Qualification To Serve. (a) There shall be a single Trustee of the Trust. The Trustee shall be a bank organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers (including, but not limited to, in the State of Texas), having a combined capital and surplus of at least $100,000,000, and subject to supervision and examination by a federal or state authority. Additionally, the Trustee shall also be a major financial institution which, when taken as a whole with its affiliates (together, “Trustee Bank”) has a long-term debt rating of A or better or its equivalent by Xxxxx’x, Standard and Poor's and Fitch at appointment and which Trustee Bank meets the following requirements established in connection with the Plan: such financial institution (i) reports on its TA-2 Report to the Office of the Controller of the Currency or the equivalent regulatory report for state banks that it has approximately a total of $500 billion dollars of corporate debt for which it acts as Trustee, (ii) has a dedicated corporate and institutional trust business line with a staff trained and specializing in corporate trust administration of at least 50 professionals, (iii) the ability to perform all of the required services of both the Trustee and the Paying Agent within the institution with the assistance of its affiliates (and without contracting non-affiliates), (iv) has a national branch system that will allow claimants to cash their checks at any branch across the United States (without the need for a bank account), (v) is part of an international correspondent banking network which offers services in most foreign currencies and in most countries necessary for foreign payments, (vi) has demonstrated experience in handling bankruptcy claims payment or similar payments and processing in substantially similar matters and (vii) has experience in safekeeping, book-entry, investment on a large scale and performs its own settlement and custody functions. The Trustee may not assign its rights or obligations hereunder.
Qualification To Serve. The Trustee hereby accepts the nomination and appointment to serve as trustee and agrees to act in accordance with the terms of this Trust Agreement. The Trustee is, and shall continue to be, a bank organized and doing business under the laws of the United States of America or under the laws of any state thereof, authorized under such laws to exercise corporate trust powers, with a combined capital and surplus of at least $100,000,000. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 3.1, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 3. There shall at all times only be a single trustee of the Trust. The Trustee shall act in accordance with the terms of this Trust Agreement and upon the direction of the Court. The Trustee may not assign its rights or obligations hereunder without the prior written consent of the Settlor, Class Counsel and the Court, provided, however, that the merger or consolidation, or other assumption of assets and liabilities of, the Trustee with or by another bank otherwise qualifying hereunder with such bank being the legal successor to the Trustee shall not be deemed an assignment and shall not require the consent of the Settlor or the Court.
Qualification To Serve. There shall be one Escrow Agent maintaining the Escrow Fund. The Escrow Agent shall be a major money center bank organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to maintain escrow accounts, having a combined capital and surplus of at least $500,000,000, and subject to supervision and examination by a federal or state authority.
