Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 84 contracts
Samples: Pooling and Servicing Agreement (Countrywide Home Loans 2005-J8), Pooling and Servicing Agreement (Alternative Loan Trust 2007-23cb), Pooling and Servicing Agreement (Cwalt Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 74 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof8.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 62 contracts
Samples: Pooling and Servicing Agreement (CHL Mortgage Pass-Through Trust 2007-Hy1), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Hy8c), Pooling and Servicing Agreement (Alternative Loan Trust 2007-Oh3)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Seller and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 36 contracts
Samples: Pooling and Servicing Agreement (Cwabs Asset-Backed Certificates Trust 2005-Im3), Pooling and Servicing Agreement (Cwabs Inc. Asset-Backed Certificates Trust 2005-Im2), Pooling and Servicing Agreement (Cwabs Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 19 contracts
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-6), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-5), Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-6)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2005-Bc4), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Opt1), Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust, Series 2006-Bc3)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) reduction as evidenced in writing by each Rating Agencyrating agency). If such corporation or 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 8.06 5.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.065.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 5.08 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or and with the Master Servicer Underlying Certificate Seller and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than Depositor or the Underlying Certificate Seller. The Trustee hereunder shall at all times be the same Person as the Underlying Trustee or shall have an agreement with the Underlying Trustee to have access to the information relating to the Underlying Certificate Account in order to enable the Trustee in to perform its role as successor to the Master Servicerduties under Section 3.06(a).
Appears in 13 contracts
Samples: Pooling and Servicing Agreement (Alternative Loan Trust Resecuritization 2008-2r), Trust Agreement (Alternative Loan Trust Resecuritization 2008-1r), Trust Agreement (CHL Mortgage Pass-Through Trust Resecuritization 2008-2r)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or Depositor, the Master Servicer and its the Subservicer and their respective affiliates; provided, however, that such entity corporation cannot be an affiliate of the Master Servicer Subservicer other than the Trustee in its role as successor to the Master ServicerSubservicer.
Appears in 10 contracts
Samples: Pooling and Servicing Agreement (Chase Funding Inc), Pooling and Servicing Agreement (Morserv Inc), Pooling and Servicing Agreement (Chase Funding Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesrespective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 8 contracts
Samples: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff1), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust, Series 2007-Ff2), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-Rm4)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesrespective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 7 contracts
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2005-He3), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2004-Sl1)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof8.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the NIMs Insurer and its affiliates or the Master Servicer and its affiliatestheir respective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2), Pooling and Servicing Agreement (Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereofof this Agreement. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Alternative Loan Trust 2006-Hy10), Pooling and Servicing Agreement (Alternative Loan Trust 2005-43)
Eligibility Requirements for Trustee. (a) The Trustee shall at all times satisfy the requirements of TIA Section 310(a) and Section (a)(4)(i) of Rule 3a-7 under the Investment Company Act. The Trustee hereunder shall at all times be a corporation which is not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor, the Administrative Agent or association any obligor with respect to the Underlying Securities with respect to such Series of Certificates and their respective Affiliates) organized and doing business under the laws of a state any State or the United States of AmericaStates, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authority State authority, and with a credit rating the long-term debt obligations of which would not cause either are rated in one of the four highest categories assigned long-term debt obligations by each of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating AgencyAgencies. If such corporation or association publishes reports of condition 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 8.06 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 condition conditions so published. In case the event that at any time the Trustee shall cease to be eligible in accordance with the provisions terms of this Section 8.06Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer10.07.
Appears in 3 contracts
Samples: Trust Agreement (Comcertz Abs Corp), Trust Agreement (Comcertz Abs Corp), Comcertz Abs Corp
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a state or the United States of AmericaStates, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then then-current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof8.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (BellaVista Mortgage Trust 2005-1), Pooling and Servicing Agreement (BellaVista Funding CORP), Pooling and Servicing Agreement (BellaVista Mortgage Trust 2004-2)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or a national banking association organized and doing business under the laws of a 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, 50,000,000 and a long-term secured debt rating of at least "Baa3" if Xxxxx'x is one of the Rating Agencies and subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of authority. In addition, the Trustee shall at all times be acceptable to the Rating Agencies to reduce or withdraw their respective then current ratings of rating the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating AgencyCertificates. If such corporation or association bank 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 8.06 the combined capital and surplus of such corporation or association bank 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 shall cease to be eligible in accordance with the provisions of this Section 8.06Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof9.07. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Seller and its their affiliates or the Master Servicer and its affiliates; provided, however, that such entity corporation or bank cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or a national banking association organized and doing business under the laws of a 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, 50,000,000 and a long-term secured debt rating of at least "Baa3" if Mxxxx'x is one of the Rating Agencies and subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of authority. In addition, the Trustee shall at all times be acceptable to the Rating Agencies to reduce or withdraw their respective then current ratings of rating the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating AgencyCertificates. If such corporation or association bank 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 8.06 the combined capital and surplus of such corporation or association bank 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 shall cease to be eligible in accordance with the provisions of this Section 8.06Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof9.07. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Seller and its their affiliates or the Master Servicer and its affiliates; provided, however, that such entity corporation or bank cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp), Pooling and Servicing Agreement (Southern Pacific Secured Assets Corp)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of the Offered Certificates below the ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc), Pooling and Servicing Agreement (Greenwich Capital Acceptance Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates Certificates, (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CWMBS Inc), Pooling and Servicing Agreement (CWMBS Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer Servicer, other than the Trustee in its role as successor to the Master Servicer.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust Series 2006-Amn1), Pooling and Servicing Agreement (Wachovia Mortgage Loan Trust, Series 2006-Alt1)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital and 146 surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-3)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatestheir respective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so 117 published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesrespective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Trust Series 2006-He1)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) ), as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 9.6 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.069.6, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 9.7 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Etrade Mortgage Backed Securities Corp)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such the laws of the United Stated of America to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by a federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then then-current ratings of the Certificates any class of certificates (or having provided such security from time to time as is sufficient to avoid such the reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 6.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.066.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof6.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Trust Agreement (Bcap 2006-Rr1)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master any Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master a Servicer other than the Trustee in its role as successor to the Master related Servicer.
