Face-amount certificate definition

Face-amount certificate. ’ means any certificate, in- vestment contract, or other security which represents an obli- gation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consid- eration of the payment of periodic installments of a stated or determinable amount (which security shall be known as a face- amount certificate of the ‘‘installment type’’); or any security which represents a similar obligation on the part of a face- amount certificate company, the consideration for which is the payment of a single lump sum (which security shall be known as a ‘‘fully paid’’ face-amount certificate).

Face-amount certificate. ’ means any

Face-amount certificate of the Installment Type" means any certificate, investment contract, or other Security that represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount.

Examples of Face-amount certificate in a sentence

• As provided in the Face-Amount Certificate Agreement, this Face-Amount Certificate is secured by the Pledged Collateral.

• To the extent provided in the Face-Amount Certificate Agreement and the Pledge Agreement, the Certificateholders (and the Funding Agent on their behalf) shall be entitled to the benefits of a security interest in the Pledged Collateral, for the benefit of the Certificateholders.

• All terms used in this Face-Amount Certificate which are not defined herein shall have the meanings assigned to them in, or incorporated by reference into, the Face-Amount Certificate Agreement.

• The provisions of the Face-Amount Certificate Agreement are hereby incorporated by reference herein and shall be binding on the Issuer, the Funding Agent and the Certificateholders as if fully set forth herein.

• In addition, the Portfolio Manager may disclose any such nonpublic information pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law) and in connection with any publication permitted under Section 14(i) of the Face-Amount Certificate Agreement.

• Pursuant to the Face-Amount Certificate Agreement, the Purchaser, acting through the Funding Agent, has acquired the Face-Amount Certificate for the benefit of the Certificateholders.

• The Portfolio Manager shall maintain proper books of account and complete records of all transactions undertaken or performed by it and shall render statements or copies thereof to the Issuer, prepare the tax returns of the Issuer and shall cooperate in all audits of the Issuer (including any audits required by the Funding Agent or the Certificateholders under the Face-Amount Certificate Agreement).

• This Face-Amount Certificate is issued pursuant to the Face-Amount Certificate Agreement.

• Each capitalized term used herein and not otherwise defined herein shall have the meaning given to such term in Annex X to that certain Face-Amount Certificate Agreement, dated as of September 15, 1998 (the "FACE-AMOUNT CERTIFICATE AGREEMENT", by and between the Issuer, the Funding Agent and Park Avenue Receivables Corporation, as the same may from time to time be amended, supplemented or otherwise modified and in effect, which Annex X is hereby incorporated by reference herein.

• Reference is hereby made to the Face-Amount Certificate Agreement for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Funding Agent and the Certificateholders and the terms upon which this Face-Amount Certificate is delivered.

More Definitions of Face-amount certificate

Face-amount certificate means any certificate, investment contract, or other security which represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount (which security shall be known as a face-amount certificate of the “installment type”); or any security which represents a similar obligation on the part of a face-amount certificate company, the consideration for which is the payment of a single lump sum (which security shall be known as a “fully-paid” face amount certificate).

Face-amount certificate. ’ means any certificate, investment contract, or other se- curity which represents an obligation on the part of its issuer to pay a stated or determina- ble sum or sums at a fixed or determinable date or dates more than twenty-four months after the date of issuance, in consideration of the payment of periodic installments of a stat-

Face-amount certificate means any certificate, investment contract, or other

Face-amount certificate of the Installment Type" means any certificate, investment contract, or other Security that represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed or determinable date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount; "Government Securities" means all Securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing; "Investment Securities" includes all Securities except (A) Government Securities, (B) Securities issued by employees' securities companies, and (C) Securities issued by Majority-Owned Subsidiaries of any Opinion Party which are not engaged and do not propose to be engaged in activities within the scope of clause (b), (c) or (d) of paragraph 3 of this Certificate; "Majority-Owned Subsidiary" of a person means a company 50% or more of the outstanding Voting Securities of which are owned by such person, or by a company which, within the meaning of this paragraph, is a Majority-Owned Subsidiary of such person. Notwithstanding the foregoing, a company shall not be considered a Majority-Owned Subsidiary of a person if Control of such company rests with someone other than such person;