Common use of Distribution Statements Clause in Contracts

Distribution Statements. With each distribution from the Income or Capital Accounts of the Trust, the Trustee shall set forth, either in the instrument by means of which payment of such distribution is made or in an accompanying statement, the amount being distributed from each such account and, if from the Income Account, the amount of accrued interest (uncollected and not available for distribution) on the record date for such distribution, each expressed as a dollar amount per Unit of the Trust." 24. Sections 3.07(a)(i), (ii) and (iii) of the Standard Terms and Conditions of Trust are replaced in their entirety by the following: (i) that there has been a default on any of the Securities in the payment of any principal, or in the payment of interest or dividend payments, after declared (as applicable) and when due and payable; (ii) that any action or proceeding has been instituted at law or equity seeking to restrain or enjoin the payment of principal, interest or dividends on any Securities, or that there exists any legal question or impediment affecting such Securities or the payment of interest or dividends from the same; (iii) that there has occurred any breach of covenant or warranty in any document relating to the issuer of Securities which would adversely affect either immediately or contingently the payment of debt service, interest or dividends from the Securities, or the general credit standing of the issuer or otherwise impair the sound investment character of such Securities;" 25. Section 3.07(a)(xiii) of the Standard Terms and Conditions of Trust shall be replaced in its entirety with the following: