Trustee Eligibility; Disqualification Sample Clauses
The 'Trustee Eligibility; Disqualification' clause defines the qualifications required for an individual or entity to serve as a trustee and outlines circumstances under which a trustee may be deemed ineligible or disqualified. Typically, this clause specifies criteria such as age, residency, absence of conflicts of interest, or lack of criminal convictions, and may detail procedures for removing a trustee who no longer meets these standards. Its core function is to ensure that only suitable and trustworthy individuals or organizations manage the trust, thereby protecting the interests of beneficiaries and maintaining the integrity of trust administration.
Trustee Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation or limited liability company organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $150,000 as set forth in its most recent published annual report of condition. This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act § 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act § 310(b).
Trustee Eligibility; Disqualification. There will at all times be a Trustee hereunder that is a Person organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. If the Trustee acquires any conflicting interest, it must eliminate such conflict within 90 days or resign as Trustee. For the purposes of this Indenture, the Trustee shall be deemed to have acquired a conflicting interest within the meaning of TIA §310(b). This Indenture will always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b).
Trustee Eligibility; Disqualification. (a) of the Base Indenture is hereby amended and restated in its entirety to read as follows: There shall at all times be a Trustee hereunder which shall (i) be a bank or trust company organized and doing business under the laws of the United States of America or of any state thereof authorized under such laws to exercise corporate trustee power, (ii) be subject to supervision or examination by federal or state authority, (iii) have a combined capital and surplus of at least $250,000,000 as set forth in its most recent published annual report of condition, (iv) be reasonably acceptable to the Servicer and (v) have a long-term unsecured debt rating of at least “BBB-” and “Baa3” by Standard & Poor’s and Moody’s, respectively.