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On the Closing Date, (i) the Original Notes shall be issued such that the sum of the denominations of all outstanding Original Notes shall equal the applicable Initial Note Principal Balance, and (ii) the MAC Notes shall be registered in denominations of $0. 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On the Closing Date, (i) the Original Notes shall be issued such that the sum of the denominations of all outstanding Original Notes shall equal the Initial Note Principal Balance, and (ii) the MAC Notes, other than the Class M-3 Notes, shall be registered in denominations of $0, and as the Class M-3A and M-3B Notes will be deemed to have been exchanged in their entirety for the Class M-3 Notes on the Closing Date, the Class M- 3 Notes shall be issued in the denomination equal to the sum of the denominations of the Class M-3A and M-3B Notes so exchanged. 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Pro Rata Treatment; Sharing of Set-offs"]], "size": 434, "parents": [["miscellaneous", "Miscellaneous"], ["register-and-transfer", "Register and Transfer"], ["authorization-certain-terms", "Authorization Certain Terms"], ["securities-intermediary", "Securities Intermediary"], ["principal-payments-on-the-notes", "Principal Payments on the Notes"]], "title": "Minimum Denominations", "id": "minimum-denominations", "related": [["authorized-denominations", "Authorized Denominations", "Authorized Denominations"], ["denominations", "Denominations", "Denominations"], ["different-denominations", "Different Denominations", "Different Denominations"], ["form-dating-and-denominations", "FORM, DATING AND DENOMINATIONS", "FORM, DATING AND DENOMINATIONS"], ["form-denomination-and-title", "Form, Denomination and Title", "Form, Denomination and Title"]], "related_snippets": [], "updated": "2026-07-25T04:34:25+00:00", "also_ask": ["What strategic advantages can be gained by setting higher or lower minimum denominations?", "Which essential terms must be included to ensure the clause is enforceable and practical?", "What are the main risks if the minimum denomination is set too high or too low?", "How do minimum denomination standards differ across jurisdictions or market practices?", "How have courts interpreted and enforced minimum denomination clauses in disputes?"], "drafting_tip": "Specify exact minimum denominations, clarify applicable transactions, and define exceptions to prevent misinterpretation and ensure operational consistency.", "explanation": "The Minimum Denominations clause sets a lower limit on the amount or value of securities, notes, or other financial instruments that can be transferred, traded, or held in a single transaction. Typically, this means that holders cannot transfer or request redemption of amounts below a specified threshold, such as $1,000 or \u20ac100,000, depending on the instrument. This clause helps streamline administrative processes, reduces transaction costs, and prevents the complications associated with managing numerous small-value transactions."}, "json": true, "cursor": ""}}