Common use of Transfer of Preferred Securities Clause in Contracts

Transfer of Preferred Securities. (a) Preferred Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement and in the terms of the Preferred Securities. To the fullest extent permitted by law, any transfer or purported transfer of any Preferred Security not made in accordance with this Trust Agreement shall be null and void. (b) Subject to this Section 5.3, Preferred Securities shall be freely transferable; provided, however, that no transfer shall be effected unless such transfer (whether by sale or any other disposition) is comprised of a block of Preferred Securities having an aggregate Liquidation Amount of not less than $_____. Any transfer, sale or other disposition of Preferred Securities in a block having a Liquidation Amount of less than $_____ shall be deemed to be void and of no legal effect whatsoever. Any such transferee shall be deemed not to be the Holder of such Preferred Securities for any purpose, including but not limited to the receipt of Distributions on such Preferred Securities, and such transferee shall be deemed to have no interest whatsoever in such Preferred Securities.

Transfer of Preferred Securities. (a) Preferred Securities may only be transferred, in whole or in part, in accordance with the terms and conditions set forth in this Trust Agreement and in the terms of the Preferred Securities. To the fullest extent permitted by law, any transfer or purported transfer of any Preferred Security not made in accordance with this Trust Agreement shall be null and void. (b) Subject to this Section 5.3, Preferred Securities shall be freely transferable; provided, however, that no transfer shall be effected unless such transfer (whether by sale or any other disposition) is comprised of a block of Preferred Securities having an aggregate Liquidation Amount of not less than $_____25. Any transfer, sale or other disposition of Preferred Securities in a block having a Liquidation Amount of less than $_____ 25 shall be deemed to be void and of no legal effect whatsoever. Any such transferee shall be deemed not to be the Holder of such Preferred Securities for any purpose, including but not limited to the receipt of Distributions on such Preferred Securities, and such transferee shall be deemed to have no interest whatsoever in such Preferred Securities.