Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 30 contracts
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2015-4), Trust Agreement (Capital Auto Receivables Asset Trust 2015-4), Trust Agreement (Ally Auto Receivables Trust 2015-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have a combined capital and surplus of at least $50,000,000 and shall be subject to supervision or examination by federal Federal or State state authorities; and (div) shall have (or shall have a parent which that has) a long-term unsecured debt rating of at least BBB- by, investment grade by each of the Rating Agencies or such other rating as is be otherwise acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.1310.1, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 28 contracts
Sources: Trust Agreement (Mmca Auto Receivables Inc), Trust Agreement (Mmca Auto Owner Trust 2001-3), Trust Agreement (Mmca Auto Owner Trust 2001-3)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) at all times be able and authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (diii) have (or have a parent which has) a long-term unsecured long‑term debt rating of at least BBB- by, investment grade by each Rating Agency or such other rating as ratings for which the Rating Agency Condition is acceptable to, Standard & Poor’s Ratings Services satisfied with respect to such Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least Baa3 by, $50,000,000; and (v) be subject to supervision or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. examination by federal or state authorities. If such corporation the Owner Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 20 contracts
Sources: Trust Agreement (BMW Vehicle Lease Trust 2026-1), Trust Agreement (BMW Vehicle Lease Trust 2026-1), Trust Agreement (BMW Vehicle Lease Trust 2025-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) at all times be able and authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (diii) have (or have a parent which has) a long-term unsecured long‑term debt rating of at least BBB- by, investment grade by each Rating Agency or such other rating as ratings for which the Rating Agency Condition is acceptable to, Standard & Poor’s Ratings Services satisfied with respect to each Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least Baa3 by, $50,000,000; and (v) be subject to supervision or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. examination by federal or state authorities. If such corporation 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 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 14 contracts
Sources: Trust Agreement (BMW Fs Securities LLC), Trust Agreement (BMW Vehicle Owner Trust 2025-A), Trust Agreement (BMW Vehicle Owner Trust 2025-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, Baa3 by Moody's or such other rating as is acceptable to, A-1 by Standard & Poor’s Ratings Services 's; and at least Baa3 by(v) acceptable to the Security Insurer in its sole discretion, or such other rating so long as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. an Insurer Default shall not have occurred and be continuing. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.2.
Appears in 11 contracts
Sources: Trust Agreement (Olympic Receivables Finance Corp), Trust Agreement (Arcadia Receivables Finance Corp), Trust Agreement (Arcadia Receivables Finance Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation or national banking association (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) acceptable to the Note Insurer in its sole discretion, so long as a Note Insurer Default shall not have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services occurred and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. be continuing. If such corporation entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.2.
Appears in 11 contracts
Sources: Trust Agreement (Long Beach Acceptance Receivables Corp. II), Trust Agreement (Long Beach Acceptance Corp), Trust Agreement (Long Beach Acceptance Auto Receivables Trust 2005-B)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. and at least BBB- by, or such other rating as is acceptable to, Fitch Ratings, Inc., if rated by Fitch Ratings, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 10 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2017-2), Trust Agreement (Ally Auto Receivables Trust 2017-2), Trust Agreement (Ally Auto Receivables Trust 2017-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. Inc., and at least BBB- by, or such other rating as is acceptable to, S&P Global Ratings. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 10 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2022-3), Trust Agreement (Ally Auto Receivables Trust 2022-3), Trust Agreement (Ally Auto Receivables Trust 2022-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 BBB- by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors ServiceFitch Ratings, Inc., if rated by Fitch Ratings, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 10 contracts
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2016-1), Trust Agreement (Capital Auto Receivables Asset Trust 2016-1), Trust Agreement (Ally Auto Receivables Trust 2016-2)
Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------ Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) acceptable to the Security Insurer in its sole discretion, so long as an Insurer Default shall not have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services occurred and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. be continuing. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.2.
