Eligible Trust Account Institution definition

Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from Fitch of at least “F1” or “A” and from S&P of at least “A”, or such other rating in respect of which the Rating Agency Condition shall have been satisfied.
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Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as such depository institution has either (A) a long-term unsecured debt rating of “A” or better by Fitch and “AA” or better by S&P Global Ratings, (B) a short-term unsecured debt rating or certificate of deposit rating of “F1” or better by Fitch and “A-1+” or better by S&P Global Ratings or (C) such other rating that is acceptable to each Rating Agency.
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Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers, so long as such depository institution has either (A) a long-term unsecured debt rating of “A” or better by Fitch and an issuer credit rating of “BBB” or better by S&P, (B) a short-term unsecured debt rating or certificate of deposit rating of “F1” or better by Fitch and “A-2” or better by S&P or (C) such other rating that is acceptable to each Rating Agency. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner trustee, the Indenture trustee, the Account Bank or any of their respective affiliates.
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Examples of Eligible Trust Account Institution in a sentence

  • Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Securities Intermediary is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee and Securities Intermediary’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or Eligible Trust Account Institution within sixty (60) days.

  • If for any reason the Reserve Account is no longer an Eligible Deposit Account, the Indenture Trustee shall, or shall cause the Securities Intermediary to, use reasonable efforts to promptly cause the Reserve Account to be moved to an Eligible Institution or Eligible Trust Account Institution or to otherwise be changed so that the Reserve Account becomes an Eligible Deposit Account, in each case within sixty (60) days.

  • In the event that the Collection Account is no longer an Eligible Deposit Account, the Servicer shall, with the assistance of the Indenture Trustee and Securities Intermediary, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or Eligible Trust Account Institution (which may be an account with the Indenture Trustee or the Securities Intermediary) within sixty (60) days.

  • In the event that the Collection Account is no longer an Eligible Deposit Account, the Servicer shall, with the assistance of the Indenture Trustee and Security Intermediary, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or Eligible Trust Account Institution (which may be an account with the Indenture Trustee or the Securities Intermediary) within sixty (60) days.

  • Except as otherwise provided in this Agreement, in the event that the Collection Account maintained with the Securities Intermediary is no longer an Eligible Deposit Account, then the Servicer shall, with the Indenture Trustee and Securities Intermediary’s assistance, as necessary, use reasonable efforts to cause the Collection Account to be moved to an Eligible Institution or Eligible Trust Account Institution within thirty (30) days.

  • The Issuer shall also cause to be established two administrative subaccounts within the Note Distribution Account at the Eligible Institution or Eligible Trust Account Institution, as applicable, then maintaining the Note Distribution Account, which subaccounts shall be designated the “Interest Distribution Account” and the “Principal Distribution Account”, respectively.

  • You further represent and agree that if any claim is prosecuted in your name before any court or administrative agency, then, to the extent permissible under applicable law, you hereby waive and agree not to take any award or other damages from such suit.

  • If at any time the institution maintaining the Reserve Account ceases to be an Eligible Institution or an Eligible Trust Account Institution, the Indenture Trustee will, or will cooperate with the Servicer (on behalf of the Issuer) to, as applicable, cause the Reserve Account to be moved to an Eligible Institution or Eligible Trust Account Institution within thirty (30) days (or such longer period in respect of which the Rating Agency Condition shall have been satisfied).

  • If at any time the institution maintaining the Collection Account ceases to be an Eligible Institution or an Eligible Trust Account Institution, the Securities Intermediary and the Indenture Trustee will, or will cooperate with the Servicer to, as applicable, cause the Collection Account to be moved to an Eligible Institution or Eligible Trust Account Institution within forty-five (45) days (or such longer period in respect of which the Rating Agency Condition shall have been satisfied).

  • If at any time the institution maintaining the Reserve Account ceases to be an Eligible Institution or an Eligible Trust Account Institution, the Securities Intermediary and the Indenture Trustee will, or will cooperate with the Servicer (on behalf of the Issuer) to, as applicable, cause the Reserve Account to be moved to an Eligible Institution or Eligible Trust Account Institution within thirty (30) days (or such longer period in respect of which the Rating Agency Condition shall have been satisfied).


More Definitions of Eligible Trust Account Institution

Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers, so long as such depository institution has either (A) a long-term unsecured debt rating of “A” or better by Fitch and “A” or better by S&P Global Ratings, (B) a short-term unsecured debt rating or certificate of deposit rating of “F1” or better by Fitch and “A-1” or better by S&P Global Ratings or (C) such other rating that is acceptable to each Rating Agency. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner trustee, the Indenture trustee, the Account Bank or any of their respective affiliates.
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Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as such depository institution shall have (i) a long-term unsecured debt rating of “A2” or better by Moody’s and “A” or better by Fitch, or (ii) a short-term unsecured debt rating or deposit rating of “P-1” or better by Moody’s, and “F1” or better by Fitch or (iii) such other rating that is acceptable to each Rating Agency. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner Trustee, the Indenture Trustee, the Account Bank or any of their respective Affiliates.
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Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as such depository institution has either (A) a long-term unsecured debt rating of “A” or better by Fitch and “AA” or better by S&P Global Ratings, (B) a short-term unsecured debt rating or certificate of deposit rating of “F1” by Fitch and “A-1+” by S&P Global Ratings or (C) such other rating that is acceptable to each Rating Agency.
Sample 1Sample 2Sample 3
Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from S&P of at least “BBB” and from Moody’s of at least “Baa3” or “P-3”, or such other rating in respect of which the Rating Agency Condition shall have been satisfied.
Sample 1
Eligible Trust Account Institution means the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers, so long as such depository institution has either (A) a long-term unsecured debt rating of “[ ]” or better by [ ] and an issuer credit rating of “[ ]” or better by [ ], (B) a short-term unsecured debt rating or certificate of deposit rating of “[ ]” or better by [ ] and “[ ]” or better by [ ] or (C) such other rating that is acceptable to each Rating Agency. So long as such institution qualifies, the Eligible Trust Account Institution may be the Owner Trustee, the Indenture trustee, the Account Bank or any of their respective affiliates.
Sample 1

Related to Eligible Trust Account Institution

  • Eligible Institution Any of the following:

  • Eligible Deposit Account means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade.

  • Qualified Institution means a depository institution organized under the laws of the United States of America or any state thereof or incorporated under the laws of a foreign jurisdiction with a branch or agency located in the United States of America or any state thereof and subject to supervision and examination by federal or state banking authorities that at all times has the Required Rating and, in the case of any such institution organized under the laws of the United States of America, whose deposits are insured by the FDIC.

  • Collateral Account is any Deposit Account, Securities Account, or Commodity Account.

  • Deposit Account means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.