Examples of Qualified Institution in a sentence
If at any time the institution holding a Series Account ceases to be a Qualified Institution, Transferor shall notify Indenture Trustee in writing, and Indenture Trustee upon being notified (or Servicer on its behalf) shall, within ten (10) Business Days, establish a new Series Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Series Account.
Cash escrow will earn interest at the rate the applicable Qualified Institution applies to equivalent money market deposits.
In either case, the Project Development Security must be in the form of either (a) a guaranty from a party that satisfies the Credit Requirements, in a form acceptable to Utility in its reasonable discretion, (b) a Letter of Credit in favor of Utility, in a form acceptable to Utility in its reasonable discretion, or (c) cash escrow with a Qualified Institution.
All Accounts established pursuant to this Agreement shall be maintained with a Qualified Institution.