Corporate Certificate Trustee Required; Eligibility. (a) --------------------------------------------------- This Trust Agree shall at all times have a certificate trustee that shall be eligible to act as a trustee under Section 310(a) of the Trust Indenture Act, shall have a combined capital and surplus of at least $50,000,000 and shall have a long-term debt rating of [Baa3] or better by Xxxxx'x. If such entity publishes reports of conditions at least annually, pursuant to law or to the requirements of federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.07, the combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Certificate Trustee shall meet the requirements of Section 26(a)(1) of the Invest Company Act of 1940, as amended, shall not be an affiliate (as that term is defined in Rule 405 under the Securities Act) of the Trust or of any Person involved in the organization or operation of the Trust, shall not provide credit or credit enhancement to the Trust and shall be subject to Section 310(b) of the Trust Indenture Act.
Appears in 3 contracts
Samples: Declaration and Agreement (Sdg&e Funding LLC a De Limited Liability Co), Declaration and Agreement (Pg&e Funding LLC), Declaration and Agreement (Sce Funding LLC)
Corporate Certificate Trustee Required; Eligibility. (a) --------------------------------------------------- This Trust Agree Agreement shall at all times have a certificate trustee that shall be eligible to act as a trustee under Section 310(a) of the Trust Indenture Act, shall have a combined capital and surplus of at least $50,000,000 and shall have a long-term debt rating of [Baa3] Baa3 or better by Xxxxx'xMoody's. If such entity publishes reports of conditions at least annually, pursuant to law or to the requirements of federalFederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.07, the combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Certificate Trustee shall meet the requirements of Section 26(a)(1) of the Invest Investment Company Act of 1940, as amended, shall not be an affiliate (as that term is defined in Rule 405 under the Securities ActAct of 1933, as amended) of with the Trust or of with any Person involved in the organization or operation of the Trust, shall not provide credit or credit enhancement to the Trust and shall be is subject to Section 310(b) of the Trust Indenture Act.
Appears in 2 contracts
Samples: Declaration and Agreement (Sdg&e Funding LLC a De Limited Liability Co), Declaration and Agreement (Sce Funding LLC)
Corporate Certificate Trustee Required; Eligibility. (a) --------------------------------------------------- This Trust Agree Agreement shall at all times have a certificate trustee that shall be eligible to act as a trustee under Section 310(a) of the Trust Indenture Act, shall have a combined capital and surplus of at least $50,000,000 and shall have a long-term debt rating of [Baa3] Baa3 or better by Xxxxx'x. If such entity publishes reports of conditions at least annually, pursuant to law or to the requirements of federalFederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section 6.07, the combined capital and surplus of such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Certificate Trustee shall meet the requirements of Section 26(a)(1) of the Invest Investment Company Act of 1940, as amended, shall not be an affiliate (as that term is defined in Rule 405 under the Securities ActAct of 1933, as amended) of with the Trust or of with any Person involved in the organization or operation of the Trust, shall not provide credit or credit enhancement to the Trust and shall be is subject to Section 310(b) of the Trust Indenture Act.
Appears in 1 contract
Samples: Trust Agreement (Pg&e Funding LLC)