Common use of Eligibility Requirements for Trustee Clause in Contracts

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc), Pooling and Servicing Agreement (Nationslink Funding Corp), Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)

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Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank banking association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank banking association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank banking association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-" from Fitch or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A-" from Fitch, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank banking corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C7), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2007-C2), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2006-C7)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] _________ and a rating on its unsecured long-term debt of at least "BBB" (ivor "AA" at any time when there is no Fiscal Agent appointed and acting hereunder or any such Fiscal Agent so appointed has a rating on its long-term unsecured debt that is lower than "AA" (without regard to any plus or minus), unless each of the Rating Agencies has confirmed in writing the appointment of such Fiscal Agent shall not result, in and of itself, in a downgrading, withdrawal or qualification of the ratings then assigned by such Rating Agency to any Class of the Certificates) from each Rating Agency, unless each of the Rating Agencies has confirmed in writing that a lower rating shall not result, in and of itself, in a downgrading, withdrawal or qualification of the rating then assigned by such Rating Agency to any Class of the Certificates and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (v) whose long-term senior unsecured debt (except during any period when the Trustee has assumed the duties of the Servicer or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would notSpecial Servicer, as confirmed in writing by such Rating Agencyapplicable, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency pursuant to the CertificatesSection 7.2). If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect, at its sole discretion, either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.7.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp), Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-" from Fitch or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A-" from Fitch, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C7), Pooling and Servicing Agreement (Structured Asset Securities Corp Ii), Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) financial institution organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) State, authorized under such laws to exercise corporate trust powers; (iii) having powers and a Title I approved lender pursuant to FHA Regulations, shall not be an Affiliate of the Company, and shall have a combined capital and surplus of at least $[50,000,000.00] (iv50,000,000 or shall be a member of a bank holding system the aggregate combined capital and surplus of which is $50,000,000, provided that the Trustee's -------- separate capital and surplus shall at all times be at least the amount required by Section 310(a)(2) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case Trust Indenture Act of [each] Rating Agency, such lower ratings as would not1939, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)amended. If such corporation, trust company, bank or banking association Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid a supervising or examining authority, then, then for the purposes of this Section 8.0611.06, the combined capital and surplus of such corporation, trust company, bank or banking association Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become at all times have a successor trustee hereunder long-term deposit rating (or, if the succession Trustee is a wholly owned subsidiary of such Person would result in a qualificationbank holding company system and not rated, downgrading the bank holding company shall have a long-term senior unsecured debt rating) from Xxxxx'x of at least Baa3 or withdrawal as shall be otherwise acceptable to Xxxxx'x, rated BBB or higher by Standard & Poor's or as shall be otherwise acceptable to Standard & Poor's and a rating from Fitch (if rated by Fitch) of any of the ratings then assigned by the Rating Agencies at least BBB- or as shall be otherwise acceptable to the CertificatesFitch. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 11.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates11.07.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp), Pooling and Servicing Agreement (Green Tree Financial Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 50,000,000 and a rating on its unsecured long-term debt of at least "BBB" by Fitch and S&P (ivor at any time when there is no Fiscal Agent appointed and acting hereunder or any such Fiscal Agent so appointed has a rating on its long-term unsecured debt that is lower than "AA" by Fitch and S&P the rating on the unsecured long term debt of the Trustee must be at least "AA" by Fitch and S&P or meet different standards provided that each Rating Agency shall have confirmed in writing that such different standards would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates) and subject to supervision or examination by federal or state authorityauthority and shall not be an Affiliate of the Master Servicer (except during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02); and (v) whose provided that, notwithstanding that the long-term senior unsecured debt (or that of its fiscal agent) is LaSalle National Bank and ABN AMRO Bank N.V. are not rated by Fitch, LaSalle National Bank shall not less than "_____" fail to qualify as Trustee solely by ______ virtue of the lack of such ratings until such time as Fitch shall notify the Trustee, the Master Servicer and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed Special Servicer in writing that LaSalle National Bank is no longer exempt from the foregoing rating requirements imposed by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)this sentence. If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax from its own funds and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1), Pooling and Servicing Agreement (Gs Mortgages Sec Corp Ii Com Mort Pas THR Cert Ser 1998-C1)

Eligibility Requirements for Trustee. The Trustee hereunder and any successor Trustee shall at all times during the entire duration of this Agreement be a corporation, a trust company, a state bank or trust company or a national banking association: (i) association organized and doing business under the laws of such state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus and undivided profits of at least $[50,000,000.00] (iv) 40,000,000 or, in the case of a successor Trustee, $50,000,000, subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (orauthority and, in the case of [each] Rating Agencythe Trustee, such lower ratings as would notrated “BBB” or higher by S&P or Fitch and “Baa2” or higher by Mxxxx’x with respect to their long-term rating and rated “BBB” or higher by S&P or Fitch and “Baa2” or higher by Mxxxx’x with respect to any outstanding long-term unsecured unsubordinated debt, as confirmed and, in writing by such Rating Agencythe case of a successor Trustee other than pursuant to Section 9.10, result rated in a qualification, downgrade or withdrawal of any one of the thentwo highest long-current ratings assigned by such term debt categories of, or otherwise acceptable to, each of the Rating Agency to the Certificates)Agencies. If such corporation, trust company, bank or banking association the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, 9.06 the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its total equity capital (combined capital and surplus surplus) as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.079.08. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with not be the DepositorSeller, an originator of any of the Mortgage Loan SellerLoans, the Master Servicer, the Special a Servicer, the REMIC Administrator and their respective AffiliatesDepositor or an affiliate of the Depositor unless the Trustee is in an institutional trust department of U.S. Bank National Association.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Prime Mortgage Trust 2007-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2006-2), Pooling and Servicing Agreement (Prime Mortgage Trust 2007-3)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of any Master Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, any Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated at least "A+" by S&P, "Aa3" by Moody's or "AA-" by Fitch (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings entity as would not, as confirmed evidenced in writing xxxxxxg by such Rating Agency, result in a the qualification, downgrade downgrading or withdrawal of any of the then-current ratings then assigned by such Rating Agency thereby to the Certificates). Notwithstanding the foregoing, if the Trustee meets the provisions of (i) and (ii) above, but does not meet the provisions of (iii) above, the Trustee shall be deemed to meet the provisions of (iii) if it appoints a fiscal agent as a back-up liquidity provider, provided that such fiscal agent shall have a long-term senior unsecured debt rating of at least "AA-" by S&P, "Aa3" by Moody's or "AA-" by Fitch. If such corporation, trust company, bank or national bxxx xx national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Trustee administers the Upper-Tier REMIC and the Lower-Tier REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking (iii) administer the Upper-Tier REMIC and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-Ldp5), Pooling and Servicing Agreement (JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-Ldp5)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder if the succession long-term unsecured debt rating of at least "AA" by each Rating Agency or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The (a) Except as otherwise provided in this Agreement, the Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking associationtimes: (i) be a corporation organized and doing business under the laws of the United States of America or any State thereof (which corporation shall not be the Beneficiary or the District of Columbiaany Affiliate thereof); (ii) be authorized under such laws to exercise corporate trust powers; (iii) having have a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and be subject to supervision or examination by federal or state authorityState authorities; and (viv) whose long-term senior unsecured debt have (or have a parent that has) a rating of its fiscal agent) at least Baa3 by Moody's (if Moody's is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] a Rating Agency, such lower ratings as would not, as confirmed in writing ) and A-1 by such Standard & Poor's (if Standard & Xxxx's is a Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank or banking association publishes corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes purpose of this Section 8.06Section, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.079.02. (b) In the event the Trustee complies with Section 9.01(a) but has its principal place of business outside of the State of Delaware, then there shall at all times be a co-trustee appointed to act as the Delaware Trustee pursuant to Section 3807 of the Delaware Act. The corporation, trust company, bank Delaware Trustee shall serve as such for the sole purpose of satisfying the requirement of Section 3807 of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties or banking association serving as liabilities of the Trustee. The duties of the Delaware Trustee may have normal banking shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and trust relationships (ii) the execution of any certificates required to be filed with the DepositorDelaware Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the Delaware Act. To the extent that, at law or in equity, the Mortgage Loan SellerDelaware Trustee has duties (including fiduciary duties) or liabilities relating thereto to the Trust, it is hereby understood and agreed by the Master Servicer, parties hereto that such duties and liabilities are replaced by the Special Servicer, duties and liabilities of the REMIC Administrator and their respective AffiliatesDelaware Trustee expressly set forth in this Agreement.

