Common use of The Pledged Securities Clause in Contracts

The Pledged Securities. Section 401. Payments on the Pledged Securities. Interest on any Pledged Security that is paid on any Quarterly Payment Date shall, subject to receipt thereof by the Purchase Contract Agent from the Collateral Agent as provided by the terms of the Pledge Agreement, be paid to the Person in whose name the Unit Certificate (or one or more Predecessor Unit Certificates) of which such Pledged Security is a part is registered at the close of business on the Record Date next preceding such Quarterly Payment Date. Each Unit Certificate evidencing Pledged Securities delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of any other Unit Certificate shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by the Pledged Securities underlying such other Unit Certificate. In the case of any Unit with respect to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date after any Record Date and on or prior to the next succeeding Quarterly Payment Date, interest on the Pledged Securities underlying such Unit otherwise payable on such Quarterly Payment Date shall be payable on such Quarterly Payment Date notwithstanding such Early Settlement, and such interest shall, subject to receipt thereof by the Purchase Contract Agent, be paid to the Person in whose name the Unit Certificate (or one or more Predecessor Unit Certificates) is registered at the close of business on the Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Unit with respect to which Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date, interest on the related Pledged Securities that would otherwise be payable after the Early Settlement Date shall not be payable hereunder to the Holder of such Security.