Eligibility Requirements for Trustee and Bond Administrator Sample Clauses

Eligibility Requirements for Trustee and Bond Administrator. Each of the Trustee and Bond Administrator hereunder shall at all times be a corporation or association organized and doing business under the laws of any state or the United States of America, authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement, having a combined capital and surplus of at least $50,000,000, its long-term unsecured debt obligations must be rated at least "AA" (without regard to a +/- qualification) or the equivalent by each Rating Agency, and such appointment must, so long as Fitch is then rating any Certificates, not result in the downgrade, qualification or withdrawal of the then-current ratings assigned to the Certificates, as evidenced in writing by Fitch, and shall be subject to supervision or examination by federal or state authority and shall not be an Affiliate of the Servicer (except during any period when the Trustee has assumed the duties of the Servicer pursuant to Section 7.02); provided that, notwithstanding that the long-term unsecured debt of ▇▇▇▇▇ Fargo Bank Minnesota N.A. and LaSalle Bank National Association are not rated by Fitch, ▇▇▇▇▇ Fargo Bank Minnesota N.A. shall not fail to qualify as Trustee or that LaSalle Bank National Association shall not fail to qualify as Bond Administrator solely by virtue of the lack of such ratings until such time as Fitch shall notify the Trustee, the Bond Administrator, the Servicer and the Special Servicer in writing that ▇▇▇▇▇ Fargo Bank Minnesota or LaSalle Bank National Association, as applicable, is no longer exempt from the foregoing rating requirements imposed by this sentence. If a corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.07, (ii) pay such tax and continue as Trustee or (iii) administer the Trust Fund from a state and ...