Exchanges between Global Security and Physical Security Sample Clauses

Exchanges between Global Security and Physical Security. A beneficial interest in a Global Security may be exchanged for a Security that is not a Global Security as provided in Section 304, provided that, if such interest is a beneficial interest in the Restricted Global Security, or if such interest is a beneficial interest in the Regulation S Global Security and such exchange is to occur during the Restricted Period, then such interest shall be exchanged for a Restricted Security (subject in each case to Section 305(c)). A Security that is not a Global Security may be exchanged for a beneficial interest in a Global Security only if such exchange occurs in connection with a transfer effected in accordance with clause (b)(iii) above.