Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 50 contracts
Sources: Trust Agreement (GSC Capital Corp. Mortgage Trust 2006-2), Trust Agreement (Cwabs Trust 2005-Hyb9), Trust Agreement (New Century Home Equity Loan Trust 2005-4)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand A-1 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 35 contracts
Sources: Trust Agreement (WFS Financial Auto Loans Inc), Trust Agreement (Onyx Acceptance Financial Corp), Trust Agreement (WFS Financial Auto Loans Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's and/or at least BBB- by Standard and Poor's or is otherwise acceptable to the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 27 contracts
Sources: Trust Agreement, Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-5), Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-5)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating AgenciesStandard & 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 22 contracts
Sources: Trust Agreement (GMACM Home Equity Loan Trust 2006-He1), Trust Agreement (GMACM Home Equity Loan Trust 2006-He5), Trust Agreement (GMACM Home Equity Loan Trust 2007-He2)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having (ii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and having (iii) shall have (or having shall have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's each of the Rating Agencies or is be otherwise acceptable to the Rating Agencies. If such 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 for the purpose of this SectionSection 9.1, 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 9.019.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.029.2.
(b) The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute.
Appears in 21 contracts
Sources: Trust Agreement (Usaa Acceptance LLC Auto Owner Trust 2002-1), Trust Agreement (Bear Stearns Asset Backed Funding Inc), Trust Agreement (Bear Stearns Asset Backed Fund Inc Whole Auto Loan Tr 2002-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of time deposits that are rated at least Baa3 A-1 by Standard & Poor's and P-1 by Moody's or is otherwise acceptable to the Rating Agencies'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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 21 contracts
Sources: Trust Agreement (Premier Auto Trust 1999-2), Trust Agreement (Daimlerchrysler Services North America LLC), Trust Agreement (Daimlerchrysler Services North America LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in the State of Delaware or such other location within the United States to which the Depositor shall consent in writing, (ii) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having , (iii) have a combined capital and surplus of at least $50,000,000 and 50,000,000, (iv) be subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that hasv) a rating of at least Baa3 by Moody's or is otherwise acceptable to have the Rating AgenciesRequired Rating. If such corporation 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 corporation person 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 17 contracts
Sources: Trust Agreement (Honda Auto Receivables 2015-4 Owner Trust), Trust Agreement (Honda Auto Receivables 2015-4 Owner Trust), Trust Agreement (Honda Auto Receivables 2014-4 Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating Agenciesand/or 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 13 contracts
Sources: Trust Agreement (Home Loan Trust 2006-Hi5), Trust Agreement (Home Loan Trust 2006-Hi3), Trust Agreement (Home Loan Trust 2006-Hi1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Standard & Poor's, Moody's or is otherwise acceptable to the Rating Agenciesand/or Fitch Ratings. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 13 contracts
Sources: Trust Agreement (Home Equity Loan Trust 2006-Hsa3), Trust Agreement (RFMSII Series 2006-Hsa2 Trust), Trust Agreement (Home Equity Loan Trust 2006-Hsa4)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's ’s or is otherwise acceptable to the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 13 contracts
Sources: Trust Agreement (GSC Capital Corp. Mortgage Trust 2006-1), Trust Agreement (Renaissance Home Equity Loan Trust 2007-2), Trust Agreement (IMPAC CMB Trust Series 2005-5)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and 50,000,000, subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that which has) a long-term rating of at least Baa3 “A” (or the equivalent) by Moody's or is otherwise acceptable to the each Rating AgenciesAgency. 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 9.01Section, the Owner Trustee shall resign immediately promptly in the manner and with the effect specified in Section 9.0210.02.
