The Initial Certificate Sample Clauses
The Initial Certificate clause defines the process and requirements for issuing the first formal certificate that acknowledges a specific milestone or completion of work under a contract. Typically, this certificate is issued by a designated authority, such as an architect or engineer, after verifying that the initial phase of work meets the agreed standards and specifications. This clause ensures that both parties have a clear, documented starting point for subsequent payments or obligations, thereby reducing disputes and providing a structured framework for project progression.
The Initial Certificate. The Certificates shall be issued in minimum denominations of a Percentage Interest of 5.0000% and integral multiples of 5.0000% in excess thereof. The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee and authenticated in the manner provided in Section 3.03. Any Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the date of authentication and delivery of such Certificate. A Person or a transferee shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon such Person’s or transferee’s acceptance of a Certificate duly registered in such Person’s or transferee’s name, pursuant to and upon satisfaction of the conditions set forth in Section 3.04.
The Initial Certificate. 7 3.03 AUTHENTICATION OF CERTIFICATE..............................7