Common use of Registration; Registration of Transfer and Exchange of Certificates Clause in Contracts

Registration; Registration of Transfer and Exchange of Certificates. (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.8, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as provided herein; provided, however, that no Certificate may be subdivided upon registration of transfer or exchange such that the denomination of any resulting Certificate would have been less than $20,000 if such Certificate had been issued in the initial distribution of Certificates. Chemical Bank shall be the initial Certificate Registrar. Upon any resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Certificate Registrar.