Common use of Corporate Trustee Required; Eligibility; Conflicting Interests Clause in Contracts

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 11 contracts

Samples: Indenture (Wyman Gordon Co), Indenture (Trinet Corporate Realty Trust Inc), Western Investment Real Estate Trust

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Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000. If such corporation the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 6 contracts

Samples: Boston Properties LTD Partnership, Boston Properties LTD Partnership, Indenture (Avalonbay Communities Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 607, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 607, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with Affiliate of the Company shall serve as Trustee.

Appears in 4 contracts

Samples: Indenture (Kilroy Realty, L.P.), Indenture (Realty Income Corp), Form of Indenture (Realty Income Corp)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(13.10(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company Issuer nor any Person directly or indirectly controlling, controlled by, or under common control with the Company Issuer shall serve as Trustee.

Appears in 4 contracts

Samples: Indenture (American Standard Companies Inc), Indenture (American Standard Companies Inc), Indenture (American Standard Companies Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.7, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.7, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with Affiliate of the Company shall serve as Trustee.

Appears in 4 contracts

Samples: Indenture (Jmar Technologies Inc), Indenture (Price Legacy Corp), Indenture (Viasat Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.07, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.07, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VI. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 3 contracts

Samples: Indenture (Franchise Finance Corp of America), Indenture (Metropolitan Mortgage & Securities Co Inc), Franchise Finance Corp of America

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus Surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.7, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.7, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VI. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 3 contracts

Samples: National Retail Properties, Inc., Commercial Net Lease Realty Inc, Commercial Net Lease Realty Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 607, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 607, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 3 contracts

Samples: Shurgard Storage Centers Inc, Shurgard Storage Centers Inc, Shurgard Storage Centers Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1310(a) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 5.02, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 5.02, it shall correct such ineligibility or resign immediately in the manner and with the effect hereinafter specified in this ArticleSection 5.03. Neither the Company Debtor nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company Debtor shall serve as Trustee.

Appears in 2 contracts

Samples: Note Issuance and Security Agreement (Medical Capital Management Inc), Section Note Agreement (Medical Capital Management Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 8.07, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Neither the Issuer nor any Person directly or indirectly controlling, controlled by, or under common control with the Issuer shall serve as Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 8.07, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 2 contracts

Samples: Indenture (Invesco Mortgage Capital Inc.), Indenture (SL Green Operating Partnership, L.P.)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) the Trust Indenture Act and shall have a combined capital and surplus of at least $50,000,00025,000,000 and its Corporate Trust Office in The City of New York, New York. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company Issuer nor any Person directly or indirectly controlling, controlled by, or under common control with the Company Issuer shall serve as Trustee.

Appears in 2 contracts

Samples: Indenture (Ultrapar Holdings Inc), Indenture (Ultrapar Holdings Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection , the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection , it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company Partnership nor any Person directly or indirectly controlling, controlled by, or under common control with the Company Partnership shall serve as Trustee.

Appears in 1 contract

Samples: Summit Properties Partnership L P

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $[50,000,000]. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.07, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.07, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VI. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Terra Capital Group)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have (or if such Trustee is a member of a bank holding company system, its bank holding company shall have) a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Oasis Residential Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and 50 57 with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Trinet Corporate Realty Trust Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.7, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.7, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with Affiliate of the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Neurocrine Biosciences Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section (S) 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.7, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.7, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with Affiliate of the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Leap Wireless International Inc)

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Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such 44 corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.07, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.07, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VI. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Summit Securities Inc /Id/)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000. If such corporation the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federalxxx xxxxxxxxxxxx xx Xxxxxxx, statexxxxx, territorial xxxxxxxxxxx or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Boston Properties LTD Partnership

Corporate Trustee Required; Eligibility; Conflicting Interests. (a) There shall be at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Trust Indenture Act Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Celestica Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. (a) There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,00025,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, stateState, territorial Territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Lci International Inc /Va/

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 7.23, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 7.23, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VII. Neither the Company Issuer nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company Issuer shall serve as Trustee.

Appears in 1 contract

Samples: Indenture of Trust (Union Financial Services I Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus 69 Surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 6.7, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 6.7, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle VI. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 1 contract

Samples: Commercial Net Lease Realty Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1310(a) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 5.02, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Debtor agrees to deliver to the Trustee such information as the Trustee may reasonably request in order for the Trustee to provide the applicable information specified in TIA Section 310(b). If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 5.02, it shall correct such ineligibility or resign immediately in the manner and with the effect hereinafter specified in this ArticleSection 5.03. Neither the Company Debtor nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company Debtor shall serve as Trustee.

Appears in 1 contract

Samples: Section Note Agreement (Medical Capital Management Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000. If such corporation the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect 50 57 hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Bay Apartment Communities Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection , the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection , it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling, controlled by, or under common control with the Company shall serve as Trustee.

Appears in 1 contract

Samples: Oasis Residential Inc

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 5.02, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 5.02, it shall correct such ineligibility or resign immediately in the manner and with the effect hereinafter specified in this ArticleSection 5.03. Neither the Company Debtor nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company Debtor shall serve as Trustee.

Appears in 1 contract

Samples: Section Note Agreement (Medical Capital Management Inc)

Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes reports of condition at least annually, pursuant to law or the requirements of Federalfederal, state, territorial or District of Columbia supervising or examining authority, then for the purposes of this SectionSection 607, the combined capital and surplus of such 52 corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this SectionSection 607, it shall resign immediately in the manner and with the effect hereinafter specified in this ArticleArticle Six. Neither the Company nor any Person directly or indirectly controlling, controlling or controlled by, or under common control with with, the Company shall serve as Trustee.

Appears in 1 contract

Samples: Indenture (Shurgard Storage Centers Inc)

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