Common use of Principal Payments Following Termination Event Clause in Contracts

Principal Payments Following Termination Event. All payments received by the Collateral Agent or the Securities Intermediary following a Termination Event with respect to (1) the Pledged Senior Notes or security entitlement with respect thereto, (2) the Pledged Treasury Portfolio Interest or security entitlement with respect thereto or (3) the Pledged Treasury Securities or security entitlement with respect thereto shall, in each case, be distributed to the Purchase Contract Agent for the benefit of the applicable Holders in whose names the Corporate PIES or Treasury PIES are registered at the close of business on the Record Date (as specified in the Purchase Contract Agreement) preceding the date of such distribution for distribution to such Holders in accordance with their respective interests.

Principal Payments Following Termination Event. All payments received by the Collateral Agent or the Securities Intermediary following a Termination Event with respect to (1) the Pledged Senior Notes or security entitlement with respect thereto, (2) the Pledged Treasury Portfolio Interest or security entitlement with respect thereto or (3) the Pledged Treasury Securities or security entitlement with respect thereto shall, in each case, be distributed to the Purchase Contract Agent for the benefit of the applicable Holders in whose names the Corporate PIES or Treasury PIES are registered at the close of business on the Record Date (as specified in the Purchase Contract Agreement) preceding the date of such distribution for distribution to such Holders in accordance with their respective interests.