Common use of Eligibility Requirements for Trustee and Fiscal Agent Clause in Contracts

Eligibility Requirements for Trustee and Fiscal Agent. The Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, authorized to exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority, and (iii) an institution whose long-term senior unsecured debt is, for so long as a Fiscal Agent is acting hereunder, rated not less than "BBB" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "BBB" by S&P; provided that either the Trustee or the Fiscal Agent shall at all times be an institution whose long-term senior unsecured debt is rated not less than "AA" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "AA" by S&P or otherwise acceptable to the Rating Agencies. If such corporation, national bank or national banking association publishes reports of condition 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, national bank or national banking association 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 Trustee or Fiscal Agent shall cease to be eligible in accordance with provisions of this Section, the Trustee or Fiscal Agent shall resign immediately in the manner and with the effect specified in Section 7.6.

Eligibility Requirements for Trustee and Fiscal Agent. The Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, authorized to exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority, and (iii) an institution whose long-term senior unsecured debt is, for so long as a Fiscal Agent is acting hereunder, rated not less than "BBB" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&PXxxxx'x) and, in any event, "BBBBaa2" by S&PXxxxx'x; provided that either the Trustee or the Fiscal Agent shall at all times be an institution whose long-term senior unsecured debt is rated not less than "AA" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&PXxxxx'x) and, in any event, "AAAa2" by S&P Xxxxx'x or otherwise acceptable to the Rating Agencies. If such corporation, national bank or national banking association publishes reports of condition 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, national bank or national banking association 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 Trustee or Fiscal Agent shall cease to be eligible in accordance with provisions of this Section, the Trustee or Fiscal Agent shall resign immediately in the manner and with the effect specified in Section 7.6.

Eligibility Requirements for Trustee and Fiscal Agent. The Trustee hereunder shall at all times be (i) an institution insured by association or a corporation organized and doing business under the FDIC, (ii) a corporationlaws of the United States of America or any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of not less than at least $50,000,000 100,000,000 and subject to supervision or examination by federal or state authority, and (iii) an institution whose long-term senior unsecured debt is, for so long as a Fiscal Agent is acting hereunder, rated not less than "BBB" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "BBB" by S&P; provided that either the Trustee or the Fiscal Agent shall at all times be an institution whose long-term senior unsecured debt is rated not less than "AA" by DCR (if rated by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "AA" by S&P or otherwise acceptable to the Rating Agencies. If such corporation, national bank association or national banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section, Section the combined capital and surplus of such corporation, national bank association or national banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The long-term unsecured debt obligations of the Trustee shall at all times be rated not less than "AA" by Standard & Poor's and "AA" by Fitch (or, if not rated by Fitch, otherwise acceptable to Fitch as would not result in a qualification, downgrade or withdrawal of the rating assigned by Fitch to any Class of Certificates) or if and for so long as a Fiscal Agent is appointed and acting hereunder, at least investment grade by each Rating Agency (or, if not rated by Fitch, otherwise acceptable to Fitch as would not result in a qualification, downgrade or withdrawal of the rating assigned by Fitch to any Class of Certificates); provided, that either the Trustee or the Fiscal Agent shall at all times be an institution whose long term senior unsecured debt is rated not less than "AA" by Fitch and "AA" by Standard & Poor's or such other rating as shall not result in the qualification, downgrade or withdrawal of any of the ratings then assigned to the respective Classes of Certificates, as confirmed in writing by each Rating Agency. In case at any time the Trustee or the Fiscal Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Fiscal Agent shall resign immediately in the manner and with the effect specified in Section 7.68.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation or association serving as Trustee may have normal banking and trust relationships with the Depositor, the Master Servicer, the Special Servicer and their respective Affiliates.

Eligibility Requirements for Trustee and Fiscal Agent. The Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, national bank or national banking association authorized to exercise corporate trust powers, 103 having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority, and (iii) an institution whose long-term senior unsecured debt is, for so long as a Fiscal Agent is acting hereunder, rated not less than "BBB" by DCR (if rated Fitch IBCA and Baa2 by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "BBB" by S&PXxxxx'x; provided that either the Trustee or the Fiscal Agent shall at all times be an institution whose long-term senior unsecured debt is rated not less than "AA" by DCR (if rated Fitch IBCA and Aa2 by DCR or, if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "AA" by S&P Xxxxx'x or otherwise acceptable to the Rating AgenciesAgencies as evidenced by a Rating Agency Confirmation. If such corporation, national bank or national banking association publishes reports of condition 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, national bank or national banking association 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 Trustee or the Fiscal Agent shall cease to be eligible in accordance with provisions of this Section, the Trustee or Fiscal Agent shall resign immediately in the manner and with the effect specified in Section 7.6.

Eligibility Requirements for Trustee and Fiscal Agent. The Trustee hereunder shall at all times be (i) an institution insured by the FDIC, (ii) a corporation, authorized to exercise corporate trust powers, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by federal or state authority, and (iii) an institution whose long-term senior unsecured debt is, for so long as a Fiscal Agent is acting hereunder, rated not less than either (a) "BBBAA" by DCR (S&P and, if rated by DCR orDCR, "AA" by DCR, and if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&Potherwise acceptable to DCR, if the Fiscal Agent does not have such ratings for its long-term senior secured debt, or (b) "BBB" by S&P and, in any eventif rated by DCR, "BBB" by S&P; provided that either the Trustee DCR, or if not rated by DCR, then otherwise approved by DCR, if the Fiscal Agent shall at all times be an institution whose has a long-term senior unsecured secured debt is rated rating of not less than "AA" by DCR (S&P and "AA" by DCR, if rated by DCR orDCR, and if not rated by DCR, then an equivalent rating from another nationally recognized statistical rating organization other than S&P) and, in any event, "AA" otherwise approved by S&P or otherwise acceptable to the Rating AgenciesDCR. If such corporation, corporation or national bank or national banking association publishes reports of condition 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, corporation or national bank or national banking association 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 Trustee or Fiscal Agent shall cease to be eligible in accordance with provisions of this Section, the Trustee or Fiscal Agent shall resign immediately in the manner and with the effect specified in Section 7.6.