Negotiation of Notes. Subject to the applicable trading Restrictions, Notes, being negotiable promissory instruments, may be transferred by endorsement and delivery and the Trustee shall, subject to obtaining a Favourable Legal Opinion (where required pursuant to the Trading Restrictions), register transfer of a Note if duly endorsed and delivered for transfer by the registered Noteholder thereof. Except only as respect Section 3.8 the Trustee shall not register any transfer of a Note or split any Note if such transfer or split would result in the issue of any Note for a nominal value of less than J$5,000,000. Notwithstanding anything herein the Trustee shall be entitled to assume, unless it has actual knowledge to the contrary, that each transferee of a Note is a person to whom Notes can be transferred in accordance with the applicable Trading Restrictions, that the endorsement of a transferring Noteholder which appears on the face of it to be genuine is in fact genuine and that each transfer has been effected in accordance with the applicable Trading Restrictions, subject to obtaining a Favourable Legal Opinion where required.
Appears in 2 contracts
Sources: Trust Deed (FirstCaribbean International Bank LTD), Trust Deed (FirstCaribbean International Bank LTD)