Common use of Eligibility Requirements for Owner Trustee Clause in Contracts

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

Appears in 81 contracts

Samples: Trust Agreement (World Omni Auto Receivables Trust 2015-B), Trust Agreement (World Omni Auto Receivables Trust 2023-D), Trust Agreement (World Omni Auto Receivables LLC)

AutoNDA by SimpleDocs

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity institution: (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; (ii) authorized to exercise corporate trust powers; and (iii) 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 authorities; provided however, the net worth of the parent organization of such corporation shall be included in the determination of the combined capital and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencysurplus of such corporation. If such entity corporation or other institution 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 or other institution shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 33 contracts

Samples: Trust Agreement (Credit Acceptance Corp), Trust Agreement (Credit Acceptance Corp), Trust Agreement (Credit Acceptance Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other an entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, 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, the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

Appears in 30 contracts

Samples: Trust Agreement (World Omni Automobile Lease Securitization Trust 2018-B), Trust Agreement (World Omni Auto Leasing LLC), Trust Agreement (World Omni LT)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's and/or at least BBB- by Standard and Poor's or a rating is otherwise acceptable to each the Rating AgencyAgencies. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 27 contracts

Samples: Trust Agreement (Bear Stearns Arm Trust, Mortgage-Backed Notes, Series 2005-5), Trust Agreement, Trust Agreement (Luminent Mortgage Trust 2005-1)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 14 contracts

Samples: Trust Agreement (Americredit Automobile Receivables Trust 2003-D-M), Trust Agreement (UPFC Auto Receivables Corp.), Trust Agreement (Americredit Automobile Receivables Trust 2003-B-X)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 12 contracts

Samples: Trust Agreement (Americredit Financial Services Inc), Trust Agreement (Americredit Financial Services Inc), Trust Agreement (Americredit Financial Services Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) 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 authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 10 contracts

Samples: Trust Agreement (AmeriCredit Automobile Receivables Trust 2010-B), Trust Agreement (AFS SenSub Corp.), Trust Agreement (AmeriCredit Automobile Receivables Trust 2010-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; and (a)(i) 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 (ii) having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least “Baa3” by each Xxxxx’x, or (b) that satisfies the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 9 contracts

Samples: Trust Agreement (Harley-Davidson Motorcycle Trust 2022-A), Trust Agreement (Harley-Davidson Motorcycle Trust 2021-A), Trust Agreement (Harley-Davidson Motorcycle Trust 2020-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, xx xxast BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 8 contracts

Samples: Trust Agreement (Chase Credit Card Owner Trust 2002-6), Trust Agreement (Chase Credit Card Owner Trust 2001-4), Trust Agreement (Chase Credit Card Master Trust)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least “A” (or the equivalent) by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

Appears in 8 contracts

Samples: Trust Agreement (World Omni Auto Receivables Trust 2011-A), Trust Agreement (World Omni Auto Receivables Trust 2011-B), Trust Agreement (World Omni Auto Receivables LLC)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least “Baa3” by each Rating Agency Moody’s, and “A-1” by S&P (or a rating otherwise acceptable to each the Rating AgencyAgencies). If such 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 11.01, 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 SectionSection 11.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0211.02.

Appears in 8 contracts

Samples: Trust Agreement (NovaStar Certificates Financing CORP), Trust Agreement (Accredited Mortgage Loan Trust 2005-3), Trust Agreement (Accredited Mortgage Loan Trust 2004-4)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 7 contracts

Samples: Trust Agreement (TMS Auto Holdings Inc), Trust Agreement (TMS Auto Holdings Inc), Trust Agreement (Americredit Financial Services Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor's and P-1 by Moody's, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 7 contracts

Samples: Trust Agreement (BMW Vehicle Owner Trust 2001-A), Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (National City Auto Receivables Trust 2002-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity banking association satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least “Baa3” by each Rating Agency Xxxxx’x, and “A-1” by S&P (or a rating otherwise acceptable to each the Rating AgencyAgencies). If such 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 11.01, 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 SectionSection 11.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0211.02.