Appears in 10 contracts
Sources: Trust Agreement (World Omni Auto Receivables LLC), Trust Agreement (World Omni Auto Receivables Trust 2008-B), Trust Agreement (World Omni Auto Receivables Trust 2006-B)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating AgenciesStandard & 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 10 contracts
Sources: Trust Agreement (Residential Asset Mortgage Products Inc), Trust Agreement (Residential Asset Mortgage Products Inc), Trust Agreement (Residential Asset Mortgage Products Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating Agenciesand/or 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 9 contracts
Sources: Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having , (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; State authorities and having (iii) have (or having have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's each of the Rating Agencies or is otherwise be acceptable to each of the Rating Agencies. If such corporation 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, 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. In case If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 9 contracts
Sources: Trust Agreement (Wachovia Auto Loan Owner Trust 2007-1), Trust Agreement (WDS Receivables LLC), Trust Agreement (Pooled Auto Securities Shelf LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall will at all times be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; (iii) 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 that hasiv) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesSecurity Insurer in its sole discretion (so long as an Insurer Default will not have occurred and be continuing). If such corporation shall will publish reports of condition at least annually annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this SectionSection 9.1, the combined capital and surplus of such corporation shall will 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 will cease to be eligible in accordance with the provisions of this Section 9.019.1, the Owner Trustee shall will resign immediately in the manner and with the effect specified in Section 9.029.2.
Appears in 8 contracts
Sources: Trust Agreement (Triad Financial Special Purpose LLC), Trust Agreement (Triad Financial Special Purpose LLC), Trust Agreement (Triad Financial Special Purpose LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a short-term debt rating of at least Baa3 by Moody's “A-1” or the equivalent by, or which is otherwise acceptable to the to, each Rating AgenciesAgency. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 8 contracts
Sources: Trust Agreement (Saxon Asset Securities Trust 2005-1), Trust Agreement (Sast 2006-3), Trust Agreement (Saxon Asset Securities Trust 2006-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [____] by Moody's or is otherwise acceptable to the Rating Agencies[__________]. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 8 contracts
Sources: Trust Agreement (Directors Asset Conduit Corp), Trust Agreement (Chase Funding Inc), Trust Agreement (Chase Manhattan Acceptance Corp /De/)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; and (a) 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 that has) a rating of at least Baa3 by Moody's ▇▇▇▇▇’▇; or is otherwise acceptable to (b) which satisfies the Rating AgenciesAgency Condition. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 8 contracts
Sources: Trust Agreement (Harley-Davidson Motorcycle Trust 2013-1), Trust Agreement (Harley Davidson Customer Funding Corp), Trust Agreement (Harley-Davidson Motorcycle Trust 2011-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Domestic corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand A-1 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 7 contracts
Sources: Trust Agreement (Onyx Acceptance Financial Corp), Trust Agreement (Onyx Acceptance Financial Corp), Trust Agreement (Onyx Acceptance Financial Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 "Baa3" by Moody's or is otherwise and "A-1" by Standard & Poor's and being acceptable to the Rating AgenciesNote Insurer. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 7 contracts
Sources: Trust Agreement (Bear Stearns Asset Backed Securities Inc), Trust Agreement (Imc Home Equity Loan Owner Trust 1998-7), Trust Agreement (Amresco Residential Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 "Baa3" by Moody's or is otherwise acceptable to the Rating Agenciesand at least "BBB-" by Standard & Poor's. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 6 contracts
Sources: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2008-A), Trust Agreement (Caterpillar Financial Funding Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's, Standard & Poor's or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 6 contracts
Sources: Trust Agreement (Residential Asset Mortgage Products Inc), Trust Agreement (Residential Asset Mortgage Products Inc), Trust Agreement (Residential Asset Mortgage Products Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust StatuteAct; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of time deposits that are rated at least Baa3 A-1 by Standard & Poor’s and P-1 by Moody's ’s, or which is otherwise acceptable to the each Rating AgenciesAgency. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 6 contracts
Sources: Trust Agreement (Hyundai Auto Receivables Trust 2006-B), Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (Hyundai Abs Funding Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust StatuteAct; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 "Baa3" by Moody▇▇▇▇▇'▇, "A-1" by Standard & Poor's or is otherwise acceptable to the Rating Agenciesand "F1" from Fitch. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 5 contracts