Appears in 2 contracts

Samples: Trust Agreement (Nissan Auto Lease Trust 2004-A), Trust Agreement (Nissan Auto Leasing LLC Ii)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 50,000,000 and a rating on its unsecured long-term debt of at least by Fitch and "Aa3" by Moody's (ivor "A1" by Moody's if the Trustee has a short-term debt rating xx xx least "P-1" fxxx Xxxdy's) (or such other rating as the Rating Agencies have confirmed wixx xxx result in the downgrade withdrawal or qualification of any of the then current ratings of any Certificates) and subject to supervision or examination by federal or state authority; authority and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated shall not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any be an Affiliate of the then-current ratings assigned by such Rating Agency Master Servicer (except during any period when the Trustee has assumed the duties of the Master Servicer pursuant to the CertificatesSection 7.02). If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become In the event that the place of business from which the Trustee administers the Trust Fund is a successor trustee hereunder if state or local jurisdiction that imposes a tax on the succession of such Person would result in a qualification, downgrading Trust Fund or withdrawal of any the net income of the ratings then assigned by Trust REMIC (other than a tax corresponding to a tax imposed under the Rating Agencies REMIC Provisions) the Trustee shall elect either to (i) resign immediately in the Certificatesmanner and with the effect specified in Section 8.07, (ii) pay such tax from its own funds and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8), Pooling and Servicing Agreement (GS Mortgage Securities Trust 2006-Gg8)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "Aa3" by Moody's and "AA-" by S&P (or "A+" by S&P if the succession short-term unsecured dexx xxxxng of the Trustee is rated at least "A-1" by S&P) (or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, of at least "A3" by Moody's and "A-" by each of S&P) (or, in the case of either Rating Agenxx, xxxh other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2), Pooling and Servicing Agreement (Greenwich Capital Comm Mort Pass THR Certs Ser 2003-C2)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Moody's, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Moody's, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C8)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least (a) ”A+” by Fitch, “Aa3” by Xxxxx’x and “A+” by S&P and a short term unsecured debt rating of at least “F1” by Fitch and “A-1” by S&P or (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee’s continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an “Affiliate” (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any “Affiliate” (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2007-C31), Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2007-C31)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-" from Fitch, or (b) in the case of either Rating Agency, either (i) "A-" from S&P and "A-" from Fitch, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5), Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C5)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) Bank One, National Association ("Bank One") or any other Person into which Bank One is merged or consolidated or to which substantially all of the properties and assets of Bank One are transferred as an entirety, provided that such other Person has accepted -------- appointment as Trustee under this Agreement in accordance with this Article IX, and further provided that such entity is not an Affiliate of the Contract Seller ------- -------- or the Swap Counterparty, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller or the Swap Counterparty; and further ------- provided that either (vi) whose such entity has long-term senior unsecured debt rated at least Aa2 by -------- Xxxxx'x, A+ by S&P or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC), Pooling and Servicing Agreement (Greenpoint Credit LLC)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____AA-" by ______ Fitch (and if the Trustee is rated "AA-" by Fitch, a short-term rating of at least "F-1+" in the case of Fitch) and "_____AA-" by _____ S&P or, if a Fiscal Agent meeting the requirements of Section 8.14 is then currently acting in such capacity, not less than "A-" by Fitch and "A-" by S&P (or, in the case of [each] either Rating Agency, such lower ratings other rating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certificates Series 2003-1), Pooling and Servicing Agreement (Banc of America Commercial Mort Pass Through Cert Ser 2002-2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "“[_]” by [_] and “[_]” by [__" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)]. If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. Notwithstanding the foregoing, if the Trustee meets the provisions of clauses (i) through (iv) above, but does not meet the provisions of clause (v) above, the Trustee shall be deemed to meet the provisions of such clause (v) if it appoints a fiscal agent as a back-up liquidity provider; provided that such fiscal agent shall have a long-term senior unsecured debt rating of at least “[_]” by [_] and “[_]” by [_]. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Banc of America Merrill Lynch Commercial Mortgage Inc.), Pooling and Servicing Agreement (Banc of America Merrill Lynch Commercial Mortgage Inc.)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The long-term unsecured debt obligations of the Trustee shall become a successor trustee hereunder at all times be rated not less than "AA-" by Standard & Poor's (or "A+" if the succession short-term unsecured debt rating of the Trustee is at least "A-1" by Standard & Poor's) and "AA-" by Fitch (or "A+" if the short-term unsecured debt rating of the Trustee is at least "F-1" by Fitch and the short-term unsecured debt obligations of the Trustee shall at all times be rated not less than "A-1" by Standard & Poor's or, in each case, such Person would other rating as shall not result in a the qualification, downgrading downgrade or withdrawal of any of the ratings then assigned to the respective Classes of Certificates, as confirmed in writing by the applicable Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06(a), the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates or any Serviced Companion Loan Securities, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates or any Serviced Companion Loan Securities is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (GMAC Commercial Mortgage Securities, Inc. Series 2006-C1 Trust), Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession credit rating of at least "AA" by each Rating Agency other than Moody's and "Aa3" by Moody's or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass Through Certiticates Series 1999 C2), Pooling and Servicing Agreement (Mortgage Pass Through Cert Series 1998-C3)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "AA" by Fitch (determined without regard to pluses or minuses) and "Aa3" by Xxxxx'x or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) result in an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as no Adverse Rating Event occurs as a result of the Trustee's continuing in such capacity. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Trust Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc Trust 2004-Mkb1)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank banking association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank banking association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank banking association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A3" from Xxxxx'x, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank banking corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (LB Commercial Mortgage Trust 2007-C3), Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C3)

Eligibility Requirements for Trustee. The Trustee hereunder and any successor Trustee shall at all times during the entire duration of this Agreement be a corporation, a trust company, a state bank or trust company or a national banking association: (i) association organized and doing business under the laws of such state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus and undivided profits of at least $[50,000,000.00] (iv) 40,000,000 or, in the case of a successor Trustee, $50,000,000, subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (orauthority and, in the case of [each] Rating Agencythe Trustee, such lower ratings as would notrated “BBB” or higher by S&P or Fitch and “Baa2” or higher by Xxxxx’x with respect to their long-term rating and rated “BBB” or higher by S&P or Fitch and “Baa2” or higher by Xxxxx’x with respect to any outstanding long-term unsecured unsubordinated debt, as confirmed and, in writing by such Rating Agencythe case of a successor Trustee other than pursuant to Section 9.10, result rated in a qualification, downgrade or withdrawal of any one of the thentwo highest long-current ratings assigned by such term debt categories of, or otherwise acceptable to, each of the Rating Agency to the Certificates)Agencies. If such corporation, trust company, bank or banking association the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, 9.06 the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its total equity capital (combined capital and surplus surplus) as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.079.08. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with not be the DepositorSeller, an originator of any of the Mortgage Loan SellerLoans, the Master Servicer, the Special a Servicer, the REMIC Administrator and their respective AffiliatesDepositor or an affiliate of the Depositor unless the Trustee is in an institutional trust department of U.S. Bank National Association.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement, Pooling and Servicing Agreement (Prime Mortgage Trust 2007-1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Master Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, the Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated "AA-" by S&P and "Aa3" by Moody's, (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings other rating as would not, as confirmed evidenced in writing by xxxx Xating Agency, result in the qualification, downgrading or withdrawal of any of the ratings then assigned thereby to the Certificates or any class of Companion Loan Securities); provided that the Trustee shall not cease to be eligible to serve as such based on a failure to satisfy such rating requirements so long as the Trustee maintains a long-term unsecured debt rating of no less than "A+" from S&P and "Baa2" from Moody's and a short-term unsecured debt rating of at least "A-1" by S&P (xx xxch rating as would not, as evidenced in writing by such Rating Agency, result in a qualification, downgrade downgrading or withdrawal of any of the then-current ratings assigned by such Rating Agency to the CertificatesCertificates or any class of Companion Loan Securities). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Trustee administers the Upper-Tier REMIC and the Lower-Tier REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking (iii) administer the Upper-Tier REMIC and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-Ldp11)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of any Master Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, any Master Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) with respect to the Trustee only, an institution whose long-term senior unsecured debt is rated "AA-" by S&P and Fitch and "Aa3" by Moody's, (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings other rating as would not, as confirmed evidenced in writing by xxxx Xxting Agency, result in the qualification, downgrading or withdrawal of any of the ratings then assigned thereby to the Certificates or any class of Companion Loan Securities); provided that the Trustee shall not cease to be eligible to serve as such based on a failure to satisfy such rating requirements so long as the Trustee maintains a long-term unsecured debt rating of no less than "A+" from each of S&P and Fitch and "Baa2" from Moody's and a short-term unsecured debt rating of at least "A-1" by S&P (xx xxxh rating as would not, as evidenced in writing by such Rating Agency, result in a qualification, downgrade downgrading or withdrawal of any of the then-current ratings assigned by such Rating Agency to the CertificatesCertificates or any class of Companion Loan Securities). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Paying Agent administers the Upper-Tier REMIC, the Middle-Tier REMIC and the Lower-Tier REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee Paying Agent or the Trustee, as applicable, shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking and trust relationships with (iii) administer the DepositorUpper-Tier REMIC, the Mortgage Loan Seller, Middle-Tier REMIC and the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Ldp9), Pooling and Servicing Agreement (J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-Ldp9)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession credit rating of at least "AA" by each Rating Agency other than Xxxxx'x and "Aa3" by Xxxxx'x or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc), Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking association: (i) association organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationIn addition, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act. Furthermore, the Trustee shall at all times maintain a long-term unsecured debt rating of no less than "Aa3" from Mxxxx'x and "AA" from S&P (or, in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates, as confirmed in writing to the Trustee and the Depositor by such Rating Agency); provided that the Trustee shall not cease to be eligible in accordance with the provisions of this Section, to serve as such based on a failure to satisfy such rating requirements so long as the Trustee shall resign immediately in the manner maintains a long-term unsecured debt rating of no less than "Baa2" from Mxxxx'x and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates."

