Common use of Qualifications of Remarketing Agents Clause in Contracts

Qualifications of Remarketing Agents. The Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc., have a capitalization of at least $50,000,000 and be authorized by law to perform all the duties imposed upon it by this Indenture and the Remarketing Agreement. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Indenture and the Remarketing Agreement (i) by giving at least sixty (60) days' notice to the Corporation, the Trustee, the Depositary and any related Credit Facility Provider, provided that such resignation shall not be effective until a successor Remarketing Agent has been appointed by the Corporation and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld, or (ii) by giving notice to the Corporation, the Trustee and the Depositary under the circumstances set forth in the Remarketing Agreement. The Remarketing Agent may be replaced at any time, at the direction of the Corporation, by an instrument signed by an Authorized Officer of the Corporation, filed with the Remarketing Agent, the Trustee, the Depositary and any related Credit Facility Provider, at least sixty (60) days prior to the effective date of such replacement, provided that such replacement shall not be effective until a successor Remarketing Agent has been appointed by the Corporation and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld. In the event of the resignation or removal of the Remarketing Agent, the Remarketing Agent shall pay over, assign and deliver any moneys and Notes held by it in such capacity to its successor or, if there be no successor, to the Trustee. In the event that the Remarketing Agent shall resign, be removed or be dissolved, or if the property or affairs of the Remarketing Agent shall be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, and the Corporation shall not have appointed its successor as Remarketing Agent, the Trustee, notwithstanding the provisions of the first paragraph of this Section 7.22, shall ipso facto be deemed to be the Remarketing Agent for all purposes of this Indenture until the appointment by the Corporation of the successor Remarketing Agent; provided, however, that the Trustee, in its capacity as Remarketing Agent, shall not be required to sell Notes or to determine the interest rate on the Notes. Nothing in this Section shall be construed as conferring on the Trustee additional duties other than as set forth herein. ARTICLE EIGHT

Qualifications of Remarketing Agents. The Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc., have a capitalization of at least 92 $50,000,000 and be authorized by law to perform all the duties imposed upon it by this Indenture and the Remarketing Agreement. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Indenture and the Remarketing Agreement (i) by giving at least sixty (60) days' notice to the CorporationIssuer, the Trustee, the Depositary Tender Agent and any related Credit Facility Provider, provided that such resignation shall not be effective until a successor Remarketing Agent has been appointed by the Corporation Issuer and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld, or (ii) by giving notice to the CorporationIssuer, the Trustee and the Depositary Tender Agent under the circumstances set forth in the Remarketing Agreement. The Remarketing Agent may be replaced at any time, at the direction of the CorporationIssuer, by an instrument signed by an Authorized Officer of the CorporationIssuer, filed with the Remarketing Agent, the Trustee, the Depositary Tender Agent and any related Credit Facility Provider, at least sixty (60) days prior to the effective date of such replacement, provided that such replacement shall not be effective until a successor Remarketing Agent has been appointed by the Corporation Issuer and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld. In the event of the resignation or removal of the Remarketing Agent, the Remarketing Agent shall pay over, assign and deliver any moneys and Notes held by it in such capacity to its successor or, if there be no successor, to the Trustee. In the event that the Remarketing Agent shall resign, be removed or be dissolved, or if the property or affairs of the Remarketing Agent shall be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, and the Corporation Issuer shall not have appointed its successor as Remarketing Agent, the Trustee, notwithstanding the provisions of the first paragraph of this Section 7.227.20, shall ipso facto be deemed to be the Remarketing Agent for all purposes of this Indenture until the appointment by the Corporation Issuer of the successor Remarketing Agent; provided, however, that the Trustee, in its capacity as Remarketing Agent, shall not be required to sell Notes or to determine the interest rate on the Notes. Nothing in this Section 7.20 shall be construed as conferring on the Trustee additional duties other than as set forth herein. ARTICLE EIGHT.

Qualifications of Remarketing Agents. The Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc., have a capitalization of at least $50,000,000 and be authorized by law to perform all the duties imposed upon it by this Indenture and the Remarketing Agreement. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Indenture and the Remarketing Agreement (i) by giving at least sixty (60) days' notice to the Corporation, the Trustee, the Depositary and any related Credit Facility Provider, provided that such resignation shall not be effective until a successor Remarketing Agent has been appointed by the Corporation and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld, or (ii) by giving notice to the Corporation, the Trustee and the Depositary under the circumstances set forth in the Remarketing Agreement. The Remarketing Agent may be replaced at any time, at the direction of the Corporation, by an instrument signed by an Authorized Officer of the Corporation, filed with the Remarketing Agent, the Trustee, the Depositary and any related Credit Facility Provider, at least sixty (60) days prior to the effective date of such replacement, provided that such replacement shall not be effective until a successor Remarketing Agent has been appointed by the Corporation and any related Credit Facility Provider has consented in writing thereto, which consent shall not be unreasonably withheld. In the event of the resignation or removal of the Remarketing Agent, the Remarketing Agent shall pay over, assign and deliver any moneys and Notes held by it in such capacity to its successor or, if there be no successor, to the Trustee. In the event that the Remarketing Agent shall resign, be removed or be dissolved, or if the property or affairs of the Remarketing Agent shall be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, and the Corporation shall not have appointed its successor as Remarketing Agent, the Trustee, notwithstanding the provisions of the first paragraph of this Section 7.22, shall ipso facto be deemed to be the Remarketing Agent for all purposes of this Indenture until the appointment by the Corporation of the successor Remarketing Agent; provided, however, that the Trustee, in its capacity as Remarketing Agent, shall not be required to sell Notes or to determine the interest rate on the Notes. Nothing in this Section shall be construed as conferring on the Trustee additional duties other than as set forth herein. ARTICLE EIGHT.