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 “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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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.


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 and acting as trustee for funds deposited in such account, so long as such depository institution shall have (i) an issuer credit rating of “A” or better by Fitch and “A” or better by S&P, or (ii) a short-term unsecured debt rating or deposit rating of “F1” or better by Fitch and “A-1” or better by S&P 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.
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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 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 “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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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.

  • Ineligible Institution has the meaning assigned to such term in Section 9.04(b).

  • Administration Account As defined in Section 7.02.

  • Eligible Account Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

  • 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.

  • Eligible Trust means - (i) a trust created by or in pursuance of the provisions of any law which is for the time being in force in any State, or (ii) a trust, the properties of which are vested in a treasurer under the Charitable Endowments Act 1890 (Act 6 of 1890), or (iii) a religious or charitable trust which is administered or controlled or supervised by or under the provisions of any law, which is for the time being in force relating to religious or charitable trusts or, (iv) any other trust, being an irrevocable trust, which has been created for the purpose of or in connection with the endowment of any property or properties for the benefit or use of the public or any section thereof, or (v) a trust created by a will which is valid and has become effective, or (vi) any other trust, being an irrevocable trust, which has been created by an instrument in writing and includes `depository' within the meaning of Clause(e) of Sub-section (1) of Section 2 of The Depository Act, 1996;

  • Trust Account Property means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

  • Investment Account As defined in Section 3.12(a).

  • Designated Deposit Account is Borrower’s deposit account, account number , maintained with Bank.

  • L/C Cash Deposit Account means an interest bearing cash deposit account to be established and maintained by the Agent, over which the Agent shall have sole dominion and control, upon terms as may be satisfactory to the Agent.

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

  • Principal Funding Account Investment Proceeds shall have the meaning specified in subsection 4.03(a)(ii).

  • Liquidity Reserve Account shall have the meaning set forth in Section 8.2(A)(iii).

  • Principal Funding Account shall have the meaning specified in subsection 4.03(a)(i).

  • Deposit Account is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made.

  • Reserve Account Funding Date means the Payment Date selected by the Servicer on behalf of the Issuer which occurs not later than the earliest of the Payment Date with respect to the Monthly Period which commences three months prior to the commencement of the Controlled Accumulation Period (which commencement shall be subject to postponement pursuant to Section 4.13); provided, however, that if the Rating Agency Condition is satisfied, the Issuer may postpone the Reserve Account Funding Date.