Holding and Using Posted Collateral. ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party will not be entitled to hold Posted Collateral itself. The Secured Party will be hold Posted Collateral in an identifiable segregated account through a Custodian (which may be the Trustee and which shall at all times be a financial institution as specified under the Pooling and Servicing Agreement. If not so specified, the Custodian shall be a commercial bank or trust company which is unaffiliated with Party B organized under the laws of the United States or any state thereof, having assets of at least $10 billion and a long term debt or a deposit rating of at least Baa2 from Moody's and BBB from S&P. For so long as the Certificates are rated by S&P, any Custodian other than the Trustee shall have a short-term debt or deposit rating of at least A-1+ from S&P (or A+ if no short-term rating).. Initially, the Custodian for Party B is: The Trustee under the Pooling and Servicing Agreement or any successor trustee thereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1)
Holding and Using Posted Collateral. ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party will not be entitled to hold Posted Collateral itself. The Secured Party will be hold Posted Collateral in an identifiable segregated account through a Custodian (which may be the Supplemental Interest Trust Trustee and which shall at all times be a financial institution as specified under the Pooling and Servicing Agreement. If not so specified, the Custodian shall be a commercial bank or trust company which is unaffiliated with Party B organized under the laws of the United States or any state thereof, having assets of at least $10 billion and a long term debt or a deposit rating of at least Baa2 from Moody's and BBB from S&P. For so long as the Certificates are rated by S&P, any Custodian other than the Supplemental Interest Trust Trustee shall have a short-term debt or deposit rating of at least A-1+ from S&P (or A+ if no short-term rating).. Initially, the Custodian for Party B is: The Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement or any successor trustee thereto.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1)