Common use of Qualification of the Trustee Clause in Contracts

Qualification of the Trustee. (a) There shall at all times be a Trustee hereunder, which shall be an association or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws and the applicable laws of the State to exercise corporate trust powers and act as Bond Registrar hereunder, having a combined capital and surplus of at least $100,000,000, and subject to supervision or examination by Federal or state authority. If such association or corporation is not a commercial bank or trust company, it shall also have a rating by Xxxxx'x (if the Bonds are then rated by Xxxxx'x) of Baa 3/P-3 or higher, or by S&P (if the Bonds are then rated by S&P) of BBB/A3 or higher or shall otherwise be approved in writing by Xxxxx'x or S&P, as the case may be. If such association or corporation 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 1012, the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

Qualification of the Trustee. (a) There shall at all times be a Trustee hereunder, hereunder which shall be an association or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws and the applicable laws of the State to exercise corporate trust powers and act as Bond Registrar hereunder, having a combined capital and surplus of at least Fifty Million Dollars ($100,000,00050,000,000), and subject to supervision or examination by Federal federal or state authority. If such association or corporation is not a commercial bank or trust company, it shall also have a rating by Xxxxx'x Moodx'x (if xx the Bonds are then rated by Xxxxx'xMoodx'x) of Baa xx BAA 3/P-3 P3 or higher, or by S&P (if the Bonds are then rated by S&P) of BBB/A3 or higher or shall otherwise be approved in writing by Xxxxx'x or Moodx'x xx S&P, as the case may be. If such association or corporation 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 1012Section 10.14, the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 10.14, it shall resign immediately in the manner and with the effect specified in Section 10.15 hereof.

Qualification of the Trustee. (a) There shall at all times be a Trustee hereunder, ; which shall be (i) an association or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws and or the applicable laws of the State to exercise corporate trust powers and act as Bond Registrar hereunder, having a combined capital and surplus surplus, either individually or together with its holding company, of at least $100,000,000, and subject to supervision or examination by Federal federal or state authority. If such association or corporation is not a commercial bank or trust company, it shall also have a rating by Xxxxx'x Moody's (if the Bonds are then rated by Xxxxx'xMoody's) of Baa 3Baa3/P-3 or higher, or by S&P (if the Bonds are then rated by S&P) of BBB/A3 or higher or shall otherwise be approved in writing by Xxxxx'x Moody's or S&P, as the case may be. If such association or corporation 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 1012Section 912, the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

Qualification of the Trustee. (a) There shall at all times be a Trustee hereunder, trustee hereunder which shall be an association or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws and the applicable laws of the State to exercise corporate trust powers and act as Bond Registrar hereunder, having itself, or being a member of a banking holding company group having, a combined capital and surplus of at least $100,000,00050,000,000, and subject to supervision or examination by Federal or state authority. If such association or corporation is not a commercial bank or trust company, it shall also have a rating by Xxxxx'x Moodx'x (if xx the Bonds are then rated by Xxxxx'xMoodx'x) of Baa xx BAA 3/P-3 P3 or higher, or by S&P (if the Bonds are then rated by S&P) of BBB/A3 or higher or shall otherwise be approved in writing by Xxxxx'x or Moodx'x xx S&P, as the case may be. If such association or corporation 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 1012Section 1011, the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

Qualification of the Trustee. (a) There shall at all times be a Trustee hereunder, hereunder which shall be an association or a corporation organized and doing business under the laws of the United States of America or of any state, authorized under such laws and the applicable laws of the State to exercise corporate trust powers and act as Bond Registrar hereunder, having a combined capital and surplus of at least Fifty Million Dollars ($100,000,00050,000,000), and subject to supervision or examination by Federal federal or state authority. If such association or corporation is not a commercial bank or trust company, it shall also have a rating by Xxxxx'x Moody's (if the Bonds are then rated by Xxxxx'xMoody's) of Baa BAA 3/P-3 P3 or higher, or by S&P (if the Bonds are then rated by S&P) of BBBBaa/A3 or higher or shall otherwise be approved in writing by Xxxxx'x Moody's or S&P, as the case may be. If such association or corporation 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 1012Section 10.14, the combined capital and surplus of such association or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 10.14, it shall resign immediately in the manner and with the effect specified in Section 10.15 hereof.