Common use of Eligibility Requirements for Trustee and Securities Administrator Clause in Contracts

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.07. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any Servicer, Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" by S&P (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. shall act as Securities Administrator for so long as it is Master Servicer under this Agreement.

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor Seller, the Master Servicer or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.078.7. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any Servicer, the Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" “A/F1” by Fitch, if Fitch is a Rating Agency, or the equivalent rating by S&P or Xxxxx’x (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. The Trustee shall act as notify the Rating Agencies of any change of Securities Administrator for so long as it is Master Servicer under this AgreementAdministrator.

Eligibility Requirements for Trustee and Securities Administrator. The Each of the Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor or any Affiliate of the foregoing) entity duly organized and doing business validly existing under the laws of any state or the United States of AmericaAmerica or any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or and a member minimum long-term debt rating of BBB by Fitch and S&P and Baa3 by Moody's and a bank holding company whose capital and surplus is long term debt rating of at least $50,000,000) and A1 or better by Moody'x, xxx subject to supervision or examination by federal or state authoritystatx xxxxxrity. If such corporation or association entity publishes reports of conditions 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 8.06, the combined capital and surplus of such corporation or association entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions condition so published. The principal office of the Trustee and the Securities Administrator (other than the initial Trustee or Securities Administrator) shall be in a state with respect to which an Opinion of Counsel has been delivered to such Trustee or Securities Administrator at the time such Trustee or Securities Administrator is appointed Trustee or Securities Administrator, at such entity's expense, to the effect that the Trust will not be a taxable entity under the laws of such state. In case at any time the Trustee or the Securities Administrator, as applicable, Administrator shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee or the Securities Administrator, as applicable, Administrator shall resign immediately in the manner and with the effect specified in Section 9.07. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any Servicer, Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" by S&P (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. shall act as Securities Administrator for so long as it is Master Servicer under this Agreement8.07.

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.07. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any Servicer, Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A/F1" by Fitch, if Fitch is a Rating Agency, or rated at least "A-1" by S&P (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. National Association shall act as Securities Administrator for so long as it is Master Servicer under this Agreement.

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor Seller or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.07. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any ServicerServicers, the Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" “A/F1” by Fitch, if Fitch is a Rating Agency, or the equivalent rating by S&P (or such rating acceptable to Fitch pursuant to a rating confirmation). If no successor securities administrator shall have been appointed and shall have accepted appointment within sixty (60) days after Xxxxx Fargo Bank, N.A. shall act as Securities Administrator for so long as it is Master Servicer under this Agreement.,

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator hereunder shall at all times (i) be an institution insured by the FDIC, (ii) be a corporation or an association (other than the Depositornational banking association, the Sponsor or any Affiliate of the foregoing) organized and doing business under the laws of any state State or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least not less than $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authorityauthority and (iii) not be an Affiliate of the Master Servicer or any Servicer. If such corporation or national banking association publishes reports of conditions 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 or national banking association shall be deemed to be its combined capital and 213965 Sequoia 2007-1 Pooling and Servicing Agmt. surplus as set forth in its most recent report of conditions condition so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.076.06. Additionally, the The Securities Administrator hereunder shall at all times (i) may not be an originator, Master Servicer, any Servicer, Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be institution authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, (ii) be rated at least “A/F1” by Fitch, or if not rated by Fitch, the equivalent rating by S&P or Mxxxx’x and (iii) must not be rated at least "A-1" by S&P (an originator of Mortgage Loans, the Master Servicer, a Servicer, the Depositor, or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. shall act as an Affiliate of the Depositor unless the Securities Administrator for so long as it is Master Servicer under this Agreementin an institutional trust department of the Securities Administrator.

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator shall at all times be a corporation or an association (other than the Depositor, the Sponsor Seller, the Master Servicer or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.078.07. Additionally, the Securities Administrator (i) may not be an originator, Master Servicer, any Servicer, the Depositor or an affiliate of the Depositor unless the Securities Administrator is in an institutional trust department, (ii) must be authorized to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" “A/F1” by Fitch, if Fitch is a Rating Agency, or the equivalent rating by S&P or Xxxxx’x (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. The Trustee shall act as notify the Rating Agencies of any change of Securities Administrator for so long as it is Master Servicer under this AgreementAdministrator.

Eligibility Requirements for Trustee and Securities Administrator. The Trustee and the Securities Administrator hereunder shall at all times be a corporation or an a national banking association (other than the Depositor, the Sponsor or any Affiliate of the foregoing) organized and doing business under the laws of any state or the United States of AmericaAmerica or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000 (or a member of a bank holding company whose capital and surplus is at least $50,000,000) and subject to supervision or examination by federal or state authority. In addition, the Trustee and the Securities Administrator shall at all times be acceptable to the Rating Agency rating the Certificates and the Certificate Insurer. If such corporation or association publishes reports of conditions 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 or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions condition so published. In case at any time the Trustee or the Securities Administrator, as applicable, Administrator shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Securities Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 9.078.07. AdditionallyThe corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Seller and their affiliates or the Master Servicer and its affiliates; provided, the Securities Administrator (i) may however, that such corporation cannot be an originator, Master Servicer, any Servicer, Depositor or an affiliate of the Depositor unless Master Servicer other than the Securities Administrator is in an institutional trust department, (ii) must be authorized its role as successor to exercise corporate trust powers under the laws of its jurisdiction of organization, and (iii) must be rated at least "A-1" by S&P (or such rating acceptable to Fitch pursuant to a rating confirmation). Xxxxx Fargo Bank, N.A. shall act as Securities Administrator for so long as it is Master Servicer under this AgreementServicer.