Common use of Title and Transfer Clause in Contracts

Title and Transfer. Title to the Bonds is evidenced by book entries, and each person shown in the Spanish Central Registry managed by Iberclear and in the registries maintained by the respective participating entities (entidades participantes) in Iberclear (the “Iberclear Members”) as having an interest in the Bonds shall be (except as otherwise required by Spanish law) considered the holder of the principal amount of the Bonds recorded therein. In these Conditions, “Bondholder” means, in respect of a Bond, the person in whose namesuch Bond is for the time being registered in the Spanish Central Registry managed by Iberclear or, as the case may be, the relevant Iberclear Member’s accounting book (or, in the case of a joint holding, the first named thereof) and “Bondholder” shall be construed accordingly. One or more certificates(each a “Certificate”) attesting to the relevant Bondholder’s holding of Bonds in the relevant registry will be delivered by the relevant Iberclear Member or, where the Bondholder is itself an Iberclear Member, by Iberclear (in each case, in accordance with the requirements of Spanish law and the relevant Iberclear Member’s or, as the case may be, Iberclear’s procedures) to such Bondholder upon such Bondholder’s request. The Bonds are issued without any restrictions on their transferability. Consequently, the Bonds may be transferred and title to the Bonds may pass (subject to Spanish law and to compliance with all applicable rules, restrictions and requirements of Iberclear or, as the case may be, the relevant Iberclear Member) upon registration in the relevant registry of each Iberclear Member and/or Iberclear itself, as applicable. Each Bondholder will be (except as otherwise required by Spanish law) treated as the absolute owner of the relevant Bonds for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest, or any writing on, or the theft or loss of, the Certificate issued in respect of it), and no person will be liable for so treating the Bondholder.

Title and Transfer. Title to the Bonds is Book-Entry Notes will be evidenced by book entries, and each person shown in the Spanish Central Registry managed by Iberclear and in the registries maintained by the respective participating entities (entidades participantes) in Iberclear (the “Iberclear Members”) as having an interest in the Bonds Noteholder shall be (except as otherwise required by Spanish law) considered the holder of the principal amount of the Bonds Book-Entry Notes recorded therein. In these Conditions, “Bondholder” means, in respect of a Bond, the person in whose namesuch Bond is for the time being registered in the Spanish Central Registry managed by Iberclear or, as the case may be, the relevant Iberclear Member’s accounting book (or, in the case of a joint holding, the first named thereof) and “Bondholder” shall be construed accordingly. One or more certificates(each a “Certificate”) attesting to the relevant Bondholder’s holding of Bonds in the relevant registry Book-Entry Certificates will be delivered by the relevant Iberclear Member or, where the Bondholder Noteholder is itself an Iberclear Member, by Iberclear (in each case, in accordance with the requirements of Spanish law and the relevant Iberclear Member’s 's or, as the case may be, Iberclear’s 's procedures) to such Bondholder Noteholder upon such Bondholder’s Noteholder's request. The Bonds Book-Entry Notes are issued without any restrictions on their transferability. Consequently, the Bonds Book-Entry Notes may be transferred and title to the Bonds Book-Entry Notes may pass (subject to Spanish law and to compliance with all applicable rules, restrictions and requirements of Iberclear or, as the case may be, the relevant Iberclear Member) upon registration in the relevant registry of each Iberclear Member and/or Iberclear itself, as applicable. Each Bondholder Noteholder will be (except as otherwise required by Spanish law) treated as the absolute owner of the relevant Bonds Book-Entry Notes for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest, or any writing on, or the theft or loss of, the Book-Entry Certificate issued in respect of it), and no person will be liable for so treating the BondholderNoteholder.