Sources: Trust Agreement (WFS Receivables Corp 3), Trust Agreement (WFS Financial 2004-4 Owner Trust), Trust Agreement (WFS Financial 2005-1 Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating Agenciesand/or 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 5 contracts
Sources: Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long- term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating Agenciesand/or 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 5 contracts
Sources: Owner Trust Agreement (Residential Fund Mort Sec Home Loan-BCKD NTS Ser 2004-Hi1), Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Owner Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; , (ii) be authorized to exercise corporate trust powers; having , (iii) have a combined capital and surplus of at least $50,000,000 and 50,000,000, (iv) be subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that hasv) a rating of at least Baa3 by Moody's or is otherwise acceptable to have the Rating AgenciesRequired Rating. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 5 contracts
Sources: Trust Agreement (American Honda Receivables Corp), Trust Agreement (American Honda Receivables Corp), Trust Agreement (American Honda Receivables Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; and (a)(i) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; authorities and (ii) having (or having a parent that has) a rating of at least Baa3 by Moody's ▇▇▇▇▇’▇, or is otherwise acceptable to (b) that satisfies the Rating AgenciesAgency Condition. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 5 contracts
Sources: Trust Agreement (Harley-Davidson Customer Funding Corp.), Trust Agreement (Harley-Davidson Customer Funding Corp.), Trust Agreement (Harley-Davidson Motorcycle Trust 2016-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long term debt obligations with a rating of at least Baa3 A (or the equivalent) by Standard & Poor’s, Fitch and/or Moody's or is otherwise acceptable to the Rating Agencies’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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 5 contracts
Sources: Trust Agreement (Home Equity Mortgage Trust 2007-1), Trust Agreement (Irwin Whole Loan Home Equity Trust 2005-C), Trust Agreement (Irwin Whole Loan Home Equity Trust 2005-B)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's or is otherwise acceptable to the Rating Agencies▇▇▇▇▇'▇ and/or 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 5 contracts
Sources: Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc), Trust Agreement (Residential Funding Mortgage Securities Ii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by Moody's or is otherwise acceptable to the Rating Agencies[▇▇▇▇▇'▇]. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 5 contracts
Sources: Trust Agreement (Opteum Mortgage Acceptance CORP), Trust Agreement (American Home Mortgage Securities LLC), Trust Agreement (MILA Mortgage Acceptance, Inc.)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 __________ and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by [Moody's or is otherwise acceptable to the Rating Agencies's]. If such corporation shall publish reports of condition at least annually le▇▇▇ ▇▇▇ually 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 4 contracts
Sources: Trust Agreement (National City Mortgage Capital LLC), Trust Agreement (New Century Mortgage Securities LLC), Trust Agreement (Park Place Securities, Inc.)
Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; an entity having a combined capital and surplus of at least $50,000,000 and 50,000,000, be subject to supervision or examination by federal or state authorities; , be authorized to exercise trust powers in the State of Delaware and having (or having have a parent that has) a long-term debt rating of at least Baa3 “BBB” or better by Moody's S&P, or is otherwise acceptable to the Rating Agencies. If such corporation entity shall publish reports of condition at least annually annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this SectionSection 10.01, the combined capital and surplus of such corporation entity 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 4 contracts
Sources: Trust Agreement (Nissan Auto Receivables Corp Ii), Trust Agreement (Nissan Auto Receivables Corp Ii), Trust Agreement (Nissan Auto Receivables 2018-a Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state State authorities; and having (or having a parent that hasiv) a rating of rated at least Baa3 “Baa3” by Moody's or is otherwise acceptable to the Rating Agencies▇▇▇▇▇’▇. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the requirements of Section 3807(a) of the Statutory Trust Statute (the “Delaware Trustee”).
Appears in 4 contracts
Sources: Trust Agreement (Franklin Auto Trust 2007-1), Trust Agreement (Franklin Auto Trust 2005-1), Trust Agreement (Franklin Auto Trust 2008-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's ’s or is otherwise acceptable to the Rating AgenciesStandard & 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 4 contracts
Sources: Trust Agreement (Phoenix Residential Securities, LLC), Trust Agreement (Phoenix Residential Securities, LLC), Trust Agreement (BellaVista Finance CORP)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand at least BBB- by Standard & Poor's. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02SECTION 10.02.
Appears in 4 contracts
Sources: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having (ii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and having (iii) shall have (or having shall have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's each of the Rating Agencies or is be otherwise acceptable to the Rating Agencies. If such 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 for the purpose of this SectionSection 10.1, 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 9.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
(b) The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act.
