Certificates Deemed Paid Sample Clauses

Certificates Deemed Paid. Discharge of Trust Agreement. Any Certificate will be deemed paid for all purposes of this Trust Agreement when (a) payment of the principal and interest with respect to such Certificate to the due date of such principal and interest (whether at maturity, upon prepayment or otherwise) either (i) has been made in accordance with the terms of the Certificates or (ii) has been provided for by irrevocably depositing with the Trustee or other fiduciary in escrow (A) cash sufficient to make such payment or (B) Federal Securities maturing as to principal and interest in such amounts and at such times as will insure, without reinvestment, the availability of sufficient moneys to make such payment (which will be evidenced by a certificate or report, in form and substance satisfactory to the Trustee, of an Appropriate Consultant acceptable to the Trustee), and which are not subject to redemption or purchase prior to maturity at the option of anyone other than the holder, and (b) all compensation and expenses of the Trustee pertaining to each Certificate in respect of which such deposit is made have been paid or provided for to the Trustee's satisfaction. When a Certificate is deemed paid, it will no longer be secured by or entitled to the benefits of this Trust Agreement, and all rights to payment of such Certificates will be limited to payment from moneys or Federal Securities under (a)(ii) above, and except that it may be transferred, exchanged, registered or replaced as provided in Article II. Notwithstanding the foregoing, no deposit under clause (a)(ii) above will be made until the Town has furnished the Trustee an Opinion of Special Counsel to the effect that the deposit of such cash or Federal Securities will not cause the Certificates to become "arbitrage bonds" within the meaning of the Code. Also, if the Certificate is to be prepaid prior to maturity, notice of prepayment of the Certificate must be given in accordance with Article II for such deposit to be deemed a payment of such Certificate. If the Certificate is not to be paid or prepaid within the next 60 days, the Town must give the Trustee, in form satisfactory to the Trustee, irrevocable instructions (A) to provide notice, as soon as practicable, in accordance with Article II, that the deposit required by (a)(ii) above has been made with the Trustee and that the Certificate is deemed to be paid under this Article and stating the maturity or prepayment date upon which moneys are to be available for t...
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Related to Certificates Deemed Paid

  • Persons Deemed Owners of the Residual Certificates Prior to due presentation of a Residual Certificate for registration of transfer, Xxxxxx Xxx, the Trustee, the Certificate Registrar and any agent of Xxxxxx Mae or the Trustee may treat the Person in whose name the Residual Certificate is registered as the owner of the Residual Certificate for the purpose of receiving distributions, if any, pursuant hereto and for all other purposes whatsoever, and neither Xxxxxx Xxx nor the Trustee, the Certificate Registrar or any agent of Xxxxxx Mae or the Trustee shall be affected by notice to the contrary.

  • Persons Deemed Owners The registered Holder of a Note may be treated as its owner for all purposes.

  • CERTIFICATES FOR PAYMENT 9.4.1 The Architect will, within seven days after the receipt of the Contractor's completed Application for Payment, either issue a Certificate for Payment to the State, with a copy to the Contractor, for such amount as the Architect determines is properly due, or notify the Contractor in writing his or her reasons for withholding a Certificate as provided in Subparagraph 9.6.1

  • Certificates for Reimbursement A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

  • Payment Certificates 42.1 The Contractor shall submit to the Engineer monthly statements of the estimated value of the work completed less the cumulative amount certified previously.

  • Certificates Principal Life hereby agrees to deliver an Officer’s Certificate, a copy of which is attached hereto as Exhibit E, on a quarterly basis to any rating agency currently rating the Program. The Trust hereby agrees to deliver an Officer’s Certificate, a copy of which is attached hereto as Exhibit F, on a quarterly basis to any rating agency currently rating the Program.

  • Certificates Evidencing Membership (Check if Applicable) ☐ - MULTI-MEMBER: Every membership interest in the Company shall be evidenced by a Certificate of Membership issued by the Company. Each Certificate of Membership shall set forth the name of the Member holding the membership interest and the Member’s Percentage Interest held by the Member, and shall bear the following legend: “The membership interest represented by this certificate is subject to, and may not be transferred except in accordance with, the provisions of the Operating Agreement of , LLC, dated effective as of , 20 , as the same from time to time may be amended, a copy of which is on file at the principal office of the Company.”

  • Lost Certificates If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by such person of a bond in such reasonable amount as Parent may direct as indemnity against any claim that may be made against it with respect to such Certificate, the Paying Agent shall deliver in exchange for such lost, stolen or destroyed Certificate the applicable Merger Consideration with respect thereto.

  • Lost, Stolen or Destroyed Certificates In the event that any Certificates shall have been lost, stolen or destroyed, the Paying Agent shall issue in exchange for such lost, stolen or destroyed Certificates, upon the making of an affidavit of that fact by the holder thereof, the Merger Consideration payable in respect thereof pursuant to Section 2.1 hereof; provided, however, that Parent may, in its discretion and as a condition precedent to the payment of such Merger Consideration, require the owners of such lost, stolen or destroyed Certificates to deliver a bond in such sum as it may reasonably direct as indemnity against any claim that may be made against Parent, the Surviving Corporation or the Paying Agent with respect to the Certificates alleged to have been lost, stolen or destroyed.

  • Persons Deemed Owners of Rights The Corporation, the Rights Agent and any agent of the Corporation or the Rights Agent may deem and treat the Person in whose name a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever. As used in this Agreement, unless the context otherwise requires, the term “holder” of any Right shall mean the registered holder of such Right (or, prior to the Separation Time, of the associated Common Share).

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