Common use of PAYMENTS OF PRINCIPAL OF AND INTEREST ON NOTES Clause in Contracts

PAYMENTS OF PRINCIPAL OF AND INTEREST ON NOTES. (a) The person in whose name any Note is registered as of a Record Date with respect to a Payment Date shall be entitled to receive the interest and principal payable on such Payment Date notwithstanding the cancellation of such Note upon any registration of transfer or exchange thereof subsequent to such Record Date and prior to such Payment Date.