Common use of Status of Successors to the Collateral Agent Clause in Contracts

Status of Successors to the Collateral Agent. Every successor to The Bank of New York appointed pursuant to Section 7.6 and every corporation resulting from a merger or consolidation pursuant to Section 7.8 shall be a bank or trust company in good standing and having power so to act, incorporated under the laws of the United States or any state thereof or the District of Columbia, and having its principal corporate trust office within the forty-eight contiguous states, and shall also have capital, surplus and undivided profits of not less than $250,000,000 and a rating from Standard & Poor's or Moody's of A or better.

Status of Successors to the Collateral Agent. Every successor to The Bank of New York appointed pursuant to Section 7.6 and every corporation resulting from a merger or consolidation pursuant to Section 7.8 shall be a bank or trust company in good standing and having power so to act, incorporated under the laws of the United States or any state thereof or the District of Columbia, and having its principal corporate trust office within the forty-eight contiguous states, and shall also have capital, surplus and undivided profits of not less than $250,000,000 and a rating from Standard & Poor's or Moody's Xxxxx'x of A or better.