Appears in 4 contracts
Sources: Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Owner Trust 2005-B)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesMoody's and 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 4 contracts
Sources: Trust Agreement (Imh Assets Corp Impac CMB Trust Series 2002 9f), Trust Agreement (Imh Assets Corp Impac CMB Trust Series 2003-9f), Trust Agreement (Imh Assets Corp Impac CMB Trust Series 2003-2f)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesBond Insurer, ▇▇▇▇▇'▇ and 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 4 contracts
Sources: Trust Agreement (Imh Assets Corp), Trust Agreement (Imh Assets Corp Collateralized Asset Backed Bonds Ser 2000 1), Trust Agreement (Imh Assets Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by [Moody's or is otherwise acceptable to the Rating Agencies's]. If such corporation shall publish reports of condition at least annually l▇▇▇▇ ▇▇nually 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (American Home Mortgage Assets LLC), Trust Agreement (Quick Loan Funding Mortgage Acceptance CORP), Trust Agreement (Structured Asset Mortgage Investments Ii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by [Moody's or is otherwise acceptable to the Rating Agencies's]. If such corporation shall publish reports of condition at least annually le▇▇▇ ▇▇▇ually 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Southern Pacific Secured Assets Corp), Trust Agreement (Namco Securities Corp), Trust Agreement (Salomon Brothers Mortgage Securities Vii Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Insurer and the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (American Home Mortgage Investment Trust 2004-4), Trust Agreement (American Home Mortgage Investment Trust 2004-4), Trust Agreement (American Home Mortgage Investment Trust 2004-4)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 100,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 "Baa3" by Moody's or is otherwise and "A-1" by Standard & Poor's and being acceptable to the Rating AgenciesNote Insurer. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 3 contracts
Sources: Trust Agreement (First Alliance Mortgage Loan Trust 1998-2), Trust Agreement (First Alliance Mortgage Loan Trust 1998-1a), Trust Agreement (First Alliance Mortgage Loan Trust 1998-1f)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies▇▇▇▇▇'▇. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Impac Secured Assets CMN Trust Series 1998-1), Trust Agreement (Imh Assets Corp), Trust Agreement (Impac CMB Trust Series 1998-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's ’s, Standard & Poor’s or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Wachovia Mortgage Loan Trust, LLC), Trust Agreement (Wachovia Asset Securitization Inc 2002 He2 Trust), Trust Agreement (Wachovia Asset Securitization Inc 2002 He2 Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation an entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; and (iii) having (or having a parent that has) a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state State authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies. If such corporation entity shall publish reports of condition at least annually 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 entity 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.029.2.
Appears in 3 contracts
Sources: Trust Agreement (Vroom, Inc.), Trust Agreement (Vroom, Inc.), Trust Agreement (Vroom, Inc.)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand at least BBB- by Standard & Poor's. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 3 contracts
Sources: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Funding Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's and/or at least BBB- by Standard and Poor’s or is otherwise acceptable to the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Bear Stearns ARM Trust 2006-1), Trust Agreement (Bear Stearns Asset Backed Securities I LLC), Trust Agreement (Bear Stearns ARM Trust 2006-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; Statute and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and 50,000,000, subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that which has) a long-term rating of at least Baa3 "A" (or the equivalent) by Moody's or is otherwise acceptable to the each Rating AgenciesAgency. 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 9.01Section, the Owner Trustee shall resign immediately promptly in the manner and with the effect specified in Section 9.0210.02.
Appears in 3 contracts
Sources: Trust Agreement (World Omni Auto Receivables LLC), Trust Agreement (World Omni Auto Receivables LLC), Trust Agreement (World Omni Auto Receivables LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long term debt obligations with a rating of at least Baa3 A (or the equivalent) by Standard & Poor's and/or Moody's or is otherwise acceptable to the Rating Agencies'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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Owner Trust Agreement (Cendant Mortgage Capital LLC), Owner Trust Agreement (Deutsche Alt-a Securities Inc), Owner Trust Agreement (DLJ Mortgage Acceptance Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation an entity satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and 50,000,000, subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that which has) a long-term rating of at least Baa3 “A” (or the equivalent) by Moody's or is otherwise acceptable to the each Rating AgenciesAgency. If such corporation 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, the combined capital and surplus of such corporation entity 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 9.01Section, the Owner Trustee shall resign immediately promptly in the manner and with the effect specified in Section 9.0210.02.