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass THR Cert Ser 2001-Ckn5)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "AA" (determined without regard to pluses or minuses) by Standard & Poor's and "A" by DCR or such Person would other rating that shall not result in a qualificationthe qualification (if applicable), downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by any Rating Agency as confirmed in writing. The Trustee shall also be an entity that (i) has not, since November 2, 1998, been, and is not, an insider or affiliate of First Union National Bank, (ii) has not, since November 2, 1998, controlled, and does not control, First Union National Bank, (iii) has not, since November 2, 1998, been, and is not, controlled by First Union National Bank, (iv) has not, since November 2, 1998, been, and is not, under common control with, First Union National Bank, and (v) does not cause the Rating Agencies trust created hereby to the Certificatesbe an insider or affiliate of First Union National Bank. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified (if applicable), downgraded or withdrawn thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking association: (i) association organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times meet the requirements of Section 26(a)(1) of the Investment Company Act. In addition, the Trustee shall at all times maintain a successor trustee hereunder if long-term unsecured debt rating of no less than "AA" from each of S&P and Fitch (or, in the succession case of either Rating Agency, such Person would lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the Trustee and the Depositor by such Rating Agency)); provided that the Trustee shall not cease to be eligible to serve as such based on a qualificationfailure to satisfy such rating requirements so long as either: (i) the Trustee maintains a long-term unsecured debt rating of no less than "BBB" from each of S&P and Fitch (or, downgrading or withdrawal in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the ratings then assigned Trustee and the Depositor by such Rating Agency)) and a Fiscal Agent meeting the requirements of Section 8.13 has been appointed by the Trustee and is then currently serving in such capacity; or (ii) the Trustee maintains a long-term unsecured debt rating of no less than "A+" from each of S&P and Fitch (or, in the case of either Rating Agencies Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the CertificatesTrustee and the Depositor by such Rating Agency)) and an Advance Security Arrangement meeting the requirements of Section 8.14 has been established by the Trustee and is then currently being maintained. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, bank, trust company, bank company or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerSellers, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates; provided, however, that none of (i) the Depositor, (ii) any Person involved in the organization or operation of the Depositor, (iii) either Seller or (iv) any Affiliate of any of them, may be the Trustee hereunder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (DLJ Commercial Mort Corp Comm Mort Pass THR Cer Ser 1998-Cg1)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any as confirmed in writing by such Rating Agency. The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb Ubs Com Mort Tr 2003-C8)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "Aa3" by Moody's and "AA-" xx X&X (or "A+" by S&P if the succession short-term unsecured debt rating of the Trustee is rated at least "A-1" by S&P) (or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, of at least "A3" by Moody's and "A-" bx xxxx of S&P) (or, in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Fund Corp Comm Mort Tr 2003-C1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least (a) “A+” by S&P, “Aa3” by Xxxxx’x and “A+” by Fitch and a short term unsecured debt rating of at least “A-1” by S&P and “F1” by Fitch or (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee’s continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an “Affiliate” (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any “Affiliate” (as such term is defined in Section III of PTE 2000-58) of any such Person. Notwithstanding the foregoing, if the Trustee meets the provisions of this Section 8.06, but does not meet the provisions of (a) above, the Trustee shall be deemed to meet the provisions of (a) if it appoints a fiscal agent as a back-up liquidity provider; provided that such fiscal agent shall meet the requirements of Section 8.06(a) above.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2006-C24)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least (a) "A+" by S&P, "Aa3" by Moody's and "A+" by Fitch and a short term unsecured debt rating of at xxxxx "A-1" by S&P and "F1" by Fitch or (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2006-C25)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least (a) ”Aa3” by Mxxxx’x and “A+” by S&P and a short term unsecured debt rating of at least “A-1” by S&P or (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates or any class of Companion Loan Securities by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee’s continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an “Affiliate” (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any “Affiliate” (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2007-C34)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal of any as confirmed in writing by such Rating Agency. The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any 000 Xxxxx Xxxxxx Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Ii Lb-Ubs Comm Mort Trust 2004-C4)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking association: (i) association organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationIn addition, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act. Furthermore, the Trustee shall at all times maintain a long-term unsecured debt rating of no less than "Aa3" from Moxxx'x xnd "AA" from S&P (or, in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates, as confirmed in writing to the Trustee and the Depositor by such Rating Agency); provided that the Trustee shall not cease to be eligible in accordance with the provisions of this Section, to serve as such based on a failure to satisfy such rating requirements so long as the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.maintains a long-term unsecured debt rating of no less than "Baa2" from Moxxx'x xnd "