Appears in 9 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 satisfy be (i) a corporation with trust powers organized under the requirement of Section 26(a)(1) laws of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation United States or any State and satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act; , (bii) be authorized to exercise corporate trust powers; powers that has (cor has a parent that has) have a combined capital and surplus of at least $50,000,000 and be is subject to supervision or examination by federal or State authorities; authorities and (diii) have having (or have having a parent which that has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, time deposits that are rated investment grade by Standard & and Poor’s Ratings Services and at least Baa3 byFitch or, if it (or its parent) does not have such other rating as is ratings, otherwise be acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to each Rating Agency. If such corporation shall publish reports of condition at least annually, annually pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 8 contracts
Sources: Trust Agreement (Mercedes-Benz Auto Receivables Trust 2023-2), Trust Agreement (Mercedes-Benz Auto Receivables Trust 2023-2), Trust Agreement (Mercedes-Benz Auto Receivables Trust 2023-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy be (i) a corporation with trust powers organized under the requirement of Section 26(a)(1) laws of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation United States or any State and satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act; , (bii) be authorized to exercise corporate trust powers; powers that has (cor has a parent that has) have a combined capital and surplus of at least $50,000,000 and be is subject to supervision or examination by federal or State authorities; authorities and (diii) have having (or have having a parent which that has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, time deposits that are rated investment grade by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Serviceor, Inc. if it (or its parent) does not have such ratings, otherwise be acceptable to each Rating Agency. If such corporation shall publish reports of condition at least annually, annually pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 8 contracts
Sources: Trust Agreement (Mercedes-Benz Auto Receivables Trust 2024-1), Trust Agreement (Mercedes-Benz Auto Receivables Trust 2024-1), Trust Agreement (Mercedes-Benz Auto Receivables Trust 2022-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) at all times be able and authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (diii) have (or have a parent which has) a long-term unsecured long‑term debt rating of at least BBB- by, investment grade by each Rating Agency or such other rating as ratings for which the Rating Agency Condition is acceptable to, Standard & Poor’s Ratings Services satisfied with respect to each Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least Baa3 by, $50,000,000; and (v) be subject to supervision or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. examination by federal or state authorities. If such corporation 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 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 7 contracts
Sources: Trust Agreement (BMW Fs Securities LLC), Trust Agreement (BMW Vehicle Owner Trust 2018-A), Trust Agreement (BMW Vehicle Owner Trust 2018-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. by Moody’s. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 7 contracts
Sources: Trust Agreement (Wholesale Auto Receivables Corp), Trust Agreement (Superior Wholesale Inventory Financing Trust Ix), Trust Agreement (Superior Wholesale Inventory Financing Trust 2007-Ae-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services S&P, and at least Baa3 BBB- by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors ServiceFitch, Inc. if rated by Fitch. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 6 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2026-1), Trust Agreement (Ally Auto Receivables Trust 2026-1), Trust Agreement (Ally Auto Receivables Trust 2025- 1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: times (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (bi) be authorized to exercise corporate trust powers; (cii) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; authorities and (diii) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, “BBB-” by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. ’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 6 contracts
Sources: Trust Agreement (California Republic Auto Receivables Trust 2016-2), Trust Agreement (California Republic Auto Receivables Trust 2016-2), Trust Agreement (California Republic Auto Receivables Trust 2016-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 BBB- by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors ServiceFitch, Inc., if rated by Fitch, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 6 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2012-5), Trust Agreement (Ally Auto Receivables Trust 2012-5), Trust Agreement (Ally Auto Receivables Trust 2011-5)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s S&P Global Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 6 contracts
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2016-3), Trust Agreement (Capital Auto Receivables Asset Trust 2016-3), Trust Agreement (Capital Auto Receivables Asset Trust 2016-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- [ ] by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services [Rating Agency] and at least Baa3 [ ] by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. [Rating Agency]. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 6 contracts
Sources: Trust Agreement (Ally Auto Assets LLC), Trust Agreement (Ally Auto Assets LLC), Trust Agreement (Ally Auto Assets LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services Fitch Ratings, Inc., if rated by Fitch Ratings, Inc., and at least Baa3 BBB- by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. S&P Global Ratings. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 6 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2019-2), Trust Agreement (Ally Auto Receivables Trust 2019-2), Trust Agreement (Ally Auto Receivables Trust 2018-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. and at least BBB- by, or such other rating as is acceptable to, S&P Global Ratings. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 5 contracts