Appears in 3 contracts
Sources: Trust Agreement (World Omni Auto Leasing LLC), Trust Agreement (World Omni Automobile Lease Securitization Trust 2011-A), Trust Agreement (World Omni Automobile Lease Securitization Trust 2009-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; and (a)(i) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; authorities and (ii) having (or having a parent that has) a rating of at least Baa3 by Moody's ’s, or is otherwise acceptable to (b) that satisfies the Rating AgenciesAgency Condition. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 3 contracts
Sources: Trust Agreement (Harley-Davidson Customer Funding Corp.), Trust Agreement (Harley-Davidson Customer Funding Corp.), Trust Agreement (Harley-Davidson Motorcycle Trust 2015-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 __________ and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies[▇▇▇▇▇'▇]. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (WaMu Asset Acceptance Corp.), Trust Agreement (WaMu Asset Acceptance Corp.), Trust Agreement (Long Beach Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust StatuteAct; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand A-1 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 3 contracts
Sources: Trust Agreement (WFS Receivables Corp 3), Trust Agreement (WFS Receivables Corp), Trust Agreement (WFS Receivables Corp 2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's, Standard & Poor's or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Wachovia Asset Sec Series 2004 - HE1), Trust Agreement (Wachovia Asset Securitization Inc 2003-He2 Trust), Trust Agreement (Wachovia Mortgage Loan Trust, LLC)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having (ii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and having (iii) shall have (or having shall have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's each of the Rating Agencies or is be otherwise acceptable to the Rating Agencies. If such 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 for the purpose of this SectionSection 9.1, 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 9.019.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.029.2.
(b) The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Business Trust Statute.
Appears in 3 contracts
Sources: Trust Agreement (Usaa Federal Savings Bank), Trust Agreement (Usaa Federal Savings Bank Usaa Auto Owner Trust 2001-1), Trust Agreement (Usaa Federal Savings Bank)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by [Moody's or is otherwise acceptable to the Rating Agencies's]. If such corporation shall publish reports of condition at least annually le▇▇▇ ▇▇▇ually 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 3 contracts
Sources: Trust Agreement (Opteum Mortgage Acceptance CORP), Trust Agreement (MILA Mortgage Acceptance, Inc.), Trust Agreement (MortgageIT Securities Corp.)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's, Standard & Poor's or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.029.02 below.
Appears in 2 contracts
Sources: Trust Agreement (Gmacm Home Equity Loan Trust 2003-He2), Trust Agreement (Residential Asset Mortgage Products Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesBond Insurer, Moody's and Standard & Poor's. If such corporation s▇▇▇ ▇▇▇poration 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Collateralized Asset-Backed Bonds Series 2002-3), Trust Agreement (Imh Assets Corp Impac CMB Trust Series 2002-5)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Bond Insurer and the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Imh Assets Corp Impac CMB Trust Series 2003-4), Trust Agreement (Imh Assets Corp Ipac CMB Trust Series 2003-1)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having (ii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and having (iii) shall have (or having shall have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's each of the Rating Agencies or is be otherwise acceptable to the Rating Agencies. If such 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 for the purpose of this SectionSection 10.1, 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 9.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
(b) The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Business Trust Statute.
