Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in the State of New York or such other location within the United States to which the Depositor shall consent in writing, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000, (iv) be subject to supervision or examination by federal or state authorities and (v) have the Required Rating. If such person shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner Trustee or the Delaware Trustee, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee or the Delaware Trustee, as applicable, shall resign immediately in the manner and with the effect specified in Section 10.02.
Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iii) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. The Delaware Trustee shall at all times (i) be a corporation or banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Statute, (ii) be authorized to exercise corporate trust powers, (iii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iv) have (or have a parent that has) a long term debt rating of investment grade by each of the Rating Agencies or otherwise be acceptable to each of the Rating Agencies. If such corporation or banking association shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1 the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.
Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a corporation or national banking association authorized to exercise corporate powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.
Eligibility Requirements for Owner Trustee and Delaware Trustee. The Delaware Trustee shall at all times be a corporation or national banking association satisfying the provisions of Section 3807(a) of the Business Trust Statute. The Owner Trustee shall at all times be a corporation or national banking association (i) authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authorities; (iii) having (or having a parent which has) a rating of at least Baa3 by Moody's or A-1 by Standard & Poors; and (iv) acceptable to the Certificateholders. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2.
Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware. If such entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee shall at all times be a person satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. In case at any time the Owner Trustee or the Delaware Trustee, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee or the Delaware Trustee, as applicable, shall resign immediately in the manner and with the effect specified in Section 10.02.
Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee shall at all times be a Person (i) authorized to exercise corporate trust powers and subject to supervision or examination by federal or state authorities; (ii) having (or having a parent which has) a combined capital and surplus of at least $50,000,000; (iii) having (or having a parent which has) a rating of at least Baa3 by Xxxxx'x and BBB by Standard & Poor's; (iv) which is not an Affiliate of the Trust, the Depositor, or the Financing Originator, and (v) does not offer or provide credit or credit enhancement to the Issuer or the Depositor. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01(a), the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.
Eligibility Requirements for Owner Trustee and Delaware Trustee. (a) The Owner Trustee will at all times (i) be a corporation authorized to exercise corporate trust powers; (ii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or state authorities; and (iii) have (or have a parent that has) a rating of at least “Baa3” by Moody’s, at least “BBB-” by Standard & Poor’s and, if rated by Fitch, at least “BBB-” by Fitch, or be otherwise satisfactory to each Rating Agency. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation will be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee ceases to be eligible in accordance with the provisions of this Section, the Owner Trustee will resign immediately in the manner and with the effect specified in Section 9.02.
Eligibility Requirements for Owner Trustee and Delaware Trustee. The Delaware Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Business Trust Statute. The Owner Trustee shall at all times (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000, (iii) be subject to supervision or examination by federal or state authorities and (iv) have the Required
Eligibility Requirements for Owner Trustee and Delaware Trustee. The Owner Trustee shall at all times be a corporation or association (a) authorized to exercise corporate trust powers, (b) having a combined capital and surplus of at least $100,000,000 and being subject to supervision or examination by federal or State authorities, (c) being solvent and (d) having (or having a parent which has) a rating in respect of its long-term senior unsecured debt of at least “BBB-” (or the equivalent) by each of the Rating Agencies (or which, if the long-term senior unsecured debt of such corporation or association is not rated by any Rating Agency, shall have provided to the Indenture Trustee written confirmation from such Rating Agency that the appointment of such corporation or association to serve as Owner Trustee will not result in and of itself in a reduction or withdrawal of the then-current rating of any of the Notes). If the Owner Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.1, the combined capital and surplus of the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Delaware Trustee shall at all times be an entity having its principal place of business in the State of Delaware in accordance with Section 3807(a) of the Delaware Statutory Trust Act and otherwise comply with Section 3807 of the Delaware Statutory Trust Act. In case at any time the Owner Trustee or the Delaware Trustee, as the case may be, shall cease to be eligible in accordance with the provisions of this Section 10.1, the Owner Trustee or the Delaware Trustee, as the case may be, shall resign immediately in the manner and with the effect specified in Section 10.2 hereof.
Eligibility Requirements for Owner Trustee and Delaware Trustee