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CSFB Mortgage Sec Corp Comm Mort Pass THR Cert Ser 2003-Cnp1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) be a corporation or association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; America, (ii) be authorized under such laws to exercise corporate trust powers; powers and to accept the trust conferred under this Agreement, (iii) having have a combined capital and surplus of at least $[50,000,000.00] 50,000,000, (iv) have its long-term unsecured debt obligations rated at least "A+" by S&P and "Aa3" by Moody's, and have its short-term unsecured debt obligations rated at xxxxx "A-1" by S&P or, in each case, such other ratings acceptable to the Rating Agencies, (v) be subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of either Master Servicer (except during any period when the Trustee has assumed the duties of a Master Servicer pursuant to Section 7.02) and (vvi) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in be a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)Prohibited Party. If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become If the place of business from which the Trustee administers the Trust Fund is a successor trustee hereunder if state or local jurisdiction that imposes a tax on the succession of such Person would result in a qualification, downgrading Trust Fund or withdrawal the net income of any of Trust REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by REMIC Provisions) the Rating Agencies Trustee shall elect either to (i) resign immediately in the Certificatesmanner and with the effect specified in Section 8.07, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Deutsche Mortgage & Asset Receiving Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated "AA" by S&P and Fitch (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings entity as would not, as confirmed evidenced in writing by such Rating Agency, result in a the qualification, downgrade downgrading or withdrawal of any of the then-current ratings then assigned by such Rating Agency thereby to the Certificates). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Trustee administers the Upper-Tier REMIC and the Lower-Tier REMIC is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking (iii) administer the Upper-Tier REMIC and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Manhattan Bk First Union Na Bk Com Mor Tr Ser 1999-1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 50,000,000 and, at any time when there is no Fiscal Agent appointed and acting hereunder or any such Fiscal Agent so appointed has a rating on its long-term unsecured debt that is lower than "AA" by Fitch and S&P (iv) without regard to any plus or minus or numeric qualifier), or fails to meet different standards provided that each Rating Agency shall have confirmed in writing that such different standards would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned to the Certificates, a rating on its unsecured long-term debt of at least "AA" by Fitch and S&P, and subject to supervision or examination by federal or state authorityauthority and shall not be an Affiliate of the Master Servicer or Special Servicer (except during any period when the Trustee has assumed the duties of the Master Servicer or Special Servicer pursuant to Section 7.02); and (v) whose PROVIDED that, notwithstanding that the long-term senior unsecured debt (of the Trustee and the Fiscal Agent are not rated by S&P and Fitch, the Trustee shall not fail to qualify as Trustee solely by virtue of the lack of such ratings until such time as either S&P or that of its fiscal agent) is rated not less than "_____" by ______ Fitch shall notify the Trustee, the Master Servicer and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed Special Servicer in writing that the Trustee is no longer exempt from the foregoing rating requirements imposed by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)this sentence. If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Icifc Secured Assets Corp)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times satisfy the requirements of TIA Section 310(a). The Trustee shall at all times be a corporationbank, a trust companycompany or corporation not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor or any Underlying Securities Issuer or any party under the Swap Agreement, a bank any Related Agreement or a banking association: any Credit Enhancement Agreement and their respective Affiliates), which (i) is organized and doing business under the laws of any State or the United States of America or any State thereof or the District of ColumbiaStates; (ii) is authorized under such laws to exercise corporate trust powers; (iii) having has a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) is subject to supervision or examination by federal or state authority; and (v) whose has (or has a parent which has) a long-term senior unsecured debt rating of at least BBB- by Standard & Poor's and at least Baa3 by Moody's (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, such other rating as may be specified in the case Forepart); and (vi) satisfies the provisions of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any Section 3807(a) of the then-current ratings assigned by such Rating Agency to Trust Statute. Notwithstanding the Certificates)foregoing, at all times either the Trustee or the Delaware Trustee shall satisfy requirement (vi) hereof. If such corporation, trust company, bank or banking association publishes corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes purpose of this Section 8.067.14, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 7.14, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. 7.11. (b) The corporationTrustee shall comply with TIA Section 310(b); provided, that if the exclusion requirements set forth in TIA Section 310(b)(1) are met, any other trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with agreement under which other securities are outstanding that evidence Beneficial Ownership Interests in obligations of any Underlying Securities Issuer shall be excluded from the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesoperation of TIA Section 310(b)(1).

Appears in 1 contract

Samples: Trust Agreement (Corporate Asset Backed Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking association: (i) association organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationIn addition, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act. Furthermore, the Trustee shall at all times maintain a long-term unsecured debt rating of no less than "Aa3" from Xxxxx'x and "AA" from Fitch (or, in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates, as confirmed in writing to the Trustee and the Depositor by such Rating Agency); provided that the Trustee shall not cease to be eligible in accordance with the provisions of this Section, to serve as such based on a failure to satisfy such rating requirements so long as either: (i) the Trustee shall resign immediately in the manner maintains a long-term unsecured debt rating of no less than "Baa2" from Xxxxx'x and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates."

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse Fr Bs Mor Sec Cp Com Mor Ps Th Ce Ser 2001-Ck1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated "AA-" by S&P and "AA" by DCR (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings entity as would not, as confirmed evidenced in writing by such Rating Agency, result in a the qualification, downgrade downgrading or withdrawal of any of the then-current ratings then assigned by such Rating Agency thereby to the Certificates). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Paying Agent administers the Upper-Tier REMIC and the Lower-Tier REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee Paying Agent or the Trustee, as applicable shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking (iii) administer the Upper-Tier REMIC and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-1)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) The First National Bank of Chicago ("First National") or any other Person into which First National is merged or consolidated or to which substantially all of the properties and assets of First National are transferred as an entirety, provided that such -------- other Person has accepted appointment as Trustee under this Agreement in accordance with this Article IX, and further provided that such entity is not an ------- -------- Affiliate of the Contract Seller, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller; and further provided that either (vi) whose ------- -------- such entity has long-term senior unsecured debt rated at least A3 by Xxxxx'x or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bank of America National Trust & Saving Association)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State -274- state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C1)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) The First National Bank of Chicago ("First National") or any other Person into which First National is merged or consolidated or to which substantially all of the properties and assets of First National are transferred as an entirety, PROVIDED that such other Person has accepted appointment as Trustee under this Agreement in accordance with this Article IX, and FURTHER PROVIDED that such entity is not an Affiliate of the Contract Seller, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller; and FURTHER PROVIDED that either (vi) whose such entity has long-term senior unsecured debt rated at least A3 by Xxxxx'x or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bank of America FSB/Ca)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "AA-" and "Aa3" (or, if a Fiscal Agent meeting the succession requirements of Section 8.17(a) is then currently acting in such Person would capacity, of at least "A-") from _____ and _________, respectively (or, in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp Ii)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Xxxxx'x, "A" by DCR and "_____AA" by _____ Fitch (or, in the case of [each] each Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Nationslink Funding Corp Comm Mort Pass THR Cert Ser 1998-1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated "Aa3" by Moody's and "AA-" by Fitch (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings entity as would not, as confirmed in writing evidenced ix xxxxxng by such Rating Agency, result in a the qualification, downgrade downgrading or withdrawal of any of the then-current ratings then assigned by such Rating Agency thereby to the Certificates). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Trustee administers the Upper-Tier REMIC, the Lower-Tier REMIC and the Loan REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking and trust relationships with (iii) administer the DepositorUpper-Tier REMIC, the Mortgage Lower-Tier REMIC and the Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Jp Morgan Chase Com Mort Sec Corp Pas THR CRT Ser 2002 Cibc5)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "Aa3" by Moody's and "AA-" by S&P (or "A+" by S&P if the succession short-term unsecured xxxx xxting of the Trustee is rated at least "A-1" by S&P) (or, in the case of either Rating Agency, such Person would other rating as shall not result in a qualificationan Adverse Rating Event with respect to the Certificates or any Companion Loan Securities, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenwich Capital Commercial Funding Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "AA-", "Aa3" and "AA-" (and, if the succession Trustee is rated "AA-" by Fitch, a short-term rating of at least "F-1+," in the case of Fitch) (or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity with a rating of at least "AA-," "Aa3" and "AA-," (and, if the Fiscal Agent is rated "AA-" by Fitch, a short-term rating of at least "F-1+," in the case of Fitch) then the Trustee may have a rating of at least "A-", "A3" and "A-") from Fitch, Moody's and S&P, respectively (or, xx xxx xxxx xf any Rating Agency, sucx xxxxx rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any of the ratings then assigned as confirmed in writing by the such Rating Agencies to the CertificatesAgency). In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (CDC Commercial Mortgage Trust 2002-Fx1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The long-term unsecured debt obligations of the Trustee shall become a successor trustee hereunder at all times be rated not less than "AA" by Standard & Poor's and "AA" by Fitch (or, if the succession of such Person not rated by Fitch, otherwise acceptable to Fitch as would not result in a qualification, downgrading 159 downgrade or withdrawal of the rating assigned by Fitch to any Class of Certificates) or such other rating as shall not result in the qualification, downgrade or withdrawal of any of the ratings then assigned by the Rating Agencies to the respective Classes of Certificates, as confirmed in writing by each Rating Agency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. the Certificate Administrator and Custodian. The Trustee Trustee, the Certificate Administrator and the Custodian hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ 100,000,000 (or, in the case of [each] Rating Agencythe Custodian, such lower ratings as would not, as confirmed in writing of at least $10,000,000) and subject to supervision or examination by such Rating Agency, result in a qualification, downgrade federal or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)state banking authority. If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person Each of the Certificate Administrator and the Trustee shall become also be an entity with a successor trustee hereunder if the succession long-term unsecured debt rating of at least "A" and a short-term unsecured debt rating of at least "F-1" from Fitch, a long-term unsecured debt rating of at least "Aa3" by Xxxxx'x and a long-term unsecured debt rating of at least "AA" from S&P or an entity that has a fiscal agent with such Person would ratings, or such other rating that shall not result in a qualificationan Adverse Rating Event as confirmed in writing. Except in the case of LaSalle Bank, downgrading the Custodian shall not be the Depositor, any Mortgage Loan Seller or withdrawal of any Affiliate of the ratings then assigned by the Rating Agencies to the CertificatesDepositor or any Mortgage Loan Seller. In case at any time the Trustee Trustee, the Certificate Administrator or the Custodian shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, the Certificate Administrator or the Custodian, as applicable, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if any of the Trustee, the Certificate Administrator or the Custodian, as applicable, shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 (or, in the case of the Custodian, of at least $10,000,000) or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding paragraph, and if the Trustee, the Certificate Administrator or the Custodian, as applicable, proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's, the Certificate Administrator's or the Custodian's, as applicable, continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) result in an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee, the Certificate Administrator or the Custodian, as the case may be, shall not be required to resign, and may continue in such capacity, for so long as no Adverse Rating Event occurs as a result of the Trustee, the Certificate Administrator's or the Custodian's continuing in such capacity. The corporationbank, trust company, bank corporation or banking association serving as Trustee Trustee, Certificate Administrator or Custodian, as applicable, may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicers, the Special Servicer, and their respective Affiliates but, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any Master Servicer, the Special Servicer, any sub servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Trust Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person. The bank, trust company, corporation or association serving as Trustee shall meet the requirements of Section 26(a)(1) of the Investment Company Act of 1940, as amended.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (MLMT 2008-C1)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank banking association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank banking association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank banking association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "AA3" from Xxxxx'x or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A3" from Xxxxx'x, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank banking corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LB Commercial Mortgage Trust 2007-C3)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's and "_____AA-" by _____ S&P (or "A+" by S&P, if the Trustee's unsecured shxxx xxxm debt is rated at least "A-1" by S&P or, in the case of [each] either Rating Agency, such lower ratings other rating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2006-6)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least [“A+” by S&P] and [“Aa3” by Xxxxx’x] and a short term unsecured debt rating of at least [“A-1” by S&P] or (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by any Rating Agency as confirmed in writing. In addition, the Rating Agencies to Trustee shall at all times satisfy the Certificatesrequirements of Section 26(a)(1) of the Investment Company Act of 1940, as amended. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee’s continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an “Affiliate” (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any “Affiliate” (as such term is defined in Section III of PTE 2000-58) of any such Person .

