Eligible Depository Institution means a Depository Institution the short term unsecured senior indebtedness of which is rated at least Prime-1 by Moody’s, A-1 by S&P, and F1 by Fitch, if rated by Fitch.
Eligible Depository Institution. Either a (i) depository the accounts of which are insured by the FDIC through the BIF or the SAIF and the debt obligations of which are rated A (or Aa3) or better by S&P or Moody's or (ii) the corporate trust department of any bank the debt obligations of which are rated at least A-1 (or P-1) by S&P or Moody's.
Eligible Depository Institution means a depository institution that meets the following criteria:
Examples of Eligible Depository Institution in a sentence
The Custodial Account shall be established with an Eligible Depository Institution.
The Escrow Account shall be established with an Eligible Depository Institution.
The Company may from time to time transfer the Custodial Account and the Escrow Account to any other Eligible Depository Institution.
No investment shall mature later than the Business Day immediately preceding the Distribution Date upon which the related amounts are required to be applied to distributions pursuant hereto, except that any investment in the federal funds market or on which the Eligible Depository Institution, in its commercial capacity, or Xxxxxx Xxx is the obligor may mature on the related Distribution Date.
Any interest paid on funds deposited in an Escrow Account by the Eligible Depository Institution other than interest on escrowed funds required by law to be paid to the Mortgagor shall accrue to the benefit of the Servicer and shall be considered Ancillary Income payable in accordance with the terms of this Agreement.
More Definitions of Eligible Depository Institution
Eligible Depository Institution means an insured savings
Eligible Depository Institution means a state bank or a Federal or state savings association that meets the criteria for an ‘‘eligible bank’’ under § 5.3(g) and is FDIC-insured.
Eligible Depository Institution. An account or accounts maintained with a depository institution which is acceptable to Xxxxxx Xxx or Xxxxxxx Mac for establishment of custodial accounts.
Eligible Depository Institution. Any of (i) a federal or state-chartered depository institution the accounts of which are insured by the FDIC and whose commercial paper, short-term debt obligations or other short-term deposits are rated at least "A-1+" by Standard & Poor's if the deposits are to be held in the account for less than 30 days, or whose long-term unsecured debt obligations are rated at least "AA-" by Standard & Poor's if the deposits are to be held in the account for more than 30 days, or (ii) the corporate trust department of a federal or state-chartered depository institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations Section 9.10(b), which, in either case, has corporate trust powers, acting in its fiduciary capacity, or (iii) Xxxxxx Brothers Bank, F.S.B., a federal savings bank.
Eligible Depository Institution means an insured
Eligible Depository Institution means (i) any depository institution, organized under the laws of the United States or any state, having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by law and which is subject to supervision and examination by federal or state banking authorities; provided that such institution also must have a short-term unsecured debt rating of at least P-1 from Xxxxx’x and at least A-1 from S&P, and (ii) Xxxxxxx, Sachs & Co. LLC, for so long as Xxxxxxx, Xxxxx & Co. LLC has a short-term unsecured debt rating of at least P-2 from Xxxxx’x and at least A-2 from S&P; provided, further, that if Xxxxxxx, Xxxxx & Co. LLC no longer has a short-term unsecured debt rating of at least P‑1 from Xxxxx’x and at least A-1 from S&P, upon the occurrence and continuance of a Mandatory Prepayment Event or an Event of Default, all Capital Contributions shall be initially transferred into the Capital Contribution Account of the applicable Borrower Party maintained at a depository institution meeting the requirement of clause (i) above. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
Eligible Depository Institution means an insured savings association that is in default, an insured savings association that is in danger of default, a State or national bank that is in default or a State or national bank that is in danger of default, as those terms are defined in this Section, or a new bank as that term defined in Section 11(m) of the Federal Deposit Insurance Act or a bridge bank as that term is defined in Section 11(n) of the Federal Deposit Insurance Act or a new federal savings association authorized under Section 11(d)(2)(f) of the Federal Deposit Insurance Act.