Common use of Change of Option Agent Clause in Contracts

Change of Option Agent. (a) The Option Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days' notice in writing mailed to the Depositor and the Trustee by registered or certified mail, and to the Option Holder by first-class mail at the expense of the Depositor; provided that no such resignation or discharge shall become effective until a successor Option Agent shall have been appointed under this Agreement. The Depositor may remove the Option Agent upon three (3) Business Days' notice in writing, mailed to the Option Agent and to the Option Holder by first-class mail; provided that no such removal shall become effective until a successor Option Agent shall have been appointed under this Agreement. (b) If the Option Agent shall resign or be removed or shall otherwise become incapable of acting, the Depositor shall promptly appoint a successor to the Option Agent. If the Depositor shall fail to make such appointment of a permanent successor within a period of thirty (30) days after such removal or within sixty (60) days after notification in writing of such resignation or incapacity by the resigning or incapacitated Option Agent or by the Option Holder, then the Option Agent or the Option Holder may apply to any court of competent jurisdiction for the appointment of such a successor. (c) Any entity that may be merged or consolidated with or that shall otherwise succeed to substantially all of the trust or agency business of the Option Agent shall be deemed to be the successor Option Agent without any further action. (d) The Option Agent shall at all times be a bank that is not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor or the Underlying Securities Issuer and their respective Affiliates), that (i) is organized and doing business under the laws of any State or the United States; (ii) is authorized under such laws to exercise corporate trust powers; (iii) has a combined capital and surplus of at least $50,000,000; (iv) is subject to supervision or examination by federal or state authority; and (v) has (or has a parent that has) a long-term unsecured debt rating of at least BBB- by Standard & Poor's Ratings Services, a Division of The XxXxxx-Xxxx Companies, Inc., or their successor, if any. If the bank publishes 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 3.3(d), 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 Option Agent shall cease to be eligible in accordance with the provisions of this Section 3.3(d), the Option Agent shall resign immediately in the manner and with the effect specified in Section 3.3(a).

Change of Option Agent. (a) The Option Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days' notice in writing mailed to the Depositor and the Trustee by registered or certified mail, and to the Option Holder Holders by first-class mail at the expense of the Depositor; provided that no such resignation or discharge shall become effective until a successor Option Agent shall have been appointed under this Agreement. The Depositor may remove the Option Agent upon three (3) Business Days' notice in writing, mailed to the Option Agent and to the Option Holder Holders by first-class mail; provided that no such removal shall become effective until a successor Option Agent shall have been appointed under this Agreement. (b) If the Option Agent shall resign or be removed or shall otherwise become incapable of acting, the Depositor shall promptly appoint a successor to the Option Agent. If the Depositor shall fail to make such appointment of a permanent successor within a period of thirty (30) days after such removal or within sixty (60) days after notification in writing of such resignation or incapacity by the resigning or incapacitated Option Agent or by the Option Holder, then the Option Agent or the any registered Option Holder may apply to any court of competent jurisdiction for the appointment of such a successor. (c) Any entity that which may be merged or consolidated with or that which shall otherwise succeed to substantially all of the trust or agency business of the Option Agent shall be deemed to be the successor Option Agent without any further action. (d) The Option Agent shall at all times be a bank that is not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor or the Underlying Securities Issuer and their its respective Affiliates), that which (i) is organized and doing business under the laws of any State or the United States; (ii) is authorized under such laws to exercise corporate trust powers; (iii) has a combined capital and surplus of at least $50,000,000; (iv) is subject to supervision or examination by federal or state authority; and (v) has (or has a parent that which has) a long-term unsecured debt rating of at least BBB- by Standard & Poor's Ratings Services, a Division of The XxXxxx-Xxxx Companies, Inc. and at least Baa3 by Xxxxx'x Investors Service, Inc., or their successorrespective successors, if any. If the bank publishes 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 3.3(d), 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 Option Agent shall cease to be eligible in accordance with the provisions of this Section 3.3(d), the Option Agent shall resign immediately in the manner and with the effect specified in Section 3.3(a).

