Payment Set Aside in Trust. (1) The Company shall be entitled to set aside in trust any moneys to be applied to the payment of the principal of the Debentures with the Bank to be paid to the Holder of this Debenture upon due presentment and surrender thereof in accordance with the provisions of this Debenture. (2) Upon the Company, pursuant to this Section 7.2, setting aside in trust any moneys to be applied to the payment of the principal of the Debentures, the principal represented by each Debentures in respect of which such moneys have been so set aside shall be deemed to have been paid and the Holder thereof shall thereafter have no right in respect thereof except that of receiving payment in accordance with subsection 7.2(1) of the moneys so set aside by the Company (without interest on such monies), upon due presentment and surrender hereof, subject always to the provisions of Section 7.3.
Appears in 4 contracts
Samples: Subscription Agreement (Newgioco Group, Inc.), Subscription Agreement (Newgioco Group, Inc.), Subscription Agreement (Newgioco Group, Inc.)
