Common use of Eligibility Requirements for the Trustee Clause in Contracts

Eligibility Requirements for the Trustee. The Trustee shall at all times: (a) be a corporation or a banking association organized under the laws of the United States of America or any state thereof; (b) have its principal place of business in the State of Delaware; provided, however, that this clause (b) shall be inapplicable if another trustee or co-trustee of MART having its principal place of business in Delaware shall have been appointed; (c) be authorized to exercise corporate trust powers; (d) be qualified to act as the trustee in those states in which an Authorized Officer has notified the Trustee in writing that the MART Assets are located (or have appointed a co-trustee or separate trustee to act as the trustee in such state); and (e) have, or be a wholly owned subsidiary of an entity which has, a combined capital and surplus of not less than $50,000,000.

Eligibility Requirements for the Trustee. The Trustee shall at all times: (a) be a corporation or a banking association organized under the laws of the United States of America or any state thereof; (b) have its principal place of business in the State of Delaware; provided, however, that this clause (b) shall be inapplicable if another trustee or co-trustee of MART II having its principal place of business in Delaware shall have been appointed; (c) be authorized to exercise corporate trust powers; (d) be qualified to act as the trustee in those states in which an Authorized Officer has notified the Trustee in writing that the MART II Assets are located (or have appointed a co-trustee or separate trustee to act as the trustee in such state); and (e) have, or be a wholly owned subsidiary of an entity which has, a combined capital and surplus of not less than $50,000,000.

Eligibility Requirements for the Trustee. The Trustee shall at all times: (a) be a corporation or a banking association organized under the laws of the United States of America or any state thereof; (b) have its principal place of business in the State of Delaware; provided, however, that this clause (b) shall be inapplicable if another trustee or co-co- trustee of MART having its principal place of business in Delaware shall have been appointed; (c) be authorized to exercise corporate trust powers; (d) be qualified to act as the trustee in those states in which an Authorized Officer has notified the Trustee in writing that the MART Assets are located (or have appointed a co-trustee or separate trustee to act as the trustee in such state); and (e) have, or be a wholly owned subsidiary of an entity which has, a combined capital and surplus of not less than $50,000,000.