Sources: Trust Agreement, Trust Agreement (Ally Auto Receivables Trust 2017-5), Trust Agreement (Ally Auto Receivables Trust 2017-5)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company 1940 Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. ’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the 1940 Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 5 contracts
Sources: Trust Agreement (California Republic Auto Receivables Trust 2015-2), Trust Agreement (California Republic Funding LLC), Trust Agreement (California Republic Funding LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy be (i) a corporation with trust powers organized under the requirement of Section 26(a)(1) laws of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation United States or any State and satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act; , (bii) be authorized to exercise corporate trust powers; powers that has (cor has a parent that has) have a combined capital and surplus of at least $50,000,000 and be is subject to supervision or examination by federal or State authorities; authorities and (diii) have having (or have having a parent which that has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, time deposits that are rated investment grade by ▇▇▇▇▇’▇ Investors Serviceand Fitch or, Inc. if it (or its parent) does not have such ratings, otherwise be acceptable to each Rating Agency. If such corporation shall publish reports of condition at least annually, annually pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee it shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 5 contracts
Sources: Trust Agreement (Daimler Trucks Retail Trust 2024-1), Trust Agreement (Daimler Trucks Retail Trust 2024-1), Trust Agreement (Daimler Trucks Retail Trust 2023-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services Service and at least Baa3 by, or such other rating as is acceptable to, ▇by M▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 5 contracts
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2007-3), Trust Agreement (Capital Auto Receivables Asset Trust 2008-1), Trust Agreement (Capital Auto Receivables LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. and at least BBB- by, or such other rating as is acceptable to, Fitch, Inc., if rated by Fitch, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2011-3), Trust Agreement (Ally Auto Receivables Trust 2011-3), Trust Agreement (Ally Auto Receivables Trust 2011-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services Service and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2010-3), Trust Agreement (Ally Auto Receivables Trust 2010-3), Trust Agreement (Ally Auto Receivables Trust 2010-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’'▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Capital Auto Receivables Inc), Trust Agreement (Capital Auto Receivables Inc), Trust Agreement (Capital Auto Receivables Asset Trust 2004-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services 's and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. by Moody's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Wholesale Auto Receivables Corp), Trust Agreement (Wodfi LLC), Trust Agreement (Wholesale Auto Receivables Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services Fitch Ratings, Inc., if rated by Fitch Ratings, Inc., and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2019-1), Trust Agreement (Ally Auto Receivables Trust 2019-1), Trust Agreement (Ally Auto Receivables Trust 2018-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) at all times be able and authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (diii) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, investment grade by each Rating Agency or such other rating as ratings for which the Rating Agency Condition is acceptable to, Standard & Poor’s Ratings Services satisfied with respect to each Rating Agency; (iv) have (or have a parent which has) combined capital and surplus of at least Baa3 by, $50,000,000; and (v) be subject to supervision or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. examination by federal or state authorities. If such corporation 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 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 4 contracts
Sources: Trust Agreement (BMW Fs Securities LLC), Trust Agreement (BMW Fs Securities LLC), Trust Agreement (BMW Fs Securities LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services Fitch, Inc. and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 4 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2012-3), Trust Agreement (Ally Auto Receivables Trust 2012-3), Trust Agreement (Ally Auto Receivables Trust 2012-2)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: times (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (bi) be authorized to exercise corporate trust powers; , (cii) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; authorities and (diii) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, “BBB-” by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. ’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 3 contracts
Sources: Trust Agreement (California Republic Funding LLC), Trust Agreement (California Republic Auto Receivables Trust 2018-1), Trust Agreement (California Republic Auto Receivables Trust 2018-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’'▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 3 contracts
Sources: Trust Agreement (Capital Auto Receivables Inc), Trust Agreement (Capital Auto Receivables Inc), Trust Agreement (Capital Auto Receivables Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: times (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (bi) be authorized to exercise corporate trust powers; (cii) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; authorities and (diii) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, “BBB-“ by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. ’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 3 contracts
Sources: Trust Agreement, Trust Agreement (California Republic Auto Receivables Trust 2017-1), Trust Agreement (California Republic Auto Receivables Trust 2017-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least Baa3 by, or such other rating as is acceptable to, Moody’s, and at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 byFitch, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. if rated by Fitch. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2023-1), Trust Agreement (Ally Auto Receivables Trust 2023-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Trust Act; , (b) be authorized to exercise corporate trust powers; , (c) have or have a parent that has a combined capital capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; state authorities and (d) have (or have a parent which that has) a long-term unsecured debt rating of at least BBB- by, investment grade by each of the Rating Agencies or such other rating as is otherwise be acceptable to, Standard & Poor’s Ratings Services to each of the Rating Agencies and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. the Insurer (provided that no Insurer Default shall have occurred and be continuing). If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 10.1 the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 2 contracts
