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 102 contracts
Sources: Trust Agreement (World Omni Auto Receivables Trust 2026-B), Trust Agreement (World Omni Auto Receivables Trust 2026-B), Trust Agreement (World Omni Auto Receivables Trust 2026-A)
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 39 contracts
Sources: 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 37 contracts
Sources: Trust Agreement (World Omni LT), Trust Agreement (World Omni LT), Trust Agreement (World Omni LT)
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
Sources: Trust Agreement (Americredit Automobile Receivables Trust 2004-a-F), Trust Agreement (Americredit Automobile Receivables Trust 2003-a-M), Trust Agreement (UPFC Auto Receivables 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 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
Sources: 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 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 ▇▇▇▇▇’▇, 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 11 contracts
Sources: Trust Agreement (Harley Davidson Motorcycle Trust 2025-A), Trust Agreement (Harley Davidson Motorcycle Trust 2025-A), Trust Agreement (Harley-Davidson Motorcycle Trust 2023-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 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
Sources: Trust Agreement (AmeriCredit Automobile Receivables Trust 2010-B), Trust Agreement (AmeriCredit Automobile Receivables Trust 2010-A), Trust Agreement (AmeriCredit Automobile Receivables Trust 2008-a-F)
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, ▇▇ ▇▇ast 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
Sources: Trust Agreement (Chase Credit Card Master Trust), Trust Agreement (Chase Credit Card Owner Trust 2002-6), 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
Sources: Trust Agreement (World Omni Auto Receivables Trust 2011-B), Trust Agreement (World Omni Auto Receivables Trust 2011-B), Trust Agreement (World Omni 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; 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 the Note Insurer 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 8 contracts
Sources: Trust Agreement (SACO I Trust 2006-8), Trust Agreement (SACO I Trust 2006-1), Trust Agreement (Bear Stearns Second Lien Trust 2007-1)
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
Sources: Trust Agreement (Accredited Mortgage Loan Trust 2005-4), Trust Agreement (Accredited Mortgage Loan Trust 2004-4), Trust Agreement (NovaStar Certificates Financing 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 ▇▇▇▇▇’▇, 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
Sources: Trust Agreement (NovaStar Certificates Financing CORP), Trust Agreement (Accredited Mortgage Loan REIT Trust), Trust Agreement (Accredited Mortgage Loan REIT 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 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
Sources: Trust Agreement (BMW Vehicle Owner Trust 2001-A), Trust Agreement (SSB Vehicle Securities Inc BMW Vehicle Owner Trust 1999-A), Trust Agreement (SSB Vehicle Sec Huntington Auto Trust 2000-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 ▇▇▇▇▇'▇, 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
Sources: Trust Agreement (Chase Manhattan Bank Usa Chase Credit Card Owner Tr 2000-2), Trust Agreement (Chase Manhattan Bank Chase Credit Card Owner Trust 2000 3), 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 (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
Sources: Trust Agreement (AmeriCredit Automobile Receivables Trust 2005-B-M), Trust Agreement (AmeriCredit Automobile Receivables Trust 2005-a-X), Trust Agreement (AFS SenSub 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; 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 M▇▇▇▇’▇, 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 6 contracts
Sources: Trust Agreement (Harley-Davidson Motorcycle Trust 2024-B), Trust Agreement (Harley-Davidson Motorcycle Trust 2024-B), Trust Agreement (Harley-Davidson Motorcycle Trust 2024-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 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
Sources: Trust Agreement (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 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
Sources: Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (Hyundai Auto Receivables Trust 2011-A), Trust Agreement (Hyundai Auto Receivables Trust 2010-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
Sources: 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 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
Sources: Trust Agreement (Harley-Davidson Motorcycle Trust 2023-B), 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 (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
Sources: Trust Agreement (BMW Vehicle Lease Trust 2010-1), Trust Agreement (BMW Vehicle Lease Trust 2010-1), Trust Agreement (BMW Auto Leasing LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity reasonably acceptable to the Note 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 Note 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 4 contracts
Sources: Trust Agreement (Pacificamerica Money Center Inc), Trust Agreement (Merrill Lynch Mortgage Investors Inc), 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 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
Sources: Trust Agreement (Mego Mortgage Corp), Trust Agreement (Mego Mortgage Corp), Trust Agreement (Mego Financial 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 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
Sources: Trust Agreement (Chrysler Financial Auto Securitization Trust 2009-A), Trust Agreement (Chrysler Financial Auto Securitization Trust 2009-B), Trust Agreement (Chrysler Financial Services Americas 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; 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
Sources: Trust Agreement (SSB Vehicle Securities Inc SSB Auto Loan Trust 2002-1), Trust Agreement (Fifth Third Auto Trust 2004-A), Trust Agreement (National City Auto Receivables 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
Sources: 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
Sources: 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, ; 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
Sources: Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-3), Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-2), Trust Agreement (Peoples Choice Home Loan Securities Trust Series 2005-4)
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
Sources: Trust Agreement (Ryder Truck Rental Lt), Trust Agreement (BMW Auto Leasing LLC), Trust Agreement (BMW Vehicle Lease Trust 2007-1)
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
Sources: 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 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 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” (or its equivalent) by each Rating Agency of Standard & Poor’s, and Fitch (or a rating as is otherwise acceptable to each the Rating AgencyAgencies); and being acceptable to the 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
Sources: Trust Agreement (Lehman Abs Corp), Trust Agreement (Terwin Securitization 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 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
Sources: Trust Agreement (Hyundai Abs Funding Corp), Trust Agreement (Hyundai Auto Receivables Trust 2009-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; 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
Sources: Trust Agreement (Origen Manufactured Housing Contract Trust Collateralized Notes, Series 2006-A), Trust Agreement (Origen Residential Securities, Inc.)
