Common use of Qualifications of Tender Agent Clause in Contracts

Qualifications of Tender Agent. (a) The Tender Agent shall be a bank or trust company duly organized under the laws of the United States of America or any state or territory thereof, having a combined capital stock, surplus and undivided profits of at least Fifty Million Dollars ($50,000,000) or that is a wholly-owned subsidiary of such a bank or trust company, and authorized by law to perform all duties imposed upon it by this Indenture and shall be rated, or its main banking affiliate or parent entity shall be rated, at least Baa3/P-3 by Moody's if the Bonds are then rated by Moody's, or has received written evidence from Moody's that the use of such Tender Agent would not result in a reduction or withdrawal of the rating on the Bonds. The Tender Agent may at any time resign and be discharged of its duties and obligations by giving at least sixty (60) days' notice to the Authority, the Trustee, the Remarketing Agent, the Bank, and the Company; provided that such resignation shall not take effect until the appointment of a successor Tender Agent, and in accordance with the provisions hereof. Upon the written approval of the Bank, the Tender Agent may be removed at any time by the Company upon written notice to the Authority, the Trustee and the Remarketing Agent; provided that such removal shall not take effect until the appointment of a successor Tender Agent, and in accordance with the provisions hereof. Successor Tender Agents may be appointed from time to time by the Company, with the prior written consent of the Bank. (b) Upon the resignation or removal of the Tender Agent, the Tender Agent shall deliver any Bonds and moneys held by it in such capacity to its successor. (c) The Tender Agent shall be entitled to the same rights and immunities provided to the Trustee under this Article IX.

Qualifications of Tender Agent. (a) The Tender Agent shall be a bank with trust powers or trust company duly organized under the laws of the United States of America or any state or territory thereof, having a combined capital stock, surplus and undivided profits of at least Fifty Million Dollars ($50,000,000) or that is a wholly-owned subsidiary of such a bank or trust company, and authorized by law to perform all duties imposed upon it by this Indenture and shall be rated, or its main banking affiliate or parent entity shall be rated, rated at least Baa3/P-3 by Moody's if the Bonds are then rated by Moody's, or has received written evidence from Moody's that the use of such Tender Agent would not result in a reduction or withdrawal of the rating on the Bonds. The Tender Agent may at any time resign and be discharged of its duties and obligations by giving at least sixty (60) days' written notice to the AuthorityBoard, the Trustee, the Remarketing Agent, the Bank, and the Company; provided that such resignation shall not take effect until the appointment of a successor Tender Agent, Agent is appointed and in accordance with the provisions hereofaccepts such appointment. Upon the written approval of the Bank, the Tender Agent may be removed at any time by the Company upon written notice to the AuthorityBoard, the Trustee and the Remarketing Agent; provided that such removal shall not take effect until the appointment of a successor Tender Agent, and in accordance with the provisions hereof. Successor Tender Agents may be appointed from time to time by the Company, with the prior written consent of the Bank. (b) Upon the resignation or removal of the Tender Agent, the Tender Agent shall deliver any Bonds and moneys held by it in such capacity to its successor. (c) The Tender Agent shall be entitled to have the same rights and immunities provided granted to the Trustee under this Article IXhereunder.

Qualifications of Tender Agent. (a) The Tender Agent shall be a bank or trust company duly organized under the laws of the United States of America or any state or territory thereof, having a combined capital stock, surplus and undivided profits of at least Fifty Million Dollars ($50,000,000) or that is a wholly-owned subsidiary of such a bank or trust company, and authorized by law to perform all duties imposed upon it by this Indenture and shall be rated, or its main banking affiliate or parent entity shall be rated, rated at least Baa3/P-3 by Moody's if the Bonds are B▇▇▇▇ ▇▇e then rated by Moody's, or has received ▇▇▇▇▇▇ed written evidence from Moody's that the use of ▇▇▇ ▇▇ such Tender Agent would not result in a reduction or withdrawal of the rating on the Bonds. The Tender Agent may at any time resign and be discharged of its duties and obligations by giving at least sixty (60) days' written notice to the Authority, the Trustee, the Remarketing Agent, the Bank, and the Company; provided that such resignation shall not take effect until the appointment of a successor Tender Agent, and in accordance with the provisions hereof. Upon the written approval of the Bank, the Tender Agent may be removed at any time by the Company upon written notice to the Authority, the Trustee and the Remarketing Agent; provided that such removal shall not take effect until the appointment of a successor Tender Agent, and in accordance with the provisions hereof. Successor Tender Agents may be appointed from time to time by the Company, with the prior written consent of the Bank. (b) Upon the resignation or removal of the Tender Agent, the Tender Agent shall deliver any Bonds and moneys held by it in such capacity to its successor. (c) The Tender Agent shall be entitled to have the same rights and immunities provided granted to the Trustee under this Article IXhereunder.