Common use of NON-RECOGNITION OF EQUITABLE INTERESTS Clause in Contracts

NON-RECOGNITION OF EQUITABLE INTERESTS. Except as required by Statute or as ordered by a court of competent jurisdiction, no notice of any trust, whether express, implied or constructive, is to be entered in an Offered Note Register and except as otherwise provided in any Transaction Document, or required by Statute or ordered by a court of competent jurisdiction, none of the Offered Note Registrars, the Offered Note Trustee, the Issuer, the Manager or any other Agent is to be affected by or compelled to recognise (even when having notice of it) any right or interest in any Offered Notes other than the registered Offered Noteholder's absolute right to the entirety of them and the receipt of a registered Offered Noteholder is a good discharge to the Issuer, the Manager, the Offered Note Trustee and each Agent.