Appears in 7 contracts

Samples: Trust Agreement (NovaStar Certificates Financing CORP), Trust Agreement (Accredited Mortgage Loan Trust 2005-1), Trust Agreement (Accredited Mortgage Loan Trust 2006-2)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Xxxxx'x, at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 7 contracts

Samples: Trust Agreement (Chase Credit Card Master Trust), Trust Agreement (Chase Manhattan Bank Chase Credit Card Owner Trust 2000 3), Trust Agreement (Chase Manhattan Bank Usa Chase Credit Card Owner Tr 1999-3)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor’s and P-1 by Moody’s, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 6 contracts

Samples: 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 or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-long term rating in any generic rating category which signifies investment grade by each Rating Agency or debt obligations with a rating otherwise acceptable to each Rating Agencyof at least A (or the equivalent) by Standard & Poor's and/or Moody's. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 6 contracts

Samples: Trust Agreement (Nomura Home Equity Loan, Inc.), Owner Trust Agreement (GE-WMC Mortgage Securities, L.L.C.), Trust Agreement (Nomura Asset Acceptance Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) 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 authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 6 contracts

Samples: Trust Agreement (Americredit Automobile Receivables Trust 2003-C-F), Trust Agreement (AFS SenSub Corp.), Trust Agreement (AmeriCredit Automobile Receivables Trust 2005-a-X)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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 SectionSection 10.1, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 5 contracts

Samples: And (Consumer Portfolio Services Inc), Trust Agreement (Consumer Portfolio Services Inc), Trust Agreement (Consumer Portfolio Services Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least "A-1" by each Rating Agency or a rating otherwise Standard & Poor's and "Baa3" by Moody's and being acceptable to each Rating Agencythe Securities Insurer. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 4 contracts

Samples: Trust Agreement (Mego Mortgage Corp), Trust Agreement (Mego Financial Corp), Trust Agreement (Mego Mortgage Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least "A-1" by Standard & Poor's and "Prime-1" by Moody's, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 4 contracts

Samples: Trust Agreement (BMW Vehicle Owner Trust 2005-A), Trust Agreement (BMW Vehicle Owner Trust 2006-A), Trust Agreement (BMW Fs Securities LLC)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor’s and Prime-1 by Moody’s, or with respect to which signifies investment grade by each the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition has been satisfied. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 4 contracts

Samples: Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (Hyundai Auto Receivables Trust 2010-B), Trust Agreement (Hyundai Auto Receivables Trust 2011-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; and (a)(i) 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 (ii) having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least “Baa3” by each Moody’s, or (b) that satisfies the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 4 contracts

Samples: Trust Agreement (Harley-Davidson Motorcycle Trust 2019-A), Trust Agreement (Harley-Davidson Motorcycle Trust 2021-B), Trust Agreement (Harley-Davidson Motorcycle Trust 2021-B)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02SECTION 9.2.

Appears in 4 contracts

Samples: Trust Agreement (UPFC Auto Receivables Trust 2006-B), Trust Agreement (UPFC Auto Receivables Trust 2007-B), Trust Agreement (UPFC Auto Receivables Trust 2007-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall Statute; (ii) at all times be able and authorized to exercise corporate trust powers; having (iii) have a long-term debt rating of at least investment grade by each Rating Agency or be otherwise acceptable to each Rating Agency; (iv) have combined capital and surplus of at least $50,000,000, ; and (v) be subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencyauthorities. If such entity the Owner Trustee 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 the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 4 contracts

Samples: Trust Agreement (BMW Vehicle Lease Trust 2010-1), Trust Agreement (BMW Vehicle Lease Trust 2010-1), Trust Agreement (BMW Vehicle Lease Trust 2009-1)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade time deposits that are rated at least “F1” by each Rating Agency Fitch and “A-1” by Standard & Poor’s or a rating otherwise be acceptable to each the Rating AgencyAgencies. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 3 contracts

Samples: Trust Agreement (Chrysler Financial Auto Securitization Trust 2009-B), Trust Agreement (Chrysler Financial Services Americas LLC), Trust Agreement (Chrysler Financial Auto Securitization Trust 2009-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; and (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state State authorities and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 3 contracts

Samples: Trust Agreement (Painewebber Asset Acceptance Corp), Trust Agreement (Securitized Asset Backed Receivables LLC), Trust Agreement (Ml Asset Backed Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, ; subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody’s and/or at least BBB- by Standard and Poor’s or a rating is otherwise acceptable to each the Rating AgencyAgencies. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02 hereof.

