Initial Cost. Subject to reimbursement as hereinafter provided, the cost of organizing the Trust and the sale of the Units shall be borne by the Depositor, provided, however, that the liability on the part of the Depositor under this Section 3.01 shall not include any fees or other expenses incurred in connection with the administration of the Trust subsequent to the deposit referred to in Section 2.01. At the earlier of six (6) months after the Initial Date of Deposit or the conclusion of the initial offering period (as certified by the Depositor to the Trustee), the Trustee shall withdraw from the account(s) specified in the Prospectus or, if no account is therein specified, from the Capital Account, and pay to the Depositor the Depositor’s reimbursable expenses of organizing the Trust in an amount certified to the Trustee by the Depositor. In no event shall the amount paid by the Trustee to the Depositor for the Depositor’s reimbursable expenses of organizing the Trust exceed the estimated per Unit amount of organization costs set forth in the Prospectus for the Trust multiplied by the number of Units of the Trust outstanding at the earlier of six (6) months after the Initial Date of Deposit or the conclusion of the initial offering period; nor shall the Depositor be entitled to or request reimbursement for expenses of organizing the Trust incurred after the earlier of six (6) months after the Initial Date of Deposit or the conclusion of the initial offering period. If the cash balance of the Capital Account is insufficient to make such withdrawal, the Trustee shall, as directed by the Depositor, sell Securities identified by the Supervisor, or distribute to the Depositor Securities having a value, as determined under Section 5.01 as of the date of distribution, sufficient for such reimbursement provided that such distribution is permissible under applicable laws and regulations. Securities sold or distributed to the Depositor to reimburse the Depositor pursuant to this Section shall be sold or distributed by the Trustee, to the extent practicable, in the Percentage Ratio then existing (unless the Trust is a RIC, in which case sales or distributions by the Trustee shall be made in accordance with the instructions of the Supervisor or its designees). The reimbursement provided for in this Section shall be for the account of Unitholders of record at the earlier of six (6) months after the Initial Date of Deposit or the conclusion of the initial offering period. Any ass...
Initial Cost. The cost of the initial preparation, printing and execution of the Certificates and this Indenture, Registration Statement and other documents relating to the Trust, Federal and State registration fees and costs, the initial fees and expenses of the Trustee and Evaluator, legal and auditing expenses and other out-of-pocket expenses (excluding expenses incurred in the preparation and printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses), to the extent not borne by the Depositors, shall be paid by the Trust; provided, however, the Trust shall not bear such expenses in excess of the amount shown in the Statement of Condition included in the Prospectus, and any such excess shall be borne by the Depositors. To the extent the funds in the Interest and Principal Accounts of the Trust shall be insufficient to pay the expenses borne by the Trust specified in this Section 3.1, the Trustee shall advance out of its own funds and cause to be deposited and credited to the Interest Account such amount as may be required to permit payment of such expenses. The Trustee shall be reimbursed for such advance in the manner provided in Section 3.5, and the provisions of Section 6.4 with respect to the reimbursement of disbursements for Trust expenses, including, without limitation, the lien in favor of the Trustee therefor, shall apply to the payment of expenses made pursuant to this Section. For purposes of calculation of distributions under Section 3.5 and the addition provided in clause (4) of Section 5.1, the expenses borne by the Trust pursuant to this Section shall be deemed to accrue at a daily rate over the time period specified for their amortization provided in the Prospectus; provided, however, that nothing herein shall be deemed to prevent, and the Trustee shall be entitled to, full reimbursement for any advances made pursuant to this Section no later than the termination of the Trust.
Initial Cost. Subject to reimbursement by Unitholders to the Depositors of the estimated per-Unit amount set forth in the Prospectus, the cost of organizing the Trust and sale of the Trust Units shall be borne by the Depositors, provided, however, that the liability on the part of the Depositors under this section shall not include any fees or other expenses incurred in connection with the administration of the Trust subsequent to the deposit referred to in Section 2.1. As used herein, the Depositors' reimbursable expenses of organizing the Trust and sale of the Trust Units shall include the cost of the initial preparation and typesetting of the registration statement, prospectuses (including preliminary prospectuses), the indenture, and other documents relating to the Trust, SEC and state blue sky registration fees, the cost of the initial valuation of the portfolio and audit of the Trust, the initial fees and expenses of the Trustee, and legal and other out-of-pocket expenses related thereto but not including the expenses incurred in the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses."
Initial Cost. No later than the day falling thirty (30) days after the Signing Date, the Training Provider shall submit to the Procurer an invoice for the total amount of all reasonable and substantiated Costs incurred by the Training Provider during the Start-Up Period in respect of the preparation of the College Assessment and Improvement Plan for each College (the Initial Cost). Such invoice shall be payable in accordance with Clause 6.6.
