Changes Affecting Global Note Clause Samples

Changes Affecting Global Note. Upon any ----------------------------- recapitalization, reorganization, merger or consolidation or sale of assets affecting Bermuda Holdings or the Issuer or to which Bermuda Holdings or the Issuer is a party, any securities which shall be received by the Custodian in exchange for or in conversion of or in respect of a Global Note shall be treated as a new Global Note under this Deposit and Custody Agreement and the Global Receipt representing such Global Note shall thenceforth represent beneficial ownership of 100% of the principal amount of such new Global Note so received; provided, however, that DTC, in its discretion, (a) may request the Depositary to issue and authenticate a new Global Receipt or (b) may make an appropriate notation on such Global Receipt indicating the date and amount of such reduction in principal.