Qualified GIC definition
Qualified GIC. A guaranteed investment contract or surety bond providing for the investment of funds in the Custodial Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall:
Qualified GIC is hereby added to Article I to immediately follow the definition of "Qualified Depository", to read as follows:
Qualified GIC means an investment contract providing for the investment ------------- of funds held by the Trustee and insuring a minimum or fixed rate of return on investments of such funds, which contract shall:
Examples of Qualified GIC in a sentence
All funds eligible to be invested pursuant to a Qualified GIC shall (subject, however, to any limitations contained in such Qualified GIC) be assumed to be invested thereunder on the next Business Day after the assumed date of receipt and to remain invested thereunder until the Business Day preceding the Principal Reduction Date on which such funds are, or might be, required to be available for application pursuant to this Indenture or the applicable Series Supplement.
More Definitions of Qualified GIC
Qualified GIC in Article I is hereby added to immediately follow the definition of "Qualified Appraiser" and to read as follows:
Qualified GIC. A GIC, assigned to the Trustee or a Paying Agent, or entered into by the Trustee or a Paying Agent at the direction of the Depositor, on or before the Issue Date, providing for the investment of funds ensuring a minimum or fixed rate of return on investments of such funds, which GIC shall
Qualified GIC. A guaranteed investment contract or surety bond providing for the investment of funds in the Collection Account, the Securities Administration Account or the Certificate Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall: be an obligation of an insurance company or other corporation whose long term debt is rated by each Rating Agency in one of its two highest rating categories or, if such insurance company has no long term debt, whose claims paying ability is rated by each Rating Agency in one of its two highest rating categories, and whose short-term debt is rated by each Rating Agency in its highest rating category;
Qualified GIC. A guaranteed investment contract or surety bond providing for the investment of funds in the Custodial Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall: (a) be an obligation of an insurance company or other corporation whose long-term debt is rated by each Rating Agency in one of its two highest rating categories or, if such insurance company has no long-term debt, whose claims paying ability is rated by each Rating Agency in one of its two highest rating categories, and whose short-term debt is rated by each Rating Agency in its highest rating category; (b) provide that the Servicer may exercise all of the rights under such contract or surety bond without the necessity of taking any action by any other Person; (c) provide that if at any time the then current credit standing of the obligor under such guaranteed investment contract is such that continued investment pursuant to such contract of funds would result in a downgrading of any rating of the Servicer, the Servicer shall terminate such contract without penalty and be entitled to the return of all funds previously invested thereunder, together with accrued interest thereon at the interest rate provided under such contract to the date of delivery of such funds to the Trustee; (d) provide that the Servicer's interest therein shall be transferable to any successor Servicer or the Master Servicer hereunder; and (e) provide that the funds reinvested thereunder and accrued interest thereon be returnable to the Custodial Account, as the case may be, not later than the Business Day prior to any Determination Date.
Qualified GIC means a guaranteed investment contract or surety bond providing for the investment of funds in the Collection Account or the Reserve Account and insuring a minimum, fixed or floating rate of return on investments of such funds, which contract or surety bond shall:
Qualified GIC. A guaranteed investment contract Granted or to be Granted to the Trustee to provide for the investment of funds in a Trust Account for a particular Series, which contract shall