Eligibility to Hold Posted Collateral; Custodians definition

Eligibility to Hold Posted Collateral; Custodians. Party B and or its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b), provided that the following conditions applicable to it are satisfied:
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Eligibility to Hold Posted Collateral; Custodians. Party B and or its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b), provided that the following conditions applicable to it are satisfied: (1) The Custodian is a bank or trust company located in the United States having total assets of at least $250,000,000 and a short term unsecured debt or counterparty rating of “Prime-1” from Moody’s; “A-1” from Standard & Poor’s or is the Trustee; and F1 from Fitch. Initially, the Custodian for Party B is: the Trustee for the Supplemental Interest Trust under the Trust Agreement.
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Eligibility to Hold Posted Collateral; Custodians. Party B and or its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b), provided that the following conditions applicable to it are satisfied: (1) The Custodian is a bank or trust company located in the United States having (x) total assets of at least $250,000,000 and (y) a Short-term Rating or counterparty rating of “Prime-1” from Moody’s; “A-1” from Standard & Poor’s (or if such Custodian has no Short-term Rating, a Long-term Rating of “A+” or above). Initially, the Custodian for Party B is: the Trustee under the Trust Agreement. If the Custodian ceases to meet the requirements set forth in sub-clause (1)(y) above, Party B shall cause any Posted Collateral to be removed to another entity satisfying such credit ratings set forth in sub-clause (1)(y) above within 60 calendar days from the time such Custodian failed to be so eligible.
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Related to Eligibility to Hold Posted Collateral; Custodians

  • Collateral Custodian Termination Notice has the meaning assigned to that term in Section 12.05.

  • Collateral Custodian means U.S. Bank National Association, solely in its capacity as collateral custodian, together with its successors and permitted assigns in such capacity.

  • Posted Collateral means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash.

  • Master Servicer Remittance Amount With respect to each Master Servicer and each Master Servicer Remittance Date, an amount equal to (a) all amounts on deposit in such Master Servicer’s Collection Account as of 11:00 a.m., New York City time, on such Master Servicer Remittance Date, net of (b) any portion of the amounts described in clause (a) of this definition that represents one or more of the following: (i) collected Monthly Payments with respect to any Mortgage Loan serviced by such Master Servicer that are due on a Due Date following the end of the related Collection Period, (ii) to the extent not covered by clause (i) above, any payments of principal (including Principal Prepayments) and interest, Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds Received by the Trust with respect to any Mortgage Loan or REO Property serviced by such Master Servicer after the end of the related Collection Period, (iii) any Prepayment Premiums and/or Yield Maintenance Charges Received by the Trust with respect to any Mortgage Loan or successor REO Mortgage Loan serviced by such Master Servicer with respect thereto after the end of the related Collection Period, (iv) any Excess Liquidation Proceeds, (v) any amounts payable or reimbursable to any Person from such Collection Account pursuant to clauses (ii) through (xxii) of Section 3.05(a), and (vi) any amounts deposited in such Collection Account in error; provided that the Master Servicer Remittance Amount with respect to such Master Servicer for the Master Servicer Remittance Date that occurs in the same calendar month as the anticipated Final Distribution Date shall be calculated without regard to clauses (b)(i), (b)(ii), (b)(iii) and (b)(iv) of this definition.

  • Master Servicer Remittance Date With respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.