Common use of Disqualification; Conflicting Interest Clause in Contracts

Disqualification; Conflicting Interest. (a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section 13.09, it shall, within ninety (90) days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign in the manner and with the effect hereinafter specified in this Article XIII. (b) In the event that the Trustee shall fail to comply with the provisions of Section 13.09 (a) , the Trustee shall, within ten (10) days after the expiration of such ninety (90) day period, transmit by registered mail to all Bondholders, as their names and addresses appear on the Bond Register, notice of such failure. (c) For the purpose of this Section 13.09, the Trustee shall be deemed to have a conflicting interest if: (i) the Trustee or any of its directors or executive officers is an obligor upon the Bonds or an underwriter for the Issuer; (ii) the Trustee directly or indirectly controls or is directly or indirectly controlled by or is under the direct or indirect common control with the Issuer or an underwriter for the Issuer; or (iii) any director, officer or employee of the Trustee is also a director, officer or employee of the Issuer or any Affiliate of the Issuer.

Disqualification; Conflicting Interest. (a) If the Trustee has or shall acquire any conflicting interest, as defined in this Section 13.09, it shall, within ninety (90) days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign in the manner and with the effect hereinafter specified in this Article XIII. (b) In the event that the Trustee shall fail to comply with the provisions of Section 13.09 (a) 13.09(a), the Trustee shall, within ten (10) days after the expiration of such ninety (90) day period, transmit by registered mail to all Bondholders, as their names and addresses appear on the Bond Register, notice of such failure. (c) For the purpose of this Section 13.09, the Trustee shall be deemed to have a conflicting interest if: (i) the Trustee or any of its directors or executive officers is an obligor upon the Bonds or an underwriter for the Issuer; (ii) the Trustee directly or indirectly controls or is directly or indirectly controlled by or is under the direct or indirect common control with the Issuer or an underwriter for the Issuer; or (iii) any director, officer or employee of the Trustee is also a director, officer or employee of the Issuer or any Affiliate of the Issuer.