Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such corporation or banking association 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 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If 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.
Appears in 89 contracts
Samples: Trust Agreement (CarMax Auto Owner Trust 2024-3), Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (Carmax Auto Funding LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (ii) at all times be able and authorized to exercise corporate trust powers, ; (iii) have (or have a parent which has) a long‑term debt rating of at least investment grade by each Rating Agency or be otherwise acceptable to each Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least $50,000,000 50,000,000; and (v) be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agenciesstate authorities. If such corporation or banking association the Owner 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 10.1 Section, the combined capital and surplus of such corporation or banking association the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 13 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2018-1), Trust Agreement (BMW Vehicle Lease Trust 2018-1), Trust Agreement (Financial Services Vehicle Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (ii) at all times be able and authorized to exercise corporate trust powers, ; (iii) have (or have a parent which has) a long-term debt rating of at least investment grade by each Rating Agency or be otherwise acceptable to each Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least $50,000,000 50,000,000; and (v) be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agenciesstate authorities. If such corporation or banking association the Owner 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 10.1 Section, the combined capital and surplus of such corporation or banking association the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 12 contracts
Samples: Trust Agreement (Financial Services Vehicle Trust), Trust Agreement (BMW Auto Leasing LLC), Trust Agreement (BMW Auto Leasing LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or national banking association or corporation organized under the laws of the United States or any State and satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade time deposits that are rated at least “Prime-1” by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. Xxxxx’x and “A-1” by S & P. If such corporation or national banking association or corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1 Section, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.
Appears in 10 contracts
Samples: Trust Agreement (GMF Leasing LLC), Trust Agreement (GMF Leasing LLC), Trust Agreement (ACAR Leasing Ltd.)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times times: (ia) be a corporation or corporation, a national banking association or a bank satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (iib) be authorized to exercise corporate trust powers, ; (iiic) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (ivd) have (or have a parent that has) a long-term unsecured debt rating of investment grade at least Baa3 by each of the Rating Agencies Xxxxx’x or be otherwise be acceptable satisfactory to each of the Rating AgenciesXxxxx’x. If such corporation Person or banking association bank 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 10.1 6.13, the combined capital and surplus of such corporation Person or banking association bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.16.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.26.10.
Appears in 8 contracts
Samples: Trust Agreement (Navistar Financial 2004-B Owner Trust), Trust Agreement (Navistar Financial Corp), Trust Agreement (Navistar Financial Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade at least “Baa3” by each of the Rating Agencies Xxxxx’x and “A-1” by S&P (or otherwise be acceptable to each of the Rating Agencies) and being acceptable to the Note Insurer. If such corporation or banking association 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 10.1 11.01, the combined capital and surplus of such corporation or banking association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.111.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.211.02.
Appears in 6 contracts
Samples: Trust Agreement (Accredited Mortgage Loan Trust 2003-3), Trust Agreement (Accredited Home Lenders Inc Mortgage Loan Trust 2004-1), Trust Agreement (NovaStar Certificates Financing CORP)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Delaware Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 [ ] and be subject to supervision or examination by federal or State authorities and (iv) have state authorities; having (or have having a parent that has) a long-term debt rating of investment grade time deposits that are rated at least [ ] (or the equivalent) by each of the Rating Agencies Agency or are otherwise be acceptable to each of Rating Agency and, for so long as the Rating AgenciesTrust Estate includes FHA Mortgage Loans, being an FHA Approved Mortgagee. If such corporation or banking association shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1 Section, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 4 contracts
Samples: Trust Agreement (Bayview Financial Securities Co LLC), Trust Agreement (BLG Securities Company, LLC), Trust Agreement (HMB Acceptance Corp.)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times times: (ia) be a corporation or corporation, a national banking association or a bank satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (iib) be authorized to exercise corporate trust powers, ; (iiic) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (ivd) have (or have a parent that has) a long-term unsecured debt rating of investment grade at least Baa3 by each of the Rating Agencies Xxxxx'x or be otherwise be acceptable satisfactory to each of the Rating AgenciesXxxxx'x. If such corporation Person or banking association bank 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 10.1 6.13, the combined capital and surplus of such corporation Person or banking association bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.16.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.26.10.
Appears in 3 contracts
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation), Trust Agreement (Navistar Financial Retail Receivables Corporation), Trust Agreement (Navistar Financial Retail Receivables Corporation)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade at least "Baa3" by each of the Rating Agencies Xxxxx'x and "A-1" by S&P (or otherwise be acceptable to each of the Rating Agencies) and being acceptable to the Note Insurer. If such corporation or banking association 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 10.1 11.01, the combined capital and surplus of such corporation or banking association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.111.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.211.02.
