Common use of Clearance Procedures Clause in Contracts

Clearance Procedures. 1. Each Party shall make an effort to the extent reasonable and necessary to complete all procedures required under the Competition Laws and Regulations and Investment Restriction Laws and Regulations in each of the countries including Japan, the Republic of Korea, Taiwan and the United States (including the acquisition of Approval and the passage of the required waiting periods and/or the review period; hereinafter referred to as the “Clearance Procedures”) as soon as practically possible. Each Party shall cooperate with each other to the extent reasonable and necessary in order to complete the Clearance Procedures as soon as practicably possible, including by delivering or providing the necessary documents or information directly to the Governmental Body governing the Clearance Procedures or an agent appointed by an agreement among all Parties for the Clearance Procedures. 2. Each Party shall provide information with respect to the status of the Clearance Procedures to each other to the extent necessary, and the Parties shall negotiate in good faith with respect to the necessary actions in the event that it is found, as a result of the Clearance Procedures, that changes in the steps or structure or schedules of the Transaction or other actions are required to implement the Business Integration. 3. In addition to those specified in the preceding two paragraphs, the Parties shall determine the settlement of expenses necessary for the Clearance Procedures and any other matters related to the Clearance Procedures after due consultation in good faith.