Initial Cost. The cost of the initial preparation, printing and execution of the Certificates and this Indenture, the initial fees of the Trustee and its counsel, and the initial fees of the Evaluator and other reasonable expenses in connection therewith, shall be paid by the Depositor, provided, however, that the liability on the part of the Depositor for such initial costs, fees and expenses shall not include any fees, costs or other expenses incurred in connection herewith after the execution of this Indenture and the deposit referred to in Section 2.01.
Initial Cost. With respect to the Trust, the cost of the initial preparation, printing and execution of the Certificates and this Indenture, shall be paid by the Depositor, provided, however, that the liability on the part of the Depositor for such initial costs, fees and expenses shall not include any fees, costs or other expenses incurred in connection herewith after the execution of this Indenture, and the deposit relating to the Trust, referred to in Section 2.01.
Initial Cost. The Trustee shall, where applicable, either pay directly or reimburse the cost of organizing the Trust and all costs incurred in connection with the offer and sale of Units from withdrawals from the Capital Account. If the cash balance in the Capital Account is insufficient to make such withdrawal, the Trustee shall promptly remit the invoice or xxxx to be paid to the Depositor-Sponsor who may elect to (1) pay the said cost directly without reimbursement or (2) acquire Units on the terms and conditions offered in the Prospectus, provided Units are available for purchase, in such a number as is sufficient to produce net proceeds to satisfy the said expenses to be paid. The cost of the initial preparation, printing and execution of the Unit Certificates, the initial fees of the Trustee, and other reasonable expenses in connection therewith shall be paid by the Depositor-Sponsor and be reimbursed to the Depositor-Sponsor out of the Income Account; provided, however, that the liability on the part of the Depositor-Sponsor for such initial costs, fees and expenses shall not include any fees, costs or other expenses incurred in connection herewith after the execution of the Indenture and the deposit referred to in Section 2.1.
Initial Cost. The cost of the initial preparation, printing and execution of the Certificates and this Indenture, the initial fees of the Trustee and the Trustee's counsel and other reasonable expenses in connection therewith, the fees of the Evaluator during the initial offering period and all costs of registering the Units under the Securities Act of 1933 and the Empire State Municipal Exempt Trust under the Investment Company Act of 1940 shall be paid by the Depositors, provided, however, that the liability on the part of the Depositors for such initial costs, fees and expenses shall not include any fees, costs or other expenses incurred in connection herewith after the execution of this Indenture and the deposit referred to in Section 2.1.
Initial Cost. The cost of organizing the Trust and the sale of the Units shall be borne by the Depositor."
Initial Cost. The cost of the initial preparation, printing and execution of the Certificates and this Indenture, the initial fees of the Trustee and its counsel, and the initial fees of the Evaluator and other reasonable expenses in connection therewith, shall be paid by the Depositor, provided, however, that the liability on the part of the Depositor for such initial costs, fees and expenses shall not include any fees, costs or other expenses incurred in connection herewith after the execution of this Indenture and the deposit referred to in Section 2.01. Upon notification from the Depositor that the primary offering period is concluded, the Trustee shall withdraw from the Account or Accounts specified in the Prospectus or, if no Account is therein specified, from the Principal Account, and pay to the Depositor the Depositor's reimbursable expenses of organizing the Trust and sale of the Trust Units in an amount certified to the Trustee by the Depositor. If the balance of the Principal Account is insufficient to make such withdrawal, the Trustee shall, as directed by the Depositor, sell Securities identified by the Depositor, or distribute to the Depositor Securities having a value, as determined under Section 4.1 as of the date of distribution, sufficient for such reimbursement. The reimbursement provided for in this section shall be for the account of the Unitholders of record at the conclusion of the primary offering period and shall not be reflected in the computation of Unit Value prior thereto. As used herein, the Depositor's reimbursable expenses of organizing the Trust and sale of the Trust Units shall include the cost of the initial preparation and typesetting of the registration statement, prospectuses (including preliminary prospectuses), the indenture, and other documents relating to the Trust, SEC and state blue sky registration fees and expenses of the Trustee, and legal and other out-of-pocket expenses related thereto but not including the expenses incurred in the printing of preliminary prospectuses and prospectuses, expenses incurred in the preparation and printing of brochures and other advertising materials and any other selling expenses. Any cash which the Depositor has identified as to be used for reimbursement of expenses pursuant to this Section shall be reserved by the Trustee for such purpose and shall not be subject to distribution or, unless the Depositor otherwise directs, used for payment of redemptions in excess of the per-Unit amount all...
