Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall: (i) not be an Affiliate of the Guarantor; and (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act, 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. (b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c). (c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 9 contracts
Samples: Guarantee Agreement (Public Service Co of Colorado), Guarantee Agreement (Scottish Annuity & Life Holdings LTD), Guarantee Agreement (Nationwide Financial Services Inc/)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as exercise corporate trust powers, having (or in the case of a subsidiary of a bank holding company that guarantees the obligations of the Preferred Guarantee Trustee under this Preferred Securities Guarantee, such and has bank holding company parent shall have) a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation or holding company parent publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), the combined capital and surplus of such corporation or holding company parent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 6 contracts
Samples: Preferred Securities Guarantee Agreement (Xl Capital LTD), Preferred Securities Guarantee Agreement (Xl Capital LTD), Preferred Securities Guarantee Agreement (Xl Capital LTD)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation or trust company organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation or trust company publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether .
(d) Any corporation into which the Preferred Guarantee Trustee has may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Preferred Guarantee Trustee shall be a "conflicting interest" within party, or any corporation succeeding to all or substantially all the meaning corporate trust business of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 , shall be deemed incorporated hereinthe successor of the Preferred Guarantee Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Appears in 3 contracts
Samples: Guarantee Agreement (Conseco Inc), Preferred Securities Guarantee Agreement (Conseco Inc), Preferred Securities Guarantee Agreement (Conseco Inc)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shallshall be:
(i) not be an Affiliate a corporation organized and doing business under the laws of the Guarantor; and
(ii) be a Person that is eligible pursuant United States, any State or Territory thereof or the District of Columbia, authorized under such laws to the Trust Indenture Act to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars Fifty Million Dollars ($50,000,000)) and subject to supervision or examination by Federal, State, Territorial or District of Columbia authority, or
(ii) if and shall be to the extent permitted by the Commission by rule, regulation or order upon application, a corporation meeting or other Person organized and doing business under the requirements laws of Section 310(aa foreign government, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least Fifty Million Dollars ($50,000,000) or the Dollar equivalent of the applicable foreign currency and subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially equivalent to supervision or examination applicable to United States institutional trustees, and, in either case, qualified and eligible under this Article and the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the such supervising or examining authority, then, then for the purposes of this Section and to the extent permitted by the Trust Indenture ActSection, 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor (as if it were the obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the .
(d) The Preferred Guarantee Trustee has a "conflicting interest" within shall be deemed to be specifically described in this Preferred Securities Guarantee for purposes of clause (i) of the meaning of first provision contained in Section 310(b)(1310(b) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 3 contracts
Samples: Preferred Securities Guarantee Agreement (Washington Water Power Capital Iii), Preferred Securities Guarantee Agreement (Washington Water Power Capital Iii), Preferred Securities Guarantee Agreement (Washington Water Power Capital Iii)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars with respect to the initial Trustee $500,000 (and its principal parent holding company having a combined capital and surplus of at least $50,000,000)) and with respect to any successor Trustee $50,000,000, and shall be a corporation meeting the requirements subject to supervision or examination by federal, state, territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation Person publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.01(a)(ii), the combined capital and surplus of such corporation Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 2 contracts
Samples: Preferred Securities Guarantee Agreement (Ozark Capital Trust), Preferred Securities Guarantee Agreement (Bank of the Ozarks Inc)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation or trust company organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 25 million U.S. dollars ($50,000,00025,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation or trust company publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), the combined capital and surplus of such corporation or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether .
(d) Any corporation into which the Preferred Guarantee Trustee has may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Preferred Guarantee Trustee shall be a "conflicting interest" within party, or any corporation succeeding to all or substantially all the meaning corporate trust business of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 , shall be deemed incorporated hereina Successor Preferred Guarantee Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Appears in 2 contracts
Samples: Preferred Securities Guarantee Agreement (Motorola Inc), Preferred Securities Guarantee Agreement (Kellogg Co)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act originally dated as of November 15, 1996, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration or the 1997 Declaration (as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee or the 1997 Preferred Securities Guarantee (as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Capital V)
Preferred Guarantee Trustee; Eligibility. (a1) There shall at all times be a Preferred Guarantee Trustee which shall:
(i1) not be an Affiliate of the Guarantor; and
(ii2) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b2) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c3) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration, the 1997 Declaration or the 1999 Declaration (each as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee, the 1997 Guarantee or the 1999 Guarantee (each as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Corp)
Preferred Guarantee Trustee; Eligibility. (a1) There shall at all times be a Preferred Guarantee Trustee which shall:
(i1) not be an Affiliate of the Guarantor; and
(ii2) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b2) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c3) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration, the 1997 Declaration, the 1999 Declaration , the 2000 Declaration or the Fixed Rate Declaration (each as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee or the Fixed Rate Guarantee (each as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Capital Iv)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
: (i) not be an Affiliate of the Guarantor; and
and (ii) be a corporation or trust company organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 25 million U.S. dollars ($50,000,00025,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation or trust company publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), the combined capital and surplus of such corporation or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(bTrustee
(d) of the Trust Indenture Act. In determining whether Any corporation into which the Preferred Guarantee Trustee has may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Preferred Guarantee Trustee shall be a "conflicting interest" within party, or any corporation succeeding to all or substantially all the meaning corporate trust business of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 , shall be deemed incorporated hereina Successor Preferred Guarantee Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Motorola Inc)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company that guarantees the obligations of the Preferred Guarantee Trustee under this Preferred Securities Guarantee, such and has bank holding company parent shall have) a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation or holding company parent publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture ActSection
4.1 (a)(ii), the combined capital and surplus of such corporation a holding company parent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Xl Capital LTD)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether .
(d) Any corporation into which the Preferred Guarantee Trustee has may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Preferred Guarantee Trustee shall be a "conflicting interest" within party, or any corporation succeeding to all or substantially all the meaning corporate trust business of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 , shall be deemed incorporated hereinthe successor of the Preferred Guarantee Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Conseco Inc Et Al)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penaltimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act originally dated as of November 15, 1996, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration or Series B Declaration (as defined in the Declaration), (ii) a trustee on the Series A Guarantee or the Series B Guarantee (as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (First Chicago NBD Capital Iv)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars with respect to the initial Trustee $500,000 (and its principal parent holding company having a combined capital and surplus of at least $50,000,000)) and with respect to any successor Trustee $50,000,000, and shall be a corporation meeting the requirements subject to supervision or examination by federal, state, territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.01(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Flagstar Trust)
Preferred Guarantee Trustee; Eligibility. (a1) There shall at all times be a Preferred Guarantee Trustee which shall:
(i1) not be an Affiliate of the Guarantor; and
(ii2) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b2) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c3) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration, the 1997 Declaration, the 1999 Declaration, the 2000 Declaration, the Fixed Rate Declaration, the Floating Rate Declaration and the 2001 Declaration (each as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee, the Fixed Rate Guarantee, the Floating Rate Guarantee or the 2001 Guarantee (each as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Corp)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as exercise corporate trust powers, having (or in the case of a subsidiary of a bank holding company that guarantees the obligations of the Preferred Guarantee Trustee under this Preferred Securities Guarantee, such and has bank holding company parent shall have) a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation corpora- tion or holding company parent publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), the combined capital and surplus of such corporation or holding company parent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Delphi Financial Group Inc/De)
Preferred Guarantee Trustee; Eligibility. (a1) There shall at all times be a Preferred Guarantee Trustee which shall:
(i1) not be an Affiliate of the Guarantor; and
(ii2) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b2) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c3) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration, the 1997 Declaration, the 1999 Declaration, the 2000 Declaration, the Fixed Rate Declaration and the Floating Rate Declaration (each as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee, the Fixed Rate Guarantee or the Floating Rate Guarantee (each as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Capital V)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(biii) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(civ) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration or the 1997 Declaration (as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee or the 1997 Guarantee (as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Corp)
Preferred Guarantee Trustee; Eligibility. (a1) There shall at all times be a Preferred Guarantee Trustee which shall:
(i1) not be an Affiliate of the Guarantor; and
(ii2) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b2) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c3) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act Indentures originally dated as of November 15, 1996 and January 1, 1997, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration, the Series B Declaration, the 1997 Declaration, the 1999 Declaration, the 2000 Declaration or the Floating Rate Declaration (each as defined in the Declaration), (ii) a trustee on the Series A Guarantee, the Series B Guarantee, the 1997 Guarantee, the 1999 Guarantee, the 2000 Guarantee or the Floating Rate Guarantee (each as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Bank One Capital Iii)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars $50,000,000 (or being a member or subsidiary of a bank holding system with aggregate combined capital and surplus of at least $50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by federal, state, territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Independent Capital Trust)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
: (i) not be an Affiliate of the Guarantor; and
and (ii) be a Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by federal, state or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, 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 as published.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible so to so act under Section 4.01(aSECTION 4.1(A), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(cSECTION 4.2(D).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Southside Capital Trust I)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a Person that is eligible pursuant to under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. In determining whether the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of the Trust Indenture Act, the provisions contained in the proviso to Section 310(b)(1) of the Trust Indenture Act and the Preferred Guarantee Trustee's Statement of Eligibility on Form T-1 shall be deemed incorporated herein.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (Walbro Capital Trust)
Preferred Guarantee Trustee; Eligibility. (a) There shall at all times be a Preferred Guarantee Trustee which shall:
(i) not be an Affiliate of the Guarantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or Person that is eligible pursuant permitted by the Securities and Exchange Commission to act as an institutional trustee under the Trust Indenture Act Act, authorized under such laws to act as such and has exercise corporate trust powers, having a combined capital and surplus of at least fifty 50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements subject to supervision or examination by Federal, State, Territorial or District of Section 310(a) of the Trust Indenture ActColumbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authorityauthority referred to above, then, for the purposes of this Section and to the extent permitted by the Trust Indenture Act4.1(a)(ii), 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.
(b) If at any time the Preferred Guarantee Trustee shall cease to be eligible to so act under Section 4.01(a4.1(a), the Preferred Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.02(c4.2(c).
(c) If the Preferred Guarantee Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Preferred Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act, subject to the penultimate paragraph thereof. In determining whether To the Preferred Guarantee Trustee has a "conflicting interest" within the meaning of Section 310(b)(1) of extent permitted by the Trust Indenture Act, the provisions contained in Preferred Guarantee Trustee shall not be deemed to have a conflicting interest with respect to the proviso to Section 310(b)(1) Preferred Securities Guarantee by virtue of being trustee under the Trust Indenture Act originally dated as of November 15, 1996, between the Company and the Preferred Guarantee Trustee's Statement Trustee or by virtue of Eligibility being (i) a trustee on Form T-1 shall be deemed incorporated hereinthe Series A Declaration or the Series B Declaration (as defined in the Declaration), (ii) a trustee on the Series A Guarantee or the Series B Guarantee (as defined in the Declaration), or (iii) a trustee on the Declaration.
Appears in 1 contract
Samples: Preferred Securities Guarantee Agreement (First Chicago NBD Corp)