Appears in 2 contracts
Sources: Trust Agreement (Ford Credit Auto Receivables Two LLC), Trust Agreement (Ford Credit Auto Receivables Two LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesM▇▇▇▇'▇. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Southern Pacific Secured Assets Corp), Trust Agreement (Imh Assets Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies[▇▇▇▇▇'▇]. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (New Century Mortgage Securities Inc), Trust Agreement (Citigroup Commercial Mortgage Securities Inc)
Eligibility Requirements for Owner 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 a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having , (iii) have a combined capital and surplus of at least $50,000,000 and 50,000,000, (iv) be subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that hasv) a rating of at least Baa3 by Moody's or is otherwise acceptable to have the Rating AgenciesRequired Rating. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Honda Auto Receivables 2008-2 Owner Trust), Trust Agreement (Honda Auto Receivables 2008-1 Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation corporation: (a) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; (b) authorized to exercise corporate trust powers; (c) 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 that hasiv) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesInsurer in its reasonable discretion, so long as an Insurer Default shall not have occurred be continuing. If such 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 for the purpose of this SectionSection 10.1, 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 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 2 contracts
Sources: Trust Agreement (Asset Backed Securities Corp), Trust Agreement (Triad Financial Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody▇▇▇▇▇'▇, Standard & Poor's or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Residential Asset Mortgage Products Inc), Trust Agreement (Residential Asset Mortgage Products Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand at least BBB- by Standard & Poor's. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2004-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Domestic corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies’s and A-1 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Onyx Acceptance Owner Trust 2005-A), Trust Agreement (Onyx Acceptance Owner Trust 2005-B)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by Moody's or is otherwise acceptable to the Rating Agencies[▇▇▇▇▇’▇]. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Shellpoint Mortgage Acceptance LLC), Trust Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 “Baa3” by Moody's or is otherwise acceptable to the Rating Agencies’s and at least “BBB-” by Standard & Poor’s. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Caterpillar Financial Funding Corp), Trust Agreement (Caterpillar Financial Asset Trust 2005-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies▇▇▇▇▇'▇. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Heller Funding Corp), Trust Agreement (Eaglemark Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) maintain its principal place of business in the State of Delaware or such other location within the United States to which the Depositor shall consent in writing, (ii) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having , (iii) have a combined capital and surplus of at least $50,000,000 and 50,000,000, (iv) be subject to supervision or examination by federal or state authorities; authorities and having (or having a parent that hasv) a rating of at least Baa3 by Moody's or is otherwise acceptable to have the Rating AgenciesRequired Rating. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Honda Auto Receivables 2009-1 Owner Trust), Trust Agreement (American Honda Receivables Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a short-term debt rating of at least Baa3 by Moody's “A 1” or the equivalent by, or which is otherwise acceptable to the to, each Rating AgenciesAgency. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Trust 2004-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation an entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; Statute authorized to exercise corporate trust powers; , having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; , and having (or having a parent that which has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies▇▇▇▇▇'▇. If such corporation entity shall publish reports of condition at least annually annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this SectionSection 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. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Toyota Motor Credit Corp), Trust Agreement (Toyota Motor Credit Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [____] by Moody's or is otherwise acceptable to the Rating Agencies[__________]. 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 SectionSection , 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Morgan Stanley Abs Capital I Inc), Trust Agreement (Morgan Stanley Abs Capital I Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having , (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; State authorities and having (iii) have (or having have a parent that has) a long-term debt rating of at least Baa3 investment grade by Moody's ▇▇▇▇▇’▇ and Standard & Poor’s or is otherwise be acceptable to each of the Rating Agencies. If such corporation 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, 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. In case If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (WDS Receivables LLC), Trust Agreement (Wachovia Auto Owner Trust 2008-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation Person satisfying the any applicable provisions of Section 3807(a) of the Statutory Business Trust Statute; , authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 by Moody's ’s and at least BBB- by Standard & Poor’s or is if not rated, otherwise acceptable satisfactory to the such Rating Agencies. If such corporation Person shall publish reports of condition at least annually 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 Person 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Atlanticus Holdings Corp), Trust Agreement (Atlanticus Holdings Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; powers having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a long-term rating of at least Baa3 "A" by MoodyStandard & Poor's or is otherwise acceptable to the Rating Agenciesand DCR. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 2 contracts
Sources: Trust Agreement (Ditech Funding Corp Home Loan Owner Trust 1997-1), Trust Agreement (Empire Funding Home Loan Owner Trust 1997-4)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; and (a) 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 that has) a rating of at least Baa3 by Moody's ’s; or is otherwise acceptable to (b) which satisfies the Rating AgenciesAgency Condition. 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Trust Agreement (Harley-Davidson Motorcycle Trust 2014-1), Trust Agreement (Harley-Davidson Motorcycle Trust 2012-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a short-term debt rating of at least Baa3 by Moody's “A-1” or the equivalent by, or which is otherwise acceptable to to, the Rating AgenciesAgency. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 2 contracts
