Common use of Status of Successors to Closed-End Administrative Agent Clause in Contracts

Status of Successors to Closed-End Administrative Agent. Every successor to the Closed-End Administrative Agent that is appointed pursuant to Section 5.7 shall be a bank or trust company in good standing and having power so to act and incorporated under the laws of the United States or any state thereof or the District of Columbia, and shall also have capital, surplus and undivided profits of not less than $500,000,000, if there be such an institution with such capital, surplus and undivided profits willing, qualified and able to accept the trust upon reasonable or customary terms.