Sources: Trust Agreement (First Investors Financial Services Group Inc), Trust Agreement (First Investors Financial Services Group Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. Inc and at least BBB- by, or such other rating as is acceptable to, S&P Global Ratings. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2018-3), Trust Agreement (Ally Auto Receivables Trust 2018-3)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be an entity authorized to exercise corporate trust powers; (c) have , having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have having (or have having a parent parent) which has) has a long-term unsecured debt rating of at least Baa3 by Moody's, at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and at least Baa3 by's and, if rated by Fitch, ▇▇ ▇▇ast BBB- by Fitch, or such other rating as is acceptable toif not rated, ▇▇▇▇▇’▇ Investors Service, Inc. otherwise satisfactory to each Note Rating Agency. If such corporation entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 2 contracts
Sources: Trust Agreement (Chase Manhattan Bank Usa), Trust Agreement (Chase Credit Card Master Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, P-1 by ▇▇▇▇▇’'▇ Investors Service, Inc. or AA- by Standard & Poor's and a short-term debt rating of A-1+ from S&P or otherwise acceptable to the Rating Agencies; and (v) shall not be an Affiliate of the Seller. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 2 contracts
Sources: Trust Agreement (Green Tree Financial Corp), Trust Agreement (Green Tree Financial Corp)
Eligibility Requirements for Owner Trustee. and ---------------------------------------------- Delaware Trustee. The Owner Delaware Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation ---------------- satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act; (b) Statute. The Owner Trustee shall at all times be authorized to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be 50,000,000, subject to supervision or examination by federal or State authorities; state authorities and (d) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, "A" (or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. the equivalent) by each Rating Agency. If such corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee or the Delaware Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee or the Delaware Trustee, as applicable, shall resign immediately promptly in the manner and with the effect specified in Section 6.1010.02.
Appears in 2 contracts
Sources: Trust Agreement (World Omni Auto Receivables LLC), Trust Agreement (World Omni Auto Receivables LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be an entity authorized to exercise corporate trust powers; (c) have , having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have having (or have having a parent parent) which has) has a long-term unsecured debt rating of at least Baa3 by Moody's, at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and at least Baa3 by's and, or such other rating as is acceptable toif rated by Fitch, ▇▇ ▇▇▇▇▇’▇ Investors Servicest BBB- by Fitch, Inc. or if not rated, otherwise satisfactory to each Note Rating Agency. If such corporation entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.2. In addition, at all times the Owner Trustee or a co-trustee shall be a person that satisfies the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 2 contracts
Sources: Trust Agreement (Chase Credit Card Master Trust), Trust Agreement (Chase Credit Card Master Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- BBB-by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services S&P, and at least Baa3 BBB-by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors ServiceFitch, Inc. if rated by Fitch. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (Ally Auto Receivables Trust 2024-1), Trust Agreement (Ally Auto Receivables Trust 2024-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a trust company or a banking corporation satisfying under the laws of its state of incorporation or a national banking association, having all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on a trust business in the State of Delaware, (ii) comply with the provisions of Section 3807(a3807 (and any other applicable Section) of the Delaware Statutory Trust Act; Act and (b) be authorized to exercise corporate trust powers; (ciii) have a combined capital and surplus of at least $50,000,000 (or have its obligations and liabilities irrevocably and unconditionally guaranteed by an affiliated Person having a combined capital and surplus of at least $50,000,000) and be subject to supervision or examination by federal one or State more Federal or state regulatory authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. . If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.1310.01, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 2 contracts
Sources: Trust Agreement (Dryrock Issuance Trust), Trust Agreement (Dryrock Issuance Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and 's, at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’'▇ Investors Serviceand at least BBB- by Fitch, Inc. if rated by Fitch. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (SWIFT Master Auto Receivables Trust), Trust Agreement (Wholesale Auto Receivables LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports publis▇ ▇▇▇▇▇ts 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 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (Central Originating Lease Trust), Trust Agreement (Capital Auto Receivables Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, "BBB" by Standard & Poor’s Ratings Services 's and have a long-term unsecured debt rating of at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. "Baa3" by Moody's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. At all times, the Owner Trustee or Co-trustee appointed pursuant hereto shall be a person that satisfies the provisions of Section 3807(a) of the Business Trust Statute (the "Delaware Trustee").
