Common use of Share Deposit Clause in Contracts

Share Deposit. The Depositary has been advised that, under FEFTA as in effect as of the date of the Deposit Agreement, (i) if the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary would then be required to submit the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities prior to accepting any Shares for deposit, (ii) the statutory waiting period for the review of the FEFTA Pre-Notification by the applicable governmental authorities is 30 days subject to acceleration or extension to a maximum of 5 months (the “FEFTA Statutory Waiting Period”), and (iii) the Depositary cannot in such circumstances legally accept any Shares for deposit unless or until the FEFTA Statutory Waiting Period has expired in accordance with the FEFTA without the applicable governmental authorities having issued any recommendation or order requesting or ordering suspension of, or amendment to the terms of, the acceptance of the Shares as described the FEFTA Pre-Notification (the “Satisfactory Expiration of the FEFTA Statutory Waiting Period”). As a result, the Depositary agrees that, if the Company notifies the Depositary that the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary will not accept any Shares for deposit under the terms of the Deposit Agreement unless and until (x) the Depositary has submitted the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities, and (y) Satisfactory Expiration of the FEFTA Statutory Waiting Period. Nothing contained in the Deposit Agreement or any ADR shall contractually obligate the Depositary to accept Shares for deposit from any investor or to submit a FEFTA Pre-Notification for any investor proposing to deposit Share.

Appears in 2 contracts

Samples: Deposit Agreement (Citibank,N.A./ADR), Deposit Agreement (HW Electro Co., Ltd.)

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Share Deposit. The Depositary has been advised that, under FEFTA as in effect as of the date of the Deposit Agreement, (i) if the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary would then be required to submit the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities prior to accepting any Shares for deposit, (ii) the statutory waiting period for the review of the FEFTA Pre-Notification by the applicable governmental authorities is 30 days subject to acceleration or extension to a maximum of 5 months (the “FEFTA Statutory Waiting Period”), and (iii) the Depositary cannot in such circumstances legally accept any Shares for deposit unless or until the FEFTA Statutory Waiting Period has expired in accordance with the FEFTA without the applicable governmental authorities having issued any recommendation or order requesting or ordering suspension of, or amendment to the terms of, the acceptance of the Shares as described the FEFTA Pre-Notification (the “Satisfactory Expiration of the FEFTA Statutory Waiting Period”). As a result, the Depositary agrees that, if the Company notifies the Depositary that the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary will not accept any Shares for deposit under the terms of the Deposit Agreement unless and until (x) the Depositary has submitted the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities, and (y) Satisfactory Expiration of the FEFTA Statutory Waiting Period. Nothing contained in the Deposit Agreement or any ADR shall contractually obligate the Depositary to accept Shares for deposit from any investor or to submit a FEFTA Pre-Notification for any investor proposing to deposit ShareShares.

Appears in 2 contracts

Samples: Deposit Agreement (Citibank,N.A./ADR), Deposit Agreement (HW Electro Co., Ltd.)

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Share Deposit. The Depositary has been advised that, under FEFTA as in effect as of the date of the Deposit Agreement, (i) if the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary would then be required to submit the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities prior to accepting any Shares for deposit, (ii) the statutory waiting period for the review of the FEFTA Pre-Notification by the applicable governmental authorities is 30 days subject to acceleration or extension to a maximum of 5 months (the “FEFTA Statutory Waiting Period”), and (iii) the Depositary cannot in such circumstances legally accept any Shares for deposit unless or until the FEFTA Statutory Waiting Period has expired in accordance with the FEFTA without the applicable governmental authorities having issued any recommendation or order requesting or ordering suspension of, or amendment to the terms of, the acceptance of the Shares as described the FEFTA Pre-Notification (the “Satisfactory Expiration of the FEFTA Statutory Waiting Period”). As a result, the Depositary agrees that, if the Company notifies the Depositary that the Company or any of its FEFTA Covered Entities does engage in any FEFTA Designated Business, the Depositary will not accept any Shares for deposit under the terms of the Deposit Agreement unless and until (xi) the Depositary has submitted the FEFTA Pre-Notification for clearance to the applicable Japanese governmental authorities, and (yii) Satisfactory Expiration of the FEFTA Statutory Waiting Period. Nothing contained in the this Deposit Agreement or any ADR shall contractually obligate the Depositary to accept Shares for deposit from any investor or to submit a FEFTA Pre-Notification for any investor proposing to deposit Share.

Appears in 1 contract

Samples: Deposit Agreement (HW Electro Co., Ltd.)

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