Common use of Market Agent Clause in Contracts

Market Agent. The Market Agents shall be designated in the Market Agent Agreements and shall serve as such under the terms and provisions hereof and of the Market Agent Agreement. Each Market Agent, including any successor appointed pursuant hereto, shall be a member of the National Association of Securities Dealers, Inc. having capitalization of at least $25,000,000, and be authorized by law to perform all the duties imposed upon it by this Indenture and the respective Market Agent Agreement. The Market Agents may be removed at any time by the Trustee, acting at the direction of (a) the Administrator, or (b) the holders of 66-2/3% of the aggregate principal amount of the Auction Rate Notes, provided that such removal shall not take effect until the appointment of a successor Market Agent. Either Market Agent may resign upon 30 days' written notice delivered to the Issuer and the Trustee. The Administrator shall use its best efforts to appoint a successor Market Agent that is a qualified institution, effective as of the effectiveness of any such resignation or removal. The Trustee shall not be liable in any way for any action taken, suffered, or omitted, or for any error of judgment made by the Market Agent, whether in the performance of its duties under the Market Agent Agreement or otherwise.