Appears in 3 contracts

Samples: Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-2), Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-4), Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-3)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall Statute; (ii) at all times be able and authorized to exercise corporate trust powers; having (iii) have a long-term debt rating of “A” or higher or be otherwise acceptable to each Rating Agency; (iv) have combined capital and surplus of at least $50,000,000, ; and (v) be subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencyauthorities. If such entity the Owner Trustee 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 the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 3 contracts

Samples: Trust Agreement (Ryder Truck Rental Lt), Trust Agreement (BMW Vehicle Lease Trust 2007-1), Trust Agreement (BMW Auto Leasing LLC)

Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be 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 authorities; having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least "A" by each Rating Agency or a rating otherwise S&P and Moody's [and being acceptable to each Rating Agencythe Securities Insurer]. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.10.2. ------------

Appears in 3 contracts

Samples: Owner Trust Agreement (Southpoint Residential Mortgage Securities Corp), Owner Trust Agreement (National Mortgage Securities Corp), Owner Trust Agreement (Fremont Mortgage Securities Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody’s and/or at least BBB- by Standard and Poor’s or a rating is otherwise acceptable to each the Rating AgencyAgencies. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 3 contracts

Samples: Trust Agreement (Homebanc Corp), Trust Agreement (Alesco Financial Inc), Trust Agreement (Homebanc Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor's and P-1 by Moody's, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 3 contracts

Samples: Trust Agreement (National City Auto Receivables Trust 2004-A), Trust Agreement (SSB Vehicle Securities Inc SSB Auto Loan Trust 2002-1), Trust Agreement (Fifth Third Auto Trust 2004-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 3 contracts

Samples: Trust Agreement (Consumer Portfolio Services Inc), Trust Agreement (Consumer Portfolio Services Inc), Trust Agreement (Nationsfinancial Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's and/or at least BBB- by Standard and Poor’s or a rating is otherwise acceptable to each the Rating AgencyAgencies. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 3 contracts

Samples: 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 or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least “A-1” by Standard & Poor’s and “Prime-1” by Moody’s, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 2 contracts

Samples: Trust Agreement (BMW Fs Securities LLC), Trust Agreement (BMW Fs Securities LLC)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; and (a)(i) 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 (ii) having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least “Baa3” by each Mxxxx’x, or (b) that satisfies the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 2 contracts

Samples: Trust Agreement (Harley-Davidson Motorcycle Trust 2023-A), Trust Agreement (Harley-Davidson Motorcycle Trust 2023-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other an entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,00050,000,000 and its long-term unsecured debt rated at least Baa3 or its equivalent rating by Xxxxx’x and Fitch, or such other ratings, provided that the Rating Agency Condition with respect to such other ratings shall have been satisfied, and be subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating be authorized to exercise trust powers in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe State of Delaware. If such 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 2 contracts

Samples: Trust Agreement (Nissan Auto Receivables 2010-a Owner Trust), Trust Agreement (Nissan Auto Receivables 2010-a Owner Trust)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least "Baa3" by each Rating Agency or a rating otherwise Moody's and "A-1" by Standard & Poor's and being acceptable to each Rating Agencythe Securities Insurer. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 2 contracts

Samples: Trust Agreement (Firstplus Investment Corp), Trust Agreement (Firstplus Investment Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and (iv) having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's or a rating otherwise acceptable to each Rating AgencyBBB by Standard & Poor's. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 2 contracts

Samples: Trust Agreement (Arcadia Financial LTD), Trust Agreement (Olympic Financial LTD)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's or a rating is otherwise acceptable to each the Rating AgencyAgencies and is acceptable to the Note Insurer in its sole discretion. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 2 contracts

Samples: Trust Agreement (Origen Residential Securities, Inc.), Trust Agreement (Origen Manufactured Housing Contract Trust Collateralized Notes, Series 2006-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least "A" by each Rating Agency or a rating otherwise acceptable to each Rating AgencyStandard & Poor's and "A2" by Moody's, "A" by DCR and "A" by Fitch. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 2 contracts

Samples: Mego Financial Corp, Mego Mortgage Corp

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least "A" (or its equivalent) by each Rating Agency or a rating otherwise of Standard & Poor's and Fitch [and being acceptable to each Rating Agencythe Insurer]. If such entity 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 SectionSection 10.1, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 2 contracts

