ENTITLEMENT TO TREAT HOLDER AS OWNER. The Current Issuer, the Note Trustee and any Paying Agent may (to the fullest extent permitted by applicable laws) deem and treat the holder of any Note Certificate as the absolute owner of such Note Certificate, for all purposes (whether or not such Current Issuer Note represented by such Note Certificate shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of loss or theft of such Note Certificate), and, except as ordered by a court of competent jurisdiction or as required by applicable law, the Current Issuer, the Note Trustee and the Paying Agents shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the monies payable in respect of such Current Issuer Note.
ENTITLEMENT TO TREAT HOLDER AS OWNER. Except as ordered by a court of competent jurisdiction or may be required by law, each of the Agents shall (whether or not the relevant Bond is overdue and regardless of any notice of ownership, trust or any interest, or writing on, or the loss or theft of, the Certificate issued in respect of it) be entitled to treat the registered holder of any Bond as the absolute owner for all purposes.
ENTITLEMENT TO TREAT HOLDER AS OWNER. 4.1 Deemed absolute owner The Issuer, the Common Representative, the Agent and any Paying Agent may deem and treat the holder of any Covered Bond (as specified in subclause 2.7 (Holders of the Covered Bonds)), as specified in the relevant individual securities account held with an Affiliate Member of Interbolsa in accordance with Portuguese law, as the absolute owner of such Covered Bond for all purposes. Except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Common Representative, the Agent and the Paying Agents shall not be affected by any notice to the contrary and shall make payments thereon accordingly.
ENTITLEMENT TO TREAT HOLDER AS OWNER. The Issuer, the Guarantors, the Trustee and any Paying Agent may deem and treat the holder of any Note or of a particular principal amount of the Notes and the holder of any Coupon as the absolute owner of such Note, principal amount or Coupon, as the case may be (whether or not such Note, principal amount or Coupon shall be overdue and regardless of any notice of ownership, trust or interest therein, any writing thereon or any notice of previous loss or theft of such Note or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Guarantors, the Trustee and the Paying Agents shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the monies payable upon such Note, principal amount or Coupon, as the case may be.
ENTITLEMENT TO TREAT HOLDER AS OWNER. A holder of Bonds or Bond Interests will (save as otherwise required by law or specified in this Trust Deed or the Conditions) be treated as the absolute owner of each Bond or Bond Interest (as applicable) registered in its name in the Register for all purposes (whether or not the applicable Bond is overdue and regardless of any ownership, trust or any interest in it or any writing on or the theft or loss of the Definitive Certificates or the Global Certificates issued in respect of that Bond or relating to that Bond Interest), and no person shall be liable for so treating the holder.
ENTITLEMENT TO TREAT HOLDER AS OWNER. 5.1 Deemed absolute owner: The Issuer, the Common Representative, the Agent and any Paying Agent may deem and treat the holder of any Covered Bond (as specified in subclause 2.8 above) or, whenever the Covered Bonds are in book-entry form, the holder of any valid certificate issued in accordance with the procedures and regulations of Interbolsa or other Clearing System through which the Covered Bonds in book-entry form are held, as the absolute owner of such Covered Bond (whether or not such Covered Bond shall be overdue and notwithstanding any notation of ownership or other writing on it) for all purposes. Except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Common Representative, the Agent and the Paying Agents shall not be affected by any notice to the contrary and shall make payments thereon accordingly.
ENTITLEMENT TO TREAT HOLDER AS OWNER. 4.1 Deemed absolute owner: The Issuer, the Common Representative, the Agent and any Paying Agent may deem and treat the holder of any valid certificate issued pursuant to Article 78 of the Portuguese Securities Code by an Interbolsa Participant as the absolute owner of such Covered Bond (whether or not such Covered Bond shall be overdue) for all purposes. Except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Common Representative, the Agent and the Paying Agents shall not be affected by any notice to the contrary and shall make payments thereon accordingly.
ENTITLEMENT TO TREAT HOLDER AS OWNER. The relevant Issuer, (in the case of Notes issued by UPM-Kymmene Finance) the Guarantor, the Trustee and any Agent may deem and treat the holder of any Bearer Note, Coupon or Note Certificate as the absolute owner of such Bearer Note, Coupon or Note Certificate, free of any equity, set-off or counterclaim on the part of such Issuer and (as the case may be) the Guarantor against the original or any intermediate holder of such Bearer Note, Coupon or Note Certificate (whether or not the Note represented by such Bearer Note, Coupon or Note Certificate shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or theft of such Bearer Note, Coupon or Note Certificate) for all purposes save as otherwise herein provided in relation to any Global Note or Global Note Certificate and, except as ordered by a court of competent jurisdiction or as required by applicable law, the relevant Issuer, (in the case of Notes issued by UPM-Kymmene Finance) the Guarantor, the Trustee and the Agent shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the moneys payable upon the Notes.
ENTITLEMENT TO TREAT HOLDER AS OWNER. The Issuer, the Guarantors, the Trustee and any Paying Agent may deem and treat the holder of any Note and the holder of any Receipt or Coupon as the absolute owner of such Note, Receipt or Coupon, as the case may be, free of any equity, set-off or counterclaim on the part of the Issuer or any Guarantor against the original or any intermediate holder of such Note, Receipt or Coupon (whether or not such Note, Receipt or Coupon shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or theft of such Note, Receipt or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as required by applicable law, the Issuer, the Guarantors, the Trustee and any Paying Agent shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the moneys payable upon the Notes.
ENTITLEMENT TO TREAT HOLDER AS OWNER. The Master Issuer, the Note Trustee and any Paying Agent may (to the fullest extent permitted by applicable laws) deem and treat the holder of any Note Certificate as the absolute owner of such Note Certificate, for all purposes (whether or not such Issuer Note represented by such Note Certificate shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of loss or theft of such Note Certificate), and, except as ordered by a court of competent jurisdiction or as required by applicable law, the Master Issuer, the Note Trustee and the Paying Agents shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to satisfy and discharge the liability for the monies payable in respect of such Issuer Note.
