Common use of Qualification of Successor Clause in Contracts

Qualification of Successor. A successor trustee shall be a national banking association with trust powers or a state banking corporation with trust powers or a bank and trust company or a trust company, in each case having capital and surplus of at least $75,000,000, 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 banking association bank or trust company with trust powers or powers, having a state banking corporation with trust powers or a bank and trust company or a trust company, in each case having combined net capital and surplus of at least $75,000,000, if there be one able and willing to accept the trust on acceptable and customary terms50,000,000.

Qualification of Successor. A successor trustee shall be a national banking association bank with trust powers or powers, a state banking corporation bank with trust powers powers, or a bank and trust company or a trust company, in each case company organized under the laws of the State having reported capital and surplus of at least $75,000,000, if there be one able and willing to accept the trust on acceptable and customary terms50,000,000.

Qualification of Successor. A successor trustee shall be a national banking association with trust powers or a state banking corporation with trust powers or a bank and trust company or a trust company, in each case company having capital and surplus of at least $75,000,00075,000,000 and acceptable to the Bond Insurer, if there be one able and willing to accept the trust on acceptable reasonable and customary terms.