Appears in 2 contracts
Sources: Trust Agreement (Cit Group Inc), Trust Agreement (Cit Group Securitization Corp Ii)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Act; , (bii) be authorized to exercise corporate trust powers; , (ciii) have having a combined capital and surplus of at least $50,000,000 and be 50,000,000, (iv) subject to supervision or examination by federal Federal or State authorities; state authorities and (dv) have (or have a parent which has) a long-term unsecured debt rating of least “Baa3” by Moody’s, at least BBB- by, or such other rating as is acceptable to, “BBB” by Standard & Poor’s Ratings Services and and, if rated by Fitch, at least Baa3 by“BBB” by Fitch, or such other rating as if not rated, otherwise satisfactory to each Rating Agency (it being understood and acknowledged that Wilmington Trust Company is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. satisfactory to each Rating Agency). If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 2 contracts
Sources: Trust Agreement (Wells Fargo Financial Auto Owner Trust 2005-A), Trust Agreement (Ace Sec Corp Wells Fargo Financial Auto Owner Trust 2004-A)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company 1940 Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & and Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. ’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the 1940 Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 2 contracts
Sources: Trust Agreement (California Republic Funding LLC), Trust Agreement (California Republic Funding LLC)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services Fitch Ratings, Inc. and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 2 contracts
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2014-3), Trust Agreement (Capital Auto Receivables Asset Trust 2014-3)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a long-term tern unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’▇ Investors Service, Inc. and at least BBB- by Fitch. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Trust shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 2 contracts
Sources: Trust Agreement (Huntington Auto Trust 2012-2), Trust Agreement (Huntington Auto Trust 2012-1)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be or national banking association authorized to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State state authorities; and (d) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, “Baa3” (or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇its equivalent) by M▇▇▇▇’▇ Investors Service, Inc. and “A” (or its equivalent) by Standard & Poor’s. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
(b) The Owner Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Owner Trustee ceases to be eligible in accordance with the provisions of this Section, the Owner Trustee will resign immediately in the manner and with the effect specified in Section 10.2.
Appears in 2 contracts
Sources: Trust Agreement (HSBC Home Equity Loan Corp I), Trust Agreement (HSBC Home Equity Loan Trust (USA) 2006-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have, or have a corporate parent that has, a combined capital and surplus of at least $50,000,000 and 50,000,000; (iv) be subject to supervision or examination by federal or State state authorities; and (dv) have (or have a parent which has) a long-term unsecured debt rating of at least Baa3 by Moody's, at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and 's and, if rated by Fitch, at least Baa3 byBBB- by Fitch, or such other rating as is otherwise be acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to each Rating Agency. If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.02.
Appears in 1 contract
Sources: Trust Agreement (Nordstrom Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. . If such corporation shall publish reports of condition repor▇▇ ▇▇ ▇ondition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company 1940 Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’▇ Investors Service, Inc. ▇. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the 1940 Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner ------------------------------------------- Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 [_____] and be subject to supervision or examination by federal or State state authorities; and (d) have having (or have having a parent which that has) a long-term unsecured debt obligations with a rating of at least BBB- by, or such other rating as is acceptable to[___] by Moody's, Standard & Poor’s Ratings Services and at least Baa3 by's or Fitch, or if rated by Fitch. If such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation ▇ation 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 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.139.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.02.
Appears in 1 contract
Sources: Trust Agreement (Wachovia Asset Securitization Inc)
Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be or national banking association authorized to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State state authorities; and (d) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, "Baa3" (or such other rating as is acceptable to, its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, 's. If suc▇ ▇▇▇▇▇’▇ Investors Service, Inc. If such corporation ration 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 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
(b) The Owner Trustee shall at all times be an entity satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute. If at any time the Owner Trustee ceases to be eligible in accordance with the provisions of this Section, the Owner Trustee will resign immediately in the manner and with the effect specified in Section 10.2.