Sources: Trust Agreement (Greenwich Capital Acceptance, Inc New York Mortgage Trust 2005-1), Trust Agreement (New York Mortgage Trust 2005-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; powers having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a long-term rating of at least Baa3 "A" by Moody's or is otherwise S&P and ▇▇▇▇▇'▇ and being acceptable to the Rating AgenciesSecurities Insurer. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 2 contracts
Sources: Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-1), Owner Trust Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having (iii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal or state authorities; and having (iv) have (or having have a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand BBB- 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 SectionSection 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. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.0110.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 2 contracts
Sources: Owner Trust Agreement (Auto Nations Receivables Corp), Owner Trust Agreement (Auto Nations Receivables Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies's. If such corporation shall publish reports of condition at least annually ▇▇▇▇▇ ▇nnually 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 ________ and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agenciesand A-1 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
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Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by Moody's or is otherwise acceptable to the Rating Agencies[M▇▇▇▇’▇]. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
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Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 "A-1" by MoodyStandard & Poor's or is otherwise acceptable to the Rating Agenciesand Fitch. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
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Sources: Deposit Trust Agreement (Fund America Investors Corp Ii)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision super- vision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's (or is a rating otherwise acceptable to the Rating AgenciesMoody's). If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising supervis- ing 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 9.0110.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
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Sources: Trust Agreement (Household Consumer Loan Trust 1997-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; powers having a combined capital and surplus of at least $50,000,000 [50,000,000] and subject to supervision or examination by federal or state authorities; and having (or having a parent that which has) a long-term rating of at least Baa3 “A” by S&P and Moody's or is otherwise ’s [and being acceptable to the Rating AgenciesSecurities Insurer]. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
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Sources: Owner Trust Agreement (Etrade Mortgage Backed Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Moody's ▇▇▇▇▇’▇, Standard & Poor’s or is otherwise acceptable to the Rating AgenciesFitch, if rated by Fitch. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.029.02 below.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long term debt obligations with a rating of at least Baa3 A (or the equivalent) by Standard & Poor's, Fitch and/or Moody's or is otherwise acceptable to the Rating Agencies'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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 1 contract
Sources: Trust Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating AgenciesM▇▇▇▇’▇. 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 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
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Sources: Trust Agreement (Goldman Sachs Asset Backed Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is Mood▇'▇ (▇▇ a rating otherwise acceptable to the Rating AgenciesMood▇'▇). If ▇f 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 9.0110.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.02.
Appears in 1 contract
Sources: Trust Agreement (Household Consumer Loan Trust 1997-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by [Moody's or is otherwise acceptable to the Rating Agencies's]. If such corporation shall publish shal▇ ▇▇▇▇▇sh 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 "Baa3" by Moody's or is otherwise and "A-1" by Standard & Poor's and being acceptable to the Rating AgenciesNote Insurer. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
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Sources: Deposit Trust Agreement (Financial Asset Securities Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's ▇▇▇▇▇’▇ or is otherwise acceptable to the Bond Insurer and the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 1 contract
Sources: Trust Agreement (IMH Assets Corp., Collateralized Asset-Backed Bonds, Series 2005-6)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) a rating of at least Baa3 [Baa3] by [Moody's ’s] or is otherwise acceptable to the Rating Agencies. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a rating of at least Baa3 by Moody's or is otherwise and A-1 by Standard & Poor's and being acceptable to the Rating AgenciesSecurities Insurer. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Statute; authorized to exercise corporate trust powers; powers having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal Federal or state authorities; and having (or having a parent that which has) a long-term rating of at least Baa3 "A" by Moody's or is otherwise acceptable to the Rating Agencies. Fitch, DCR, and S&P. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
Appears in 1 contract
Sources: Owner Trust Agreement (Painewebber Mortgage Acceptance Corporation Iv)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least Baa3 A by Standard & Poor's, Moody's or is otherwise acceptable to the Rating Agenciesand/or Fitch ▇▇▇▇▇▇▇. 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 9.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a(i) of the Statutory Trust Statute; authorized to exercise corporate trust powers; (ii) having at least $1,000,000,000 in assets and a combined capital and surplus of at least $50,000,000 50,000,000; (iii) having (or having a parent which has) a long-term debt rating of at least investment grade by ▇▇▇▇▇'▇, S&P and Fitch (if rated by Fitch); and (iv) subject to supervision or examination by federal Federal or state State authorities; and having (or having a parent that has) a rating of at least Baa3 by Moody's or is otherwise acceptable to the Rating Agencies. If such 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 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 9.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.0210.2.
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