on a daily basis, except as otherwise specifically provided herein, the following payments and collections remitted by Subservicers or received by it in respect of the Mortgage Loans subsequent to the Cut-off Date (other than in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date): (i) All payments on account of principal, including Principal Prepayments made by Mortgagors on the Mortgage Loans and the principal component of any Subservicer Advance or of any REO Proceeds received in connection with an REO Property for which an REO Disposition has occurred; (ii) All payments on account of interest at the Adjusted Mortgage Rate on the Mortgage Loans, including Buydown Funds, if any, and the interest component of any Subservicer Advance or of any REO Proceeds received in connection with an REO Property for which an REO Disposition has occurred; (iii) Insurance Proceeds, Subsequent Recoveries and Liquidation Proceeds (net of any related expenses of the Subservicer); (iv) All proceeds of any Mortgage Loans purchased pursuant to Section 2.02, 2.03, 2.04 or 4.07 (including amounts received from Residential Funding pursuant to the last paragraph of Section 4 of the Assignment Agreement in respect of any liability, penalty or expense that resulted from a breach of the Compliance With Laws Representation and all amounts required to be deposited in connection with the substitution of a Qualified Substitute Mortgage Loan pursuant to Section 2.03 or 2.04; (v) Any amounts required to be deposited pursuant to Section 3.07(c) or 3.21; (vi) All amounts transferred from the Certificate Account to the Custodial Account in accordance with Section 4.02(a); (vii) Any amounts realized by the Subservicer and received by the Master Servicer in respect of any Additional Collateral; and (viii) Any amounts received by the Master Servicer in respect of Pledged Assets. The foregoing requirements for deposit in the Custodial Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments on the Mortgage Loans which are not part of the Trust Fund (consisting of payments in respect of principal and interest on the Mortgage Loans due on or before the Cut-off Date) and payments or collections in the nature of prepayment charges or late payment charges or assumption fees may but need not be deposited by the Master Servicer in the Custodial Account. In the event any amount not required to be deposited in the Custodial Account is so deposited, the Master Servicer may at any time withdraw such amount from the Custodial Account, any provision herein to the contrary notwithstanding. The Custodial Account may contain funds that belong to one or more trust funds created for mortgage pass-through certificates of other series and may contain other funds respecting payments on mortgage loans belonging to the Master Servicer or serviced or master serviced by it on behalf of others. Notwithstanding such commingling of funds, the Master Servicer shall keep records that accurately reflect the funds on deposit in the Custodial Account that have been identified by it as being attributable to the Mortgage Loans. With respect to Insurance Proceeds, Liquidation Proceeds, REO Proceeds and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02, 2.03, 2.04 and 4.07 received in any calendar month, the Master Servicer may elect to treat such amounts as included in the Available Distribution Amount for the Distribution Date in the month of receipt, but is not obligated to do so. If the Master Servicer so elects, such amounts will be deemed to have been received (and any related Realized Loss shall be deemed to have occurred) on the last day of the month prior to the receipt thereof. (c) The Master Servicer shall use its best efforts to cause the institution maintaining the Custodial Account to invest the funds in the Custodial Account attributable to the Mortgage Loans in Permitted Investments which shall mature not later than the Certificate Account Deposit Date next following the date of such investment (with the exception of the Amount Held for Future Distribution) and which shall not be sold or disposed of prior to their maturities. All income and gain realized from any such investment shall be for the benefit of the Master Servicer as additional servicing compensation and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any such investments attributable to the investment of amounts in respect of the Mortgage Loans shall be deposited in the Custodial Account by the Master Servicer out of its own funds immediately as realized without any right of reimbursement. (d) The Master Servicer shall give notice to the Trustee and the Company of any change in the location of the Custodial Account and the location of the Certificate Account prior to the use thereof.