Common use of Title and Transfer Clause in Contracts

Title and Transfer. 3.4.1 Title to the bonds will be evidenced by book-entries, and each Bondholder shall be (except as otherwise required by Spanish law) considered the holder of the principal amount of the Bonds recorded therein. One or more Certificates 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. 3.4.2 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 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.