Samples: Trust Agreement (Household Mortgage Funding Corp Iii), Trust Agreement (HFC Revolving Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor’s and F1+ by Fitch, or with respect to which signifies investment grade by each the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition has been satisfied. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 2 contracts

Samples: Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (Hyundai Auto Receivables Trust 2009-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall will at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default will not have occurred and be continuing. If such entity shall corporation 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 Section, 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, the Owner Trustee shall will resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 2 contracts

Samples: Trust Agreement (Triad Automobile Receivables Trust 2003-B), Trust Agreement (Triad Automobile Receivables Trust 2004-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall Statute; (ii) at all times be able and authorized to exercise corporate trust powers; having (iii) have a long-term debt rating of "A" or higher or be otherwise acceptable to each Rating Agency; (iv) have combined capital and surplus of at least $50,000,000, ; and (v) be subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencyauthorities. If such entity the Owner Trustee 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 the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 2 contracts

Samples: Trust Agreement (Ryder Truck Rental I Lp), Trust Agreement (Ryder Funding Ii Lp)

AutoNDA by SimpleDocs

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which has) a long-term unsecured rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or a rating otherwise acceptable satisfactory to each Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Household Consumer Loan Corp Ii)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; and (a)(i) 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 (ii) having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Mxxxx’x, or (b) that satisfies the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (Harley-Davidson Customer Funding Corp.)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a longtime deposits that are rated at least A-term rating in any generic rating category l by Standard & Poor's and P-1 by Moody's, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Master Trust Agreement (A I Receivables Transfer Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory [Delaware] Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or debt obligations with a rating otherwise of at least A by Xxxxx'x and/or Standard & Poor's and being acceptable to each Rating Agencythe Credit Enhancer. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Morgan Stanley Abs Capital I Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least "Baa3" by each Rating Agency or a rating otherwise Moodx'x xxx "A-1" by Standard & Poor's [and being acceptable to each Rating Agencythe Bond Insurer]. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2. Section 10.2.

Appears in 1 contract

Samples: Deposit Trust Agreement (Union Planters Mortgage Finance Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times Statute, (ii) be authorized to exercise corporate trust powers; having , (iii) have a combined capital and surplus of at least $50,000,000, (iv) be subject to supervision or examination by federal or state authorities and having (v) have (or having have a parent which that has) a long-term rating in any generic rating category which signifies investment grade debt obligations rated at least “A” by each Rating Agency Xxxxx’x or a rating otherwise acceptable to each Rating AgencyFitch. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trustee Trust Agreement (Irwin Whole Loan Home Equity Trust 2005-A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Delware Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or debt obligations with a rating otherwise of at least A by Moody's and/or Standard & Poor's xxx xxxng acceptable to each Rating Agencythe Credit Enhancer. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Morgan Stanley Abs Capital I Inc MSDWCC Heloc Trust 2003-1)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other an entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least “A” (or the equivalent) by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (World Omni Auto Leasing LLC)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least [A-1 by Standard & Poor’s and P-1 by Moody’s], or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (Hyundai Abs Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity reasonably acceptable to the Bond Insurer and satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency of at least Baa3 or a rating is otherwise acceptable to each Rating Agencythe Bond Insurer, Moody's and Standard & Poor's. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Merrill Lynch Mortgage Investors Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, xx xxxst BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 1 contract

Samples: Trust Agreement (Chase Manhattan Bank Usa)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least "Baa3" by each Rating Agency or a rating otherwise Xxxxx'x and "A-1" by Standard & Poor's [and being acceptable to each Rating Agencythe Bond Insurer]. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 1 contract

Samples: Deposit Trust Agreement (Residential Resources Inc)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Mxxxx'x, at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 1 contract

Samples: Trust Agreement (Chase Manhattan Bank Chase Credit Card Owner Trust 2001 2)

Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or a rating otherwise acceptable satisfactory to each Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Household Credit Card Master Note Trust I)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Moody's, at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 1 contract

