Common use of Non-Book Entry Certificates on Initial Issuance Only Clause in Contracts

Non-Book Entry Certificates on Initial Issuance Only. Subject to the issuance of Definitive Certificates, if and when permitted by Section 5.2(d) and subject to the issuance and transfer of the Class VRR Certificates during the Risk Retention Period in accordance with Sections 5.3(i) and 5.3(j) and subject to the issuance and transfer of the Class R Certificates in accordance with Section 5.3(p), no Non-Book Entry Certificate shall be issued to a transferee of an interest in any Rule 144A Global Certificate, Temporary Regulation S Global Certificate or Regulation S Global Certificate or to a transferee of a Non-Book Entry Certificate (or any portion thereof).