Common use of Eligibility of Remarketing Agent Clause in Contracts

Eligibility of Remarketing Agent. The Remarketing Agent shall be a bank, trust company or member of the National Association of Securities Dealers, Inc. organized and doing business under the laws of the United States or any state or the District of Columbia, will have a combined capital stock, surplus and undivided profits of at least $15,000,000 as shown in its most recently published annual report, will be a Participant in the Securities Depository and will be authorized by law to perform all the duties imposed upon it by this Agreement. Any Remarketing Agent shall be rated at least Baa3/P-3 or otherwise qualified by Moody’s or have an equivalent rating of another rating agency.

Eligibility of Remarketing Agent. The Remarketing Agent shall be a bank, trust company or member of the National Association of Securities Dealers, Inc. Financial Industry Regulatory Authority organized and doing business under the laws of the United States or any state or the District of Columbia, will have a combined capital stock, surplus and undivided profits of at least $15,000,000 as shown in its most recently published annual report, will be a Participant in the Securities Depository and will be authorized by law to perform all the duties imposed upon it by this Agreement. Any Remarketing Agent or its corporate parent shall be rated at least Baa3/P-3 or otherwise qualified by Moody’s or have an equivalent rating of another rating agency.