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wells Fargo Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-" from Fitch, or (b) in the case of either Rating Agency, (i) "A-" (or the equivalent), if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal of any as confirmed in writing by such Rating Agency. The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Two Penn Plaza Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2004-C6)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "A" and a short term unsecured debt rating of at least "F-1" from Fitch and a long term unsecured debt rating of at least "Aa3" from Moody's or an entity txxx xxx a fiscal agent with such Person would ratings, or such other rating that shall not result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the an Adverse Rating Agencies to the CertificatesEvent as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) result in an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as no Adverse Rating Event occurs as a result of the Trustee's continuing in such capacity. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicers, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of either Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Trust Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2007-6)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person Subject to Section 8.18, the Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "AA" by Fitch and S&P (determined without regard to pluses or minuses) or has a fiscal agent with such Person would ratings or such other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Comm Mort Ps THR Certs Ser 2003-Key1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 50,000,000 and a rating on its unsecured long-term debt of at least "BBB" (iv) or "AA" at any time when there is no Fiscal Agent appointed and acting hereunder or any such Fiscal Agent so appointed has a rating on its long-term unsecured debt that is lower than "AA" (without regard to any plus or minus), unless each of the Rating Agencies has confirmed in writing that a lower rating shall not result, in and of itself, in a downgrading, withdrawal or qualification of the rating then assigned by such Rating Agency to any Class of the Certificates and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (v) whose long-term senior unsecured debt (except during any period when the Trustee has assumed the duties of the Servicer or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would notSpecial Servicer, as confirmed in writing by such Rating Agencyapplicable, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency pursuant to the CertificatesSection 7.2). If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect, at its sole discretion, either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.7.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Midland Realty Accept Corp Com Mort Pass THR Cert Se 1996-C1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's and "_____AA-" by _____ S&P (or, in the case of [each] either Rating Agency, such lower ratings xxxxx rating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mort. Pass Thr. Certs SER 2004-3)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a -321- combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2005-C3)

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Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Fiscal Agent shall become at all times maintain a successor trustee hereunder if the succession long-term unsecured debt rating of at least "AA" by each Rating Agency or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $50,000,000 and a rating on its unsecured long-term debt of at least "BBB" [50,000,000.00(or "AA" at any time when there is no Fiscal Agent appointed and acting hereunder or any such Fiscal Agent so appointed has a rating on its long-term unsecured debt that is lower than "AA" (without regard to any plus or minus), unless 135 each of the Rating Agencies has confirmed in writing the appointment of such Fiscal Agent shall not result, in and of itself, in a downgrading, withdrawal or qualification of the ratings then assigned by such Rating Agency to any Class of the Certificates)] (iv) from each Rating Agency, unless each of the Rating Agencies has confirmed in writing that a lower rating shall not result, in and of itself, in a downgrading, withdrawal or qualification of the rating then assigned by such Rating Agency to any Class of the Certificates and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (v) whose long-term senior unsecured debt (except during any period when the Trustee has assumed the duties of the Servicer or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would notSpecial Servicer, as confirmed in writing by such Rating Agencyapplicable, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency pursuant to the CertificatesSection 7.2). If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect, at its sole discretion, either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.7.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's and "_____AA-" by _____ S&P (or, in the case of [each] either Rating Agency, such lower ratings xxxxx rating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates or Serviced Companion Loan Securities would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc. Series 2006-1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "AA" by each Rating Agency (determined without regard to pluses or minuses) or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by any Rating Agency as confirmed in writing. The Trustee shall also be an entity that (i) has not, since November 2, 1998, been, and is not, an insider or affiliate of First Union National Bank, (ii) has not, since November 2, 1998, controlled, and does 192 not control, First Union National Bank, (iii) has not, since November 2, 1998, been, and is not, controlled by First Union National Bank, (iv) has not, since November 2, 1998, been, and is not, under common control with, First Union National Bank, and (v) does not cause the Rating Agencies trust created hereby to the Certificatesbe an insider or affiliate of First Union National Bank. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) be a corporation or association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; America, (ii) be authorized under such laws to exercise corporate trust powers; powers and to accept the trust conferred under this Agreement, (iii) having have a combined capital and surplus of at least $[50,000,000.00] 50,000,000, (iv) have its long-term unsecured debt obligations rated at least "A+" by S&P and Fitch, and have its short-term unsecured debt obligations rated at least "A-1" by S&P or, in each case, such other ratings acceptable to the Rating Agencies, (v) be subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Master Servicer (except during any period when the Trustee has assumed the duties of the Master Servicer pursuant to Section 7.02) and (vvi) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in be a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates)Prohibited Party. If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become If the place of business from which the Trustee administers the Trust Fund is a successor trustee hereunder if state or local jurisdiction that imposes a tax on the succession of such Person would result in a qualification, downgrading Trust Fund or withdrawal the net income of any of Trust REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by REMIC Provisions) the Rating Agencies Trustee shall elect either to (i) resign immediately in the Certificatesmanner and with the effect specified in Section 8.07, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (COMM 2006-C7 Mortgage Trust)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder if long-term unsecured debt rating of at least "A" by each Rating Agency (except for the succession initial Trustee, which need only maintain a long-term unsecured debt rating of at least "BBB" by Standard & Poor's) or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the either Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) adversely affect any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Merrill Lynch Mortgage Investors Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "A" and a short term unsecured debt rating of at least "F-1" from Fitch and a long term unsecured debt rating of at least "Aa3" from Xxxxx'x or an entity that has a fiscal agent with such Person would ratings, or such other rating that shall not result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the an Adverse Rating Agencies to the CertificatesEvent as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) result in an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as no Adverse Rating Event occurs as a result of the Trustee's continuing in such capacity. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicers, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of either Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Trust Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-3)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder long term unsecured debt rating of at least (a) "A+" by S&P and "AA-" by Fitch, and a short-term unsecured debt rating of at least "A-1" by S&P , (b) "A-" from S&P and "A-" from Fitch, if a Fiscal Agent meeting the succession requirements of Section 8.19(a) is then currently acting in such Person would capacity, or (c) such other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Bank Commercial Mortgage Trust Series 2004-C12)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession credit rating of at least "AA" by each Rating Agency other than Xxxxx'x and "Aa3" by Xxxxx'x or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.. 170