Appears in 1 contract
Sources: Trust Agreement (HSBC Home Equity Loan Trust 2005-3)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) unless a Delaware Trustee shall have been appointed, be a corporation corporation, a national banking association, a bank or a trust company satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’▇ Investors Service, Inc. ▇. If such corporation entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a trust company or a banking corporation satisfying under the laws of its state of incorporation or a national banking association or federal savings association, having all corporate powers and all material governmental licenses, authorizations, consents and approvals required to carry on a trust business in the State of Delaware, (ii) comply with the provisions of Section 3807(a3807 (and any other applicable Section) of the Delaware Statutory Trust Act; Act and (b) be authorized to exercise corporate trust powers; (ciii) have a combined capital and surplus of at least $50,000,000 (or have its obligations and liabilities irrevocably and unconditionally guaranteed by an affiliated Person having a combined capital and surplus of at least $50,000,000) and be subject to supervision or examination by federal one or State more Federal or state regulatory authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. . If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.1310.01, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 1 contract
Sources: Trust Agreement (Bread Financial Card Issuance Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services 's and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. by Moody's. If such corporation shall publish reports of condition at least annually▇▇▇▇▇ ▇nnually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports of rep▇▇▇▇ ▇▇ 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 SECTION 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section SECTION 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section SECTION 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have, or have a corporate parent that has, a combined capital and surplus of at least $50,000,000 and 50,000,000; (iv) be subject to supervision or examination by federal or State authorities; and (dv) have (or have a parent which has) a long-term unsecured debt rating of at least Baa3 by Moody’s, at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and and, if rated by Fitch, at least Baa3 byBBB- by Fitch, or such other rating as is otherwise be acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to each Rating Agency. If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.02.
Appears in 1 contract
Sources: Trust Agreement (Nordstrom Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports r▇▇▇▇▇▇ 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 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Sources: Trust Agreement (Capital Auto Receivables Asset Trust 2006-1)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, Aa2 by ▇▇▇▇▇’'▇ Investors Service, Inc. or AA- by S&P and a short-term debt rating of A-1+ from S&P or otherwise acceptable to the Rating Agencies; and (v) shall not be an Affiliate of the Seller. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act; Statute, (bii) be authorized to exercise corporate trust powers; , (ciii) have a combined capital and surplus of at least $50,000,000 and 50,000,000, (iv) be subject to supervision or examination by federal or State state authorities; and , (dv) have (or have a parent which that has) a long-term unsecured debt rating of at least BBB- by, investment grade by each Rating Agency or such other rating as is otherwise be acceptable to, Standard & Poor’s Ratings Services to each Rating Agency and at least Baa3 by, the Insurer and (vi) have the Required Rating or such other rating as is otherwise be acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to each Rating Agency and the Insurer. If such corporation or banking association 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 6.13Section, the combined capital and surplus of such corporation or banking association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a senior unsecured long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, "BBB" by Standard & Poor’s Ratings Services 's and have a senior unsecured long-term debt rating of at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. "Baa3" by Moody's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. At all times, the Owner Trustee or Co-trustee appointed pursuant hereto shall be a person that satisfies the provisions of Section 3807(a) of the Business Trust Statute (the "Delaware Trustee").
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have, or have a corporate parent that has, a combined capital and surplus of at least $50,000,000 and 50,000,000; (iv) be subject to supervision or examination by federal or State state authorities; and (dv) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’▇ Investors Service'▇, Inc. at least BBB- by Standard & Poor's and, if rated by Fitch, at least BBB- by Fitch, or otherwise be acceptable to each Rating Agency. If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act; Statute, (b) be authorized to exercise corporate trust powers; , (c) have a combined capital capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; state authorities and (d) have (or have a parent which that has) a long-term unsecured debt rating of at least BBB- by, investment grade by each of the Rating Agencies or such other rating as is otherwise be acceptable to, Standard & Poor’s Ratings Services to each of the Rating Agencies and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. the Insurer (provided that no Insurer Default shall have occurred and be continuing). If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, SECTION 10.1 the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13SECTION 10.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10SECTION 10.2.
