Common use of Transfer of Italian Dematerialised Securities Clause in Contracts

Transfer of Italian Dematerialised Securities. Title to Italian Dematerialised Securities will pass upon registration of the transfer in the records of Monte Titoli. Where the Issuer is BNPP B.V. or BNPP the W&C Securities are unsubordinated and unsecured obligations of the relevant Issuer and rank pari passu among themselves. Where the W&C Securities are issued by BP2F the W&C Securities constitute direct, unconditional, unsubordinated and unsecured and general obligations of the Issuer and rank pari passu (subject to mandatorily preferred debts under applicable laws) without any preference among themselves and at least equally and rateably with all other present and future outstanding unsecured and unsubordinated obligations, including guarantees and other obligations of a similar nature of the Issuer. Where the W&C Securities are issued by BGL the W&C Securities and constitute direct, unconditional, unsecured and unsubordinated obligations of the Issuer and shall at all times rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the W&C Securities relating to them shall, save for such exceptions as may be provided by applicable legislation, at all times rank at least equally with all other unsecured and unsubordinated indebtedness of the Issuer present and future (other than indebtedness or monetary obligations preferred by mandatory provisions of law). Where the Issuer is BNPP B.V., the Guarantee is an unsubordinated and unsecured obligation of BNPP and will rank pari passu with all its other present and future unsubordinated and unsecured obligations subject to such exceptions as may from time to time be mandatory under French law. Where the Issuer is BP2F, the BNPPF W&C Securities Guarantee constitutes direct, unconditional, irrevocable, unsubordinated and unsecured obligations of BNPPF and ranks pari passu (subject to mandatorily preferred debts under applicable laws) equally and rateably with all other present and future outstanding unsecured and unsubordinated obligations of BNPPF.