CONFIRMATION OF APPOINTMENT AND ACCEPTANCE OF DEPOSITARY Sample Clauses
The 'Confirmation of Appointment and Acceptance of Depositary' clause formally establishes the appointment of a party as the depositary and confirms their acceptance of this role. In practice, this clause typically specifies the effective date of the appointment and may outline any initial responsibilities or conditions that must be met for the appointment to take effect. Its core function is to ensure that both parties clearly acknowledge and agree to the depositary arrangement, thereby preventing disputes over the validity or commencement of the depositary's duties.
CONFIRMATION OF APPOINTMENT AND ACCEPTANCE OF DEPOSITARY. Section 1.01 The Company hereby confirms its appointment of the Depositary as successor Depositary for the facilities under the Deposit Agreement.
Section 1.02 The Depositary accepts the appointment referred to above and agrees to observe and be bound by the terms of the Deposit Agreement, as amended and supplemented by this Agreement, as if the Depositary had been originally appointed as Depositary under the Deposit Agreement.