Common use of DISTRIBUTIONS IN RESPECT OF CERTIFICATES Clause in Contracts

DISTRIBUTIONS IN RESPECT OF CERTIFICATES. (a) Any amount in respect of a Registered Certificate that is payable and is punctually paid or duly provided for on any Distribution Date or any other date shall be distributed to the Person in whose name such Registered Certificate (or one or more Predecessor Certificates) is registered at the close of business on the related Record Date, notwithstanding any cancellation of such Registered Certificate upon any transfer or exchange subsequent to such Record Date. Distributions on Registered Certificates shall be made, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated in writing by the Person entitled to receive such Distributions, or, in the case of distributions of Securities in kind, by delivery of such Securities to any DTC or other Depositary account designated in writing by such Person, or, if such arrangements with respect to any Person are not so made no later than 15 calendar days prior to the applicable Distribution Date, at the Corporate Trust Office (with respect to the final distribution and distributions in kind of Securities) or by check mailed to the address of the Person entitled thereto as such address appears in the Certificate Register. (b) Unless otherwise specified in the Terms Schedule, subject to Section 5.12 and to applicable law, any amount in respect of a Bearer Certificate that is punctually paid or duly provided for on any Distribution Date or any other date shall be payable only upon surrender of the applicable coupons or Certificates, as the case may be, and at such offices or agencies outside the United States as the Trustee may from time to time designate. (c) Subject to paragraphs (a) and (b) above, each Certificate delivered under the Trust Agreement upon transfer of or in exchange for or in lieu of any other Certificate shall carry the rights to amounts to be distributed that are accrued and undistributed, and to accrue, that were carried by such other Certificate.