Common use of Eligibility Requirements for Owner Trustee and Delaware Trustee Clause in Contracts

Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. (b) The Delaware Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Delaware Trustee ceases 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 Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association Person (i) authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 trust powers and subject to supervision or examination by Federal federal or state authorities; and (ii) having (or having a parent which has) a long-term combined capital and surplus of at least $50,000,000; (iii) having (or having a parent which has) a rating of at least "Baa3" (or its equivalent) Baa3 by Moody's Xxxxx'x and "A" (or its equivalent) BBB by Standard & Poor's; (iv) which is not an Affiliate of the Trust, the Depositor, or the Financing Originator, and (v) does not offer or provide credit or credit enhancement to the Issuer or the Depositor. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.110.01(a), the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02. (b) The Delaware Trustee shall at all times be an entity a corporation satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust StatuteAct. If In case at any time the Delaware Trustee ceases shall cease to be eligible in accordance with the provisions of this SectionSection 10.01(b), the Delaware Trustee will shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's's and being acceptable to the Insurer. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. (b) The Delaware Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Business Trust Statute. If at any time the Delaware Trustee ceases 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 Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. (b) The Delaware Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Delaware Trustee ceases 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 10.0210.2.

Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association association; authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "“Baa3" ” (or its equivalent) by Moody's ’s and "“A" ” (or its equivalent) by Standard & Poor's’s. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. (b) The Delaware Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Delaware Trustee ceases 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 10.0210.2.

Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's's and being acceptable to the Insurer. If such corporation 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 such corporation 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 Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. (b) The Delaware Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Delaware Trustee ceases 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.