▇▇▇▇▇▇▇▇▇▇ ▇epository Institution definition
▇▇▇▇▇▇▇▇▇▇ ▇epository Institution. With respect to any Account, 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 (x) "A" or better by Standard & Poor's and (y) "A2" or better by Moody's and in one of the highest short-term rating categories, unless ▇▇▇▇▇▇ise approved in writing by the Certificate Insurer and each of Moody's and Standard & Poor's, and which is any of the following: (i) ▇ ▇▇▇▇▇al 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 Certificate Insurer, Moody's and Standard & Poor's and, in each case acting or designated b▇ ▇▇▇ ▇ervicer as the depository institution for the Principal and Interest Account; provided, however, that any such institution or association shall have combined capital, surplus and undivided profits of at least $100,000,000. Notwithstanding the foregoing, any Account may be held by (a) the Trustee or (b) 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 Moody's if such institution has trust powers and the Principal and Int▇▇▇▇▇ ▇ccount is held by such institution in its trust capacity and not in its commercial capacity.