Non-Presentment of Certificates Sample Clauses

The Non-Presentment of Certificates clause establishes the consequences and procedures if required certificates, such as stock or bond certificates, are not physically presented when necessary. In practice, this clause may specify that payment, transfer, or other actions can be delayed or withheld until the original certificates are provided, or it may outline alternative steps if the certificates are lost or unavailable. Its core function is to protect parties from unauthorized transfers or payments and to ensure that proper documentation is provided before completing important transactions.
Non-Presentment of Certificates. In the event any Certificate shall not be presented for payment when the principal with respect thereto becomes due, either at maturity, or at the date fixed for prepayment thereof, if moneys sufficient to pay such Certificate shall have been deposited in the Prepayment Fund or Lease Payment Fund, as applicable, all liability of the City and the Trustee to the Owner thereof for payment of such Certificate shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneys, without liability for interest thereon, for the benefit of the Owner of such Certificate who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature on his or her part under this Trust Agreement or on, or with respect to, said Certificate. Any moneys so deposited with and held by the Trustee not so applied to the payment of Certificates within two (2) years after the date on which the same shall have become due shall be paid by the Trustee to the City, free from the trusts created by this Trust Agreement. Prior to forwarding any such moneys to the City, the Trustee may publish notice of its intention to transfer such funds in The Bond Buyer or another financial newspaper of general circulation in New York, New York. In addition, Trustee shall be indemnified from and against any and all liabilities to third parties resulting from its actions under this Section. Thereafter, Owners shall be entitled to look only to the City for payment, and then only to the extent of the amount so repaid by the Trustee. The City shall not be liable for any interest on the sums paid to it pursuant to this section and shall not be regarded as a trustee or trustees of such money.
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Non-Presentment of Certificates. In the event that any Certificates shall not be presented for payment when the principal or Prepayment Price evidenced and represented thereby becomes due, either at a Principal Payment Date, Prepayment Date or otherwise, if moneys sufficient to pay such principal or Prepayment Price shall have been deposited in the Principal Account or the Prepayment Account, as applicable, all liability of the Fiscal Agent and the State to the Owner thereof for payment with respect to such Certificate shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Fiscal Agent to hold such moneys (subject to Section 10.03 hereof), without liability for interest thereon, for the benefit of the Owner of such Certificate who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature on his or her part hereunder or on or with respect to such Certificate.
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Non-Presentment of Certificates. In the event that any Certificates shall not be presented for payment when the principal or Prepayment Price evidenced and represented thereby becomes due, either at a Principal Payment Date, Prepayment Date or otherwise, if money sufficient to pay such principal or Prepayment Price shall have been deposited in the Certificate Fund, as applicable, all liability of the Trustee and the State to the Owner thereof for payment with respect to such Certificate shall cease and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such money, subject to Section 10.02, without liability for interest thereon, for the benefit of the Owner of such Certificate who shall thereafter be restricted exclusively to such money. Repayment to State Treasurer. When there are no longer any Certificates Outstanding, and all fees and expenses of the Trustee have been paid or provided for, the Trustee shall pay to the State Treasurer any amounts remaining in the Certificate Fund.
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Non-Presentment of Certificates. (a) If any Certificate is not presented for payment when the principal with respect to the same becomes due (whether at maturity, upon acceleration or call for prepayment or otherwise), all liability to the Owner thereof for the payment of such Certificate will be completely discharged if funds sufficient to pay such Certificate and the premium, if any, and interest due with respect thereto are held by the Trustee for such Owner's benefit, and thereupon it will be the Trustee's duty to hold such funds subject to subsection (b) below, without liability for interest thereon, for the benefit of such Owner, who will thereafter be restricted exclusively to such funds for any claim of whatever nature under this Trust Agreement with respect to such Certificate. (b) Notwithstanding any provision of this Trust Agreement to the contrary, the Trustee will dispose of moneys held by it for the payment of principal, premium, if any, or interest with respect to Certificates left unclaimed for five years after the date the principal with respect to the same becomes due in accordance with N.C. Gen. Stat. Sec. 116B-51 or any successor provision. The Owners of such Certificates will thereafter be entitled to look only to their remedies under N.C. Gen. Stat. Chapter 116B or any successor provision, and all liability of the Town and the Trustee with respect to such moneys will cease.
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Non-Presentment of Certificates. If any Certificate is not presented for payment when the principal thereof becomes due at maturity and if moneys sufficient to pay such Certificate shall have been made available to the Trustee for the benefit of the Certificate Holder thereof, it shall be the duty of the Trustee to hold such moneys for a period of three (3) years (or such earlier or later date then specified under applicable law) after the due date of such principal, without liability to any person for interest thereon, for the benefit of such Certificate Holder, who shall thereafter be restricted exclusively to such moneys for any claim of whatever nature on its part under this Trust Agreement or on, or with respect to, such Certificate. After three (3) years (or such earlier or later date then specified under applicable law) from the due date of such principal, the Trustee shall remit such moneys to the State.
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Related to Non-Presentment of Certificates

