Common use of Certain Initial Transfers of Non-Global Trust Securities Clause in Contracts

Certain Initial Transfers of Non-Global Trust Securities. In the case of Trust Securities initially issued other than in global form, an initial transfer or exchange of such Trust Securities that does not involve any change in beneficial ownership may be made to an Institutional Accredited Investor or Investors as if such transfer or exchange were not an initial transfer or exchange; provided that written certification shall be provided by the transferee and transferor of such Trust Securities to the Securities Registrar that such transfer or exchange does not involve a change in beneficial ownership.

Certain Initial Transfers of Non-Global Trust Securities. In the case of Trust Securities initially issued other than in global form, an initial transfer or exchange of such Trust Securities that does not involve any change in beneficial ownership may be made to an Institutional Accredited Investor institutional accredited investor or Investors investors as if such transfer or exchange were not an initial transfer or exchange; provided that written certification shall be provided by the transferee and transferor of such Trust Securities to the Securities Registrar that such transfer or exchange does not involve a change in beneficial ownership.

Certain Initial Transfers of Non-Global Trust Securities. In the case of Trust Securities initially issued other than in global form, an initial a transfer or exchange of such Trust Securities that does not involve any change in beneficial ownership may be made to an Institutional Accredited Investor or Investors as if such transfer or exchange were not an initial a transfer or exchange; provided PROVIDED that written certification shall be provided by the transferee and transferor of such Trust Securities to the Securities Registrar that such transfer or exchange does not involve a change in beneficial ownership.