Common use of Eligibility Requirements for Owner Trustee Clause in Contracts

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authorities. If such Person shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and an entity having a combined capital and surplus of at least $50,000,000 and 50,000,000, be subject to supervision or examination by Federal federal or state authorities and be authorized to exercise trust powers in the State authoritiesof Delaware. If such Person 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 SectionSection 10.01, the combined capital and surplus of such Person entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall (i) at all times be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and an entity having a combined capital and surplus of at least $50,000,000 and 50,000,000, (ii) be subject to supervision or examination by Federal federal or state authorities, and (iii) be an entity authorized to exercise trust powers in the State authoritiesof Delaware. If such Person entity shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign 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 be a Person corporation satisfying the provisions of Section 3807(a) of the Business Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign 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 be a Person corporation satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee or its direct or indirect parent shall at all times be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and an entity having a combined capital and surplus of at least $50,000,000 and 50,000,000, be subject to supervision or examination by Federal federal or state authorities and be authorized to exercise trust powers in the State authoritiesof Delaware. If such Person 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 SectionSection 10.01, the combined capital and surplus of such Person entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.. 27 (NAROT 2023-B Amended & Restated Trust Agreement)

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(acorporation: (a) of the Trust Statute; authorized to exercise corporate trust powers; and (b) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this SectionSection 10.1, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 10.1, 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 be a Person corporation or national banking association satisfying the provisions of Section 3807(a) of the Statutory Trust StatuteAct; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 10,000,000 and subject to supervision or examination by Federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 10.1, the Owner Trustee shall resign 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 be a Person corporation satisfying the provisions of Section 3807(a) of the Statutory Trust StatuteAct; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.0211.02.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(abank (i) of the Trust Statute; authorized to exercise corporate trust powers; and having , (ii) having, together with its parent, a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or State state authorities. If such Person bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02SECTION 10.2.

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; authorized to exercise corporate trust powers; and an entity 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 be authorized to exercise trust powers in the State authoritiesof [_____]. If such Person 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 SectionSection 10.01, the combined capital and surplus of such Person 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 28 (Amended & Restated Trust Agreement) in accordance with the provisions of this Section, 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 be a Person corporation satisfying the provisions of Section 3807(a) of the Business Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign 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 be a Person satisfying the provisions of Section 3807(a) of the Trust Statute; corporation authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and 100,000,000 subject to supervision or examination by Federal or State state authorities; and an approved assignee of a Preferred Mortgage under the Ship Mortgage Statutes. If such Person corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.Section

Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person corporation satisfying the provisions of Section 3807(a3807 (a) of the Business Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal federal or State state authorities. If such Person corporation shall publish reports of condition at least annually, annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such Person corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.