Eligibility Requirements for Delaware Trustee. The Delaware Trustee will at all times (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000, (iii) be a banking institution or trust company that is subject to supervision or examination by federal or state authorities, (iv) have or have a parent that has a rating (long-term debt) that is at least investment grade from at least one nationally recognized statistical rating organization; and (v) not be affiliated directly or indirectly with the Trustor (provided, that U.S. Bank Trust National Association may serve in trustee, fiduciary or other capacities in transactions involving the Trustor, affiliates of the Trustor, or trusts or other special purpose entities established by the Trustor). If such person will publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such person will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee will at all times be a person satisfying the provisions of Section 3807(a) of the Statutory Trust Act. In case at any time the Delaware Trustee will cease to be eligible in accordance with the provisions of this Section, the Delaware Trustee will resign immediately in the manner and with the effect specified in Section 10.02.
Eligibility Requirements for Delaware Trustee. The Delaware Trustee shall at all times be a corporation or association (i) meeting the requirements of Section 3807(a) of the Delaware Statutory Trust Act; (ii) being subject to supervision or examination by Federal or state authorities; and (iii) having (or having a parent which has) a rating of at least investment grade by the Rating Agencies. If the Delaware Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Delaware Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section, the Delaware Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.
Eligibility Requirements for Delaware Trustee. The Delaware Trustee shall at all times be a corporation or association (a) meeting the requirements of Section 3807(a) of the Delaware Business Trust Act; (b) being subject to supervision or examination by Federal or state authorities; (c) having (or having a parent which has) a rating of at least investment grade by the Rating Agencies; and (d) that (i) is independent and is not a stockholder or other securityholder (whether direct, indirect or beneficial), customer or supplier of the Trust or any of its affiliates; (ii) is not a director, officer, employee, affiliate, member, manager or associate of the Trust or any of its affiliates (other than in its capacity as the Delaware Trustee for the Trust); (iii) is not related to any Person referred to in clauses (i) or (ii); (iv) is not a trustee, conservator or receiver for the Trust or any of its affiliates (other than in its capacity as Delaware Trustee for the Trust); and (v) in the ordinary course of its business, acts as a business trustee for other special purpose business trusts similar to the Trust and is otherwise independent from the Trust and its affiliates (except as provided above); provided that affiliates as used in this clause (d) does not include the interests of the Delaware Trustee and its affiliates in each other. If the Delaware Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Delaware Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section, the Delaware Trustee shall resign immediately in the manner and with the effect specified in Section 10.02 hereof.
Eligibility Requirements for Delaware Trustee. The Delaware Trustee shall at all times (a) satisfy the requirements of ss. 3807 of the Business Trust Statute and (b) be authorized to exercise corporate trust powers. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section 6A.9, the Delaware Trustee shall resign immediately in the manner and with the effect specified in Section 6A.7.
Eligibility Requirements for Delaware Trustee. The [Delaware] Trustee shall at all times be a corporation or national banking association that is not an Affiliate of the Depositor organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $[50,000,000] and subject to supervision or examination by federal or state authority. If such corporation publishes reports of its conditions at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the [Delaware] Trustee shall cease to be eligible in accordance with the provisions of this Section, the [Delaware] Trustee shall resign immediately in the manner and with the effect specified in Section 9.07.
