Section 4C Certificate Sample Clauses

Section 4C Certificate. As set out in the opening part of this paper, one important aim of the 2019 amendments is to prevent debtors entering a debt agreement which requires payments beyond their capacity to pay. This is complicated by the fact that the legislation sets out to cater for persons who are or are not home-owners, and are of various income groups. Subsection 185C (4) (e) sets out a formula designed to ensure a debtor is not over- committed. The formula is: Total of the payments that the debtor Low income debtor amount would be required to make under the + (see subsection (5)) debt agreement The debtors after tax income (see subsection (5) in the year beginning at the proposal time. Subsection 185C (4B) provides that the Minister may, by legislative instrument, determine a percentage for the result of this calculation (which may exceed 100%), and a low income debtor amount. At the time of writing (June 2020) the Minister has not determined a percentage or an amount. This means that at the present time this particular test cannot be applied to a debt agreement proposal. The 2019 amendments also recognize that in some exceptional cases there may be a reason why a person whose income is low can usefully go into a debt agreement requiring substantial payments. One example may be a debtor who has a partner or parent who is willing to assist them make payments. Subsection 185C (4C) provides that a proposed administrator can give a debtor a certificate signed by the proposed administrator saying that in the circumstances the proposed administrator is satisfied the debtor is likely to be able to pay in accordance with the agreement. As these arrangements are novel, and rather complicated, it may be useful to set out the three categories established by the Act as follows: A. Homeowners within the meaning of 185C (2AB) can enter a debt agreement with payments extending over a period up to five years: s. 185C (2AA) (b). X. Xxxxxxx who are not homeowners, but who have income sufficient to meet the payments (and qualify under the formula when the Minister sets the figures) can enter a debt agreement for a period up to three years: s. 185C (2AA) (a). X. Xxxxxxx who are not homeowners, and who do not have sufficient income to meet the payments, can enter a debt agreement for a period up to three years if they have a certificate under subsection 185C (4C).
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Related to Section 4C Certificate

  • Single Certificate A Single Certificate for the Class A-1 Certificates represents a $25,000 Denomination. A Single Certificate for the Class B-1, Class B-2 and Class B-3 Certificates represents a $100,000 Denomination. A Single Certificate for the Class B-4, Class B-5 and Class B-6 Certificates represents a $250,000 Denomination. A Single Certificate for the Class A-R Certificate represents a $100 Denomination.

  • Beneficial Ownership Certificate As of the Closing Date, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

  • CFO Certificate On the Closing Date and/or the Option Closing Date, the Representative shall have received a written certificate executed by the Chief Financial Officer of the Company, dated as of such date, on behalf of the Company, with respect to certain financial data contained in the Registration Statement, Disclosure Package and the Prospectus, providing “management comfort” with respect to such information, in form and substance reasonably satisfactory to the Underwriters.

  • Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments, including the certificate of incorporation of each Loan Party that is a corporation certified by the relevant authority of the jurisdiction of organization of such Loan Party, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization.

  • Closing Certificates; Certified Certificate of Incorporation; Good Standing Certificates The Administrative Agent shall have received (i) a certificate of each Loan Party, dated the Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its Board of Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the Financial Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which it is a party, and (C) contain appropriate attachments, including the certificate or articles of incorporation or organization of each Loan Party certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its by-laws or operating, management or partnership agreement, and (ii) a long form good standing certificate for each Loan Party from its jurisdiction of organization.

  • Initial Certificate Ownership Since the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5, the Depositor has been the sole Certificateholder.

  • Annual Certificate The Custodian shall have received the initial or annual certificate, as the case may be, required by Article 13 hereof; 6)

  • Membership Certificates This LLC shall be authorized to obtain and issue certificates representing or certifying membership interests in this LLC. Each certificate shall show the name of the LLC, the name of the member, and state that the person named is a member of the LLC and is entitled to all the rights granted members of the LLC under the Articles of Organization, Certificate of Formation or a similar organizational document, this operating agreement and provisions of law. Each membership certificate shall be consecutively numbered and signed by one or more officers of this LLC. The certificates shall include any additional information considered appropriate for inclusion by the members on membership certificates. In addition to the above information, all membership certificates shall bear a prominent legend on their face or reverse side stating, summarizing or referring to any transfer restrictions that apply to memberships in this LLC under the Articles of Organization, Certificate of Formation or a similar organizational document and/or this operating agreement, and the address where a member may obtain a copy of these restrictions upon request from this LLC. The records book of this LLC shall contain a list of the names and addresses of all persons to whom certificates have been issued, show the date of issuance of each certificate, and record the date of all cancellations or transfers of membership certificates.

  • Class PO Certificates Private Certificates..................................... Class P, Class B-4, Class B-5 and Class B-6 Certificates. Rating Agencies.......................................... Fitch and S&P. Regular Certificates..................................... All Classes of Certificates other than the Class A-R Certificates. Residual Certificate..................................... Class A-R Certificates.

  • Closing Certificate The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions and attachments.

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