Common use of Distribution Record Date Clause in Contracts

Distribution Record Date. (a) Each Distribution Record Date shall be publicly announced by the Board of Directors at least ten days prior to such Distribution Record Date. Each person in whose name any Contingent Value Right Certificate is issued on the books and records of the Agent at the Close of Business on the Distribution Record Date shall be entitled to receive the Distribution Amount. Following the Distribution Record Date, a holder of Contingent Value Right Certificate shall have only the right to receive the next succeeding Distribution Amount, if any, only if such holder is the holder of record on the next succeeding Distribution Record Date, if any. (b) The Agent shall advise the Company of the number of valid Contingent Value Rights outstanding as of the Distribution Record Date. Following the determination of the Distribution Amount, which shall be made by the Company, the Company shall deposit the aggregate of the Distribution Amounts with the Agent in cash as needed. The Agent shall thereafter promptly forward such Distribution Amount to each record holder entitled to receive such pursuant to this Agreement.