Successor Securities Intermediary. Any successor Securities Intermediary shall be a bank or trust company, having capital and surplus of at least $50 million, located in the State of New York.
Successor Securities Intermediary. Any successor Securities Intermediary shall be a corporation qualified to, and located in, New York, which (A) is subject to supervision or examination by the applicable Governmental Authority, (B) has a combined capital and surplus of at least Five Hundred Million Dollars (US$500,000,000), (C) has a long-term credit rating of not less than "A-"or "A3", respectively, by any Rating Agency; and provided, that any such bank with a long-term credit rating of "A-"or "A3 "shall not cease to be eligible to act as Securities Intermediary upon a downward change in either such rating of no more than one category or grade of such minimum rating, as the case may be.
Successor Securities Intermediary. Any successor Securities Intermediary shall be a corporation qualified to, and located in, New York, which (i) is subject to supervision or examination by the applicable Governmental Authority, (ii) has a combined capital and surplus of at least [Five Hundred Million Dollars (US$500,000,000)], (iii) has a long-term credit rating of not less than ["A-" or "A3"], respectively, by any Rating Agency; and provided, that any such bank with a long-term credit rating of ["A-" or "A3"] shall not cease to be eligible to act as Securities Intermediary upon a downward change in either such rating of no more than one category or grade of such minimum rating, as the case may be. If any successor Securities Intermediary does not accept deposits for non-fiduciary customers it may establish, in its name as custodian under this agreement, appropriate deposit accounts ("Substitute Deposit Accounts") to hold any cash balances which would otherwise have been held for the credit of the [Restricted Deposit] Accounts on terms comparable to those required of the [Restricted Deposit] Accounts. The Substitute Deposit Accounts may be established with any depository institution, including a depository institution affiliated with the successor Securities Intermediary, that (1) [is "Well Capitalized" (as defined in the regulations of its primary Federal banking regulator) to the extent determinable based on publicly available information][has one of the three highest deposit rating available from any Rating Agency or, if the institution is not rated, is a subsidiary of a holding company that has one of the three highest long term credit ratings available from any Rating Agency], (2) is a member of the Federal Deposit Insurance Corporation, and (3) has Tier 1 capital (as defined in such regulations of its primary Federal banking regulator) of not less than $500,000,000. In such circumstances, the successor Securities Intermediary shall credit the Substitute Deposit Account to the Collateral Accounts.
Successor Securities Intermediary. Any successor Securities Intermediary shall be a bank or trust company, having capital and surplus of at least $50 million, located in the State of New York. If any successor Securities Intermediary does not accept deposits for non-fiduciary customers it may establish, in its name as custodian under this agreement, an noninterest-bearing deposit account ("SUBSTITUTE DEPOSIT ACCOUNT") to hold any credit balances which would otherwise have been held for the credit of the Restricted Deposit Account on terms comparable to those required of the Restricted Deposit Account. The Substitute Deposit Account may be established with any depository institution, including a depository institution affiliated with the successor Securities Intermediary, that (1) has one of the three highest deposit ratings available from S&P or Moodx'x xx, if the institution is not rated, is a subsidiary of a holding company that has one of the three highest long term credit ratings available from S&P or Moodx'x, (0) is a member of the Federal Deposit Insurance Corporation, and (3) has Tier 1 capital (as defined in such regulations of its primary Federal banking regulator) of not less than $50,000,000. In such circumstances, the successor Securities Intermediary shall credit the Substitute Deposit Account to the Securities Account. 000
Successor Securities Intermediary. Any successor Securities Intermediary shall be (i) The Bank of Nova Scotia Trust Company of New York, (ii) Xxxxxxx Xxxxx Capital Corporation (or an affiliate thereof) or (iii) a corporation qualified to, and located in, New York, which (A) is subject to supervision or examination by the applicable Governmental Instrumentality, (B) has a combined capital and surplus of at least Five Hundred Million Dollars (US$500,000,000), (C) has a long-term credit rating of not less than "A-" or "A3", respectively, by any Rating Agency; and provided, that any such bank with a long-term credit rating of "A-" or "A3" shall not cease to be eligible to act as Securities Intermediary upon a downward change in either such rating of no more than one category or grade of such minimum rating, as the case may be.
Successor Securities Intermediary. If the Securities Intermediary shall resign, a replacement Securities Intermediary shall be appointed which shall be satisfactory to Seminole and the Collateral Agent. Such replacement of the Securities Intermediary shall be effected in a manner which does not result in any interruption of the security interest granted to the Collateral Agent for the benefit of the Secured Party pursuant to this Security Agreement. Any successor Securities Intermediary must make all the representations, warranties and covenants set forth in Section 2.2 of this Security Agreement.
Successor Securities Intermediary. (i) Merger. Any Person into whom the Securities Intermediary may be converted or merged, or with whom it may be consolidated, or to whom it may sell or transfer its trust or other business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, sale, merger, consolidation or transfer to which the Securities Intermediary is a party, shall (provided it is otherwise qualified to serve as the Securities Intermediary hereunder) be and become a successor Securities Intermediary hereunder and be vested with all of the powers, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
Successor Securities Intermediary
