ISSUANCE AND TERMS OF CAPITAL CERTIFICATES Sample Clauses

ISSUANCE AND TERMS OF CAPITAL CERTIFICATES. To evidence capital funds provided by members, the Cooperative shall issue capital certificates upon full payment of its purchase price in the amount of one- thousand dollars and no cents ($1,000.00). After the initial goal of three million and no cents ($3,000,000) worth of contributions are acquired and six million (6,000,000) units of interest are sold, the purchase price of capital certificates shall be set by reference to the current and prospective capital needs of the Cooperative as determined by the Board. All capital certificates shall be non- transferable and may not be pledged or hypothecated. Capital certificates shall be signed personally or by facsimile by the President and the Secretary and shall be numbered and recorded by the Cooperative. The Cooperative may issue a replacement certificate for any certificate alleged to have been lost, stolen or destroyed.
Sample 1Sample 2Sample 3See All (4)
AutoNDA by SimpleDocs

Related to ISSUANCE AND TERMS OF CAPITAL CERTIFICATES

  • TERMS FOR CERTIFICATES Section 11.01 Class A Fixed Pass-Through Rate.......................... Section 11.02 Cut-Off Date............................................. Section 11.03 Cut-Off Date Aggregate Principal Balance................. Section 11.04

  • Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations The aggregate principal amount of the Certificates that may be authenticated and delivered under this Agreement is limited to the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, as specified in the Preliminary Statement to this Agreement, except for Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Certificates pursuant to Section 5.03. Such aggregate principal amount shall be allocated among one or more Classes having designations, types of interests, initial per annum Certificate Interest Rates, initial Class Principal Balances and Final Maturity Dates as specified in the Preliminary Statement to this Agreement. The aggregate Percentage Interest of each Class of Certificates of which the Class Principal Balance equals zero as of the Cut-Off Date that may be authenticated and delivered under this Agreement is limited to 100%. Certificates shall be issued in Authorized Denominations.

  • Issuance of New Certificates to Pledgee A pledgee of Shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of pledgor shall be stated thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.

  • CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF THE CERTIFICATES Section 2.01 Conveyance of Mortgage Loans.................................. Section 2.02

  • Distributions on the Certificates (a) Interest and principal on the Certificates will be distributed monthly on each Distribution Date, commencing in January 2002, in an aggregate amount equal to the sum of the Available Funds for such Distribution Date.

  • Additional Certificates The Company shall have furnished to the Agents such certificate or certificates, in addition to those specifically mentioned herein, as the Agents may have reasonably requested as to the accuracy and completeness at each Representation Date of any statement in the Registration Statement or the Prospectuses or any documents filed under the Exchange Act and Canadian Securities Laws and deemed to be incorporated by reference into the Prospectuses, as to the accuracy at such Representation Date of the representations and warranties of the Company herein, as to the performance by the Company of its obligations hereunder, or as to the fulfillment of the conditions concurrent and precedent to the obligations hereunder of the Agents.

  • Special Provisions Relating to the Holders of Subordinated Units (a) Except with respect to the right to vote on or approve matters requiring the vote or approval of a percentage of the holders of Outstanding Common Units and the right to participate in allocations of income, gain, loss and deduction and distributions made with respect to Common Units, the holder of a Subordinated Unit shall have all of the rights and obligations of a Unitholder holding Common Units hereunder; provided, however, that immediately upon the conversion of Subordinated Units into Common Units pursuant to Section 5.7, the Unitholder holding a Subordinated Unit shall possess all of the rights and obligations of a Unitholder holding Common Units hereunder with respect to such converted Subordinated Units, including the right to vote as a Common Unitholder and the right to participate in allocations of income, gain, loss and deduction and distributions made with respect to Common Units; provided, however, that such converted Subordinated Units shall remain subject to the provisions of Sections 5.5(c)(ii), 6.1(d)(x)(A), 6.7(b) and 6.7(c).

  • DECLARATION OF TRUST; ISSUANCE OF CERTIFICATES Section 2.01 Creation and Declaration of Trust Fund; Conveyance of Mortgage Loans.

  • Designation of Trust and Certificates The Trust created hereby shall be known as the "Corporate -Backed Trust Certificates, Series 2001-6

Time is Money Join Law Insider Premium to draft better contracts faster.