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's, and "_____AA" by _____ Fitch (or, in the case of [each] each Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualificationdowngrade, downgrade qualification (if applicable) or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificate Series 2000-1)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank banking association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank banking association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank banking association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Moody's or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A3" from Moody's, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank banking corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Lb-Ubs Commercial Mortgage Trust 2006-C4)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The long-term unsecured debt obligations of the Trustee shall become a successor trustee hereunder at all times be rated not less than "AA" by Standard & Poor's and "AA" by Fitch (or, if the succession of such Person not rated by Fitch, otherwise acceptable to Fitch as would not result in a qualification, downgrading downgrade or withdrawal of the rating assigned by Fitch to any Class of Certificates) or such other rating as shall not result in the qualification, downgrade or withdrawal of any of the ratings then assigned by the Rating Agencies to the respective Classes of Certificates, as confirmed in writing by each Rating Agency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) The First National Bank of Chicago ("First National") or any other Person into which First National is merged or consolidated or to which substantially all of the properties and assets of First National are transferred as an entirety, provided that such -------- other Person has accepted appointment as Trustee under this Agreement in accordance with this Article IX, and further provided that such entity is not an ------- -------- Affiliate of the Contract Sellers, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Sellers; and further provided that either (vi) whose ------- -------- such entity has long-term senior unsecured debt rated at least A3 by Xxxxx'x or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Bank of America National Trust & Saving Association)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The long-term unsecured debt obligations of the Trustee shall become a successor trustee hereunder if at all times be rated not less than "A+" by Standard & Xxxx'x, "Xx0" by Moody's and "AA-" by Fitch and the succession short-term unsecured debt obligations of the Trustee shall at all times be rated not less than "A-1" by Standard & Poor's or, in each case, such Person would other rating as shall not result in a the qualification, downgrading downgrade or withdrawal of any of the ratings then assigned 184 to the respective Classes of Certificates, as confirmed in writing by the applicable Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "AA-" by S&P (or "A+" by S&P if the succession short-term unsecured debt rating of the Trustee is rated at least "A-1" by S&P), a long-term unsecured debt rating of at least "AA-" by Fitch and a short-term unsecured debt rating of at least "F-1" by Fitch (or, in the case of either Rating Agency, such Person would other rating as shall not result in a qualificationan Adverse Rating Event with respect to the Certificates or any Companion Loan Securities, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C3)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with (a) a successor trustee hereunder long-term unsecured debt rating of at least "A+" from S&P and "Aa3" from Xxxxx'x and a short-term unsecured debt rating of at least "A-1" from S&P, (b) a long-term unsecured debt rating of at least "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the succession requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (c) in the case of either Rating Agency, such other rating(s) therefrom as shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by any Rating Agency as confirmed in writing. In addition, the Rating Agencies to Trustee shall at all times satisfy the Certificatesrequirements of Section 26(a)(1) of the Investment Company Act of 1940, as amended. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that, if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any sub-servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate unamortized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's and "_____AA-" by _____ S&P (or "A+" by S&P, if the Trustee's unsecured shxxx xxxm debt is rated at least "A-1" by S&P) and whose short-term unsecured debt obligations are rated not less than "F-1" by Fitch (or, in the case of [each] each Rating Agency, such lower ratings other rating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates or Companion Loan Securities would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesCertificates or Companion Loan Securities. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2007-3)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) The First National Bank of Chicago ("First National") or any other Person into which First National is merged or consolidated or to which substantially all of the properties and assets of First National are transferred as an entirety, provided that such -------- other Person has accepted appointment as Trustee under this Agreement in accordance with this Article IX, and further provided that such entity is not an ------- -------- Affiliate of the Contract Seller, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller; and further provided that either (vi) whose ------- -------- such entity has long-term senior unsecured debt rated at least A3 by Xxxxx'x, BBB by S&P or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and 77 surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Financial Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be an association, a corporationbank, a trust company, a bank company or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationassociation, bank, trust company, bank company or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationassociation, bank, trust company, bank company or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "A+" and a short term unsecured debt rating of at least "A-1" from S&P and a long term unsecured debt rating of at least "Aa3" from Xxxxx'x or an entity that has a fiscal agent with such Person would ratings, or such other rating that shall not result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the an Adverse Rating Agencies to the CertificatesEvent as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) result in an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as no Adverse Rating Event occurs as a result of the Trustee's continuing in such capacity. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicers, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of either Master Servicer, the Special Servicer, any sub-servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Trust Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (ML-CFC Commercial Mortgage Trust 2006-4)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "AA-" and "Aa3" (or, if a Fiscal Agent meeting the succession requirements of Section 8.17(a) is then currently acting in such Person would capacity, of at least "A-" and "A3") from S&P and Xxxxx'x, respectively (or, in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any of the ratings then assigned as confirmed in writing by the such Rating Agencies to the CertificatesAgency). In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Securities Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 50,000,000 and a rating on its unsecured senior long-term debt of at least "AA" (iv) unless a Fiscal Agent is appointed and acting hereunder that has a long-term senior unsecured debt rating that is at least "AA" (without regard to any plus or minus)), unless each of the Rating Agencies has confirmed in writing that a lower rating shall not result, in and of itself, in a downgrading, withdrawal or qualification of the rating then assigned by such Rating Agency to any Class of the Certificates and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Master Servicer or the Special Servicer (v) whose long-term senior unsecured debt (except during any period when the Trustee has assumed the duties of the Master Servicer or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would notSpecial Servicer, as confirmed in writing by such Rating Agencyapplicable, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency pursuant to the CertificatesSection 7.2). If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect, at its sole discretion, either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.7.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) Bank One, National Association ("Bank One") or any other Person into which Bank One is merged or consolidated or to which substantially all of the properties and assets of Bank One are transferred as an entirety, PROVIDED that such other Person has accepted appointment as Trustee under this Agreement in accordance with this Article IX, and FURTHER PROVIDED that such entity is not an Affiliate of the Contract Seller or the Insurers, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller or the Insurers; and FURTHER PROVIDED that either (vi) whose such entity has long-term senior unsecured debt rated at least Aa2 by Moody's, A+ by S&P or the equivalent by any nationally recognized xxxxxxxical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit Manufactured Housing Cont Tru Ser 2001-2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by a federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "A+" by S&P and "Aa3" by Moody's and a short term unsecured debt rating of at least "A-1" by X&X xx (b) such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency as confirmed in writing. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee Trustee, shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates but, except to the extent permitted or required by Section 7.02, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, the REMIC Administrator and their respective AffiliatesUnderwriters, the Depositor, or any obligor with respect to Mortgage Loans constituting more than 5.0% of the aggregate authorized principal balance of the Mortgage Loans as of the date of the initial issuances of the Certificates or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Wachovia Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's and "_____AA-" by _____ S&P, or, if a Fiscal Agent meeting the requirementx xx Xxction 8.14 is then currently acting in such capacity, not less than "A2" by Moody's and "A-" by S&P (or, in the case of [each] either Rating Agency, such lower ratings xxxxx xating as would not, each such Rating Agency shall permit so long as confirmed it is accompanied by a statement in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of that any of the then-current ratings assigned by such Rating Agency to the Certificatesrespective Classes of the Certificates would not be downgraded, qualified (if applicable) or withdrawn as a result of such rating). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Comm Mort Inc Pass Throu Certs Series 2004 2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be, and will be required to resign if it fails to be, (i) a corporation, national bank, national banking association or a trust company, a bank or a banking association: (i) organized and doing business under the laws of any state or the United States of America or any State thereof or the District of Columbia; (ii) America, authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee is acting as, or has become successor to, the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.02), (ii) an institution insured by the Federal Deposit Insurance Corporation and (viii) an institution whose long-term senior unsecured debt is rated "AA-" by Fitch and "Aa3" by Xxxxx'x (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings entity as would not, as confirmed evidenced in writing by such Rating Agency, result in a the qualification, downgrade downgrading or withdrawal of any of the then-current ratings then assigned by such Rating Agency thereby to the Certificates). If such corporation, trust company, national bank or national banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, national bank or national banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if In the succession event the place of such Person would result business from which the Paying Agent administers the Loan REMIC, the Upper-Tier REMIC and the Lower-Tier REMIC or in which the Trustee's office is located is in a qualification, downgrading state or withdrawal local jurisdiction that imposes a tax on the Trust Fund on the net income of any of a REMIC (other than a tax corresponding to a tax imposed under the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionREMIC Provisions), the Trustee Paying Agent or the Trustee, as applicable shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank (ii) pay such tax at no expense to the Trust or banking association serving as Trustee may have normal banking and trust relationships with (iii) administer the DepositorLoan REMIC, the Mortgage Loan Seller, Upper-Tier REMIC and the Master Servicer, the Special Servicer, the Lower-Tier REMIC Administrator from a state and their respective Affiliateslocal jurisdiction that does not impose such a tax.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chase Commercial Mort Sec Corp Com Mor Pa Th Ce Ser 2000-2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof state thereof, or the District of Columbia; (ii) Columbia authorized under such laws to exercise corporate trust powers; (iii) powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $[50,000,000.00] 100,000,000 and a rating on its unsecured senior long-term debt of at least "____" by each of ____ (ivdetermined without regard to pluses or minuses) and _______, unless a Rating Agency Confirmation is obtained with respect to a lower rating (the cost, if any, of 161 obtaining such confirmation to be paid by the Trustee) and subject to supervision or examination by federal or state authority; authority and shall not be an Affiliate of the Master Servicer or the Special Servicer (v) whose long-term senior unsecured debt (except during any period when the Trustee has assumed the duties of the Master Servicer or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would notSpecial Servicer, as confirmed in writing by such Rating Agencyapplicable, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency pursuant to the CertificatesSection 7.2). In addition, the Trustee shall at all times meet the requirements of Rule 3a-7(a)(4) promulgated under the Investment Company Act of 1940, as amended. If such corporation, trust company, bank a corporation or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In the event that the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of a REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall become elect, at its sole discretion, either to (i) resign immediately in the manner and with the effect specified in Section 8.7, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a successor trustee hereunder if the succession of state and local jurisdiction that does not impose such Person would result in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificatestax. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates8.7.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking associationassociation that: (i) is organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) is authorized under such laws to exercise trust powers; (iii) having has a combined capital and surplus of at least $[50,000,000.00] 50,000,000; and (iv) is subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition: (i) the Trustee shall become at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Trustee shall not have any affiliations or, except as contemplated by Section 7.02, act in any other capacity with respect to the transactions contemplated hereby that would cause the Underwriter Exemption to be unavailable with respect to any Class of Certificates as to which it would otherwise be available. Furthermore, the Trustee shall at all times maintain a successor trustee hereunder if long-term unsecured debt rating of no less than "___" from [Rating Agency No. 1] and "___" from [Rating Agency No. 2] (or, in the succession case of either Rating Agency, such Person would lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the Trustee and the Depositor by such Rating Agency)); provided that the Trustee shall not cease to be eligible to serve as such based on a qualificationfailure to satisfy such rating requirements so long as either: (i) the Trustee maintains a long-term unsecured debt rating of no less than "___" from [Rating Agency No. 1] and "___" from [Rating Agency No. 2] (or, downgrading or withdrawal in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the ratings then assigned Trustee and the Depositor by such Rating Agency)) and a Fiscal Agent meeting the requirements of Section 8.13 has been appointed by the Trustee and is then currently serving in such capacity; or (ii) the Trustee maintains a long-term unsecured debt rating of no less than "___" from [Rating Agencies Agency No. 1] and "___" from [Rating Agency No. 2] (or, in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates (as confirmed in writing to the CertificatesTrustee and the Depositor by such Rating Agency)) and an Advance Security Arrangement meeting the requirements of Section 8.14 has been established by the Trustee and is then currently being maintained. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, bank, trust company, bank company or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the each Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates; provided, however, that none of (i) the Depositor, (ii) any Person involved in the organization or operation of the Depositor or the Trust, (iii) any Mortgage Loan Seller or (iv) any Affiliate of any of them, may be the Trustee hereunder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Citigroup Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder if long-term unsecured debt rating of at least "Aa3" by Moody's, a long-term unsecured debt xxxxxx of at least "AA-" by Fitch and a short-term unsecured debt rating of at least "F-1" by Fitch (or, in the succession case of either Rating Agency, such Person would other rating as shall not result in a qualificationan Adverse Rating Event with respect to the Certificates or any Companion Loan Securities, downgrading or withdrawal of any as confirmed in writing by such Rating Agency). The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (COBALT CMBS Commercial Mortgage Trust 2007-C2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "Aa3" and "AA" (or, if a Fiscal Agent meeting the succession requirements of Section 8.17(a) is then currently acting in such Person would capacity, of at xxxxx "X0" and "A-") from 194 Xxxxx'x and S&P, respectively (or, in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any of the ratings then assigned as confirmed in writing by the such Rating Agencies to the CertificatesAgency). In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Commercial Mortgage Pass-Through Certificates Series 2000-C4)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by -212- federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least "Aa3" or "AA", as applicable (or, if a Fiscal Agent meeting the succession requirements of SECTION 8.17(a) is then currently acting in such Person would capacity, of at least "A3" or "A-"), from Xxxxx'x and Fitch, respectively (or, in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event, downgrading or withdrawal of any of the ratings then assigned as confirmed in writing by the such Rating Agencies to the CertificatesAgency). In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section SECTION 8.07; PROVIDED that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Com Mort Pas THR Certs Ser 2000-C3)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (a) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x, or (b) in the case of either Rating Agency, (i) "A-" from S&P and "A3" from Xxxxx'x, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, or (ii) such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal of any as confirmed in writing by such Rating Agency. The Trustee's acting in such capacity shall not adversely affect the application of the ratings then assigned by the Rating Agencies Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $50,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Structured Asset Sec Corp Lb-Ubs Comm Mort Trust 2004-C2)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a bank, trust company, a bank company or a banking association: (i) association organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, bank, trust company, bank company or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, bank, trust company, bank company or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become at all times meet the requirements of Section 26(a)(1) of the Investment Company Act, and the affiliations of the Trustee shall not adversely affect the availability of PTE 89-90 with respect to any Class of investment grade rated Certificates. Furthermore, the Trustee shall at all times maintain a successor trustee hereunder if long-term unsecured debt rating of no less than "Aa3" from Xxxxx'x and "AA" from S&P (or, in the succession case of either Rating Agency, such Person would lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates, as confirmed in writing to the Trustee and the Depositor by such Rating Agency); PROVIDED that the Trustee shall not cease to be eligible to serve as such based on a qualificationfailure to satisfy such rating requirements so long as the Trustee maintains a long-term unsecured debt rating of no less than "Baa2" from Xxxxx'x and "BBB" from S&P (or, downgrading or withdrawal in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event with respect to any Class of Rated Certificates, as confirmed in writing to the ratings then assigned Trustee and the Depositor by such Rating Agency) and a Fiscal Agent meeting the requirements of SECTION 8.13 has been appointed by the Rating Agencies to the CertificatesTrustee and is then currently serving in such capacity. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSECTION 8.06, the Trustee shall resign immediately in the manner and with the effect specified in Section SECTION 8.07. The corporation, bank, trust company, bank company or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the any Mortgage Loan Seller, the each Master Servicer, the each Special Servicer, the REMIC Administrator Servicer and their respective Affiliates; PROVIDED, HOWEVER, that none of (i) the Depositor, (ii) any Person involved in the organization or operation of the Depositor or the Trust, (iii) any Master Servicer or Special Servicer (except during any period when the Trustee has assumed the duties of such Master Servicer or Special Servicer, as the case may be, pursuant to SECTION 7.02), (iv) any Mortgage Loan Seller or (v) any Affiliate of any of them, may be the Trustee hereunder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Eligibility Requirements for Trustee. The Trustee hereunder There shall at all times be a corporationTrustee hereunder which shall be qualified to maintain an Eligible Account and shall be either (a) Bank One, National Association ("Bank One") or any other Person into which Bank One is merged or consolidated or to which substantially all of the properties and assets of Bank One are transferred as an entirety, provided that such other Person has accepted -------- appointment as Trustee under this Agreement in accordance with this Article IX, and further provided that such entity is not an Affiliate of the Contract ------- -------- Seller, the Insurer or the LOC Provider, is authorized to exercise corporate trust powers under the laws of the United States of America, any State thereof or the District of Columbia and has all necessary trust powers to perform its obligations hereunder, or (b) a trust company, a bank corporation or a banking association: (i) association organized and doing business under the laws of the United States of America or America, any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise corporate trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 50,000,000, and subject to supervision or examination by federal Federal or state State authority, and which is not an Affiliate of the Contract Seller, the Insurer or the LOC Provider; and further provided that either (vi) whose such entity has long-term senior unsecured debt rated at least ------- -------- A3 by Xxxxx'x, BBB by S&P or the equivalent by any nationally recognized statistical rating organization, or (or ii) each Rating Agency provides a letter to the effect that of its fiscal agent) is rated such appointment will not less than "_____" by ______ and "_____" by _____ (or, in affect the case of [each] Rating Agency, such lower then current ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank the corporation or banking association referred to in clause (b) of the previous sentence publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid said supervising or examining authority, then, then for the purposes of this Section 8.069.06, the combined capital and surplus of such corporation, trust company, bank corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person In addition, the Trustee shall become a successor trustee hereunder if the succession of such Person would result maintain an office in a qualification, downgrading or withdrawal of any of the ratings then assigned by the Rating Agencies to the CertificatesNew York. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 9.06, the Trustee it shall resign immediately in the manner and with the effect hereinafter specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliatesthis Article IX.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Greenpoint Credit LLC)

