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

Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware. If such entity 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 10.01, 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. [The Delaware Trustee shall at all times be a person satisfying the provisions of Section 3807(a) of the Statutory Trust Statute.] In case at any time the Owner Trustee [or the Delaware Trustee, as applicable,] shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee [or the Delaware Trustee, as applicable,] shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware. If such entity 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 10.01, 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. [The Delaware Trustee shall at all times be a person satisfying the provisions of Section 3807(a) of the Statutory Trust Statute.] . In case at any time the Owner Trustee [or the Delaware Trustee, as applicable,] , shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee [or the Delaware Trustee, as applicable,] , shall resign immediately in the manner and with the effect specified in Section 10.02.