Common use of Qualifications of Trustee Clause in Contracts

Qualifications of Trustee. No Person will be eligible to be appointed as Trustee hereunder, or to continue to act as Trustee at any time, other than a company incorporated under the laws of Canada or of a province or territory of Canada that, at such time, is resident in Canada for purposes of the Income Tax Act (Canada) and is authorized and qualified to carry on the business of a trust company under the laws of Ontario and every other jurisdiction where such authorization or qualification is necessary to enable it to act as a trustee hereunder.

Qualifications of Trustee. No Person will person shall at any time be eligible to be appointed as Trustee hereunder, or to continue to act as Trustee at any time, hereunder other than a company incorporated corporation resident in Canada that is licensed or otherwise regulated under the Trust and Loan Companies Act (Canada) in addition to the laws of a Province of Canada or of a province or territory of Canada thatCanada, at such time, is resident in Canada for purposes of the Income Tax Act (Canada) and is authorized and qualified to carry on in Canada the business of a trust company under offering to the laws of Ontario and every other jurisdiction where such authorization or qualification is necessary to enable it to act public its services as a trustee trustee, and provided that such corporation has undertaken in writing to discharge all of the obligations and responsibilities of the Trustee hereunder.

Qualifications of Trustee. No Person will person shall at any time be eligible to be appointed as Trustee hereunder, or to continue to act as Trustee at any time, hereunder other than a company incorporated corporation resident in Canada that is licensed or otherwise authorized under the laws of a Province of Canada or of a province or territory of Canada thatCanada, at such time, is resident in Canada for purposes of the Income Tax Act (Canada) and is authorized and qualified to carry on in Canada the business of a trust company under offering to the laws of Ontario and every other jurisdiction where such authorization or qualification is necessary to enable it to act public its services as a trustee trustee, and provided that such corporation has undertaken in writing to discharge all of the obligations and responsibilities of the Trustee hereunder.