Common use of Depositories Clause in Contracts

Depositories. CitiMortgage may transfer the certificate account, buydown account, if any, escrow account, custodial accounts for P&I or servicing account to a bank, savings and loan association or trust company organized under the laws of the United States or any State thereof (an “eligible depository”). Upon such transfer, such transferee bank, savings and loan association or trust company will be deemed to be a Depository for the transferred account or accounts. For a Depository of the certificate account, buydown account, escrow account, custodial accounts for P&I or servicing account to satisfy the “rating requirement” · its long-term debt obligations must be rated at least “A” by Fitch if Fitch is a rating agency, and · its short-term debt obligations are rated at least “A-1+” by S&P if S&P is a rating agency, “F-1” by Fitch if Fitch is a rating agency, and “P-1” by Moody’s if Mxxxx’x is a rating agency. If a Depository ceases to satisfy the rating requirement, then within five business days after such cessation, CitiMortgage will

Depositories. CitiMortgage may transfer the certificate account, buydown account, if any, escrow account, custodial accounts for P&I or servicing account to a bank, savings and loan association or trust company organized under the laws of the United States or any State thereof (an “eligible depository”). Upon such transfer, such transferee bank, savings and loan association or trust company will be deemed to be a Depository for the transferred account or accounts. For a Depository of the certificate account, buydown account, escrow account, custodial accounts for P&I or servicing account to satisfy the “rating requirement” · its long-term debt obligations must be rated at least “A” by Fitch if Fitch is a rating agency, and · its short-term debt obligations are rated at least “A-1+” by S&P if S&P is a rating agency, “F-1” by Fitch if Fitch is a rating agency, and “P-1” by Moody’s if Mxxxx’x is a rating agency. If a Depository ceases to satisfy the rating requirement, then within five business days after such cessation, CitiMortgage willwill 104

Depositories. CitiMortgage may transfer the certificate account, buydown account, if any, escrow account, custodial accounts for P&I or servicing account to a bank, savings and loan association or trust company organized under the laws of the United States or any State thereof (an “eligible depository”). Upon such transfer, such transferee bank, savings and loan association or trust 109 company will be deemed to be a Depository for the transferred account or accounts. For a Depository of the certificate account, buydown account, escrow account, custodial accounts for P&I or servicing account to satisfy the “rating requirement” · its long-term debt obligations must be rated at least “A” by Fitch if Fitch is a rating agency, and · its short-term debt obligations are rated at least “A-1+” by S&P if S&P is a rating agency, “F-1” by Fitch if Fitch is a rating agency, and “P-1” by Moody’s if Mxxxx’x is a rating agency. If a Depository ceases to satisfy the rating requirement, then within five business days after such cessation, CitiMortgage will

Depositories. CitiMortgage may transfer the certificate account, buydown account, if any, escrow account, custodial accounts for P&I or servicing account to a bank, savings and loan association or trust company organized under the laws of the United States or any State thereof (an “eligible depository”). Upon such transfer, such transferee bank, savings and loan association or trust company will be deemed to be a Depository for the transferred account or accounts. For a Depository of the certificate account, buydown account, escrow account, custodial accounts for P&I or servicing account to satisfy the “rating requirement” · its long-term debt obligations must be rated at least “A” by Fitch if Fitch is a rating agency, and · its short-term debt obligations are rated at least “A-1+” by S&P if S&P is a rating agency, “F-1” by Fitch if Fitch is a rating agency, and “P-1” by Moody’s if Mxxxx’x Xxxxx’x is a rating agency. If a Depository ceases to satisfy the rating requirement, then within five business days after such cessation, CitiMortgage will