Eligibility Requirements for Trustee. (a) The Trustee hereunder shall at all times be a corporationbank, a trust company, a bank banking association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State state thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporationbank, trust company, bank banking association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, section the combined capital and surplus of such corporationbank, trust company, bank banking association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become at all times maintain a successor trustee hereunder long-term unsecured debt rating of at least (i) "AA-" from S&P (or "A+" from S&P, if the succession Trustee's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x or, if a Fiscal Agent meeting the requirements of Section 8.17(a) is then currently acting in such Person would capacity, "A-" from S&P and "A3" from Xxxxx'x, or (ii) in the case of either Rating Agency, such other rating as shall not result in a qualificationan Adverse Rating Event with respect to any Class of Certificates, downgrading or withdrawal as confirmed in writing by such Rating Agency. The Trustee shall at all times satisfy the requirements of any Section 26(a)(1) of the ratings then assigned by Investment Company Act of 1940, as amended. The Trustee's acting in such capacity shall not adversely affect the Rating Agencies application of the Prohibited Transaction Exemption to the Investment Grade Certificates. In case If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Sectionsection, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that the Trustee shall not be required to resign due to the existence of an affiliation described in the last sentence of this Section 8.06 until such time as it has actual knowledge or receives written notice of the existence of such affiliation; and provided, further, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause an Adverse Rating Event with respect to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporationbank, trust company, bank banking corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan SellerMaster Servicer, the Special Servicer and their respective Affiliates. Notwithstanding the foregoing, except to the extent permitted or required by Section 7.02, the Trustee shall not be an "affiliate" (as such term is defined in Section III of PTE 2000-58) of the Master Servicer, the Special Servicer, any Sub-Servicer, any Outside Servicer, the REMIC Administrator and their respective AffiliatesDepositor, or any obligor with respect to Trust Mortgage Loans constituting more than 5% of the aggregate unamortized principal balance of the Mortgage Pool as of the Closing Date or any "affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Person.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (LB-UBS Commercial Mortgage Trust 2008-C1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____AA-" by ______ Fitch and "_____AA-" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). S&P. If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc., Series 2005-1)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee or the Fiscal Agent shall become at all times maintain a successor trustee hereunder if long-term unsecured debt rating of at least "AA" or the succession of equivalent by each Rating Agency or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by the any Rating Agencies to the CertificatesAgency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state banking authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The Trustee shall become also be an entity with a successor trustee hereunder if the succession long term unsecured debt rating of at least "AA" by each Rating Agency (determined without regard to pluses or minuses) or such Person would other rating that shall not result in a the qualification, downgrading or withdrawal of any the rating or ratings assigned to one or more Classes of the ratings then assigned Certificates by any Rating Agency as confirmed in writing. The Trustee shall also be an entity that (i) has not, since November 2, 1998, been, and is not, an insider or affiliate of First Union National Bank, (ii) has not, since November 2, 1998, controlled, and does not control, First Union National Bank, (iii) has not, since November 2, 1998, been, and is not, controlled by First Union National Bank, (iv) has not, since November 2, 1998, been, and is not, under common control with, First Union National Bank, and (v) does not cause the Rating Agencies trust created hereby to the Certificatesbe an insider or affiliate of First Union National Bank. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided, that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them, and if in light of such agreement the Trustee's continuing to act in such capacity would not (as evidenced in writing by each Rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is qualified, downgraded or withdrawn thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (First Union Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank an association or a banking association: (i) corporation organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) , authorized under such laws to exercise trust powers; (iii) , having a combined capital and surplus of at least $[50,000,000.00] (iv) 100,000,000 and subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____" by ______ and "_____" by _____ (or, in the case of [each] Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualification, downgrade or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank association or banking association corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, then for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank association or banking association corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person The long-term unsecured debt obligations of the Trustee shall become a successor trustee hereunder at all times be rated not less than "AA" by Standard & Poor's and "AA" by FITCH IBCA (or, if the succession of such Person not rated by FITCH IBCA, otherwise acceptable to FITCH IBCA as would not result in a qualification, downgrading downgrade or withdrawal of the rating assigned by FITCH IBCA to any Class of Certificates) or such other rating as shall not result in the qualification, downgrade or withdrawal of any of the ratings then assigned by the Rating Agencies to the respective Classes of Certificates, as confirmed in writing by each Rating Agency. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07; provided that if the Trustee shall cease to be so eligible because its combined capital and surplus is no longer at least $100,000,000 or its long-term unsecured debt rating no longer conforms to the requirements of the immediately preceding sentence, and if the Trustee proposes to the other parties hereto to enter into an agreement with (and reasonably acceptable to) each of them or the Trustee appoints a fiscal agent, and if in light of such agreement or such appointment, the Trustee's continuing to act in such capacity would not (as evidenced in writing by each rating Agency) cause any Rating Agency to qualify, downgrade or withdraw any rating assigned thereby to any Class of Certificates, then upon the execution and delivery of such agreement or the effectiveness of such appointment, the Trustee shall not be required to resign, and may continue in such capacity, for so long as none of the ratings assigned by the Rating Agencies to the Certificates is adversely affected thereby. The corporation, trust company, bank corporation or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator Servicer and their respective Affiliates.. 141

