Issuance of MCC Clause Samples

The 'Issuance of MCC' clause defines the process and conditions under which a Main Completion Certificate (MCC) is granted for a project or specific works. Typically, this clause outlines the requirements that must be met before the MCC can be issued, such as completion of construction, passing inspections, or fulfilling contractual obligations. For example, it may specify that all safety systems must be operational and documentation submitted before the certificate is awarded. The core function of this clause is to formally recognize that a significant milestone—usually the completion of major works—has been achieved, thereby triggering subsequent contractual rights or obligations, such as final payments or the start of warranty periods.
Issuance of MCC. (a) Within fifteen (15) days after the respective Closing Date the Lender shall deliver to the Administrator, with respect to each Loan for which an MCC is to be issued, the Submission Package. Upon the submission of the Submission Package to the Administrator, the Lender shall submit to the Administrator all additional documents required by the Administrator. The Lender shall pay all costs of preparing and furnishing to the Administrator the Submission Package including original and certified copies of the respective documents and instruments described in the Exhibits hereto, and may recover such costs from the Applicant or the Seller to the extent permitted by Section 3.03(c) hereof. (b) The Administrator shall review such documents with respect to each MCC and shall approve or disapprove such Loan for issuance of an MCC. For any Loan with respect to which the Submission Package is deemed to be defective, or for any Applicant that is otherwise not eligible for issuance of an MCC in accordance with the terms of the Code and the Program Documents, the Administrator may return the Submission Package, with all documents submitted in accordance with this Section 3.05, to the Lender to be cured, if possible, or the Administrator, in its sole discretion, may hold such Submission Package pending correction of the defect as specified in a notice or other communication to the Lender. In order for an MCC to be issued hereunder, such Submission Package must be resubmitted in accordance with the procedures of this Section 3.05. The examination of a Submission Package by the Administrator hereunder shall not constitute a waiver of any warranty, representation, or covenant by the Lender, the Applicant, or any other party connected with the MCC, with respect to such MCC. (c) For each Submission Package submitted by a Lender that is in compliance with all of the terms and conditions of this Agreement, for which the Submission Package has been prepared and presented to the Administrator in the form and manner required by this Section 3.05, for which sufficient MCC authority is available, and for which all of the other conditions hereof have been satisfied, the Administrator shall issue an MCC in accordance with the Program Manual. (d) Each Lender shall also provide to the Corporation or the Administrator such other reports or information regarding the Loans made in connection with the issuance of an MCC or the Applicants by such Lender as may be reasonably requested by an...
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Issuance of MCC. The MCC shall be issued to the Eligible Borrowers by either a Participating MCC Lender or the Authority.
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Related to Issuance of MCC

  • Issuance of ADSs The Depositary has made arrangements with the Custodian for the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’ register maintained by or on behalf of the Company by the Share Registrar or on the books of the applicable book-entry settlement entity, (iii) that all required documents have been received, and (iv) the person(s) to whom or upon whose order ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the person making the deposit, by facsimile or other means of electronic transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon the order of the person(s) named in the notice delivered to the Depositary and, if applicable, shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by such person(s) and evidencing the aggregate number of ADSs to which such person(s) is/are entitled, but, in each case, only upon payment to the Depositary of the charges of the Depositary for accepting a deposit of Shares and issuing ADSs (as set forth in Section 5.9 and Exhibit B hereto) and all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs.

  • Issuance of Bonds Subject to the satisfaction of and compliance with all of the provisions, covenants and requirements of this Agreement, in order to provide funds for the payment of the Project Costs, the Issuer has authorized the issuance and delivery of the Bonds to the Initial Purchaser in accordance with the Indenture.

  • Issuance of the Shares The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.

  • Issuance of Notes The Owner Trustee is hereby authorized and directed on behalf of the Trust to execute, issue and deliver the Notes pursuant to the Indenture.

  • Issuance of Note Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, a Note in the principal amount set forth opposite such Investor’s name on the signature page hereto.