Appears in 1 contract
Sources: Trust Agreement (First Investors Financial Services Group Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, Baa2 by ▇▇▇▇▇’▇ Investors Serviceor be otherwise satisfactory to ▇▇▇▇▇’▇; and (e) have a long-term unsecured debt rating of at least BBB by S&P or be otherwise satisfactory to S&P; provided that, Inc. for so long as Wilmington Trust Company serves as the Owner Trustee, the eligibility requirements set forth in (d) and (e) above shall not apply, and Wilmington Trust Company shall instead be required to have a long-term unsecured debt rating of investment grade by ▇▇▇▇▇’▇ or S&P. If such corporation the Owner Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services by and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. by Moody's. If such corporation shall publish reports of condition at least annuallyl▇▇▇▇ ▇▇nually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, AA by Fitch (if rated by Fitch) or such other AA- by S&P and a short-term debt rating as is of A-1+ from S&P or otherwise acceptable to, Standard & Poor’s Ratings Services to the Rating Agencies; and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. (v) shall not be an Affiliate of the Seller. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 1 contract
Sources: Trust Agreement (Conseco Finance Securitizations Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have, or have a corporate parent that has, a combined capital and surplus of at least $50,000,000 and 50,000,000; (iv) be subject to supervision or examination by federal or State state authorities; and (dv) have (or have a parent which has) a long-term unsecured debt rating of at least Baa3 by Moody's, at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and 's and, if rated by Fitch, at least Baa3 byBBB- by Fitch, or such other rating as is otherwise be acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. to each Rating Agency. If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.109.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports of rep▇▇▇▇ ▇▇ 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 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’'▇ Investors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings 's Rating Services and at least Baa3 by, or such other rating as is acceptable to, by Mood▇'▇ ▇▇▇▇▇’▇ Investors estors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (ai) be a corporation Person satisfying the provisions of Section 3807(a) of the Statutory Business Trust Act; Statute, (bii) be authorized to exercise corporate trust powers; , (ciii) have a combined capital capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; state authorities and (div) have (or have a parent which that has) a long-term unsecured debt rating of at least BBB- by, investment grade by each of the Rating Agencies or such other rating as is otherwise be acceptable to, Standard & Poor’s Ratings Services to each of the Rating Agencies and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. the Insurer (provided that no Insurer Default shall have occurred and be continuing). If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 10.1 the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 1 contract
Sources: Trust Agreement (First Investors Financial Services Group Inc)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports publi▇▇ ▇▇▇▇rts 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 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (bii) be authorized to exercise corporate trust powers; (ciii) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal Federal or State authorities; and (div) have having (or have having a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, P-1 by ▇▇▇▇▇’'▇ Investors Service, Inc. or AA- by S&P and a short-term debt rating of A-1+ from S&P or otherwise acceptable to the Rating Agencies; and (v) shall not be an Affiliate of the Seller. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 1 contract
Sources: Trust Agreement (Conseco Finance Securitizations Corp)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by Mood▇'▇ ▇▇▇▇▇’▇ Investors estors Service, Inc. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation or association (i) satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Act; (bii) be authorized to exercise corporate trust powers; (ciii) have having (or having a parent which has) a combined capital and surplus of at least $50,000,000 and be being subject to supervision or examination by federal or State state authorities; and (div) have having (or have having a parent which has) a long-rating in respect of its long term senior unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, investment grade by each of ▇▇▇▇▇’▇ Investors Serviceand Standard & Poor’s; (v) which is not an Affiliate of the Trust, Inc. the Transferor, or the Servicer, and (vi) does not offer or provide credit or credit enhancement to the Issuer or the Transferor. If such corporation Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.1310.01, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.1310.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.02.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇by M▇▇▇▇’▇ Investors Service, Inc. ▇. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the Investment Company Act. At all times, at least one trustee of the Trust shall satisfy the requirements of Section 3807(a) of the Trust Statute.
Appears in 1 contract
Sources: Trust Agreement (Volkswagen Credit Auto Master Owner Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee under this Agreement shall at all times satisfy be a national banking association or corporation having its corporate trust office in the requirement of Section 26(a)(1) same State as the location of the Investment Company Act. The Corporate Trust Office of the Owner Trustee shall at all times: (a) be a corporation satisfying as specified in this Agreement; and organized and doing business under the provisions laws of Section 3807(a) of such State or the Statutory Trust ActUnited States; (b) be authorized under such laws to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) having a long-term unsecured debt deposit rating of at least BBB- byno lower than Baa3 by Moody's, or such other rating so long as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’'▇ Investors Serviceis a Rating Agency, Inc. or be otherwise acceptable to each Rating Agency, as evidenced by a letter to such effect from each of them. If such corporation the Owner Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.106.07.