Change of Option Agent. (a) The Option Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days' notice in writing mailed to the Depositor and the Trustee by registered or certified mail, and to the Option Holder Holders by first-class mail at the expense of the Depositor; provided that no such resignation or discharge shall become effective until a successor Option Agent shall have been appointed under this Agreement. The Depositor may remove the Option Agent upon three (3) Business Days' notice in writing, mailed to the Option Agent and to the Option Holder Holders by first-class mail; provided that no such removal shall become effective until a successor Option Agent shall have been appointed under this Agreement. (b) If the Option Agent shall resign or be removed or shall otherwise become incapable of acting, the Depositor shall promptly appoint a successor to the Option Agent. If the Depositor shall fail to make such appointment of a permanent successor within a period of thirty (30) days after such removal or within sixty (60) days after notification in writing of such resignation or incapacity by the resigning or incapacitated Option Agent or by the Option Holder, then the Option Agent or the any registered Option Holder may apply to any court of competent jurisdiction for the appointment of such a successor. (c) Any entity that may be merged or consolidated with or that shall otherwise succeed to substantially all of the trust or agency business of the Option Agent shall be deemed to be the successor Option Agent without any further action. (d) The Option Agent shall at all times be a bank that is not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor or the Underlying Securities Issuer and their respective Affiliates), that (i) is organized and doing business under the laws of any State or the United States; (ii) is authorized under such laws to exercise corporate trust powers; (iii) has a combined capital and surplus of at least $50,000,000; (iv) is subject to supervision or examination by federal or state authority; and (v) has (or has a parent that has) a long-term unsecured debt rating of at least BBB- by Standard & Poor's Ratings Services, a Division of The XxXxxx-Xxxx Companies, Inc., and at least Baa3 by Xxxxx'x Investors Service, Inc., or their successorrespective successors, if any. If the bank publishes 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 3.3(d), 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 Option Agent shall cease to be eligible in accordance with the provisions of this Section 3.3(d), the Option Agent shall resign immediately in the manner and with the effect specified in Section 3.3(a).

Change of Option Agent. (a) The Option Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days' notice in writing mailed to the Depositor and the Trustee by registered or certified mail, and to the Option Holder by first-class mail at the expense of the Depositor; provided that no such resignation or discharge shall become effective until a successor Option Agent shall have been appointed under this Agreement. The Depositor may remove the Option Agent upon three (3) Business Days' notice in writing, mailed to the Option Agent and to the Option Holder by first-class mail; provided that no such removal shall become effective until a successor Option Agent shall have been appointed under this Agreement. (b) If the Option Agent shall resign or be removed or shall otherwise become incapable of acting, the Depositor shall promptly appoint a successor to the Option Agent. If the Depositor shall fail to make such appointment of a permanent successor within a period of thirty (30) days after such removal or within sixty (60) days after notification in writing of such resignation or incapacity by the resigning or incapacitated Option Agent or by the Option Holder, then the Option Agent or the Option Holder may apply to any court of competent jurisdiction for the appointment of such a successor. (c) Any entity that may be merged or consolidated with or that shall otherwise succeed to substantially all of the trust or agency business of the Option Agent shall be deemed to be the successor Option Agent without any further action. (d) The Option Agent shall at all times be a bank that is not an Affiliate of the Depositor (but may have normal banking relationships with the Depositor or the Underlying Securities Issuer and their respective Affiliates), that (i) is organized and doing business under the laws of any State or the United States; (ii) is authorized under such laws to exercise corporate trust powers; (iii) has a combined capital and surplus of at least $50,000,000; (iv) is subject to supervision or examination by federal or state authority; and (v) has (or has a parent that has) a long-term unsecured debt rating of at least BBB- by Standard & Poor's Ratings Services, a Division of The XxXxxx-Xxxx Companies, Inc., and at least Baa3 by Xxxxx'x Investors Service, Inc., or their successorrespective successors, if any. If the bank publishes 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 3.3(d), 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 Option Agent shall cease to be eligible in accordance with the provisions of this Section 3.3(d), the Option Agent shall resign immediately in the manner and with the effect specified in Section 3.3(a).