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Gmac Commercial Mortgage Securities Inc)

Eligibility Requirements for Trustee. The Trustee hereunder shall at all times be a corporation, a trust company, a bank or a banking association: (i) organized and doing business under the laws of the United States of America or any State thereof or the District of Columbia; (ii) authorized under such laws to exercise trust powers; (iii) having a combined capital and surplus of at least $[50,000,000.00] 50,000,000; (iv) subject to supervision or examination by federal or state authority; and (v) whose long-term senior unsecured debt (or that of its fiscal agent) is rated not less than "_____Aa3" by ______ Moody's, and "_____AA" by _____ S&P (or, in the case of [each] each Rating Agency, such lower ratings as would not, as confirmed in writing by such Rating Agency, result in a qualificationdowngrade, downgrade qualification (if applicable) or withdrawal of any of the then-current ratings assigned by such Rating Agency to the Certificates). If such corporation, trust company, bank or banking association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then, for the purposes of this Section 8.06, the combined capital and surplus of such corporation, trust company, bank or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. No Person shall become a successor trustee hereunder if the succession of such Person would result in a qualificationdowngrade, downgrading qualification (if applicable) or withdrawal of any of the ratings then assigned by the Rating Agencies to the Certificates. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.07. The corporation, trust company, bank or banking association serving as Trustee may have normal banking and trust relationships with the Depositor, the Mortgage Loan Seller, the Master Servicer, the Special Servicer, the REMIC Administrator and their respective Affiliates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Banc of America Commercial Mortgage Inc)

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