Common use of Eligibility Requirements for Grantor Trust Trustee Clause in Contracts

Eligibility Requirements for Grantor Trust Trustee. The Grantor Trust Trustee and any successor Grantor Trust Trustee shall during the entire duration of this Agreement be a state bank or trust company or a national banking association organized and doing business under the laws of such state or the United States of America, authorized under such laws to exercise corporate trust powers, having a combined capital, and surplus and undivided profits of at least $50,000,000 (or shall be a member of a bank holding system, the combined capital and surplus of which is at least $50,000,000) and subject to supervision or examination by federal or state authority. If the Grantor Trust Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. The Grantor Trust Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act and shall in no event be an Affiliate of the Depositor or of any Person involved in the organization or operation of the Depositor. In case at any time the Grantor Trust Trustee shall cease to be eligible in accordance with the provisions of this Section, the Grantor Trust Trustee shall resign immediately in the manner and with the effect specified in Section 5.07.