Qualified Institution

Example Definitions of "Qualified Institution"
Qualified Institution. A depository institution organized under the laws of the United States of America or any one of the states thereof which at all times has a short-term issuer rating of F1/A-1/P-1 or better by the Rating Agencies (or, in the absence of a F1 rating by Fitch, an issuer default rating of A or better by Fitch) and whose deposits are insured by the FDIC; provided, however, if such depository institution is expected to hold deposits for more than 30 days, such depository institution shall also at all... times have a long-term issuer rating of A or better by Standard & Poor's. If any institution holding trust accounts shall cease be a Qualified Institution, each such account shall promptly (and in any case within not more than 10 calendar days) be moved to a Qualified Institution or to one or more segregated trust accounts in the trust department of such institution, if permitted. Trust accounts shall not be evidenced by certificates of deposit, passbooks, or other instruments. View More
Qualified Institution. The meaning set forth in the Asset Sale Agreement
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