ESTABLISHMENT OF CUSTODIAL ACCOUNTS Clause Samples
The "Establishment of Custodial Accounts" clause defines the process and authority for creating accounts managed by a custodian on behalf of another party, such as a minor or a beneficiary. Typically, this clause outlines who may establish the account, the types of assets that can be held, and the custodian's responsibilities in managing those assets. Its core function is to ensure that assets are properly safeguarded and administered according to the terms of the agreement, providing legal structure and clarity for the management of funds or property held in trust.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Participant hereby requests that the Program Sponsor establish a separate recordkeeping account (Participant Account). The Program Sponsor hereby requests that the Custodian establish a Custodial Account for and in the name of the Participant to hold the assets of the Participant’s Account established by the Program Sponsor. A Participant may establish a Participant Account by completing the Enrollment Form and delivering it to the Program Sponsor or by previously having done so and consented to the Sponsor’s right to select the Custodian and amend this Custodial Agreement. Program Sponsor and the Participant each represent to Custodian that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid and binding obligation of the Program Sponsor and the Participant. All Contributions made by or on behalf of the Participant shall be applied by the Program Sponsor, in accordance with the instructions of the Participant, to the purchase of Mutual Fund shares. The Custodian shall not be obligated to provide detailed accounting for the recordkeeping account or for any individual investment option, such as with respect to Contributions, distributions, loan activity, and rollovers. Participant agrees to look solely to the Program Sponsor or other record keeper that Program Sponsor has retained for all such detailed information.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. Deposits in ------------------------------------------------ Custodial Accounts. ------------------- The Seller shall segregate and hold or cause the Sub-Servicer to segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts, in the form of time deposit or demand accounts; provided, however, that collections on the Mortgage Loans may be held for one Business Day in the general clearing account for mortgage loan collections prior to being credited to the Custodial Account. The creation of any Custodial Account shall be evidenced by a Custodial Account Letter Agreement in the form of Exhibit 6. --------- The Seller shall deposit in the Custodial Account on a daily basis, and retain therein the following payments and collections received by it subsequent to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto, 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, on the Mortgage Loans;
(ii) all payments on account of interest on the Mortgage Loans;
(iii) all Liquidation Proceeds;
(iv) all Insurance Proceeds including amounts required to be deposited pursuant to Subsections 11.10 and 11.11, other than proceeds to be held in the Escrow Account and applied to the restoration or repair of the Mortgaged Property or released to the Mortgagor in accordance with the Seller's normal servicing procedures, the loan documents or applicable law;
(v) all Condemnation Proceeds affecting any Mortgaged Property which are not released to the Mortgagor in accordance with the Seller's normal servicing procedures, the loan documents or applicable law;
(vi) [Reserved]
(vii) all proceeds of any Mortgage Loan repurchased by the Seller in accordance with Subsections 7.03 and 7.04 and all amounts required to be deposited by the Seller in connection with shortfalls in principal amount of Qualified Substitute Mortgage Loans pursuant to Subsection 7.03;
(viii) any amounts required to be deposited by the Seller pursuant to Subsection 11.11 in connection with the deductible clause in any blanket hazard insurance policy. Such deposit shall be made from the Seller's own funds, without reimbursement therefor;
(ix) any amounts required to be deposited by the Seller in...
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. Deposits in Custodial Accounts ) is hereby amended by replacing the period after clause (x) with a semi-colon and adding a new clause (xi) to read as follows:
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Participant hereby requests that the Plan Provider establish a separate recordkeeping account (Participant Account). The Plan Provider hereby requests that the Custodian establish a Custodial Account for and in the name of the Participant’s Employer to hold the combined assets of all the Participant Accounts of that Employer established by the Plan Provider. A Participant may establish a Participant Account by completing the Enrollment Form and delivering it to the Plan Provider or by following the Plan Provider’s online enrollment process or such other process as determined by the Plan Provider. Plan Provider and the Participant each represent to Custodian that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid, and binding obligation of the Plan Provider and the Participant. All contributions made by or on behalf of the Participant shall be applied by the Plan Provider, in accordance with the instructions of the Participant, to the purchase of Mutual Fund shares. The Custodian shall not be obligated to provide detailed accounting for the recordkeeping account or for any individual investment option, such as with respect to contributions, distributions, loan activity, and rollovers. Participant agrees to look solely to the Plan Provider or other recordkeeper that ▇▇▇▇▇▇▇▇ has retained for all such detailed information.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Servicer shall segregate and hold all funds collected and received pursuant to each Mortgage Loan separate and apart from any of its own funds and general assets and shall establish and maintain one or more Custodial Accounts held in trust, entitled "GMAC Mortgage Corporation Custodial Account in trust for the benefit of the Holders of SAMI 1999-J2." Each Custodial Account shall be an Eligible Account. The Custodial Account shall be maintained as a segregated account, separate and apart from trust funds created for mortgage pass-through certificates of other series, and the other accounts of the Servicer.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Participant hereby requests that the Plan Provider establish a separate recordkeeping account (Participant Account). The Plan Provider hereby requests that the Custodian establish a Custodial Account for and in the name of the Participant’s Employer to hold the combined assets of all the Participant Accounts of that Employer established by the Plan Provider. A Participant may establish a Participant Account by completing the Enrollment Form and delivering it to the Plan Provider. Plan Provider and the Participant each represent to Custodian that all necessary action has been taken for such appointment and that this Agreement constitutes a legal, valid, and binding obligation of the Plan Provider, the Participant, and the Participant’s Employer. All contributions made by or on behalf of the Participant shall be applied by the Plan Provider, in accordance with the instructions of the Participant, to the purchase of Mutual Fund shares. The Custodian shall not be obligated to provide detailed accounting for the recordkeeping account or for any individual investment option, such as with respect to contributions, distributions, loan activity, and rollovers. Participant agrees to look solely to the Plan Provider or other recordkeeper that ▇▇▇▇▇▇▇▇ has retained for all such detailed information.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. 34 6.2 Certain Reimbursements to the Servicer ................................ 36 6.3
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. The Custodian shall establish a Custodial Account to hold investments permitted herein for the benefit of each Participant to which the Participant's contributions (including Rollover Contributions and Transfers) and the earnings thereon shall be credited.
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. Deposits in Custodial Accounts) is hereby amended by (i) adding the following language in the seventh line of the first paragraph after "Closing Date": "to the Master Servicer within 30 days of the Closing Date"
ESTABLISHMENT OF CUSTODIAL ACCOUNTS. 37 Section 3.05. Deposits in the Custodial Account...............38 Section 3.06. Permitted Withdrawals From the Custodial Account.........................................39 Section 3.07. Investment of Funds in the Custodial Account....40 Section 3.08.