  • Surrender of Certificates At or promptly after the Effective Time, Parent shall make available to Equiserve L.P., or a bank reasonably acceptable to the Company (the "Exchange Agent"), in trust for the benefit of the holders of shares of Company Common Stock for exchange in accordance with this Article II, (i) cash in an amount sufficient to pay cash in lieu of fractional shares pursuant to Section 2.3, and (ii) certificates representing the aggregate number of shares of Parent Common Stock issuable pursuant to Section 2.1 hereof. Promptly after the Effective Time, the Exchange Agent shall mail to each holder of record of a Certificate or Certificates a letter of transmittal (which shall specify that delivery shall be effected, and risk of loss and title to the Certificates shall pass, only upon proper delivery of the Certificates to the Exchange Agent) and instructions for use in effecting the surrender of the Certificates in exchange for certificates representing Parent Common Stock and cash in lieu of fractional shares, if applicable. Upon surrender of a Certificate or Certificates to the Exchange Agent, together with such letter of transmittal, duly executed, the holder of such Certificate shall be entitled to receive in exchange therefor the Merger Consideration for each share of Company Common Stock formerly represented by such Certificate or Certificates, and the Certificate(s) so surrendered shall forthwith be canceled. Until surrendered as contemplated by this Article II, from and after the Effective Time each Certificate shall be deemed to represent only the right to receive the Merger Consideration (and cash in lieu of any fractional share as contemplated by Section 2.3) for each share of Company Common Stock formerly represented by such Certificate, and shall not evidence any interest in, or any right to exercise the rights of a stockholder of, Parent. If a certificate representing Parent Common Stock is to be issued or a cash payment in lieu of fractional share interests is to be made to a person other than the one in whose name the Certificate surrendered in exchange therefor is registered, it shall be a condition to such issuance or payment that such Certificate be properly endorsed (or accompanied by an appropriate instrument of transfer) and accompanied by evidence that any applicable stock transfer taxes have been paid or provided for.

  • Replacement of Certificates If (i) any Certificate is mutilated and is surrendered to the Trustee or any Authenticating Agent or (ii) the Trustee or any Authenticating Agent receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and there is delivered to the Trustee or the Authenticating Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Depositor and any Authenticating Agent that such destroyed, lost or stolen Certificate has been acquired by a bona fide purchaser, the Trustee shall execute and the Trustee or any Authenticating Agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and Certificate Principal Amount. Upon the issuance of any new Certificate under this Section 3.05, the Trustee and Authenticating Agent may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee or the Authenticating Agent) connected therewith. Any replacement Certificate issued pursuant to this Section 3.05 shall constitute complete and indefeasible evidence of ownership in the applicable Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

  • Filing of Certificates J. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ is hereby designated an “authorized person” within the meaning of the Act, and shall execute, deliver and file the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized person” shall cease, and the Member shall thereupon become the designated “authorized person” within the meaning of the Act.

  • Designation of Certificates Designation of Startup Day and Latest Possible Maturity Date................................ Section 2.06 Optional Substitution of Mortgage Loans...........................

  • Transfer of Certificates In the event any Certificateholder shall wish to transfer such Certificate, the Depositor shall provide to such Certificateholder and any prospective transferee designated by such Certificateholder information regarding the Certificates and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act, pursuant to the exemption from registration provided by Rule 144A.