Samples: Trust Agreement (Chase Credit Card Master Trust)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category time deposits that are rated at least A-1 by Standard & Poor's and P-1 by Moody's, or which signifies investment grade by each Rating Agency or a rating is otherwise acceptable to each Rating Agency. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (Hyundai Abs Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least "Baa3" by each Rating Agency or a rating otherwise acceptable to each Rating AgencyMoody's, "A-1" by Standard & Poor's and "F1" from Fitch. If such entity coxxxxxxxon shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (WFS Receivables Corp 3)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or debt obligations with a rating otherwise acceptable to each Rating Agencyof at least A by [Moody's], Standard & Poor's or Fitch, if rated by Fitch. If such entity corporation shall publish reports of condition xx xxxdition 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Wachovia Asset Funding Trust, LLC)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent parent) which has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or has a rating of at least Baa3 by Moody's, at least BBB-by Standard & Poor's and, if rated by Fitch, xx xxxst BBB- by Fitch, or if not rated, otherwise acceptable satisfactory to each Note Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 1 contract

Samples: Trust Agreement (Chase Credit Card Master Trust)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a(i) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; (ii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and (iii) having (or having a parent which has) a long-term debt rating in any generic rating category which signifies of at least investment grade by each Rating Agency or a rating otherwise acceptable to each Rating AgencyXxxxx'x, S&P, Fitch (if rated by Fitch) and Duff & Xxxxxx (if rated by Duff & Xxxxxx). If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.0210.2.

Appears in 1 contract

Samples: Trust Agreement (Antigua Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust 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, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which has) a long-term unsecured rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency Moody’s, at least BBB- by Standard & Poor’s and, if rated by Fitch, at least BBB- by Fitch, or a rating otherwise acceptable satisfactory to each Rating Agency. If such entity 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (HSBC Credit Card Master Note Trust (Usa) I)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Act; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least "Baa3" by each Rating Agency or a rating otherwise acceptable to each Rating AgencyMoody's, "A-1" by Standard & Poor's and "F1" from Fitch. If such entity corpoxxxxxx shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (WFS Financial 2005-2 Owner Trust)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other an entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,00050,000,000 and its long-term unsecured debt rated at least [Baa3] by [Moody’s] and [BBB-] by [Standard & Poor’s], or such other ratings as shall be reasonably satisfactory to the Rating Agencies and be subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating be authorized to exercise trust powers in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe State of Delaware. If such 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, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (Nissan Auto Receivables Corp Ii)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency or a rating Moody’s and/or at least BBB- by Standard and Poor’s and is otherwise acceptable to each and Rating AgencyAgencies. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (GSR Trust 2005-Hel1)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which has) a long-term rating in any generic rating category which signifies investment grade of at least BBB- by each Rating Agency Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or a rating otherwise acceptable satisfactory to each Rating Agency. If such entity 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 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Conseco Finance Credit Card Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall will at all times be a corporation or other entity (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal Federal or state authorities State authorities; and having (or having a parent which hasiv) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agencythe Security Insurer in its sole discretion, so long as an Insurer Default will not have occurred and be continuing. If such entity shall corporation 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 Section, 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, the Owner Trustee shall will resign promptly immediately in the manner and with the effect specified in Section 10.029.2.

Appears in 1 contract

Samples: Trust Agreement (Triad Automobile Receivables Trust 2002 A)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Delware Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency or debt obligations with a rating otherwise of at least A by Moody's and/or Standard & Poor's and being acceptable to each Rating Agencythe Credit Enhancer. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Heloc Asset-Backed Notes Series 2003-2)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity reasonably acceptable to the Bond Insurer and satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies investment grade by each Rating Agency of at least Baa3 or a rating is otherwise acceptable to each Rating Agencythe Bond Insurer, Xxxxx'x and Standard & Poor's. If such entity 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 SectionSection 9.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.029.02.

Appears in 1 contract

Samples: Trust Agreement (Novastar Mortgage Funding Corp)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Statute; authorized to exercise corporate trust powers; having a combined capital and surplus of at least $50,000,000, 50,000,000 and subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which that has) a long-term rating in any generic rating category which signifies time deposits that are rated at least investment grade by each Standard & Poor’s and by Xxxxx’x, or such other ratings for which the Rating Agency or a rating otherwise acceptable to each Rating AgencyCondition has been satisfied. If such entity corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.

Appears in 1 contract

Samples: Trust Agreement (BMW Vehicle Owner Trust 2010-A)

Time is Money Join Law Insider Premium to draft better contracts faster.