Common use of Limitation on Transfers of a Global Security Clause in Contracts

Limitation on Transfers of a Global Security. A Global Security may not be transferred, in whole or in part, to any Person other than Euroclear or Cedelbank or a depositary or nominee or nominees for Euroclear or Cedelbank or both, and no such transfer to any such other Person may be registered; provided that this clause (1) shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not itself a Global Security. No transfer of a Security to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the name of such Person. Nothing in this Section 305(b)(1) shall prohibit or render ineffective any transfer of a beneficial interest in a Global Security effected in accordance with the other provisions of this Section 305(b).