Designated Depository Institution Sample Clauses
The 'Designated Depository Institution' clause identifies a specific financial institution where funds related to the agreement must be deposited or held. Typically, this clause outlines which bank or financial entity will be used for holding escrow, security deposits, or other relevant payments, and may specify account details or requirements for the institution. By clearly naming the depository institution, the clause ensures that all parties know where funds are to be managed, reducing confusion and minimizing the risk of misdirected payments.
Designated Depository Institution. A depository institution (commercial bank, federal savings bank, mutual savings bank or savings and loan association) or trust company (which may include the Trustee), the deposits of which are fully insured by the FDIC to the extent provided by law.
Designated Depository Institution. An institution whose deposits are insured by the Bank Insurance Fund or the Savings Association Insurance Fund of the FDIC, the long-term deposits of which shall be rated A or better by S&P and A2 or better by Moody's and in one of the two highest short-term ratings, and which is any of the following: (i) a federal savings and loan association duly organized, validly existing and in good standing under the federal banking laws, (ii) an institution duly organized, validly existing and in good standing under the applicable banking laws of any state, (iii) a national banking association duly organized, validly existing and in good standing under the federal banking laws, (iv) a principal subsidiary of a bank holding company, or (v) approved in writing by the Rating Agencies and, in each case acting or designated by the Servicer as the depository institution for such Account; provided, however, that any such institution, association or subsidiary shall have combined capital, surplus and individual profits of at least $100,000,000. Notwithstanding the foregoing, an Account may be held by an institution otherwise meeting the preceding requirements except that the only applicable rating requirement shall be that the unsecured and uncollateralized debt obligations thereof shall be rated Baa3 or better by Moodys (or the equivalent rating by any other Rating Agency) if such institution has capital and surplus of not less than $50,000,000 and has trust powers and the Account is held by such institution in its trust capacity and not in its commercial capacity.
Designated Depository Institution. A depository institution (commercial bank, federal savings bank, mutual savings bank or savings and loan association) or trust company (which may include the Indenture Trustee), the deposits of which are fully insured by the FDIC to the extent provided by law.