Appears in 2 contracts
Samples: Trust Agreement (Accred Home LNDRS Inc Ac Mor Ln Tr 2002-1 as Bk Nt Se 2002-1), Trust Agreement (Accredited Home Lenders Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be [a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, (ii) be ] [and] [reasonably acceptable to the Note Insurer]; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade time deposits that are rated at least "F-1" or "P-1" (or the equivalent) by each of the Rating Agencies Agency or are otherwise be acceptable to each of the Rating AgenciesAgency. If such corporation or banking association shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1 Section, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 2 contracts
Samples: Deposit Trust Agreement (Aegis Asset Backed Securities Corp), Trust Agreement (Finance America Securities LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have an entity having a combined capital and surplus of at least $50,000,000 and its long-term unsecured debt rated at least investment grade or otherwise acceptable to each Rating Agency, or such other ratings, provided that the Rating (Nissan 2011-A Amended & Restated Trust Agreement) Agency Condition with respect to such other ratings shall have been satisfied, and be subject to supervision or examination by federal or state authorities, be able to exercise corporate trust powers and be authorized to exercise trust powers in the State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating AgenciesDelaware. If such corporation or banking association 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 10.1 10.01, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 2 contracts
Samples: Trust Agreement (Nissan Auto Receivables 2011-a Owner Trust), Trust Agreement (Nissan Auto Receivables 2011-a Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (ii) at all times be able and authorized to exercise corporate trust powers, ; (iii) have a long-term debt rating of "A" or higher by Xxxxx'x, Standard and Poor's and Fitch (if rated by Fitch), or be otherwise acceptable to each Rating Agency; (iv) have combined capital and surplus of at least $50,000,000 50,000,000; and (v) be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agenciesstate authorities. If such corporation or banking association the Owner 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 10.1 Section, the combined capital and surplus of such corporation or banking association the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.210.02.
Appears in 2 contracts
Samples: Trust Agreement (Nissan Auto Lease Trust 2003-A), Trust Agreement (Nissan Auto Leasing LLC Ii)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iiiii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and state authorities, (iviii) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating AgenciesAgencies and (iv) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. If such corporation or banking association 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 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If 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.
Appears in 2 contracts
Samples: Trust Agreement (Carmax Auto Funding LLC), Trust Agreement (Carmax Auto Funding LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times times: (ia) be a corporation or corporation, a national banking association or a bank satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, ; (iib) be authorized to exercise corporate trust powers, ; (iiic) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (ivd) have (or have a parent that has) a long-term unsecured debt rating of investment grade at least “Baa3” by each of the Rating Agencies Xxxxx’x or be otherwise be acceptable satisfactory to each of the Rating AgenciesXxxxx’x. If such corporation Person or banking association bank 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 10.1 6.13, the combined capital and surplus of such corporation Person or banking association bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.16.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.26.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade at least "Baa3" by each of Moody's and "A-1" by S&P (or otherwise acceptable to the Rating Agencies or otherwise be Agexxxxx) and being acceptable to each of the Rating AgenciesNote Insurer. If such corporation or banking association 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 10.1 11.01, the combined capital and surplus of such corporation or banking association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.111.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.211.02.
Appears in 1 contract
Samples: Trust Agreement (Accred Home LNDRS Inc Ac Mor Ln Tr 2002-1 as Bk Nt Se 2002-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times times: (ia) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, ; (iib) be authorized to exercise corporate trust powers, ; (iiic) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (ivd) have (or have a parent that which has) a long-term debt rating of investment grade [BBB] by each of the Rating Agencies or otherwise Standard & Poor's and at least [BAA2] by Xxxxx'x Investors Service, Inc. and be acceptable to each of the Rating AgenciesNote Insurer. If such corporation or banking association 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 10.1 6.13, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.16.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.26.10.
Appears in 1 contract
Samples: Trust Agreement (Imc Securities Inc)
Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times times: (ia) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, ; (iib) be authorized to exercise corporate trust powers, ; (iiic) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities state authorities; and (ivd) have (or have a parent that has) a long-term unsecured debt rating of investment grade at least Baa3 by each of the Rating Agencies Xxxxx'x Investors Service, Inc. or be otherwise be acceptable satisfactory to each of the Rating Agencies. Xxxxx'x Investors Service, Inc. If such corporation or banking association 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 10.1 6.13, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.16.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.26.10.
Appears in 1 contract
Samples: Trust Agreement (Navistar Financial Retail Receivables Corporation)
Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such corporation or banking association 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 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and 38 surplus as set forth in its most recent report of condition so published. If 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.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade at least “Baa3” by each of the Rating Agencies Moody’s and “A-1” by S&P (or otherwise be acceptable to each of the Rating Agencies) and being acceptable to the Note Insurer. If such corporation or banking association 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 10.1 11.01, the combined capital and surplus of such corporation or banking association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.111.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.211.02.
Appears in 1 contract
Samples: Trust Agreement (NovaStar Certificates Financing LLC)
Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities and (iv) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such corporation or banking association 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 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If 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.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be ; authorized to exercise corporate trust powers, (iii) have ; having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities state authorities; and (iv) have having (or have having a parent that has) a long-term debt rating of investment grade at least "Baa3" by each of the Rating Agencies Moody's and "A-1" by S&P (or otherwise be acceptable to each of the Rating Agencies) and being acceptable to the Note Insurer. If such corporation or banking association 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 10.1 11.01, the combined capital and surplus of such corporation or banking association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.111.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.211.02.
Appears in 1 contract
Samples: Trust Agreement (Accredited Home Lenders Accredited Mort Loan Trust 2002-2)