Common use of Qualifications of Tender Agent Clause in Contracts

Qualifications of Tender Agent. The Tender Agent shall be an entity which is authorized by law to perform all the duties imposed upon it by this Indenture. The Tender Agent may at any time resign and be discharged of the duties and obligations created by this Indenture by giving at least sixty (60) days’ notice to the Issuer, the Bank, the Borrower, and the Trustee. The Tender Agent may be removed at any time, at the direction of the Borrower, with the prior written consent of the Bank, by an instrument, signed by the Issuer, filed with the Tender Agent, the Bank, the Remarketing Agent and the Trustee. In the event of the resignation or removal of the Tender Agent, the Tender Agent shall pay over, assign and deliver any moneys and Bonds held by it in such capacity to its successor or, if there be no successor, to the Trustee. In the event that the Issuer shall fail to appoint a Tender Agent hereunder, or in the event that the Tender Agent shall resign or be removed, or be dissolved, or if the property or affairs of the Tender Agent shall be taken under the control of any state or Federal court or administrative body because of bankruptcy or insolvency, or for any other reason, and the Issuer shall not have appointed its successor as Tender Agent, the Borrower, with the consent of the Bank shall appoint a successor Tender Agent and until a successor Tender Agent is appointed the Trustee but only upon its receipt of actual notice of such resignation, removal or dissolution shall ipso facto be deemed to be the Tender Agent for all purposes of this Indenture.