Appears in 1 contract
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Washington Mutual Home Loan CHL Mort Pas THR Trust 2001 Hyb1)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates Depositor, the Certificate Administrator, the Custodian or the a Master Servicer and its and, in each case, such Person's affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master ServicerCountrywide or a Transferor.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Mortgage Pass Through Trust 2001-J1)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.. 121
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mortgage Loan Asset-Backed Certificates, Series 2006-Ab2)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a state or the United States of AmericaStates, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then then-current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof8.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.. 103
Appears in 1 contract
Samples: Pooling and Servicing Agreement (BellaVista Funding CORP)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Seller and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ec1)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving 122 as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or Depositor, the Master Servicer and its the Subservicer and their respective affiliates; provided, however, that such entity corporation cannot be an affiliate of the Master Servicer Subservicer other than the Trustee in its role as successor to the Master ServicerSubservicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Funding Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master either Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mort Inv Inc Asst Back Certs Ser TMTS 2003 8he)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatestheir respective Affiliates; provided, however, that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master a Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Funding Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates without regard to the Certificate Insurance Policy (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; providedPROVIDED, howeverHOWEVER, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Residential Funding Corp)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.. 144
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2006-3)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.. 115
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliatesAffiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.. 131
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Specialty Underwriting & Residential Finance Trust Series 2006-Bc4)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the NIMs Insurer and its affiliates or the Master Servicer and its affiliatestheir Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or a national banking association organized and doing business under the laws of a 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, 50,000,000 and a long-term secured debt rating of at least "Baa" if Moodx'x xx one of the Rating Agencies and subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of authority. In addition, the Trustee shall at all times be acceptable to the Rating Agencies to reduce or withdraw their respective then current ratings of rating the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating AgencyCertificates. If such corporation or association bank 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 8.06 the combined capital and surplus of such corporation or association bank 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 shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof9.07. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Seller and its their affiliates or the Master Servicer and its affiliates; provided, however, that such entity corporation or bank cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Seller and its affiliates or the 154 Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-Ecc2)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or a national banking association organized and doing business under the laws of a 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, ] and subject to supervision or examination by federal or state authority and with having a credit deposit rating which would not cause either of at least ["A-"] or the Rating Agencies to reduce or withdraw their respective then current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing equivalent by each Rating Agency. In addition, the Trustee shall at all times be acceptable to the Rating Agencies rating the Certificates [and the Certificate Insurer]. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof9.07. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Seller and its their affiliates or the Master Servicer and its affiliates; providedPROVIDED, howeverHOWEVER, that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Finance America Securities LLC)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an 150 affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-1)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 the combined capital and surplus of such corporation or association shall be 153 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 shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2004-7)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Securities Administrator and its affiliates or the Master Servicer and its affiliatestheir respective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Asst Back Certs Ser 2003-5sl)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority authority, acceptable to the Insurer and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then current shadow ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.6 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.6, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.7 hereof. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First Horizon Asset Securities Inc)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a state or the United States of America, authorized under such laws to exercise corporate trust powers, powers having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 8.07 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.068.07, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 8.08 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Securities Administrator and its affiliates or the Master Servicer and its affiliatestheir respective Affiliates; provided, however, that such entity corporation cannot be an affiliate Affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors, Inc. Series 2004-FFC)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving 132 as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Seller and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certs Series 2003-1)
Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which would not cause either of the Rating Agencies to reduce or withdraw their respective then then-current ratings of the Certificates (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency. If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof8.07. The entity serving as Trustee may have normal banking and trust relationships with the Depositor and its affiliates or the Master Servicer and its affiliates; provided, however, that such entity cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (BellaVista Mortgage Trust 2004-1)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an 149 affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (CWABS Asset-Backed Certificates Trust 2007-2)
Eligibility Requirements for Trustee. The Trustee hereunder shall shall, at all times times, be a corporation or association organized and doing business under the laws of a 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, subject to supervision or examination by federal or state authority and with a credit rating which that would not cause either any of the Rating Agencies to reduce or withdraw their respective then current ratings of any Class of Certificates below the Certificates ratings issued on the Closing Date (or having provided such security from time to time as is sufficient to avoid such reduction) as evidenced in writing by each Rating Agency). If such corporation or 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 8.06 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 condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07 hereof. The entity corporation or national banking association serving 134 as Trustee may have normal banking and trust relationships with the Depositor Depositor, the Sellers and its affiliates or the Master Servicer and its their respective affiliates; provided, however, provided that such entity corporation cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cwabs Inc Asset Backed Certificates Series 2005-Ab3)