Common use of Eligibility Requirements for Owner Trustee Clause in Contracts

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; and (v) be subject to supervision or examination by federal or state authorities. 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 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least “A-1” or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank maintain its principal place of business in the State of Delaware or trust company satisfying such other location within the provisions of Section 3807(a) of United States to which the Delaware Trust Statute; Depositor shall consent in writing, (ii) be authorized to exercise corporate trust powers; , (iii) have, or have a parent that has, a combined capital and surplus of at least $50,000,000; , (iv) not be an Affiliate of the Sponsor; and (v) be subject to supervision or examination by federal or state authoritiesauthorities and (v) have the Required Rating. If such corporation person shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least "A-1" or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least “A-1” or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.2.

Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a bank or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iiiii) have, have (or shall have a parent that has, ) a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) shall be subject to supervision or examination by federal or state authorities; and (iii) shall have (or shall have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or be otherwise acceptable to the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.019.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.019.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.2.

Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a bank corporation or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be national banking association authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a long-term rating of at least “Baa3” (or its equivalent) by Mxxxx’x 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0210.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least “A-1” or the equivalent by, or which is otherwise acceptable 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times (i) be a bank or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, an entity having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; and (v) , be subject to supervision or examination by federal or state authorities, be authorized to exercise trust powers in the State of Delaware and have a long-term debt rating of “BBB” or better by S&P, or otherwise acceptable to the Rating Agencies. If such corporation entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.. 27 (NAROT 2018-C Amended & Restated Trust Agreement)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Business Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "A" (or its equivalent) by each of Standard & Poor's, and Fitch and being acceptable to the Insurer. 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0210.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Business Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; _______________ and (v) be subject to supervision or examination by federal or state authorities; and having (or having a parent which has) a short-term rating of at least "_____" by [Xxxxx'x] and "______" 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 10.0110.1, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0210.2(b).

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal or state authorities; and having (or having a parent that has) time deposits that are rated at least "F1" by Fitch and "A-1" by Standard & Poor's. If such corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank corporation or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be [__________] authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0210.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee or any Successor Trustee shall at all times (i) be a bank or trust company Person (a) satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust StatuteAct; (iib) be authorized to exercise corporate trust powers; (iiic) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 200,000,000 and (v) be subject to supervision or examination by federal or state banking authorities; and (d) having (or having a parent that has) a rating of at least BBB from S&P and Baa2 from Xxxxx’x. If such corporation Person shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank corporation or trust company banking association satisfying the provisions of Section 3807(a) of the Delaware Statutory Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities. ; and having (or having a parent that has) a rating of at least "Baa3" by Xxxxx'x and "A-1" by S&P. 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 10.01, the combined capital and surplus of such corporation entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least "A-1" or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least "A-1" or the equivalent by, or which is otherwise acceptable 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. (a) The Owner Trustee shall at all times (i) be a bank corporation or trust company satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be national banking association authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a long-term rating of at least "Baa3" (or its equivalent) by Moody's and "A" (or its equivalent) by Standard & Poor's. If such corporation sucx xxxxxration shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.0110.1, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0210.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least A by Moody's and/or Standard & Poor's and being acceptable to the Credit Enhancer. 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.019.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal Federal or state authorities; and having (or having a parent which has) a short-term debt rating of at least “A-1” or the equivalent by, or which is otherwise acceptable to, the Rating Agencies. If such corporation shall publish Trust Agreement reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.01Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times (i) be a bank or trust company corporation satisfying the provisions of Section 3807(a) of the Delaware Trust Statute; (ii) be authorized to exercise corporate trust powers; (iii) have, or have a parent that has, having a combined capital and surplus of at least $50,000,000; (iv) not be an Affiliate of the Sponsor; 50,000,000 and (v) be subject to supervision or examination by federal or state authorities; and having (or having a parent that has) long-term debt obligations with a rating of at least A by Moody’s and/or Standard & Poor’s and being acceptable to the Credit Enhancer. 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 10.01Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section 10.019.01, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.029.02.