Common use of Qualification of Successor Clause in Contracts

Qualification of Successor. A successor Trustee shall be a bank or trust company with trust powers, having a combined net capital and surplus of at least $50,000,000.

Qualification of Successor. A successor Trustee trustee shall be a national banking association with trust powers or a state banking corporation with trust powers or a bank or and trust company with or a trust powerscompany, in each case having a combined net capital and surplus of at least $50,000,00075,000,000, if there be one able and willing to accept the trust on acceptable and customary terms.

Qualification of Successor. A successor Trustee trustee shall be a national bank or trust company with trust powers, a bank with trust powers, or a bank and trust company or a trust company organized under the laws of the State having a combined net reported capital and surplus of at least $50,000,000.

Qualification of Successor. A successor Trustee trustee shall be a national banking association with trust powers or a bank or and trust company with or a trust powers, company having a combined net capital and surplus of at least $50,000,00075,000,000 and acceptable to the Bond Insurer, if there be one able and willing to accept the trust on reasonable and customary terms.