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 ▇▇▇▇▇’▇ 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
Sources: 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
Sources: Trust Agreement (Firstplus Investment Corp), Trust Agreement (Firstplus Investment 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 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
Sources: Trust Agreement (Ryder Truck Rental I Lp), Trust Agreement (Ryder Funding Ii Lp)
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
Sources: 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 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
Sources: 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 M▇▇▇▇'▇, 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
Sources: 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
Sources: 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 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 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 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
Sources: Trust Agreement (Conseco Finance Credit 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, ▇▇▇▇▇'▇ 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
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation bank, trust company, or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be Person authorized to exercise corporate trust powers; having (or have a parent that has) 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 A-1 by each Rating Agency or a rating otherwise acceptable to each Rating AgencyStandard & Poor's and D-1+ by DCR and P-1 by Moody's. If such entity bank, trust company, or other Person shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation bank, trust company, or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.
Appears in 1 contract
Sources: Trust Agreement (Prudential Securities Secured Financing 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 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 ▇▇▇▇▇'▇ 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
Sources: 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 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
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times times: (a) be a corporation corporation, a national banking association or other entity satisfying the provisions of Section 3807(aa bank; (b) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust powers; having (c) have a combined capital and surplus of at least $50,000,000, 50,000,000 and be subject to supervision or examination by federal or state authorities authorities; and having (or having a parent which hasd) have a long-term unsecured debt rating in any generic rating category which signifies investment grade of at least Baa3 by each Rating Agency ▇▇▇▇▇'▇ Investors Service or a rating be otherwise acceptable satisfactory to each Rating Agency▇▇▇▇▇'▇ Investors Service. If such entity Person or bank 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 6.13, the combined capital and surplus of such corporation Person or bank shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.13, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.026.10.
Appears in 1 contract
Sources: Trust Agreement (Navistar Financial Retail Receivables Corporation)
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, ▇▇ ▇▇▇st 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
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
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
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 ▇▇▇ ▇▇▇ng 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
Sources: 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 (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 ▇▇▇▇▇’▇ 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
Sources: 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 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 M▇▇▇▇’▇, 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
Sources: Trust Agreement (HSBC Private Label 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 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
Sources: 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 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
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 Agency▇▇▇▇▇'▇, S&P, Fitch (if rated by Fitch) and Duff & ▇▇▇▇▇▇ (if rated by Duff & ▇▇▇▇▇▇). 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
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 "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 1 contract
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
Sources: Trust Agreement (Conseco Finance Credit Card 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 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 Mood▇'▇ ▇▇▇ "A-1" by Standard & Poor's and being acceptable to each Rating Agencythe Note 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
Sources: Owner Trust Agreement (Imc Home Equity Loan Owner Trust 1997-8)
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
Sources: Trust Agreement (Heloc Asset-Backed Notes Series 2003-2)
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
Sources: 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 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
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 co▇▇▇▇▇▇▇on 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
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
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 Baa3 by each Moody's and at least BBB- by Standard & Poor's or if not rated, otherwise satisfactory to such Rating Agency or a rating otherwise acceptable to each Rating AgencyAgencies. 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
Sources: Trust Agreement (Metlife Capital Equipment Loan Trusts)
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 ▇▇▇▇▇’▇, 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
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 at all times be Statute; authorized to exercise corporate trust powers; having (ii) have a combined capital and surplus of at least $50,000,000, 50,000,000 and shall be subject to supervision or examination by federal or state authorities authorities; and having (iii) have (or having have 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 and BBB- by 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 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 SectionSection 10.01, the Owner Trustee shall resign promptly immediately in the manner and with the effect specified in Section 10.02.
Appears in 1 contract
Sources: Owner Trust Agreement (Auto Nations Receivables 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 $50,000,00050,000,000 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
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 ▇▇▇▇▇'▇ 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
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 Mood▇'▇ ▇▇▇ "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
Sources: Deposit Trust Agreement (Union Planters Mortgage Finance 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 shall corporation ▇▇▇▇▇ 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
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 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
Sources: Trust Agreement (Household Affinity Funding Corp Iii)