Eligibility of Remarketing Agent; Replacement Sample Clauses

Eligibility of Remarketing Agent; Replacement. There shall be no Remarketing Agent on the Effective Date. At any time the Bonds commence bearing interest at a Weekly Mode or a Flexible Mode, the Borrower shall appoint a Remarketing Agent, with the consent of the L/C Bank. Any Remarketing Agent must be an institution rated (or affiliated with an institution rated) at least "Baa3" by Moody's (or Moody's shall have provided written evidence that such successor Remarketing Agent is otherwise acceptable to Moody's) if the Bonds are then rated by Moody's, and at least "BBB-" or "A-3" by S&P (or S&P shall have provided written evidence that such successor Remarketing Agent is otherwise acceptable to S&P) if the Bonds are then rated by S&P, and authorized by law to perform all the duties imposed upon it by this Agreement. The Remarketing Agent may at any time resign from its duties under this Agreement by giving at least 30 days' written notice to the Issuer, the Borrower, the L/C Bank, the Confirming Bank and the Trustee. The Trustee shall mail a copy of such notice by certified mail to each of the Bondholders. A Remarketing Agent may be removed at any time by the Issuer, at the direction of the Borrower, with the written consent of the L/C Bank, by an instrument signed by the Borrower and filed at least 30 days prior to such removal with the Remarketing Agent, the Confirming Bank and the Trustee. If the Remarketing Agent resigns or is removed, the Borrower, with the consent of the L/C Bank, shall appoint a successor Remarketing Agent. No removal or resignation hereunder shall become effective prior to the acceptance of appointment of a successor Remarketing Agent hereunder. The Trustee shall provide prompt written notice of the appointment of a successor Remarketing Agent to the Bondholders. Notwithstanding the foregoing, all rights and obligations of the Remarketing Agent under this Agreement and the Remarketing Agreement may be transferred at any time from the Remarketing Agent to an affiliated entity upon prior written notice by the Remarketing Agent to the Issuer, the Borrower, the Trustee, the Confirming Bank and the L/C Bank, which transfer shall be effective without any prior or further notices, consents or approvals with respect thereto.
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Eligibility of Remarketing Agent; Replacement. (a) Any Remarketing Agent shall be a bank, trust company or member of the Financial Industry Regulatory Authority (“FINRA”) organized and doing business under the laws of the United States or any state or the District of Columbia.
Sample 1
Eligibility of Remarketing Agent; Replacement. The Remarketing Agent will be (i) a member of the National Association of Securities Dealers, Inc. having excess net capital (as defined in Rule 15c3-1 of the Securities Exchange Act of 1934, as amended) of at least $25,000,000 or, in the alternative, a national banking association having a combined capital stock, surplus and undivided profits of at least $100,000,000, (ii) a participant of the Securities Depository (but only if DTC is Securities Depository hereunder), and (iii) if the Series B Notes are rated by a Rating Agency, rated at least Baa3/P-3 or otherwise be acceptable to the Rating Agency. NationsBank, N.A. (Carolinas) is hereby appointed as the initial Remarketing Agent and is herein referred to as the "Remarketing Agent." Any Remarketing Agent shall accept its appointment hereunder in writing. The Remarketing Agent may resign by notifying the Borrower, the Trustee, the Paying Agent and the Bank at least 45 days before the effective date of the resignation. The Borrower may at any time remove the Remarketing Agent and appoint a successor by notifying the Remarketing Agent, the Bank, the Paying Agent and the Trustee at least 60 days prior to the effective date of such removal. Upon the receipt or giving, as the case may be, of notice of the resignation or the removal of the Remarketing Agent, the Borrower shall appoint a successor by notifying the Remarketing Agent, the Bank, the Paying Agent and the Trustee. If the Remarketing Agent gives notice of its resignation or notice is given of its removal pursuant to the terms of this Agreement and, after 45 days in the case of notice of resignation or 60 days in the case of notice of removal, the Borrower has failed to appoint a successor in accordance with the terms of this Agreement, such resignation or removal shall take effect immediately and, as provided in Section 3.08(a)(iii), the Series B Notes shall not be remarketed until a successor Remarketing Agent has delivered an acceptance of its appointment to the Trustee. Notwithstanding the foregoing, with the consent of the Borrower and with prior written notice to (but without the consent of) , the Trustee, the Bank, the Paying Agent and
Sample 1
Eligibility of Remarketing Agent; Replacement. The initial ------------ --------------------------------------------- Remarketing Agent shall be The First National Bank of Maryland. Any successor Remarketing Agent shall be a bank, trust company or member of the National Association of Securities Dealers, Inc. acceptable to the Letter of Credit Issuer (in writing) organized and doing business under the laws of the United States or any state or the District of Columbia and having a capitalization of at least $250,000,000 as shown in its most recent published annual report. Any successor Remarketing Agent must be an institution rated at least "Baa3/P-3" by Moody's (or Moody's shall have provided written evidence that such successor Remarketing Agent is otherwise acceptable to Moody's) if the Bonds are then rated by Moody's, and at least "BBB-" or "A-3" by S&P (or S&P shall have provided written evidence that such successor Remarketing Agent is otherwise acceptable to S&P) if the Bonds are then rated by S&P, and authorized by law to perform all the duties imposed upon it as Remarketing Agent by this Indenture. The Remarketing Agent may resign in accordance with the provisions for resignation, removal and substitution set forth in the Remarketing Agreement. Any such resignation or removal shall only become effective upon appointment of and acceptance by a successor remarketing agent.
Sample 1
Eligibility of Remarketing Agent; Replacement. (A) Any Remarketing Agent shall be (i) an investment bank that is a member of the Financial Industry Regulatory Authority having a capitalization of at least $20,000,000 as shown in the most recent annual report of the Remarketing Agent or its parent or (ii) a commercial bank or trust company having a capitalization of at least $100,000,000 as shown in its (or its parent’s) most recent published annual report, organized and doing business under the laws of the United States or any state or the District of Columbia. The initial Remarketing Agent shall be U.S. Bancorp Investments, Inc.
Sample 1

Related to Eligibility of Remarketing Agent; Replacement

  • Eligibility of Asset Representations Reviewer Xxxxxxx represents and warrants to the Issuer and the Sponsor that it is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will notify the Issuer, the Sponsor and the Servicer promptly if it is not, or on the occurrence of any action that would result in it not being, an Eligible Asset Representations Reviewer.

  • Eligibility of Trustee There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person 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.

  • Servicer Termination Event For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

  • Servicer Termination (a) Following the occurrence of any of the events set forth in Section 19.2.1, the Trustee may elect, at its reasonable discretion, to terminate the Servicer under this Agreement with respect to the Mortgage Loans. The Trustee shall provide a written termination notice to the Servicer.

  • Eligibility Requirements for Asset Representations Reviewer The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Receivables prior to the Closing Date.

  • Servicer Termination Events The following events will each be a “Servicer Termination Event”:

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