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

Eligibility Requirements for Owner Trustee and Delaware Trustee. The Delaware Trustee shall at all times be a corporation or national banking association satisfying the provisions of Section 3807(a) of the Business Trust Statute. The Owner Trustee shall at all times be a corporation or national banking association (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authorities; (iii) having (or having a parent which has) a rating of at least Baa3 by Moody's or A-1 by Standard & Poors; and (iv) acceptable to the Certificateholders. 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, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.

Eligibility Requirements for Owner Trustee and Delaware Trustee. The Delaware Trustee shall at all times be a corporation or national banking association satisfying the provisions of Section 3807(a) of the Business Statutory Trust Statute. The Owner Trustee shall at all times be a corporation or national banking association (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities; (iii) having (or having a parent which has) a rating of at least Baa3 by Moody's Xxxxx’x or A-1 by Standard & Poors; and (iv) acceptable to the Certificateholders. 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, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.