Common use of ELIGIBILITY AND DISQUALIFICATION Clause in Contracts

ELIGIBILITY AND DISQUALIFICATION. This Trust Deed shall always have a Note Trustee which shall be eligible to act as Note Trustee under Trust Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. If the Note Trustee has or shall acquire any "CONFLICTING INTEREST" within (1) are met. If at any time the Note Trustee shall cease to be eligible in accordance with the provisions of this Clause 14.2 (Eligibility and Disqualification), the Note Trustee shall resign promptly in the manner and with the effect specified in Clause 14.5 (Retirement or Removal of Note Trustee).

Appears in 1 contract

Sources: Issuer Trust Deed (Granite Mortgages 02-2 PLC)

ELIGIBILITY AND DISQUALIFICATION. This Trust Deed shall always have a Note Trustee which shall be eligible to act as Note Trustee under Trust Indenture Act Sections 310(a)(1) and 310(a)(2). The Note Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. If the Note Trustee has or shall acquire any "CONFLICTING INTEREST" withinconflicting interest" (1) are met. If at any time the Note Trustee shall cease to be eligible in accordance with the provisions of this Clause 14.2 (Eligibility and Disqualification)21.1, the Note Trustee shall resign promptly in the manner and with the effect specified in Clause 14.5 (Retirement or Removal of Note Trustee)22.

Appears in 1 contract

Sources: Trust Deed (HOLMES FINANCING (No. 9) PLC)