Common use of Pre-Conditions to Delivery Clause in Contracts

Pre-Conditions to Delivery. A Noteholder will not be entitled to any Physical Redemption Amount unless it has; (x) presented or surrendered (as is appropriate) the relevant Note; and (y) delivered a Delivery Instruction Certificate at the Principal Agent’s specified office. As receipt for such Note the Principal Agent will issue the Noteholder with a stamped, dated copy of such Delivery Instruction Certificate. The records of the Principal Agent will be conclusive evidence of any Noteholder’s entitlement to a Physical Redemption Amount.