Persons Eligible for Appointment as Security Agent Sample Clauses

Persons Eligible for Appointment as Security Agent. There shall at all times be a Security Agent hereunder, which shall be a corporation having a combined capital and surplus of at least one hundred million dollars ($100,000,000), and which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 8.1, 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. In case at any time the Security Agent shall cease to be eligible in accordance with the provisions of this Section 8.1, the Security Agent shall resign immediately in the manner and with the effect specified in Section 9 (Resignation and Removal; Appointment of Successor Security Agent) of this Schedule V below.