Property Trustee; Eligibility Clause Samples
The 'Property Trustee; Eligibility' clause defines the requirements and qualifications that an entity must meet to serve as the property trustee in a trust arrangement. Typically, this clause outlines criteria such as the trustee needing to be a financial institution with a certain minimum capital or regulatory standing, and may specify disqualifying factors like conflicts of interest or insolvency. By setting these standards, the clause ensures that the property trustee is capable, reliable, and able to fulfill its fiduciary duties, thereby protecting the interests of the trust's beneficiaries and maintaining the integrity of the trust structure.
Property Trustee; Eligibility. (a) There shall at all times be one Trustee (which may be the Delaware Trustee) which shall act as Property Trustee which shall:
(i) not be an Affiliate of the Sponsor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any State or Territory thereof or of the District of Columbia, or a corporation or other Person permitted by the Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust owners, having a combined capital and surplus of at least 50 million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, State, Territorial or District of Columbia authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then for the purposes of this Section 6.3(a)(ii), 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.
(b) If at any time the Property Trustee shall cease to be eligible to so act under Section 6.3(a), the Property Trustee shall immediately resign in the manner and with the effect set forth in Section 6.6(c).
(c) If the Property Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Property Trustee and the Holder of the Common Securities (as if it were the obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.
(d) The Guarantee shall be deemed to be specifically described in this Trust Agreement for purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act.
Property Trustee; Eligibility. There shall at all times be one Trustee (the "PROPERTY TRUSTEE") which shall act as Property Trustee and which shall:
Property Trustee; Eligibility. SECTION 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally...................... SECTION 5.5
Property Trustee; Eligibility. 34 6.4 Qualifications of Regular Trustees and Delaware Trustee Generally.......................... 35 6.5
Property Trustee; Eligibility. (a) There shall at all times for so long as this Trust Agreement is required to qualify as an indenture under the Trust Indenture Act, be one Trustee which shall act as Property Trustee (the "Property Trustee") which shall:
(i) not be an Affiliate of the Grantor; and
(ii) be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a Person permitted by the Commission to act as an institutional trustee under the Trust Indenture Act, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination by federal, state, territorial or District of Columbia authority. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority referred to above, then for the purposes of this Section 7.3(a)(ii), 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.
(b) If at any time for so long as this Trust Agreement is required to qualify as an indenture under the Trust Indenture Act, the Property Trustee shall cease to be eligible to so act