Appears in 1 contract
Sources: Securitization Trust Agreement (World Omni 1998-a Automobile Lease Securitization Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee under this Agreement shall at all times satisfy be a national banking association or corporation having its corporate trust office in the requirement of Section 26(a)(1) same State as the location of the Investment Company Act. The Corporate Trust Office of the Owner Trustee shall at all times: (a) be a corporation satisfying as specified in this Agreement; and organized and doing business under the provisions laws of Section 3807(a) of such State or the Statutory Trust ActUnited States; (b) be authorized under such laws to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) having a long-term unsecured debt deposit rating of at least BBB- byno lower than Baa3 by Moody's, so long as Moody's is a Rating Agency, or such other rating as is be otherwise acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, to each Rating ▇▇▇▇▇’▇ Investors Service▇, Inc. as evidenced by a letter to such effect from each of them. If such corporation the Owner Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.106.07.
Appears in 1 contract
Sources: Securitization Trust Agreement (World Omni 1999-a Automobile Lease Securitization Trust)
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner ------------------------------------------ Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital and surplus of at least $50,000,000 40,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, "BBB" by Standard & Poor’s Ratings Services 's and have a long-term unsecured debt rating of at least Baa3 by"Baa3" by Moody's; provided, or such other rating as is however, that if the Owner Trustee does not meet the requirements of clause (b), the Owner Trustee may provide a guaranty from its parent (which meets the requirements of clause (b)), acceptable toto the Servicer, ▇▇▇▇▇’▇ Investors Service, Inc. of its liabilities and obligations under the Basic Documents;. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.106.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement requirements of Section 26(a)(1) of the Investment Company 1940 Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital an aggregate capital, surplus and surplus undivided profits of at least $50,000,000 and be subject to supervision or examination by federal or State authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. by Moody’s. If such corporation shall publish reports of condition at least annually, pursuant to law Applicable Law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, the combined capital aggregate capital, surplus and surplus undivided profits of such corporation shall be deemed to be its combined capital aggregate capital, surplus and surplus undivided profits as set forth in its most recent report of condition so published. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10. Notwithstanding any other term or provision of this Agreement, the Owner Trustee shall comply at all times with subsection (a)(4)(i) of Rule 3a-7 of the 1940 Act. At all times, at least one trustee of the Issuer shall satisfy the requirements of Section 3807(a) of the Statutory Trust Act.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust powers; (cb) have a combined capital and surplus of at least $50,000,000 40,000,000 and be subject to supervision or examination by federal or State state authorities; and (dc) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, "BBB" by Standard & Poor’s Ratings Services 's and have a long-term unsecured debt rating of at least Baa3 by"Baa3" by Moody's; provided, or such other rating as is however, that if the Owner Trustee does not meet the requirements of clause (b), the Owner Trustee may provide a guaranty from its parent (which meets the requirements of clause (b)), acceptable toto the Servicer, ▇▇▇▇▇’▇ Investors Service, Inc. of its liabilities and obligations under the Basic Documents;. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.106.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ by Moody's Investors Service, Inc. If such corporation shall publish reports of repo▇▇▇ ▇▇ 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 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have having a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have having (or have having a parent which that has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Baa3 by Moody's and A-1 by Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, ▇▇▇▇▇’▇ Investors Service, Inc. 's. If such corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13Section, 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. If The Owner Trustee may not or may not have been, at any time within the past five years, an employee, officer, director, Affiliate or ten percent (10%) or more stockholder of the Depositor or any of its Affiliates. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.1010.2.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, Standard & Poor’s Ratings Services and at least Baa3 by, or such other rating as is acceptable to, Baa2 by ▇▇▇▇▇’'▇ Investors Service or be otherwise satisfactory to ▇▇▇▇▇'▇ Investors Service, Inc. ; and (e) have a long-term unsecured debt rating of at least BBB by Standard & Poor's or be otherwise satisfactory to Standard & Poor's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the Investment Company Act. The Owner Trustee shall at all times: (a) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Business Trust ActStatute; (b) be authorized to exercise corporate trust powers; (c) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State state authorities; and (d) have (or have a parent which has) a long-term unsecured debt rating of at least BBB- by, or such other rating as is acceptable to, by Standard & Poor’s 's Ratings Services and at least Baa3 by, or such other rating as is acceptable to, by ▇▇▇▇▇’'▇ Investors Service, Inc. . If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 6.13, 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. If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.
Appears in 1 contract